SECURITIES AND EXCHANGE COMMISSION
INVESTMENT COMPANIES
Rockville, Maryland 20850
Rydex Series Funds
9601 Blackwell Road, Suite 500
Rockville, Maryland 20850
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S E P T E M B E R 3 0 , 2 0 1 1 R Y D E X S E R I E S F U N D S S E M I — A N N U A L R E P O R T TA R G E T B E TA F U N D S DOMESTIC EQUITY FUNDS NOVA FUND RUSSELL 2000 ® FUND S&P 500 FUND INVERSE RUSSELL 2000 ®STRATEGY FUND INVERSE S&P 500 STRATEGY FUND S&P 500 PURE GROWTH FUND NASDAQ-100 ® FUND S&P 500 PURE VALUE FUND INVERSE NASDAQ-100 ® STRATEGY FUND S&P MIDCAP 400 PURE GROWTH FUND MID-CAP 1.5x STRATEGY FUND S&P MIDCAP 400 PURE VALUE FUND INVERSE MID-CAP STRATEGY FUND S&P SMALLCAP 600 PURE GROWTH FUND RUSSELL 2000 ® 1.5x STRATEGY FUND S&P SMALLCAP 600 PURE VALUE FUND INTERNATIONAL EQUITY FUNDS EUROPE 1.25x STRATEGY FUND JAPAN 2x STRATEGY FUND SPECIALTY FUNDS STRENGTHENING DOLLAR 2x STRATEGY FUND WEAKENING DOLLAR 2x STRATEGY FUND REAL ESTATE FUND FIXED INCOME FUNDS GOVERNMENT LONG BOND 1.2x STRATEGY FUND INVERSE GOVERNMENT LONG BOND STRATEGY FUND HIGH YIELD STRATEGY FUND INVERSE HIGH YIELD STRATEGY FUND MONEY MARKET FUND U.S. GOVERNMENT MONEY MARKET FUND |
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LETTER TO OUR SHAREHOLDERS | 2 | |||
A BRIEF NOTE ON THE COMPOUNDING OF RETURNS | 4 | |||
ABOUT SHAREHOLDERS’ FUND EXPENSES | 5 | |||
NOVA FUND | 10 | |||
S&P 500 FUND | 21 | |||
INVERSE S&P 500 STRATEGY FUND | 32 | |||
NASDAQ-100® FUND | 38 | |||
INVERSE NASDAQ-100® STRATEGY FUND | 45 | |||
MID-CAP1.5x STRATEGY FUND | 51 | |||
INVERSE MID-CAP STRATEGY FUND | 61 | |||
RUSSELL 2000® 1.5x STRATEGY FUND | 67 | |||
RUSSELL 2000® FUND | 92 | |||
INVERSE RUSSELL 2000® STRATEGY FUND | 117 | |||
S&P 500 PURE GROWTH FUND | 123 | |||
S&P 500 PURE VALUE FUND | 130 | |||
S&P MIDCAP 400 PURE GROWTH FUND | 137 | |||
S&P MIDCAP 400 PURE VALUE FUND | 144 | |||
S&P SMALLCAP 600 PURE GROWTH FUND | 151 | |||
S&P SMALLCAP 600 PURE VALUE FUND | 158 | |||
EUROPE 1.25x STRATEGY FUND | 165 | |||
JAPAN 2x STRATEGY FUND | 172 | |||
STRENGTHENING DOLLAR 2x STRATEGY FUND | 178 | |||
WEAKENING DOLLAR 2x STRATEGY FUND | 184 | |||
REAL ESTATE FUND | 190 | |||
GOVERNMENT LONG BOND 1.2x STRATEGY FUND | 197 | |||
INVERSE GOVERNMENT LONG BOND STRATEGY FUND | 203 | |||
HIGH YIELD STRATEGY FUND | 209 | |||
INVERSE HIGH YIELD STRATEGY FUND | 215 | |||
U.S. GOVERNMENT MONEY MARKET FUND | 221 | |||
NOTES TO FINANCIAL STATEMENTS | 229 | |||
OTHER INFORMATION | 242 | |||
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS | 246 | |||
RYDEX|SGI PRIVACY POLICIES | 250 |
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President & Chief Investment Officer
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 | % |
Beginning | Ending | Expenses | ||||||||||||||||||
Expense | Fund | Account Value | Account Value | Paid During | ||||||||||||||||
Ratio1 | Return | March 31, 2011 | September 30, 2011 | Period2 | ||||||||||||||||
Table 1. Based on actual Fund return3 | ||||||||||||||||||||
Nova Fund | ||||||||||||||||||||
Investor Class | 1.28 | % | (21.76 | %) | $ | 1,000.00 | $ | 782.40 | $ | 5.72 | ||||||||||
Advisor Class | 1.78 | % | (21.94 | %) | 1,000.00 | 780.60 | 7.95 | |||||||||||||
A-Class | 1.53 | % | (21.87 | %) | 1,000.00 | 781.30 | 6.83 | |||||||||||||
C-Class | 2.28 | % | (22.17 | %) | 1,000.00 | 778.30 | 10.16 | |||||||||||||
S&P 500 Fund | ||||||||||||||||||||
A-Class | 1.53 | % | (14.50 | %) | 1,000.00 | 855.00 | 7.11 | |||||||||||||
C-Class | 2.28 | % | (14.88 | %) | 1,000.00 | 851.20 | 10.58 | |||||||||||||
H-Class | 1.53 | % | (14.48 | %) | 1,000.00 | 855.20 | 7.12 | |||||||||||||
Inverse S&P 500 Strategy Fund | ||||||||||||||||||||
Investor Class | 1.42 | % | 11.54 | % | 1,000.00 | 1,115.40 | 7.53 | |||||||||||||
Advisor Class | 1.92 | % | 11.23 | % | 1,000.00 | 1,112.30 | 10.17 | |||||||||||||
A-Class | 1.67 | % | 11.41 | % | 1,000.00 | 1,114.10 | 8.85 | |||||||||||||
C-Class | 2.42 | % | 11.01 | % | 1,000.00 | 1,110.10 | 12.80 | |||||||||||||
NASDAQ-100® Fund | ||||||||||||||||||||
Investor Class | 1.29 | % | (8.60 | %) | 1,000.00 | 914.00 | 6.19 | |||||||||||||
Advisor Class | 1.79 | % | (8.83 | %) | 1,000.00 | 911.70 | 8.58 | |||||||||||||
A-Class | 1.54 | % | (8.75 | %) | 1,000.00 | 912.50 | 7.38 | |||||||||||||
C-Class | 2.29 | % | (9.11 | %) | 1,000.00 | 908.90 | 10.96 | |||||||||||||
Inverse NASDAQ-100® Strategy Fund | ||||||||||||||||||||
Investor Class | 1.46 | % | 4.78 | % | 1,000.00 | 1,047.80 | 7.49 | |||||||||||||
Advisor Class | 1.95 | % | 4.64 | % | 1,000.00 | 1,046.40 | 10.00 | |||||||||||||
A-Class | 1.71 | % | 4.63 | % | 1,000.00 | 1,046.30 | 8.77 | |||||||||||||
C-Class | 2.46 | % | 4.22 | % | 1,000.00 | 1,042.20 | 12.59 | |||||||||||||
Mid-Cap 1.5x Strategy Fund | ||||||||||||||||||||
A-Class | 1.68 | % | (31.18 | %) | 1,000.00 | 688.20 | 7.11 | |||||||||||||
C-Class | 2.43 | % | (31.44 | %) | 1,000.00 | 685.60 | 10.27 | |||||||||||||
H-Class | 1.68 | % | (31.17 | %) | 1,000.00 | 688.30 | 7.11 | |||||||||||||
Inverse Mid-Cap Strategy Fund | ||||||||||||||||||||
A-Class | 1.67 | % | 18.94 | % | 1,000.00 | 1,189.40 | 9.17 | |||||||||||||
C-Class | 2.42 | % | 18.45 | % | 1,000.00 | 1,184.50 | 13.25 | |||||||||||||
H-Class | 1.67 | % | 18.91 | % | 1,000.00 | 1,189.10 | 9.16 | |||||||||||||
Russell 2000® 1.5x Strategy Fund | ||||||||||||||||||||
A-Class | 1.71 | % | (34.89 | %) | 1,000.00 | 651.10 | 7.08 | |||||||||||||
C-Class | 2.47 | % | (35.12 | %) | 1,000.00 | 648.80 | 10.21 | |||||||||||||
H-Class | 1.71 | % | (34.88 | %) | 1,000.00 | 651.20 | 7.08 | |||||||||||||
Russell 2000® Fund | ||||||||||||||||||||
A-Class | 1.58 | % | (23.72 | %) | 1,000.00 | 762.80 | 6.98 | |||||||||||||
C-Class | 2.32 | % | (24.07 | %) | 1,000.00 | 759.30 | 10.23 | |||||||||||||
H-Class | 1.57 | % | (23.74 | %) | 1,000.00 | 762.60 | 6.94 | |||||||||||||
Inverse Russell 2000® Strategy Fund | ||||||||||||||||||||
A-Class | 1.75 | % | 21.45 | % | 1,000.00 | 1,214.50 | 9.71 | |||||||||||||
C-Class | 2.51 | % | 21.00 | % | 1,000.00 | 1,210.00 | 13.91 | |||||||||||||
H-Class | 1.77 | % | 21.37 | % | 1,000.00 | 1,213.70 | 9.82 | |||||||||||||
S&P 500 Pure Growth Fund | ||||||||||||||||||||
A-Class | 1.53 | % | (15.20 | %) | 1,000.00 | 848.00 | 7.09 | |||||||||||||
C-Class | 2.27 | % | (15.53 | %) | 1,000.00 | 844.70 | 10.50 | |||||||||||||
H-Class | 1.53 | % | (15.18 | %) | 1,000.00 | 848.20 | 7.09 | |||||||||||||
S&P 500 Pure Value Fund | ||||||||||||||||||||
A-Class | 1.53 | % | (19.16 | %) | 1,000.00 | 808.40 | 6.94 | |||||||||||||
C-Class | 2.28 | % | (19.44 | %) | 1,000.00 | 805.60 | 10.32 | |||||||||||||
H-Class | 1.53 | % | (19.15 | %) | 1,000.00 | 808.50 | 6.94 | |||||||||||||
S&P MidCap 400 Pure Growth Fund | ||||||||||||||||||||
A-Class | 1.52 | % | (15.65 | %) | 1,000.00 | 843.50 | 7.02 | |||||||||||||
C-Class | 2.27 | % | (15.96 | %) | 1,000.00 | 840.40 | 10.47 | |||||||||||||
H-Class | 1.52 | % | (15.65 | %) | 1,000.00 | 843.50 | 7.02 |
Beginning | Ending | Expenses | ||||||||||||||||||
Expense | Fund | Account Value | Account Value | Paid During | ||||||||||||||||
Ratio1 | Return | March 31, 2011 | September 30, 2011 | Period2 | ||||||||||||||||
S&P MidCap 400 Pure Value Fund | ||||||||||||||||||||
A-Class | 1.52 | % | (24.63 | %) | $ | 1,000.00 | $ | 753.70 | $ | 6.68 | ||||||||||
C-Class | 2.28 | % | (24.92 | %) | 1,000.00 | 750.80 | 10.01 | |||||||||||||
H-Class | 1.53 | % | (24.63 | %) | 1,000.00 | 753.70 | 6.73 | |||||||||||||
S&P SmallCap 600 Pure Growth Fund | ||||||||||||||||||||
A-Class | 1.52 | % | (16.97 | %) | 1,000.00 | 830.30 | 6.97 | |||||||||||||
C-Class | 2.27 | % | (17.31 | %) | 1,000.00 | 826.90 | 10.40 | |||||||||||||
H-Class | 1.53 | % | (17.02 | %) | 1,000.00 | 829.80 | 7.02 | |||||||||||||
S&P SmallCap 600 Pure Value Fund | ||||||||||||||||||||
A-Class | 1.53 | % | (26.00 | %) | 1,000.00 | 740.00 | 6.67 | |||||||||||||
C-Class | 2.28 | % | (26.31 | %) | 1,000.00 | 736.90 | 9.93 | |||||||||||||
H-Class | 1.53 | % | (26.06 | %) | 1,000.00 | 739.40 | 6.67 | |||||||||||||
Europe 1.25x Strategy Fund | ||||||||||||||||||||
A-Class | 1.69 | % | (25.82 | %) | 1,000.00 | 741.80 | 7.38 | |||||||||||||
C-Class | 2.44 | % | (26.21 | %) | 1,000.00 | 737.90 | 10.63 | |||||||||||||
H-Class | 1.69 | % | (25.82 | %) | 1,000.00 | 741.80 | 7.38 | |||||||||||||
Japan 2x Strategy Fund | ||||||||||||||||||||
A-Class | 1.52 | % | (13.78 | %) | 1,000.00 | 862.20 | 7.10 | |||||||||||||
C-Class | 2.27 | % | (14.11 | %) | 1,000.00 | 858.90 | 10.58 | |||||||||||||
H-Class | 1.52 | % | (13.75 | %) | 1,000.00 | 862.50 | 7.10 | |||||||||||||
Strengthening Dollar 2x Strategy Fund | ||||||||||||||||||||
A-Class | 1.70 | % | 4.46 | % | 1,000.00 | 1,044.60 | 8.71 | |||||||||||||
C-Class | 2.45 | % | 3.90 | % | 1,000.00 | 1,039.00 | 12.52 | |||||||||||||
H-Class | 1.70 | % | 4.40 | % | 1,000.00 | 1,044.00 | 8.71 | |||||||||||||
Weakening Dollar 2x Strategy Fund | ||||||||||||||||||||
A-Class | 1.70 | % | (7.62 | %) | 1,000.00 | 923.80 | 8.20 | |||||||||||||
C-Class | 2.45 | % | (8.01 | %) | 1,000.00 | 919.90 | 11.79 | |||||||||||||
H-Class | 1.70 | % | (7.63 | %) | 1,000.00 | 923.70 | 8.20 | |||||||||||||
Real Estate Fund | ||||||||||||||||||||
A-Class | 1.62 | % | (15.97 | %) | 1,000.00 | 840.30 | 7.47 | |||||||||||||
C-Class | 2.37 | % | (16.31 | %) | 1,000.00 | 836.90 | 10.91 | |||||||||||||
H-Class | 1.62 | % | (15.98 | %) | 1,000.00 | 840.20 | 7.47 | |||||||||||||
Government Long Bond 1.2x Strategy Fund | ||||||||||||||||||||
Investor Class | 0.97 | % | 44.35 | % | 1,000.00 | 1,443.50 | 5.94 | |||||||||||||
Advisor Class | 1.47 | % | 44.00 | % | 1,000.00 | 1,440.00 | 8.99 | |||||||||||||
A-Class | 1.22 | % | 44.19 | % | 1,000.00 | 1,441.90 | 7.47 | |||||||||||||
C-Class | 1.97 | % | 43.68 | % | 1,000.00 | 1,436.80 | 12.03 | |||||||||||||
Inverse Government Long Bond Strategy Fund | ||||||||||||||||||||
Investor Class | 4.40 | % | (28.98 | %) | 1,000.00 | 710.20 | 18.86 | |||||||||||||
Advisor Class | 4.91 | % | (29.13 | %) | 1,000.00 | 708.70 | 21.03 | |||||||||||||
A-Class | 4.65 | % | (29.06 | %) | 1,000.00 | 709.40 | 19.93 | |||||||||||||
C-Class | 5.39 | % | (29.36 | %) | 1,000.00 | 706.40 | 23.06 | |||||||||||||
High Yield Strategy Fund | ||||||||||||||||||||
A-Class | 1.52 | % | (5.46 | %) | 1,000.00 | 945.40 | 7.41 | |||||||||||||
C-Class | 2.27 | % | (5.85 | %) | 1,000.00 | 941.50 | 11.05 | |||||||||||||
H-Class | 1.52 | % | (5.47 | %) | 1,000.00 | 945.30 | 7.41 | |||||||||||||
Inverse High Yield Strategy Fund | ||||||||||||||||||||
A-Class | 1.51 | % | 2.35 | % | 1,000.00 | 1,023.50 | 7.66 | |||||||||||||
C-Class | 2.27 | % | 1.90 | % | 1,000.00 | 1,019.00 | 11.49 | |||||||||||||
H-Class | 1.52 | % | 2.31 | % | 1,000.00 | 1,023.10 | 7.71 | |||||||||||||
U.S. Government Money Market Fund | ||||||||||||||||||||
Investor Class | 0.10 | % | 0.00 | % | 1,000.00 | 1,000.00 | 0.50 | |||||||||||||
Investor2 Class | 0.10 | % | 0.00 | % | 1,000.00 | 1,000.00 | 0.50 | |||||||||||||
Advisor Class | 0.09 | % | 0.00 | % | 1,000.00 | 1,000.00 | 0.45 | |||||||||||||
A-Class | 0.10 | % | 0.00 | % | 1,000.00 | 1,000.00 | 0.50 | |||||||||||||
C-Class | 0.10 | % | 0.00 | % | 1,000.00 | 1,000.00 | 0.50 |
Beginning | Ending | Expenses | ||||||||||||||||||
Expense | Fund | Account Value | Account Value | Paid During | ||||||||||||||||
Ratio1 | Return | March 31, 2011 | September 30, 2011 | Period2 | ||||||||||||||||
Table 2. Based on hypothetical 5% return (before expenses) | ||||||||||||||||||||
Nova Fund | ||||||||||||||||||||
Investor Class | 1.28 | % | 5.00 | % | $ | 1,000.00 | $ | 1,018.65 | $ | 6.48 | ||||||||||
Advisor Class | 1.78 | % | 5.00 | % | 1,000.00 | 1,016.14 | 9.00 | |||||||||||||
A-Class | 1.53 | % | 5.00 | % | 1,000.00 | 1,017.40 | 7.74 | |||||||||||||
C-Class | 2.28 | % | 5.00 | % | 1,000.00 | 1,013.64 | 11.51 | |||||||||||||
S&P 500 Fund | ||||||||||||||||||||
A-Class | 1.53 | % | 5.00 | % | 1,000.00 | 1,017.40 | 7.74 | |||||||||||||
C-Class | 2.28 | % | 5.00 | % | 1,000.00 | 1,013.64 | 11.51 | |||||||||||||
H-Class | 1.53 | % | 5.00 | % | 1,000.00 | 1,017.40 | 7.74 | |||||||||||||
Inverse S&P 500 Strategy Fund | ||||||||||||||||||||
Investor Class | 1.42 | % | 5.00 | % | 1,000.00 | 1,017.95 | 7.18 | |||||||||||||
Advisor Class | 1.92 | % | 5.00 | % | 1,000.00 | 1,015.44 | 9.70 | |||||||||||||
A-Class | 1.67 | % | 5.00 | % | 1,000.00 | 1,016.70 | 8.44 | |||||||||||||
C-Class | 2.42 | % | 5.00 | % | 1,000.00 | 1,012.94 | 12.21 | |||||||||||||
NASDAQ-100® Fund | ||||||||||||||||||||
Investor Class | 1.29 | % | 5.00 | % | 1,000.00 | 1,018.60 | 6.53 | |||||||||||||
Advisor Class | 1.79 | % | 5.00 | % | 1,000.00 | 1,016.09 | 9.05 | |||||||||||||
A-Class | 1.54 | % | 5.00 | % | 1,000.00 | 1,017.35 | 7.79 | |||||||||||||
C-Class | 2.29 | % | 5.00 | % | 1,000.00 | 1,013.59 | 11.56 | |||||||||||||
Inverse NASDAQ-100® Strategy Fund | ||||||||||||||||||||
Investor Class | 1.46 | % | 5.00 | % | 1,000.00 | 1,017.75 | 7.38 | |||||||||||||
Advisor Class | 1.95 | % | 5.00 | % | 1,000.00 | 1,015.29 | 9.85 | |||||||||||||
A-Class | 1.71 | % | 5.00 | % | 1,000.00 | 1,016.50 | 8.64 | |||||||||||||
C-Class | 2.46 | % | 5.00 | % | 1,000.00 | 1,012.73 | 12.41 | |||||||||||||
Mid-Cap 1.5x Strategy Fund | ||||||||||||||||||||
A-Class | 1.68 | % | 5.00 | % | 1,000.00 | 1,016.65 | 8.49 | |||||||||||||
C-Class | 2.43 | % | 5.00 | % | 1,000.00 | 1,012.89 | 12.26 | |||||||||||||
H-Class | 1.68 | % | 5.00 | % | 1,000.00 | 1,016.65 | 8.49 | |||||||||||||
Inverse Mid-Cap Strategy Fund | ||||||||||||||||||||
A-Class | 1.67 | % | 5.00 | % | 1,000.00 | 1,016.70 | 8.44 | |||||||||||||
C-Class | 2.42 | % | 5.00 | % | 1,000.00 | 1,012.94 | 12.21 | |||||||||||||
H-Class | 1.67 | % | 5.00 | % | 1,000.00 | 1,016.70 | 8.44 | |||||||||||||
Russell 2000® 1.5x Strategy Fund | ||||||||||||||||||||
A-Class | 1.71 | % | 5.00 | % | 1,000.00 | 1,016.50 | 8.64 | |||||||||||||
C-Class | 2.47 | % | 5.00 | % | 1,000.00 | 1,012.68 | 12.46 | |||||||||||||
H-Class | 1.71 | % | 5.00 | % | 1,000.00 | 1,016.50 | 8.64 | |||||||||||||
Russell 2000® Fund | ||||||||||||||||||||
A-Class | 1.58 | % | 5.00 | % | 1,000.00 | 1,017.15 | 7.99 | |||||||||||||
C-Class | 2.32 | % | 5.00 | % | 1,000.00 | 1,013.44 | 11.71 | |||||||||||||
H-Class | 1.57 | % | 5.00 | % | 1,000.00 | 1,017.20 | 7.94 | |||||||||||||
Inverse Russell 2000® Strategy Fund | ||||||||||||||||||||
A-Class | 1.75 | % | 5.00 | % | 1,000.00 | 1,016.29 | 8.85 | |||||||||||||
C-Class | 2.51 | % | 5.00 | % | 1,000.00 | 1,012.48 | 12.66 | |||||||||||||
H-Class | 1.77 | % | 5.00 | % | 1,000.00 | 1,016.19 | 8.95 | |||||||||||||
S&P 500 Pure Growth Fund | ||||||||||||||||||||
A-Class | 1.53 | % | 5.00 | % | 1,000.00 | 1,017.40 | 7.74 | |||||||||||||
C-Class | 2.27 | % | 5.00 | % | 1,000.00 | 1,013.69 | 11.46 | |||||||||||||
H-Class | 1.53 | % | 5.00 | % | 1,000.00 | 1,017.40 | 7.74 | |||||||||||||
S&P 500 Pure Value Fund | ||||||||||||||||||||
A-Class | 1.53 | % | 5.00 | % | 1,000.00 | 1,017.40 | 7.74 | |||||||||||||
C-Class | 2.28 | % | 5.00 | % | 1,000.00 | 1,013.64 | 11.51 | |||||||||||||
H-Class | 1.53 | % | 5.00 | % | 1,000.00 | 1,017.40 | 7.74 | |||||||||||||
S&P MidCap 400 Pure Growth Fund | ||||||||||||||||||||
A-Class | 1.52 | % | 5.00 | % | 1,000.00 | 1,017.45 | 7.69 | |||||||||||||
C-Class | 2.27 | % | 5.00 | % | 1,000.00 | 1,013.69 | 11.46 | |||||||||||||
H-Class | 1.52 | % | 5.00 | % | 1,000.00 | 1,017.45 | 7.69 |
Beginning | Ending | Expenses | ||||||||||||||||||
Expense | Fund | Account Value | Account Value | Paid During | ||||||||||||||||
Ratio1 | Return | March 31, 2011 | September 30, 2011 | Period2 | ||||||||||||||||
S&P MidCap 400 Pure Value Fund | ||||||||||||||||||||
A-Class | 1.52 | % | 5.00 | % | $ | 1,000.00 | $ | 1,017.45 | $ | 7.69 | ||||||||||
C-Class | 2.28 | % | 5.00 | % | 1,000.00 | 1,013.64 | 11.51 | |||||||||||||
H-Class | 1.53 | % | 5.00 | % | 1,000.00 | 1,017.40 | 7.74 | |||||||||||||
S&P SmallCap 600 Pure Growth Fund | ||||||||||||||||||||
A-Class | 1.52 | % | 5.00 | % | 1,000.00 | 1,017.45 | 7.69 | |||||||||||||
C-Class | 2.27 | % | 5.00 | % | 1,000.00 | 1,013.69 | 11.46 | |||||||||||||
H-Class | 1.53 | % | 5.00 | % | 1,000.00 | 1,017.40 | 7.74 | |||||||||||||
S&P SmallCap 600 Pure Value Fund | ||||||||||||||||||||
A-Class | 1.53 | % | 5.00 | % | 1,000.00 | 1,017.40 | 7.74 | |||||||||||||
C-Class | 2.28 | % | 5.00 | % | 1,000.00 | 1,013.64 | 11.51 | |||||||||||||
H-Class | 1.53 | % | 5.00 | % | 1,000.00 | 1,017.40 | 7.74 | |||||||||||||
Europe 1.25x Strategy Fund | ||||||||||||||||||||
A-Class | 1.69 | % | 5.00 | % | 1,000.00 | 1,016.60 | 8.54 | |||||||||||||
C-Class | 2.44 | % | 5.00 | % | 1,000.00 | 1,012.84 | 12.31 | |||||||||||||
H-Class | 1.69 | % | 5.00 | % | 1,000.00 | 1,016.60 | 8.54 | |||||||||||||
Japan 2x Strategy Fund | ||||||||||||||||||||
A-Class | 1.52 | % | 5.00 | % | 1,000.00 | 1,017.45 | 7.69 | |||||||||||||
C-Class | 2.27 | % | 5.00 | % | 1,000.00 | 1,013.69 | 11.46 | |||||||||||||
H-Class | 1.52 | % | 5.00 | % | 1,000.00 | 1,017.45 | 7.69 | |||||||||||||
Strengthening Dollar 2x Strategy Fund | ||||||||||||||||||||
A-Class | 1.70 | % | 5.00 | % | 1,000.00 | 1,016.55 | 8.59 | |||||||||||||
C-Class | 2.45 | % | 5.00 | % | 1,000.00 | 1,012.78 | 12.36 | |||||||||||||
H-Class | 1.70 | % | 5.00 | % | 1,000.00 | 1,016.55 | 8.59 | |||||||||||||
Weakening Dollar 2x Strategy Fund | ||||||||||||||||||||
A-Class | 1.70 | % | 5.00 | % | 1,000.00 | 1,016.55 | 8.59 | |||||||||||||
C-Class | 2.45 | % | 5.00 | % | 1,000.00 | 1,012.78 | 12.36 | |||||||||||||
H-Class | 1.70 | % | 5.00 | % | 1,000.00 | 1,016.55 | 8.59 | |||||||||||||
Real Estate Fund | ||||||||||||||||||||
A-Class | 1.62 | % | 5.00 | % | 1,000.00 | 1,016.95 | 8.19 | |||||||||||||
C-Class | 2.37 | % | 5.00 | % | 1,000.00 | 1,013.19 | 11.96 | |||||||||||||
H-Class | 1.62 | % | 5.00 | % | 1,000.00 | 1,016.95 | 8.19 | |||||||||||||
Government Long Bond 1.2x Strategy Fund | ||||||||||||||||||||
Investor Class | 0.97 | % | 5.00 | % | 1,000.00 | 1,020.21 | 4.91 | |||||||||||||
Advisor Class | 1.47 | % | 5.00 | % | 1,000.00 | 1,017.70 | 7.44 | |||||||||||||
A-Class | 1.22 | % | 5.00 | % | 1,000.00 | 1,018.95 | 6.17 | |||||||||||||
C-Class | 1.97 | % | 5.00 | % | 1,000.00 | 1,015.19 | 9.95 | |||||||||||||
Inverse Government Long Bond Strategy Fund | ||||||||||||||||||||
Investor Class | 4.40 | % | 5.00 | % | 1,000.00 | 1,003.01 | 22.09 | |||||||||||||
Advisor Class | 4.91 | % | 5.00 | % | 1,000.00 | 1,000.45 | 24.62 | |||||||||||||
A-Class | 4.65 | % | 5.00 | % | 1,000.00 | 1,001.75 | 23.33 | |||||||||||||
C-Class | 5.39 | % | 5.00 | % | 1,000.00 | 998.04 | 27.00 | |||||||||||||
High Yield Strategy Fund | ||||||||||||||||||||
A-Class | 1.52 | % | 5.00 | % | 1,000.00 | 1,017.45 | 7.69 | |||||||||||||
C-Class | 2.27 | % | 5.00 | % | 1,000.00 | 1,013.69 | 11.46 | |||||||||||||
H-Class | 1.52 | % | 5.00 | % | 1,000.00 | 1,017.45 | 7.69 | |||||||||||||
Inverse High Yield Strategy Fund | ||||||||||||||||||||
A-Class | 1.51 | % | 5.00 | % | 1,000.00 | 1,017.50 | 7.64 | |||||||||||||
C-Class | 2.27 | % | 5.00 | % | 1,000.00 | 1,013.69 | 11.46 | |||||||||||||
H-Class | 1.52 | % | 5.00 | % | 1,000.00 | 1,017.45 | 7.69 | |||||||||||||
U.S. Government Money Market Fund | ||||||||||||||||||||
Investor Class | 0.10 | % | 5.00 | % | 1,000.00 | 1,024.57 | 0.51 | |||||||||||||
Investor2 Class | 0.10 | % | 5.00 | % | 1,000.00 | 1,024.57 | 0.51 | |||||||||||||
Advisor Class | 0.09 | % | 5.00 | % | 1,000.00 | 1,024.62 | 0.46 | |||||||||||||
A-Class | 0.10 | % | 5.00 | % | 1,000.00 | 1,024.57 | 0.51 | |||||||||||||
C-Class | 0.10 | % | 5.00 | % | 1,000.00 | 1,024.57 | 0.51 |
1 | This ratio represents annualized Net Expenses, which include interest expense related to securities sold short. Excluding short interest expense, the operating expense ratio of the Inverse Government Long Bond Strategy Fund would be 3.00%, 3.01%, 3.00%, and 2.99% lower for the Investor Class, Advisor Class, A-Class and C-Class, respectively. | |
2 | Expenses are equal to the Fund’s annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). | |
3 | Actual cumulative return at net asset value for the period March 31, 2011 to September 30, 2011. |
FUND PROFILE (Unaudited) | September 30, 2011 |
![(GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366905.gif)
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) | ||||
Apple, Inc. | 2.9 | % | ||
Exxon Mobil Corp. | 2.9 | % | ||
International Business Machines Corp. | 1.7 | % | ||
Microsoft Corp. | 1.5 | % | ||
Chevron Corp. | 1.5 | % | ||
Johnson & Johnson | 1.4 | % | ||
Procter & Gamble Co. | 1.4 | % | ||
AT&T, Inc. | 1.4 | % | ||
General Electric Co. | 1.3 | % | ||
Coca-Cola Co. | 1.3 | % | ||
Top Ten Total | 17.3 | % | ||
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 | |
NOVA FUND |
Shares | Value | |||||||
COMMON STOCKS† - 84.2% | ||||||||
INFORMATION TECHNOLOGY - 16.3% | ||||||||
Apple, Inc.* | 2,873 | $ | 1,095,130 | |||||
International Business Machines Corp. | 3,705 | 648,486 | ||||||
Microsoft Corp. | 23,095 | 574,835 | ||||||
Google, Inc. — Class A | 777 | 399,673 | ||||||
Oracle Corp. | 12,234 | 351,605 | ||||||
Intel Corp. | 16,267 | 346,975 | ||||||
Cisco Systems, Inc. | 17,043 | 263,996 | ||||||
QUALCOMM, Inc. | 5,206 | 253,168 | ||||||
Hewlett-Packard Co. | 6,420 | 144,129 | ||||||
Visa, Inc. — Class A | 1,588 | 136,123 | ||||||
EMC Corp. | 6,396 | 134,252 | ||||||
Accenture plc — Class A | 2,000 | 105,360 | ||||||
eBay, Inc.* | 3,556 | 104,866 | ||||||
Mastercard, Inc. — Class A | 326 | 103,394 | ||||||
Texas Instruments, Inc. | 3,581 | 95,434 | ||||||
Automatic Data Processing, Inc. | 1,521 | 71,715 | ||||||
Dell, Inc. | 4,801 | 67,934 | ||||||
Corning, Inc. | 4,868 | 60,168 | ||||||
Cognizant Technology Solutions Corp. — Class A* | 945 | 59,252 | ||||||
Yahoo!, Inc.* | 3,914 | 51,508 | ||||||
Broadcom Corp. — Class A | 1,495 | 49,769 | ||||||
Salesforce.com, Inc.* | 427 | 48,798 | ||||||
Intuit, Inc. | 938 | 44,499 | ||||||
Applied Materials, Inc. | 4,080 | 42,228 | ||||||
Motorola Solutions, Inc. | 933 | 39,093 | ||||||
NetApp, Inc.* | 1,146 | 38,895 | ||||||
Symantec Corp.* | 2,326 | 37,914 | ||||||
Adobe Systems, Inc.* | 1,531 | 37,004 | ||||||
Citrix Systems, Inc.* | 588 | 32,064 | ||||||
Altera Corp. | 1,007 | 31,751 | ||||||
Motorola Mobility Holdings, Inc.* | 810 | 30,602 | ||||||
Xerox Corp. | 4,346 | 30,292 | ||||||
SanDisk Corp.* | 740 | 29,859 | ||||||
Western Union Co. | 1,945 | 29,739 | ||||||
Analog Devices, Inc. | 928 | 29,000 | ||||||
Juniper Networks, Inc.* | 1,650 | 28,479 | ||||||
Teradata Corp.* | 520 | 27,836 | ||||||
Paychex, Inc. | 1,000 | 26,370 | ||||||
Red Hat, Inc.* | 600 | 25,356 | ||||||
NVIDIA Corp.* | 1,876 | 23,450 | ||||||
CA, Inc. | 1,175 | 22,807 | ||||||
Xilinx, Inc. | 820 | 22,501 | ||||||
Fiserv, Inc.* | 442 | 22,440 | ||||||
Amphenol Corp. — Class A | 529 | 21,567 | ||||||
Electronic Arts, Inc.* | 1,038 | 21,227 | ||||||
BMC Software, Inc.* | 547 | 21,092 | ||||||
KLA-Tencor Corp. | 519 | 19,867 | ||||||
Autodesk, Inc.* | 713 | 19,807 | ||||||
Linear Technology Corp. | 710 | 19,632 | ||||||
Fidelity National Information Services, Inc. | 765 | 18,605 | ||||||
Western Digital Corp.* | 720 | 18,518 | ||||||
Microchip Technology, Inc. | 594 | 18,479 | ||||||
F5 Networks, Inc.* | 246 | 17,478 | ||||||
Micron Technology, Inc.* | 3,110 | 15,674 | ||||||
VeriSign, Inc. | 515 | 14,734 | ||||||
Computer Sciences Corp. | 477 | 12,807 | ||||||
Harris Corp. | 374 | 12,780 | ||||||
FLIR Systems, Inc. | 496 | 12,425 | ||||||
Akamai Technologies, Inc.* | 573 | 11,391 | ||||||
SAIC, Inc.* | 859 | 10,145 | ||||||
Jabil Circuit, Inc. | 569 | 10,123 | ||||||
LSI Corp.* | 1,770 | 9,169 | ||||||
Advanced Micro Devices, Inc.* | 1,798 | 9,134 | ||||||
Total System Services, Inc. | 511 | 8,651 | ||||||
Molex, Inc. | 420 | 8,555 | ||||||
JDS Uniphase Corp.* | 710 | 7,079 | ||||||
Lexmark International, Inc. — Class A* | 250 | 6,758 | ||||||
Teradyne, Inc.* | 578 | 6,364 | ||||||
Novellus Systems, Inc.* | 216 | 5,888 | ||||||
Compuware Corp.* | 679 | 5,201 | ||||||
Tellabs, Inc. | 1,128 | 4,839 | ||||||
MEMC Electronic Materials, Inc.* | 717 | 3,757 | ||||||
Monster Worldwide, Inc.* | 397 | 2,850 | ||||||
Total Information Technology | 6,193,345 | |||||||
FINANCIALS - 11.4% | ||||||||
Wells Fargo & Co. | 16,356 | 394,507 | ||||||
Berkshire Hathaway, Inc. — Class B | 5,440 | 386,458 | ||||||
JPMorgan Chase & Co. | 12,082 | 363,910 | ||||||
Citigroup, Inc. | 9,036 | 231,502 | ||||||
Bank of America Corp. | 31,398 | 192,156 | ||||||
Goldman Sachs Group, Inc. | 1,570 | 148,443 | ||||||
American Express Co. | 3,217 | 144,443 | ||||||
U.S. Bancorp | 5,952 | 140,110 | ||||||
Simon Property Group, Inc. | 910 | 100,082 | ||||||
MetLife, Inc. | 3,276 | 91,761 | ||||||
PNC Financial Services Group, Inc. | 1,631 | 78,598 | ||||||
Bank of New York Mellon Corp. | 3,821 | 71,032 | ||||||
Prudential Financial, Inc. | 1,508 | 70,665 | ||||||
ACE Ltd. | 1,044 | 63,266 | ||||||
Travelers Companies, Inc. | 1,298 | 63,252 | ||||||
Morgan Stanley | 4,600 | 62,100 | ||||||
Capital One Financial Corp. | 1,418 | 56,195 | ||||||
Chubb Corp. | 887 | 53,211 | ||||||
CME Group, Inc. — Class A | 210 | 51,744 | ||||||
Aflac, Inc. | 1,450 | 50,678 | ||||||
State Street Corp. | 1,560 | 50,170 | ||||||
Public Storage | 438 | 48,771 | ||||||
Equity Residential | 920 | 47,720 |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 11 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | September 30, 2011 | |
NOVA FUND |
Shares | Value | |||||||
BlackRock, Inc. — Class A | 315 | $ | 46,623 | |||||
BB&T Corp. | 2,161 | 46,094 | ||||||
Marsh & McLennan Companies, Inc. | 1,682 | 44,640 | ||||||
HCP, Inc. | 1,269 | 44,491 | ||||||
Ventas, Inc. | 896 | 44,262 | ||||||
Franklin Resources, Inc. | 448 | 42,847 | ||||||
Aon Corp. | 1,015 | 42,610 | ||||||
Vornado Realty Trust | 568 | 42,384 | ||||||
Boston Properties, Inc. | 458 | 40,808 | ||||||
Discover Financial Services | 1,691 | 38,792 | ||||||
T. Rowe Price Group, Inc. | 793 | 37,882 | ||||||
Allstate Corp. | 1,599 | 37,880 | ||||||
Charles Schwab Corp. | 3,340 | 37,642 | ||||||
Progressive Corp. | 1,981 | 35,183 | ||||||
ProLogis, Inc. | 1,418 | 34,386 | ||||||
Loews Corp. | 960 | 33,168 | ||||||
AvalonBay Communities, Inc. | 290 | 33,074 | ||||||
SunTrust Banks, Inc. | 1,667 | 29,923 | ||||||
American International Group, Inc.* | 1,356 | 29,764 | ||||||
Fifth Third Bancorp | 2,850 | 28,785 | ||||||
Ameriprise Financial, Inc. | 727 | 28,615 | ||||||
IntercontinentalExchange, Inc.* | 230 | 27,200 | ||||||
M&T Bank Corp. | 388 | 27,121 | ||||||
Northern Trust Corp. | 746 | 26,095 | ||||||
Weyerhaeuser Co. | 1,670 | 25,968 | ||||||
Health Care REIT, Inc. | 546 | 25,553 | ||||||
Host Hotels & Resorts, Inc. | 2,188 | 23,937 | ||||||
Hartford Financial Services Group, Inc. | 1,380 | 22,273 | ||||||
Principal Financial Group, Inc. | 971 | 22,013 | ||||||
Invesco Ltd. | 1,393 | 21,605 | ||||||
SLM Corp. | 1,592 | 19,820 | ||||||
Unum Group | 938 | 19,660 | ||||||
XL Group plc — Class A | 1,020 | 19,176 | ||||||
Moody’s Corp. | 628 | 19,123 | ||||||
Kimco Realty Corp. | 1,258 | 18,908 | ||||||
NYSE Euronext | 810 | 18,824 | ||||||
KeyCorp | 2,950 | 17,493 | ||||||
Plum Creek Timber Company, Inc. | 501 | 17,390 | ||||||
Lincoln National Corp. | 954 | 14,911 | ||||||
Comerica, Inc. | 626 | 14,379 | ||||||
Leucadia National Corp. | 618 | 14,016 | ||||||
CBRE Group, Inc. — Class A* | 1,010 | 13,595 | ||||||
People’s United Financial, Inc. | 1,169 | 13,327 | ||||||
Cincinnati Financial Corp. | 506 | 13,323 | ||||||
Regions Financial Corp. | 3,902 | 12,994 | ||||||
Huntington Bancshares, Inc. | 2,670 | 12,816 | ||||||
Torchmark Corp. | 330 | 11,504 | ||||||
Legg Mason, Inc. | 411 | 10,567 | ||||||
Assurant, Inc. | 291 | 10,418 | ||||||
Hudson City Bancorp, Inc. | 1,633 | 9,243 | ||||||
NASDAQ OMX Group, Inc.* | 399 | 9,233 | ||||||
Genworth Financial, Inc. — Class A | 1,524 | 8,748 | ||||||
Apartment Investment & | ||||||||
Management Co. — Class A | 370 | 8,184 | ||||||
Zions Bancorporation | 573 | 8,062 | ||||||
E*Trade Financial Corp.* | 784 | 7,142 | ||||||
Federated Investors, Inc. — Class B | 285 | 4,996 | ||||||
First Horizon National Corp. | 817 | 4,869 | ||||||
Janus Capital Group, Inc. | 580 | 3,480 | ||||||
Total Financials | 4,338,593 | |||||||
HEALTH CARE - 10.2% | ||||||||
Johnson & Johnson | 8,486 | 540,643 | ||||||
Pfizer, Inc. | 24,175 | 427,414 | ||||||
Merck & Company, Inc. | 9,544 | 312,184 | ||||||
Abbott Laboratories | 4,824 | 246,699 | ||||||
Bristol-Myers Squibb Co. | 5,280 | 165,686 | ||||||
Amgen, Inc. | 2,860 | 157,157 | ||||||
UnitedHealth Group, Inc. | 3,330 | 153,580 | ||||||
Eli Lilly & Co. | 3,150 | 116,456 | ||||||
Medtronic, Inc. | 3,274 | 108,828 | ||||||
Baxter International, Inc. | 1,765 | 99,087 | ||||||
Gilead Sciences, Inc. | 2,388 | 92,654 | ||||||
Celgene Corp.* | 1,419 | 87,865 | ||||||
Allergan, Inc. | 960 | 79,085 | ||||||
WellPoint, Inc. | 1,116 | 72,853 | ||||||
Biogen Idec, Inc.* | 750 | 69,863 | ||||||
Covidien plc | 1,533 | 67,605 | ||||||
Thermo Fisher Scientific, Inc.* | 1,186 | 60,059 | ||||||
Medco Health Solutions, Inc. | 1,198 | 56,174 | ||||||
Express Scripts, Inc. — Class A* | 1,508 | 55,902 | ||||||
McKesson Corp. | 766 | 55,688 | ||||||
Becton Dickinson and Co. | 675 | 49,491 | ||||||
Stryker Corp. | 1,026 | 48,355 | ||||||
Cardinal Health, Inc. | 1,064 | 44,560 | ||||||
Intuitive Surgical, Inc. | 117 | 42,621 | ||||||
Aetna, Inc. | 1,157 | 42,057 | ||||||
Humana, Inc. | 518 | 37,674 | ||||||
St. Jude Medical, Inc. | 1,023 | 37,022 | ||||||
CIGNA Corp. | 839 | 35,188 | ||||||
Agilent Technologies, Inc.* | 1,073 | 33,531 | ||||||
Zimmer Holdings, Inc.* | 593 | 31,726 | ||||||
Cerner Corp.* | 456 | 31,245 | ||||||
AmerisourceBergen Corp. — Class A | 836 | 31,158 | ||||||
Boston Scientific Corp.* | 4,740 | 28,013 | ||||||
Watson Pharmaceuticals, Inc.* | 394 | 26,891 | ||||||
Forest Laboratories, Inc.* | 853 | 26,264 | ||||||
Edwards Lifesciences Corp.* | 354 | 25,233 | ||||||
Laboratory Corporation of America Holdings* | 309 | 24,426 | ||||||
Quest Diagnostics, Inc. | 490 | 24,186 | ||||||
CR Bard, Inc. | 270 | 23,636 |
12 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | September 30, 2011 | |
NOVA FUND |
Shares | Value | |||||||
Mylan, Inc.* | 1,322 | $ | 22,474 | |||||
Life Technologies Corp.* | 558 | 21,444 | ||||||
Waters Corp.* | 280 | 21,137 | ||||||
Cephalon, Inc.* | 246 | 19,852 | ||||||
Varian Medical Systems, Inc.* | 367 | 19,143 | ||||||
Hospira, Inc.* | 512 | 18,944 | ||||||
DaVita, Inc.* | 287 | 17,986 | ||||||
CareFusion Corp.* | 696 | 16,669 | ||||||
DENTSPLY International, Inc. | 438 | 13,442 | ||||||
Coventry Health Care, Inc.* | 459 | 13,224 | ||||||
Patterson Companies, Inc. | 286 | 8,188 | ||||||
PerkinElmer, Inc. | 348 | 6,685 | ||||||
Tenet Healthcare Corp.* | 1,468 | 6,063 | ||||||
Total Health Care | 3,874,010 | |||||||
CONSUMER STAPLES - 9.9% | ||||||||
Procter & Gamble Co. | 8,515 | 537,978 | ||||||
Coca-Cola Co. | 7,110 | 480,352 | ||||||
Philip Morris International, Inc. | 5,438 | 339,222 | ||||||
PepsiCo, Inc. | 4,906 | 303,681 | ||||||
Wal-Mart Stores, Inc. | 5,442 | 282,440 | ||||||
Kraft Foods, Inc. — Class A | 5,469 | 183,649 | ||||||
Altria Group, Inc. | 6,414 | 171,959 | ||||||
CVS Caremark Corp. | 4,164 | 139,827 | ||||||
Colgate-Palmolive Co. | 1,510 | 133,907 | ||||||
Costco Wholesale Corp. | 1,358 | 111,519 | ||||||
Walgreen Co. | 2,808 | 92,355 | ||||||
Kimberly-Clark Corp. | 1,217 | 86,419 | ||||||
General Mills, Inc. | 2,000 | 76,940 | ||||||
Archer-Daniels-Midland Co. | 2,099 | 52,076 | ||||||
HJ Heinz Co. | 996 | 50,278 | ||||||
Sysco Corp. | 1,838 | 47,604 | ||||||
Lorillard, Inc. | 425 | 47,047 | ||||||
Mead Johnson Nutrition Co. — Class A | 630 | 43,363 | ||||||
Kellogg Co. | 777 | 41,329 | ||||||
Kroger Co. | 1,876 | 41,197 | ||||||
Reynolds American, Inc. | 1,048 | 39,279 | ||||||
Whole Foods Market, Inc. | 496 | 32,394 | ||||||
ConAgra Foods, Inc. | 1,280 | 31,002 | ||||||
Estee Lauder Companies, Inc. — Class A | 350 | 30,744 | ||||||
Sara Lee Corp. | 1,826 | 29,855 | ||||||
Hershey Co. | 484 | 28,672 | ||||||
Clorox Co. | 412 | 27,328 | ||||||
Dr Pepper Snapple Group, Inc. | 674 | 26,138 | ||||||
Avon Products, Inc. | 1,330 | 26,068 | ||||||
Beam, Inc. | 478 | 25,850 | ||||||
JM Smucker Co. | 354 | 25,803 | ||||||
Coca-Cola Enterprises, Inc. | 989 | 24,606 | ||||||
Brown-Forman Corp. — Class B | 312 | 21,884 | ||||||
Molson Coors Brewing Co. — Class B | 506 | 20,043 | ||||||
McCormick & Company, Inc. | 410 | 18,926 | ||||||
Campbell Soup Co. | 561 | 18,160 | ||||||
Safeway, Inc. | 1,081 | 17,977 | ||||||
Tyson Foods, Inc. — Class A | 921 | 15,989 | ||||||
Hormel Foods Corp. | 427 | 11,537 | ||||||
Constellation Brands, Inc. — Class A* | 574 | 10,332 | ||||||
Dean Foods Co.* | 566 | 5,020 | ||||||
SUPERVALU, Inc. | 658 | 4,382 | ||||||
Total Consumer Staples | 3,755,131 | |||||||
ENERGY - 9.8% | ||||||||
Exxon Mobil Corp. | 15,061 | 1,093,880 | ||||||
Chevron Corp. | 6,199 | 573,531 | ||||||
ConocoPhillips | 4,253 | 269,300 | ||||||
Schlumberger Ltd. | 4,179 | 249,612 | ||||||
Occidental Petroleum Corp. | 2,520 | 180,180 | ||||||
Anadarko Petroleum Corp. | 1,545 | 97,412 | ||||||
Apache Corp. | 1,190 | 95,486 | ||||||
Halliburton Co. | 2,850 | 86,982 | ||||||
Devon Energy Corp. | 1,290 | 71,518 | ||||||
National Oilwell Varco, Inc. | 1,315 | 67,354 | ||||||
Baker Hughes, Inc. | 1,355 | 62,547 | ||||||
EOG Resources, Inc. | 830 | 58,938 | ||||||
Chesapeake Energy Corp. | 2,050 | 52,377 | ||||||
Spectra Energy Corp. | 2,022 | 49,600 | ||||||
Hess Corp. | 936 | 49,103 | ||||||
Marathon Oil Corp. | 2,208 | 47,649 | ||||||
Williams Companies, Inc. | 1,828 | 44,494 | ||||||
El Paso Corp. | 2,390 | 41,777 | ||||||
Noble Energy, Inc. | 546 | 38,657 | ||||||
Southwestern Energy Co.* | 1,080 | 35,996 | ||||||
Cameron International Corp.* | 760 | 31,570 | ||||||
Valero Energy Corp. | 1,770 | 31,471 | ||||||
Marathon Petroleum Corp. | 1,100 | 29,766 | ||||||
Range Resources Corp. | 495 | 28,938 | ||||||
Peabody Energy Corp. | 835 | 28,290 | ||||||
FMC Technologies, Inc.* | 740 | 27,824 | ||||||
Murphy Oil Corp. | 606 | 26,761 | ||||||
Equities Corp. | 460 | 24,546 | ||||||
Pioneer Natural Resources Co. | 365 | 24,006 | ||||||
Consol Energy, Inc. | 707 | 23,988 | ||||||
Noble Corp. | 784 | 23,010 | ||||||
Cabot Oil & Gas Corp. | 320 | 19,811 | ||||||
Newfield Exploration Co.* | 410 | 16,273 | ||||||
QEP Resources, Inc. | 552 | 14,943 | ||||||
Denbury Resources, Inc.* | 1,248 | 14,352 | ||||||
Helmerich & Payne, Inc. | 335 | 13,601 | ||||||
Alpha Natural Resources, Inc.* | 700 | 12,383 | ||||||
Sunoco, Inc. | 399 | 12,373 | ||||||
Rowan Companies, Inc.* | 398 | 12,016 | ||||||
Diamond Offshore Drilling, Inc. | 216 | 11,824 | ||||||
Nabors Industries Ltd.* | 894 | 10,960 | ||||||
Tesoro Corp. | 443 | 8,625 | ||||||
Total Energy | 3,713,724 | |||||||
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 13 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | September 30, 2011 | |
NOVA FUND |
Shares | Value | |||||||
CONSUMER DISCRETIONARY - 9.0% | ||||||||
McDonald’s Corp. | 3,194 | $ | 280,497 | |||||
Amazon.com, Inc.* | 1,126 | 243,475 | ||||||
Comcast Corp. — Class A | 8,520 | 178,068 | ||||||
Walt Disney Co. | 5,752 | 173,480 | ||||||
Home Depot, Inc. | 4,846 | 159,288 | ||||||
Ford Motor Co.* | 11,773 | 113,845 | ||||||
News Corp. — Class A | 7,082 | 109,559 | ||||||
Target Corp. | 2,097 | 102,837 | ||||||
NIKE, Inc. — Class B | 1,180 | 100,902 | ||||||
Time Warner, Inc. | 3,237 | 97,013 | ||||||
DIRECTV — Class A* | 2,289 | 96,710 | ||||||
Starbucks Corp. | 2,314 | 86,289 | ||||||
Lowe’s Companies, Inc. | 3,907 | 75,561 | ||||||
Yum! Brands, Inc. | 1,438 | 71,023 | ||||||
Priceline.com, Inc. | 156 | 70,116 | ||||||
Viacom, Inc. — Class B | 1,786 | 69,190 | ||||||
TJX Companies, Inc. | 1,183 | 65,621 | ||||||
Time Warner Cable, Inc. — Class A | 1,010 | 63,297 | ||||||
Johnson Controls, Inc. | 2,106 | 55,535 | ||||||
Coach, Inc. | 897 | 46,491 | ||||||
Carnival Corp. | 1,430 | 43,329 | ||||||
Bed Bath & Beyond, Inc.* | 755 | 43,269 | ||||||
Kohl’s Corp. | 870 | 42,717 | ||||||
CBS Corp. — Class B | 2,070 | 42,187 | ||||||
McGraw-Hill Companies, Inc. | 931 | 38,171 | ||||||
Macy’s, Inc. | 1,320 | 34,742 | ||||||
VF Corp. | 270 | 32,810 | ||||||
Omnicom Group, Inc. | 869 | 32,014 | ||||||
Discovery Communications, Inc. — Class A* | 850 | 31,977 | ||||||
Chipotle Mexican Grill, Inc. — Class A* | 99 | 29,992 | ||||||
AutoZone, Inc.* | 93 | 29,685 | ||||||
Limited Brands, Inc. | 765 | 29,460 | ||||||
Staples, Inc. | 2,199 | 29,247 | ||||||
Wynn Resorts Ltd. | 251 | 28,885 | ||||||
Ross Stores, Inc. | 360 | 28,328 | ||||||
O’Reilly Automotive, Inc.* | 417 | 27,785 | ||||||
Mattel, Inc. | 1,058 | 27,392 | ||||||
Ralph Lauren Corp. — Class A | 200 | 25,940 | ||||||
Stanley Black & Decker, Inc. | 519 | 25,483 | ||||||
Harley-Davidson, Inc. | 728 | 24,992 | ||||||
Genuine Parts Co. | 485 | 24,638 | ||||||
Tiffany & Co. | 396 | 24,085 | ||||||
Marriott International, Inc. — Class A | 877 | 23,889 | ||||||
Nordstrom, Inc. | 509 | 23,251 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 592 | 22,981 | ||||||
Best Buy Company, Inc. | 936 | 21,809 | ||||||
Family Dollar Stores, Inc. | 376 | 19,123 | ||||||
Netflix, Inc.* | 168 | 19,011 | ||||||
Darden Restaurants, Inc. | 413 | 17,656 | ||||||
The Gap, Inc. | 1,071 | 17,393 | ||||||
Abercrombie & Fitch Co. — Class A | 272 | 16,744 | ||||||
CarMax, Inc.* | 700 | 16,695 | ||||||
Expedia, Inc. | 601 | 15,476 | ||||||
Apollo Group, Inc. — Class A | 383 | 15,171 | ||||||
Wyndham Worldwide Corp. | 510 | 14,540 | ||||||
International Game Technology | 925 | 13,440 | ||||||
H&R Block, Inc. | 950 | 12,644 | ||||||
Hasbro, Inc. | 378 | 12,327 | ||||||
Whirlpool Corp. | 238 | 11,879 | ||||||
JC Penney Company, Inc. | 440 | 11,783 | ||||||
Scripps Networks Interactive, Inc. — Class A | 310 | 11,523 | ||||||
Cablevision Systems Corp. — Class A | 700 | 11,011 | ||||||
Interpublic Group of Companies, Inc. | 1,484 | 10,685 | ||||||
Newell Rubbermaid, Inc. | 899 | 10,671 | ||||||
GameStop Corp. — Class A* | 427 | 9,864 | ||||||
Leggett & Platt, Inc. | 436 | 8,628 | ||||||
Urban Outfitters, Inc.* | 370 | 8,258 | ||||||
DR Horton, Inc. | 865 | 7,820 | ||||||
Goodyear Tire & Rubber Co.* | 752 | 7,588 | ||||||
Big Lots, Inc.* | 206 | 7,175 | ||||||
Gannett Company, Inc. | 750 | 7,147 | ||||||
DeVry, Inc. | 190 | 7,022 | ||||||
Lennar Corp. — Class A | 501 | 6,784 | ||||||
Sears Holdings Corp.* | 117 | 6,730 | ||||||
Harman International Industries, Inc. | 220 | 6,288 | ||||||
Washington Post Co. — Class B | 16 | 5,231 | ||||||
AutoNation, Inc.* | 153 | 5,015 | ||||||
Pulte Group, Inc.* | 1,048 | 4,140 | ||||||
Total Consumer Discretionary | 3,403,317 | |||||||
INDUSTRIALS - 8.6% | ||||||||
General Electric Co. | 32,842 | 500,512 | ||||||
United Technologies Corp. | 2,815 | 198,063 | ||||||
United Parcel Service, Inc. — Class B | 3,036 | 191,723 | ||||||
3M Co. | 2,200 | 157,938 | ||||||
Caterpillar, Inc. | 1,996 | 147,385 | ||||||
Boeing Co. | 2,298 | 139,052 | ||||||
Union Pacific Corp. | 1,516 | 123,812 | ||||||
Honeywell International, Inc. | 2,430 | 106,701 | ||||||
Emerson Electric Co. | 2,310 | 95,426 | ||||||
Deere & Co. | 1,282 | 82,779 | ||||||
Danaher Corp. | 1,771 | 74,276 | ||||||
Precision Castparts Corp. | 443 | 68,869 | ||||||
FedEx Corp. | 980 | 66,326 | ||||||
Norfolk Southern Corp. | 1,074 | 65,535 | ||||||
General Dynamics Corp. | 1,120 | 63,717 | ||||||
Illinois Tool Works, Inc. | 1,523 | 63,357 | ||||||
CSX Corp. | 3,393 | 63,347 | ||||||
Lockheed Martin Corp. | 855 | 62,107 | ||||||
Tyco International Ltd. | 1,438 | 58,599 |
14 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | September 30, 2011 | |
NOVA FUND |
Shares | Value | |||||||
Cummins, Inc. | 600 | $ | 48,996 | |||||
Waste Management, Inc. | 1,463 | 47,635 | ||||||
Goodrich Corp. | 390 | 47,065 | ||||||
Northrop Grumman Corp. | 860 | 44,858 | ||||||
Raytheon Co. | 1,093 | 44,671 | ||||||
PACCAR, Inc. | 1,130 | 38,217 | ||||||
Eaton Corp. | 1,060 | 37,630 | ||||||
CH Robinson Worldwide, Inc. | 507 | 34,714 | ||||||
Parker Hannifin Corp. | 480 | 30,302 | ||||||
Fastenal Co. | 910 | 30,285 | ||||||
Ingersoll-Rand plc | 1,029 | 28,905 | ||||||
WW Grainger, Inc. | 190 | 28,413 | ||||||
Republic Services, Inc. | 995 | 27,920 | ||||||
Dover Corp. | 578 | 26,935 | ||||||
Expeditors International of Washington, Inc. | 658 | 26,682 | ||||||
Fluor Corp. | 542 | 25,230 | ||||||
Rockwell Collins, Inc. | 476 | 25,114 | ||||||
Rockwell Automation, Inc. | 440 | 24,640 | ||||||
ITT Corp. | 576 | 24,192 | ||||||
Stericycle, Inc.* | 270 | 21,794 | ||||||
Roper Industries, Inc. | 300 | 20,673 | ||||||
Joy Global, Inc. | 330 | 20,585 | ||||||
L-3 Communications Holdings, Inc. | 327 | 20,264 | ||||||
Southwest Airlines Co. | 2,490 | 20,020 | ||||||
Iron Mountain, Inc. | 628 | 19,857 | ||||||
Pall Corp. | 363 | 15,391 | ||||||
Textron, Inc. | 859 | 15,153 | ||||||
Flowserve Corp. | 177 | 13,098 | ||||||
Jacobs Engineering Group, Inc.* | 400 | 12,916 | ||||||
Quanta Services, Inc.* | 658 | 12,364 | ||||||
First Solar, Inc.* | 186 | 11,757 | ||||||
Pitney Bowes, Inc. | 625 | 11,750 | ||||||
Equifax, Inc. | 380 | 11,681 | ||||||
Cintas Corp. | 347 | 9,765 | ||||||
Robert Half International, Inc. | 447 | 9,485 | ||||||
Dun & Bradstreet Corp. | 150 | 9,189 | ||||||
Avery Dennison Corp. | 329 | 8,251 | ||||||
RR Donnelley & Sons Co. | 584 | 8,246 | ||||||
Snap-on, Inc. | 180 | 7,992 | ||||||
Masco Corp. | 1,106 | 7,875 | ||||||
Ryder System, Inc. | 158 | 5,927 | ||||||
Total Industrials | 3,265,961 | |||||||
UTILITIES - 3.4% | ||||||||
Southern Co. | 2,660 | 112,704 | ||||||
Dominion Resources, Inc. | 1,762 | 89,457 | ||||||
Exelon Corp. | 2,050 | 87,350 | ||||||
Duke Energy Corp. | 4,130 | 82,559 | ||||||
NextEra Energy, Inc. | 1,308 | 70,658 | ||||||
FirstEnergy Corp. | 1,300 | 58,383 | ||||||
American Electric Power Company, Inc. | 1,495 | 56,840 | ||||||
PG&E Corp. | 1,250 | 52,888 | ||||||
Public Service Enterprise Group, Inc. | 1,573 | 52,491 | ||||||
Consolidated Edison, Inc. | 910 | 51,888 | ||||||
PPL Corp. | 1,786 | 50,972 | ||||||
Progress Energy, Inc. | 909 | 47,013 | ||||||
Edison International | 1,008 | 38,556 | ||||||
Sempra Energy | 738 | 38,007 | ||||||
Xcel Energy, Inc. | 1,502 | 37,084 | ||||||
Entergy Corp. | 551 | 36,526 | ||||||
CenterPoint Energy, Inc. | 1,318 | 25,859 | ||||||
DTE Energy Co. | 527 | 25,834 | ||||||
Constellation Energy Group, Inc. | 628 | 23,902 | ||||||
Wisconsin Energy Corp. | 728 | 22,779 | ||||||
Ameren Corp. | 747 | 22,238 | ||||||
Oneok, Inc. | 321 | 21,199 | ||||||
AES Corp.* | 2,046 | 19,969 | ||||||
NiSource, Inc. | 870 | 18,601 | ||||||
Northeast Utilities | 552 | 18,575 | ||||||
NRG Energy, Inc.* | 748 | 15,865 | ||||||
CMS Energy Corp. | 778 | 15,397 | ||||||
Pinnacle West Capital Corp. | 339 | 14,557 | ||||||
SCANA Corp. | 352 | 14,238 | ||||||
Pepco Holdings, Inc. | 700 | 13,244 | ||||||
Integrys Energy Group, Inc. | 246 | 11,961 | ||||||
TECO Energy, Inc. | 670 | 11,477 | ||||||
Nicor, Inc. | 138 | 7,591 | ||||||
Total Utilities | 1,266,662 | |||||||
MATERIALS - 2.8% | ||||||||
EI du Pont de Nemours & Co. | 2,889 | 115,473 | ||||||
Monsanto Co. | 1,659 | 99,606 | ||||||
Newmont Mining Corp. | 1,533 | 96,426 | ||||||
Freeport-McMoRan Copper & Gold, Inc. | 2,937 | 89,432 | ||||||
Praxair, Inc. | 934 | 87,310 | ||||||
Dow Chemical Co. | 3,661 | 82,226 | ||||||
Air Products & Chemicals, Inc. | 658 | 50,251 | ||||||
Mosaic Co. | 860 | 42,114 | ||||||
Ecolab, Inc. | 720 | 35,201 | ||||||
PPG Industries, Inc. | 488 | 34,482 | ||||||
Alcoa, Inc. | 3,300 | 31,581 | ||||||
International Paper Co. | 1,350 | 31,388 | ||||||
Nucor Corp. | 976 | 30,881 | ||||||
CF Industries Holdings, Inc. | 226 | 27,886 | ||||||
Cliffs Natural Resources, Inc. | 456 | 23,334 | ||||||
Sigma-Aldrich Corp. | 376 | 23,233 | ||||||
Sherwin-Williams Co. | 269 | 19,992 | ||||||
Ball Corp. | 508 | 15,758 | ||||||
FMC Corp. | 226 | 15,630 | ||||||
Eastman Chemical Co. | 220 | 15,077 | ||||||
International Flavors & Fragrances, Inc. | 256 | 14,392 | ||||||
Airgas, Inc. | 214 | 13,658 | ||||||
MeadWestvaco Corp. | 530 | 13,017 | ||||||
Allegheny Technologies, Inc. | 328 | 12,133 |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 15 |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | September 30, 2011 |
Shares | Value | |||||||
Vulcan Materials Co. | 397 | $ | 10,941 | |||||
United States Steel Corp. | 442 | 9,728 | ||||||
Bemis Company, Inc. | 320 | 9,379 | ||||||
Sealed Air Corp. | 497 | 8,300 | ||||||
Owens-Illinois, Inc. | 508 | 7,681 | ||||||
Titanium Metals Corp. | 261 | 3,910 | ||||||
AK Steel Holding Corp. | 345 | 2,256 | ||||||
Total Materials | 1,072,676 | |||||||
TELECOMMUNICATION SERVICES - 2.8% | ||||||||
AT&T, Inc. | 18,365 | 523,770 | ||||||
Verizon Communications, Inc. | 8,766 | 322,589 | ||||||
American Tower Corp. — Class A* | 1,230 | 66,174 | ||||||
CenturyLink, Inc. | 1,910 | 63,259 | ||||||
Sprint Nextel Corp.* | 9,270 | 28,181 | ||||||
Frontier Communications Corp. | 3,080 | 18,819 | ||||||
Windstream Corp. | 1,588 | 18,516 | ||||||
MetroPCS Communications, Inc.* | 910 | 7,926 | ||||||
Total Telecommunication Services | 1,049,234 | |||||||
Total Common Stocks (Cost $21,399,859) | 31,932,653 | |||||||
Face | ||||||||
amount | ||||||||
REPURCHASE AGREEMENTS††,1- 3.5% | ||||||||
HSBC Group issued 09/30/11 at 0.00% due 10/03/11 | $ | 720,591 | 720,591 | |||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | 356,387 | 356,387 | ||||||
Mizuho Financial Group, Inc. issued 09/30/11 at 0.01% due 10/03/11 | 253,276 | 253,276 | ||||||
Total Repurchase Agreements (Cost $1,330,254) | 1,330,254 | |||||||
Total Investments — 87.7% (Cost $22,730,113) | $ | 33,262,907 | ||||||
Cash & Other Assets, Less Liabilities — 12.3% | 4,682,817 | |||||||
Total Net Assets — 100.0% | $ | 37,945,724 |
Unrealized | ||||||||
Contracts | loss | |||||||
FUTURES CONTRACTS PURCHASED† | ||||||||
December 2011 S&P 500 Index Mini Futures Contracts (Aggregate Value of Contracts $2,986,550) | 53 | $ | (80,255 | ) | ||||
Units | ||||||||
EQUITY INDEX SWAP AGREEMENTS†† | ||||||||
Morgan Stanley Capital Services, Inc. October 2011 S&P 500 Index Swap, Terminating 10/24/112 (Notional Value $1,444,030) | 1,276 | $ | (6,013 | ) | ||||
Barclays Bank plc October 2011 S&P 500 Index Swap, Terminating 10/31/112 (Notional Value $2,685,059) | 2,373 | (68,831 | ) | |||||
Goldman Sachs International October 2011 S&P 500 Index Swap, Terminating 10/27/112 (Notional Value $3,217,475) | 2,844 | (88,726 | ) | |||||
Credit Suisse Capital, LLC October 2011 S&P 500 Index Swap, Terminating 10/31/112 (Notional Value $14,884,935) | 13,156 | (368,253 | ) | |||||
(Total Notional Value $22,231,499) | $ | (531,823 | ) | |||||
* | Non-income producing security. | |
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | Repurchase Agreements — See Note 5. | |
2 | Total Return based on S&P 500 Index +/- financing at a variable rate. plc — Public Limited Company REIT — Real Estate Investment Trust |
16 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
September 30, 2011
Assets: | ||||
Investments, at value (cost $21,399,859) | $ | 31,932,653 | ||
Repurchase agreements, at value (cost $1,330,254) | 1,330,254 | |||
Segregated cash with broker | 3,959,066 | |||
Cash | 249 | |||
Receivables: | ||||
Securities sold | 1,946,512 | |||
Fund shares sold | 58,652 | |||
Dividends | 47,980 | |||
Total assets | 39,275,366 | |||
Liabilities: | ||||
Unrealized depreciation on swap agreements | 531,823 | |||
Payable for: | ||||
Fund shares redeemed | 597,296 | |||
Management fees | 25,555 | |||
Transfer agent and administrative fees | 8,518 | |||
Distribution and service fees | 7,675 | |||
Portfolio accounting fees | 3,407 | |||
Miscellaneous | 155,368 | |||
Total liabilities | 1,329,642 | |||
Net assets | $ | 37,945,724 | ||
Net assets consist of: | ||||
Paid in capital | $ | 86,402,824 | ||
Undistributed net investment income | 25,041 | |||
Accumulated net realized loss on investments | (58,402,857 | ) | ||
Net unrealized appreciation on investments | 9,920,716 | |||
Net assets | $ | 37,945,724 | ||
Investor Class: | ||||
Net assets | $ | 27,044,702 | ||
Capital shares outstanding | 1,405,758 | |||
Net asset value per share | $ | 19.24 | ||
Advisor Class: | ||||
Net assets | $ | 2,961,842 | ||
Capital shares outstanding | 165,816 | |||
Net asset value per share | $ | 17.86 | ||
A-Class: | ||||
Net assets | $ | 1,067,264 | ||
Capital shares outstanding | 58,567 | |||
Net asset value per share | $ | 18.22 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 19.13 | ||
C-Class: | ||||
Net assets | $ | 6,871,916 | ||
Capital shares outstanding | 401,117 | |||
Net asset value per share | $ | 17.13 | ||
Investment Income: | ||||
Dividends (net of foreign withholding tax of $8) | $ | 460,300 | ||
Interest | 1,548 | |||
Total investment income | 461,848 | |||
Expenses: | ||||
Management fees | 221,415 | |||
Transfer agent and administrative fees | 73,805 | |||
Distribution and service fees: | ||||
Advisor Class | 13,611 | |||
A-Class | 2,464 | |||
C-Class | 44,031 | |||
Portfolio accounting fees | 29,522 | |||
Trustees’ fees* | 2,947 | |||
Miscellaneous | 49,012 | |||
Total expenses | 436,807 | |||
Net investment income | 25,041 | |||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments | 2,126,685 | |||
Swap agreements | (4,072,631 | ) | ||
Futures contracts | (312,155 | ) | ||
Net realized loss | (2,258,101 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (9,507,508 | ) | ||
Swap agreements | (1,128,833 | ) | ||
Futures contracts | (194,487 | ) | ||
Net change in unrealized appreciation (depreciation) | (10,830,828 | ) | ||
Net realized and unrealized loss | (13,088,929 | ) | ||
Net decrease in net assets resulting from operations | $ | (13,063,888 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
See Notes to Financial Statements. | the RYDEX SGI | series funds semi-annual report | 17 |
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment income (loss) | $ | 25,041 | $ | (49,689 | ) | |||
Net realized gain (loss) on investments | (2,258,101 | ) | 10,031,654 | |||||
Net change in unrealized appreciation (depreciation) on investments | (10,830,828 | ) | 898,596 | |||||
Net increase (decrease) in net assets resulting from operations | (13,063,888 | ) | 10,880,561 | |||||
Distributions to Shareholders from: | ||||||||
Net investment income | ||||||||
Investor Class | — | (56,523 | ) | |||||
Advisor Class | — | (8,341 | ) | |||||
A-Class | — | (3,832 | ) | |||||
C-Class | — | (10,036 | ) | |||||
Total distributions to shareholders | — | (78,732 | ) | |||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
Investor Class | 90,769,314 | 259,708,644 | ||||||
Advisor Class | 7,100,552 | 20,373,380 | ||||||
A-Class | 1,839,600 | 10,442,997 | ||||||
C-Class | 2,873,807 | 5,762,021 | ||||||
Distributions reinvested | ||||||||
Investor Class | — | 54,308 | ||||||
Advisor Class | — | 8,057 | ||||||
A-Class | — | 1,475 | ||||||
C-Class | — | 9,479 | ||||||
Cost of shares redeemed | ||||||||
Investor Class | (119,288,583 | ) | (279,712,330 | ) | ||||
Advisor Class | (9,309,299 | ) | (26,778,781 | ) | ||||
A-Class | (6,228,214 | ) | (7,025,575 | ) | ||||
C-Class | (4,472,059 | ) | (7,471,647 | ) | ||||
Net decrease from capital share transactions | (36,714,882 | ) | (24,627,972 | ) | ||||
Net decrease in net assets | (49,778,770 | ) | (13,826,143 | ) | ||||
Net assets: | ||||||||
Beginning of period | 87,724,494 | 101,550,637 | ||||||
End of period | $ | 37,945,724 | $ | 87,724,494 | ||||
Accumulated/(Undistributed) net investment income/(loss) at end of period | $ | 25,041 | $ | — | ||||
Capital share activity: | ||||||||
Shares sold | ||||||||
Investor Class | 3,913,233 | 12,737,976 | ||||||
Advisor Class | 331,660 | 1,079,238 | ||||||
A-Class | 78,944 | 544,055 | ||||||
C-Class | 135,421 | 315,490 | ||||||
Shares issued from reinvestment of distributions | ||||||||
Investor Class | — | 2,493 | ||||||
Advisor Class | — | 397 | ||||||
A-Class | — | 71 | ||||||
C-Class | — | 485 | ||||||
Shares redeemed | ||||||||
Investor Class | (5,155,422 | ) | (13,903,126 | ) | ||||
Advisor Class | (441,963 | ) | (1,422,686 | ) | ||||
A-Class | (270,949 | ) | (390,827 | ) | ||||
C-Class | (209,686 | ) | (422,098 | ) | ||||
Net decrease in shares | (1,618,762 | ) | (1,458,532 | ) | ||||
18 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Investor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007d | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 24.59 | $ | 20.28 | $ | 11.40 | $ | 26.13 | $ | 30.92 | $ | 28.89 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | .03 | .02 | .06 | .19 | .40 | (.15 | ) | |||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (5.38 | ) | 4.31 | 8.97 | (14.83 | ) | (4.51 | ) | 4.19 | |||||||||||||||
Total from investment operations | (5.35 | ) | 4.33 | 9.03 | (14.64 | ) | (4.11 | ) | 4.04 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.02 | ) | (.15 | ) | (.09 | ) | (.68 | ) | (2.01 | ) | |||||||||||||
Total distributions | — | (.02 | ) | (.15 | ) | (.09 | ) | (.68 | ) | (2.01 | ) | |||||||||||||
Net asset value, end of period | $ | 19.24 | $ | 24.59 | $ | 20.28 | $ | 11.40 | $ | 26.13 | $ | 30.92 | ||||||||||||
Total Returnc | (21.76 | %) | 21.38 | % | 79.36 | % | (56.06 | %) | (13.71 | %) | 13.99 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 27,045 | $ | 65,102 | $ | 77,268 | $ | 32,603 | $ | 74,674 | $ | 113,195 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 0.29 | % | 0.11 | % | 0.33 | % | 0.93 | % | 1.26 | % | 1.23 | % | ||||||||||||
Total expenses | 1.28 | % | 1.29 | % | 1.28 | % | 1.29 | % | 1.27 | % | 1.25 | % | ||||||||||||
Portfolio turnover rate | 46 | % | 53 | % | 68 | % | 143 | % | 115 | % | 144 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Advisor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007d | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 22.88 | $ | 18.97 | $ | 10.73 | $ | 24.72 | $ | 29.44 | $ | 27.73 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.02 | ) | (.07 | ) | (.01 | ) | .08 | .23 | (.28 | ) | ||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (5.00 | ) | 4.00 | 8.40 | (13.98 | ) | (4.27 | ) | 4.00 | |||||||||||||||
Total from investment operations | (5.02 | ) | 3.93 | 8.39 | (13.90 | ) | (4.04 | ) | 3.72 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.02 | ) | (.15 | ) | (.09 | ) | (.68 | ) | (2.01 | ) | |||||||||||||
Total distributions | — | (.02 | ) | (.15 | ) | (.09 | ) | (.68 | ) | (2.01 | ) | |||||||||||||
Net asset value, end of period | $ | 17.86 | $ | 22.88 | $ | 18.97 | $ | 10.73 | $ | 24.72 | $ | 29.44 | ||||||||||||
Total Returnc | (21.94 | %) | 20.75 | % | 78.35 | % | (56.26 | %) | (14.16 | %) | 13.41 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 2,962 | $ | 6,318 | $ | 11,746 | $ | 10,853 | $ | 19,218 | $ | 36,441 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (0.23 | %) | (0.37 | %) | (0.03 | %) | 0.45 | % | 0.78 | % | 0.73 | % | ||||||||||||
Total expenses | 1.78 | % | 1.79 | % | 1.78 | % | 1.79 | % | 1.77 | % | 1.75 | % | ||||||||||||
Portfolio turnover rate | 46 | % | 53 | % | 68 | % | 143 | % | 115 | % | 144 | % |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 19 |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007d | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 23.32 | $ | 19.28 | $ | 10.88 | $ | 24.99 | $ | 29.67 | $ | 27.87 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.01 | ) | (.02 | ) | .03 | .13 | .29 | (.21 | ) | |||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (5.09 | ) | 4.08 | 8.52 | (14.15 | ) | (4.29 | ) | 4.02 | |||||||||||||||
Total from investment operations | (5.10 | ) | 4.06 | 8.55 | (14.02 | ) | (4.00 | ) | 3.81 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.02 | ) | (.15 | ) | (.09 | ) | (.68 | ) | (2.01 | ) | |||||||||||||
Total distributions | — | (.02 | ) | (.15 | ) | (.09 | ) | (.68 | ) | (2.01 | ) | |||||||||||||
Net asset value, end of period | $ | 18.22 | $ | 23.32 | $ | 19.28 | $ | 10.88 | $ | 24.99 | $ | 29.67 | ||||||||||||
Total Returnc | (21.87 | %) | 21.09 | % | 78.74 | % | (56.13 | %) | (13.92 | %) | 13.67 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,067 | $ | 5,843 | $ | 1,876 | $ | 3,612 | $ | 11,791 | $ | 15,586 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (0.07 | %) | (0.11 | %) | 0.18 | % | 0.70 | % | 0.97 | % | 0.98 | % | ||||||||||||
Total expenses | 1.53 | % | 1.54 | % | 1.54 | % | 1.54 | % | 1.52 | % | 1.50 | % | ||||||||||||
Portfolio turnover rate | 46 | % | 53 | % | 68 | % | 143 | % | 115 | % | 144 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007d | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 22.01 | $ | 18.33 | $ | 10.42 | $ | 24.14 | $ | 28.91 | $ | 27.39 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.07 | ) | (.16 | ) | (.09 | ) | (.01 | ) | .07 | (.42 | ) | |||||||||||||
Net gain (loss) on investments (realized and unrealized) | (4.81 | ) | 3.86 | 8.15 | (13.62 | ) | (4.16 | ) | 3.95 | |||||||||||||||
Total from investment operations | (4.88 | ) | 3.70 | 8.06 | (13.63 | ) | (4.09 | ) | 3.53 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.02 | ) | (.15 | ) | (.09 | ) | (.68 | ) | (2.01 | ) | |||||||||||||
Total distributions | — | (.02 | ) | (.15 | ) | (.09 | ) | (.68 | ) | (2.01 | ) | |||||||||||||
Net asset value, end of period | $ | 17.13 | $ | 22.01 | $ | 18.33 | $ | 10.42 | $ | 24.14 | $ | 28.91 | ||||||||||||
Total Returnc | (22.17 | %) | 20.22 | % | 77.51 | % | (56.49 | %) | (14.60 | %) | 12.88 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 6,872 | $ | 10,461 | $ | 10,661 | $ | 9,314 | $ | 29,715 | $ | 42,925 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (0.68 | %) | (0.85 | %) | (0.61 | %) | (0.05 | %) | 0.24 | % | 0.23 | % | ||||||||||||
Total expenses | 2.28 | % | 2.29 | % | 2.28 | % | 2.29 | % | 2.27 | % | 2.25 | % | ||||||||||||
Portfolio turnover rate | 46 | % | 53 | % | 68 | % | 143 | % | 115 | % | 144 | % |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | |
c | Total return does not reflect the impact of any applicable sales charges and has not been annualized. | |
d | Prior to April 1, 2007, the Fund operated under a Master-Feeder Structure. Ratios represent combined net investment income of the former Master Portfolio and the Fund. Expense ratios to average net assets include expenses of the corresponding former Master Portfolio for the year ended March 31, 2007. |
20 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FUND PROFILE (Unaudited) | September 30, 2011 |
![(CHART)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366906.gif)
A-Class | May 31, 2006 | |||
C-Class | May 31, 2006 | |||
H-Class | May 31, 2006 |
(% of Total Net Assets)
Apple, Inc. | 2.1 | % | ||
Exxon Mobil Corp. | 2.1 | % | ||
International Business Machines Corp. | 1.3 | % | ||
Microsoft Corp. | 1.1 | % | ||
Chevron Corp. | 1.1 | % | ||
Johnson & Johnson | 1.0 | % | ||
Procter & Gamble Co. | 1.0 | % | ||
AT&T, Inc. | 1.0 | % | ||
General Electric Co. | 1.0 | % | ||
Coca-Cola Co. | 0.9 | % | ||
Top Ten Total | 12.6 | % | ||
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 | |
S&P 500 FUND |
Shares | Value | |||||||
COMMON STOCKS† - 61.6% | ||||||||
INFORMATION TECHNOLOGY - 12.0% | ||||||||
Apple, Inc.* | 7,351 | $ | 2,802,054 | |||||
International Business | ||||||||
Machines Corp. | 9,472 | 1,657,884 | ||||||
Microsoft Corp. | 59,166 | 1,472,642 | ||||||
Google, Inc. — Class A | 1,991 | 1,024,131 | ||||||
Oracle Corp. | 31,353 | 901,085 | ||||||
Intel Corp. | 41,663 | 888,672 | ||||||
Cisco Systems, Inc. | 43,636 | 675,922 | ||||||
QUALCOMM, Inc. | 13,328 | 648,141 | ||||||
Hewlett-Packard Co. | 16,460 | 369,527 | ||||||
Visa, Inc. — Class A | 4,048 | 346,995 | ||||||
EMC Corp. | 16,388 | 343,984 | ||||||
Mastercard, Inc. — Class A | 850 | 269,586 | ||||||
Accenture plc — Class A | 5,108 | 269,089 | ||||||
eBay, Inc.* | 9,100 | 268,359 | ||||||
Texas Instruments, Inc. | 9,164 | 244,221 | ||||||
Automatic Data Processing, Inc. | 3,884 | 183,131 | ||||||
Dell, Inc. | 12,308 | 174,158 | ||||||
Corning, Inc. | 12,465 | 154,067 | ||||||
Cognizant Technology Solutions Corp. — Class A* | 2,405 | 150,793 | ||||||
Yahoo!, Inc.* | 10,015 | 131,797 | ||||||
Broadcom Corp. — Class A | 3,820 | 127,168 | ||||||
Salesforce.com, Inc.* | 1,070 | 122,280 | ||||||
Intuit, Inc. | 2,415 | 114,568 | ||||||
Applied Materials, Inc. | 10,450 | 108,157 | ||||||
Motorola Solutions, Inc. | 2,399 | 100,518 | ||||||
NetApp, Inc.* | 2,918 | 99,037 | ||||||
Symantec Corp.* | 5,943 | 96,871 | ||||||
Adobe Systems, Inc.* | 3,916 | 94,650 | ||||||
Citrix Systems, Inc.* | 1,490 | 81,250 | ||||||
Altera Corp. | 2,570 | 81,032 | ||||||
Motorola Mobility Holdings, Inc.* | 2,070 | 78,205 | ||||||
Xerox Corp. | 11,138 | 77,632 | ||||||
SanDisk Corp.* | 1,894 | 76,423 | ||||||
Western Union Co. | 4,980 | 76,144 | ||||||
Analog Devices, Inc. | 2,378 | 74,312 | ||||||
Juniper Networks, Inc.* | 4,228 | 72,975 | ||||||
Teradata Corp.* | 1,337 | 71,570 | ||||||
Paychex, Inc. | 2,550 | 67,243 | ||||||
Red Hat, Inc.* | 1,530 | 64,658 | ||||||
NVIDIA Corp.* | 4,790 | 59,875 | ||||||
CA, Inc. | 3,000 | 58,230 | ||||||
Xilinx, Inc. | 2,108 | 57,843 | ||||||
Fiserv, Inc.* | 1,122 | 56,964 | ||||||
Amphenol Corp. — Class A | 1,349 | 54,999 | ||||||
Electronic Arts, Inc.* | 2,645 | 54,090 | ||||||
BMC Software, Inc.* | 1,392 | 53,675 | ||||||
KLA-Tencor Corp. | 1,317 | 50,415 | ||||||
Autodesk, Inc.* | 1,810 | 50,282 | ||||||
Linear Technology Corp. | 1,799 | 49,742 | ||||||
Fidelity National Information Services, Inc. | 1,965 | 47,789 | ||||||
Western Digital Corp.* | 1,850 | 47,582 | ||||||
Microchip Technology, Inc. | 1,502 | 46,727 | ||||||
F5 Networks, Inc.* | 645 | 45,827 | ||||||
Micron Technology, Inc.* | 7,960 | 40,118 | ||||||
VeriSign, Inc. | 1,322 | 37,822 | ||||||
Computer Sciences Corp. | 1,223 | 32,838 | ||||||
Harris Corp. | 946 | 32,325 | ||||||
FLIR Systems, Inc. | 1,270 | 31,813 | ||||||
Akamai Technologies, Inc.* | 1,460 | 29,025 | ||||||
SAIC, Inc.* | 2,192 | 25,887 | ||||||
Jabil Circuit, Inc. | 1,443 | 25,671 | ||||||
LSI Corp.* | 4,540 | 23,517 | ||||||
Advanced Micro Devices, Inc.* | 4,608 | 23,409 | ||||||
Molex, Inc. | 1,086 | 22,122 | ||||||
Total System Services, Inc. | 1,288 | 21,806 | ||||||
JDS Uniphase Corp.* | 1,808 | 18,026 | ||||||
Lexmark International, Inc. — Class A* | 614 | 16,596 | ||||||
Teradyne, Inc.* | 1,477 | 16,262 | ||||||
Novellus Systems, Inc.* | 552 | 15,047 | ||||||
Compuware Corp.* | 1,730 | 13,252 | ||||||
Tellabs, Inc. | 2,895 | 12,420 | ||||||
MEMC Electronic Materials, Inc.* | 1,819 | 9,532 | ||||||
Monster Worldwide, Inc.* | 1,023 | 7,345 | ||||||
Total Information Technology | 15,849,804 | |||||||
FINANCIALS - 8.4% | ||||||||
Wells Fargo & Co. | 41,896 | 1,010,532 | ||||||
Berkshire Hathaway, Inc. — Class B | 13,958 | 991,576 | ||||||
JPMorgan Chase & Co. | 30,935 | 931,762 | ||||||
Citigroup, Inc. | 23,148 | 593,052 | ||||||
Bank of America Corp. | 80,413 | 492,128 | ||||||
Goldman Sachs Group, Inc. | 4,008 | 378,956 | ||||||
American Express Co. | 8,242 | 370,066 | ||||||
U.S. Bancorp | 15,238 | 358,703 | ||||||
Simon Property Group, Inc. | 2,330 | 256,253 | ||||||
MetLife, Inc. | 8,390 | 235,004 | ||||||
PNC Financial Services Group, Inc. | 4,177 | 201,290 | ||||||
Bank of New York Mellon Corp. | 9,776 | 181,736 | ||||||
Prudential Financial, Inc. | 3,855 | 180,645 | ||||||
ACE Ltd. | 2,682 | 162,529 | ||||||
Travelers Companies, Inc. | 3,325 | 162,027 | ||||||
Morgan Stanley | 11,768 | 158,868 | ||||||
Capital One Financial Corp. | 3,645 | 144,451 | ||||||
Chubb Corp. | 2,266 | 135,937 | ||||||
CME Group, Inc. — Class A | 530 | 130,592 | ||||||
Aflac, Inc. | 3,708 | 129,595 | ||||||
State Street Corp. | 3,990 | 128,318 | ||||||
Public Storage | 1,124 | 125,157 | ||||||
Equity Residential | 2,350 | 121,895 |
22 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | September 30, 2011 | |
S&P 500 FUND |
Shares | Value | |||||||
BB&T Corp. | 5,531 | $ | 117,976 | |||||
BlackRock, Inc. — Class A | 783 | 115,892 | ||||||
Marsh & McLennan Companies, Inc. | 4,292 | 113,910 | ||||||
HCP, Inc. | 3,228 | 113,174 | ||||||
Ventas, Inc. | 2,280 | 112,632 | ||||||
Franklin Resources, Inc. | 1,155 | 110,464 | ||||||
Vornado Realty Trust | 1,465 | 109,318 | ||||||
Aon Corp. | 2,588 | 108,644 | ||||||
Boston Properties, Inc. | 1,149 | 102,376 | ||||||
Discover Financial Services | 4,318 | 99,055 | ||||||
Allstate Corp. | 4,100 | 97,129 | ||||||
T. Rowe Price Group, Inc. | 2,030 | 96,973 | ||||||
Charles Schwab Corp. | 8,550 | 96,359 | ||||||
Progressive Corp. | 5,064 | 89,937 | ||||||
ProLogis, Inc. | 3,635 | 88,149 | ||||||
Loews Corp. | 2,470 | 85,339 | ||||||
AvalonBay Communities, Inc. | 740 | 84,397 | ||||||
SunTrust Banks, Inc. | 4,253 | 76,341 | ||||||
American International Group, Inc.* | 3,464 | 76,035 | ||||||
Ameriprise Financial, Inc. | 1,875 | 73,800 | ||||||
Fifth Third Bancorp | 7,300 | 73,730 | ||||||
M&T Bank Corp. | 985 | 68,851 | ||||||
IntercontinentalExchange, Inc.* | 580 | 68,591 | ||||||
Northern Trust Corp. | 1,913 | 66,917 | ||||||
Weyerhaeuser Co. | 4,278 | 66,523 | ||||||
Health Care REIT, Inc. | 1,412 | 66,082 | ||||||
Host Hotels & Resorts, Inc. | 5,595 | 61,209 | ||||||
Hartford Financial Services Group, Inc. | 3,530 | 56,974 | ||||||
Principal Financial Group, Inc. | 2,487 | 56,380 | ||||||
Invesco Ltd. | 3,578 | 55,495 | ||||||
SLM Corp. | 4,083 | 50,833 | ||||||
Unum Group | 2,410 | 50,514 | ||||||
XL Group plc — Class A | 2,600 | 48,880 | ||||||
Kimco Realty Corp. | 3,230 | 48,547 | ||||||
NYSE Euronext | 2,078 | 48,293 | ||||||
Moody’s Corp. | 1,585 | 48,263 | ||||||
KeyCorp | 7,558 | 44,819 | ||||||
Plum Creek Timber Company, Inc. | 1,278 | 44,359 | ||||||
Lincoln National Corp. | 2,448 | 38,262 | ||||||
Comerica, Inc. | 1,590 | 36,522 | ||||||
Leucadia National Corp. | 1,565 | 35,494 | ||||||
CBRE Group, Inc. — Class A* | 2,580 | 34,727 | ||||||
People’s United Financial, Inc. | 2,990 | 34,086 | ||||||
Cincinnati Financial Corp. | 1,284 | 33,808 | ||||||
Regions Financial Corp. | 9,988 | 33,260 | ||||||
Huntington Bancshares, Inc. | 6,850 | 32,880 | ||||||
Torchmark Corp. | 830 | 28,934 | ||||||
Assurant, Inc. | 752 | 26,922 | ||||||
Legg Mason, Inc. | 1,032 | 26,533 | ||||||
Hudson City Bancorp, Inc. | 4,185 | 23,687 | ||||||
NASDAQ OMX Group, Inc.* | 1,005 | 23,256 | ||||||
Genworth Financial, Inc. — Class A | 3,879 | 22,265 | ||||||
Apartment Investment & | ||||||||
Management Co. — Class A | 960 | 21,235 | ||||||
Zions Bancorporation | 1,458 | 20,514 | ||||||
E*Trade Financial Corp.* | 2,009 | 18,302 | ||||||
Federated Investors, Inc. — Class B | 740 | 12,972 | ||||||
First Horizon National Corp. | 2,091 | 12,462 | ||||||
Janus Capital Group, Inc. | 1,468 | 8,808 | ||||||
Total Financials | 11,099,161 | |||||||
HEALTH CARE - 7.5% | ||||||||
Johnson & Johnson | 21,748 | 1,385,565 | ||||||
Pfizer, Inc. | 61,901 | 1,094,410 | ||||||
Merck & Company, Inc. | 24,445 | 799,596 | ||||||
Abbott Laboratories | 12,350 | 631,579 | ||||||
Bristol-Myers Squibb Co. | 13,530 | 424,571 | ||||||
Amgen, Inc. | 7,336 | 403,113 | ||||||
UnitedHealth Group, Inc. | 8,539 | 393,819 | ||||||
Eli Lilly & Co. | 8,080 | 298,718 | ||||||
Medtronic, Inc. | 8,375 | 278,385 | ||||||
Baxter International, Inc. | 4,505 | 252,911 | ||||||
Gilead Sciences, Inc. | 6,119 | 237,417 | ||||||
Celgene Corp.* | 3,638 | 225,265 | ||||||
Allergan, Inc. | 2,435 | 200,595 | ||||||
WellPoint, Inc. | 2,858 | 186,570 | ||||||
Biogen Idec, Inc.* | 1,920 | 178,848 | ||||||
Covidien plc | 3,903 | 172,122 | ||||||
Thermo Fisher Scientific, Inc.* | 3,030 | 153,439 | ||||||
Express Scripts, Inc. — Class A* | 3,878 | 143,757 | ||||||
Medco Health Solutions, Inc. | 3,058 | 143,390 | ||||||
McKesson Corp. | 1,953 | 141,983 | ||||||
Becton Dickinson and Co. | 1,723 | 126,330 | ||||||
Stryker Corp. | 2,614 | 123,198 | ||||||
Cardinal Health, Inc. | 2,735 | 114,542 | ||||||
Intuitive Surgical, Inc. | 309 | 112,562 | ||||||
Aetna, Inc. | 2,961 | 107,632 | ||||||
Humana, Inc. | 1,326 | 96,440 | ||||||
St. Jude Medical, Inc. | 2,614 | 94,601 | ||||||
CIGNA Corp. | 2,140 | 89,752 | ||||||
Agilent Technologies, Inc.* | 2,754 | 86,062 | ||||||
Zimmer Holdings, Inc.* | 1,506 | 80,571 | ||||||
AmerisourceBergen Corp. — Class A | 2,139 | 79,721 | ||||||
Cerner Corp.* | 1,150 | 78,798 | ||||||
Boston Scientific Corp.* | 12,148 | 71,795 | ||||||
Watson Pharmaceuticals, Inc.* | 992 | 67,704 | ||||||
Forest Laboratories, Inc.* | 2,179 | 67,091 | ||||||
Edwards Lifesciences Corp.* | 904 | 64,437 | ||||||
Laboratory Corporation of America Holdings* | 800 | 63,240 | ||||||
Quest Diagnostics, Inc. | 1,250 | 61,700 | ||||||
CR Bard, Inc. | 678 | 59,352 | ||||||
Mylan, Inc.* | 3,380 | 57,460 | ||||||
Waters Corp.* | 728 | 54,957 |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 23 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | September 30, 2011 | |
S&P 500 FUND |
Shares | Value | |||||||
Life Technologies Corp.* | 1,430 | $ | 54,955 | |||||
Cephalon, Inc.* | 604 | 48,743 | ||||||
Hospira, Inc.* | 1,311 | 48,507 | ||||||
Varian Medical Systems, Inc.* | 923 | 48,144 | ||||||
DaVita, Inc.* | 744 | 46,626 | ||||||
CareFusion Corp.* | 1,768 | 42,344 | ||||||
DENTSPLY International, Inc. | 1,125 | 34,526 | ||||||
Coventry Health Care, Inc.* | 1,180 | 33,996 | ||||||
Patterson Companies, Inc. | 746 | 21,358 | ||||||
PerkinElmer, Inc. | 895 | 17,193 | ||||||
Tenet Healthcare Corp.* | 3,761 | 15,533 | ||||||
Total Health Care | 9,915,923 | |||||||
CONSUMER STAPLES - 7.2% | ||||||||
Procter & Gamble Co. | 21,801 | 1,377,387 | ||||||
Coca-Cola Co. | 18,216 | 1,230,673 | ||||||
Philip Morris International, Inc. | 13,941 | 869,640 | ||||||
PepsiCo, Inc. | 12,558 | 777,340 | ||||||
Wal-Mart Stores, Inc. | 13,951 | 724,057 | ||||||
Kraft Foods, Inc. — Class A | 14,016 | 470,657 | ||||||
Altria Group, Inc. | 16,438 | 440,703 | ||||||
CVS Caremark Corp. | 10,674 | 358,433 | ||||||
Colgate-Palmolive Co. | 3,860 | 342,305 | ||||||
Costco Wholesale Corp. | 3,478 | 285,613 | ||||||
Walgreen Co. | 7,183 | 236,249 | ||||||
Kimberly-Clark Corp. | 3,101 | 220,202 | ||||||
General Mills, Inc. | 5,130 | 197,351 | ||||||
Archer-Daniels-Midland Co. | 5,358 | 132,932 | ||||||
HJ Heinz Co. | 2,543 | 128,371 | ||||||
Lorillard, Inc. | 1,099 | 121,659 | ||||||
Sysco Corp. | 4,695 | 121,600 | ||||||
Mead Johnson Nutrition Co. — Class A | 1,620 | 111,505 | ||||||
Kroger Co. | 4,798 | 105,364 | ||||||
Kellogg Co. | 1,970 | 104,784 | ||||||
Reynolds American, Inc. | 2,675 | 100,259 | ||||||
Whole Foods Market, Inc. | 1,250 | 81,638 | ||||||
ConAgra Foods, Inc. | 3,288 | 79,635 | ||||||
Estee Lauder Companies, Inc. — Class A | 895 | 78,617 | ||||||
Sara Lee Corp. | 4,668 | 76,322 | ||||||
Hershey Co. | 1,225 | 72,569 | ||||||
Clorox Co. | 1,035 | 68,652 | ||||||
Avon Products, Inc. | 3,420 | 67,032 | ||||||
Dr Pepper Snapple Group, Inc. | 1,719 | 66,663 | ||||||
Beam, Inc. | 1,218 | 65,869 | ||||||
JM Smucker Co. | 901 | 65,674 | ||||||
Coca-Cola Enterprises, Inc. | 2,529 | 62,922 | ||||||
Brown-Forman Corp. — Class B | 801 | 56,182 | ||||||
Molson Coors Brewing Co. — Class B | 1,284 | 50,859 | ||||||
McCormick & Company, Inc. | 1,040 | 48,006 | ||||||
Safeway, Inc. | 2,776 | 46,165 | ||||||
Campbell Soup Co. | 1,425 | 46,127 | ||||||
Tyson Foods, Inc. — Class A | 2,347 | 40,744 | ||||||
Hormel Foods Corp. | 1,105 | 29,857 | ||||||
Constellation Brands, Inc. — Class A* | 1,460 | 26,280 | ||||||
Dean Foods Co.* | 1,460 | 12,950 | ||||||
SUPERVALU, Inc. | 1,685 | 11,222 | ||||||
Total Consumer Staples | 9,611,069 | |||||||
ENERGY - 7.2% | ||||||||
Exxon Mobil Corp. | 38,579 | 2,801,993 | ||||||
Chevron Corp. | 15,895 | 1,470,605 | ||||||
ConocoPhillips | 10,889 | 689,491 | ||||||
Schlumberger Ltd. | 10,708 | 639,589 | ||||||
Occidental Petroleum Corp. | 6,448 | 461,032 | ||||||
Anadarko Petroleum Corp. | 3,950 | 249,047 | ||||||
Apache Corp. | 3,040 | 243,930 | ||||||
Halliburton Co. | 7,296 | 222,674 | ||||||
Devon Energy Corp. | 3,305 | 183,229 | ||||||
National Oilwell Varco, Inc. | 3,361 | 172,150 | ||||||
Baker Hughes, Inc. | 3,461 | 159,760 | ||||||
EOG Resources, Inc. | 2,120 | 150,541 | ||||||
Chesapeake Energy Corp. | 5,228 | 133,575 | ||||||
Spectra Energy Corp. | 5,155 | 126,452 | ||||||
Hess Corp. | 2,400 | 125,904 | ||||||
Marathon Oil Corp. | 5,658 | 122,100 | ||||||
Williams Companies, Inc. | 4,668 | 113,619 | ||||||
El Paso Corp. | 6,098 | 106,593 | ||||||
Noble Energy, Inc. | 1,392 | 98,554 | ||||||
Southwestern Energy Co.* | 2,754 | 91,791 | ||||||
Cameron International Corp.* | 1,948 | 80,920 | ||||||
Valero Energy Corp. | 4,533 | 80,597 | ||||||
Marathon Petroleum Corp. | 2,830 | 76,580 | ||||||
Range Resources Corp. | 1,281 | 74,887 | ||||||
Peabody Energy Corp. | 2,153 | 72,944 | ||||||
FMC Technologies, Inc.* | 1,908 | 71,741 | ||||||
Murphy Oil Corp. | 1,530 | 67,565 | ||||||
Equities Corp. | 1,180 | 62,965 | ||||||
Consol Energy, Inc. | 1,794 | 60,870 | ||||||
Pioneer Natural Resources Co. | 923 | 60,706 | ||||||
Noble Corp. | 2,004 | 58,817 | ||||||
Cabot Oil & Gas Corp. | 829 | 51,323 | ||||||
Newfield Exploration Co.* | 1,038 | 41,198 | ||||||
QEP Resources, Inc. | 1,402 | 37,952 | ||||||
Denbury Resources, Inc.* | 3,185 | 36,628 | ||||||
Helmerich & Payne, Inc. | 853 | 34,632 | ||||||
Alpha Natural Resources, Inc.* | 1,790 | 31,665 | ||||||
Rowan Companies, Inc.* | 1,004 | 30,311 | ||||||
Diamond Offshore Drilling, Inc. | 552 | 30,216 | ||||||
Sunoco, Inc. | 929 | 28,808 | ||||||
Nabors Industries Ltd.* | 2,280 | 27,953 | ||||||
Tesoro Corp. | 1,138 | 22,157 | ||||||
Total Energy | 9,504,064 | |||||||
CONSUMER DISCRETIONARY - 6.5% | ||||||||
McDonald’s Corp. | 8,190 | 719,246 | ||||||
Amazon.com, Inc.* | 2,880 | 622,742 | ||||||
Comcast Corp. — Class A | 21,812 | 455,871 |
24 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | September 30, 2011 | |
S&P 500 FUND |
Shares | Value | |||||||
Walt Disney Co. | 14,722 | $ | 444,016 | |||||
Home Depot, Inc. | 12,412 | 407,982 | ||||||
Ford Motor Co.* | 30,146 | 291,512 | ||||||
News Corp. — Class A | 18,138 | 280,595 | ||||||
Target Corp. | 5,353 | 262,511 | ||||||
NIKE, Inc. — Class B | 3,010 | 257,385 | ||||||
Time Warner, Inc. | 8,289 | 248,421 | ||||||
DIRECTV — Class A* | 5,855 | 247,374 | ||||||
Starbucks Corp. | 5,915 | 220,570 | ||||||
Lowe’s Companies, Inc. | 9,999 | 193,381 | ||||||
Yum! Brands, Inc. | 3,685 | 182,002 | ||||||
Priceline.com, Inc. | 394 | 177,087 | ||||||
Viacom, Inc. — Class B | 4,554 | 176,422 | ||||||
TJX Companies, Inc. | 3,023 | 167,686 | ||||||
Time Warner Cable, Inc. — Class A | 2,577 | 161,501 | ||||||
Johnson Controls, Inc. | 5,390 | 142,134 | ||||||
Coach, Inc. | 2,290 | 118,691 | ||||||
Bed Bath & Beyond, Inc.* | 1,941 | 111,239 | ||||||
Carnival Corp. | 3,660 | 110,898 | ||||||
Kohl’s Corp. | 2,228 | 109,395 | ||||||
CBS Corp. — Class B | 5,310 | 108,218 | ||||||
McGraw-Hill Companies, Inc. | 2,394 | 98,154 | ||||||
Macy’s, Inc. | 3,390 | 89,225 | ||||||
VF Corp. | 683 | 82,998 | ||||||
Discovery Communications, Inc. — Class A* | 2,173 | 81,748 | ||||||
Omnicom Group, Inc. | 2,217 | 81,674 | ||||||
Limited Brands, Inc. | 1,963 | 75,595 | ||||||
Staples, Inc. | 5,623 | 74,786 | ||||||
Chipotle Mexican Grill, Inc. — Class A* | 244 | 73,920 | ||||||
O’Reilly Automotive, Inc.* | 1,080 | 71,960 | ||||||
Ross Stores, Inc. | 914 | 71,923 | ||||||
Wynn Resorts Ltd. | 619 | 71,235 | ||||||
Mattel, Inc. | 2,722 | 70,473 | ||||||
AutoZone, Inc.* | 220 | 70,222 | ||||||
Ralph Lauren Corp. — Class A | 500 | 64,850 | ||||||
Harley-Davidson, Inc. | 1,880 | 64,540 | ||||||
Genuine Parts Co. | 1,239 | 62,941 | ||||||
Tiffany & Co. | 1,003 | 61,002 | ||||||
Marriott International, Inc. — Class A | 2,239 | 60,990 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 1,529 | 59,356 | ||||||
Nordstrom, Inc. | 1,292 | 59,019 | ||||||
Best Buy Company, Inc. | 2,406 | 56,060 | ||||||
Family Dollar Stores, Inc. | 949 | 48,266 | ||||||
Netflix, Inc.* | 415 | 46,961 | ||||||
Darden Restaurants, Inc. | 1,069 | 45,700 | ||||||
The Gap, Inc. | 2,753 | 44,709 | ||||||
CarMax, Inc.* | 1,790 | 42,691 | ||||||
Abercrombie & Fitch Co. — Class A | 685 | 42,169 | ||||||
Expedia, Inc. | 1,549 | 39,887 | ||||||
Apollo Group, Inc. — Class A | 972 | 38,501 | ||||||
Wyndham Worldwide Corp. | 1,305 | 37,206 | ||||||
International Game Technology | 2,363 | 34,334 | ||||||
H&R Block, Inc. | 2,428 | 32,317 | ||||||
Hasbro, Inc. | 955 | 31,143 | ||||||
JC Penney Company, Inc. | 1,133 | 30,342 | ||||||
Whirlpool Corp. | 590 | 29,447 | ||||||
Scripps Networks Interactive, Inc. — Class A | 773 | 28,732 | ||||||
Cablevision Systems Corp. — Class A | 1,781 | 28,015 | ||||||
Newell Rubbermaid, Inc. | 2,314 | 27,467 | ||||||
Interpublic Group of Companies, Inc. | 3,799 | 27,353 | ||||||
GameStop Corp. — Class A* | 1,103 | 25,479 | ||||||
Leggett & Platt, Inc. | 1,123 | 22,224 | ||||||
Urban Outfitters, Inc.* | 936 | 20,892 | ||||||
DR Horton, Inc. | 2,207 | 19,951 | ||||||
Goodyear Tire & Rubber Co.* | 1,939 | 19,564 | ||||||
Big Lots, Inc.* | 521 | 18,146 | ||||||
Gannett Company, Inc. | 1,900 | 18,107 | ||||||
DeVry, Inc. | 480 | 17,741 | ||||||
Sears Holdings Corp.* | 304 | 17,486 | ||||||
Lennar Corp. — Class A | 1,273 | 17,236 | ||||||
Harman International Industries, Inc. | 550 | 15,719 | ||||||
AutoNation, Inc.* | 389 | 12,751 | ||||||
Washington Post Co. — Class B | 38 | 12,425 | ||||||
Pulte Group, Inc.* | 2,664 | 10,523 | ||||||
Total Consumer Discretionary | 8,623,034 | |||||||
INDUSTRIALS - 6.3% | ||||||||
General Electric Co. | 84,103 | 1,281,730 | ||||||
United Technologies Corp. | 7,209 | 507,225 | ||||||
United Parcel Service, Inc. — Class B | 7,780 | 491,307 | ||||||
3M Co. | 5,621 | 403,532 | ||||||
Caterpillar, Inc. | 5,125 | 378,430 | ||||||
Boeing Co. | 5,875 | 355,496 | ||||||
Union Pacific Corp. | 3,872 | 316,226 | ||||||
Honeywell International, Inc. | 6,203 | 272,374 | ||||||
Emerson Electric Co. | 5,905 | 243,936 | ||||||
Deere & Co. | 3,285 | 212,112 | ||||||
Danaher Corp. | 4,511 | 189,191 | ||||||
Precision Castparts Corp. | 1,138 | 176,913 | ||||||
FedEx Corp. | 2,510 | 169,877 | ||||||
Norfolk Southern Corp. | 2,759 | 168,354 | ||||||
General Dynamics Corp. | 2,866 | 163,047 | ||||||
CSX Corp. | 8,695 | 162,336 | ||||||
Illinois Tool Works, Inc. | 3,898 | 162,157 | ||||||
Lockheed Martin Corp. | 2,184 | 158,646 | ||||||
Tyco International Ltd. | 3,681 | 150,001 | ||||||
Cummins, Inc. | 1,549 | 126,491 | ||||||
Waste Management, Inc. | 3,740 | 121,774 | ||||||
Goodrich Corp. | 990 | 119,473 |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 25 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | September 30, 2011 | |
S&P 500 FUND |
Shares | Value | |||||||
Northrop Grumman Corp. | 2,210 | $ | 115,274 | |||||
Raytheon Co. | 2,804 | 114,599 | ||||||
PACCAR, Inc. | 2,890 | 97,740 | ||||||
Eaton Corp. | 2,700 | 95,850 | ||||||
CH Robinson Worldwide, Inc. | 1,303 | 89,216 | ||||||
Fastenal Co. | 2,344 | 78,008 | ||||||
Parker Hannifin Corp. | 1,226 | 77,397 | ||||||
Ingersoll-Rand plc | 2,630 | 73,877 | ||||||
Republic Services, Inc. | 2,533 | 71,076 | ||||||
WW Grainger, Inc. | 470 | 70,284 | ||||||
Dover Corp. | 1,469 | 68,455 | ||||||
Expeditors International of Washington, Inc. | 1,678 | 68,043 | ||||||
Stanley Black & Decker, Inc. | 1,330 | 65,303 | ||||||
Fluor Corp. | 1,378 | 64,146 | ||||||
Rockwell Collins, Inc. | 1,215 | 64,103 | ||||||
Rockwell Automation, Inc. | 1,135 | 63,560 | ||||||
ITT Corp. | 1,470 | 61,740 | ||||||
Stericycle, Inc.* | 680 | 54,890 | ||||||
Roper Industries, Inc. | 760 | 52,372 | ||||||
Joy Global, Inc. | 830 | 51,775 | ||||||
L-3 Communications Holdings, Inc. | 835 | 51,745 | ||||||
Southwest Airlines Co. | 6,380 | 51,295 | ||||||
Iron Mountain, Inc. | 1,610 | 50,908 | ||||||
Pall Corp. | 915 | 38,796 | ||||||
Textron, Inc. | 2,197 | 38,755 | ||||||
Jacobs Engineering Group, Inc.* | 1,000 | 32,290 | ||||||
Flowserve Corp. | 433 | 32,042 | ||||||
Quanta Services, Inc.* | 1,683 | 31,624 | ||||||
Pitney Bowes, Inc. | 1,606 | 30,193 | ||||||
Equifax, Inc. | 966 | 29,695 | ||||||
First Solar, Inc.* | 469 | 29,645 | ||||||
Cintas Corp. | 883 | 24,848 | ||||||
Robert Half International, Inc. | 1,148 | 24,361 | ||||||
Dun & Bradstreet Corp. | 386 | 23,646 | ||||||
Avery Dennison Corp. | 840 | 21,067 | ||||||
RR Donnelley & Sons Co. | 1,488 | 21,011 | ||||||
Snap-on, Inc. | 460 | 20,424 | ||||||
Masco Corp. | 2,840 | 20,221 | ||||||
Ryder System, Inc. | 400 | 15,004 | ||||||
Total Industrials | 8,415,906 | |||||||
UTILITIES - 2.4% | ||||||||
Southern Co. | 6,800 | 288,116 | ||||||
Dominion Resources, Inc. | 4,513 | 229,125 | ||||||
Exelon Corp. | 5,260 | 224,129 | ||||||
Duke Energy Corp. | 10,568 | 211,254 | ||||||
NextEra Energy, Inc. | 3,345 | 180,697 | ||||||
FirstEnergy Corp. | 3,314 | 148,832 | ||||||
American Electric Power Company, Inc. | 3,830 | 145,617 | ||||||
PG&E Corp. | 3,180 | 134,546 | ||||||
Public Service Enterprise Group, Inc. | 4,013 | 133,914 | ||||||
Consolidated Edison, Inc. | 2,320 | 132,286 | ||||||
PPL Corp. | 4,578 | 130,656 | ||||||
Progress Energy, Inc. | 2,340 | 121,025 | ||||||
Edison International | 2,585 | 98,876 | ||||||
Sempra Energy | 1,898 | 97,747 | ||||||
Xcel Energy, Inc. | 3,840 | 94,810 | ||||||
Entergy Corp. | 1,402 | 92,939 | ||||||
CenterPoint Energy, Inc. | 3,378 | 66,276 | ||||||
DTE Energy Co. | 1,340 | 65,687 | ||||||
Constellation Energy Group, Inc. | 1,590 | 60,515 | ||||||
Wisconsin Energy Corp. | 1,850 | 57,886 | ||||||
Ameren Corp. | 1,915 | 57,010 | ||||||
Oneok, Inc. | 822 | 54,285 | ||||||
AES Corp.* | 5,210 | 50,850 | ||||||
NiSource, Inc. | 2,230 | 47,677 | ||||||
Northeast Utilities | 1,402 | 47,177 | ||||||
NRG Energy, Inc.* | 1,915 | 40,617 | ||||||
CMS Energy Corp. | 1,990 | 39,382 | ||||||
SCANA Corp. | 913 | 36,931 | ||||||
Pinnacle West Capital Corp. | 860 | 36,928 | ||||||
Pepco Holdings, Inc. | 1,790 | 33,867 | ||||||
Integrys Energy Group, Inc. | 610 | 29,658 | ||||||
TECO Energy, Inc. | 1,710 | 29,292 | ||||||
Nicor, Inc. | 358 | 19,694 | ||||||
Total Utilities | 3,238,301 | |||||||
MATERIALS - 2.1% | ||||||||
EI du Pont de Nemours & Co. | 7,400 | 295,778 | ||||||
Monsanto Co. | 4,240 | 254,570 | ||||||
Newmont Mining Corp. | 3,915 | 246,253 | ||||||
Freeport-McMoRan Copper & Gold, Inc. | 7,515 | 228,832 | ||||||
Praxair, Inc. | 2,401 | 224,445 | ||||||
Dow Chemical Co. | 9,370 | 210,450 | ||||||
Air Products & Chemicals, Inc. | 1,675 | 127,920 | ||||||
Mosaic Co. | 2,195 | 107,489 | ||||||
Ecolab, Inc. | 1,838 | 89,860 | ||||||
PPG Industries, Inc. | 1,244 | 87,901 | ||||||
Alcoa, Inc. | 8,438 | 80,752 | ||||||
International Paper Co. | 3,468 | 80,631 | ||||||
Nucor Corp. | 2,512 | 79,480 | ||||||
CF Industries Holdings, Inc. | 568 | 70,086 | ||||||
Sigma-Aldrich Corp. | 972 | 60,060 | ||||||
Cliffs Natural Resources, Inc. | 1,158 | 59,255 | ||||||
Sherwin-Williams Co. | 700 | 52,024 | ||||||
Ball Corp. | 1,291 | 40,047 | ||||||
FMC Corp. | 568 | 39,283 | ||||||
Eastman Chemical Co. | 557 | 38,171 | ||||||
International Flavors & Fragrances, Inc. | 640 | 35,981 | ||||||
Airgas, Inc. | 540 | 34,463 | ||||||
MeadWestvaco Corp. | 1,356 | 33,303 | ||||||
Allegheny Technologies, Inc. | 845 | 31,257 | ||||||
Vulcan Materials Co. | 1,023 | 28,194 | ||||||
United States Steel Corp. | 1,138 | 25,047 | ||||||
Bemis Company, Inc. | 821 | 24,063 | ||||||
Sealed Air Corp. | 1,270 | 21,209 |
26 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | September 30, 2011 |
Shares | Value | |||||||
Owens-Illinois, Inc. | 1,295 | $ | 19,580 | |||||
Titanium Metals Corp. | 659 | 9,872 | ||||||
AK Steel Holding Corp. | 873 | 5,709 | ||||||
Total Materials | 2,741,965 | |||||||
TELECOMMUNICATION SERVICES - 2.0% | ||||||||
AT&T, Inc. | 47,016 | 1,340,896 | ||||||
Verizon Communications, Inc. | 22,456 | 826,381 | ||||||
American Tower Corp. — Class A* | 3,138 | 168,824 | ||||||
CenturyLink, Inc. | 4,890 | 161,957 | ||||||
Sprint Nextel Corp.* | 23,764 | 72,243 | ||||||
Frontier Communications Corp. | 7,896 | 48,245 | ||||||
Windstream Corp. | 4,043 | 47,141 | ||||||
MetroPCS Communications, Inc.* | 2,320 | 20,207 | ||||||
Total Telecommunication Services | 2,685,894 | |||||||
Total Common Stocks (Cost $62,693,463) | 81,685,121 | |||||||
Face | ||||||||
Amount | ||||||||
REPURCHASE AGREEMENTS††,1 - 26.6% | ||||||||
HSBC Group issued 09/30/11 at 0.00% due 10/03/11 | $ | 19,115,609 | 19,115,609 | |||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | 9,454,114 | 9,454,114 | ||||||
Mizuho Financial Group, Inc. issued 09/30/11 at 0.01% due 10/03/11 | 6,718,843 | 6,718,843 | ||||||
Total Repurchase Agreements (Cost $35,288,566) | 35,288,566 | |||||||
Total Investments — 88.2% (Cost $97,982,029) | $ | 116,973,687 | ||||||
Cash & Other Assets, Less Liabilities — 11.8% | 15,712,554 | |||||||
Total Net Assets — 100.0% | $ | 132,686,241 |
Unrealized | ||||||||
Contracts | Loss | |||||||
FUTURES CONTRACTS PURCHASED† | ||||||||
December 2011 S&P 500 Index Mini Futures Contracts (Aggregate Value of Contracts $11,889,850) | 211 | $ | (281,778 | ) | ||||
Units | ||||||||
EQUITY INDEX SWAP AGREEMENTS†† | ||||||||
Morgan Stanley Capital Services, Inc. October 2011 S&P 500 Index Swap, Terminating 10/24/112 (Notional Value $2,598,578) | 2,297 | $ | (10,821 | ) | ||||
Barclays Bank plc October 2011 S&P 500 Index Swap, Terminating 10/31/112 (Notional Value $721,487) | 638 | (18,495 | ) | |||||
Credit Suisse Capital, LLC October 2011 S&P 500 Index Swap, Terminating 10/31/112 (Notional Value $23,718,815) | 20,964 | (192,339 | ) | |||||
Goldman Sachs International October 2011 S&P 500 Index Swap, Terminating 10/27/112 (Notional Value $11,973,742) | 10,583 | (322,801 | ) | |||||
(Total Notional Value $39,012,622) | $ | (544,456 | ) | |||||
* | Non-income producing security. | |
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | Repurchase Agreements — See Note 5. | |
2 | Total Return based on S&P 500 Index +/- financing at a variable rate. plc — Public Limited Company REIT — Real Estate Investment Trust |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 27 | |
Assets: | ||||
Investments, at value (cost $62,693,463) | $ | 81,685,121 | ||
Repurchase agreements, at value (cost $35,288,566) | 35,288,566 | |||
Segregated cash with broker | 8,049,749 | |||
Receivable for swap settlement | 243,893 | |||
Cash | 577 | |||
Receivables: | ||||
Fund shares sold | 26,986,007 | |||
Dividends | 111,019 | |||
Total assets | 152,364,932 | |||
Liabilities: | ||||
Unrealized depreciation on swap agreements | 544,456 | |||
Payable for: | ||||
Fund shares redeemed | 15,424,287 | |||
Securities purchased | 2,907,011 | |||
Management fees | 73,327 | |||
Distribution and service fees | 30,301 | |||
Transfer agent and administrative fees | 24,442 | |||
Portfolio accounting fees | 9,777 | |||
Miscellaneous | 665,090 | |||
Total liabilities | 19,678,691 | |||
Net assets | $ | 132,686,241 | ||
Net assets consist of: | ||||
Paid in capital | $ | 175,189,676 | ||
Undistributed net investment income | 69,584 | |||
Accumulated net realized loss on investments | (60,738,443 | ) | ||
Net unrealized appreciation on investments | 18,165,424 | |||
Net assets | $ | 132,686,241 | ||
A-Class: | ||||
Net assets | $ | 10,889,762 | ||
Capital shares outstanding | 482,183 | |||
Net asset value per share | $ | 22.58 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 23.71 | ||
C-Class: | ||||
Net assets | $ | 8,045,860 | ||
Capital shares outstanding | 371,882 | |||
Net asset value per share | $ | 21.63 | ||
H-Class: | ||||
Net assets | $ | 113,750,619 | ||
Capital shares outstanding | 5,038,827 | |||
Net asset value per share | $ | 22.57 | ||
Investment Income: | ||||
Dividends (net of foreign withholding tax of $12) | $ | 1,311,591 | ||
Interest | 2,288 | |||
Total investment income | 1,313,879 | |||
Expenses: | ||||
Management fees | 592,768 | |||
Transfer agent and administrative fees | 197,589 | |||
Distribution and service fees: | ||||
A-Class | 14,364 | |||
C-Class | 50,487 | |||
H-Class | 170,603 | |||
Portfolio accounting fees | 78,960 | |||
Trustees’ fees* | 7,248 | |||
Miscellaneous | 132,276 | |||
Total expenses | 1,244,295 | |||
Net investment income | 69,584 | |||
Net Realized And Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments | (8,128,762 | ) | ||
Swap agreements | (4,487,772 | ) | ||
Futures contracts | (4,104,385 | ) | ||
Net realized loss | (16,720,919 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (12,629,866 | ) | ||
Swap agreements | (1,075,576 | ) | ||
Futures contracts | (692,456 | ) | ||
Net change in unrealized appreciation (depreciation) | (14,397,898 | ) | ||
Net realized and unrealized loss | (31,118,817 | ) | ||
Net decrease in net assets resulting from operations | $ | (31,049,233 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
28 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. | |
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment income (loss) | $ | 69,584 | $ | (645,887 | ) | |||
Net realized gain (loss) on investments | (16,720,919 | ) | 9,714,709 | |||||
Net change in unrealized appreciation (depreciation) on investments | (14,397,898 | ) | (463,472 | ) | ||||
Net increase (decrease) in net assets resulting from operations | (31,049,233 | ) | 8,605,350 | |||||
Distributions to shareholders from: | ||||||||
Net investment income | ||||||||
A-Class | — | (110 | ) | |||||
C-Class | — | (114 | ) | |||||
H-Class | — | (1,766 | ) | |||||
Total distributions to shareholders | — | (1,990 | ) | |||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
A-Class | 75,068,848 | 69,882,666 | ||||||
C-Class | 92,149,713 | 206,181,020 | ||||||
H-Class | 795,575,445 | 1,555,991,786 | ||||||
Distributions reinvested | ||||||||
A-Class | — | 85 | ||||||
C-Class | — | 102 | ||||||
H-Class | — | 1,759 | ||||||
Cost of shares redeemed | ||||||||
A-Class | (72,341,910 | ) | (104,986,027 | ) | ||||
C-Class | (92,694,904 | ) | (208,236,521 | ) | ||||
H-Class | (903,432,524 | ) | (1,509,988,670 | ) | ||||
Net increase (decrease) from capital share transactions | (105,675,332 | ) | 8,846,200 | |||||
Net increase (decrease) in net assets | (136,724,565 | ) | 17,449,560 | |||||
Net assets: | ||||||||
Beginning of period | 269,410,806 | 251,961,246 | ||||||
End of period | $ | 132,686,241 | $ | 269,410,806 | ||||
Accumulated/(Undistributed) net investment income/(loss) at end of period | $ | 69,584 | $ | — | ||||
Capital share activity: | ||||||||
Shares sold | ||||||||
A-Class | 3,024,307 | 2,964,621 | ||||||
C-Class | 3,818,143 | 8,931,270 | ||||||
H-Class | 31,785,397 | 65,387,409 | ||||||
Shares issued from reinvestment of distributions | ||||||||
A-Class | — | 3 | ||||||
C-Class | — | 4 | ||||||
H-Class | — | 72 | ||||||
Shares redeemed | ||||||||
A-Class | (2,931,683 | ) | (4,572,700 | ) | ||||
C-Class | (3,841,072 | ) | (9,045,576 | ) | ||||
H-Class | (36,185,281 | ) | (64,329,954 | ) | ||||
Net decrease in shares | (4,330,189 | ) | (664,851 | ) | ||||
See Notes to Financial Statements. | the | RYDEX SGI series funds semi-annual report | 29 | |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Period Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007b | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 26.41 | $ | 23.18 | $ | 15.79 | $ | 25.92 | $ | 27.32 | $ | 25.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)c | .03 | (.06 | ) | .07 | .12 | .52 | .30 | |||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (3.86 | ) | 3.29 | 7.43 | (10.21 | ) | (1.78 | ) | 2.53 | |||||||||||||||
Total from investment operations | (3.83 | ) | 3.23 | 7.50 | (10.09 | ) | (1.26 | ) | 2.83 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (— | )e | (.11 | ) | (.04 | ) | (.14 | ) | (.11 | ) | |||||||||||||
Net realized gains | — | — | — | — | — | (.40 | ) | |||||||||||||||||
Total distributions | — | (— | )e | (.11 | ) | (.04 | ) | (.14 | ) | (.51 | ) | |||||||||||||
Net asset value, end of period | $ | 22.58 | $ | 26.41 | $ | 23.18 | $ | 15.79 | $ | 25.92 | $ | 27.32 | ||||||||||||
Total Returnd | (14.50 | %) | 13.94 | % | 47.55 | % | (38.95 | %) | (4.68 | %) | 11.34 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 10,890 | $ | 10,288 | $ | 46,312 | $ | 29,409 | $ | 2,358 | $ | 2,063 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | 0.24 | % | (0.25 | %) | 0.34 | % | 0.68 | % | 1.86 | % | 1.35 | % | ||||||||||||
Total expenses | 1.53 | % | 1.54 | % | 1.53 | % | 1.52 | % | 1.51 | % | 1.55 | % | ||||||||||||
Portfolio turnover rate | 58 | % | 202 | % | 58 | % | 168 | % | 396 | % | 119 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Period Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007b | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 25.41 | $ | 22.50 | $ | 15.44 | $ | 25.55 | $ | 27.15 | $ | 25.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)c | (.08 | ) | (.27 | ) | (.08 | ) | (.02 | ) | .18 | .19 | ||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (3.70 | ) | 3.18 | 7.25 | (10.05 | ) | (1.64 | ) | 2.47 | |||||||||||||||
Total from investment operations | (3.78 | ) | 2.91 | 7.17 | (10.07 | ) | (1.46 | ) | 2.66 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (— | )e | (.11 | ) | (.04 | ) | (.14 | ) | (.11 | ) | |||||||||||||
Net realized gains | — | — | — | — | — | (.40 | ) | |||||||||||||||||
Total distributions | — | (— | )e | (.11 | ) | (.04 | ) | (.14 | ) | (.51 | ) | |||||||||||||
Net asset value, end of period | $ | 21.63 | $ | 25.41 | $ | 22.50 | $ | 15.44 | $ | 25.55 | $ | 27.15 | ||||||||||||
Total Returnd | (14.88 | %) | 12.93 | % | 46.49 | % | (39.43 | %) | (5.45 | %) | 10.65 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 8,046 | $ | 10,032 | $ | 11,456 | $ | 7,295 | $ | 7,836 | $ | 1,971 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (0.65 | %) | (1.11 | %) | (0.41 | %) | (0.08 | %) | 0.67 | % | 0.84 | % | ||||||||||||
Total expenses | 2.28 | % | 2.29 | % | 2.28 | % | 2.28 | % | 2.25 | % | 2.25 | % | ||||||||||||
Portfolio turnover rate | 58 | % | 202 | % | 58 | % | 168 | % | 396 | % | 119 | % |
30 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. | |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Period Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
H-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007b p | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 26.39 | $ | 23.17 | $ | 15.78 | $ | 25.90 | $ | 27.31 | $ | 25.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)c | .02 | (.09 | ) | .06 | .13 | .39 | .30 | |||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (3.84 | ) | 3.31 | 7.44 | (10.21 | ) | (1.66 | ) | 2.52 | |||||||||||||||
Total from investment operations | (3.82 | ) | 3.22 | 7.50 | (10.08 | ) | (1.27 | ) | 2.82 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (— | )e | (.11 | ) | (.04 | ) | (.14 | ) | (.11 | ) | |||||||||||||
Net realized gains | — | — | — | — | — | (.40 | ) | |||||||||||||||||
Total distributions | — | (— | )e | (.11 | ) | (.04 | ) | (.14 | ) | (.51 | ) | |||||||||||||
Net asset value, end of period | $ | 22.57 | $ | 26.39 | $ | 23.17 | $ | 15.78 | $ | 25.90 | $ | 27.31 | ||||||||||||
Total Returnd | (14.48 | %) | 13.90 | % | 47.58 | % | (38.94 | %) | (4.72% | ) | 11.29 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 113,751 | $ | 249,090 | $ | 194,193 | $ | 139,759 | $ | 78,963 | $ | 6,374 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | 0.13 | % | (0.37 | %) | 0.29 | % | 0.64 | % | 1.40 | % | 1.33 | % | ||||||||||||
Total expenses | 1.53 | % | 1.54 | % | 1.53 | % | 1.53 | % | 1.48 | % | 1.54 | % | ||||||||||||
Portfolio turnover rate | 58 | % | 202 | % | 58 | % | 168 | % | 396 | % | 119 | % |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Since commencement of operations: May 31, 2006. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
c | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | |
d | Total return does not reflect the impact of any applicable sales charges and has not been annualized. | |
e | Less than $0.01 per share. |
See Notes to Financial Statements. | the RYDEX|SGI series funds semi-annual report | 31 | |
FUND PROFILE (Unaudited) | September 30, 2011 |
![(LOGO)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366907.gif)
Investor Class | January 7, 1994 | |||
Advisor Class | August 5, 1998 | |||
A-Class | March 31, 2004 | |||
C-Class | March 15, 2001 |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 | |
INVERSE S&P 500 STRATEGY FUND |
Face | ||||||||
Amount | Value | |||||||
FEDERAL AGENCY DISCOUNT NOTES†† - 48.7% | ||||||||
Fannie Mae1 | ||||||||
0.19% due 12/01/11 | $ | 25,000,000 | $ | 24,999,175 | ||||
0.10% due 12/12/11 | 25,000,000 | 24,999,025 | ||||||
0.10% due 12/14/11 | 25,000,000 | 24,999,000 | ||||||
0.14% due 02/17/12 | 15,000,000 | 14,998,860 | ||||||
0.19% due 05/01/12 | 10,000,000 | 9,997,070 | ||||||
Freddie Mac1 | ||||||||
0.11% due 02/06/12 | 25,000,000 | 24,998,250 | ||||||
0.09% due 02/21/12 | 25,000,000 | 24,998,050 | ||||||
0.08% due 05/18/12 | 10,000,000 | 9,996,830 | ||||||
Federal Farm Credit Bank2 | ||||||||
0.14% due 05/15/12 | 15,000,000 | 14,995,320 | ||||||
Federal Home Loan Bank2 | ||||||||
0.06% due 05/01/12 | 10,000,000 | 9,997,070 | ||||||
�� | ||||||||
Total Federal Agency Discount Notes (Cost $184,921,587) | 184,978,650 | |||||||
FEDERAL AGENCY NOTES†† - 7.9% | ||||||||
Federal Home Loan Bank2 | ||||||||
0.13% due 05/15/12 | 20,000,000 | 19,983,380 | ||||||
0.30% due 10/14/11 | 10,000,000 | 10,000,580 | ||||||
Total Federal Agency Notes (Cost $29,993,447) | 29,983,960 | |||||||
REPURCHASE AGREEMENTS††,3 - 29.8% | ||||||||
HSBC Group issued 09/30/11 at 0.00% due 10/03/11 | 61,223,137 | 61,223,137 | ||||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | 30,279,472 | 30,279,472 | ||||||
Mizuho Financial Group, Inc. issued 09/30/11 at 0.01% due 10/03/11 | 21,518,993 | 21,518,993 | ||||||
Total Repurchase Agreements (Cost $113,021,602) | 113,021,602 | |||||||
Total Investments — 86.4% (Cost $327,936,636) | $ | 327,984,212 | ||||||
Cash & Other Assets, | ||||||||
Less Liabilities — 13.6% | 51,720,848 | |||||||
Total Net Assets — 100.0% | $ | 379,705,060 |
Unrealized | ||||||||
Contracts | Gain | |||||||
FUTURES CONTRACTS SOLD SHORT† | ||||||||
December 2011 S&P 500 Index Mini Futures Contracts (Aggregate Value of Contracts $131,126,450) | 2,327 | $ | 5,912,834 | |||||
Units | ||||||||
EQUITY INDEX SWAP AGREEMENTS SOLD SHORT†† | ||||||||
Goldman Sachs International October 2011 S&P 500 Index Swap, Terminating 10/27/114 (Notional Value $127,636,620) | 112,811 | $ | 2,288,078 | |||||
Credit Suisse Capital, LLC October 2011 S&P 500 Index Swap, Terminating 10/31/114 (Notional Value $110,715,425) | 97,855 | 2,204,357 | ||||||
Barclays Bank plc October 2011 S&P 500 Index Swap, Terminating 10/31/114 (Notional Value $3,362,174) | 2,972 | 86,144 | ||||||
Morgan Stanley Capital Services, Inc. October 2011 S&P 500 Index Swap, Terminating 10/24/114 (Notional Value $6,390,622) | 5,648 | 15,242 | ||||||
(Total Notional Value $248,104,841 ) | $ | 4,593,821 | ||||||
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | 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. | |
2 | The issuer operates under a Congressional charter; its securities are neither issued nor guaranteed by the U.S. Government. | |
3 | Repurchase Agreements — See Note 5. | |
4 | Total Return based on S&P 500 Index +/- financing at a variable rate. | |
plc — Public Limited Company |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 33 |
Assets: | ||||
Investments, at value (cost $214,915,034) | $ | 214,962,610 | ||
Repurchase agreements, at value (cost $113,021,602) | 113,021,602 | |||
Segregated cash with broker | 44,354,985 | |||
Unrealized appreciation on swap agreements | 4,593,821 | |||
Receivable for swap settlement | 2,315 | |||
Receivables: | ||||
Variation margin | 3,409,055 | |||
Fund shares sold | 1,729,551 | |||
Interest | 32,263 | |||
Total assets | 382,106,202 | |||
Liabilities: | ||||
Payable for: | ||||
Fund shares redeemed | 1,831,639 | |||
Management fees | 267,743 | |||
Transfer agent and administrative fees | 74,373 | |||
Portfolio accounting fees | 27,449 | |||
Distribution and service fees | 18,373 | |||
Miscellaneous | 181,565 | |||
Total liabilities | 2,401,142 | |||
Net Assets | $ | 379,705,060 | ||
Net Assets Consist of: | ||||
Paid in capital | $ | 727,051,958 | ||
Accumulated net investment loss | (1,455,492 | ) | ||
Accumulated net realized loss on investments | (356,445,637 | ) | ||
Net unrealized appreciation on investments | 10,554,231 | |||
Net assets | $ | 379,705,060 | ||
Investor Class: | ||||
Net assets | $ | 335,339,972 | ||
Capital shares outstanding | 10,546,670 | |||
Net asset value per share | $ | 31.79 | ||
Advisor Class: | ||||
Net assets | 19,968,048 | |||
Capital shares outstanding | 678,771 | |||
Net asset value per share | $ | 29.41 | ||
A-Class: | ||||
Net assets | 11,394,355 | |||
Capital shares outstanding | 381,255 | |||
Net asset value per share | $ | 29.88 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 31.37 | ||
C-Class: | ||||
Net assets | 13,002,685 | |||
Capital shares outstanding | 458,733 | |||
Net asset value per share | $ | 28.34 | ||
Period Ended September 30, 2011
Investment Income: | ||||
Interest | $ | 107,142 | ||
Total investment income | 107,142 | |||
Expenses: | ||||
Management fees | 930,806 | |||
Transfer agent and administrative fees | 258,557 | |||
Distribution and service fees: | ||||
Advisor Class | 23,148 | |||
A-Class | 13,091 | |||
C-Class | 57,440 | |||
Portfolio accounting fees | 100,549 | |||
Trustees’ fees* | 5,626 | |||
Miscellaneous | 173,417 | |||
Total expenses | 1,562,634 | |||
Net investment loss | (1,455,492 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Swap agreements | 10,216,612 | |||
Futures contracts | (2,915,729 | ) | ||
Net realized gain | 7,300,883 | |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | 29,312 | |||
Swap agreements | 5,604,246 | |||
Futures contracts | 6,281,765 | |||
Net change in unrealized appreciation (depreciation) | 11,915,323 | |||
Net realized and unrealized gain | 19,216,206 | |||
Net increase in net assets resulting from operations | $ | 17,760,714 | ||
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
34 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment loss | $ | (1,455,492 | ) | $ | (3,367,949 | ) | ||
Net realized gain (loss) on investments | 7,300,883 | (58,643,611 | ) | |||||
Net change in unrealized appreciation (depreciation) on investments | 11,915,323 | 5,102,624 | ||||||
Net increase (decrease) in net assets resulting from operations | 17,760,714 | (56,908,936 | ) | |||||
Distributions To Shareholders: | — | — | ||||||
Capital Share Transactions: | ||||||||
Proceeds From Sale Of Shares | ||||||||
Investor Class | 560,428,446 | 642,700,913 | ||||||
Advisor Class | 64,770,259 | 80,481,458 | ||||||
A-Class | 52,215,143 | 48,429,821 | ||||||
C-Class | 13,199,989 | 27,104,532 | ||||||
Cost Of Shares Redeemed | ||||||||
Investor Class | (359,452,880 | ) | (649,407,835 | ) | ||||
Advisor Class | (51,920,816 | ) | (78,781,983 | ) | ||||
A-Class | (45,785,073 | ) | (69,617,663 | ) | ||||
C-Class | (13,200,579 | ) | (27,946,527 | ) | ||||
Net increase (decrease) from capital share transactions | 220,254,489 | (27,037,284 | ) | |||||
Net increase (decrease) in net assets | 238,015,203 | (83,946,220 | ) | |||||
Net Assets: | ||||||||
Beginning of period | 141,689,857 | 225,636,077 | ||||||
End of period | $ | 379,705,060 | $ | 141,689,857 | ||||
Accumulated net investment loss at end of period | $ | (1,455,492 | ) | $ | — | |||
Capital Share Activity: | ||||||||
Shares sold | ||||||||
Investor Class | 18,574,649 | 18,633,323 | ||||||
Advisor Class | 2,331,277 | 2,527,217 | ||||||
A-Class | 1,839,186 | 1,480,123 | ||||||
C-Class | 497,294 | 886,722 | ||||||
Shares redeemed | ||||||||
Investor Class | (12,182,777 | ) | (19,464,630 | ) | ||||
Advisor Class | (1,895,874 | ) | (2,583,534 | ) | ||||
A-Class | (1,645,439 | ) | (2,173,401 | ) | ||||
C-Class | (501,366 | ) | (939,419 | ) | ||||
Net increase (decrease) in shares | 7,016,950 | (1,633,599 | ) | |||||
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 35 |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Investor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007e,f | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 28.50 | $ | 34.38 | $ | 54.23 | $ | 40.00 | $ | 37.85 | $ | 40.30 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.20 | ) | (.41 | ) | (.47 | ) | .12 | .93 | (.20 | ) | ||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 3.49 | (5.47 | ) | (19.32 | ) | 14.94 | 2.74 | (1.15 | ) | |||||||||||||||
Total from investment operations | 3.29 | (5.88 | ) | (19.79 | ) | 15.06 | 3.67 | (1.35 | ) | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | (.06 | ) | (.83 | ) | (1.52 | ) | (1.10 | ) | ||||||||||||||
Total distributions | — | — | (.06 | ) | (.83 | ) | (1.52 | ) | (1.10 | ) | ||||||||||||||
Net asset value, end of period | $ | 31.79 | $ | 28.50 | $ | 34.38 | $ | 54.23 | $ | 40.00 | $ | 37.85 | ||||||||||||
Total Returnc | 11.54 | % | (17.10% | ) | (36.51% | ) | 37.66 | % | 10.24 | % | (3.26 | %) | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 335,340 | $ | 118,410 | $ | 171,423 | $ | 217,740 | $ | 223,044 | $ | 293,092 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (1.32 | %) | (1.22 | %) | (1.16 | %) | 0.25 | % | 3.08 | % | 3.85 | % | ||||||||||||
Total expenses | 1.42 | % | 1.44 | % | 1.43 | % | 1.43 | % | 1.41 | % | 1.36 | % | ||||||||||||
Portfolio turnover rate | — | — | — | — | — | — |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Advisor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007c,f | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 26.44 | $ | 32.06 | $ | 50.83 | $ | 37.72 | $ | 36.00 | $ | 38.55 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.25 | ) | (.54 | ) | (.63 | ) | (.13 | ) | .73 | (.35 | ) | |||||||||||||
Net gain (loss) on investments (realized and unrealized) | 3.22 | (5.08 | ) | (18.08 | ) | 14.07 | 2.51 | (1.10 | ) | |||||||||||||||
Total from investment operations | 2.97 | (5.62 | ) | (18.71 | ) | 13.94 | 3.24 | (1.45 | ) | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | (.06 | ) | (.83 | ) | (1.52 | ) | (1.10 | ) | ||||||||||||||
Total distributions | — | — | (.06 | ) | (.83 | ) | (1.52 | ) | (1.10 | ) | ||||||||||||||
Net asset value, end of period | $ | 29.41 | $ | 26.44 | $ | 32.06 | $ | 50.83 | $ | 37.72 | $ | 36.00 | ||||||||||||
Total Returnc | 11.23 | % | (17.53% | ) | (36.82% | ) | 36.96 | % | 9.56 | % | (3.67 | %) | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 19,968 | $ | 6,434 | $ | 9,607 | $ | 15,305 | $ | 11,131 | $ | 22,712 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (1.82 | %) | (1.72 | %) | (1.63 | %) | (0.30 | %) | 2.64 | % | 3.34 | % | ||||||||||||
Total expenses | 1.92 | % | 1.93 | % | 1.93 | % | 1.93 | % | 1.92 | % | 1.87 | % | ||||||||||||
Portfolio turnover rate | — | — | — | — | — | — |
36 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FINANCIAL HIGHLIGHTS (concluded)
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007e,f | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 26.82 | $ | 32.43 | $ | 51.30 | $ | 37.97 | $ | 36.10 | $ | 38.60 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.22 | ) | (.48 | ) | (.53 | ) | — | d | .81 | (.25 | ) | |||||||||||||
Net gain (loss) on investments (realized and unrealized) | 3.28 | (5.13 | ) | (18.28 | ) | 14.16 | 2.58 | (1.15 | ) | |||||||||||||||
Total from investment operations | 3.06 | (5.61 | ) | (18.81 | ) | 14.16 | 3.39 | (1.40 | ) | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | (.06 | ) | (.83 | ) | (1.52 | ) | (1.10 | ) | ||||||||||||||
Total distributions | — | — | (.06 | ) | (.83 | ) | (1.52 | ) | (1.10 | ) | ||||||||||||||
Net asset value, end of period | $ | 29.88 | $ | 26.82 | $ | 32.43 | $ | 51.30 | $ | 37.97 | $ | 36.10 | ||||||||||||
Total Returnc | 11.41 | % | (17.30% | ) | (36.68% | ) | 37.30 | % | 9.95 | % | (3.53 | %) | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 11,394 | $ | 5,029 | $ | 28,565 | $ | 18,381 | $ | 9,344 | $ | 11,388 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (1.57 | %) | (1.47 | %) | (1.42 | %) | 0.00 | % | 2.83 | % | 3.60 | % | ||||||||||||
Total expenses | 1.67 | % | 1.68 | % | 1.67 | % | 1.68 | % | 1.66 | % | 1.61 | % | ||||||||||||
Portfolio turnover rate | — | — | — | — | — | — |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007e,f | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 25.53 | $ | 31.12 | $ | 49.59 | $ | 37.00 | $ | 35.50 | $ | 38.25 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.30 | ) | (.67 | ) | (.79 | ) | (.28 | ) | .58 | (.55 | ) | |||||||||||||
Net gain (loss) on investments (realized and unrealized) | 3.11 | (4.92 | ) | (17.62 | ) | 13.70 | 2.44 | (1.10 | ) | |||||||||||||||
Total from investment operations | 2.81 | (5.59 | ) | (18.41 | ) | 13.42 | 3.02 | (1.65 | ) | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | (.06 | ) | (.83 | ) | (1.52 | ) | (1.10 | ) | ||||||||||||||
Total distributions | — | — | (.06 | ) | (.83 | ) | (1.52 | ) | (1.10 | ) | ||||||||||||||
Net asset value, end of period | $ | 28.34 | $ | 25.53 | $ | 31.12 | $ | 49.59 | $ | 37.00 | $ | 35.50 | ||||||||||||
Total Returnc | 11.01 | % | (17.96% | ) | (37.14% | ) | 36.27 | % | 9.07 | % | (4.22 | %) | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 13,003 | $ | 11,817 | $ | 16,041 | $ | 19,674 | $ | 32,299 | $ | 42,651 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (2.31 | %) | (2.23 | %) | (2.15 | %) | (0.67 | %) | 2.14 | % | 2.85 | % | ||||||||||||
Total expenses | 2.42 | % | 2.44 | % | 2.43 | % | 2.43 | % | 2.41 | % | 2.36 | % | ||||||||||||
Portfolio turnover rate | — | — | — | — | — | — |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | |
c | Total return does not reflect the impact of any applicable sales charges and has not been annualized. | |
d | Less than $0.01 per share. | |
e | Reverse share splits — Per share amounts for the year ended March 31, 2007 have been restated to reflect a 1:5 reverse share split effective April 23, 2007. | |
f | Prior to April 1, 2007, the Fund operated under a Master-Feeder Structure. Ratios represent combined net investment income of the former Master Portfolio and the Fund. Expense ratios to average net assets include expenses of the corresponding former Master Portfolio for the year ended March 31, 2007. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 37 |
![(GRAPHIC)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366908.gif)
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. | 14.6 | % | ||
Microsoft Corp. | 8.6 | % | ||
Oracle Corp. | 6.0 | % | ||
Google, Inc. — Class A | 5.4 | % | ||
Intel Corp. | 4.6 | % | ||
Amazon.com, Inc. | 4.0 | % | ||
Cisco Systems, Inc. | 3.5 | % | ||
QUALCOMM, Inc. | 3.4 | % | ||
Amgen, Inc. | 2.1 | % | ||
Comcast Corp. — Class A | 1.8 | % | ||
Top Ten Total | 54.0 | % | ||
SCHEDULE OF INVESTMENTS (Unaudited) NASDAQ-100® FUND | September 30, 2011 |
Shares | Value | |||||||
COMMON STOCKS† - 97.1% | ||||||||
INFORMATION TECHNOLOGY - 64.0% | ||||||||
Apple, Inc.* | 205,060 | $ | 78,164,771 | |||||
Microsoft Corp. | 1,853,172 | 46,125,451 | ||||||
Oracle Corp. | 1,118,934 | 32,158,163 | ||||||
Google, Inc. — Class A | 56,233 | 28,925,131 | ||||||
Intel Corp. | 1,161,464 | 24,774,027 | ||||||
Cisco Systems, Inc. | 1,216,580 | 18,844,824 | ||||||
QUALCOMM, Inc. | 371,540 | 18,067,990 | ||||||
eBay, Inc.* | 285,055 | 8,406,272 | ||||||
Baidu, Inc. ADR* | 59,980 | 6,412,462 | ||||||
Dell, Inc. | 403,537 | 5,710,049 | ||||||
Automatic Data Processing, Inc. | 108,864 | 5,132,938 | ||||||
Cognizant Technology Solutions Corp. — Class A* | 67,170 | 4,211,559 | ||||||
Yahoo!, Inc.* | 279,271 | 3,675,206 | ||||||
Broadcom Corp. — Class A | 106,393 | 3,541,823 | ||||||
Intuit, Inc. | 67,238 | 3,189,771 | ||||||
Applied Materials, Inc. | 291,427 | 3,016,269 | ||||||
Activision Blizzard, Inc. | 252,780 | 3,008,082 | ||||||
NetApp, Inc.* | 82,370 | 2,795,638 | ||||||
Symantec Corp.* | 165,831 | 2,703,045 | ||||||
Adobe Systems, Inc.* | 109,238 | 2,640,283 | ||||||
Check Point Software Technologies Ltd.* | 45,920 | 2,422,739 | ||||||
Research In Motion Ltd.* | 115,237 | 2,339,311 | ||||||
Citrix Systems, Inc.* | 41,650 | 2,271,175 | ||||||
Altera Corp. | 71,670 | 2,259,755 | ||||||
CA, Inc. | 111,630 | 2,166,738 | ||||||
SanDisk Corp.* | 52,910 | 2,134,919 | ||||||
Paychex, Inc. | 80,220 | 2,115,401 | ||||||
Marvell Technology Group Ltd.* | 135,237 | 1,964,994 | ||||||
NVIDIA Corp.* | 133,540 | 1,669,250 | ||||||
Xilinx, Inc. | 58,649 | 1,609,329 | ||||||
Fiserv, Inc.* | 31,312 | 1,589,710 | ||||||
Maxim Integrated Products, Inc. | 65,210 | 1,521,349 | ||||||
Electronic Arts, Inc.* | 73,312 | 1,499,230 | ||||||
BMC Software, Inc.* | 38,822 | 1,496,976 | ||||||
KLA-Tencor Corp. | 36,935 | 1,413,872 | ||||||
Autodesk, Inc.* | 50,605 | 1,405,807 | ||||||
Linear Technology Corp. | 50,410 | 1,393,837 | ||||||
Microchip Technology, Inc. | 42,482 | 1,321,615 | ||||||
F5 Networks, Inc.* | 17,856 | 1,268,669 | ||||||
Micron Technology, Inc.* | 222,070 | 1,119,233 | ||||||
VeriSign, Inc. | 36,807 | 1,053,048 | ||||||
Lam Research Corp.* | 27,383 | 1,040,006 | ||||||
Seagate Technology plc | 92,803 | 954,015 | ||||||
Infosys Ltd. ADR | 18,620 | 950,923 | ||||||
Flextronics International Ltd.* | 161,799 | 910,928 | ||||||
FLIR Systems, Inc. | 35,327 | 884,941 | ||||||
Akamai Technologies, Inc.* | 40,785 | 810,806 | ||||||
Total Information Technology | 343,092,330 | |||||||
CONSUMER DISCRETIONARY - 15.9% | ||||||||
Amazon.com, Inc.* | 100,407 | 21,711,006 | ||||||
Comcast Corp. — Class A | 462,197 | 9,659,917 | ||||||
DIRECTV — Class A* | 163,895 | 6,924,564 | ||||||
News Corp. — Class A | 404,418 | 6,256,346 | ||||||
Starbucks Corp. | 165,024 | 6,153,745 | ||||||
Priceline.com, Inc. | 11,009 | 4,948,105 | ||||||
Wynn Resorts Ltd. | 27,638 | 3,180,581 | ||||||
Bed Bath & Beyond, Inc.* | 55,137 | 3,159,902 | ||||||
Staples, Inc. | 156,868 | 2,086,344 | ||||||
Ross Stores, Inc. | 25,865 | 2,035,317 | ||||||
Dollar Tree, Inc.* | 26,986 | 2,026,918 | ||||||
O’Reilly Automotive, Inc.* | 30,074 | 2,003,831 | ||||||
Mattel, Inc. | 75,842 | 1,963,549 | ||||||
Liberty Interactive Corp. — Class A* | 126,670 | 1,870,916 | ||||||
Virgin Media, Inc. | 69,516 | 1,692,715 | ||||||
Expedia, Inc. | 55,001 | 1,416,276 | ||||||
Garmin Ltd. | 42,935 | 1,364,045 | ||||||
Sears Holdings Corp.* | 23,646 | 1,360,118 | ||||||
Sirius XM Radio, Inc.* | 873,510 | 1,319,000 | ||||||
Netflix, Inc.* | 11,620 | 1,314,919 | ||||||
Apollo Group, Inc. — Class A | 30,361 | 1,202,599 | ||||||
Ctrip.com International Ltd. ADR* | 32,476 | 1,044,428 | ||||||
Urban Outfitters, Inc.* | 34,839 | 777,607 | ||||||
Total Consumer Discretionary | 85,472,748 | |||||||
HEALTH CARE - 10.7% | ||||||||
Amgen, Inc. | 204,403 | 11,231,945 | ||||||
Gilead Sciences, Inc. | 170,636 | 6,620,677 | ||||||
Celgene Corp.* | 101,487 | 6,284,075 | ||||||
Teva Pharmaceutical Industries Ltd. ADR | 154,731 | 5,759,088 | ||||||
Biogen Idec, Inc.* | 53,651 | 4,997,591 | ||||||
Express Scripts, Inc. — Class A* | 107,988 | 4,003,115 | ||||||
Intuitive Surgical, Inc. | 8,644 | 3,148,836 | ||||||
Alexion Pharmaceuticals, Inc.* | 40,820 | 2,614,929 | ||||||
Cerner Corp.* | 37,390 | 2,561,963 | ||||||
Vertex Pharmaceuticals, Inc.* | 46,030 | 2,050,176 | ||||||
Mylan, Inc.* | 94,285 | 1,602,845 | ||||||
Life Technologies Corp.* | 39,921 | 1,534,164 | ||||||
Henry Schein, Inc.* | 20,440 | 1,267,484 | ||||||
Illumina, Inc.* | 27,498 | 1,125,218 | ||||||
DENTSPLY International, Inc. | 31,260 | 959,370 | ||||||
Warner Chilcott plc — Class A* | 56,198 | 803,631 | ||||||
QIAGEN N.V.* | 51,740 | 715,564 | ||||||
Total Health Care | 57,280,671 | |||||||
CONSUMER STAPLES - 2.6% | ||||||||
Costco Wholesale Corp. | 96,844 | 7,952,829 | ||||||
Green Mountain Coffee Roasters, Inc.* | 33,867 | 3,147,599 | ||||||
Whole Foods Market, Inc. | 39,191 | 2,559,564 | ||||||
Total Consumer Staples | 13,659,992 | |||||||
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 39 |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) NASDAQ-100® FUND | September 30, 2011 |
Shares | Value | ||||||||||
INDUSTRIALS - 2.5% | |||||||||||
PACCAR, Inc. | 80,847 | $ | 2,734,246 | ||||||||
CH Robinson Worldwide, Inc. | 36,475 | 2,497,443 | |||||||||
Fastenal Co. | 65,280 | 2,172,518 | |||||||||
Expeditors International of | |||||||||||
Washington, Inc. | 46,910 | 1,902,201 | |||||||||
Stericycle, Inc.* | 19,048 | 1,537,555 | |||||||||
Joy Global, Inc. | 23,230 | 1,449,087 | |||||||||
First Solar, Inc.* | 19,091 | 1,206,742 | |||||||||
Total Industrials | 13,499,792 | ||||||||||
TELECOMMUNICATION SERVICES - 1.1% | |||||||||||
Vodafone Group plc ADR | 198,780 | 5,098,707 | |||||||||
NII Holdings, Inc.* | 37,850 | 1,020,058 | |||||||||
Total Telecommunication Services | 6,118,765 | ||||||||||
MATERIALS - 0.3% | |||||||||||
Sigma-Aldrich Corp. | 27,000 | 1,668,330 | |||||||||
Total Common Stocks (Cost $296,943,783) | 520,792,628 | ||||||||||
Face | ||||||||
Amount | ||||||||
REPURCHASE AGREEMENTS††,1 - 2.9% | ||||||||
HSBC Group issued 09/30/11 at 0.00% due 10/03/11 | $ | 8,458,398 | 8,458,398 | |||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | 4,183,318 | 4,183,318 | ||||||
Mizuho Financial Group, Inc. issued 09/30/11 at 0.01% due 10/03/11 | 2,972,997 | 2,972,997 | ||||||
Total Repurchase Agreements (Cost $15,614,713) | 15,614,713 | |||||||
Total Investments — 100.0% (Cost $312,558,496) | $ | 536,407,341 | ||||||
Liabilities, Less Cash & Other Assets — 0.0% | (265,735 | ) | ||||||
Total Net Assets — 100.0% | $ | 536,141,606 |
Unrealized | ||||||||
Contracts | Loss | |||||||
FUTURES CONTRACTS PURCHASED† | ||||||||
December 2011 NASDAQ-100 Index Mini Futures Contracts (Aggregate Value of Contracts $4,652,665) | 109 | $ | (70,166 | ) | ||||
Units | ||||||||
EQUITY INDEX SWAP AGREEMENTS†† | ||||||||
Morgan Stanley Capital Services, Inc. October 2011 NASDAQ-100 Index Swap, Terminating 10/24/112 (Notional Value $413,414) | 193 | $ | (13,103 | ) | ||||
Barclays Bank plc October 2011 NASDAQ-100 Index Swap, Terminating 10/31/112 (Notional Value $1,674,545) | 783 | (45,828 | ) | |||||
Credit Suisse Capital, LLC | ||||||||
October 2011 NASDAQ-100 Index Swap, Terminating 10/31/112 (Notional Value $3,154,493) | 1,475 | (86,237 | ) | |||||
Goldman Sachs International | ||||||||
October 2011 NASDAQ-100 Index Swap, Terminating 10/27/112 (Notional Value $5,095,255) | 2,382 | (226,676 | ) | |||||
(Total Notional Value $10,337,707 ) | $ | (371,844 | ) | |||||
* | Non-income producing security. | |
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | Repurchase Agreements—See Note 5. | |
2 | Total Return based on NASDAQ-100 Index +/- financing at a variable rate. | |
ADR — American Depositary Receipt | ||
plc — Public Limited Company |
40 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
STATEMENT OF ASSETS AND LIABILITIES (Unaudited)
September 30, 2011 | ||||
Assets: | ||||
Investments, at value (cost $296,943,783) | $ | 520,792,628 | ||
Repurchase agreements, at value (cost $15,614,713) | 15,614,713 | |||
Segregated cash with broker | 2,196,510 | |||
Cash | 19,052 | |||
Receivables: | ||||
Securities sold | 19,760,562 | |||
Fund shares sold | 2,811,000 | |||
Dividends | 107,791 | |||
Total assets | 561,302,256 | |||
Liabilities: | ||||
Unrealized depreciation on swap agreements | 371,844 | |||
Payable for: | ||||
Fund shares redeemed | 23,534,163 | |||
Management fees | 368,515 | |||
Transfer agent and administrative fees | 122,839 | |||
Portfolio accounting fees | 39,979 | |||
Swap settlement | 38,285 | |||
Distribution and service fees | 18,288 | |||
Miscellaneous | 666,737 | |||
Total liabilities | 25,160,650 | |||
Net assets | $ | 536,141,606 | ||
Net assets consist of: | ||||
Paid in capital | $ | 398,408,848 | ||
Accumulated net investment loss | (1,344,428 | ) | ||
Accumulated net realized loss on investments | (84,329,649 | ) | ||
Net unrealized appreciation on investments | 223,406,835 | |||
Net assets | $ | 536,141,606 | ||
Investor Class: | ||||
Net assets | $ | 506,362,484 | ||
Capital shares outstanding | 36,370,856 | |||
Net asset value per share | $ | 13.92 | ||
Advisor Class: | ||||
Net assets | $ | 10,800,969 | ||
Capital shares outstanding | 829,912 | |||
Net asset value per share | $ | 13.01 | ||
A-Class: | ||||
Net assets | $ | 7,309,851 | ||
Capital shares outstanding | 551,787 | |||
Net asset value per share | $ | 13.25 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 13.91 | ||
C-Class: | ||||
Net assets | $ | 11,668,302 | ||
Capital shares outstanding | 935,612 | |||
Net asset value per share | $ | 12.47 | ||
Period Ended September 30, 2011 | ||||
Investment Income: | ||||
Dividends (net of foreign withholding tax of $500) | $ | 2,844,804 | ||
Interest | 17,715 | |||
Total investment income | 2,862,519 | |||
Expenses: | ||||
Management fees | 2,347,178 | |||
Transfer agent and administrative fees | 782,393 | |||
Distribution and service fees: | ||||
Advisor Class | 92,148 | |||
A-Class | 17,352 | |||
C-Class | 53,313 | |||
Portfolio accounting fees | 250,486 | |||
Trustees’ fees* | 24,273 | |||
Miscellaneous | 639,804 | |||
Total expenses | 4,206,947 | |||
Net investment loss | (1,344,428 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments | 73,336,491 | |||
Swap agreements | (2,997,651 | ) | ||
Futures contracts | (4,215,593 | ) | ||
Net realized gain | 66,123,247 | |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (120,669,101 | ) | ||
Swap agreements | (1,142,380 | ) | ||
Futures contracts | (78,991 | ) | ||
Net change in unrealized appreciation (depreciation) | (121,890,472 | ) | ||
Net realized and unrealized loss | (55,767,225 | ) | ||
Net decrease in net assets resulting from operations | $ | (57,111,653 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 41 |
STATEMENTS OF CHANGES IN NET ASSETS
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment loss | $ | (1,344,428 | ) | $ | (3,428,489 | ) | ||
Net realized gain on investments | 66,123,247 | 70,297,595 | ||||||
Net change in unrealized appreciation (depreciation) on investments | (121,890,472 | ) | 34,762,528 | |||||
Net increase (decrease) in net assets resulting from operations | (57,111,653 | ) | 101,631,634 | |||||
Distributions to shareholders | — | — | ||||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
Investor Class | 508,888,196 | 860,487,604 | ||||||
Advisor Class | 165,852,015 | 441,307,154 | ||||||
A-Class | 69,116,752 | 67,791,746 | ||||||
C-Class | 12,117,173 | 21,551,470 | ||||||
Cost of shares redeemed | ||||||||
Investor Class | (528,137,983 | ) | (940,995,522 | ) | ||||
Advisor Class | (275,754,951 | ) | (348,748,232 | ) | ||||
A-Class | (79,338,421 | ) | (64,453,774 | ) | ||||
C-Class | (11,361,829 | ) | (23,664,570 | ) | ||||
Net increase (decrease) from capital share transactions | (138,619,048 | ) | 13,275,876 | |||||
Net increase (decrease) in net assets | (195,730,701 | ) | 114,907,510 | |||||
Net assets: | ||||||||
Beginning of period | 731,872,307 | 616,964,797 | ||||||
End of period | $ | 536,141,606 | $ | 731,872,307 | ||||
Accumulated net investment loss at end of period | $ | (1,344,428 | ) | $ | — | |||
Capital share activity: | ||||||||
Shares sold | ||||||||
Investor Class | 34,100,282 | 63,709,336 | ||||||
Advisor Class | 11,863,401 | 35,761,441 | ||||||
A-Class | 4,796,516 | 5,034,771 | ||||||
C-Class | 922,256 | 1,782,827 | ||||||
Shares redeemed | ||||||||
Investor Class | (35,795,740 | ) | (70,201,212 | ) | ||||
Advisor Class | (19,461,649 | ) | (28,810,838 | ) | ||||
A-Class | (5,609,041 | ) | (4,903,901 | ) | ||||
C-Class | (851,464 | ) | (1,964,626 | ) | ||||
Net increase (decrease) in shares | (10,035,439 | ) | 407,798 | |||||
42 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FINANCIAL HIGHLIGHTS
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Investor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 15.23 | $ | 12.83 | $ | 8.15 | $ | 11.81 | $ | 11.78 | $ | 11.34 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.03 | ) | (.07 | ) | (.07 | ) | (.06 | ) | (.06 | ) | (.06 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (1.28 | ) | 2.47 | 4.75 | (3.60 | ) | .09 | .50 | ||||||||||||||||
Total from investment operations | (1.31 | ) | 2.40 | 4.68 | (3.66 | ) | .03 | .44 | ||||||||||||||||
Net asset value, end of period | $ | 13.92 | $ | 15.23 | $ | 12.83 | $ | 8.15 | $ | 11.81 | $ | 11.78 | ||||||||||||
Total Returnc | (8.60 | %) | 18.71 | % | 57.42 | % | (30.99% | ) | 0.25 | % | 3.88 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 506,362 | $ | 579,925 | $ | 571,761 | $ | 389,944 | $ | 617,923 | $ | 635,744 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (0.37 | %) | (0.50 | %) | (0.63 | %) | (0.59 | %) | (0.50 | %) | (0.52 | %) | ||||||||||||
Total expenses | 1.29 | % | 1.31 | % | 1.30 | % | 1.30 | % | 1.28 | % | 1.22 | % | ||||||||||||
Portfolio turnover rate | 55 | % | 39 | % | 34 | % | 55 | % | 57 | % | 71 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Advisor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 14.27 | $ | 12.09 | $ | 7.72 | $ | 11.23 | $ | 11.26 | $ | 10.90 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.07 | ) | (.12 | ) | (.12 | ) | (.11 | ) | (.12 | ) | (.11 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (1.19 | ) | 2.30 | 4.49 | (3.40 | ) | .09 | .47 | ||||||||||||||||
Total from investment operations | (1.26 | ) | 2.18 | 4.37 | (3.51 | ) | (.03 | ) | .36 | |||||||||||||||
Net asset value, end of period | $ | 13.01 | $ | 14.27 | $ | 12.09 | $ | 7.72 | $ | 11.23 | $ | 11.26 | ||||||||||||
Total Returnc | (8.83 | %) | 18.03 | % | 56.61 | % | (31.26% | ) | (0.27% | ) | 3.30 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 10,801 | $ | 120,277 | $ | 17,859 | $ | 18,078 | $ | 15,184 | $ | 9,349 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (1.00 | %) | (1.00 | %) | (1.13 | %) | (1.11 | %) | (0.99 | %) | (1.07 | %) | ||||||||||||
Total expenses | 1.79 | % | 1.80 | % | 1.80 | % | 1.79 | % | 1.78 | % | 1.73 | % | ||||||||||||
Portfolio turnover rate | 55 | % | 39 | % | 34 | % | 55 | % | 57 | % | 71 | % |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 43 |
FINANCIAL HIGHLIGHTS (concluded)
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 14.52 | $ | 12.27 | $ | 7.82 | $ | 11.35 | $ | 11.36 | $ | 10.96 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.05 | ) | (.11 | ) | (.09 | ) | (.08 | ) | (.09 | ) | (.08 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (1.22 | ) | 2.36 | 4.54 | (3.45 | ) | .08 | .48 | ||||||||||||||||
Total from investment operations | (1.27 | ) | 2.25 | 4.45 | (3.53 | ) | (.01 | ) | .40 | |||||||||||||||
Net asset value, end of period | $ | 13.25 | $ | 14.52 | $ | 12.27 | $ | 7.82 | $ | 11.35 | $ | 11.36 | ||||||||||||
Total Returnc | (8.75 | %) | 18.34 | % | 56.91 | % | (31.10% | ) | (0.09% | ) | 3.65 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 7,310 | $ | 19,806 | $ | 15,128 | $ | 3,140 | $ | 6,044 | $ | 3,686 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (0.69 | %) | (0.81 | %) | (0.86 | %) | (0.82 | %) | (0.76 | %) | (0.73 | %) | ||||||||||||
Total expenses | 1.54 | % | 1.56 | % | 1.55 | % | 1.55 | % | 1.54 | % | 1.46 | % | ||||||||||||
Portfolio turnover rate | 55 | % | 39 | % | 34 | % | 55 | % | 57 | % | 71 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 13.72 | $ | 11.67 | $ | 7.49 | $ | 10.95 | $ | 11.02 | $ | 10.73 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.09 | ) | (.19 | ) | (.16 | ) | (.15 | ) | (.18 | ) | (.16 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (1.16 | ) | 2.24 | 4.34 | (3.31 | ) | .11 | .45 | ||||||||||||||||
Total from investment operations | (1.25 | ) | 2.05 | 4.18 | (3.46 | ) | (.07 | ) | .29 | |||||||||||||||
Net asset value, end of period | $ | 12.47 | $ | 13.72 | $ | 11.67 | $ | 7.49 | $ | 10.95 | $ | 11.02 | ||||||||||||
Total Returnc | (9.11 | %) | 17.57 | % | (55.81% | ) | (31.60% | ) | (0.64% | ) | 2.70 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 11,668 | $ | 11,864 | $ | 12,216 | $ | 6,368 | $ | 10,343 | $ | 10,032 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (1.40 | %) | (1.52 | %) | (1.63 | %) | (1.59 | %) | (1.50 | %) | (1.55 | %) | ||||||||||||
Total expenses | 2.29 | % | 2.31 | % | 2.30 | % | 2.30 | % | 2.28 | % | 2.22 | % | ||||||||||||
Portfolio turnover rate | 55 | % | 39 | % | 34 | % | 55 | % | 57 | % | 71 | % |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Net investment loss per share was computed using average shares outstanding throughout the period. | |
c | Total return does not reflect the impact of any applicable sales charges and has not been annualized. |
44 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FUND PROFILE (Unaudited) | September 30, 2011 |
![(PAI CHART)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366909.gif)
Inception Dates: | ||||
Investor Class | September 3, 1998 | |||
Advisor Class | August 1, 2003 | |||
A-Class | March 31, 2004 | |||
C-Class | March 7, 2001 |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 | |
INVERSE NASDAQ-100®STRATEGY FUND |
Face | ||||||||
Amount | Value | |||||||
REPURCHASE AGREEMENTS††,1- 70.7% | ||||||||
HSBC Group issued 09/30/11 at 0.00% due 10/03/11 | $ | 8,562,948 | $ | 8,562,948 | ||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | 4,235,025 | 4,235,025 | ||||||
Mizuho Financial Group, Inc. issued 09/30/11 at 0.01% due 10/03/11 | 3,009,745 | 3,009,745 | ||||||
Total Repurchase Agreements (Cost $15,807,718) | 15,807,718 | |||||||
Total Investments — 70.7% (Cost $15,807,718) | $ | 15,807,718 | ||||||
Cash & Other Assets, | ||||||||
Less Liabilities — 29.3% | 6,540,432 | |||||||
Total Net Assets — 100.0% | $ | 22,348,150 | ||||||
Unrealized | ||||||||
Contracts | Gain | |||||||
FUTURES CONTRACTS SOLD SHORT† | ||||||||
December 2011 NASDAQ-100 Index | ||||||||
Mini Futures Contracts (Aggregate Value of Contracts $8,238,205) | 193 | $ | 165,708 | |||||
Units | ||||||||
EQUITY INDEX SWAP AGREEMENTS SOLD SHORT†† | ||||||||
Credit Suisse Capital, LLC October 2011 NASDAQ-100 Index Swap, Terminating 10/31/112 (Notional Value $8,582,621) | 4,012 | $ | 122,508 | |||||
Barclays Bank plc October 2011 NASDAQ-100 Index Swap, Terminating 10/31/112 (Notional Value $4,074,133) | 1,905 | 111,463 | ||||||
Goldman Sachs International October 2011 NASDAQ-100 Index Swap, Terminating 10/27/112 (Notional Value $941,151) | 440 | 41,864 | ||||||
Morgan Stanley Capital Services, Inc. October 2011 NASDAQ-100 Index Swap, Terminating 10/24/112 (Notional Value $551,248) | 258 | 17,433 | ||||||
(Total Notional Value $14,149,153) | $ | 293,268 | ||||||
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | Repurchase Agreements—See Note 5. | |
2 | Total Return based on NASDAQ-100 Index +/- financing at a variable rate. plc — Public Limited Company |
46 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
September 30, 2011
Assets: | ||||
Repurchase agreements, at value (cost $15,807,718) | $ | 15,807,718 | ||
Segregated cash with broker | 2,928,497 | |||
Unrealized appreciation on swap agreements | 293,268 | |||
Receivable for swap settlement | 11,658 | |||
Receivables: | ||||
Fund shares sold | 3,725,894 | |||
Variation margin | 213,265 | |||
Total assets | 22,980,300 | |||
Liabilities: | ||||
Payable for: | ||||
Fund shares redeemed | 590,177 | |||
Management fees | 14,954 | |||
Transfer agent and administrative fees | 4,154 | |||
Portfolio accounting fees | 1,661 | |||
Distribution and service fees | 1,640 | |||
Miscellaneous | 19,564 | |||
Total liabilities | 632,150 | |||
Net Assets | $ | 22,348,150 | ||
Net assets consist of: | ||||
Paid in capital | $ | 115,103,458 | ||
Accumulated net investment loss | (158,451 | ) | ||
Accumulated net realized loss on investments | (93,055,833 | ) | ||
Net unrealized appreciation on investments | 458,976 | |||
Net assets | $ | 22,348,150 | ||
Investor Class: | ||||
Net assets | $ | 17,590,050 | ||
Capital shares outstanding | 1,407,692 | |||
Net asset value per share | $ | 12.49 | ||
Advisor Class: | ||||
Net assets | $ | 2,979,654 | ||
Capital shares outstanding | 249,135 | |||
Net asset value per share | $ | 11.96 | ||
A-Class: | ||||
Net assets | $ | 725,430 | ||
Capital shares outstanding | 59,436 | |||
Net asset value per share | $ | 12.20 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 12.81 | ||
C-Class: | ||||
Net assets | $ | 1,053,016 | ||
Capital shares outstanding | 94,659 | |||
Net asset value per share | $ | 11.12 | ||
Investment Income: | ||||
Interest | $ | 10,023 | ||
Total investment income | 10,023 | |||
Expenses: | ||||
Management fees | 97,590 | |||
Transfer agent and administrative fees | 27,108 | |||
Distribution and service fees: | ||||
Advisor Class | 2,944 | |||
A-Class | 1,079 | |||
C-Class | 6,181 | |||
Portfolio accounting fees | 10,843 | |||
Trustees’ fees* | 935 | |||
Miscellaneous | 21,794 | |||
Total expenses | 168,474 | |||
Net investment loss | (158,451 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Swap agreements | (286,106 | ) | ||
Futures contracts | (631,659 | ) | ||
Net realized loss | (917,765 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (3,616 | ) | ||
Swap agreements | 629,597 | |||
Futures contracts | 339,487 | |||
Net change in unrealized appreciation (depreciation) | 965,468 | |||
Net realized and unrealized gain | 47,703 | |||
Net decrease in net assets resulting from operations | $ | (110,748 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 47 |
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment loss | $ | (158,451 | ) | $ | (371,197 | ) | ||
Net realized loss on investments | (917,765 | ) | (7,304,342 | ) | ||||
Net change in unrealized appreciation (depreciation) on investments | 965,468 | 882,515 | ||||||
Net decrease in net assets resulting from operations | (110,748 | ) | (6,793,024 | ) | ||||
Distributions to shareholders | — | — | ||||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
Investor Class | 98,436,081 | 260,086,564 | ||||||
Advisor Class | 22,158,484 | 27,365,708 | ||||||
A-Class | 3,274,753 | 4,601,753 | ||||||
C-Class | 5,524,111 | 9,852,417 | ||||||
Cost of shares redeemed | ||||||||
Investor Class | (113,527,329 | ) | (242,454,552 | ) | ||||
Advisor Class | (19,957,246 | ) | (27,271,613 | ) | ||||
A-Class | (3,529,466 | ) | (4,482,661 | ) | ||||
C-Class | (6,921,162 | ) | (8,856,521 | ) | ||||
Net increase (decrease) from capital share transactions | (14,541,774 | ) | 18,841,095 | |||||
Net increase (decrease) in net assets | (14,652,522 | ) | 12,048,071 | |||||
Net assets: | ||||||||
Beginning of period | 37,000,672 | 24,952,601 | ||||||
End of period | $ | 22,348,150 | $ | 37,000,672 | ||||
Accumulated net investment loss at end of period | $ | (158,451 | ) | $ | — | |||
Capital share activity: | ||||||||
Shares sold | ||||||||
Investor Class | 8,130,803 | 18,840,855 | ||||||
Advisor Class | 1,923,029 | 2,019,121 | ||||||
A-Class | 280,719 | 320,094 | ||||||
C-Class | 502,719 | 786,039 | ||||||
Shares redeemed | ||||||||
Investor Class | (9,488,671 | ) | (17,478,115 | ) | ||||
Advisor Class | (1,730,077 | ) | (2,025,955 | ) | ||||
A-Class | (302,389 | ) | (309,462 | ) | ||||
C-Class | (636,273 | ) | (694,263 | ) | ||||
Net increase (decrease) in shares | (1,320,140 | ) | 1,458,314 | |||||
48 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Investor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007d | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.92 | $ | 15.07 | $ | 25.09 | $ | 21.27 | $ | 21.67 | $ | 21.80 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.08 | ) | (.18 | ) | (.25 | ) | (.06 | ) | .59 | (.11 | ) | |||||||||||||
Net gain (loss) on investments (realized and unrealized) | .65 | (2.97 | ) | (9.77 | ) | 4.25 | (.30 | ) | .54 | |||||||||||||||
Total from investment operations | .57 | (3.15 | ) | (10.02 | ) | 4.19 | .29 | .43 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | — | (.37 | ) | (.69 | ) | (.56 | ) | |||||||||||||||
Total distributions | — | — | — | (.37 | ) | (.69 | ) | (.56 | ) | |||||||||||||||
Net asset value, end of period | $ | 12.49 | $ | 11.92 | $ | 15.07 | $ | 25.09 | $ | 21.27 | $ | 21.67 | ||||||||||||
Total Returnc | 4.78 | % | (20.90% | ) | (39.94% | ) | 19.48 | % | 1.92 | % | 2.01 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 17,590 | $ | 32,978 | $ | 21,137 | $ | 33,672 | $ | 59,819 | $ | 104,617 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (1.37 | %) | (1.30 | %) | (1.35 | %) | (0.26 | %) | 2.98 | % | 3.79 | % | ||||||||||||
Total expenses | 1.46 | % | 1.47 | % | 1.47 | % | 1.46 | % | 1.47 | % | 1.40 | % | ||||||||||||
Portfolio turnover rate | — | — | — | — | — | — |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Advisor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007d | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.43 | $ | 14.54 | $ | 24.37 | $ | 20.77 | $ | 21.28 | $ | 21.51 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.11 | ) | (.24 | ) | (.32 | ) | (.06 | ) | .51 | (.22 | ) | |||||||||||||
Net gain (loss) on investments (realized and unrealized) | .64 | (2.87 | ) | (9.51 | ) | 4.03 | (.33 | ) | .55 | |||||||||||||||
Total from investment operations | .53 | (3.11 | ) | (9.83 | ) | 3.97 | .18 | .33 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | — | (.37 | ) | (.69 | ) | (.56 | ) | |||||||||||||||
Total distributions | — | — | — | (.37 | ) | (.69 | ) | (.56 | ) | |||||||||||||||
Net asset value, end of period | $ | 11.96 | $ | 11.43 | $ | 14.54 | $ | 24.37 | $ | 20.77 | $ | 21.28 | ||||||||||||
Total Returnc | 4.64 | % | (21.39% | ) | (40.34% | ) | 18.88 | % | 1.43 | % | 1.56 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 2,980 | $ | 642 | $ | 916 | $ | 476 | $ | 3,744 | $ | 11,436 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (1.85 | %) | (1.80 | %) | (1.84 | %) | (0.29 | %) | 2.56 | % | 3.29 | % | ||||||||||||
Total expenses | 1.95 | % | 1.97 | % | 1.97 | % | 1.97 | % | 1.98 | % | 1.90 | % | ||||||||||||
Portfolio turnover rate | — | — | — | — | — | — |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 49 |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007d | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.66 | $ | 14.78 | $ | 24.67 | $ | 20.97 | $ | 21.43 | $ | 21.61 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.09 | ) | (.21 | ) | (.26 | ) | (.22 | ) | .52 | (.16 | ) | |||||||||||||
Net gain (loss) on investments (realized and unrealized) | .63 | (2.91 | ) | (9.63 | ) | 4.29 | (.29 | ) | .54 | |||||||||||||||
Total from investment operations | .54 | (3.12 | ) | (9.89 | ) | 4.07 | .23 | .38 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | — | (.37 | ) | (.69 | ) | (.56 | ) | |||||||||||||||
Total distributions | — | — | — | (.37 | ) | (.69 | ) | (.56 | ) | |||||||||||||||
Net asset value, end of period | $ | 12.20 | $ | 11.66 | $ | 14.78 | $ | 24.67 | $ | 20.97 | $ | 21.43 | ||||||||||||
Total Returnc | 4.63 | % | (21.11% | ) | (40.09% | ) | 19.18 | % | 1.65 | % | 1.79 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 725 | $ | 946 | $ | 1,041 | $ | 2,301 | $ | 1,784 | $ | 4,086 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (1.61 | %) | (1.54 | %) | (1.37 | %) | (0.92 | %) | 2.61 | % | 3.55 | % | ||||||||||||
Total expenses | 1.71 | % | 1.72 | % | 1.71 | % | 1.71 | % | 1.72 | % | 1.64 | % | ||||||||||||
Portfolio turnover rate | — | — | — | — | — | — |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007d | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.67 | $ | 13.62 | $ | 22.91 | $ | 19.63 | $ | 20.27 | $ | 20.63 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.13 | ) | (.29 | ) | (.39 | ) | (.25 | ) | .38 | (.32 | ) | |||||||||||||
Net gain (loss) on investments (realized and unrealized) | .58 | (2.66 | ) | (8.90 | ) | 3.90 | (.33 | ) | .52 | |||||||||||||||
Total from investment operations | .45 | (2.95 | ) | (9.29 | ) | 3.65 | .05 | .20 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | — | (.37 | ) | (.69 | ) | (.56 | ) | |||||||||||||||
Total distributions | — | — | — | (.37 | ) | (.69 | ) | (.56 | ) | |||||||||||||||
Net asset value, end of period | $ | 11.12 | $ | 10.67 | $ | 13.62 | $ | 22.91 | $ | 19.63 | $ | 20.27 | ||||||||||||
Total Returnc | 4.22 | % | (21.66% | ) | (40.55% | ) | 18.35 | % | 0.85 | % | 1.00 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,053 | $ | 2,435 | $ | 1,858 | $ | 3,066 | $ | 7,633 | $ | 17,834 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (2.36 | %) | (2.29 | %) | (2.33 | %) | (1.19 | %) | 2.05 | % | 2.79 | % | ||||||||||||
Total expenses | 2.46 | % | 2.47 | % | 2.47 | % | 2.47 | % | 2.48 | % | 2.40 | % | ||||||||||||
Portfolio turnover rate | — | — | — | — | — | — |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | |
c | Total return does not reflect the impact of any applicable sales charges and has not been annualized. | |
d | Prior to April 1, 2007, the Fund operated under a Master-Feeder Structure. Ratios represent combined net investment income of the former Master Portfolio and the Fund. Expense ratios to average net assets include expenses of the corresponding former Master Portfolio for the year ended March 31, 2007. |
50 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FUND PROFILE (Unaudited) | September 30, 2011 | |
MID-CAP 1.5x STRATEGY FUND |
![(LOGO)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366910.gif)
A-Class | March 31, 2004 | |||
C-Class | August 20, 2001 | |||
H-Class | August 16, 2001 |
Green Mountain Coffee | ||||
Roasters, Inc. | 1.0 | % | ||
Vertex Pharmaceuticals, Inc. | 0.8 | % | ||
Dollar Tree, Inc. | 0.8 | % | ||
Perrigo Co. | 0.8 | % | ||
Hansen Natural Corp. | 0.6 | % | ||
BorgWarner, Inc. | 0.6 | % | ||
Church & Dwight Company, Inc. | 0.5 | % | ||
Henry Schein, Inc. | 0.5 | % | ||
Macerich Co. | 0.5 | % | ||
HollyFrontier Corp. | 0.5 | % | ||
Top Ten Total | 6.6 | % | ||
SCHEDULE OF INVESTMENTS (Unaudited) MID-CAP 1.5x STRATEGY FUND | September 30, 2011 |
Shares | Value | |||||||
COMMON STOCKS†- 81.5% | ||||||||
FINANCIALS - 15.8% | ||||||||
Macerich Co. | 1,520 | $ | 64,798 | |||||
New York Community Bancorp, Inc. | 5,041 | 59,988 | ||||||
Federal Realty Investment Trust | 720 | 59,335 | ||||||
SL Green Realty Corp. | 980 | 56,987 | ||||||
UDR, Inc. | 2,520 | 55,793 | ||||||
Rayonier, Inc. | 1,408 | 51,800 | ||||||
Everest Re Group Ltd. | 630 | 50,009 | ||||||
Realty Income Corp. | 1,460 | 47,070 | ||||||
Affiliated Managers Group, Inc.* | 600 | 46,830 | ||||||
Essex Property Trust, Inc. | 379 | 45,495 | ||||||
Camden Property Trust | 820 | 45,313 | ||||||
Alexandria Real Estate Equities, Inc. | 717 | 44,017 | ||||||
MSCI, Inc. — Class A* | 1,390 | 42,159 | ||||||
Fidelity National Financial, Inc. — Class A | 2,577 | 39,119 | ||||||
Reinsurance Group of America, Inc. | 850 | 39,058 | ||||||
WR Berkley Corp. | 1,311 | 38,924 | ||||||
Liberty Property Trust | 1,329 | 38,687 | ||||||
Senior Housing Properties Trust | 1,770 | 38,126 | ||||||
Regency Centers Corp. | 1,037 | 36,637 | ||||||
BRE Properties, Inc. | 860 | 36,412 | ||||||
Transatlantic Holdings, Inc. | 724 | 35,128 | ||||||
HCC Insurance Holdings, Inc. | 1,266 | 34,245 | ||||||
Arthur J Gallagher & Co. | 1,300 | 34,190 | ||||||
Taubman Centers, Inc. | 670 | 33,708 | ||||||
Cullen | 708 | 32,469 | ||||||
Commerce Bancshares, Inc. | 895 | 31,101 | ||||||
First Niagara Financial Group, Inc. | 3,396 | 31,073 | ||||||
Home Properties, Inc. | 545 | 30,934 | ||||||
Raymond James Financial, Inc. | 1,180 | 30,633 | ||||||
Duke Realty Corp. | 2,914 | 30,597 | ||||||
Hospitality Properties Trust | 1,419 | 30,125 | ||||||
Eaton Vance Corp. | 1,350 | 30,065 | ||||||
American Campus Communities, Inc. | 800 | 29,768 | ||||||
Weingarten Realty Investors | 1,396 | 29,553 | ||||||
American Financial Group, Inc. | 900 | 27,963 | ||||||
Mack-Cali Realty Corp. | 1,000 | 26,750 | ||||||
SEI Investments Co. | 1,720 | 26,454 | ||||||
Hancock Holding Co. | 980 | 26,244 | ||||||
Old Republic International Corp. | 2,938 | 26,207 | ||||||
Jones Lang LaSalle, Inc. | 500 | 25,905 | ||||||
East West Bancorp, Inc. | 1,717 | 25,600 | ||||||
Waddell & Reed Financial, Inc. — Class A | 988 | 24,710 | ||||||
Brown & Brown, Inc. | 1,330 | 23,674 | ||||||
Highwoods Properties, Inc. | 830 | 23,456 | ||||||
Jefferies Group, Inc. | 1,700 | 21,097 | ||||||
Valley National Bancorp | 1,958 | 20,735 | ||||||
City National Corp. | 543 | 20,504 | ||||||
Bank of Hawaii Corp. | 547 | 19,911 | ||||||
Omega Healthcare Investors, Inc. | 1,190 | 18,957 | ||||||
Aspen Insurance Holdings Ltd. | 820 | 18,893 | ||||||
Hanover Insurance Group, Inc. | 525 | 18,638 | ||||||
Associated Banc-Corp. | 2,000 | 18,600 | ||||||
SVB Financial Group* | 498 | 18,426 | ||||||
Corporate Office Properties Trust | 830 | 18,077 | ||||||
Prosperity Bancshares, Inc. | 540 | 17,647 | ||||||
Fulton Financial Corp. | 2,300 | 17,595 | ||||||
Apollo Investment Corp. | 2,258 | 16,980 | ||||||
TCF Financial Corp. | 1,840 | 16,854 | ||||||
Washington Federal, Inc. | 1,270 | 16,180 | ||||||
Mercury General Corp. | 420 | 16,107 | ||||||
First American Financial Corp. | 1,216 | 15,565 | ||||||
Protective Life Corp. | 980 | 15,317 | ||||||
Potlatch Corp. | 467 | 14,720 | ||||||
FirstMerit Corp. | 1,256 | 14,268 | ||||||
StanCorp Financial Group, Inc. | 513 | 14,143 | ||||||
Kemper Corp. | 580 | 13,897 | ||||||
Trustmark Corp. | 740 | 13,431 | ||||||
Webster Financial Corp. | 847 | 12,959 | ||||||
Westamerica Bancorporation | 327 | 12,531 | ||||||
Equity One, Inc. | 688 | 10,912 | ||||||
Cathay General Bancorp | 910 | 10,356 | ||||||
Synovus Financial Corp. | 9,110 | 9,748 | ||||||
Greenhill & Company, Inc. | 340 | 9,721 | ||||||
International Bancshares Corp. | 610 | 8,022 | ||||||
Astoria Financial Corp. | 960 | 7,382 | ||||||
BancorpSouth, Inc. | 835 | 7,331 | ||||||
Cousins Properties, Inc. | 1,195 | 6,991 | ||||||
Total Financials | 2,129,604 | |||||||
INFORMATION TECHNOLOGY - 12.9% | ||||||||
Rovi Corp.* | 1,282 | 55,100 | ||||||
Alliance Data Systems Corp.* | 585 | 54,229 | ||||||
Lam Research Corp.* | 1,424 | 54,084 | ||||||
Varian Semiconductor Equipment Associates, Inc. | 870 | 53,201 | ||||||
ANSYS, Inc.* | 1,060 | 51,982 | ||||||
Informatica Corp. — Class A | 1,230 | 50,368 | ||||||
Equinix, Inc.* | 540 | 47,968 | ||||||
Trimble Navigation Ltd.* | 1,410 | 47,306 | ||||||
Factset Research Systems, Inc. | 530 | 47,154 | ||||||
Avnet, Inc.* | 1,757 | 45,823 | ||||||
Atmel Corp.* | 5,360 | 43,255 | ||||||
TIBCO Software, Inc.* | 1,870 | 41,869 | ||||||
VeriFone Systems, Inc.* | 1,192 | 41,744 | ||||||
Solera Holdings, Inc. | 820 | 41,410 | ||||||
MICROS Systems, Inc.* | 930 | 40,836 | ||||||
Rackspace Hosting, Inc.* | 1,190 | 40,627 | ||||||
Synopsys, Inc.* | 1,664 | 40,535 | ||||||
Gartner, Inc.* | 1,110 | 38,706 | ||||||
Skyworks Solutions, Inc.* | 2,148 | 38,535 | ||||||
Global Payments, Inc. | 930 | 37,563 |
52 the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) MID-CAP 1.5x STRATEGY FUND | September 30, 2011 |
Shares | Value | |||||||
Polycom, Inc.* | 2,040 | $ | 37,475 | |||||
Arrow Electronics, Inc. | 1,319 | 36,642 | ||||||
Riverbed Technology, Inc. | 1,790 | 35,728 | ||||||
Cree, Inc. | 1,330 | 34,553 | ||||||
NCR Corp.* | 1,815 | 30,655 | ||||||
Cypress Semiconductor Corp. | 1,980 | 29,641 | ||||||
Ingram Micro, Inc. — Class A* | 1,817 | 29,308 | ||||||
Jack Henry & Associates, Inc. | 1,000 | 28,980 | ||||||
Cadence Design Systems, Inc.* | 3,104 | 28,681 | ||||||
Broadridge Financial Solutions, Inc. | 1,420 | 28,599 | ||||||
National Instruments Corp. | 1,070 | 24,460 | ||||||
Tech Data Corp.* | 499 | 21,572 | ||||||
NeuStar, Inc. — Class A* | 844 | 21,218 | ||||||
Parametric Technology Corp.* | 1,352 | 20,794 | ||||||
Diebold, Inc. | 737 | 20,275 | ||||||
RF Micro Devices, Inc.* | 3,188 | 20,212 | ||||||
Concur Technologies, Inc.* | 536 | 19,950 | ||||||
ADTRAN, Inc. | 740 | 19,580 | ||||||
Zebra Technologies Corp. — Class A* | 623 | 19,276 | ||||||
DST Systems, Inc. | 405 | 17,751 | ||||||
Silicon Laboratories, Inc.* | 510 | 17,090 | ||||||
Fairchild Semiconductor International, Inc. — Class A* | 1,470 | 15,876 | ||||||
Semtech Corp.* | 750 | 15,825 | ||||||
Plantronics, Inc. | 541 | 15,391 | ||||||
QLogic Corp.* | 1,198 | 15,191 | ||||||
Vishay Intertechnology, Inc.* | 1,813 | 15,157 | ||||||
International Rectifier Corp.* | 810 | 15,082 | ||||||
Intersil Corp. — Class A | 1,450 | 14,921 | ||||||
AOL, Inc.* | 1,237 | 14,844 | ||||||
ValueClick, Inc.* | 950 | 14,782 | ||||||
Itron, Inc.* | 470 | 13,865 | ||||||
Lender Processing Services, Inc. | 976 | 13,361 | ||||||
CoreLogic, Inc.* | 1,230 | 13,124 | ||||||
Convergys Corp.* | 1,385 | 12,991 | ||||||
Ciena Corp.* | 1,120 | 12,544 | ||||||
ACI Worldwide, Inc.* | 390 | 10,741 | ||||||
Quest Software, Inc.* | 672 | 10,671 | ||||||
Mentor Graphics Corp.* | 1,071 | 10,303 | ||||||
Acxiom Corp.* | 940 | 10,002 | ||||||
Fair Isaac Corp. | 447 | 9,758 | ||||||
Digital River, Inc.* | 460 | 9,536 | ||||||
Integrated Device Technology, Inc.* | 1,682 | 8,662 | ||||||
Mantech International Corp. — Class A | 270 | 8,473 | ||||||
Advent Software, Inc.* | 378 | 7,881 | ||||||
Total Information Technology | 1,743,716 | |||||||
INDUSTRIALS - 11.7% | ||||||||
Kansas City Southern* | 1,270 | 63,449 | ||||||
AMETEK, Inc. | 1,860 | 61,324 | ||||||
Donaldson Company, Inc. | 872 | 47,786 | ||||||
Waste Connections, Inc. | 1,305 | 44,135 | ||||||
KBR, Inc. | 1,741 | 41,140 | ||||||
BE Aerospace, Inc. | 1,188 | 39,335 | ||||||
J.B. Hunt Transport Services, Inc. | 1,070 | 38,648 | ||||||
AGCO Corp.* | 1,110 | 38,373 | ||||||
Gardner Denver, Inc. | 600 | 38,130 | ||||||
Pentair, Inc. | 1,140 | 36,491 | ||||||
Towers Watson & Co. — Class A | 610 | 36,466 | ||||||
Hubbell, Inc. — Class B | 692 | 34,282 | ||||||
Kirby Corp.* | 636 | 33,479 | ||||||
Timken Co. | 970 | 31,835 | ||||||
Manpower, Inc. | 945 | 31,771 | ||||||
Kennametal, Inc. | 936 | 30,645 | ||||||
MSC Industrial Direct Co. — Class A | 540 | 30,488 | ||||||
IDEX Corp. | 960 | 29,914 | ||||||
Wabtec Corp. | 560 | 29,607 | ||||||
Lincoln Electric Holdings, Inc. | 974 | 28,256 | ||||||
Corrections Corporation of America* | 1,230 | 27,909 | ||||||
Clean Harbors, Inc.* | 540 | 27,702 | ||||||
Nordson Corp. | 688 | 27,341 | ||||||
URS Corp.* | 920 | 27,287 | ||||||
SPX Corp. | 588 | 26,642 | ||||||
Copart, Inc.* | 646 | 25,272 | ||||||
AECOM Technology Corp. | 1,378 | 24,349 | ||||||
Thomas & Betts Corp.* | 606 | 24,186 | ||||||
Graco, Inc. | 700 | 23,898 | ||||||
Alaska Air Group, Inc.* | 410 | 23,079 | ||||||
Carlisle Companies, Inc. | 713 | 22,730 | ||||||
Landstar System, Inc. | 554 | 21,916 | ||||||
Regal-Beloit Corp. | 480 | 21,782 | ||||||
Triumph Group, Inc. | 440 | 21,446 | ||||||
Alliant Techsystems, Inc. | 384 | 20,932 | ||||||
Valmont Industries, Inc. | 260 | 20,264 | ||||||
Crane Co. — Class A | 560 | 19,986 | ||||||
Trinity Industries, Inc. | 920 | 19,697 | ||||||
Woodward, Inc. | 690 | 18,906 | ||||||
Esterline Technologies Corp.* | 350 | 18,144 | ||||||
Shaw Group, Inc.* | 830 | 18,044 | ||||||
Harsco Corp. | 929 | 18,013 | ||||||
Acuity Brands, Inc. | 498 | 17,948 | ||||||
FTI Consulting, Inc. | 475 | 17,485 | ||||||
Alexander & Baldwin, Inc. | 477 | 17,425 | ||||||
GATX Corp. | 540 | 16,735 | ||||||
Watsco, Inc. | 325 | 16,608 | ||||||
Oshkosh Corp.* | 1,050 | 16,527 | ||||||
Lennox International, Inc. | 610 | 15,726 | ||||||
UTI Worldwide, Inc. | 1,180 | 15,387 | ||||||
Con-way, Inc. | 640 | 14,163 | ||||||
General Cable Corp.* | 600 | 14,010 | ||||||
Rollins, Inc. | 740 | 13,845 | ||||||
Huntington Ingalls Industries, Inc. | 558 | 13,576 | ||||||
Terex Corp.* | 1,260 | 12,928 | ||||||
Brink’s Co. | 540 | 12,587 | ||||||
United Rentals, Inc.* | 726 | 12,226 | ||||||
Herman Miller, Inc. | 670 | 11,966 |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 53 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) MID-CAP 1.5x STRATEGY FUND | September 30, 2011 |
Shares | Value | |||||||
Corporate Executive Board Co. | 400 | $ | 11,920 | |||||
Deluxe Corp. | 587 | 10,918 | ||||||
Werner Enterprises, Inc. | 510 | 10,623 | ||||||
HNI Corp. | 516 | 9,871 | ||||||
JetBlue Airways Corp.* | 2,350 | 9,635 | ||||||
Mine Safety Appliances Co. | 356 | 9,598 | ||||||
Granite Construction, Inc. | 400 | 7,508 | ||||||
Korn* | 546 | 6,656 | ||||||
Total Industrials | 1,580,950 | |||||||
CONSUMER DISCRETIONARY - 11.4% | ||||||||
Dollar Tree, Inc.* | 1,401 | 105,229 | ||||||
BorgWarner, Inc. | 1,260 | 76,268 | ||||||
PetSmart, Inc. | 1,301 | 55,488 | ||||||
Tractor Supply Co. | 819 | 51,228 | ||||||
Fossil, Inc.* | 610 | 49,447 | ||||||
Advance Auto Parts, Inc. | 849 | 49,327 | ||||||
PVH Corp. | 780 | 45,427 | ||||||
Deckers Outdoor Corp.* | 446 | 41,594 | ||||||
LKQ Corp.* | 1,690 | 40,830 | ||||||
Polaris Industries, Inc. | 800 | 39,976 | ||||||
Gentex Corp. | 1,650 | 39,682 | ||||||
Tupperware Brands Corp. | 700 | 37,618 | ||||||
Dick’s Sporting Goods, Inc.* | 1,110 | 37,141 | ||||||
Williams-Sonoma, Inc. | 1,206 | 37,133 | ||||||
Panera Bread Co. — Class A* | 350 | 36,379 | ||||||
NVR, Inc.* | 60 | 36,239 | ||||||
Foot Locker, Inc. | 1,759 | 35,338 | ||||||
Mohawk Industries, Inc.* | 660 | 28,321 | ||||||
Hanesbrands, Inc. | 1,120 | 28,011 | ||||||
Under Armour, Inc. — Class A* | 420 | 27,892 | ||||||
American Eagle Outfitters, Inc. | 2,249 | 26,358 | ||||||
Service Corporation International | 2,731 | 25,016 | ||||||
Toll Brothers, Inc.* | 1,690 | 24,387 | ||||||
John Wiley & Sons, Inc. — Class A | 548 | 24,342 | ||||||
Aaron’s, Inc. | 910 | 22,978 | ||||||
Warnaco Group, Inc.* | 494 | 22,768 | ||||||
Chico’s FAS, Inc. | 1,987 | 22,711 | ||||||
Guess?, Inc. | 770 | 21,937 | ||||||
Sotheby’s | 780 | 21,505 | ||||||
Ascena Retail Group, Inc.* | 794 | 21,494 | ||||||
AMC Networks, Inc. — Class A* | 658 | 21,023 | ||||||
Brinker International, Inc. | 954 | 19,958 | ||||||
Rent-A-Center, Inc. — Class A | 714 | 19,599 | ||||||
Life Time Fitness, Inc.* | 490 | 18,057 | ||||||
Saks, Inc.* | 1,840 | 16,100 | ||||||
Wendy’s Co. | 3,466 | 15,909 | ||||||
Cheesecake Factory, Inc.* | 645 | 15,899 | ||||||
DreamWorks Animation SKG, Inc. — Class A* | 820 | 14,908 | ||||||
Bally Technologies, Inc.* | 510 | 13,760 | ||||||
ANN, Inc.* | 600 | 13,704 | ||||||
RadioShack Corp. | 1,145 | 13,305 | ||||||
ITT Educational Services, Inc.* | 231 | 13,301 | ||||||
Lamar Advertising Co. — Class A* | 670 | 11,410 | ||||||
Thor Industries, Inc. | 510 | 11,296 | ||||||
WMS Industries, Inc.* | 637 | 11,205 | ||||||
Strayer Education, Inc. | 135 | 10,350 | ||||||
Matthews International Corp. — Class A | 336 | 10,335 | ||||||
Valassis Communications, Inc.* | 540 | 10,120 | ||||||
99 Cents Only Stores* | 548 | 10,094 | ||||||
Aeropostale, Inc.* | 929 | 10,042 | ||||||
Bob Evans Farms, Inc. | 350 | 9,982 | ||||||
Meredith Corp. | 430 | 9,735 | ||||||
Regis Corp. | 660 | 9,299 | ||||||
Career Education Corp.* | 696 | 9,083 | ||||||
Collective Brands, Inc.* | 700 | 9,072 | ||||||
American Greetings Corp. — Class A | 470 | 8,695 | ||||||
Scholastic Corp. | 290 | 8,129 | ||||||
New York Times Co. — Class A* | 1,390 | 8,076 | ||||||
International Speedway Corp. — Class A | 327 | 7,469 | ||||||
MDC Holdings, Inc. | 433 | 7,335 | ||||||
Office Depot, Inc.* | 3,225 | 6,644 | ||||||
Barnes & Noble, Inc. | 470 | 5,560 | ||||||
Ryland Group, Inc. | 507 | 5,400 | ||||||
KB Home | 830 | 4,864 | ||||||
Scientific Games Corp. — Class A* | 667 | 4,749 | ||||||
Eastman Kodak Co.* | 3,104 | 2,421 | ||||||
Total Consumer Discretionary | 1,528,952 | |||||||
HEALTH CARE - 9.6% | ||||||||
Vertex Pharmaceuticals, Inc.* | 2,400 | 106,896 | ||||||
Perrigo Co. | 1,070 | 103,908 | ||||||
Henry Schein, Inc.* | 1,060 | 65,731 | ||||||
Mettler-Toledo International, Inc.* | 370 | 51,785 | ||||||
ResMed, Inc.* | 1,741 | 50,123 | ||||||
Kinetic Concepts, Inc.* | 720 | 47,441 | ||||||
Hologic, Inc. | 3,025 | 46,010 | ||||||
IDEXX Laboratories, Inc.* | 652 | 44,968 | ||||||
Cooper Companies, Inc. | 550 | 43,533 | ||||||
Allscripts Healthcare Solutions, Inc.* | 2,170 | 39,103 | ||||||
Universal Health Services, Inc. — Class B | 1,129 | 38,386 | ||||||
Endo Pharmaceuticals Holdings, Inc. | 1,340 | 37,507 | ||||||
Mednax, Inc.* | 560 | 35,078 | ||||||
Omnicare, Inc. | 1,330 | 33,822 | ||||||
Pharmaceutical Product | ||||||||
Development, Inc. | 1,310 | 33,615 | ||||||
Catalyst Health Solutions, Inc.* | 570 | 32,883 | ||||||
Covance, Inc.* | 700 | 31,815 | ||||||
Gen-Probe, Inc.* | 550 | 31,488 | ||||||
Techne Corp. | 427 | 29,040 | ||||||
Medicis Pharmaceutical Corp. — Class A | 730 | 26,630 | ||||||
Teleflex, Inc. | 470 | 25,272 | ||||||
Health Net, Inc.* | 1,027 | 24,350 |
54 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) MID-CAP 1.5x STRATEGY FUND | September 30, 2011 |
Shares | Value | |||||||
Lincare Holdings, Inc. | 1,073 | $ | 24,143 | |||||
Thoratec Corp.* | 690 | 22,522 | ||||||
United Therapeutics Corp.* | 600 | 22,494 | ||||||
AMERIGROUP Corp.* | 569 | 22,197 | ||||||
LifePoint Hospitals, Inc.* | 599 | 21,947 | ||||||
Hill-Rom Holdings, Inc. | 730 | 21,915 | ||||||
Bio-Rad Laboratories, Inc. — Class A* | 230 | 20,877 | ||||||
Owens & Minor, Inc. | 730 | 20,790 | ||||||
Health Management Associates, Inc. — Class A* | 2,930 | 20,276 | ||||||
STERIS Corp. | 680 | 19,904 | ||||||
WellCare Health Plans, Inc.* | 490 | 18,610 | ||||||
Community Health Systems, Inc. | 1,070 | 17,805 | ||||||
Charles River Laboratories International, Inc. | 591 | 16,914 | ||||||
VCA Antech, Inc.* | 1,000 | 15,980 | ||||||
Masimo Corp. | 690 | 14,938 | ||||||
Kindred Healthcare, Inc. | 600 | 5,172 | ||||||
Total Health Care | 1,285,868 | |||||||
UTILITIES - 5.3% | ||||||||
OGE Energy Corp. | 1,130 | 54,003 | ||||||
NSTAR | 1,194 | 53,503 | ||||||
Alliant Energy Corp. | 1,279 | 49,472 | ||||||
National Fuel Gas Co. | 955 | 46,489 | ||||||
MDU Resources Group, Inc. | 2,180 | 41,834 | ||||||
DPL, Inc. | 1,360 | 40,990 | ||||||
N.V. Energy, Inc. | 2,718 | 39,982 | ||||||
AGL Resources, Inc. | 900 | 36,666 | ||||||
Questar Corp. | 2,045 | 36,217 | ||||||
Westar Energy, Inc. | 1,330 | 35,139 | ||||||
Aqua America, Inc. | 1,590 | 34,296 | ||||||
UGI Corp. | 1,289 | 33,862 | ||||||
Atmos Energy Corp. | 1,040 | 33,748 | ||||||
Great Plains Energy, Inc. | 1,570 | 30,301 | ||||||
Hawaiian Electric Industries, Inc. | 1,100 | 26,708 | ||||||
Vectren Corp. | 940 | 25,455 | ||||||
Cleco Corp. | 706 | 24,103 | ||||||
WGL Holdings, Inc. | 590 | 23,051 | ||||||
IDACORP, Inc. | 570 | 21,535 | ||||||
PNM Resources, Inc. | 996 | 16,364 | ||||||
Black Hills Corp. | 458 | 14,033 | ||||||
Total Utilities | 717,751 | |||||||
ENERGY - 5.3% | ||||||||
HollyFrontier Corp. | 2,420 | 63,452 | ||||||
Southern Union Co. | 1,436 | 58,258 | ||||||
Cimarex Energy Co. | 989 | 55,087 | ||||||
SM Energy Co. | 730 | 44,274 | ||||||
Oceaneering International, Inc. | 1,247 | 44,069 | ||||||
Dresser-Rand Group, Inc.* | 917 | 37,166 | ||||||
Plains Exploration & Production Co. | 1,625 | 36,904 | ||||||
Arch Coal, Inc. | 2,460 | 35,867 | ||||||
Energen Corp. | 828 | 33,857 | ||||||
Patterson-UTI Energy, Inc. | 1,790 | 31,039 | ||||||
Oil States International, Inc.* | 590 | 30,043 | ||||||
Tidewater, Inc. | 598 | 25,146 | ||||||
Superior Energy Services, Inc. | 918 | 24,088 | ||||||
CARBO Ceramics, Inc. | 230 | 23,582 | ||||||
Atwood Oceanics, Inc.* | 647 | 22,231 | ||||||
Dril-Quip, Inc.* | 400 | 21,564 | ||||||
Bill Barrett Corp.* | 550 | 19,932 | ||||||
Forest Oil Corp.* | 1,320 | 19,008 | ||||||
Unit Corp.* | 480 | 17,722 | ||||||
Helix Energy Solutions Group, Inc.* | 1,224 | 16,034 | ||||||
Northern Oil and Gas, Inc.* | 730 | 14,155 | ||||||
Quicksilver Resources, Inc.* | 1,380 | 10,460 | ||||||
Patriot Coal Corp.* | 1,056 | 8,934 | ||||||
Comstock Resources, Inc.* | 550 | 8,503 | ||||||
Exterran Holdings, Inc.* | 740 | 7,193 | ||||||
Overseas Shipholding Group, Inc. | 297 | 4,081 | ||||||
Total Energy | 712,649 | |||||||
MATERIALS - 5.1% | ||||||||
Albemarle Corp. | 1,060 | 42,824 | ||||||
Rock-Tenn Co. — Class A | 820 | 39,918 | ||||||
Ashland, Inc. | 894 | 39,461 | ||||||
Temple-Inland, Inc. | 1,249 | 39,181 | ||||||
Aptargroup, Inc. | 770 | 34,396 | ||||||
Valspar Corp. | 1,073 | 33,488 | ||||||
Martin Marietta Materials, Inc. | 528 | 33,380 | ||||||
Sonoco Products Co. | 1,150 | 32,464 | ||||||
Domtar Corp. | 466 | 31,767 | ||||||
Reliance Steel & Aluminum Co. | 858 | 29,181 | ||||||
RPM International, Inc. | 1,510 | 28,237 | ||||||
Packaging Corporation of America | 1,144 | 26,655 | ||||||
Compass Minerals International, Inc. | 380 | 25,376 | ||||||
Steel Dynamics, Inc. | 2,515 | 24,949 | ||||||
Scotts Miracle-Gro Co. — Class A | 515 | 22,969 | ||||||
Carpenter Technology Corp. | 509 | 22,849 | ||||||
Silgan Holdings, Inc. | 570 | 20,942 | ||||||
Cytec Industries, Inc. | 570 | 20,030 | ||||||
NewMarket Corp. | 130 | 19,743 | ||||||
Sensient Technologies Corp. | 575 | 18,716 | ||||||
Cabot Corp. | 752 | 18,635 | ||||||
Olin Corp. | 920 | 16,569 | ||||||
Greif, Inc. — Class A | 356 | 15,269 | ||||||
Intrepid Potash, Inc.* | 610 | 15,171 | ||||||
Commercial Metals Co. | 1,327 | 12,620 | ||||||
Minerals Technologies, Inc. | 203 | 10,002 | ||||||
Worthington Industries, Inc. | 640 | 8,941 | ||||||
Louisiana-Pacific Corp. | 1,520 | 7,752 | ||||||
Total Materials | 691,485 | |||||||
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 55 |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) MID-CAP 1.5x STRATEGY FUND | September 30, 2011 |
Shares | Value | |||||||
CONSUMER STAPLES - 4.0% | ||||||||
Green Mountain Coffee Roasters, Inc.* | 1,480 | $ | 137,551 | |||||
Hansen Natural Corp. | 890 | 77,688 | ||||||
Church & Dwight Company, Inc. | 1,650 | 72,930 | ||||||
Energizer Holdings, Inc.* | 795 | 52,820 | ||||||
Ralcorp Holdings, Inc. | 630 | 48,327 | ||||||
Smithfield Foods, Inc. | 1,904 | 37,128 | ||||||
Corn Products International, Inc. | 880 | 34,531 | ||||||
Flowers Foods, Inc. | 1,300 | 25,298 | ||||||
Ruddick Corp. | 570 | 22,224 | ||||||
Lancaster Colony Corp. | 230 | 14,032 | ||||||
Universal Corp. | 269 | 9,647 | ||||||
Tootsie Roll Industries, Inc. | 290 | 6,995 | ||||||
Total Consumer Staples | 539,171 | |||||||
TELECOMMUNICATION SERVICES - 0.4% | ||||||||
tw telecom, Inc. — Class A* | 1,740 | 28,745 | ||||||
Telephone & Data Systems, Inc. | 1,060 | 22,525 | ||||||
Total Telecommunication Services | 51,270 | |||||||
Total Common Stocks (Cost $9,862,824) | 10,981,416 | |||||||
WARRANT*,†† - 0.0% | ||||||||
CONSUMER DISCRETIONARY - 6.0% | ||||||||
Krispy Kreme Doughnuts, Inc. $12.21, 03/02/12 | 510 | 148 | ||||||
Total Warrant (Cost $—) | 148 | |||||||
Face | ||||||||
AMOUNT | ||||||||
REPURCHASE AGREEMENTS††,1 - 12.7% | ||||||||
HSBC Group issued 09/30/11 at 0.00% due 10/03/11 | $ | 929,540 | 929,540 | |||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | 459,728 | 459,728 | ||||||
Mizuho Financial Group, Inc. issued 09/30/11 at 0.01% due 10/03/11 | 326,719 | 326,719 | ||||||
Total Repurchase Agreements (Cost $1,715,987) | 1,715,987 | |||||||
Total Investments — 94.2% (Cost $11,578,811) | $ | 12,697,551 | ||||||
Cash & Other Assets, Less Liabilities — 5.8% | 777,163 | |||||||
Total Net Assets — 100.0% | $ | 13,474,714 | ||||||
Unrealized | ||||||||
Contracts | Loss | |||||||
FUTURES CONTRACTS PURCHASED† | ||||||||
December 2011 S&P MidCap 400 Index Mini Futures Contracts (Aggregate Value of Contracts $1,790,320) | 23 | $ | (110,032 | ) | ||||
Units | ||||||||
EQUITY INDEX SWAP AGREEMENTS†† | ||||||||
Morgan Stanley Capital Services, Inc. October 2011 S&P MidCap 400 Index Swap, Terminating 10/24/112 (Notional Value $517,760) | 663 | $ | (8,373 | ) | ||||
Goldman Sachs International October 2011 S&P MidCap 400 Index Swap, Terminating 10/27/112 (Notional Value $1,401,732) | 1,794 | (50,765 | ) | |||||
Credit Suisse Capital, LLC October 2011 S&P MidCap 400 Index Swap, Terminating 10/31/112 (Notional Value $1,994,227) | 2,553 | (58,436 | ) | |||||
Barclays Bank plc October 2011 S&P MidCap 400 Index Swap, Terminating 10/31/112 (Notional Value $3,582,462) | 4,586 | (105,071 | ) | |||||
(Total Notional Value $7,496,181 ) | $ | (222,645 | ) | |||||
* | Non-income producing security. | |
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | Repurchase Agreements — See Note 5. | |
2 | Total Return based on S&P MidCap 400 Index +/- financing at a variable rate. plc — Public Limited Company |
56 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
STATEMENT OF ASSETS
AND LIABILITIES (Unaudited)
September 30, 2011
Assets: | ||||
Investments, at value (cost $9,862,824) | $ | 10,981,564 | ||
Repurchase agreements, at value (cost $1,715,987) | 1,715,987 | |||
Segregated cash with broker | 714,872 | |||
Receivables: | ||||
Securities sold | 1,329,828 | |||
Dividends | 12,115 | |||
Fund shares sold | 2,360 | |||
Total assets | 14,756,726 | |||
Liabilities: | ||||
Unrealized depreciation on swap agreements | 222,645 | |||
Payable for: | ||||
Fund shares redeemed | 926,784 | |||
Securities purchased | 34,326 | |||
Management fees | 12,779 | |||
Distribution and service fees | 6,848 | |||
Swap settlement | 5,118 | |||
Transfer agent and administrative fees | 3,550 | |||
Portfolio accounting fees | 1,420 | |||
Miscellaneous | 68,542 | |||
Total liabilities | 1,282,012 | |||
Net assets | $ | 13,474,714 | ||
Net assets consist of: | ||||
Paid in capital | $ | 32,249,685 | ||
Accumulated net investment loss | (148,122 | ) | ||
Accumulated net realized loss on investments | (19,412,912 | ) | ||
Net unrealized appreciation on investments | 786,063 | |||
Net assets | $ | 13,474,714 | ||
A-Class: | ||||
Net assets | $ | 703,192 | ||
Capital shares outstanding | 27,505 | |||
Net asset value per share | $ | 25.56 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 26.83 | ||
C-Class: | ||||
Net assets | $ | 4,734,797 | ||
Capital shares outstanding | 201,503 | |||
Net asset value per share | $ | 23.49 | ||
H-Class: | ||||
Net assets | $ | 8,036,725 | ||
Capital shares outstanding | 314,553 | |||
Net asset value per share | $ | 25.55 | ||
OPERATIONS (Unaudited)
Period Ended September 30, 2011
Investment Income: | ||||
Dividends | $ | 149,273 | ||
Interest | 882 | |||
Total investment income | 150,155 | |||
Expenses: | ||||
Management fees | 146,483 | |||
Transfer agent and administrative fees | 40,690 | |||
Distribution and service fees: | ||||
A-Class | 1,685 | |||
C-Class | 33,775 | |||
H-Class | 30,561 | |||
Portfolio accounting fees | 16,276 | |||
Trustees’ fees* | 1,660 | |||
Miscellaneous | 27,147 | |||
Total expenses | 298,277 | |||
Net investment loss | (148,122 | ) | ||
Net Realized And Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments | (1,356,362 | ) | ||
Swap agreements | (1,882,661 | ) | ||
Futures contracts | (1,184,381 | ) | ||
Net realized loss | (4,423,404 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (3,845,849 | ) | ||
Swap agreements | (1,087,352 | ) | ||
Futures contracts | (110,177 | ) | ||
Net change in unrealized appreciation (depreciation) | (5,043,378 | ) | ||
Net realized and unrealized loss | (9,466,782 | ) | ||
Net decrease in net assets resulting from operations | $ | (9,614,904 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 57 |
STATEMENTS OF CHANGES IN NET ASSETS
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment loss | $ | (148,122 | ) | $ | (353,954 | ) | ||
Net realized gain (loss) on investments | (4,423,404 | ) | 3,824,140 | |||||
Net change in unrealized appreciation (depreciation) on investments | (5,043,378 | ) | 1,314,011 | |||||
Net increase (decrease) in net assets resulting from operations | (9,614,904 | ) | 4,784,197 | |||||
Distributions to shareholders | — | — | ||||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
A-Class | 669,700 | 1,553,048 | ||||||
C-Class | 5,548,183 | 16,167,502 | ||||||
H-Class | 67,401,670 | 368,792,421 | ||||||
Cost of shares redeemed | ||||||||
A-Class | (1,427,798 | ) | (1,666,271 | ) | ||||
C-Class | (4,475,562 | ) | (15,672,167 | ) | ||||
H-Class | (95,196,262 | ) | (359,850,110 | ) | ||||
Net increase (decrease) from capital share transactions | (27,480,069 | ) | 9,324,423 | |||||
Net increase (decrease) in net assets | (37,094,973 | ) | 14,108,620 | |||||
Net assets: | ||||||||
Beginning of period | 50,569,687 | 36,461,067 | ||||||
End of period | $ | 13,474,714 | $ | 50,569,687 | ||||
Accumulated net investment loss at end of period | $ | (148,122 | ) | $ | — | |||
Capital share activity: | ||||||||
Shares sold | ||||||||
A-Class | 18,534 | 51,004 | ||||||
C-Class | 164,457 | 563,073 | ||||||
H-Class | 1,892,327 | 12,089,650 | ||||||
Shares redeemed | ||||||||
A-Class | (41,562 | ) | (58,734 | ) | ||||
C-Class | (139,415 | ) | (549,462 | ) | ||||
H-Class | (2,726,779 | ) | (12,087,163 | ) | ||||
Net increase (decrease) in shares | (832,438 | ) | 8,368 | |||||
58 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FINANCIAL HIGHLIGHTS
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 37.14 | $ | 26.89 | $ | 13.33 | $ | 32.39 | $ | 41.56 | $ | 40.14 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.13 | ) | (.26 | ) | (.16 | ) | — | c | .23 | .05 | ||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (11.45 | ) | 10.51 | 13.72 | (17.74 | ) | (7.46 | ) | 2.74 | |||||||||||||||
Total from investment operations | (11.58 | ) | 10.25 | 13.56 | (17.74 | ) | (7.23 | ) | 2.79 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | — | — | (.26 | ) | — | |||||||||||||||||
Net realized gains | — | — | — | (1.32 | ) | (1.68 | ) | (1.37 | ) | |||||||||||||||
Total distributions | — | — | — | (1.32 | ) | (1.94 | ) | (1.37 | ) | |||||||||||||||
Net asset value, end of period | $ | 25.56 | $ | 37.14 | $ | 26.89 | $ | 13.33 | $ | 32.39 | $ | 41.56 | ||||||||||||
Total Returnd | (31.18 | %) | 38.12 | % | 101.73 | % | (54.70 | %) | (18.29 | %) | 7.11 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 703 | $ | 1,877 | $ | 1,567 | $ | 1,080 | $ | 1,571 | $ | 2,806 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (0.75 | %) | (0.88 | %) | (0.79 | %) | 0.01 | % | 0.57 | % | 0.13 | % | ||||||||||||
Total expenses | 1.68 | % | 1.70 | % | 1.69 | % | 1.68 | % | 1.67 | % | 1.67 | % | ||||||||||||
Portfolio turnover rate | 21 | % | 211 | % | 219 | % | 204 | % | 226 | % | 296 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 34.26 | $ | 24.98 | $ | 12.47 | $ | 30.73 | $ | 39.82 | $ | 38.81 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.23 | ) | (.43 | ) | (.27 | ) | (.17 | ) | (.08 | ) | (.23 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (10.54 | ) | 9.71 | 12.78 | (16.77 | ) | (7.07 | ) | 2.61 | |||||||||||||||
Total from investment operations | (10.77 | ) | 9.28 | 12.51 | (16.94 | ) | (7.15 | ) | 2.38 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | — | — | (.26 | ) | — | |||||||||||||||||
Net realized gains | — | — | — | (1.32 | ) | (1.68 | ) | (1.37 | ) | |||||||||||||||
Total distributions | — | — | — | (1.32 | ) | (1.94 | ) | (1.37 | ) | |||||||||||||||
Net asset value, end of period | $ | 23.49 | $ | 34.26 | $ | 24.98 | $ | 12.47 | $ | 30.73 | $ | 39.82 | ||||||||||||
Total Returnd | (31.44 | %) | 37.15 | % | 100.32 | % | (55.06 | %) | (18.90 | %) | 6.29 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 4,735 | $ | 6,045 | $ | 4,069 | $ | 2,954 | $ | 8,388 | $ | 17,112 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (1.46 | %) | (1.59 | %) | (1.43 | %) | (0.72 | %) | (0.20 | %) | (0.62 | %) | ||||||||||||
Total expenses | 2.43 | % | 2.44 | % | 2.44 | % | 2.43 | % | 2.42 | % | 2.41 | % | ||||||||||||
Portfolio turnover rate | 21 | % | 211 | % | 219 | % | 204 | % | 226 | % | 296 | % |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 59 |
FINANCIAL HIGHLIGHTS (concluded)
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
H-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 37.12 | $ | 26.89 | $ | 13.33 | $ | 32.40 | $ | 41.58 | $ | 40.17 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.14 | ) | (.28 | ) | (.15 | ) | .01 | .25 | .06 | |||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (11.43 | ) | 10.51 | 13.71 | (17.76 | ) | (7.49 | ) | 2.72 | |||||||||||||||
Total from investment operations | (11.57 | ) | 10.23 | 13.56 | (17.75 | ) | (7.24 | ) | 2.78 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | — | — | (.26 | ) | — | |||||||||||||||||
Net realized gains | — | — | — | (1.32 | ) | (1.68 | ) | (1.37 | ) | |||||||||||||||
Total distributions | — | — | — | (1.32 | ) | (1.94 | ) | (1.37 | ) | |||||||||||||||
Net asset value, end of period | $ | 25.55 | $ | 37.12 | $ | 26.89 | $ | 13.33 | $ | 32.40 | $ | 41.58 | ||||||||||||
Total Returnd | (31.17 | %) | 38.04 | % | 101.73 | % | (54.71 | %) | (18.31 | %) | 7.08 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 8,037 | $ | 42,647 | $ | 30,825 | $ | 11,063 | $ | 11,763 | $ | 24,918 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (0.77 | %) | (0.91 | %) | (0.73 | %) | 0.06 | % | 0.61 | % | 0.16 | % | ||||||||||||
Total expenses | 1.68 | % | 1.70 | % | 1.68 | % | 1.68 | % | 1.67 | % | 1.67 | % | ||||||||||||
Portfolio turnover rate | 21 | % | 211 | % | 219 | % | 204 | % | 226 | % | 296 | % |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | |
c | Net investment income is less than $0.01 per share. | |
d | Total return does not reflect the impact of any applicable sales charges and has not been annualized. |
60 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FUND PROFILE (Unaudited) | September 30, 2011 |
![(GRAPHIC)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366911.gif)
Inception Dates: | ||||
A-Class | March 31, 2004 | |||
C-Class | February 20, 2004 | |||
H-Class | February 20, 2004 |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 |
Face | ||||||||
Amount | Value | |||||||
REPURCHASE AGREEMENTS††,1 - 85.7% | ||||||||
HSBC Group issued 09/30/11 at 0.00% due 10/03/11 | $ | 5,161,438 | $ | 5,161,438 | ||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | 2,552,721 | 2,552,721 | ||||||
Mizuho Financial Group, Inc. issued 09/30/11 at 0.01% due 10/03/11 | 1,814,166 | 1,814,166 | ||||||
Total Repurchase Agreements (Cost $9,528,325) | 9,528,325 | |||||||
Total Investments — 85.7% (Cost $9,528,325) | $ | 9,528,325 | ||||||
Cash & Other Assets, Less Liabilities — 14.3% | 1,587,105 | |||||||
Total Net Assets — 100.0% | $ | 11,115,430 |
Unrealized | ||||||||
Contracts | Gain | |||||||
FUTURES CONTRACTS SOLD SHORT† | ||||||||
December 2011 S&P MidCap 400 Index Mini Futures Contracts (Aggregate Value of Contracts $4,281,200) | 55 | $ | 221,283 | |||||
Units | ||||||||
EQUITY INDEX SWAP AGREEMENTS SOLD SHORT†† | ||||||||
Goldman Sachs International October 2011 S&P MidCap 400 Index Swap, Terminating 10/27/112 (Notional Value $2,457,554) | 3,146 | $ | 88,967 | |||||
Credit Suisse Capital, LLC October 2011 S&P MidCap 400 Index Swap, Terminating 10/31/112 (Notional Value $2,464,777) | 3,155 | 72,224 | ||||||
Barclays Bank plc October 2011 S&P MidCap 400 Index Swap, Terminating 10/31/112 (Notional Value $1,434,957) | 1,837 | 42,078 | ||||||
Morgan Stanley Capital Services, Inc. October 2011 S&P MidCap 400 Index Swap, Terminating 10/24/112 (Notional Value $354,403) | 454 | 2,480 | ||||||
(Total Notional Value $6,711,691 ) | $ | 205,749 | ||||||
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | Repurchase Agreements — See Note 5. | |
2 | Total Return based on S&P MidCap 400 Index +/- financing at a variable rate. plc — Public Limited Company |
62 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
STATEMENT OF ASSETS AND LIABILITIES (Unaudited)
September 30, 2011
Assets: | ||||
Repurchase agreements, at value (cost $9,528,325) | $ | 9,528,325 | ||
Segregated cash with broker | 1,198,883 | |||
Unrealized appreciation on swap agreements | 205,749 | |||
Receivables: | ||||
Variation margin | 113,640 | |||
Fund shares sold | 91,240 | |||
Total assets | 11,137,837 | |||
Liabilities: | ||||
Payable for: | ||||
Management fees | 6,835 | |||
Fund shares redeemed | 6,451 | |||
Miscellaneous | 3,865 | |||
Distribution and service fees | 2,206 | |||
Transfer agent and administrative fees | 1,898 | |||
Portfolio accounting fees | 759 | |||
Miscellaneous | 393 | |||
Total liabilities | 22,407 | |||
Net assets | $ | 11,115,430 | ||
Net Assets Consist of: | ||||
Paid in capital | $ | 24,160,172 | ||
Accumulated net investment loss | (42,987 | ) | ||
Accumulated net realized loss on investments | (13,428,787 | ) | ||
Net unrealized appreciation on investments | 427,032 | |||
Net assets | $ | 11,115,430 | ||
A-Class: | ||||
Net assets | $ | 221,125 | ||
Capital shares outstanding | 9,120 | |||
Net asset value per share | $ | 24.24 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 25.45 | ||
C-Class: | ||||
Net assets | $ | 485,913 | ||
Capital shares outstanding | 21,314 | |||
Net asset value per share | $ | 22.79 | ||
H-Class: | ||||
Net assets | $ | 10,408,392 | ||
Capital shares outstanding | 429,896 | |||
Net asset value per share | $ | 24.21 | ||
Period Ended September 30, 2011
Investment Income: | ||||
Interest | $ | 527 | ||
Total investment income | 527 | |||
Expenses: | ||||
Management fees | 22,705 | |||
Transfer agent and administrative fees | 6,307 | |||
Distribution and service fees: | ||||
A-Class | 376 | |||
C-Class | 1,791 | |||
H-Class | 5,483 | |||
Portfolio accounting fees | 2,523 | |||
Trustees’ fees* | 104 | |||
Miscellaneous | 4,225 | |||
Total expenses | 43,514 | |||
Net investment loss | (42,987 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Swap agreements | (14,792 | ) | ||
Futures contracts | (185,544 | ) | ||
Net realized loss | (200,336 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Swap agreements | 251,553 | |||
Futures contracts | 221,390 | |||
Net change in unrealized appreciation (depreciation) | 472,943 | |||
Net realized and unrealized gain | 272,607 | |||
Net increase in net assets resulting from operations | $ | 229,620 | ||
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 63 |
STATEMENTS OF CHANGES IN NET ASSETS
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment loss | $ | (42,987 | ) | $ | (67,569 | ) | ||
Net realized loss on investments | (200,336 | ) | (1,408,270 | ) | ||||
Net change in unrealized appreciation (depreciation) on investments | 472,943 | 124,179 | ||||||
Net increase (decrease) in net assets resulting from operations | 229,620 | (1,351,660 | ) | |||||
Distributions to shareholders | — | — | ||||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
A-Class | 381,313 | 686,044 | ||||||
C-Class | 1,013,365 | 1,570,414 | ||||||
H-Class | 27,421,410 | 41,475,130 | ||||||
Cost of shares redeemed | ||||||||
A-Class | (458,022 | ) | (1,036,384 | ) | ||||
C-Class | (931,726 | ) | (1,354,262 | ) | ||||
H-Class | (18,990,577 | ) | (41,431,048 | ) | ||||
Net increase (decrease) from capital share transactions | 8,435,763 | (90,106 | ) | |||||
Net increase (decrease) in net assets | 8,665,383 | (1,441,766 | ) | |||||
Net assets: | ||||||||
Beginning of period | 2,450,047 | 3,891,813 | ||||||
End of period | $ | 11,115,430 | $ | 2,450,047 | ||||
Accumulated net investment loss at end of period | $ | (42,987 | ) | $ | — | |||
Capital share activity: | ||||||||
Shares sold | ||||||||
A-Class | 18,255 | 25,274 | ||||||
C-Class | 48,913 | 61,434 | ||||||
H-Class | 1,213,983 | 1,626,446 | ||||||
Shares redeemed | ||||||||
A-Class | (22,289 | ) | (38,915 | ) | ||||
C-Class | (45,126 | ) | (54,193 | ) | ||||
H-Class | (874,686 | ) | (1,641,534 | ) | ||||
Net increase (decrease) in shares | 339,050 | (21,488 | ) | |||||
64 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FINANCIAL HIGHLIGHTS
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 20.38 | $ | 27.37 | $ | 48.21 | $ | 37.07 | $ | 33.78 | $ | 37.03 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.17 | ) | (.39 | ) | (.52 | ) | (.22 | ) | .81 | 1.35 | ||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 4.03 | (6.60 | ) | (20.32 | ) | 11.40 | 3.11 | (1.81 | ) | |||||||||||||||
Total from investment operations | 3.86 | (6.99 | ) | (20.84 | ) | 11.18 | 3.92 | (.46 | ) | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | — | (.04 | ) | (.63 | ) | (2.79 | ) | |||||||||||||||
Total distributions | — | — | — | (.04 | ) | (.63 | ) | (2.79 | ) | |||||||||||||||
Net asset value, end of period | $ | 24.24 | $ | 20.38 | $ | 27.37 | $ | 48.21 | $ | 37.07 | $ | 33.78 | ||||||||||||
Total Returnc | 18.94 | % | (25.54 | %) | (43.23 | %) | 30.14 | % | 11.83 | % | (1.35 | %) | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 221 | $ | 268 | $ | 733 | $ | 452 | $ | 906 | $ | 477 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (1.65 | %) | (1.54 | %) | (1.56 | %) | (0.55 | %) | 2.35 | % | 3.52 | % | ||||||||||||
Total expenses | 1.67 | % | 1.69 | % | 1.69 | % | 1.68 | % | 1.66 | % | 1.65 | % | ||||||||||||
Portfolio turnover rate | — | — | — | — | — | — |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 19.24 | $ | 26.03 | $ | 46.24 | $ | 35.82 | $ | 32.89 | $ | 36.43 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.24 | ) | (.55 | ) | (.75 | ) | (.41 | ) | .60 | 1.05 | ||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 3.79 | (6.24 | ) | (19.46 | ) | 10.87 | 2.96 | (1.80 | ) | |||||||||||||||
Total from investment operations | 3.55 | (6.79 | ) | (20.21 | ) | 10.46 | 3.56 | (.75 | ) | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | — | (.04 | ) | (.63 | ) | (2.79 | ) | |||||||||||||||
Total distributions | — | — | — | (.04 | ) | (.63 | ) | (2.79 | ) | |||||||||||||||
Net asset value, end of period | $ | 22.79 | $ | 19.24 | $ | 26.03 | $ | 46.24 | $ | 35.82 | $ | 32.89 | ||||||||||||
Total Returnc | 18.45 | % | (26.09 | %) | (43.71 | %) | 29.18 | % | 11.05 | % | (2.19 | %) | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 486 | $ | 337 | $ | 268 | $ | 327 | $ | 1,478 | $ | 801 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (2.40 | %) | (2.29 | %) | (2.30 | %) | (1.07 | %) | 1.83 | % | 2.81 | % | ||||||||||||
Total expenses | 2.42 | % | 2.44 | % | 2.43 | % | 2.43 | % | 2.41 | % | 2.40 | % | ||||||||||||
Portfolio turnover rate | — | — | — | — | — | — |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 65 |
FINANCIAL HIGHLIGHTS (concluded)
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
H-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 20.36 | $ | 27.35 | $ | 48.21 | $ | 37.07 | $ | 33.78 | $ | 37.04 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.18 | ) | (.40 | ) | (.55 | ) | (.27 | ) | .78 | 1.35 | ||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 4.03 | (6.59 | ) | (20.31 | ) | 11.45 | 3.14 | (1.82 | ) | |||||||||||||||
Total from investment operations | 3.85 | (6.99 | ) | (20.86 | ) | 11.18 | 3.92 | (.47 | ) | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | — | (.04 | ) | (.63 | ) | (2.79 | ) | |||||||||||||||
Total distributions | — | — | — | (.04 | ) | (.63 | ) | (2.79 | ) | |||||||||||||||
Net asset value, end of period | $ | 24.21 | $ | 20.36 | $ | 27.35 | $ | 48.21 | $ | 37.07 | $ | 33.78 | ||||||||||||
Total Returnc | 18.91 | % | (25.56 | %) | (43.27 | %) | 30.14 | % | 11.83 | % | (1.38 | %) | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 10,408 | $ | 1,845 | $ | 2,891 | $ | 7,350 | $ | 46,630 | $ | 15,531 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (1.65 | %) | (1.53 | %) | (1.55 | %) | (0.62 | %) | 2.26 | % | 3.51 | % | ||||||||||||
Total expenses | 1.67 | % | 1.69 | % | 1.68 | % | 1.70 | % | 1.65 | % | 1.66 | % | ||||||||||||
Portfolio turnover rate | — | — | — | — | — | — |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate,have been annualized. | |
b | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | |
c | Total return does not reflect the impact of any applicable sales charges and has not been annualized. |
66 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FUND PROFILE (Unaudited) | September 30, 2011 |
![(LOGO)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366912.gif)
Inception Dates: | ||||
A-Class | March 31,2004 | |||
C-Class | January 23,2001 | |||
H-Class | November 1,2000 |
(% of Total Net Assets)
Netlogic Microsystems, Inc. | 0.1 | % | ||
American Campus Communities, Inc. | 0.1 | % | ||
Jack Henry & Associates, Inc. | 0.1 | % | ||
MFA Financial, Inc. | 0.1 | % | ||
Healthspring, Inc. | 0.1 | % | ||
Nicor, Inc. | 0.1 | % | ||
Cepheid, Inc. | 0.1 | % | ||
Clean Harbors, Inc. | 0.1 | % | ||
National Retail Properties, Inc. | 0.1 | % | ||
Medicis Pharmaceutical Corp. — Class A | 0.1 | % | ||
Top Ten Total | 1.0 | % | ||
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 | |
RUSSELL 2000® 1.5x STRATEGY FUND |
Shares | Value | |||||||
COMMON STOCKS† - 37.7% | ||||||||
FINANCIALS - 8.3% | ||||||||
American Campus Communities, Inc. | 215 | $ | 8,000 | |||||
MFA Financial, Inc. | 1,134 | 7,961 | ||||||
National Retail Properties, Inc. | 274 | 7,362 | ||||||
Home Properties, Inc. | 127 | 7,209 | ||||||
Signature Bank* | 150 | 7,160 | ||||||
Tanger Factory Outlet Centers | 270 | 7,023 | ||||||
Mid-America Apartment Communities, Inc. | 116 | 6,986 | ||||||
BioMed Realty Trust, Inc. | 420 | 6,959 | ||||||
ProAssurance Corp. | 94 | 6,770 | ||||||
Highwoods Properties, Inc. | 230 | 6,500 | ||||||
Hancock Holding Co. | 240 | 6,427 | ||||||
Equity Lifestyle Properties, Inc. | 100 | 6,270 | ||||||
Hatteras Financial Corp. | 240 | 6,038 | ||||||
Washington Real Estate Investment Trust | 213 | 6,002 | ||||||
Kilroy Realty Corp. | 188 | 5,884 | ||||||
Entertainment Properties Trust | 149 | 5,808 | ||||||
Extra Space Storage, Inc. | 300 | 5,589 | ||||||
Post Properties, Inc. | 160 | 5,558 | ||||||
Alterra Capital Holdings Ltd. | 284 | 5,387 | ||||||
CBL & Associates Properties, Inc. | 468 | 5,316 | ||||||
LaSalle Hotel Properties | 274 | 5,261 | ||||||
Invesco Mortgage Capital, Inc. | 370 | 5,228 | ||||||
Starwood Property Trust, Inc. | 300 | 5,148 | ||||||
SVB Financial Group* | 139 | 5,143 | ||||||
Omega Healthcare Investors, Inc. | 319 | 5,082 | ||||||
Prosperity Bancshares, Inc. | 150 | 4,902 | ||||||
Colonial Properties Trust | 264 | 4,794 | ||||||
Apollo Investment Corp. | 619 | 4,655 | ||||||
Cash America International, Inc. | 90 | 4,604 | ||||||
Stifel Financial Corp.* | 169 | 4,489 | ||||||
Ezcorp, Inc. — Class A* | 153 | 4,367 | ||||||
First American Financial Corp. | 334 | 4,275 | ||||||
Iberiabank Corp. | 90 | 4,235 | ||||||
Healthcare Realty Trust, Inc. | 244 | 4,111 | ||||||
First Cash Financial Services, Inc.* | 96 | 4,027 | ||||||
Northwest Bancshares, Inc. | 334 | 3,978 | ||||||
Two Harbors Investment Corp. | 450 | 3,974 | ||||||
FirstMerit Corp. | 344 | 3,908 | ||||||
Knight Capital Group, Inc. — Class A* | 319 | 3,879 | ||||||
Potlatch Corp. | 123 | 3,877 | ||||||
CNO Financial Group, Inc.* | 700 | 3,787 | ||||||
DiamondRock Hospitality Co. | 534 | 3,733 | ||||||
DuPont Fabros Technology, Inc. | 189 | 3,721 | ||||||
Trustmark Corp. | 199 | 3,612 | ||||||
Alexander’s, Inc. | 10 | 3,610 | ||||||
Montpelier Re Holdings Ltd. | 200 | 3,536 | ||||||
Webster Financial Corp. | 230 | 3,519 | ||||||
Platinum Underwriters Holdings Ltd. | 113 | 3,475 | ||||||
Westamerica Bancorporation | 90 | 3,449 | ||||||
DCT Industrial Trust, Inc. | 784 | 3,442 | ||||||
FNB Corp. | 398 | 3,411 | ||||||
EastGroup Properties, Inc. | 89 | 3,394 | ||||||
National Health Investors, Inc. | 80 | 3,370 | ||||||
RLI Corp. | 53 | 3,370 | ||||||
Sovran Self Storage, Inc. | 90 | 3,345 | ||||||
Delphi Financial Group, Inc. — Class A | 154 | 3,314 | ||||||
United Bankshares, Inc. | 160 | 3,214 | ||||||
Umpqua Holdings Corp. | 365 | 3,208 | ||||||
UMB Financial Corp. | 100 | 3,208 | ||||||
Ocwen Financial Corp.* | 240 | 3,170 | ||||||
Medical Properties Trust, Inc. | 354 | 3,168 | ||||||
CYS Investments, Inc. | 258 | 3,119 | ||||||
Capstead Mortgage Corp. | 270 | 3,116 | ||||||
Portfolio Recovery Associates, Inc.* | 50 | 3,111 | ||||||
DFC Global Corp.* | 140 | 3,059 | ||||||
Wintrust Financial Corp. | 115 | 2,968 | ||||||
Prospect Capital Corp. | 350 | 2,944 | ||||||
PHH Corp.* | 179 | 2,878 | ||||||
PS Business Parks, Inc. | 58 | 2,873 | ||||||
Cathay General Bancorp | 250 | 2,845 | ||||||
Old National Bancorp | 304 | 2,833 | ||||||
Redwood Trust, Inc. | 250 | 2,793 | ||||||
Equity One, Inc. | 173 | 2,744 | ||||||
Tower Group, Inc. | 120 | 2,743 | ||||||
National Penn Bancshares, Inc. | 390 | 2,734 | ||||||
Community Bank System, Inc. | 120 | 2,723 | ||||||
Anworth Mortgage Asset Corp. | 400 | 2,720 | ||||||
CubeSmart | 314 | 2,678 | ||||||
Texas Capital Bancshares, Inc. | 114 | 2,605 | ||||||
First Financial Bankshares, Inc. | 97 | 2,538 | ||||||
Pebblebrook Hotel Trust | 162 | 2,535 | ||||||
Franklin Street Properties Corp. | 224 | 2,533 | ||||||
MB Financial, Inc. | 170 | 2,502 | ||||||
Argo Group International Holdings Ltd. | 88 | 2,497 | ||||||
First Financial Bancorp | 180 | 2,484 | ||||||
Lexington Realty Trust | 379 | 2,479 | ||||||
World Acceptance Corp.* | 44 | 2,462 | ||||||
Glimcher Realty Trust | 340 | 2,407 | ||||||
Strategic Hotels & Resorts, Inc.* | 556 | 2,396 | ||||||
LTC Properties, Inc. | 94 | 2,380 | ||||||
Primerica, Inc. | 110 | 2,372 | ||||||
Government Properties Income Trust | 110 | 2,366 | ||||||
Harleysville Group, Inc. | 40 | 2,354 | ||||||
MarketAxess Holdings, Inc. | 90 | 2,342 | ||||||
Acadia Realty Trust | 124 | 2,319 | ||||||
BancorpSouth, Inc. | 264 | 2,318 | ||||||
Oritani Financial Corp. | 179 | 2,302 | ||||||
Sun Communities, Inc. | 65 | 2,287 | ||||||
Susquehanna Bancshares, Inc. | 410 | 2,243 | ||||||
International Bancshares Corp. | 170 | 2,236 | ||||||
Solar Capital Ltd. | 111 | 2,234 | ||||||
First Industrial Realty Trust, Inc.* | 278 | 2,224 |
68 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | September 30, 2011 | |
RUSSELL 2000® 1.5x STRATEGY FUND |
Shares | Value | |||||||
Park National Corp. | 42 | $ | 2,221 | |||||
Selective Insurance Group, Inc. | 168 | 2,192 | ||||||
CVB Financial Corp. | 284 | 2,184 | ||||||
Financial Engines, Inc.* | 120 | 2,173 | ||||||
Glacier Bancorp, Inc. | 230 | 2,155 | ||||||
Astoria Financial Corp. | 279 | 2,146 | ||||||
Fifth Street Finance Corp. | 230 | 2,144 | ||||||
MF Global Holdings Ltd.* | 517 | 2,135 | ||||||
Sunstone Hotel Investors, Inc.* | 374 | 2,128 | ||||||
Infinity Property & Casualty Corp. | 40 | 2,099 | ||||||
NBT Bancorp, Inc. | 110 | 2,048 | ||||||
Provident Financial Services, Inc. | 190 | 2,043 | ||||||
Associated Estates Realty Corp. | 130 | 2,010 | ||||||
Enstar Group Ltd.* | 21 | 2,000 | ||||||
First Potomac Realty Trust | 159 | 1,983 | ||||||
Education Realty Trust, Inc. | 230 | 1,976 | ||||||
Investors Bancorp, Inc.* | 150 | 1,895 | ||||||
Bank of the Ozarks, Inc. | 90 | 1,884 | ||||||
Greenlight Capital Re Ltd. — Class A* | 90 | 1,867 | ||||||
Walter Investment Management Corp. | 80 | 1,834 | ||||||
Investors Real Estate Trust | 250 | 1,800 | ||||||
Inland Real Estate Corp. | 246 | 1,796 | ||||||
American Assets Trust, Inc. | 100 | 1,795 | ||||||
Columbia Banking System, Inc. | 124 | 1,776 | ||||||
First Midwest Bancorp, Inc. | 240 | 1,757 | ||||||
Amtrust Financial Services, Inc. | 78 | 1,736 | ||||||
Symetra Financial Corp. | 209 | 1,703 | ||||||
Cousins Properties, Inc. | 290 | 1,697 | ||||||
iStar Financial, Inc.* | 290 | 1,688 | ||||||
BlackRock Kelso Capital Corp. | 230 | 1,679 | ||||||
American Equity Investment Life Holding Co. | 190 | 1,663 | ||||||
ARMOUR Residential REIT, Inc. | 240 | 1,632 | ||||||
Evercore Partners, Inc. — Class A | 71 | 1,619 | ||||||
CreXus Investment Corp. | 179 | 1,590 | ||||||
Employers Holdings, Inc. | 124 | 1,582 | ||||||
KBW, Inc. | 114 | 1,572 | ||||||
Hersha Hospitality Trust — Class A | 450 | 1,557 | ||||||
Cohen & Steers, Inc. | 54 | 1,552 | ||||||
National Financial Partners Corp.* | 140 | 1,532 | ||||||
Pico Holdings, Inc.* | 74 | 1,518 | ||||||
Meadowbrook Insurance Group, Inc. | 170 | 1,515 | ||||||
Safety Insurance Group, Inc. | 40 | 1,513 | ||||||
Nelnet, Inc. — Class A | 80 | 1,502 | ||||||
Compass Diversified Holdings | 123 | 1,498 | ||||||
Retail Opportunity Investments Corp. | 134 | 1,485 | ||||||
Horace Mann Educators Corp. | 130 | 1,483 | ||||||
Credit Acceptance Corp.* | 23 | 1,480 | ||||||
Navigators Group, Inc.* | 34 | 1,469 | ||||||
Boston Private Financial Holdings, Inc. | 246 | 1,446 | ||||||
Home Bancshares, Inc. | 68 | 1,443 | ||||||
BGC Partners, Inc. — Class A | 239 | 1,441 | ||||||
PennyMac Mortgage Investment Trust | 90 | 1,431 | ||||||
PrivateBancorp, Inc. | 190 | 1,429 | ||||||
Brookline Bancorp, Inc. | 184 | 1,419 | ||||||
Chemical Financial Corp. | 90 | 1,378 | ||||||
Banco Latinoamericano de Comercio Exterior S.A. — Class E | 90 | 1,371 | ||||||
Independent Bank Corp. | 63 | 1,370 | ||||||
S&T Bancorp, Inc. | 84 | 1,357 | ||||||
National Western Life Insurance Co. — Class A | 10 | 1,355 | ||||||
Oriental Financial Group, Inc. | 140 | 1,354 | ||||||
City Holding Co. | 50 | 1,349 | ||||||
Pennsylvania Real Estate Investment Trust | 172 | 1,330 | ||||||
Colony Financial, Inc. | 102 | 1,318 | ||||||
ViewPoint Financial Group | 115 | 1,317 | ||||||
PacWest Bancorp | 94 | 1,310 | ||||||
PennantPark Investment Corp. | 146 | 1,302 | ||||||
Trustco Bank Corp. | 290 | 1,293 | ||||||
Berkshire Hills Bancorp, Inc. | 70 | 1,293 | ||||||
WesBanco, Inc. | 74 | 1,281 | ||||||
Advance America Cash Advance Centers, Inc. | 174 | 1,281 | ||||||
Investment Technology Group, Inc.* | 130 | 1,273 | ||||||
Chesapeake Lodging Trust | 105 | 1,267 | ||||||
State Bank Financial Corp.* | 100 | 1,262 | ||||||
FPIC Insurance Group, Inc.* | 30 | 1,255 | ||||||
Flagstone Reinsurance Holdings S.A. | 161 | 1,248 | ||||||
Forestar Group, Inc.* | 114 | 1,244 | ||||||
Western Alliance Bancorporation* | 224 | 1,228 | ||||||
First Commonwealth Financial Corp. | 330 | 1,221 | ||||||
Maiden Holdings Ltd. | 164 | 1,212 | ||||||
Main Street Capital Corp. | 68 | 1,208 | ||||||
Pinnacle Financial Partners, Inc.* | 110 | 1,203 | ||||||
Getty Realty Corp. | 83 | 1,197 | ||||||
Ashford Hospitality Trust, Inc. | 170 | 1,193 | ||||||
Hercules Technology Growth Capital, Inc. | 140 | 1,193 | ||||||
Urstadt Biddle Properties, Inc. — Class A | 74 | 1,182 | ||||||
Encore Capital Group, Inc.* | 54 | 1,180 | ||||||
Universal Health Realty Income Trust | 35 | 1,176 | ||||||
Simmons First National Corp. — Class A | 54 | 1,172 | ||||||
FBL Financial Group, Inc. — Class A | 44 | 1,171 | ||||||
Sandy Spring Bancorp, Inc. | 80 | 1,170 | ||||||
RLJ Lodging Trust | 90 | 1,149 | ||||||
Sabra Health Care REIT, Inc. | 120 | 1,145 | ||||||
United Fire & Casualty Co. | 64 | 1,132 | ||||||
Resource Capital Corp. | 226 | 1,130 | ||||||
MGIC Investment Corp.* | 599 | 1,120 | ||||||
Lakeland Financial Corp. | 54 | 1,116 | ||||||
United Community Banks, Inc.* | 129 | 1,095 | ||||||
Flushing Financial Corp. | 100 | 1,080 |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 69 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | September 30, 2011 | |
RUSSELL 2000® 1.5x STRATEGY FUND |
Shares | Value | |||||||
Tompkins Financial Corp. | 30 | $ | 1,073 | |||||
First Busey Corp. | 246 | 1,070 | ||||||
Triangle Capital Corp. | 70 | 1,065 | ||||||
SCBT Financial Corp. | 43 | 1,061 | ||||||
1st Source Corp. | 50 | 1,041 | ||||||
Tejon Ranch Co.* | 43 | 1,026 | ||||||
Campus Crest Communities, Inc. | 94 | 1,023 | ||||||
Renasant Corp. | 80 | 1,018 | ||||||
Ramco-Gershenson Properties Trust | 124 | 1,017 | ||||||
Duff & Phelps Corp. — Class A | 95 | 1,013 | ||||||
OneBeacon Insurance Group Ltd. — Class A | 74 | 1,009 | ||||||
Dynex Capital, Inc. | 125 | 1,008 | ||||||
Newcastle Investment Corp. | 247 | 1,005 | ||||||
NorthStar Realty Finance Corp. | 304 | 1,003 | ||||||
AMERISAFE, Inc.* | 54 | 994 | ||||||
Sterling Financial Corp.* | 80 | 990 | ||||||
Safeguard Scientifics, Inc.* | 66 | 990 | ||||||
Community Trust Bancorp, Inc. | 42 | 978 | ||||||
Dime Community Bancshares, Inc. | 96 | 972 | ||||||
Piper Jaffray Cos.* | 54 | 968 | ||||||
MCG Capital Corp. | 240 | 950 | ||||||
Hilltop Holdings, Inc.* | 129 | 930 | ||||||
Excel Trust, Inc. | 96 | 924 | ||||||
Monmouth Real Estate Investment Corp. — Class A | 116 | 920 | ||||||
FelCor Lodging Trust, Inc.* | 394 | 918 | ||||||
Radian Group, Inc. | 419 | 918 | ||||||
TowneBank | 80 | 910 | ||||||
Rockville Financial, Inc. | 95 | 901 | ||||||
GFI Group, Inc. | 220 | 884 | ||||||
eHealth, Inc.* | 64 | 874 | ||||||
GAMCO Investors, Inc. — Class A | 22 | 867 | ||||||
Southside Bancshares, Inc. | 48 | 864 | ||||||
Coresite Realty Corp. | 60 | 861 | ||||||
Hudson Pacific Properties, Inc. | 74 | 861 | ||||||
TICC Capital Corp. | 103 | 842 | ||||||
NewStar Financial, Inc.* | 90 | 841 | ||||||
MVC Capital, Inc. | 80 | 838 | ||||||
Washington Trust Bancorp, Inc. | 42 | 831 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 63 | 830 | ||||||
First Financial Corp. | 30 | 825 | ||||||
Beneficial Mutual Bancorp, Inc.* | 110 | 819 | ||||||
West Coast Bancorp* | 58 | 812 | ||||||
Artio Global Investors, Inc. — Class A | 102 | 812 | ||||||
Saul Centers, Inc. | 24 | 811 | ||||||
Kennedy-Wilson Holdings, Inc. | 76 | 806 | ||||||
CapLease, Inc. | 219 | 791 | ||||||
HFF, Inc. — Class A* | 90 | 787 | ||||||
Parkway Properties, Inc. | 71 | 782 | ||||||
Cardinal Financial Corp. | 90 | 776 | ||||||
Citizens, Inc.* | 120 | 769 | ||||||
International FCStone, Inc.* | 37 | 768 | ||||||
Hudson Valley Holding Corp. | 44 | 767 | ||||||
Bancfirst Corp. | 23 | 763 | ||||||
Westwood Holdings Group, Inc. | 22 | 760 | ||||||
FXCM, Inc. — Class A | 54 | 757 | ||||||
Global Indemnity plc — Class A* | 44 | 752 | ||||||
Winthrop Realty Trust | 86 | 747 | ||||||
Capital Southwest Corp. | 10 | 740 | ||||||
StellarOne Corp. | 74 | 736 | ||||||
Enterprise Financial Services Corp. | 54 | 734 | ||||||
Nara Bancorp, Inc.* | 120 | 728 | ||||||
WSFS Financial Corp. | 23 | 726 | ||||||
United Financial Bancorp, Inc. | 52 | 712 | ||||||
Provident New York Bancorp | 120 | 698 | ||||||
Diamond Hill Investment Group, Inc. | 10 | 694 | ||||||
Territorial Bancorp, Inc. | 36 | 689 | ||||||
Arrow Financial Corp. | 31 | 688 | ||||||
Sterling Bancorp — Class N | 94 | 682 | ||||||
Epoch Holding Corp. | 50 | 679 | ||||||
Ameris Bancorp* | 77 | 671 | ||||||
Univest Corporation of Pennsylvania | 50 | 667 | ||||||
State Auto Financial Corp. | 50 | 658 | ||||||
Camden National Corp. | 24 | 654 | ||||||
Agree Realty Corp. | 30 | 653 | ||||||
Northfield Bancorp, Inc. | 49 | 649 | ||||||
German American Bancorp, Inc. | 40 | 645 | ||||||
Bancorp, Inc.* | 90 | 644 | ||||||
Virtus Investment Partners, Inc.* | 12 | 643 | ||||||
Union First Market Bankshares Corp. | 60 | 643 | ||||||
Baldwin & Lyons, Inc. — Class B | 30 | 641 | ||||||
Banner Corp. | 50 | 639 | ||||||
Kite Realty Group Trust | 174 | 637 | ||||||
Bancorp Rhode Island, Inc. | 15 | 636 | ||||||
Summit Hotel Properties, Inc. | 90 | 635 | ||||||
Tower Bancorp, Inc. | 30 | 628 | ||||||
Financial Institutions, Inc. | 44 | 627 | ||||||
SY Bancorp, Inc. | 33 | 614 | ||||||
Calamos Asset Management, Inc. — Class A | 60 | 601 | ||||||
Presidential Life Corp. | 73 | 600 | ||||||
Citizens & Northern Corp. | 40 | 594 | ||||||
Westfield Financial, Inc. | 90 | 593 | ||||||
OceanFirst Financial Corp. | 50 | 583 | ||||||
Heritage Financial Corp. | 52 | 574 | ||||||
Cowen Group, Inc. — Class A* | 211 | 572 | ||||||
Farmer Mac — Class C | 30 | 571 | ||||||
Eagle Bancorp, Inc.* | 48 | 565 | ||||||
Lakeland Bancorp, Inc. | 72 | 563 | ||||||
Cedar Shopping Centers, Inc. | 181 | 563 | ||||||
OmniAmerican Bancorp, Inc.* | 41 | 560 | ||||||
First Merchants Corp. | 79 | 557 | ||||||
National Bankshares, Inc. | 23 | 555 | ||||||
Arlington Asset Investment Corp. — Class A | 23 | 553 | ||||||
American Safety Insurance Holdings Ltd.* | 30 | 552 | ||||||
STAG Industrial, Inc. | 54 | 551 | ||||||
First Community Bancshares, Inc. | 54 | 551 | ||||||
Stewart Information Services Corp. | 62 | 548 |
70 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | September 30, 2011 | |
RUSSELL 2000® 1.5x STRATEGY FUND |
Shares | Value | |||||||
First Interstate Bancsystem, Inc. — Class A | 51 | $ | 546 | |||||
Fox Chase Bancorp, Inc. | 43 | 545 | ||||||
Trico Bancshares | 44 | 540 | ||||||
Heartland Financial USA, Inc. | 38 | 539 | ||||||
Center Financial Corp.* | 114 | 535 | ||||||
Wilshire Bancorp, Inc.* | 194 | 532 | ||||||
Republic Bancorp, Inc. — Class A | 30 | 531 | ||||||
State Bancorp, Inc. | 50 | 529 | ||||||
MainSource Financial Group, Inc. | 60 | 523 | ||||||
First of Long Island Corp. | 23 | 521 | ||||||
Ladenburg Thalmann Financial Services, Inc.* | 336 | 521 | ||||||
Cogdell Spencer, Inc. | 138 | 520 | ||||||
Central Pacific Financial Corp.* | 50 | 516 | ||||||
CNB Financial Corp. | 40 | 513 | ||||||
National Interstate Corp. | 23 | 506 | ||||||
Great Southern Bancorp, Inc. | 30 | 503 | ||||||
Gladstone Investment Corp. | 74 | 503 | ||||||
First Bancorp | 50 | 502 | ||||||
Bryn Mawr Bank Corp. | 30 | 497 | ||||||
Kansas City Life Insurance Co. | 16 | 494 | ||||||
Penns Woods Bancorp, Inc. | 15 | 491 | ||||||
Washington Banking Co. | 50 | 487 | ||||||
Franklin Financial Corp.* | 44 | 486 | ||||||
Oppenheimer Holdings, Inc. — Class A | 30 | 481 | ||||||
Gladstone Capital Corp. | 70 | 480 | ||||||
Centerstate Banks, Inc. | 90 | 471 | ||||||
Gladstone Commercial Corp. | 30 | 470 | ||||||
Ames National Corp. | 30 | 469 | ||||||
Medallion Financial Corp. | 50 | 465 | ||||||
BankFinancial Corp. | 70 | 465 | ||||||
NGP Capital Resources Co. | 71 | 464 | ||||||
Netspend Holdings, Inc.* | 90 | 463 | ||||||
Phoenix Companies, Inc.* | 370 | 451 | ||||||
CoBiz Financial, Inc. | 100 | 447 | ||||||
Home Federal Bancorp, Inc. | 57 | 446 | ||||||
Golub Capital BDC, Inc. | 30 | 445 | ||||||
1st United Bancorp, Inc.* | 90 | 444 | ||||||
One Liberty Properties, Inc. | 30 | 440 | ||||||
Pacific Continental Corp. | 62 | 440 | ||||||
ESB Financial Corp. | 40 | 438 | ||||||
Doral Financial Corp.* | 400 | 436 | ||||||
Crawford & Co. — Class B | 81 | 434 | ||||||
West Bancorporation, Inc. | 51 | 432 | ||||||
SeaBright Holdings, Inc. | 60 | 432 | ||||||
Abington Bancorp, Inc. | 60 | 432 | ||||||
Virginia Commerce Bancorp, Inc.* | 73 | 429 | ||||||
SWS Group, Inc. | 90 | 422 | ||||||
Primus Guaranty Ltd.* | 80 | 422 | ||||||
Bridge Bancorp, Inc. | 23 | 421 | ||||||
ESSA Bancorp, Inc. | 40 | 420 | ||||||
RAIT Financial Trust | 123 | 417 | ||||||
Chatham Lodging Trust | 42 | 417 | ||||||
Capital City Bank Group, Inc. | 40 | 416 | ||||||
Mission West Properties, Inc. | 54 | 410 | ||||||
Bank of Kentucky Financial Corporation | 20 | 405 | ||||||
BofI Holding, Inc.* | 30 | 404 | ||||||
First Defiance Financial Corp.* | 30 | 402 | ||||||
Hanmi Financial Corp.* | 484 | 402 | ||||||
Bank of Marin Bancorp | 12 | 396 | ||||||
Walker & Dunlop, Inc.* | 34 | 395 | ||||||
Consolidated-Tomoka Land Co. | 15 | 394 | ||||||
Bank Mutual Corp. | 150 | 391 | ||||||
FBR & Company* | 164 | 390 | ||||||
Edelman Financial Group, Inc. | 60 | 388 | ||||||
Terreno Realty Corp. | 30 | 385 | ||||||
Pacific Capital Bancorp North America* | 15 | 383 | ||||||
First Bancorp, Inc. | 30 | 378 | ||||||
Alliance Financial Corp. | 13 | 365 | ||||||
UMH Properties, Inc. | 40 | 364 | ||||||
Metro Bancorp, Inc.* | 42 | 363 | ||||||
Kohlberg Capital Corp. | 60 | 351 | ||||||
Center Bancorp, Inc. | 36 | 347 | ||||||
Solar Senior Capital Ltd. | 24 | 343 | ||||||
First Pactrust Bancorp, Inc. | 30 | 340 | ||||||
Seacoast Banking Corporation of Florida* | 230 | 338 | ||||||
MPG Office Trust, Inc.* | 160 | 338 | ||||||
Harris & Harris Group, Inc.* | 94 | 334 | ||||||
Peoples Bancorp, Inc. | 30 | 330 | ||||||
Sierra Bancorp | 36 | 329 | ||||||
THL Credit, Inc. | 30 | 328 | ||||||
Meridian Interstate Bancorp, Inc.* | 30 | 327 | ||||||
Kearny Financial Corp. | 37 | 327 | ||||||
Merchants Bancshares, Inc. | 12 | 321 | ||||||
Encore Bancshares, Inc.* | 30 | 320 | ||||||
Marlin Business Services Corp.* | 30 | 318 | ||||||
Sun Bancorp, Inc.* | 120 | 318 | ||||||
Hallmark Financial Services* | 42 | 310 | ||||||
Park Sterling Corp.* | 90 | 308 | ||||||
Flagstar Bancorp, Inc.* | 623 | 305 | ||||||
New Mountain Finance Corp. | 24 | 305 | ||||||
Medley Capital Corp. | 30 | 302 | ||||||
Bridge Capital Holdings* | 30 | 302 | ||||||
Gleacher & Company, Inc.* | 250 | 298 | ||||||
Nicholas Financial, Inc. | 30 | 293 | ||||||
JMP Group, Inc. | 50 | 291 | ||||||
Donegal Group, Inc. — Class A | 24 | 289 | ||||||
Cape Bancorp, Inc.* | 40 | 283 | ||||||
Clifton Savings Bancorp, Inc. | 30 | 275 | ||||||
Heritage Commerce Corp.* | 70 | 269 | ||||||
Whitestone REIT — Class B | 24 | 267 | ||||||
Southwest Bancorp, Inc. | 60 | 253 | ||||||
Suffolk Bancorp | 30 | 250 | ||||||
Midsouth Bancorp, Inc. | 23 | 247 | ||||||
Enterprise Bancorp, Inc. | 20 | 247 | ||||||
Avatar Holdings, Inc.* | 30 | 245 | ||||||
Century Bancorp, Inc. — Class A | 10 | 232 |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 71 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | September 30, 2011 | |
RUSSELL 2000® 1.5x STRATEGY FUND |
Shares | Value | |||||||
Orrstown Financial Services, Inc. | 18 | $ | 231 | |||||
EMC Insurance Group, Inc. | 12 | 221 | ||||||
Universal Insurance Holdings, Inc. | 57 | 219 | ||||||
Charter Financial Corp. | 23 | 216 | ||||||
First Financial Holdings, Inc. | 49 | 196 | ||||||
Roma Financial Corp. | 24 | 196 | ||||||
Taylor Capital Group, Inc.* | 30 | 193 | ||||||
First Marblehead Corp. | 174 | 177 | ||||||
Independence Holding Co. | 24 | 174 | ||||||
CIFC Corp.* | 36 | 156 | ||||||
California First National Bancorp | 10 | 153 | ||||||
Gain Capital Holdings, Inc.* | 24 | 151 | ||||||
Hampton Roads Bankshares, Inc.* | 30 | 141 | ||||||
Cascade Bancorp* | 23 | 134 | ||||||
Imperial Holdings, Inc.* | 54 | 130 | ||||||
Fortegra Financial Corp.* | 20 | 105 | ||||||
Pzena Investment Management, Inc. — Class A | 30 | 98 | ||||||
PMI Group, Inc.* | 486 | 97 | ||||||
Capital Bank Corp.* | 44 | 92 | ||||||
Total Financials | 675,746 | |||||||
INFORMATION TECHNOLOGY - 6.5% | ||||||||
Netlogic Microsystems, Inc.* | 220 | 10,584 | ||||||
Jack Henry & Associates, Inc. | 275 | 7,969 | ||||||
InterDigital, Inc. | 140 | 6,521 | ||||||
SuccessFactors, Inc.* | 264 | 6,069 | ||||||
Parametric Technology Corp.* | 380 | 5,844 | ||||||
Universal Display Corp.* | 120 | 5,753 | ||||||
Aruba Networks, Inc.* | 274 | 5,729 | ||||||
RF Micro Devices, Inc.* | 879 | 5,573 | ||||||
ADTRAN, Inc. | 208 | 5,504 | ||||||
Concur Technologies, Inc.* | 141 | 5,248 | ||||||
CommVault Systems, Inc. | 138 | 5,114 | ||||||
Finisar Corp.* | 289 | 5,069 | ||||||
CACI International, Inc. — Class A* | 100 | 4,994 | ||||||
Hittite Microwave Corp.* | 101 | 4,919 | ||||||
Blackboard, Inc.* | 109 | 4,868 | ||||||
QLIK Technologies, Inc.* | 220 | 4,765 | ||||||
Wright Express Corp.* | 124 | 4,717 | ||||||
Microsemi Corp.* | 276 | 4,410 | ||||||
Rambus, Inc.* | 314 | 4,396 | ||||||
Semtech Corp.* | 204 | 4,304 | ||||||
Anixter International, Inc. | 90 | 4,270 | ||||||
Plantronics, Inc. | 150 | 4,267 | ||||||
Cavium, Inc.* | 152 | 4,106 | ||||||
Aspen Technology, Inc.* | 264 | 4,031 | ||||||
Arris Group, Inc.* | 390 | 4,017 | ||||||
MAXIMUS, Inc. | 114 | 3,979 | ||||||
j2 Global Communications, Inc. | 147 | 3,954 | ||||||
ValueClick, Inc.* | 250 | 3,890 | ||||||
SolarWinds, Inc. | 176 | 3,876 | ||||||
Ultimate Software Group, Inc.* | 80 | 3,738 | ||||||
Progress Software Corp.* | 210 | 3,685 | ||||||
FEI Co.* | 123 | 3,685 | ||||||
Viasat, Inc.* | 110 | 3,664 | ||||||
MKS Instruments, Inc. | 163 | 3,539 | ||||||
TiVo, Inc.* | 377 | 3,521 | ||||||
Cognex Corp. | 129 | 3,497 | ||||||
Cymer, Inc.* | 94 | 3,495 | ||||||
Sapient Corp. | 344 | 3,488 | ||||||
Coherent, Inc.* | 80 | 3,437 | ||||||
Taleo Corp. — Class A* | 130 | 3,344 | ||||||
Blackbaud, Inc. | 145 | 3,229 | ||||||
OpenTable, Inc.* | 70 | 3,221 | ||||||
Cirrus Logic, Inc.* | 214 | 3,154 | ||||||
JDA Software Group, Inc.* | 134 | 3,141 | ||||||
Convergys Corp.* | 334 | 3,133 | ||||||
Veeco Instruments, Inc.* | 128 | 3,123 | ||||||
Netgear, Inc.* | 120 | 3,107 | ||||||
Quest Software, Inc.* | 194 | 3,081 | ||||||
ACI Worldwide, Inc.* | 110 | 3,029 | ||||||
Cardtronics, Inc.* | 132 | 3,025 | ||||||
Mentor Graphics Corp.* | 310 | 2,982 | ||||||
Littelfuse, Inc. | 74 | 2,976 | ||||||
Take-Two Interactive Software, Inc.* | 230 | 2,926 | ||||||
Fair Isaac Corp. | 130 | 2,838 | ||||||
Acxiom Corp.* | 262 | 2,788 | ||||||
Power Integrations, Inc. | 90 | 2,755 | ||||||
MicroStrategy, Inc. — Class A* | 24 | 2,738 | ||||||
Entegris, Inc.* | 424 | 2,705 | ||||||
Digital River, Inc.* | 130 | 2,695 | ||||||
TriQuint Semiconductor, Inc. | 524 | 2,630 | ||||||
Synaptics, Inc.* | 110 | 2,629 | ||||||
Infinera Corp.* | 336 | 2,594 | ||||||
Euronet Worldwide, Inc.* | 164 | 2,581 | ||||||
Scansource, Inc.* | 87 | 2,572 | ||||||
RightNow Technologies, Inc.* | 77 | 2,545 | ||||||
Omnivision Technologies, Inc.* | 180 | 2,527 | ||||||
Benchmark Electronics, Inc.* | 190 | 2,472 | ||||||
Plexus Corp.* | 109 | 2,466 | ||||||
Tyler Technologies, Inc.* | 97 | 2,452 | ||||||
Heartland Payment Systems, Inc. | 124 | 2,445 | ||||||
Integrated Device Technology, Inc.* | 470 | 2,421 | ||||||
Sourcefire, Inc.* | 90 | 2,408 | ||||||
Cabot Microelectronics Corp.* | 70 | 2,407 | ||||||
Ancestry.com, Inc.* | 102 | 2,397 | ||||||
NetSuite, Inc.* | 86 | 2,323 | ||||||
Earthlink, Inc. | 349 | 2,279 | ||||||
NIC, Inc. | 199 | 2,279 | ||||||
Insight Enterprises, Inc. | 150 | 2,271 | ||||||
Websense, Inc.* | 130 | 2,249 | ||||||
Comtech Telecommunications Corp. | 80 | 2,247 | ||||||
BroadSoft, Inc.* | 74 | 2,246 | ||||||
Bottomline Technologies, Inc.* | 110 | 2,215 | ||||||
Mantech International Corp. — Class A | 70 | 2,197 | ||||||
Unisys Corp.* | 140 | 2,197 | ||||||
Syntel, Inc. | 50 | 2,159 | ||||||
LogMeIn, Inc. | 64 | 2,125 |
72 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | September 30, 2011 | |
RUSSELL 2000® 1.5x STRATEGY FUND |
Shares | Value | |||||||
Synchronoss Technologies, Inc.* | 85 | $ | 2,117 | |||||
Manhattan Associates, Inc.* | 64 | 2,117 | ||||||
SYNNEX Corp.* | 80 | 2,096 | ||||||
Advent Software, Inc.* | 100 | 2,085 | ||||||
DealerTrack Holdings, Inc.* | 130 | 2,037 | ||||||
Electronics for Imaging, Inc.* | 149 | 2,007 | ||||||
VirnetX Holding Corp.* | 133 | 1,994 | ||||||
Diodes, Inc.* | 110 | 1,971 | ||||||
Brightpoint, Inc.* | 214 | 1,971 | ||||||
Tessera Technologies, Inc.* | 164 | 1,958 | ||||||
Rogers Corp.* | 50 | 1,957 | ||||||
Blue Coat Systems, Inc.* | 140 | 1,943 | ||||||
Lattice Semiconductor Corp.* | 370 | 1,943 | ||||||
Spansion, Inc. — Class A* | 158 | 1,931 | ||||||
Liquidity Services, Inc.* | 60 | 1,924 | ||||||
RealPage, Inc.* | 94 | 1,922 | ||||||
OSI Systems, Inc.* | 56 | 1,877 | ||||||
Verint Systems, Inc.* | 70 | 1,840 | ||||||
Emulex Corp.* | 279 | 1,786 | ||||||
Brooks Automation, Inc. | 214 | 1,744 | ||||||
Rofin-Sinar Technologies, Inc.* | 90 | 1,728 | ||||||
Ceva, Inc.* | 71 | 1,726 | ||||||
Kulicke & Soffa Industries, Inc.* | 230 | 1,716 | ||||||
Sanmina-SCI Corp.* | 254 | 1,697 | ||||||
Constant Contact, Inc.* | 98 | 1,694 | ||||||
LivePerson, Inc.* | 170 | 1,692 | ||||||
Checkpoint Systems, Inc.* | 124 | 1,684 | ||||||
MTS Systems Corp. | 54 | 1,655 | ||||||
Maxwell Technologies, Inc. | 89 | 1,638 | ||||||
Forrester Research, Inc. | 50 | 1,625 | ||||||
comScore, Inc.* | 96 | 1,620 | ||||||
ATMI, Inc.* | 100 | 1,582 | ||||||
TTM Technologies, Inc.* | 164 | 1,560 | ||||||
Micrel, Inc. | 164 | 1,553 | ||||||
S1 Corp.* | 169 | 1,550 | ||||||
Harmonic, Inc.* | 363 | 1,546 | ||||||
FARO Technologies, Inc.* | 49 | 1,546 | ||||||
Volterra Semiconductor Corp.* | 80 | 1,538 | ||||||
Pegasystems, Inc. | 50 | 1,531 | ||||||
TNS, Inc.* | 80 | 1,504 | ||||||
Loral Space & Communications, Inc.* | 30 | 1,503 | ||||||
Opnet Technologies, Inc. | 43 | 1,501 | ||||||
Park Electrochemical Corp. | 70 | 1,496 | ||||||
United Online, Inc. | 284 | 1,485 | ||||||
Amkor Technology, Inc.* | 340 | 1,482 | ||||||
Silicon Image, Inc.* | 250 | 1,468 | ||||||
Sonus Networks, Inc.* | 674 | 1,463 | ||||||
Standard Microsystems Corp.* | 74 | 1,436 | ||||||
DG FastChannel, Inc.* | 83 | 1,407 | ||||||
CSG Systems International, Inc.* | 110 | 1,390 | ||||||
Monotype Imaging Holdings, Inc.* | 114 | 1,383 | ||||||
Ebix, Inc. | 94 | 1,382 | ||||||
Ultratech, Inc.* | 80 | 1,372 | ||||||
DTS, Inc.* | 54 | 1,341 | ||||||
STEC, Inc.* | 130 | 1,318 | ||||||
Netscout Systems, Inc.* | 114 | 1,302 | ||||||
Measurement Specialties, Inc.* | 50 | 1,298 | ||||||
Stratasys, Inc.* | 70 | 1,298 | ||||||
Quantum Corp.* | 714 | 1,292 | ||||||
Black Box Corp. | 60 | 1,281 | ||||||
EPIQ Systems, Inc. | 100 | 1,253 | ||||||
Kenexa Corp.* | 80 | 1,251 | ||||||
Newport Corp. | 114 | 1,232 | ||||||
TeleTech Holdings, Inc.* | 80 | 1,219 | ||||||
RealD, Inc.* | 130 | 1,215 | ||||||
Intermec, Inc. | 186 | 1,213 | ||||||
Dice Holdings, Inc.* | 154 | 1,204 | ||||||
ExlService Holdings, Inc.* | 54 | 1,188 | ||||||
Tekelec* | 194 | 1,172 | ||||||
Interactive Intelligence Group* | 43 | 1,167 | ||||||
Advanced Energy Industries, Inc.* | 135 | 1,164 | ||||||
Mercury Computer Systems, Inc.* | 100 | 1,150 | ||||||
Entropic Communications, Inc.* | 276 | 1,140 | ||||||
SS&C Technologies Holdings, Inc.* | 79 | 1,129 | ||||||
Fabrinet* | 60 | 1,122 | ||||||
Silicon Graphics International Corp.* | 94 | 1,120 | ||||||
iGate Corp. | 97 | 1,119 | ||||||
Super Micro Computer, Inc.* | 88 | 1,103 | ||||||
Applied Micro Circuits Corp.* | 204 | 1,095 | ||||||
Accelrys, Inc.* | 180 | 1,091 | ||||||
Sycamore Networks, Inc. | 60 | 1,083 | ||||||
Oplink Communications, Inc.* | 70 | 1,060 | ||||||
ICG Group, Inc.* | 114 | 1,050 | ||||||
Infospace, Inc.* | 122 | 1,020 | ||||||
Formfactor, Inc.* | 162 | 1,009 | ||||||
Kemet Corp.* | 140 | 1,001 | ||||||
Power-One, Inc. | 214 | 963 | ||||||
Magma Design Automation, Inc.* | 211 | 960 | ||||||
Anaren, Inc.* | 50 | 957 | ||||||
Photronics, Inc.* | 190 | 946 | ||||||
Daktronics, Inc. | 110 | 944 | ||||||
Calix, Inc.* | 120 | 936 | ||||||
Ixia* | 122 | 936 | ||||||
Globecomm Systems, Inc.* | 69 | 932 | ||||||
Cass Information Systems, Inc. | 30 | 931 | ||||||
Keynote Systems, Inc. | 44 | 930 | ||||||
KIT Digital, Inc. | 110 | 924 | ||||||
Monolithic Power Systems, Inc.* | 90 | 916 | ||||||
Vocus, Inc.* | 54 | 905 | ||||||
PROS Holdings, Inc.* | 70 | 902 | ||||||
CTS Corp. | 110 | 894 | ||||||
Methode Electronics, Inc. | 120 | 892 | ||||||
QuinStreet, Inc.* | 86 | 890 | ||||||
Digi International, Inc. | 80 | 880 | ||||||
Xyratex Ltd. | 94 | 871 | ||||||
IXYS Corp.* | 80 | 870 | ||||||
Nanometrics, Inc. | 60 | 870 | ||||||
Powerwave Technologies, Inc.* | 504 | 867 | ||||||
LoopNet, Inc.* | 50 | 857 | ||||||
Ness Technologies, Inc.* | 110 | 843 |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 73 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | September 30, 2011 | |
RUSSELL 2000® 1.5x STRATEGY FUND |
Shares | Value | |||||||
LTX-Credence Corp.* | 158 | $ | 836 | |||||
Electro Scientific Industries, Inc.* | 70 | 832 | ||||||
Electro Rent Corp. | 60 | 829 | ||||||
XO Group, Inc.* | 100 | 817 | ||||||
Internap Network Services Corp.* | 164 | 807 | ||||||
MIPS Technologies, Inc. — Class A* | 164 | 794 | ||||||
Cohu, Inc. | 80 | 790 | ||||||
Extreme Networks* | 294 | 779 | ||||||
Sigma Designs, Inc.* | 99 | 776 | ||||||
OCZ Technology Group, Inc.* | 160 | 776 | ||||||
Echelon Corp.* | 110 | 771 | ||||||
ShoreTel, Inc.* | 154 | 767 | ||||||
IntraLinks Holdings, Inc.* | 100 | 751 | ||||||
Move, Inc.* | 504 | 731 | ||||||
NVE Corp.* | 12 | 728 | ||||||
Kopin Corp.* | 204 | 700 | ||||||
Avid Technology, Inc.* | 90 | 697 | ||||||
Exar Corp.* | 120 | 685 | ||||||
DemandTec, Inc.* | 104 | 680 | ||||||
Rudolph Technologies, Inc.* | 99 | 662 | ||||||
Virtusa Corp.* | 50 | 660 | ||||||
Imation Corp.* | 90 | 658 | ||||||
Renaissance Learning, Inc. | 38 | 638 | ||||||
Actuate Corp.* | 114 | 629 | ||||||
Web.com Group, Inc.* | 90 | 628 | ||||||
Integrated Silicon Solution, Inc.* | 80 | 625 | ||||||
Zygo Corp.* | 54 | 624 | ||||||
CIBER, Inc.* | 204 | 618 | ||||||
Seachange International, Inc.* | 80 | 616 | ||||||
MoneyGram International, Inc.* | 264 | 615 | ||||||
GSI Group, Inc.* | 80 | 614 | ||||||
Stamps.com, Inc. | 30 | 613 | ||||||
Wave Systems Corp. — Class A* | 260 | 608 | ||||||
Symmetricom, Inc.* | 140 | 608 | ||||||
Cray, Inc.* | 114 | 605 | ||||||
Advanced Analogic Technologies, Inc.* | 139 | 602 | ||||||
Envestnet, Inc.* | 60 | 600 | ||||||
Richardson Electronics Ltd. | 44 | 599 | ||||||
Multi-Fineline Electronix, Inc.* | 30 | 598 | ||||||
SciQuest, Inc.* | 40 | 598 | ||||||
Oclaro, Inc.* | 164 | 597 | ||||||
Pericom Semiconductor Corp.* | 80 | 593 | ||||||
Rubicon Technology, Inc.* | 54 | 590 | ||||||
Active Network, Inc.* | 40 | 590 | ||||||
Perficient, Inc. | 80 | 586 | ||||||
Digimarc Corp.* | 23 | 584 | ||||||
Mindspeed Technologies, Inc.* | 109 | 567 | ||||||
Marchex, Inc. — Class A | 66 | 561 | ||||||
Zix Corp.* | 210 | 561 | ||||||
Computer Task Group, Inc.* | 50 | 559 | ||||||
RealNetworks, Inc. | 66 | 556 | ||||||
Aeroflex Holding Corp.* | 60 | 546 | ||||||
Immersion Corp.* | 90 | 538 | ||||||
American Software, Inc. — Class A | 74 | 537 | ||||||
Echo Global Logistics, Inc.* | 40 | 532 | ||||||
Global Cash Access Holdings, Inc.* | 206 | 527 | ||||||
Vishay Precision Group, Inc.* | 40 | 527 | ||||||
Inphi Corp.* | 60 | 526 | ||||||
Supertex, Inc.* | 30 | 519 | ||||||
Saba Software, Inc.* | 90 | 518 | ||||||
TeleCommunication Systems, Inc. — Class A* | 150 | 517 | ||||||
Intevac, Inc.* | 74 | 517 | ||||||
Limelight Networks, Inc.* | 215 | 507 | ||||||
Cornerstone OnDemand, Inc.* | 40 | 502 | ||||||
AXT, Inc.* | 97 | 489 | ||||||
SPS Commerce, Inc. | 30 | 489 | ||||||
ModusLink Global Solutions, Inc. | 140 | 489 | ||||||
Travelzoo, Inc.* | 22 | 484 | ||||||
Procera Networks, Inc.* | 50 | 480 | ||||||
Lionbridge Technologies, Inc.* | 194 | 477 | ||||||
Bel Fuse, Inc. — Class B | 30 | 468 | ||||||
VASCO Data Security International, Inc.* | 89 | 455 | ||||||
Anadigics, Inc.* | 210 | 454 | ||||||
Aviat Networks, Inc.* | 190 | 447 | ||||||
Deltek, Inc.* | 74 | 445 | ||||||
TeleNav, Inc.* | 50 | 443 | ||||||
DSP Group, Inc.* | 74 | 437 | ||||||
PLX Technology, Inc.* | 144 | 433 | ||||||
Openwave Systems, Inc.* | 274 | 427 | ||||||
Callidus Software, Inc.* | 90 | 415 | ||||||
Alpha & Omega Semiconductor Ltd.* | 50 | 411 | ||||||
Axcelis Technologies, Inc.* | 334 | 401 | ||||||
ServiceSource International, Inc.* | 30 | 396 | ||||||
KVH Industries, Inc.* | 50 | 396 | ||||||
LeCroy Corp.* | 50 | 395 | ||||||
Rimage Corp. | 30 | 379 | ||||||
THQ, Inc.* | 219 | 379 | ||||||
Agilysys, Inc.* | 53 | 378 | ||||||
Pulse Electronics Corp. | 130 | 372 | ||||||
Radisys Corp.* | 60 | 367 | ||||||
Westell Technologies, Inc. — Class A* | 170 | 367 | ||||||
MoSys, Inc.* | 100 | 366 | ||||||
DDi Corp. | 50 | 362 | ||||||
Hackett Group, Inc.* | 94 | 351 | ||||||
MaxLinear, Inc. — Class A* | 51 | 329 | ||||||
Responsys, Inc.* | 30 | 323 | ||||||
ePlus, Inc.* | 13 | 321 | ||||||
support.com, Inc.* | 154 | 305 | ||||||
Ultra Clean Holdings* | 71 | 305 | ||||||
Novatel Wireless, Inc.* | 100 | 302 | ||||||
PDF Solutions, Inc.* | 74 | 302 | ||||||
Communications Systems, Inc. | 23 | 299 | ||||||
X-Rite, Inc.* | 80 | 298 | ||||||
GSI Technology, Inc.* | 60 | 295 | ||||||
Convio, Inc.* | 35 | 294 | ||||||
Guidance Software, Inc.* | 44 | 286 | ||||||
PRGX Global, Inc.* | 60 | 283 |
74 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | September 30, 2011 | |
RUSSELL 2000® 1.5x STRATEGY FUND |
Shares | Value | |||||||
Glu Mobile, Inc.* | 134 | $ | 283 | |||||
ORBCOMM, Inc.* | 110 | 281 | ||||||
Emcore Corp.* | 279 | 276 | ||||||
Rosetta Stone, Inc.* | 30 | 275 | ||||||
FalconStor Software, Inc.* | 94 | 274 | ||||||
Dot Hill Systems Corp.* | 179 | 270 | ||||||
Dynamics Research Corp.* | 30 | 268 | ||||||
NCI, Inc. — Class A* | 22 | 262 | ||||||
SRS Labs, Inc.* | 36 | 258 | ||||||
Meru Networks, Inc.* | 31 | 253 | ||||||
Identive Group, Inc.* | 124 | 247 | ||||||
TechTarget, Inc.* | 43 | 246 | ||||||
Amtech Systems, Inc.* | 30 | 240 | ||||||
PC Connection, Inc.* | 30 | 239 | ||||||
FSI International, Inc.* | 124 | 234 | ||||||
QAD, Inc. — Class A* | 20 | 214 | ||||||
NeoPhotonics Corp.* | 30 | 206 | ||||||
Motricity, Inc.* | 114 | 193 | ||||||
Demand Media, Inc.* | 24 | 192 | ||||||
BigBand Networks, Inc.* | 140 | 179 | ||||||
Viasystems Group, Inc.* | 10 | 176 | ||||||
Opnext, Inc.* | 140 | 175 | ||||||
Smith Micro Software, Inc.* | 114 | 173 | ||||||
Ellie Mae, Inc.* | 30 | 167 | ||||||
Numerex Corp. — Class A* | 30 | 167 | ||||||
eMagin Corp.* | 54 | 142 | ||||||
Dialogic, Inc.* | 50 | 93 | ||||||
Quepasa Corp.* | 23 | 79 | ||||||
Stream Global Services, Inc.* | 30 | 62 | ||||||
CSR plc ADR* | 3 | 38 | ||||||
FriendFinder Networks, Inc.* | 13 | 24 | ||||||
Total Information Technology | 523,202 | |||||||
INDUSTRIALS - 5.7% | ||||||||
Clean Harbors, Inc.* | 149 | 7,644 | ||||||
Hexcel Corp.* | 310 | 6,870 | ||||||
CLARCOR, Inc. | 164 | 6,786 | ||||||
Alaska Air Group, Inc.* | 112 | 6,304 | ||||||
HEICO Corp. | 127 | 6,253 | ||||||
Genesee & Wyoming, | ||||||||
Inc. — Class A* | 130 | 6,048 | ||||||
Teledyne Technologies, Inc.* | 120 | 5,863 | ||||||
Triumph Group, Inc. | 120 | 5,849 | ||||||
Woodward, Inc. | 194 | 5,316 | ||||||
Dollar Thrifty Automotive | ||||||||
Group, Inc.* | 90 | 5,067 | ||||||
Acuity Brands, Inc. | 140 | 5,046 | ||||||
Acacia Research — Acacia | ||||||||
Technologies* | 140 | 5,039 | ||||||
FTI Consulting, Inc. | 134 | 4,933 | ||||||
Esterline Technologies Corp.* | 93 | 4,821 | ||||||
Watsco, Inc. | 90 | 4,599 | ||||||
Moog, Inc. — Class A* | 140 | 4,567 | ||||||
Mueller Industries, Inc. | 118 | 4,554 | ||||||
Old Dominion Freight Line, Inc.* | 154 | 4,461 | ||||||
Curtiss-Wright Corp. | 150 | 4,324 | ||||||
Robbins & Myers, Inc. | 124 | 4,304 | ||||||
EMCOR Group, Inc. | 210 | 4,269 | ||||||
Middleby Corp.* | 60 | 4,228 | ||||||
Actuant Corp. — Class A | 214 | 4,227 | ||||||
United Stationers, Inc. | 150 | 4,087 | ||||||
Brady Corp. — Class A | 154 | 4,070 | ||||||
CoStar Group, Inc.* | 76 | 3,950 | ||||||
Belden, Inc. | 152 | 3,920 | ||||||
Geo Group, Inc.* | 210 | 3,898 | ||||||
AO Smith Corp. | 120 | 3,844 | ||||||
Chart Industries, Inc. | 90 | 3,795 | ||||||
Rollins, Inc. | 202 | 3,779 | ||||||
Tetra Tech, Inc.* | 200 | 3,748 | ||||||
Applied Industrial Technologies, Inc. | 134 | 3,639 | ||||||
Brink’s Co. | 150 | 3,496 | ||||||
Healthcare Services Group, Inc. | 214 | 3,454 | ||||||
HUB Group, Inc. — Class A* | 120 | 3,392 | ||||||
United Rentals, Inc.* | 200 | 3,368 | ||||||
Advisory Board Co.* | 52 | 3,356 | ||||||
Barnes Group, Inc. | 171 | 3,292 | ||||||
Corporate Executive Board Co. | 110 | 3,278 | ||||||
Simpson Manufacturing | ||||||||
Company, Inc. | 130 | 3,241 | ||||||
ABM Industries, Inc. | 170 | 3,240 | ||||||
Avis Budget Group, Inc.* | 334 | 3,230 | ||||||
Herman Miller, Inc. | 180 | 3,215 | ||||||
MasTec, Inc. | 182 | 3,205 | ||||||
EnerSys* | 160 | 3,203 | ||||||
JetBlue Airways Corp.* | 779 | 3,194 | ||||||
Deluxe Corp. | 160 | 2,976 | ||||||
II-VI, Inc.* | 168 | 2,940 | ||||||
Werner Enterprises, Inc. | 140 | 2,916 | ||||||
Kaydon Corp. | 100 | 2,868 | ||||||
Raven Industries, Inc. | 59 | 2,844 | ||||||
US Airways Group, Inc.* | 510 | 2,805 | ||||||
GT Advanced Technologies, Inc.* | 396 | 2,780 | ||||||
HNI Corp. | 145 | 2,774 | ||||||
Franklin Electric Company, Inc. | 74 | 2,685 | ||||||
Atlas Air Worldwide Holdings, Inc.* | 80 | 2,663 | ||||||
Watts Water Technologies, Inc. — Class A | 98 | 2,612 | ||||||
Ameron International Corp. | 30 | 2,548 | ||||||
Knight Transportation, Inc. | 190 | 2,529 | ||||||
RBC Bearings, Inc.* | 74 | 2,515 | ||||||
Mine Safety Appliances Co. | 90 | 2,426 | ||||||
Beacon Roofing Supply, Inc.* | 150 | 2,398 | ||||||
Allegiant Travel Co. — Class A* | 50 | 2,356 | ||||||
Granite Construction, Inc. | 124 | 2,327 | ||||||
Orbital Sciences Corp. | 180 | 2,304 | ||||||
Forward Air Corp. | 90 | 2,290 | ||||||
Huron Consulting Group, Inc.* | 72 | 2,241 | ||||||
Kaman Corp. | 80 | 2,228 | ||||||
Heartland Express, Inc. | 164 | 2,224 | ||||||
Briggs & Stratton Corp. | 163 | 2,202 | ||||||
AAR Corp. | 130 | 2,167 |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 75 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | September 30, 2011 | |
RUSSELL 2000® 1.5x STRATEGY FUND |
Shares | Value | |||||||
Lindsay Corp. | 40 | $ | 2,152 | |||||
Ceradyne, Inc.* | 80 | 2,151 | ||||||
DigitalGlobe, Inc.* | 108 | 2,098 | ||||||
EnPro Industries, Inc.* | 70 | 2,078 | ||||||
Cubic Corp. | 53 | 2,071 | ||||||
GeoEye, Inc.* | 73 | 2,070 | ||||||
Blount International, Inc.* | 154 | 2,057 | ||||||
Knoll, Inc. | 150 | 2,055 | ||||||
ESCO Technologies, Inc. | 80 | 2,040 | ||||||
Tennant Co. | 57 | 2,016 | ||||||
Titan International, Inc. | 134 | 2,010 | ||||||
Unifirst Corp. | 44 | 1,993 | ||||||
Mobile Mini, Inc.* | 120 | 1,973 | ||||||
SYKES Enterprises, Inc.* | 131 | 1,958 | ||||||
Skywest, Inc. | 170 | 1,957 | ||||||
Interface, Inc. — Class A | 164 | 1,945 | ||||||
Astec Industries, Inc.* | 66 | 1,932 | ||||||
McGrath Rentcorp | 80 | 1,903 | ||||||
Amerco, Inc.* | 30 | 1,873 | ||||||
3D Systems Corp.* | 132 | 1,847 | ||||||
American Science & Engineering, Inc. | 30 | 1,831 | ||||||
Exponent, Inc.* | 44 | 1,819 | ||||||
Korn* | 144 | 1,755 | ||||||
TAL International Group, Inc. | 70 | 1,746 | ||||||
Aircastle Ltd. | 181 | 1,723 | ||||||
Dycom Industries, Inc.* | 110 | 1,683 | ||||||
Insperity, Inc. | 74 | 1,646 | ||||||
TrueBlue, Inc.* | 145 | 1,643 | ||||||
Albany International Corp. — Class A | 90 | 1,643 | ||||||
Swift Transportation Co. — Class A* | 250 | 1,610 | ||||||
Colfax Corp.* | 79 | 1,601 | ||||||
CIRCOR International, Inc. | 54 | 1,586 | ||||||
Steelcase, Inc. — Class A | 250 | 1,577 | ||||||
AZZ, Inc. | 40 | 1,551 | ||||||
USG Corp. | 230 | 1,548 | ||||||
Higher One Holdings, Inc.* | 94 | 1,529 | ||||||
RSC Holdings, Inc.* | 213 | 1,519 | ||||||
Navigant Consulting, Inc.* | 163 | 1,511 | ||||||
Generac Holdings, Inc.* | 79 | 1,486 | ||||||
Rush Enterprises, Inc. — Class A* | 104 | 1,473 | ||||||
Resources Connection, Inc. | 150 | 1,467 | ||||||
Badger Meter, Inc. | 50 | 1,446 | ||||||
Quad | 80 | 1,446 | ||||||
Universal Forest Products, Inc. | 60 | 1,443 | ||||||
Insituform Technologies, Inc. — Class A* | 124 | 1,436 | ||||||
G&K Services, Inc. — Class A | 56 | 1,430 | ||||||
Interline Brands, Inc.* | 110 | 1,416 | ||||||
Aerovironment, Inc.* | 50 | 1,407 | ||||||
Layne Christensen Co.* | 60 | 1,386 | ||||||
Quanex Building Products Corp. | 120 | 1,314 | ||||||
Arkansas Best Corp. | 80 | 1,292 | ||||||
John Bean Technologies Corp. | 90 | 1,283 | ||||||
NACCO Industries, Inc. — Class A | 20 | 1,268 | ||||||
Sun Hydraulics Corp. | 62 | 1,264 | ||||||
Griffon Corp.* | 154 | 1,260 | ||||||
Team, Inc.* | 60 | 1,259 | ||||||
Global Power Equipment Group, Inc.* | 54 | 1,257 | ||||||
Standex International Corp. | 40 | 1,245 | ||||||
Encore Wire Corp. | 60 | 1,235 | ||||||
Gorman-Rupp Co. | 50 | 1,234 | ||||||
Mueller Water Products, Inc. — Class A | 494 | 1,225 | ||||||
Tutor Perini Corp. | 102 | 1,172 | ||||||
Tredegar Corp. | 79 | 1,172 | ||||||
MYR Group, Inc.* | 66 | 1,164 | ||||||
Sauer-Danfoss, Inc.* | 40 | 1,156 | ||||||
ICF International, Inc.* | 60 | 1,129 | ||||||
Trimas Corp.* | 76 | 1,129 | ||||||
Consolidated Graphics, Inc.* | 30 | 1,096 | ||||||
Kforce, Inc.* | 110 | 1,079 | ||||||
Swisher Hygiene, Inc.* | 264 | 1,069 | ||||||
Ennis, Inc. | 80 | 1,045 | ||||||
Wabash National Corp.* | 214 | 1,021 | ||||||
Viad Corp. | 60 | 1,019 | ||||||
Cascade Corp. | 30 | 1,002 | ||||||
Comfort Systems USA, Inc. | 120 | 998 | ||||||
A123 Systems, Inc.* | 279 | 960 | ||||||
US Ecology, Inc. | 62 | 959 | ||||||
AAON, Inc. | 60 | 945 | ||||||
Powell Industries, Inc.* | 30 | 929 | ||||||
Altra Holdings, Inc.* | 80 | 926 | ||||||
Marten Transport Ltd. | 53 | 914 | ||||||
Kelly Services, Inc. — Class A | 80 | 912 | ||||||
Multi-Color Corp. | 40 | 904 | ||||||
Titan Machinery, Inc.* | 50 | 895 | ||||||
Heidrick & Struggles International, Inc. | 54 | 888 | ||||||
Federal Signal Corp. | 200 | 884 | ||||||
EnergySolutions, Inc.* | 250 | 882 | ||||||
Force Protection, Inc.* | 229 | 882 | ||||||
Mistras Group, Inc.* | 50 | 878 | ||||||
APAC Customer Services, Inc.* | 100 | 852 | ||||||
PMFG, Inc.* | 54 | 852 | ||||||
Trex Company, Inc. | 53 | 850 | ||||||
On Assignment, Inc.* | 120 | 848 | ||||||
Astronics Corp.* | 30 | 847 | ||||||
Dolan Co.* | 94 | 845 | ||||||
Standard Parking Corp.* | 54 | 845 | ||||||
Primoris Services Corp. | 80 | 837 | ||||||
RailAmerica, Inc.* | 64 | 834 | ||||||
ACCO Brands Corp.* | 174 | 830 | ||||||
GenCorp, Inc.* | 184 | 826 | ||||||
Taser International, Inc.* | 190 | 819 | ||||||
CBIZ, Inc.* | 124 | 817 | ||||||
Textainer Group Holdings Ltd. | 40 | 811 | ||||||
Twin Disc, Inc. | 30 | 800 | ||||||
Capstone Turbine Corp.* | 784 | 784 | ||||||
Apogee Enterprises, Inc. | 90 | 773 |
76 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | September 30, 2011 | |
RUSSELL 2000® 1.5x STRATEGY FUND |
Shares | Value | |||||||
Gibraltar Industries, Inc.* | 93 | $ | 755 | |||||
Great Lakes Dredge & Dock Corp. | 184 | 749 | ||||||
Douglas Dynamics, Inc. | 58 | 741 | ||||||
M&F Worldwide Corp.* | 30 | 739 | ||||||
Air Transport Services Group, Inc.* | 168 | 727 | ||||||
H&E Equipment Services, Inc.* | 88 | 726 | ||||||
Kadant, Inc.* | 40 | 710 | ||||||
Genco Shipping & Trading Ltd.* | 89 | 695 | ||||||
Hawaiian Holdings, Inc.* | 163 | 686 | ||||||
Kratos Defense & Security Solutions, Inc.* | 100 | 672 | ||||||
LB Foster Co. — Class A | 30 | 667 | ||||||
EnerNOC, Inc.* | 74 | 666 | ||||||
Columbus McKinnon Corp.* | 60 | 658 | ||||||
Furmanite Corp.* | 120 | 649 | ||||||
Accuride Corp.* | 124 | 635 | ||||||
Greenbrier Companies, Inc.* | 54 | 629 | ||||||
InnerWorkings, Inc.* | 80 | 627 | ||||||
RPX Corp.* | 30 | 621 | ||||||
Dynamic Materials Corp. | 39 | 614 | ||||||
Ampco-Pittsburgh Corp. | 30 | 614 | ||||||
Houston Wire & Cable Co. | 53 | 609 | ||||||
Northwest Pipe Co.* | 30 | 609 | ||||||
CRA International, Inc.* | 30 | 600 | ||||||
Commercial Vehicle Group, Inc.* | 89 | 585 | ||||||
Michael Baker Corp.* | 30 | 574 | ||||||
Miller Industries, Inc. | 33 | 573 | ||||||
American Superconductor Corp.* | 145 | 570 | ||||||
Odyssey Marine Exploration, Inc.* | 230 | 566 | ||||||
DXP Enterprises, Inc.* | 30 | 565 | ||||||
Sterling Construction Company, Inc.* | 50 | 558 | ||||||
Spirit Airlines, Inc.* | 44 | 550 | ||||||
Ameresco, Inc. — Class A* | 54 | 549 | ||||||
Insteel Industries, Inc. | 54 | 544 | ||||||
Zipcar, Inc.* | 30 | 540 | ||||||
Celadon Group, Inc. | 60 | 533 | ||||||
Saia, Inc. | 50 | 526 | ||||||
Vicor Corp. | 60 | 525 | ||||||
Cenveo, Inc.* | 174 | 524 | ||||||
Orion Marine Group, Inc.* | 89 | 514 | ||||||
LMI Aerospace, Inc.* | 30 | 512 | ||||||
Lydall, Inc.* | 57 | 507 | ||||||
GP Strategies Corp.* | 50 | 500 | ||||||
Graham Corp. | 30 | 499 | ||||||
CAI International, Inc.* | 42 | 492 | ||||||
Kimball International, Inc. — Class B | 100 | 486 | ||||||
Metalico, Inc.* | 123 | 480 | ||||||
Alamo Group, Inc. | 23 | 478 | ||||||
FreightCar America, Inc.* | 33 | 476 | ||||||
Hurco Companies, Inc.* | 23 | 467 | ||||||
Patriot Transportation Holding, Inc.* | 23 | 465 | ||||||
American Railcar Industries, Inc.* | 30 | 461 | ||||||
Preformed Line Products Co. | 10 | 458 | ||||||
NCI Building Systems, Inc.* | 60 | 454 | ||||||
Ducommun, Inc. | 30 | 449 | ||||||
Tecumseh Products Co. — Class A* | 60 | 437 | ||||||
Energy Recovery, Inc.* | 145 | 436 | ||||||
Pacer International, Inc.* | 115 | 431 | ||||||
Met-Pro Corp. | 50 | 429 | ||||||
CDI Corp. | 40 | 427 | ||||||
Republic Airways Holdings, Inc.* | 150 | 424 | ||||||
Aceto Corp. | 80 | 423 | ||||||
Casella Waste Systems, Inc. — Class A* | 80 | 421 | ||||||
Thermon Group Holdings, Inc.* | 30 | 415 | ||||||
Roadrunner Transportation Systems, Inc.* | 30 | 412 | ||||||
VSE Corp. | 15 | 388 | ||||||
Intersections, Inc. | 30 | 385 | ||||||
School Specialty, Inc.* | 54 | 385 | ||||||
KEYW Holding Corp.* | 54 | 384 | ||||||
American Reprographics Co.* | 114 | 383 | ||||||
Quality Distribution, Inc.* | 42 | 377 | ||||||
Hill International, Inc.* | 80 | 374 | ||||||
LSI Industries, Inc. | 60 | 374 | ||||||
Pike Electric Corp.* | 54 | 366 | ||||||
SeaCube Container Leasing Ltd. | 30 | 364 | ||||||
American Woodmark Corp. | 30 | 363 | ||||||
Park-Ohio Holdings Corp.* | 30 | 360 | ||||||
Schawk, Inc. — Class A | 36 | 355 | ||||||
Hudson Highland Group, Inc.* | 100 | 342 | ||||||
Flow International Corp.* | 154 | 340 | ||||||
AT Cross Co. — Class A* | 30 | 338 | ||||||
Barrett Business Services, Inc. | 24 | 335 | ||||||
FuelCell Energy, Inc.* | 393 | 330 | ||||||
Active Power, Inc.* | 250 | 323 | ||||||
TMS International Corp. — Class A* | 44 | 320 | ||||||
Xerium Technologies, Inc.* | 30 | 314 | ||||||
Eagle Bulk Shipping, Inc.* | 200 | 314 | ||||||
Fuel Tech, Inc.* | 53 | 308 | ||||||
Excel Maritime Carriers Ltd. — Class A* | 140 | 291 | ||||||
Franklin Covey Co.* | 38 | 289 | ||||||
PowerSecure International, Inc.* | 60 | 284 | ||||||
Satcon Technology Corp.* | 284 | 270 | ||||||
Coleman Cable, Inc.* | 30 | 254 | ||||||
NN, Inc.* | 50 | 252 | ||||||
International Shipholding Corp. | 13 | 240 | ||||||
Valence Technology, Inc.* | 230 | 239 | ||||||
Heritage-Crystal Clean, Inc.* | 13 | 236 | ||||||
Argan, Inc.* | 23 | 234 | ||||||
Baltic Trading Ltd. | 50 | 233 | ||||||
Microvision, Inc.* | 336 | 229 | ||||||
WCA Waste Corp.* | 50 | 212 | ||||||
Courier Corp. | 30 | 196 | ||||||
Builders FirstSource, Inc.* | 147 | 187 | ||||||
Universal Truckload Services, Inc. | 13 | 169 | ||||||
Ultrapetrol Bahamas Ltd.* | 72 | 163 |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 77 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | September 30, 2011 | |
RUSSELL 2000® 1.5x STRATEGY FUND |
Shares | Value | |||||||
TRC Companies, Inc.* | 54 | $ | 163 | |||||
UniTek Global Services, Inc.* | 30 | 149 | ||||||
Lawson Products, Inc. | 10 | 135 | ||||||
Omega Flex, Inc.* | 10 | 133 | ||||||
Essex Rental Corp.* | 50 | 123 | ||||||
Covenant Transportation Group, Inc. — Class A* | 30 | 109 | ||||||
Broadwind Energy, Inc.* | 336 | 108 | ||||||
Ener1, Inc.* | 230 | 32 | ||||||
Total Industrials | 461,320 | |||||||
CONSUMER DISCRETIONARY - 5.0% | ||||||||
Crocs, Inc.* | 274 | 6,486 | ||||||
Warnaco Group, Inc.* | 140 | 6,453 | ||||||
Sotheby’s | 209 | 5,762 | ||||||
Rent-A-Center, Inc. — Class A | 204 | 5,600 | ||||||
Cinemark Holdings, Inc. | 291 | 5,494 | ||||||
Domino’s Pizza, Inc.* | 199 | 5,423 | ||||||
Ascena Retail Group, Inc.* | 199 | 5,387 | ||||||
Wolverine World Wide, Inc. | 160 | 5,320 | ||||||
Life Time Fitness, Inc.* | 134 | 4,938 | ||||||
Carter’s, Inc.* | 160 | 4,886 | ||||||
Dana Holding Corp.* | 464 | 4,872 | ||||||
Tenneco, Inc.* | 190 | 4,866 | ||||||
Cheesecake Factory, Inc.* | 180 | 4,437 | ||||||
Vail Resorts, Inc. | 114 | 4,308 | ||||||
HSN, Inc. | 130 | 4,307 | ||||||
Men’s Wearhouse, Inc. | 160 | 4,173 | ||||||
Jos A. Bank Clothiers, Inc.* | 87 | 4,057 | ||||||
Brunswick Corp. | 284 | 3,987 | ||||||
Shutterfly, Inc.* | 96 | 3,953 | ||||||
Pool Corp. | 150 | 3,927 | ||||||
Coinstar, Inc.* | 97 | 3,880 | ||||||
ANN, Inc.* | 164 | 3,746 | ||||||
Childrens Place Retail Stores, Inc.* | 80 | 3,722 | ||||||
Buffalo Wild Wings, Inc.* | 62 | 3,708 | ||||||
Hillenbrand, Inc. | 200 | 3,680 | ||||||
Iconix Brand Group, Inc.* | 230 | 3,634 | ||||||
Steven Madden Ltd.* | 120 | 3,612 | ||||||
Genesco, Inc.* | 70 | 3,607 | ||||||
Six Flags Entertainment Corp. | 130 | 3,604 | ||||||
Live Nation Entertainment, Inc.* | 444 | 3,556 | ||||||
BJ’s Restaurants, Inc.* | 80 | 3,529 | ||||||
Express, Inc. | 170 | 3,449 | ||||||
Buckle, Inc. | 86 | 3,308 | ||||||
Finish Line, Inc. — Class A | 164 | 3,278 | ||||||
Pier 1 Imports, Inc.* | 334 | 3,267 | ||||||
Saks, Inc.* | 364 | 3,185 | ||||||
Monro Muffler Brake, Inc. | 94 | 3,099 | ||||||
Strayer Education, Inc. | 40 | 3,067 | ||||||
Hibbett Sports, Inc.* | 90 | 3,050 | ||||||
Vitamin Shoppe, Inc.* | 81 | 3,033 | ||||||
Valassis Communications, Inc.* | 160 | 2,998 | ||||||
Jack in the Box, Inc. | 150 | 2,988 | ||||||
Arbitron, Inc. | 90 | 2,977 | ||||||
Cracker Barrel Old Country Store, Inc. | 74 | 2,966 | ||||||
Cabela’s, Inc.* | 140 | 2,869 | ||||||
Group 1 Automotive, Inc. | 80 | 2,844 | ||||||
Matthews International Corp. — Class A | 90 | 2,768 | ||||||
99 Cents Only Stores* | 150 | 2,763 | ||||||
Aeropostale, Inc.* | 254 | 2,746 | ||||||
Texas Roadhouse, Inc. — Class A | 203 | 2,684 | ||||||
Bob Evans Farms, Inc. | 94 | 2,681 | ||||||
Jones Group, Inc. | 279 | 2,570 | ||||||
Regis Corp. | 180 | 2,536 | ||||||
National CineMedia, Inc. | 174 | 2,525 | ||||||
Collective Brands, Inc.* | 194 | 2,514 | ||||||
New York Times Co. — Class A* | 430 | 2,498 | ||||||
Meredith Corp. | 110 | 2,490 | ||||||
Scholastic Corp. | 88 | 2,467 | ||||||
Peet’s Coffee & Tea, Inc.* | 44 | 2,448 | ||||||
Select Comfort Corp.* | 174 | 2,431 | ||||||
Helen of Troy Ltd.* | 94 | 2,361 | ||||||
Penske Automotive Group, Inc. | 145 | 2,320 | ||||||
True Religion Apparel, Inc.* | 86 | 2,319 | ||||||
American Greetings Corp. — Class A | 124 | 2,294 | ||||||
Gaylord Entertainment Co. | 114 | 2,205 | ||||||
Cooper Tire & Rubber Co. | 200 | 2,178 | ||||||
Vera Bradley, Inc.* | 60 | 2,163 | ||||||
Meritor, Inc.* | 304 | 2,146 | ||||||
Orient-Express Hotels Ltd. — Class A* | 300 | 2,073 | ||||||
International Speedway Corp. — Class A | 90 | 2,056 | ||||||
Steiner Leisure Ltd.* | 50 | 2,039 | ||||||
K12, Inc.* | 80 | 2,037 | ||||||
Cato Corp. — Class A | 90 | 2,030 | ||||||
PF Chang’s China Bistro, Inc. | 74 | 2,016 | ||||||
iRobot Corp.* | 77 | 1,937 | ||||||
MDC Holdings, Inc. | 114 | 1,931 | ||||||
DineEquity, Inc.* | 50 | 1,924 | ||||||
Columbia Sportswear Co. | 40 | 1,856 | ||||||
American Public Education, Inc.* | 54 | 1,836 | ||||||
Office Depot, Inc.* | 879 | 1,811 | ||||||
Pinnacle Entertainment, Inc.* | 199 | 1,807 | ||||||
Papa John’s International, Inc. | 59 | 1,794 | ||||||
Maidenform Brands, Inc. | 74 | 1,732 | ||||||
Ascent Capital Group, Inc. — Class A* | 44 | 1,730 | ||||||
CEC Entertainment, Inc. | 60 | 1,708 | ||||||
Jakks Pacific, Inc.1 | 90 | 1,705 | ||||||
Ameristar Casinos, Inc. | 105 | 1,685 | ||||||
Interval Leisure Group, Inc.* | 124 | 1,652 | ||||||
American Axle & Manufacturing Holdings, Inc.* | 216 | 1,648 | ||||||
PEP Boys-Manny Moe & Jack | 164 | 1,619 |
78 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) RUSSELL 2000® 1.5x STRATEGY FUND | September 30, 2011 |
Shares | Value | |||||||
Skechers U.S.A., Inc. — Class A* | 114 | $ | 1,599 | |||||
Stage Stores, Inc. | 114 | 1,581 | ||||||
Sturm Ruger & Company, Inc. | 60 | 1,559 | ||||||
Ryland Group, Inc. | 145 | 1,544 | ||||||
Liz Claiborne, Inc.* | 304 | 1,520 | ||||||
Capella Education Co.* | 53 | 1,504 | ||||||
GNC Holdings, Inc. — Class A* | 74 | 1,489 | ||||||
Stewart Enterprises, Inc. — Class A | 250 | 1,487 | ||||||
Asbury Automotive Group, Inc.* | 90 | 1,484 | ||||||
Blue Nile, Inc.* | 42 | 1,482 | ||||||
Ruby Tuesday, Inc.* | 204 | 1,461 | ||||||
Grand Canyon Education, Inc.* | 90 | 1,453 | ||||||
Oxford Industries, Inc. | 42 | 1,441 | ||||||
KB Home | 245 | 1,436 | ||||||
Shuffle Master, Inc.* | 170 | 1,430 | ||||||
Belo Corp. — Class A | 290 | 1,418 | ||||||
Sonic Corp.* | 199 | 1,407 | ||||||
Churchill Downs, Inc. | 35 | 1,366 | ||||||
Meritage Homes Corp.* | 90 | 1,363 | ||||||
Modine Manufacturing Co.* | 150 | 1,359 | ||||||
Sonic Automotive, Inc. — Class A | 124 | 1,338 | ||||||
OfficeMax, Inc.* | 270 | 1,310 | ||||||
Krispy Kreme Doughnuts, Inc.* | 190 | 1,296 | ||||||
Scientific Games Corp. — Class A* | 180 | 1,282 | ||||||
Fred’s, Inc. — Class A | 120 | 1,279 | ||||||
Wet Seal, Inc. — Class A* | 284 | 1,272 | ||||||
Quiksilver, Inc.* | 410 | 1,251 | ||||||
Harte-Hanks, Inc. | 145 | 1,230 | ||||||
Core-Mark Holding Company, Inc.* | 40 | 1,225 | ||||||
La-Z-Boy, Inc.* | 163 | 1,208 | ||||||
Drew Industries, Inc. | 60 | 1,199 | ||||||
Zumiez, Inc.* | 67 | 1,173 | ||||||
Knology, Inc.* | 90 | 1,168 | ||||||
MDC Partners, Inc. — Class A | 80 | 1,154 | ||||||
Superior Industries International, Inc. | 74 | 1,143 | ||||||
Sinclair Broadcast Group, Inc. — Class A | 159 | 1,140 | ||||||
Rue21, Inc.* | 50 | 1,134 | ||||||
Hot Topic, Inc. | 145 | 1,106 | ||||||
G-III Apparel Group Ltd.* | 48 | 1,097 | ||||||
Ethan Allen Interiors, Inc. | 80 | 1,089 | ||||||
NutriSystem, Inc. | 89 | 1,078 | ||||||
Lumber Liquidators Holdings, Inc.* | 71 | 1,072 | ||||||
Barnes & Noble, Inc. | 90 | 1,065 | ||||||
Callaway Golf Co. | 204 | 1,055 | ||||||
National Presto Industries, Inc. | 12 | 1,043 | ||||||
Red Robin Gourmet Burgers, Inc.* | 43 | 1,036 | ||||||
Brown Shoe Company, Inc. | 145 | 1,032 | ||||||
Denny’s Corp.* | 310 | 1,032 | ||||||
Lithia Motors, Inc. — Class A | 71 | 1,021 | ||||||
Lions Gate Entertainment Corp.* | 145 | 1,000 | ||||||
Exide Technologies* | 250 | 1,000 | ||||||
Bravo Brio Restaurant Group, Inc.* | 60 | 998 | ||||||
Dorman Products, Inc.* | 30 | 992 | ||||||
Universal Technical Institute, Inc.* | 72 | 978 | ||||||
Charming Shoppes, Inc.* | 370 | 962 | ||||||
AFC Enterprises, Inc.* | 80 | 946 | ||||||
Bridgepoint Education, Inc.* | 54 | 942 | ||||||
Central European Media Enterprises Ltd. — Class A* | 120 | 937 | ||||||
Fuel Systems Solutions, Inc.* | 48 | 922 | ||||||
Amerigon, Inc.* | 71 | 904 | ||||||
America’s Car-Mart, Inc.* | 30 | 871 | ||||||
Boyd Gaming Corp.* | 174 | 853 | ||||||
Perry Ellis International, Inc.* | 44 | 827 | ||||||
Standard Pacific Corp.* | 334 | 825 | ||||||
Universal Electronics, Inc.* | 50 | 819 | ||||||
World Wrestling Entertainment, Inc. — Class A | 90 | 802 | ||||||
Bebe Stores, Inc. | 118 | 793 | ||||||
Standard Motor Products, Inc. | 60 | 778 | ||||||
EW Scripps Co. — Class A* | 110 | 769 | ||||||
Cavco Industries, Inc.* | 22 | 758 | ||||||
Blyth, Inc. | 13 | 721 | ||||||
Shoe Carnival, Inc.* | 30 | 708 | ||||||
Marcus Corp. | 69 | 687 | ||||||
Fisher Communications, Inc.* | 30 | 670 | ||||||
Eastman Kodak Co.* | 849 | 662 | ||||||
Body Central Corp.* | 36 | 654 | ||||||
Movado Group, Inc. | 52 | 633 | ||||||
Winnebago Industries, Inc.* | 90 | 623 | ||||||
Libbey, Inc.* | 59 | 622 | ||||||
Talbots, Inc.* | 220 | 594 | ||||||
Citi Trends, Inc.* | 50 | 588 | ||||||
hhgregg, Inc.* | 60 | 585 | ||||||
Arctic Cat, Inc.* | 40 | 580 | ||||||
Haverty Furniture Companies, Inc. | 58 | 579 | ||||||
PetMed Express, Inc. | 64 | 576 | ||||||
Lincoln Educational Services Corp. | 69 | 558 | ||||||
Stein Mart, Inc. | 89 | 556 | ||||||
Weyco Group, Inc. | 23 | 513 | ||||||
Casual Male Retail Group, Inc.* | 134 | 504 | ||||||
Steinway Musical Instruments, Inc.* | 23 | 496 | ||||||
Speedway Motorsports, Inc. | 41 | 495 | ||||||
Tuesday Morning Corp.* | 140 | 493 | ||||||
Smith & Wesson Holding Corp. | 190 | 479 | ||||||
MarineMax, Inc.* | 74 | 479 | ||||||
Ruth’s Hospitality Group, Inc.* | 109 | 468 | ||||||
Winmark Corp. | 10 | 462 | ||||||
Kirkland’s, Inc.* | 50 | 458 | ||||||
Spartan Motors, Inc. | 110 | 454 | ||||||
Big 5 Sporting Goods Corp. | 74 | 450 | ||||||
Caribou Coffee Company, Inc.* | 38 | 449 | ||||||
Saga Communications, Inc. — Class A* | 15 | 443 | ||||||
Leapfrog Enterprises, Inc. — Class A* | 130 | 438 | ||||||
Town Sports International Holdings, Inc.* | 60 | 436 | ||||||
Mac-Gray Corp. | 33 | 426 | ||||||
Morgans Hotel Group Co.* | 71 | 425 | ||||||
Stoneridge, Inc.* | 81 | 423 |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 79 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) RUSSELL 2000® 1.5x STRATEGY FUND | September 30, 2011 |
Shares | Value | |||||||
Entercom Communications Corp. — Class A* | 80 | $ | 420 | |||||
Systemax, Inc.* | 33 | 420 | ||||||
Journal Communications, Inc. — Class A* | 140 | 416 | ||||||
CSS Industries, Inc. | 24 | 400 | ||||||
Christopher & Banks Corp. | 112 | 395 | ||||||
REX American Resources Corp.* | 23 | 388 | ||||||
Destination Maternity Corp. | 30 | 386 | ||||||
Cherokee, Inc. | 30 | 385 | ||||||
West Marine, Inc.* | 50 | 385 | ||||||
Corinthian Colleges, Inc.* | 245 | 382 | ||||||
Cost Plus, Inc.* | 60 | 378 | ||||||
Rentrak Corp.* | 30 | 378 | ||||||
Overstock.com, Inc.* | 40 | 371 | ||||||
Archipelago Learning, Inc.* | 44 | 370 | ||||||
Beazer Homes USA, Inc.* | 240 | 362 | ||||||
O’Charleys, Inc.* | 61 | 362 | ||||||
M/I Homes, Inc.* | 60 | 361 | ||||||
Unifi, Inc.* | 44 | 359 | ||||||
Carrols Restaurant Group, Inc.* | 40 | 356 | ||||||
K-Swiss, Inc. — Class A* | 80 | 340 | ||||||
Benihana, Inc. — Class A* | 39 | 336 | ||||||
Red Lion Hotels Corp.* | 50 | 335 | ||||||
interCLICK, Inc.* | 60 | 333 | ||||||
Audiovox Corp. — Class A* | 60 | 329 | ||||||
Isle of Capri Casinos, Inc.* | 68 | 329 | ||||||
ReachLocal, Inc.* | 30 | 326 | ||||||
Geeknet, Inc.* | 16 | 324 | ||||||
Multimedia Games Holding Company, Inc.* | 80 | 323 | ||||||
RG Barry Corp. | 30 | 318 | ||||||
Conn’s, Inc.* | 43 | 309 | ||||||
Valuevision Media, Inc. — Class A* | 130 | 307 | ||||||
McCormick & Schmick’s Seafood Restaurants, Inc.* | 44 | 304 | ||||||
Ambassadors Group, Inc. | 52 | 298 | ||||||
Motorcar Parts of America, Inc.* | 36 | 296 | ||||||
Monarch Casino & Resort, Inc.* | 30 | 293 | ||||||
Lifetime Brands, Inc. | 30 | 289 | ||||||
New York & Company, Inc.* | 90 | 287 | ||||||
Zale Corp.* | 100 | 285 | ||||||
Martha Stewart Living Omnimedia — Class A* | 89 | 278 | ||||||
Furniture Brands International, Inc.* | 134 | 276 | ||||||
Jamba, Inc.* | 210 | 271 | ||||||
Global Sources Ltd.* | 40 | 271 | ||||||
Delta Apparel, Inc.* | 17 | 268 | ||||||
Kenneth Cole Productions, Inc. — Class A* | 24 | 258 | ||||||
Summer Infant, Inc.* | 39 | 257 | ||||||
Einstein Noah Restaurant Group, Inc. | 20 | 257 | ||||||
Black Diamond, Inc.* | 39 | 254 | ||||||
US Auto Parts Network, Inc.* | 50 | 253 | ||||||
AH Belo Corp. — Class A | 60 | 252 | ||||||
Outdoor Channel Holdings, Inc. | 44 | 252 | ||||||
Build-A-Bear Workshop, Inc. — Class A* | 49 | 250 | ||||||
Gray Television, Inc.* | 160 | 250 | ||||||
Luby’s, Inc.* | 60 | 246 | ||||||
McClatchy Co. — Class A* | 180 | 241 | ||||||
Coldwater Creek, Inc.* | 190 | 237 | ||||||
Tower International, Inc.* | 23 | 237 | ||||||
Sealy Corp.* | 160 | 237 | ||||||
Hovnanian Enterprises, Inc. — Class A* | 194 | 237 | ||||||
Skyline Corp. | 23 | 220 | ||||||
National American University Holdings, Inc. | 30 | 215 | ||||||
Cumulus Media, Inc. — Class A* | 74 | 210 | ||||||
Syms Corp.* | 23 | 202 | ||||||
Johnson Outdoors, Inc. — Class A* | 13 | 200 | ||||||
Bon-Ton Stores, Inc. | 40 | 199 | ||||||
Nexstar Broadcasting Group, Inc. — Class A* | 30 | 198 | ||||||
LIN TV Corp. — Class A* | 90 | 196 | ||||||
Shiloh Industries, Inc. | 21 | 188 | ||||||
1-800-Flowers.com, Inc. — Class A* | 80 | 186 | ||||||
Pacific Sunwear of California, Inc.* | 154 | 185 | ||||||
Entravision Communications Corp. — Class A* | 164 | 167 | ||||||
Gordmans Stores, Inc.* | 13 | 156 | ||||||
Crown Media Holdings, Inc. — Class A* | 107 | 153 | ||||||
Orbitz Worldwide, Inc.* | 70 | 152 | ||||||
Cambium Learning Group, Inc.* | 50 | 149 | ||||||
Marine Products Corp.* | 30 | 103 | ||||||
Westwood One, Inc.* | 13 | 47 | ||||||
Total Consumer Discretionary | 402,442 | |||||||
HEALTH CARE - 4.9% | ||||||||
Healthspring, Inc.* | 214 | 7,802 | ||||||
Cepheid, Inc.* | 198 | 7,688 | ||||||
Medicis Pharmaceutical Corp. — Class A | 200 | 7,296 | ||||||
Cubist Pharmaceuticals, Inc.* | 190 | 6,711 | ||||||
athenahealth, Inc.* | 110 | 6,551 | ||||||
HMS Holdings Corp.* | 264 | 6,439 | ||||||
Onyx Pharmaceuticals, Inc.* | 204 | 6,122 | ||||||
Seattle Genetics, Inc.* | 310 | 5,909 | ||||||
Quality Systems, Inc. | 60 | 5,820 | ||||||
Owens & Minor, Inc. | 204 | 5,810 | ||||||
STERIS Corp. | 190 | 5,561 | ||||||
Salix Pharmaceuticals Ltd.* | 180 | 5,328 | ||||||
WellCare Health Plans, Inc.* | 134 | 5,089 | ||||||
Volcano Corp.* | 164 | 4,859 | ||||||
Magellan Health Services, Inc.* | 99 | 4,782 | ||||||
Haemonetics Corp.* | 80 | 4,678 | ||||||
Alkermes plc* | 304 | 4,639 | ||||||
Questcor Pharmaceuticals, Inc.* | 170 | 4,634 | ||||||
Centene Corp.* | 160 | 4,587 | ||||||
HealthSouth Corp.* | 300 | 4,479 |
80 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) RUSSELL 2000® 1.5x STRATEGY FUND | September 30, 2011 |
Shares | Value | |||||||
Viropharma, Inc. | 240 | $ | 4,337 | |||||
Theravance, Inc.* | 214 | 4,310 | ||||||
West Pharmaceutical Services, Inc. | 109 | 4,044 | ||||||
Incyte Corporation Ltd.* | 284 | 3,967 | ||||||
Chemed Corp. | 70 | 3,847 | ||||||
Ariad Pharmaceuticals, Inc.* | 420 | 3,692 | ||||||
Impax Laboratories, Inc.* | 204 | 3,654 | ||||||
Masimo Corp. | 163 | 3,529 | ||||||
PAREXEL International Corp.* | 184 | 3,483 | ||||||
PSS World Medical, Inc.* | 174 | 3,426 | ||||||
MAKO Surgical Corp.* | 100 | 3,422 | ||||||
InterMune, Inc.* | 154 | 3,111 | ||||||
NxStage Medical, Inc.* | 146 | 3,046 | ||||||
Par Pharmaceutical Companies, Inc.* | 114 | 3,035 | ||||||
Align Technology, Inc.* | 194 | 2,943 | ||||||
Zoll Medical Corp.* | 74 | 2,793 | ||||||
Jazz Pharmaceuticals, Inc.* | 67 | 2,782 | ||||||
MWI Veterinary Supply, Inc.* | 40 | 2,753 | ||||||
Luminex Corp.* | 120 | 2,660 | ||||||
Accretive Health, Inc.* | 125 | 2,654 | ||||||
Immunogen, Inc.* | 240 | 2,630 | ||||||
Neogen Corp.* | 74 | 2,569 | ||||||
Arthrocare Corp.* | 89 | 2,561 | ||||||
Cyberonics, Inc.* | 90 | 2,547 | ||||||
Air Methods Corp.* | 40 | 2,547 | ||||||
DexCom, Inc.* | 210 | 2,520 | ||||||
Integra LifeSciences Holdings Corp.* | 70 | 2,504 | ||||||
Medicines Co.* | 168 | 2,500 | ||||||
Acorda Therapeutics, Inc. | 124 | 2,475 | ||||||
PDL BioPharma, Inc. | 444 | 2,464 | ||||||
Auxilium Pharmaceuticals, Inc.* | 155 | 2,323 | ||||||
Insulet Corp.* | 149 | 2,274 | ||||||
Vivus, Inc.* | 280 | 2,260 | ||||||
Exelixis, Inc. | 404 | 2,206 | ||||||
NuVasive, Inc.* | 129 | 2,202 | ||||||
Amsurg Corp. — Class A* | 97 | 2,183 | ||||||
Wright Medical Group, Inc.* | 120 | 2,146 | ||||||
Isis Pharmaceuticals, Inc.* | 314 | 2,129 | ||||||
HeartWare International, Inc.* | 33 | 2,126 | ||||||
Hanger Orthopedic Group, Inc.* | 110 | 2,078 | ||||||
Invacare Corp. | 90 | 2,074 | ||||||
CONMED Corp.* | 90 | 2,071 | ||||||
Optimer Pharmaceuticals, Inc.* | 149 | 2,062 | ||||||
Meridian Bioscience, Inc. | 130 | 2,046 | ||||||
Orthofix International N.V.* | 59 | 2,036 | ||||||
Computer Programs & Systems, Inc. | 30 | 1,985 | ||||||
Analogic Corp. | 40 | 1,816 | ||||||
Pharmacyclics, Inc.* | 150 | 1,775 | ||||||
Nektar Therapeutics* | 365 | 1,770 | ||||||
NPS Pharmaceuticals, Inc.* | 270 | 1,758 | ||||||
Merit Medical Systems, Inc.* | 130 | 1,708 | ||||||
Ironwood Pharmaceuticals, Inc. — Class A* | 158 | 1,706 | ||||||
Medivation, Inc.* | 100 | 1,698 | ||||||
Momenta Pharmaceuticals, Inc.* | 146 | 1,679 | ||||||
IPC The Hospitalist Company, Inc.* | 47 | 1,677 | ||||||
Abaxis, Inc.* | 72 | 1,650 | ||||||
Caliper Life Sciences, Inc.* | 154 | 1,612 | ||||||
Rigel Pharmaceuticals, Inc.* | 218 | 1,604 | ||||||
Halozyme Therapeutics, Inc. — Class A | 257 | 1,578 | ||||||
Sequenom, Inc. | 310 | 1,578 | ||||||
AVEO Pharmaceuticals, Inc.* | 102 | 1,570 | ||||||
Endologix, Inc.* | 150 | 1,506 | ||||||
Opko Health, Inc.* | 346 | 1,498 | ||||||
Omnicell, Inc.* | 108 | 1,488 | ||||||
Landauer, Inc. | 30 | 1,486 | ||||||
Greatbatch, Inc.* | 74 | 1,481 | ||||||
Bio-Reference Labs, Inc.* | 80 | 1,473 | ||||||
ICU Medical, Inc.* | 40 | 1,472 | ||||||
Quidel Corp.* | 87 | 1,424 | ||||||
MedAssets, Inc.* | 147 | 1,413 | ||||||
Kindred Healthcare, Inc. | 163 | 1,405 | ||||||
Micromet, Inc.* | 290 | 1,392 | ||||||
Team Health Holdings, Inc.* | 83 | 1,363 | ||||||
Akorn, Inc.* | 174 | 1,359 | ||||||
Molina Healthcare, Inc.* | 88 | 1,359 | ||||||
Targacept, Inc.* | 90 | 1,350 | ||||||
Amedisys, Inc.* | 90 | 1,334 | ||||||
Emeritus Corp.* | 94 | 1,325 | ||||||
SonoSite, Inc. — Class A | 43 | 1,305 | ||||||
PharMerica Corp.* | 90 | 1,284 | ||||||
Genomic Health, Inc.* | 57 | 1,253 | ||||||
Spectrum Pharmaceuticals, Inc.* | 164 | 1,251 | ||||||
OraSure Technologies, Inc.* | 150 | 1,194 | ||||||
Emergent Biosolutions, Inc.* | 77 | 1,188 | ||||||
Ensign Group, Inc. | 51 | 1,179 | ||||||
AVANIR Pharmaceuticals, Inc. — Class A* | 393 | 1,124 | ||||||
ABIOMED, Inc.* | 100 | 1,103 | ||||||
Medidata Solutions, Inc.* | 67 | 1,101 | ||||||
Affymetrix, Inc.* | 224 | 1,098 | ||||||
Exact Sciences Corp.* | 164 | 1,087 | ||||||
Healthways, Inc.* | 109 | 1,071 | ||||||
Angiodynamics, Inc.* | 80 | 1,051 | ||||||
Conceptus, Inc.* | 100 | 1,047 | ||||||
Universal American Corp. | 103 | 1,036 | ||||||
AMAG Pharmaceuticals, Inc.* | 70 | 1,033 | ||||||
Hi-Tech Pharmacal Company, Inc.* | 30 | 1,008 | ||||||
Triple-S Management Corp. — Class B* | 60 | 1,005 | ||||||
Merge Healthcare, Inc.* | 163 | 993 | ||||||
National Healthcare Corp. | 30 | 969 | ||||||
Select Medical Holdings Corp.* | 145 | 967 | ||||||
Neurocrine Biosciences, Inc.* | 160 | 957 | ||||||
Savient Pharmaceuticals, Inc.* | 230 | 943 | ||||||
MAP Pharmaceuticals, Inc.* | 64 | 936 | ||||||
Corvel Corp.* | 22 | 935 | ||||||
MannKind Corp.* | 246 | 932 | ||||||
ExamWorks Group, Inc.* | 90 | 916 | ||||||
Depomed, Inc.* | 165 | 891 | ||||||
Neoprobe Corp.* | 300 | 888 |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 81 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) RUSSELL 2000® 1.5x STRATEGY FUND | September 30, 2011 |
Shares | Value | |||||||
LHC Group, Inc.* | 52 | $ | 887 | |||||
Staar Surgical Co.* | 112 | 874 | ||||||
Accuray, Inc.* | 217 | 872 | ||||||
Geron Corp.* | 406 | 861 | ||||||
Symmetry Medical, Inc.* | 110 | 849 | ||||||
Arqule, Inc.* | 168 | 848 | ||||||
Idenix Pharmaceuticals, Inc.* | 170 | 848 | ||||||
Natus Medical, Inc.* | 89 | 846 | ||||||
Enzon Pharmaceuticals, Inc.* | 120 | 845 | ||||||
ZIOPHARM Oncology, Inc.* | 190 | 838 | ||||||
Assisted Living Concepts, Inc. — Class A | 66 | 836 | ||||||
BioScrip, Inc.* | 130 | 827 | ||||||
Sunrise Senior Living, Inc.* | 178 | 824 | ||||||
Cantel Medical Corp. | 39 | 824 | ||||||
Ligand Pharmaceuticals, Inc. — Class B* | 60 | 821 | ||||||
Ardea Biosciences, Inc.* | 51 | 797 | ||||||
Biosante Pharmaceuticals, Inc.* | 347 | 791 | ||||||
Alnylam Pharmaceuticals, Inc.* | 120 | 788 | ||||||
Oncothyreon, Inc.* | 130 | 777 | ||||||
Unilife Corp.* | 184 | 773 | ||||||
Spectranetics Corp.* | 108 | 771 | ||||||
Cadence Pharmaceuticals, Inc.* | 116 | 760 | ||||||
Curis, Inc.* | 240 | 758 | ||||||
MedQuist Holdings, Inc.* | 100 | 756 | ||||||
Kensey Nash Corp.* | 30 | 735 | ||||||
Dynavax Technologies Corp.* | 394 | 733 | ||||||
Sangamo Biosciences, Inc.* | 164 | 713 | ||||||
eResearchTechnology, Inc.* | 159 | 709 | ||||||
Achillion Pharmaceuticals, Inc.* | 150 | 708 | ||||||
Transcend Services, Inc.* | 30 | 676 | ||||||
Arena Pharmaceuticals, Inc.* | 466 | 676 | ||||||
XenoPort, Inc.* | 114 | 673 | ||||||
Synovis Life Technologies, Inc.* | 40 | 668 | ||||||
US Physical Therapy, Inc. | 36 | 667 | ||||||
Immunomedics, Inc.* | 204 | 653 | ||||||
Cell Therapeutics, Inc.* | 614 | 651 | ||||||
Antares Pharma, Inc.* | 279 | 647 | ||||||
Keryx Biopharmaceuticals, Inc.* | 214 | 642 | ||||||
HealthStream, Inc.* | 50 | 641 | ||||||
Tornier N.V.* | 30 | 615 | ||||||
Chelsea Therapeutics International Ltd.* | 165 | 602 | ||||||
Metropolitan Health Networks, Inc.* | 127 | 577 | ||||||
Continucare Corp.* | 90 | 574 | ||||||
Vascular Solutions, Inc.* | 50 | 573 | ||||||
RTI Biologics, Inc.* | 174 | 572 | ||||||
Endocyte, Inc.* | 54 | 572 | ||||||
Vical, Inc.* | 230 | 570 | ||||||
Pain Therapeutics, Inc. | 118 | 562 | ||||||
Maxygen, Inc. | 100 | 547 | ||||||
Capital Senior Living Corp.* | 87 | 537 | ||||||
AMN Healthcare Services, Inc.* | 130 | 521 | ||||||
Affymax, Inc.* | 116 | 520 | ||||||
Gentiva Health Services, Inc.* | 93 | 513 | ||||||
Obagi Medical Products, Inc.* | 56 | 508 | ||||||
Progenics Pharmaceuticals, Inc.* | 88 | 505 | ||||||
Inhibitex, Inc.* | 204 | 502 | ||||||
Delcath Systems, Inc.* | 150 | 501 | ||||||
Almost Family, Inc.* | 30 | 499 | ||||||
Raptor Pharmaceutical Corp.* | 110 | 496 | ||||||
Novavax, Inc.* | 308 | 496 | ||||||
Lexicon Pharmaceuticals, Inc.* | 539 | 496 | ||||||
AVI BioPharma, Inc.* | 434 | 486 | ||||||
Hansen Medical, Inc.* | 146 | 485 | ||||||
IRIS International, Inc.* | 54 | 484 | ||||||
American Dental Partners, Inc.* | 50 | 483 | ||||||
Santarus, Inc.* | 170 | 474 | ||||||
Metabolix, Inc.* | 107 | 469 | ||||||
Nymox Pharmaceutical Corp.* | 57 | 466 | ||||||
Sagent Pharmaceuticals, Inc.* | 23 | 466 | ||||||
Allos Therapeutics, Inc.* | 250 | 460 | ||||||
Providence Service Corp.* | 43 | 458 | ||||||
SurModics, Inc.* | 50 | 455 | ||||||
Cytori Therapeutics, Inc.* | 154 | 454 | ||||||
Cambrex Corp.* | 90 | 454 | ||||||
Palomar Medical Technologies, Inc.* | 57 | 449 | ||||||
Columbia Laboratories, Inc.* | 230 | 449 | ||||||
Vanda Pharmaceuticals, Inc.* | 90 | 446 | ||||||
Cardiovascular Systems, Inc.* | 39 | 444 | ||||||
Infinity Pharmaceuticals, Inc.* | 63 | 444 | ||||||
AtriCure, Inc.* | 44 | 429 | ||||||
Furiex Pharmaceuticals, Inc.* | 30 | 427 | ||||||
Exactech, Inc.* | 30 | 422 | ||||||
Sciclone Pharmaceuticals, Inc.* | 110 | 419 | ||||||
Durect Corp.* | 254 | 409 | ||||||
Rockwell Medical Technologies, Inc.* | 50 | 408 | ||||||
Insmed, Inc.* | 80 | 408 | ||||||
Corcept Therapeutics, Inc.* | 131 | 406 | ||||||
CryoLife, Inc.* | 90 | 404 | ||||||
Ampio Pharmaceuticals, Inc.* | 60 | 399 | ||||||
Synergetics USA, Inc.* | 74 | 399 | ||||||
Dyax Corp.* | 310 | 391 | ||||||
Aegerion Pharmaceuticals, Inc.* | 30 | 380 | ||||||
Cross Country Healthcare, Inc.* | 90 | 376 | ||||||
Codexis, Inc.* | 82 | 375 | ||||||
Young Innovations, Inc. | 13 | 371 | ||||||
Alphatec Holdings, Inc.* | 174 | 367 | ||||||
SIGA Technologies, Inc.* | 110 | 360 | ||||||
Pacific Biosciences of California, Inc.* | 110 | 353 | ||||||
Biotime, Inc.* | 80 | 353 | ||||||
Array Biopharma, Inc.* | 180 | 353 | ||||||
Chindex International, Inc.* | 40 | 352 | ||||||
ISTA Pharmaceuticals, Inc.* | 100 | 345 | ||||||
Astex Pharmaceuticals* | 179 | 344 | ||||||
Uroplasty, Inc.* | 70 | 340 | ||||||
Anthera Pharmaceuticals, Inc.* | 71 | 339 | ||||||
National Research Corp. | 10 | 331 | ||||||
Cerus Corp.* | 154 | 326 | ||||||
Five Star Quality Care, Inc.* | 130 | 325 |
82 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) RUSSELL 2000® 1.5x STRATEGY FUND | September 30, 2011 |
Shares | Value | |||||||
Fluidigm Corp.* | 23 | $ | 320 | |||||
Alimera Sciences, Inc.* | 40 | 320 | ||||||
Celldex Therapeutics, Inc.* | 140 | 320 | ||||||
Medtox Scientific, Inc. | 24 | 314 | ||||||
Harvard Bioscience, Inc.* | 74 | 312 | ||||||
Enzo Biochem, Inc.* | 119 | 306 | ||||||
Cynosure, Inc. — Class A* | 30 | 303 | ||||||
Dusa Pharmaceuticals, Inc.* | 80 | 296 | ||||||
OncoGenex Pharmaceutical, Inc.* | 30 | 294 | ||||||
Medical Action Industries, Inc.* | 55 | 278 | ||||||
Biolase Technology, Inc.* | 90 | 270 | ||||||
Osiris Therapeutics, Inc.* | 49 | 251 | ||||||
BioCryst Pharmaceuticals, Inc.* | 90 | 248 | ||||||
Synta Pharmaceuticals Corp.* | 74 | 240 | ||||||
CardioNet, Inc.* | 80 | 240 | ||||||
Solta Medical, Inc.* | 190 | 237 | ||||||
Nabi Biopharmaceuticals* | 140 | 235 | ||||||
GTx, Inc.* | 70 | 235 | ||||||
Peregrine Pharmaceuticals, Inc.* | 214 | 233 | ||||||
Zalicus, Inc.* | 234 | 229 | ||||||
RadNet, Inc.* | 94 | 229 | ||||||
Cleveland Biolabs, Inc.* | 90 | 229 | ||||||
KV Pharmaceutical Co. — Class A* | 160 | 216 | ||||||
Sun Healthcare Group, Inc.* | 80 | 216 | ||||||
Biospecifics Technologies Corp.* | 13 | 210 | ||||||
Albany Molecular Research, Inc.* | 74 | 209 | ||||||
Amicus Therapeutics, Inc.* | 54 | 207 | ||||||
Epocrates, Inc.* | 23 | 207 | ||||||
Lannett Company, Inc.* | 54 | 207 | ||||||
Skilled Healthcare Group, Inc. — Class A* | 56 | 202 | ||||||
PharmAthene, Inc.* | 114 | 201 | ||||||
Orexigen Therapeutics, Inc.* | 100 | 199 | ||||||
BioMimetic Therapeutics, Inc.* | 60 | 198 | ||||||
Pozen, Inc.* | 80 | 193 | ||||||
Complete Genomics, Inc.* | 30 | 176 | ||||||
Anacor Pharmaceuticals, Inc.* | 30 | 171 | ||||||
Stereotaxis, Inc.* | 140 | 155 | ||||||
Cornerstone Therapeutics, Inc.* | 24 | 154 | ||||||
Sucampo Pharmaceuticals, Inc. — Class A* | 40 | 149 | ||||||
Trius Therapeutics, Inc.* | 23 | 145 | ||||||
Bacterin International Holdings, Inc.* | 70 | 140 | ||||||
Pacira Pharmaceuticals, Inc.* | 13 | 129 | ||||||
Acura Pharmaceuticals, Inc.* | 33 | 112 | ||||||
Sunesis Pharmaceuticals, Inc.* | 90 | 111 | ||||||
DynaVox, Inc. — Class A* | 30 | 108 | ||||||
Alliance HealthCare Services, Inc.* | 80 | 91 | ||||||
Neostem, Inc.* | 140 | 91 | ||||||
Pernix Therapeutics Holdings* | 10 | 88 | ||||||
Transcept Pharmaceuticals, Inc.* | 13 | 86 | ||||||
BG Medicine, Inc.* | 24 | 85 | ||||||
Zogenix, Inc.* | 30 | 55 | ||||||
Total Health Care | 394,250 | |||||||
ENERGY - 2.3% | ||||||||
World Fuel Services Corp. | 220 | 7,183 | ||||||
CVR Energy, Inc.* | 281 | 5,940 | ||||||
Dril-Quip, Inc.* | 110 | 5,930 | ||||||
Rosetta Resources, Inc.* | 170 | 5,817 | ||||||
Berry Petroleum Co. — Class A | 164 | 5,802 | ||||||
Bill Barrett Corp.* | 154 | 5,581 | ||||||
Energy XXI Bermuda Ltd.* | 236 | 5,062 | ||||||
Lufkin Industries, Inc. | 92 | 4,895 | ||||||
Complete Production Services, Inc.* | 250 | 4,713 | ||||||
Bristow Group, Inc. | 110 | 4,667 | ||||||
Helix Energy Solutions Group, Inc.* | 340 | 4,454 | ||||||
Oasis Petroleum, Inc.* | 190 | 4,243 | ||||||
Golar LNG Ltd. | 130 | 4,131 | ||||||
Northern Oil and Gas, Inc.* | 204 | 3,956 | ||||||
Key Energy Services, Inc.* | 395 | 3,749 | ||||||
Kodiak Oil & Gas Corp. | 660 | 3,439 | ||||||
Swift Energy Co.* | 134 | 3,262 | ||||||
Gulfport Energy Corp.* | 134 | 3,240 | ||||||
Cloud Peak Energy, Inc.* | 190 | 3,221 | ||||||
McMoRan Exploration Co.* | 314 | 3,118 | ||||||
Gulfmark Offshore, Inc. — Class A* | 79 | 2,871 | ||||||
Carrizo Oil & Gas, Inc.* | 128 | 2,758 | ||||||
SemGroup Corp. — Class A* | 130 | 2,595 | ||||||
Stone Energy Corp.* | 159 | 2,577 | ||||||
Global Industries Ltd.* | 324 | 2,566 | ||||||
Patriot Coal Corp.* | 290 | 2,453 | ||||||
Comstock Resources, Inc.* | 154 | 2,381 | ||||||
Apco Oil and Gas International, Inc. | 30 | 2,233 | ||||||
Contango Oil & Gas Co.* | 40 | 2,188 | ||||||
Nordic American Tankers Ltd. | 154 | 2,171 | ||||||
Western Refining, Inc.* | 163 | 2,031 | ||||||
ION Geophysical Corp.* | 420 | 1,987 | ||||||
Exterran Holdings, Inc.* | 204 | 1,983 | ||||||
Tetra Technologies, Inc.* | 245 | 1,891 | ||||||
Ship Finance International Ltd. | 145 | 1,885 | ||||||
Hornbeck Offshore Services, Inc.* | 74 | 1,843 | ||||||
Hyperdynamics Corp.* | 494 | 1,828 | ||||||
Newpark Resources, Inc.* | 284 | 1,730 | ||||||
Clean Energy Fuels Corp.* | 154 | 1,712 | ||||||
Resolute Energy Corp. | 150 | 1,704 | ||||||
Crosstex Energy, Inc. | 124 | 1,672 | ||||||
Parker Drilling Co. | 374 | 1,642 | ||||||
W&T Offshore, Inc. | 110 | 1,514 | ||||||
Targa Resources Corp. | 50 | 1,488 | ||||||
Petroleum Development Corp.* | 74 | 1,435 | ||||||
Pioneer Drilling Co.* | 198 | 1,422 | ||||||
Rex Energy Corp.* | 108 | 1,366 | ||||||
Cheniere Energy, Inc.* | 262 | 1,349 | ||||||
Approach Resources, Inc.* | 72 | 1,223 | ||||||
GeoResources, Inc.* | 68 | 1,210 | ||||||
Overseas Shipholding Group, Inc. | 88 | 1,209 | ||||||
Knightsbridge Tankers Ltd. | 72 | 1,192 | ||||||
Magnum Hunter Resources Corp.* | 353 | 1,168 | ||||||
Tesco Corp.* | 100 | 1,160 |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 83 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) RUSSELL 2000® 1.5x STRATEGY FUND | September 30, 2011 |
Shares | Value | |||||||
Basic Energy Services, Inc.* | 80 | $ | 1,133 | |||||
ATP Oil & Gas Corp.* | 145 | 1,118 | ||||||
Amyris, Inc.* | 54 | 1,093 | ||||||
Hercules Offshore, Inc.* | 364 | 1,063 | ||||||
Energy Partners Ltd.* | 90 | 996 | ||||||
Endeavour International Corp.* | 120 | 958 | ||||||
Petroquest Energy, Inc.* | 174 | 957 | ||||||
Goodrich Petroleum Corp.* | 80 | 946 | ||||||
Harvest Natural Resources, Inc.* | 109 | 934 | ||||||
OYO Geospace Corp.* | 16 | 901 | ||||||
BPZ Resources, Inc.* | 320 | 886 | ||||||
Clayton Williams Energy, Inc.* | 20 | 856 | ||||||
Gulf Island Fabrication, Inc. | 41 | 848 | ||||||
PHI, Inc.* | 44 | 842 | ||||||
Frontline Ltd. | 164 | 795 | ||||||
Vaalco Energy, Inc.* | 163 | 792 | ||||||
Venoco, Inc.* | 89 | 784 | ||||||
Penn Virginia Corp. | 140 | 780 | ||||||
Matrix Service Co.* | 86 | 732 | ||||||
James River Coal Co.* | 114 | 726 | ||||||
FX Energy, Inc.* | 170 | 702 | ||||||
Abraxas Petroleum Corp. | 264 | 697 | ||||||
Vantage Drilling Co.* | 554 | 692 | ||||||
Panhandle Oil and Gas, Inc. — Class A | 24 | 681 | ||||||
Houston American Energy Corp. | 49 | 674 | ||||||
Green Plains Renewable Energy, Inc.* | 70 | 653 | ||||||
Teekay Tankers Ltd. — Class A | 134 | 616 | ||||||
Uranium Energy Corp.* | 223 | 611 | ||||||
USEC, Inc. | 370 | 596 | ||||||
Cal Dive International, Inc.* | 304 | 581 | ||||||
Dawson Geophysical Co.* | 24 | 566 | ||||||
Gastar Exploration Ltd.* | 186 | 558 | ||||||
Rentech, Inc.* | 710 | 554 | ||||||
Warren Resources, Inc.* | 230 | 552 | ||||||
Natural Gas Services Group, Inc.* | 40 | 513 | ||||||
Triangle Petroleum Corp.* | 140 | 503 | ||||||
Willbros Group, Inc.* | 120 | 500 | ||||||
Delek US Holdings, Inc. | 44 | 496 | ||||||
Global Geophysical Services, Inc.* | 61 | 486 | ||||||
Callon Petroleum Co.* | 119 | 461 | ||||||
Mitcham Industries, Inc.* | 40 | 448 | ||||||
GMX Resources, Inc.* | 190 | 431 | ||||||
DHT Holdings, Inc. | 200 | 408 | ||||||
Scorpio Tankers, Inc.* | 74 | 391 | ||||||
Evolution Petroleum Corp.* | 50 | 353 | ||||||
RigNet, Inc.* | 20 | 321 | ||||||
Voyager Oil & Gas, Inc.* | 144 | 302 | ||||||
Ur-Energy, Inc.* | 324 | 292 | ||||||
Solazyme, Inc.* | 30 | 288 | ||||||
Uranerz Energy Corp.* | 204 | 279 | ||||||
Miller Energy Resources, Inc.* | 96 | 253 | ||||||
Alon USA Energy, Inc. | 40 | 245 | ||||||
Syntroleum Corp.* | 275 | 237 | ||||||
Union Drilling, Inc.* | 50 | 235 | ||||||
Westmoreland Coal Co.* | 30 | 233 | ||||||
Uranium Resources, Inc.* | 294 | 200 | ||||||
Zion Oil & Gas, Inc.* | 100 | 196 | ||||||
L&L Energy, Inc.* | 66 | 178 | ||||||
Crimson Exploration, Inc.* | 64 | 138 | ||||||
Gevo, Inc.* | 20 | 111 | ||||||
CAMAC Energy, Inc.* | 184 | 110 | ||||||
Hallador Energy Co. | 12 | 103 | ||||||
General Maritime Corp. | 365 | 95 | ||||||
Geokinetics, Inc.* | 30 | 73 | ||||||
Total Energy | 190,592 | |||||||
MATERIALS - 1.7% | ||||||||
Coeur d’Alene Mines Corp.* | 285 | 6,110 | ||||||
Sensient Technologies Corp. | 160 | 5,208 | ||||||
Hecla Mining Co.* | 884 | 4,738 | ||||||
NewMarket Corp. | 30 | 4,556 | ||||||
Olin Corp. | 250 | 4,503 | ||||||
Arch Chemicals, Inc. | 74 | 3,472 | ||||||
Balchem Corp. | 89 | 3,321 | ||||||
PolyOne Corp. | 294 | 3,149 | ||||||
Buckeye Technologies, Inc. | 130 | 3,134 | ||||||
Chemtura Corp.* | 310 | 3,109 | ||||||
Schweitzer-Mauduit International, Inc. | 54 | 3,017 | ||||||
Thompson Creek Metals Company, Inc.* | 484 | 2,938 | ||||||
Globe Specialty Metals, Inc. | 202 | 2,933 | ||||||
HB Fuller Co. | 160 | 2,915 | ||||||
Innophos Holdings, Inc. | 72 | 2,871 | ||||||
Stillwater Mining Co.* | 322 | 2,737 | ||||||
Minerals Technologies, Inc. | 54 | 2,661 | ||||||
Calgon Carbon Corp.* | 179 | 2,608 | ||||||
Worthington Industries, Inc. | 180 | 2,515 | ||||||
OM Group, Inc.* | 94 | 2,441 | ||||||
Eagle Materials, Inc. | 145 | 2,414 | ||||||
Clearwater Paper Corp.* | 70 | 2,379 | ||||||
RTI International Metals, Inc.* | 100 | 2,332 | ||||||
Texas Industries, Inc. | 70 | 2,222 | ||||||
Kaiser Aluminum Corp. | 49 | 2,170 | ||||||
Louisiana-Pacific Corp. | 420 | 2,142 | ||||||
Deltic Timber Corp. | 34 | 2,029 | ||||||
PH Glatfelter Co. | 149 | 1,968 | ||||||
AMCOL International Corp. | 80 | 1,919 | ||||||
Graphic Packaging Holding Co.* | 504 | 1,739 | ||||||
Haynes International, Inc. | 40 | 1,738 | ||||||
Boise, Inc. | 332 | 1,716 | ||||||
Innospec, Inc.* | 70 | 1,695 | ||||||
LSB Industries, Inc.* | 59 | 1,692 | ||||||
Ferro Corp.* | 275 | 1,691 | ||||||
KapStone Paper and Packaging Corp.* | 120 | 1,667 | ||||||
Kraton Performance Polymers, Inc.* | 100 | 1,618 | ||||||
Stepan Co. | 24 | 1,612 | ||||||
A. Schulman, Inc. | 94 | 1,597 | ||||||
Koppers Holdings, Inc. | 60 | 1,537 |
84 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) RUSSELL 2000® 1.5x STRATEGY FUND | September 30, 2011 |
Shares | Value | |||||||
Golden Star Resources Ltd.* | 820 | $ | 1,525 | |||||
Georgia Gulf Corp.* | 110 | 1,521 | ||||||
Gold Resource Corp. | 90 | 1,498 | ||||||
Materion Corp.* | 66 | 1,497 | ||||||
Century Aluminum Co.* | 164 | 1,466 | ||||||
US Gold Corp.* | 339 | 1,359 | ||||||
Jaguar Mining, Inc.* | 264 | 1,241 | ||||||
Quaker Chemical Corp. | 43 | 1,115 | ||||||
Zep, Inc. | 74 | 1,111 | ||||||
Horsehead Holding Corp.* | 140 | 1,039 | ||||||
Wausau Paper Corp. | 160 | 1,022 | ||||||
Myers Industries, Inc. | 100 | 1,015 | ||||||
Hawkins, Inc. | 30 | 955 | ||||||
Paramount Gold and Silver Corp.* | 374 | 883 | ||||||
American Vanguard Corp. | 75 | 837 | ||||||
STR Holdings, Inc.* | 97 | 787 | ||||||
TPC Group, Inc.* | 39 | 783 | ||||||
Vista Gold Corp.* | 230 | 768 | ||||||
Flotek Industries, Inc.* | 160 | 747 | ||||||
Neenah Paper, Inc. | 50 | 709 | ||||||
Zagg, Inc.* | 70 | 694 | ||||||
Golden Minerals Co.* | 90 | 670 | ||||||
FutureFuel Corp. | 60 | 624 | ||||||
General Moly, Inc.* | 210 | 609 | ||||||
Zoltek Companies, Inc.* | 90 | 579 | ||||||
Noranda Aluminum Holding Corp.* | 67 | 559 | ||||||
Universal Stainless & Alloy* | 22 | 559 | ||||||
AM Castle & Co.* | 50 | 547 | ||||||
Midway Gold Corp.* | 270 | 543 | ||||||
Omnova Solutions, Inc.* | 148 | 530 | ||||||
Olympic Steel, Inc. | 30 | 508 | ||||||
Senomyx, Inc.* | 126 | 442 | ||||||
Landec Corp.* | 80 | 426 | ||||||
United States Lime & Minerals, Inc.* | 10 | 399 | ||||||
Metals USA Holdings Corp.* | 40 | 358 | ||||||
Spartech Corp.* | 101 | 323 | ||||||
Revett Minerals, Inc.* | 80 | 309 | ||||||
KMG Chemicals, Inc. | 24 | 296 | ||||||
AEP Industries, Inc.* | 13 | 289 | ||||||
NL Industries, Inc. | 23 | 288 | ||||||
Headwaters, Inc.* | 189 | 272 | ||||||
Chase Corp. | 23 | 247 | ||||||
Handy & Harman Ltd.* | 20 | 202 | ||||||
US Energy Corp.* | 80 | 185 | ||||||
Verso Paper Corp.* | 50 | 83 | ||||||
Total Materials | 139,232 | |||||||
UTILITIES - 1.5% | ||||||||
Nicor, Inc. | 140 | 7,701 | ||||||
Piedmont Natural Gas Company, Inc. | 230 | 6,645 | ||||||
Cleco Corp. | 189 | 6,452 | ||||||
WGL Holdings, Inc. | 164 | 6,408 | ||||||
IDACORP, Inc. | 160 | 6,045 | ||||||
Portland General Electric Co. | 234 | 5,543 | ||||||
New Jersey Resources Corp. | 130 | 5,534 | ||||||
Southwest Gas Corp. | 147 | 5,317 | ||||||
UIL Holdings Corp. | 161 | 5,302 | ||||||
PNM Resources, Inc. | 275 | 4,518 | ||||||
South Jersey Industries, Inc. | 90 | 4,478 | ||||||
Unisource Energy Corp. | 120 | 4,331 | ||||||
El Paso Electric Co. | 134 | 4,300 | ||||||
Avista Corp. | 180 | 4,293 | ||||||
Black Hills Corp. | 124 | 3,799 | ||||||
Allete, Inc. | 100 | 3,663 | ||||||
NorthWestern Corp. | 114 | 3,641 | ||||||
Northwest Natural Gas Co. | 80 | 3,528 | ||||||
Atlantic Power Corp. | 214 | 3,037 | ||||||
MGE Energy, Inc. | 74 | 3,010 | ||||||
Laclede Group, Inc. | 70 | 2,713 | ||||||
Empire District Electric Co. | 137 | 2,655 | ||||||
CH Energy Group, Inc. | 44 | 2,295 | ||||||
California Water Service Group | 128 | 2,267 | ||||||
Otter Tail Corp. | 114 | 2,086 | ||||||
American States Water Co. | 60 | 2,036 | ||||||
Central Vermont Public Service Corp. | 44 | 1,549 | ||||||
Dynegy, Inc. — Class A* | 324 | 1,335 | ||||||
Chesapeake Utilities Corp. | 30 | 1,203 | ||||||
Ormat Technologies, Inc. | 60 | 965 | ||||||
SJW Corp. | 43 | 936 | ||||||
Unitil Corp. | 30 | 770 | ||||||
Middlesex Water Co. | 44 | 751 | ||||||
Connecticut Water Service, Inc. | 30 | 751 | ||||||
York Water Co. | 40 | 647 | ||||||
Artesian Resources Corp. — Class A | 22 | 385 | ||||||
Pennichuck Corp. | 13 | 364 | ||||||
Consolidated Water Company Ltd. | 44 | 347 | ||||||
Cadiz, Inc.* | 36 | 285 | ||||||
Total Utilities | 121,885 | |||||||
CONSUMER STAPLES - 1.4% | ||||||||
TreeHouse Foods, Inc.* | 112 | 6,926 | ||||||
Nu Skin Enterprises, Inc. — Class A | 169 | 6,848 | ||||||
Ruddick Corp. | 158 | 6,160 | ||||||
Diamond Foods, Inc. | 72 | 5,745 | ||||||
United Natural Foods, Inc.* | 154 | 5,704 | ||||||
Casey’s General Stores, Inc. | 120 | 5,238 | ||||||
Darling International, Inc. | 366 | 4,608 | ||||||
Sanderson Farms, Inc. | 74 | 3,515 | ||||||
Hain Celestial Group, Inc.* | 114 | 3,483 | ||||||
Fresh Market, Inc.* | 90 | 3,434 | ||||||
Lancaster Colony Corp. | 56 | 3,416 | ||||||
Pricesmart, Inc. | 54 | 3,365 | ||||||
Snyders-Lance, Inc. | 154 | 3,211 | ||||||
Fresh Del Monte Produce, Inc. | 119 | 2,761 | ||||||
Vector Group Ltd. | 156 | 2,688 | ||||||
Universal Corp. | 74 | 2,654 | ||||||
B&G Foods, Inc. — Class A | 150 | 2,502 | ||||||
Elizabeth Arden, Inc.* | 80 | 2,275 | ||||||
Boston Beer Company, Inc. — Class A* | 30 | 2,181 | ||||||
J&J Snack Foods Corp. | 44 | 2,114 |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 85 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) RUSSELL 2000® 1.5x STRATEGY FUND | September 30, 2011 |
Shares | Value | |||||||
WD-40 Co. | 50 | $ | 1,992 | |||||
Andersons, Inc. | 57 | 1,919 | ||||||
Rite Aid Corp.* | 1,867 | 1,830 | ||||||
Tootsie Roll Industries, Inc. | 70 | 1,688 | ||||||
Central European Distribution Corp.* | 234 | 1,640 | ||||||
Heckmann Corp.* | 290 | 1,534 | ||||||
Prestige Brands Holdings, Inc.* | 161 | 1,457 | ||||||
Cal-Maine Foods, Inc. | 41 | 1,289 | ||||||
Spectrum Brands Holdings, Inc.* | 50 | 1,181 | ||||||
Chiquita Brands International, Inc.* | 140 | 1,168 | ||||||
Dole Food Company, Inc.* | 114 | 1,140 | ||||||
Smart Balance, Inc.* | 190 | 1,121 | ||||||
Weis Markets, Inc. | 30 | 1,112 | ||||||
Central Garden and Pet Co. — Class A* | 154 | 1,090 | ||||||
Nash Finch Co. | 40 | 1,077 | ||||||
Spartan Stores, Inc. | 68 | 1,053 | ||||||
Winn-Dixie Stores, Inc.* | 174 | 1,030 | ||||||
Pantry, Inc.* | 74 | 898 | ||||||
Inter Parfums, Inc. | 51 | 788 | ||||||
Star Scientific, Inc.* | 340 | 785 | ||||||
Coca-Cola Bottling Company Consolidated | 13 | 721 | ||||||
Medifast, Inc.* | 44 | 711 | ||||||
Pilgrim’s Pride Corp.* | 164 | 700 | ||||||
Calavo Growers, Inc. | 34 | 698 | ||||||
Alliance One International, Inc.* | 279 | 681 | ||||||
National Beverage Corp. | 40 | 606 | ||||||
USANA Health Sciences, Inc.* | 22 | 605 | ||||||
Seneca Foods Corp. — Class A* | 30 | 594 | ||||||
Ingles Markets, Inc. — Class A | 40 | 570 | ||||||
Omega Protein Corp.* | 60 | 545 | ||||||
Village Super Market, Inc. — Class A | 21 | 503 | ||||||
Susser Holdings Corp.* | 24 | 478 | ||||||
Schiff Nutrition International, Inc.* | 40 | 443 | ||||||
Nature’s Sunshine Products, Inc.* | 30 | 422 | ||||||
Nutraceutical International Corp.* | 30 | 383 | ||||||
Revlon, Inc. — Class A* | 30 | 370 | ||||||
Limoneira Co. | 24 | 343 | ||||||
Primo Water Corp.* | 50 | 282 | ||||||
Synutra International, Inc.* | 52 | 277 | ||||||
Imperial Sugar Co. | 40 | 258 | ||||||
Griffin Land & Nurseries, Inc. | 10 | 257 | ||||||
Female Health Co. | 59 | 241 | ||||||
Oil-Dri Corporation of America | 12 | 223 | ||||||
Alico, Inc. | 10 | 196 | ||||||
MGP Ingredients, Inc. | 36 | 182 | ||||||
Craft Brewers Alliance, Inc.* | 30 | 168 | ||||||
Harbinger Group, Inc.* | 30 | 152 | ||||||
Lifeway Foods, Inc.* | 12 | 128 | ||||||
Farmer Brothers Co. | 23 | 127 | ||||||
Total Consumer Staples | 116,484 | |||||||
TELECOMMUNICATION SERVICES - 0.4% | ||||||||
AboveNet, Inc. | 73 | 3,913 | ||||||
Global Crossing Ltd.* | 94 | 2,247 | ||||||
PAETEC Holding Corp.* | 395 | 2,090 | ||||||
Cogent Communications Group, Inc.* | 150 | 2,017 | ||||||
Cincinnati Bell, Inc.* | 634 | 1,959 | ||||||
NTELOS Holdings Corp. | 90 | 1,596 | ||||||
Consolidated Communications Holdings, Inc. | 86 | 1,552 | ||||||
Leap Wireless International, Inc.* | 194 | 1,339 | ||||||
Vonage Holdings Corp.* | 444 | 1,154 | ||||||
Pendrell Corp.* | 480 | 1,080 | ||||||
General Communication, Inc. — Class A* | 130 | 1,066 | ||||||
Premiere Global Services, Inc.* | 164 | 1,053 | ||||||
Atlantic Tele-Network, Inc. | 30 | 986 | ||||||
USA Mobility, Inc. | 74 | 977 | ||||||
Neutral Tandem, Inc.* | 100 | 968 | ||||||
Alaska Communications Systems Group, Inc. | 145 | 951 | ||||||
IDT Corp. — Class B | 44 | 898 | ||||||
Iridium Communications, Inc.* | 140 | 868 | ||||||
8x8, Inc.* | 200 | 814 | ||||||
Shenandoah Telecommunications Co. | 70 | 780 | ||||||
Cbeyond, Inc.* | 90 | 635 | ||||||
SureWest Communications | 44 | 461 | ||||||
HickoryTech Corp. | 39 | 375 | ||||||
Towerstream Corp.* | 130 | 333 | ||||||
inContact, Inc.* | 94 | 324 | ||||||
Fairpoint Communications, Inc.* | 64 | 275 | ||||||
Boingo Wireless, Inc.* | 20 | 143 | ||||||
Globalstar, Inc.* | 329 | 135 | ||||||
Total Telecommunication Services | 30,989 | |||||||
Total Common Stocks (Cost $3,192,225) | 3,056,142 | |||||||
WARRANTS*,†† - 0.0% | ||||||||
CONSUMER DISCRETIONARY - 0.0% | ||||||||
Krispy Kreme Doughnuts, Inc. $12.21, 03/02/12 | 250 | 73 | ||||||
ENERGY - 0.0% | ||||||||
Magnum Hunter Resources Corp. $10.50, 12/31/11 | 23 | — | ||||||
Total Warrants (Costs $—) | 73 | |||||||
86 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | September 30, 2011 | |
RUSSELL 2000®1.5x STRATEGY FUND |
Face | ||||||||
Amount | Value | |||||||
REPURCHASE AGREEMENTS††,1 - 44.4% | ||||||||
HSBC Group issued 09/30/11 at 0.00% due 10/03/11 | $ | 1,945,137 | $ | 1,945,137 | ||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | 962,018 | 962,018 | ||||||
Mizuho Financial Group, Inc. issued 09/30/11 at 0.01% due 10/03/11 | 683,686 | 683,686 | ||||||
Total Repurchase Agreements (Cost $3,590,841) | 3,590,841 | |||||||
Total Investments — 82.1% (Cost $6,783,066) | $ | 6,647,056 | ||||||
Cash & Other Assets, Less Liabilities — 17.9% | 1,449,948 | |||||||
Total Net Assets — 100.0% | $ | 8,097,004 | ||||||
Unrealized | ||||||||
Contracts | Loss | |||||||
FUTURES CONTRACTS PURCHASED† | ||||||||
December 2011 Russell 2000 Index Mini Futures Contracts (Aggregate Value of Contracts $2,434,280) | 38 | $ | (27,831 | ) | ||||
Units | ||||||||
EQUITY INDEX SWAP AGREEMENTS†† | ||||||||
Morgan Stanley Capital Services, Inc. October 2011 Russell 2000 Index Swap, Terminating 10/24/112 (Notional Value $355,263) | 552 | $ | (4,057 | ) | ||||
Barclays Bank plc October 2011 Russell 2000 Index Swap, Terminating 10/31/112 (Notional Value $382,000) | 593 | (11,033 | ) | |||||
Goldman Sachs International October 2011 Russell 2000 Index Swap, Terminating 10/27/112 (Notional Value $2,734,449) | 4,245 | (88,958 | ) | |||||
Credit Suisse Capital, LLC October 2011 Russell 2000 Index Swap, Terminating 10/31/112 (Notional Value $3,180,866) | 4,938 | (91,966 | ) | |||||
(Total Notional Value $6,652,578) | $ | (196,014 | ) | |||||
* | Non-income producing security. | |
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | Repurchase Agreements — See Note 5. | |
2 | Total Return based on Russell 2000 Index +/- financing at a variable rate. | |
ADR — American Depositary Receipt | ||
plc — Public Limited Company | ||
REIT — Real Estate Investment Trust |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 87 |
STATEMENT OF ASSETS AND
LIABILITIES (Unaudited)
September 30, 2011
ASSETS: | ||||
Investments, at value (cost $3,192,225) | $ | 3,056,215 | ||
Repurchase agreements, at value (cost $3,590,841) | 3,590,841 | |||
Foreign currency, at value (cost $13) | 13 | |||
Segregated cash with broker | 1,858,168 | |||
Cash | 13 | |||
Receivables: | ||||
Fund shares sold | 11,483 | |||
Dividends | 3,573 | |||
Securities sold | 125 | |||
Total assets | 8,520,431 | |||
Liabilities: | ||||
Unrealized depreciation on swap agreements | 196,014 | |||
Payable for: | ||||
Fund shares redeemed | 128,334 | |||
Variation margin | 82,080 | |||
Management fees | 6,847 | |||
Swap settlement | 4,517 | |||
Distribution and service fees | 2,902 | |||
Transfer agent and administrative fees | 1,902 | |||
Portfolio accounting fees | 761 | |||
Miscellaneous | 70 | |||
Total liabilities | 423,427 | |||
Net assets | $ | 8,097,004 | ||
Net assets consist of: | ||||
Paid in capital | $ | 22,260,920 | ||
Accumulated net investment loss | (196,124 | ) | ||
Accumulated net realized loss on investments | (13,607,937 | ) | ||
Net unrealized depreciation on investments | (359,855 | ) | ||
Net assets | $ | 8,097,004 | ||
A-Class: | ||||
Net assets | $ | 385,201 | ||
Capital shares outstanding | 17,211 | |||
Net asset value per share | $ | 22.38 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 23.50 | ||
C-Class: | ||||
Net assets | $ | 1,459,235 | ||
Capital shares outstanding | 70,842 | |||
Net asset value per share | $ | 20.60 | ||
H-Class: | ||||
Net assets | $ | 6,252,568 | ||
Capital shares outstanding | 279,982 | |||
Net asset value per share | $ | 22.33 | ||
Period Ended September 30, 2011
Investment Income: | ||||
Dividends (net of foreign withholding tax of $3) | $ | 17,756 | ||
Interest | 2,761 | |||
Total investment income | 20,517 | |||
Expenses: | ||||
Management fees | 107,782 | |||
Transfer agent and administrative fees | 29,940 | |||
Distribution and service fees: | ||||
A-Class | 1,726 | |||
C-Class | 11,259 | |||
H-Class | 25,399 | |||
Portfolio accounting fees | 11,976 | |||
Trustees’ fees* | 1,390 | |||
Miscellaneous | 23,940 | |||
Total expenses | 213,412 | |||
Net investment loss | (192,895 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments | 1,586,004 | |||
Swap agreements | (5,204,885 | ) | ||
Futures contracts | (606,247 | ) | ||
Net realized loss | (4,225,128 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (2,298,245 | ) | ||
Swap agreements | (1,609,619 | ) | ||
Futures contracts | (142,473 | ) | ||
Net change in unrealized appreciation (depreciation) | (4,050,337 | ) | ||
Net realized and unrealized loss | (8,275,465 | ) | ||
Net decrease in net assets resulting from operations | $ | (8,468,360 | ) | |
88 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
STATEMENTS OF CHANGES IN NET ASSETS
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment loss | $ | (192,895 | ) | $ | (342,033 | ) | ||
Net realized gain (loss) on investments | (4,225,128 | ) | 7,585,812 | |||||
Net change in unrealized appreciation (depreciation) on investments | (4,050,337 | ) | (1,516,617 | ) | ||||
Net increase (decrease) in net assets resulting from operations | (8,468,360 | ) | 5,727,162 | |||||
Distributions to shareholders | — | — | ||||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
A-Class | 1,172,617 | 6,815,665 | ||||||
C-Class | 295,937 | 1,474,481 | ||||||
H-Class | 62,371,996 | 198,061,598 | ||||||
Cost of shares redeemed | ||||||||
A-Class | (2,711,367 | ) | (5,760,396 | ) | ||||
C-Class | (785,456 | ) | (2,047,330 | ) | ||||
H-Class | (86,655,662 | ) | (188,080,975 | ) | ||||
Net increase (decrease) from capital share transactions | (26,311,935 | ) | 10,463,043 | |||||
Net increase (decrease) in net assets | (34,780,295 | ) | 16,190,205 | |||||
Net assets: | ||||||||
Beginning of period | 42,877,299 | 26,687,094 | ||||||
End of period | $ | 8,097,004 | $ | 42,877,299 | ||||
Accumulated net investment loss at end of period | $ | (196,124 | ) | $ | (3,229 | ) | ||
Capital share activity: | ||||||||
Shares sold | ||||||||
A-Class | 33,904 | 266,605 | ||||||
C-Class | 10,289 | 57,713 | ||||||
H-Class | 1,947,667 | 7,264,965 | ||||||
Shares redeemed | ||||||||
A-Class | (83,949 | ) | (222,529 | ) | ||||
C-Class | (27,188 | ) | (88,368 | ) | ||||
H-Class | (2,769,344 | ) | (7,088,420 | ) | ||||
Net increase (decrease) in shares | (888,621 | ) | 189,966 | |||||
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 89 |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 34.37 | $ | 25.24 | $ | 12.49 | $ | 28.62 | $ | 37.24 | $ | 37.33 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.25 | ) | (.35 | ) | (.11 | ) | (.02 | ) | .29 | .10 | ||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (11.74 | ) | 9.48 | 12.86 | (16.11 | ) | (8.83 | ) | 1.24 | |||||||||||||||
Total from investment operations | (11.99 | ) | 9.13 | 12.75 | (16.13 | ) | (8.54 | ) | 1.34 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | — | — | (.08 | ) | — | |||||||||||||||||
Net realized gains | — | — | — | — | — | (1.43 | ) | |||||||||||||||||
Total distributions | — | — | — | — | (.08 | ) | (1.43 | ) | ||||||||||||||||
Net asset value, end of period | $ | 22.38 | $ | 34.37 | $ | 25.24 | $ | 12.49 | $ | 28.62 | $ | 37.24 | ||||||||||||
Total Returnc | (34.89 | %) | 36.17 | % | 102.08 | % | (56.36% | ) | (22.98% | ) | 3.60 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 385 | $ | 2,312 | $ | 585 | $ | 591 | $ | 4,372 | $ | 5,976 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (1.55 | %) | (1.25 | %) | (0.59 | %) | (0.07 | %) | 0.81 | % | 0.28 | % | ||||||||||||
Total expenses | 1.71 | % | 1.72 | % | 1.71 | % | 1.70 | % | 1.67 | % | 1.66 | % | ||||||||||||
Portfolio turnover rate | 113 | % | 211 | % | 109 | % | 288 | % | 227 | % | 179 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 31.75 | $ | 23.50 | $ | 11.71 | $ | 27.10 | $ | 35.51 | $ | 35.93 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.32 | ) | (.47 | ) | (.24 | ) | (.18 | ) | .03 | (.16 | ) | |||||||||||||
Net gain (loss) on investments (realized and unrealized) | (10.83 | ) | 8.72 | 12.03 | (15.21 | ) | (8.36 | ) | 1.17 | |||||||||||||||
Total from investment operations | (11.15 | ) | 8.25 | 11.79 | (15.39 | ) | (8.33 | ) | 1.01 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | — | — | (.08 | ) | — | |||||||||||||||||
Net realized gains | — | — | — | — | — | (1.43 | ) | |||||||||||||||||
Total distributions | — | — | — | — | (.08 | ) | (1.43 | ) | ||||||||||||||||
Net asset value, end of period | $ | 20.60 | $ | 31.75 | $ | 23.50 | $ | 11.71 | $ | 27.10 | $ | 35.51 | ||||||||||||
Total Returnc | (35.12 | %) | 35.11 | % | 100.68 | % | (56.79% | ) | (23.50% | ) | 2.81 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,459 | $ | 2,786 | $ | 2,782 | $ | 3,381 | $ | 10,873 | $ | 19,942 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (2.27 | %) | (1.90 | %) | (1.36 | %) | (0.83 | %) | 0.09 | % | (0.47 | %) | ||||||||||||
Total expenses | 2.47 | % | 2.47 | % | 2.46 | % | 2.45 | % | 2.42 | % | 2.41 | % | ||||||||||||
Portfolio turnover rate | 113 | % | 211 | % | 109 | % | 288 | % | 227 | % | 179 | % |
90 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
H-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 34.29 | $ | 25.21 | $ | 12.47 | $ | 28.62 | $ | 37.22 | $ | 37.32 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.25 | ) | (.35 | ) | (.19 | ) | (.02 | ) | .30 | .10 | ||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (11.71 | ) | 9.43 | 12.93 | (16.13 | ) | (8.82 | ) | 1.23 | |||||||||||||||
Total from investment operations | (11.96 | ) | 9.08 | 12.74 | (16.15 | ) | (8.52 | ) | 1.33 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | — | — | (.08 | ) | — | |||||||||||||||||
Net realized gains | — | — | — | — | — | (1.43 | ) | |||||||||||||||||
Total distributions | — | — | — | — | (.08 | ) | (1.43 | ) | ||||||||||||||||
Net asset value, end of period | $ | 22.33 | $ | 34.29 | $ | 25.21 | $ | 12.47 | $ | 28.62 | $ | 37.22 | ||||||||||||
Total Returnc | (34.88 | %) | 36.02 | % | 102.17 | % | (56.43% | ) | (22.93% | ) | 3.57 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 6,253 | $ | 37,780 | $ | 23,320 | $ | 13,807 | $ | 13,839 | $ | 42,861 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (1.54 | %) | (1.25 | %) | (0.94 | %) | (0.07 | %) | 0.83 | % | 0.27 | % | ||||||||||||
Total expenses | 1.71 | % | 1.72 | % | 1.71 | % | 1.70 | % | 1.67 | % | 1.66 | % | ||||||||||||
Portfolio turnover rate | 113 | % | 211 | % | 109 | % | 288 | % | 227 | % | 179 | % |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | |
c | Total return does not reflect the impact of any applicable sales charges and has not been annualized. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 91 |
FUND PROFILE (Unaudited) | September 30, 2011 | |
RUSSELL 2000®FUND |
![(GRAPHICS)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366913.gif)
Inception Dates: | ||||||||
A-Class | May 31, | 2006 | ||||||
C-Class | May 31, | 2006 | ||||||
H-Class | May 31, | 2006 |
Ten Largest Holdings | ||||
(% of Total Net Assets) | ||||
Netlogic Microsystems, Inc. | 0.3 | % | ||
Jack Henry & Associates, Inc. | 0.2 | % | ||
American Campus Communities, Inc. | 0.2 | % | ||
MFA Financial, Inc. | 0.2 | % | ||
Nicor, Inc. | 0.2 | % | ||
Healthspring, Inc. | 0.2 | % | ||
Clean Harbors, Inc. | 0.2 | % | ||
Cepheid, Inc. | 0.2 | % | ||
World Fuel Services Corp. | 0.2 | % | ||
National Retail Properties, Inc. | 0.2 | % | ||
Top Ten Total | 2.1 | % | ||
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 | |
RUSSELL 2000® FUND |
Shares | Value | |||||||
COMMON STOCKS† - 70.2% | ||||||||
FINANCIALS - 15.4% | ||||||||
American Campus Communities, Inc. | 429 | $ | 15,963 | |||||
MFA Financial, Inc. | 2,263 | 15,886 | ||||||
National Retail Properties, Inc. | 543 | 14,590 | ||||||
Tanger Factory Outlet Centers | 550 | 14,306 | ||||||
Home Properties, Inc. | 250 | 14,190 | ||||||
ProAssurance Corp. | 193 | 13,900 | ||||||
Mid-America Apartment Communities, Inc. | 230 | 13,851 | ||||||
Signature Bank* | 290 | 13,842 | ||||||
BioMed Realty Trust, Inc. | 830 | 13,753 | ||||||
Highwoods Properties, Inc. | 460 | 13,000 | ||||||
Hancock Holding Co. | 480 | 12,854 | ||||||
Equity Lifestyle Properties, Inc. | 200 | 12,540 | ||||||
Hatteras Financial Corp. | 477 | 12,001 | ||||||
Washington Real Estate Investment Trust | 422 | 11,892 | ||||||
Entertainment Properties Trust | 297 | 11,577 | ||||||
Kilroy Realty Corp. | 368 | 11,518 | ||||||
Extra Space Storage, Inc. | 600 | 11,178 | ||||||
Alterra Capital Holdings Ltd. | 573 | 10,870 | ||||||
Post Properties, Inc. | 312 | 10,839 | ||||||
CBL & Associates Properties, Inc. | 939 | 10,667 | ||||||
LaSalle Hotel Properties | 543 | 10,426 | ||||||
Invesco Mortgage Capital, Inc. | 730 | 10,315 | ||||||
Omega Healthcare Investors, Inc. | 646 | 10,291 | ||||||
SVB Financial Group* | 277 | 10,249 | ||||||
Starwood Property Trust, Inc. | 590 | 10,124 | ||||||
Prosperity Bancshares, Inc. | 300 | 9,804 | ||||||
Cash America International, Inc. | 190 | 9,720 | ||||||
Colonial Properties Trust | 533 | 9,679 | ||||||
Apollo Investment Corp. | 1,245 | 9,362 | ||||||
Stifel Financial Corp.* | 345 | 9,163 | ||||||
Iberiabank Corp. | 190 | 8,941 | ||||||
First American Financial Corp. | 673 | 8,614 | ||||||
First Cash Financial Services, Inc.* | 200 | 8,390 | ||||||
Ezcorp, Inc. — Class A* | 293 | 8,362 | ||||||
Healthcare Realty Trust, Inc. | 493 | 8,307 | ||||||
Northwest Bancshares, Inc. | 673 | 8,015 | ||||||
Potlatch Corp. | 250 | 7,880 | ||||||
FirstMerit Corp. | 693 | 7,872 | ||||||
Two Harbors Investment Corp. | 890 | 7,859 | ||||||
Knight Capital Group, Inc. — Class A* | 636 | 7,734 | ||||||
CNO Financial Group, Inc.* | 1,405 | 7,601 | ||||||
DiamondRock Hospitality Co. | 1,063 | 7,430 | ||||||
Trustmark Corp. | 405 | 7,351 | ||||||
DuPont Fabros Technology, Inc. | 373 | 7,344 | ||||||
RLI Corp. | 113 | 7,185 | ||||||
Platinum Underwriters Holdings Ltd. | 233 | 7,165 | ||||||
Webster Financial Corp. | 460 | 7,038 | ||||||
Montpelier Re Holdings Ltd. | 398 | 7,037 | ||||||
FNB Corp. | 810 | 6,942 | ||||||
Westamerica Bancorporation | 180 | 6,898 | ||||||
DCT Industrial Trust, Inc. | 1,558 | 6,840 | ||||||
Sovran Self Storage, Inc. | 180 | 6,691 | ||||||
Portfolio Recovery Associates, Inc.* | 105 | 6,533 | ||||||
Delphi Financial Group, Inc. — Class A | 303 | 6,521 | ||||||
EastGroup Properties, Inc. | 170 | 6,484 | ||||||
Umpqua Holdings Corp. | 733 | 6,443 | ||||||
UMB Financial Corp. | 200 | 6,416 | ||||||
United Bankshares, Inc. | 318 | 6,389 | ||||||
Medical Properties Trust, Inc. | 713 | 6,381 | ||||||
CYS Investments, Inc. | 525 | 6,347 | ||||||
National Health Investors, Inc. | 150 | 6,319 | ||||||
Capstead Mortgage Corp. | 540 | 6,232 | ||||||
Ocwen Financial Corp.* | 470 | 6,209 | ||||||
DFC Global Corp.* | 277 | 6,052 | ||||||
PS Business Parks, Inc. | 120 | 5,945 | ||||||
Prospect Capital Corp. | 690 | 5,803 | ||||||
Wintrust Financial Corp. | 223 | 5,756 | ||||||
PHH Corp.* | 356 | 5,724 | ||||||
Cathay General Bancorp | 500 | 5,690 | ||||||
Old National Bancorp | 603 | 5,620 | ||||||
Redwood Trust, Inc. | 500 | 5,585 | ||||||
Texas Capital Bancshares, Inc. | 241 | 5,507 | ||||||
National Penn Bancshares, Inc. | 785 | 5,503 | ||||||
Anworth Mortgage Asset Corp. | 805 | 5,474 | ||||||
Equity One, Inc. | 343 | 5,440 | ||||||
CubeSmart | 633 | 5,399 | ||||||
Community Bank System, Inc. | 237 | 5,378 | ||||||
Tower Group, Inc. | 230 | 5,258 | ||||||
First Financial Bankshares, Inc. | 200 | 5,232 | ||||||
MB Financial, Inc. | 350 | 5,152 | ||||||
World Acceptance Corp.* | 92 | 5,147 | ||||||
Franklin Street Properties Corp. | 452 | 5,112 | ||||||
First Financial Bancorp | 370 | 5,106 | ||||||
Pebblebrook Hotel Trust | 321 | 5,024 | ||||||
Lexington Realty Trust | 756 | 4,944 | ||||||
LTC Properties, Inc. | 193 | 4,887 | ||||||
Argo Group International Holdings Ltd. | 170 | 4,823 | ||||||
Glimcher Realty Trust | 679 | 4,807 | ||||||
Strategic Hotels & Resorts, Inc.* | 1,110 | 4,784 | ||||||
Primerica, Inc. | 220 | 4,743 | ||||||
Government Properties Income Trust | 220 | 4,732 | ||||||
Acadia Realty Trust | 253 | 4,731 | ||||||
Harleysville Group, Inc. | 80 | 4,709 | ||||||
BancorpSouth, Inc. | 533 | 4,680 | ||||||
MarketAxess Holdings, Inc. | 178 | 4,632 | ||||||
Solar Capital Ltd. | 230 | 4,630 | ||||||
Oritani Financial Corp. | 356 | 4,578 | ||||||
Sun Communities, Inc. | 130 | 4,575 | ||||||
Susquehanna Bancshares, Inc. | 830 | 4,540 | ||||||
Selective Insurance Group, Inc. | 345 | 4,502 | ||||||
International Bancshares Corp. | 340 | 4,471 |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 93 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | September 30, 2011 | |
RUSSELL 2000® FUND |
Shares | Value | |||||||
First Industrial Realty Trust, Inc.* | 550 | $ | 4,400 | |||||
CVB Financial Corp. | 571 | 4,391 | ||||||
Financial Engines, Inc.* | 240 | 4,346 | ||||||
Park National Corp. | 82 | 4,336 | ||||||
Glacier Bancorp, Inc. | 460 | 4,310 | ||||||
Fifth Street Finance Corp. | 460 | 4,287 | ||||||
MF Global Holdings Ltd.* | 1,038 | 4,287 | ||||||
Sunstone Hotel Investors, Inc.* | 753 | 4,285 | ||||||
Astoria Financial Corp. | 556 | 4,276 | ||||||
Infinity Property & Casualty Corp. | 80 | 4,198 | ||||||
NBT Bancorp, Inc. | 220 | 4,096 | ||||||
Provident Financial Services, Inc. | 380 | 4,085 | ||||||
Associated Estates Realty Corp. | 260 | 4,020 | ||||||
First Potomac Realty Trust | 322 | 4,015 | ||||||
Education Realty Trust, Inc. | 460 | 3,951 | ||||||
Enstar Group Ltd.* | 41 | 3,904 | ||||||
Bank of the Ozarks, Inc. | 180 | 3,767 | ||||||
Greenlight Capital Re Ltd. — Class A* | 180 | 3,733 | ||||||
Investors Real Estate Trust | 510 | 3,672 | ||||||
Walter Investment Management Corp. | 160 | 3,669 | ||||||
Investors Bancorp, Inc.* | 290 | 3,663 | ||||||
Columbia Banking System, Inc. | 253 | 3,623 | ||||||
Alexander’s, Inc. | 10 | 3,610 | ||||||
American Assets Trust, Inc. | 200 | 3,590 | ||||||
Inland Real Estate Corp. | 489 | 3,570 | ||||||
Symetra Financial Corp. | 426 | 3,472 | ||||||
First Midwest Bancorp, Inc. | 470 | 3,440 | ||||||
iStar Financial, Inc.* | 590 | 3,434 | ||||||
Cousins Properties, Inc. | 580 | 3,393 | ||||||
BlackRock Kelso Capital Corp. | 463 | 3,380 | ||||||
Amtrust Financial Services, Inc. | 150 | 3,339 | ||||||
ARMOUR Residential REIT, Inc. | 490 | 3,332 | ||||||
American Equity Investment Life Holding Co. | 380 | 3,325 | ||||||
Cohen & Steers, Inc. | 113 | 3,249 | ||||||
KBW, Inc. | 233 | 3,213 | ||||||
CreXus Investment Corp. | 360 | 3,197 | ||||||
Compass Diversified Holdings | 259 | 3,155 | ||||||
Navigators Group, Inc.* | 72 | 3,110 | ||||||
Employers Holdings, Inc. | 243 | 3,101 | ||||||
Hersha Hospitality Trust — Class A | 890 | 3,079 | ||||||
National Financial Partners Corp.* | 280 | 3,063 | ||||||
Meadowbrook Insurance Group, Inc. | 340 | 3,029 | ||||||
Safety Insurance Group, Inc. | 80 | 3,026 | ||||||
Nelnet, Inc. — Class A | 160 | 3,005 | ||||||
Home Bancshares, Inc. | 140 | 2,971 | ||||||
Evercore Partners, Inc. — Class A | 130 | 2,964 | ||||||
Retail Opportunity Investments Corp. | 263 | 2,914 | ||||||
BGC Partners, Inc. — Class A | 483 | 2,912 | ||||||
Independent Bank Corp. | 133 | 2,891 | ||||||
Brookline Bancorp, Inc. | 373 | 2,876 | ||||||
Boston Private Financial Holdings, Inc. | 489 | 2,875 | ||||||
Horace Mann Educators Corp. | 252 | 2,875 | ||||||
Pico Holdings, Inc.* | 140 | 2,871 | ||||||
PennyMac Mortgage Investment Trust | 180 | 2,862 | ||||||
S&T Bancorp, Inc. | 177 | 2,860 | ||||||
PrivateBancorp, Inc. | 380 | 2,858 | ||||||
Oriental Financial Group, Inc. | 287 | 2,775 | ||||||
Credit Acceptance Corp.* | 43 | 2,767 | ||||||
Banco Latinoamericano de Comercio Exterior S.A. — Class E | 180 | 2,741 | ||||||
Pennsylvania Real Estate Investment Trust | 351 | 2,713 | ||||||
Colony Financial, Inc. | 210 | 2,713 | ||||||
City Holding Co. | 100 | 2,699 | ||||||
PacWest Bancorp | 193 | 2,690 | ||||||
Trustco Bank Corp. | 588 | 2,622 | ||||||
Chemical Financial Corp. | 170 | 2,603 | ||||||
Advance America Cash Advance Centers, Inc. | 353 | 2,598 | ||||||
PennantPark Investment Corp. | 290 | 2,587 | ||||||
Flagstone Reinsurance Holdings S.A. | 333 | 2,581 | ||||||
Investment Technology Group, Inc.* | 260 | 2,545 | ||||||
State Bank Financial Corp.* | 200 | 2,524 | ||||||
ViewPoint Financial Group | 220 | 2,519 | ||||||
WesBanco, Inc. | 143 | 2,475 | ||||||
First Commonwealth Financial Corp. | 665 | 2,460 | ||||||
Simmons First National Corp. — Class A | 113 | 2,452 | ||||||
Forestar Group, Inc.* | 223 | 2,433 | ||||||
Western Alliance Bancorporation* | 443 | 2,428 | ||||||
Universal Health Realty Income Trust | 72 | 2,420 | ||||||
Chesapeake Lodging Trust | 200 | 2,414 | ||||||
Pinnacle Financial Partners, Inc.* | 220 | 2,407 | ||||||
Berkshire Hills Bancorp, Inc. | 130 | 2,401 | ||||||
Maiden Holdings Ltd. | 323 | 2,387 | ||||||
Hercules Technology Growth Capital, Inc. | 277 | 2,360 | ||||||
United Fire & Casualty Co. | 133 | 2,353 | ||||||
Main Street Capital Corp. | 130 | 2,309 | ||||||
Getty Realty Corp. | 160 | 2,307 | ||||||
Ashford Hospitality Trust, Inc. | 327 | 2,296 | ||||||
Urstadt Biddle Properties, Inc. — Class A | 143 | 2,284 | ||||||
United Community Banks, Inc.* | 268 | 2,275 | ||||||
SCBT Financial Corp. | 92 | 2,271 | ||||||
Sabra Health Care REIT, Inc. | 236 | 2,251 | ||||||
Encore Capital Group, Inc.* | 103 | 2,251 | ||||||
Resource Capital Corp. | 448 | 2,240 | ||||||
MGIC Investment Corp.* | 1,195 | 2,235 | ||||||
Tejon Ranch Co.* | 92 | 2,196 | ||||||
Sandy Spring Bancorp, Inc. | 150 | 2,194 | ||||||
FBL Financial Group, Inc. — Class A | 82 | 2,183 | ||||||
RLJ Lodging Trust | 170 | 2,171 |
94 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | September 30, 2011 | |
RUSSELL 2000® FUND |
Shares | Value | |||||||
Flushing Financial Corp. | 200 | $ | 2,160 | |||||
Triangle Capital Corp. | 140 | 2,131 | ||||||
Lakeland Financial Corp. | 103 | 2,128 | ||||||
First Busey Corp. | 488 | 2,123 | ||||||
Community Trust Bancorp, Inc. | 91 | 2,119 | ||||||
Sterling Financial Corp.* | 170 | 2,105 | ||||||
Campus Crest Communities, Inc. | 193 | 2,100 | ||||||
FPIC Insurance Group, Inc.* | 50 | 2,092 | ||||||
1st Source Corp. | 100 | 2,083 | ||||||
AMERISAFE, Inc.* | 113 | 2,080 | ||||||
Duff & Phelps Corp. — Class A | 193 | 2,057 | ||||||
Dynex Capital, Inc. | 253 | 2,039 | ||||||
Renasant Corp. | 160 | 2,037 | ||||||
Newcastle Investment Corp. | 500 | 2,035 | ||||||
NorthStar Realty Finance Corp. | 610 | 2,013 | ||||||
Ramco-Gershenson Properties Trust | 243 | 1,993 | ||||||
Dime Community Bancshares, Inc. | 193 | 1,955 | ||||||
OneBeacon Insurance Group Ltd. — Class A | 143 | 1,951 | ||||||
Safeguard Scientifics, Inc.* | 130 | 1,950 | ||||||
MCG Capital Corp. | 490 | 1,940 | ||||||
First Financial Corp. | 70 | 1,926 | ||||||
Excel Trust, Inc. | 200 | 1,924 | ||||||
Southside Bancshares, Inc. | 104 | 1,873 | ||||||
Coresite Realty Corp. | 130 | 1,866 | ||||||
Radian Group, Inc. | 846 | 1,853 | ||||||
FelCor Lodging Trust, Inc.* | 791 | 1,843 | ||||||
Piper Jaffray Cos.* | 102 | 1,829 | ||||||
Hilltop Holdings, Inc.* | 252 | 1,817 | ||||||
eHealth, Inc.* | 133 | 1,817 | ||||||
GFI Group, Inc. | 449 | 1,805 | ||||||
Washington Trust Bancorp, Inc. | 91 | 1,800 | ||||||
Tompkins Financial Corp. | 50 | 1,789 | ||||||
Monmouth Real Estate Investment Corp. — Class A | 224 | 1,776 | ||||||
Virtus Investment Partners, Inc.* | 33 | 1,769 | ||||||
Rockville Financial, Inc. | 185 | 1,754 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 133 | 1,752 | ||||||
International FCStone, Inc.* | 83 | 1,723 | ||||||
TowneBank | 150 | 1,706 | ||||||
West Coast Bancorp* | 120 | 1,680 | ||||||
Hudson Pacific Properties, Inc. | 143 | 1,663 | ||||||
GAMCO Investors, Inc. — Class A | 42 | 1,654 | ||||||
TICC Capital Corp. | 200 | 1,634 | ||||||
Kennedy-Wilson Holdings, Inc. | 150 | 1,590 | ||||||
NewStar Financial, Inc.* | 170 | 1,588 | ||||||
FXCM, Inc. — Class A | 113 | 1,584 | ||||||
Artio Global Investors, Inc. — Class A | 198 | 1,576 | ||||||
CapLease, Inc. | 436 | 1,574 | ||||||
HFF, Inc. — Class A* | 180 | 1,573 | ||||||
MVC Capital, Inc. | 150 | 1,571 | ||||||
Beneficial Mutual Bancorp, Inc.* | 210 | 1,564 | ||||||
Winthrop Realty Trust | 180 | 1,564 | ||||||
Cardinal Financial Corp. | 179 | 1,543 | ||||||
Parkway Properties, Inc. | 140 | 1,541 | ||||||
Citizens, Inc.* | 240 | 1,538 | ||||||
Hudson Valley Holding Corp. | 88 | 1,534 | ||||||
Westwood Holdings Group, Inc. | 43 | 1,486 | ||||||
Capital Southwest Corp. | 20 | 1,480 | ||||||
Tower Bancorp, Inc. | 70 | 1,466 | ||||||
Saul Centers, Inc. | 43 | 1,454 | ||||||
Nara Bancorp, Inc.* | 238 | 1,445 | ||||||
Camden National Corp. | 53 | 1,443 | ||||||
Bancfirst Corp. | 43 | 1,426 | ||||||
StellarOne Corp. | 143 | 1,423 | ||||||
Sterling Bancorp — Class N | 193 | 1,401 | ||||||
Global Indemnity plc — Class A* | 82 | 1,401 | ||||||
Univest Corporation of Pennsylvania | 105 | 1,400 | ||||||
Provident New York Bancorp | 240 | 1,397 | ||||||
United Financial Bancorp, Inc. | 102 | 1,396 | ||||||
Union First Market Bankshares Corp. | 130 | 1,394 | ||||||
Northfield Bancorp, Inc. | 105 | 1,390 | ||||||
Diamond Hill Investment Group, Inc. | 20 | 1,388 | ||||||
Enterprise Financial Services Corp. | 102 | 1,386 | ||||||
Territorial Bancorp, Inc. | 72 | 1,379 | ||||||
Arrow Financial Corp. | 62 | 1,375 | ||||||
Bancorp, Inc.* | 190 | 1,360 | ||||||
WSFS Financial Corp. | 43 | 1,358 | ||||||
National Western Life Insurance Co. — Class A | 10 | 1,355 | ||||||
Banner Corp. | 105 | 1,343 | ||||||
SY Bancorp, Inc. | 72 | 1,341 | ||||||
Financial Institutions, Inc. | 92 | 1,312 | ||||||
Agree Realty Corp. | 60 | 1,307 | ||||||
Ameris Bancorp* | 150 | 1,306 | ||||||
Kite Realty Group Trust | 353 | 1,292 | ||||||
German American Bancorp, Inc. | 80 | 1,290 | ||||||
American Safety Insurance Holdings Ltd.* | 70 | 1,288 | ||||||
Eagle Bancorp, Inc.* | 104 | 1,224 | ||||||
Epoch Holding Corp. | 90 | 1,221 | ||||||
Calamos Asset Management, Inc. — Class A | 120 | 1,201 | ||||||
Summit Hotel Properties, Inc. | 170 | 1,200 | ||||||
Citizens & Northern Corp. | 80 | 1,189 | ||||||
Westfield Financial, Inc. | 180 | 1,186 | ||||||
State Auto Financial Corp. | 90 | 1,183 | ||||||
First of Long Island Corp. | 52 | 1,178 | ||||||
Heartland Financial USA, Inc. | 83 | 1,177 | ||||||
Presidential Life Corp. | 142 | 1,167 | ||||||
Fox Chase Bancorp, Inc. | 92 | 1,167 | ||||||
Bryn Mawr Bank Corp. | 70 | 1,160 | ||||||
Farmer Mac — Class C | 60 | 1,142 | ||||||
Cowen Group, Inc. — Class A* | 420 | 1,138 | ||||||
MainSource Financial Group, Inc. | 130 | 1,134 | ||||||
Trico Bancshares | 92 | 1,129 | ||||||
First Merchants Corp. | 160 | 1,128 | ||||||
Heritage Financial Corp. | 102 | 1,126 |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 95 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | September 30, 2011 | |
RUSSELL 2000® FUND |
Shares | Value | |||||||
Oppenheimer Holdings, | ||||||||
Inc. — Class A | 70 | $ | 1,123 | |||||
Cedar Shopping Centers, Inc. | 353 | 1,098 | ||||||
Gladstone Commercial Corp. | 70 | 1,098 | ||||||
First Interstate Bancsystem, Inc. — Class A | 101 | 1,082 | ||||||
Wilshire Bancorp, Inc.* | 393 | 1,077 | ||||||
Baldwin & Lyons, Inc. — Class B | 50 | 1,068 | ||||||
Cogdell Spencer, Inc. | 283 | 1,067 | ||||||
Republic Bancorp, Inc. — Class A | 60 | 1,063 | ||||||
Bancorp Rhode Island, Inc. | 25 | 1,060 | ||||||
Bank of Marin Bancorp | 32 | 1,057 | ||||||
State Bancorp, Inc. | 100 | 1,057 | ||||||
Ladenburg Thalmann Financial Services, Inc.* | 680 | 1,054 | ||||||
OceanFirst Financial Corp. | 90 | 1,050 | ||||||
Center Financial Corp.* | 223 | 1,046 | ||||||
First Community Bancshares, Inc. | 102 | 1,040 | ||||||
STAG Industrial, Inc. | 102 | 1,040 | ||||||
Lakeland Bancorp, Inc. | 133 | 1,040 | ||||||
National Bankshares, Inc. | 43 | 1,038 | ||||||
Arlington Asset Investment Corp. — Class A | 43 | 1,034 | ||||||
Central Pacific Financial Corp.* | 100 | 1,032 | ||||||
One Liberty Properties, Inc. | 70 | 1,026 | ||||||
CNB Financial Corp. | 80 | 1,026 | ||||||
Franklin Financial Corp.* | 92 | 1,016 | ||||||
Great Southern Bancorp, Inc. | 60 | 1,007 | ||||||
First Bancorp | 100 | 1,004 | ||||||
Centerstate Banks, Inc. | 190 | 994 | ||||||
Stewart Information Services Corp. | 112 | 990 | ||||||
Netspend Holdings, Inc.* | 190 | 977 | ||||||
Washington Banking Co. | 100 | 973 | ||||||
Gladstone Investment Corp. | 143 | 972 | ||||||
OmniAmerican Bancorp, Inc.* | 71 | 969 | ||||||
National Interstate Corp. | 43 | 945 | ||||||
CoBiz Financial, Inc. | 210 | 939 | ||||||
Abington Bancorp, Inc. | 130 | 936 | ||||||
SeaBright Holdings, Inc. | 130 | 936 | ||||||
Alliance Financial Corp. | 33 | 926 | ||||||
Chatham Lodging Trust | 92 | 913 | ||||||
Virginia Commerce Bancorp, Inc.* | 153 | 898 | ||||||
Phoenix Companies, Inc.* | 735 | 897 | ||||||
Gladstone Capital Corp. | 130 | 892 | ||||||
Golub Capital BDC, Inc. | 60 | 891 | ||||||
Merchants Bancshares, Inc. | 33 | 884 | ||||||
Doral Financial Corp.* | 810 | 883 | ||||||
NGP Capital Resources Co. | 133 | 870 | ||||||
BankFinancial Corp. | 130 | 863 | ||||||
Mission West Properties, Inc. | 113 | 858 | ||||||
Crawford & Co. — Class B | 160 | 858 | ||||||
West Bancorporation, Inc. | 101 | 856 | ||||||
SWS Group, Inc. | 180 | 844 | ||||||
Primus Guaranty Ltd.* | 160 | 843 | ||||||
Edelman Financial Group, Inc. | 130 | 840 | ||||||
1st United Bancorp, Inc.* | 170 | 838 | ||||||
Medallion Financial Corp. | 90 | 837 | ||||||
Kansas City Life Insurance Co. | 27 | 833 | ||||||
ESB Financial Corp. | 76 | 833 | ||||||
Home Federal Bancorp, Inc. | 105 | 821 | ||||||
Penns Woods Bancorp, Inc. | 25 | 819 | ||||||
RAIT Financial Trust | 240 | 814 | ||||||
Bank of Kentucky Financial Corporation | 40 | 810 | ||||||
BofI Holding, Inc.* | 60 | 808 | ||||||
First Defiance Financial Corp.* | 60 | 804 | ||||||
Pacific Continental Corp. | 113 | 801 | ||||||
Metro Bancorp, Inc.* | 92 | 796 | ||||||
Hanmi Financial Corp.* | 958 | 795 | ||||||
Bridge Bancorp, Inc. | 43 | 787 | ||||||
Ames National Corp. | 50 | 781 | ||||||
Peoples Bancorp, Inc. | 70 | 770 | ||||||
Terreno Realty Corp. | 60 | 770 | ||||||
FBR & Company* | 323 | 769 | ||||||
Solar Senior Capital Ltd. | 53 | 757 | ||||||
Bank Mutual Corp. | 290 | 757 | ||||||
First Bancorp, Inc. | 60 | 755 | ||||||
ESSA Bancorp, Inc. | 70 | 736 | ||||||
Kearny Financial Corp. | 83 | 734 | ||||||
Walker & Dunlop, Inc.* | 63 | 732 | ||||||
Capital City Bank Group, Inc. | 70 | 728 | ||||||
Medley Capital Corp. | 70 | 706 | ||||||
Kohlberg Capital Corp. | 120 | 702 | ||||||
Center Bancorp, Inc. | 72 | 695 | ||||||
Harris & Harris Group, Inc.* | 193 | 685 | ||||||
First Pactrust Bancorp, Inc. | 60 | 680 | ||||||
Seacoast Banking Corporation of Florida* | 460 | 676 | ||||||
MPG Office Trust, Inc.* | 315 | 665 | ||||||
Sierra Bancorp | 72 | 659 | ||||||
Consolidated-Tomoka Land Co. | 25 | 657 | ||||||
THL Credit, Inc. | 60 | 655 | ||||||
Meridian Interstate Bancorp, Inc.* | 60 | 655 | ||||||
Donegal Group, Inc. — Class A | 53 | 638 | ||||||
Pacific Capital Bancorp North America* | 25 | 638 | ||||||
UMH Properties, Inc. | 70 | 636 | ||||||
Sun Bancorp, Inc.* | 240 | 636 | ||||||
Park Sterling Corp.* | 180 | 616 | ||||||
Flagstar Bancorp, Inc.* | 1,245 | 610 | ||||||
EMC Insurance Group, Inc. | 33 | 607 | ||||||
Bridge Capital Holdings* | 60 | 604 | ||||||
Gleacher & Company, Inc.* | 498 | 593 | ||||||
Nicholas Financial, Inc. | 60 | 586 | ||||||
JMP Group, Inc. | 100 | 581 | ||||||
Orrstown Financial Services, Inc. | 45 | 578 | ||||||
Midsouth Bancorp, Inc. | 52 | 559 | ||||||
New Mountain Finance Corp. | 43 | 547 | ||||||
Encore Bancshares, Inc.* | 50 | 533 | ||||||
Hallmark Financial Services* | 72 | 531 |
96 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | September 30, 2011 | |
RUSSELL 2000®FUND |
Shares | Value | |||||||
Marlin Business Services Corp.* | 50 | $ | 530 | |||||
Southwest Bancorp, Inc. | 120 | 506 | ||||||
Heritage Commerce Corp.* | 130 | 501 | ||||||
Suffolk Bancorp | 60 | 499 | ||||||
Cape Bancorp, Inc.* | 70 | 495 | ||||||
Enterprise Bancorp, Inc. | 40 | 493 | ||||||
Avatar Holdings, Inc.* | 60 | 491 | ||||||
Whitestone REIT — Class B | 43 | 479 | ||||||
Century Bancorp, Inc. — Class A | 20 | 464 | ||||||
Universal Insurance Holdings, Inc. | 120 | 462 | ||||||
Clifton Savings Bancorp, Inc. | 50 | 458 | ||||||
Taylor Capital Group, Inc.* | 70 | 449 | ||||||
First Financial Holdings, Inc. | 105 | 421 | ||||||
Charter Financial Corp. | 43 | 403 | ||||||
First Marblehead Corp. | 350 | 357 | ||||||
Roma Financial Corp. | 43 | 350 | ||||||
CIFC Corp.* | 72 | 312 | ||||||
Independence Holding Co. | 43 | 312 | ||||||
Hampton Roads Bankshares, Inc.* | 60 | 282 | ||||||
Imperial Holdings, Inc.* | 113 | 271 | ||||||
Gain Capital Holdings, Inc.* | 43 | 270 | ||||||
Fortegra Financial Corp.* | 40 | 210 | ||||||
PMI Group, Inc.* | 966 | 193 | ||||||
Cascade Bancorp* | 33 | 192 | ||||||
Capital Bank Corp.* | 92 | 191 | ||||||
Pzena Investment Management, Inc. — Class A | 50 | 164 | ||||||
California First National Bancorp | 10 | 153 | ||||||
Total Financials | 1,346,767 | |||||||
INFORMATION TECHNOLOGY - 12.0% | ||||||||
Netlogic Microsystems, Inc.* | 435 | 20,928 | ||||||
Jack Henry & Associates, Inc. | 553 | 16,026 | ||||||
InterDigital, Inc. | 290 | 13,508 | ||||||
SuccessFactors, Inc.* | 532 | 12,231 | ||||||
Universal Display Corp.* | 243 | 11,649 | ||||||
Parametric Technology Corp.* | 753 | 11,581 | ||||||
Aruba Networks, Inc.* | 543 | 11,354 | ||||||
RF Micro Devices, Inc.* | 1,756 | 11,133 | ||||||
ADTRAN, Inc. | 410 | 10,849 | ||||||
Concur Technologies, Inc.* | 283 | 10,533 | ||||||
CommVault Systems, Inc. | 280 | 10,377 | ||||||
Finisar Corp.* | 565 | 9,910 | ||||||
Blackboard, Inc.* | 220 | 9,825 | ||||||
QLIK Technologies, Inc.* | 450 | 9,747 | ||||||
Hittite Microwave Corp.* | 200 | 9,740 | ||||||
Wright Express Corp.* | 250 | 9,510 | ||||||
CACI International, Inc. — Class A* | 190 | 9,489 | ||||||
Plantronics, Inc. | 310 | 8,819 | ||||||
Microsemi Corp.* | 550 | 8,789 | ||||||
Rambus, Inc.* | 623 | 8,722 | ||||||
Semtech Corp.* | 413 | 8,714 | ||||||
Anixter International, Inc. | 180 | 8,539 | ||||||
Cavium, Inc.* | 312 | 8,427 | ||||||
Aspen Technology, Inc.* | 533 | 8,139 | ||||||
Arris Group, Inc.* | 785 | 8,086 | ||||||
SolarWinds, Inc. | 360 | 7,927 | ||||||
j2 Global Communications, Inc. | 290 | 7,801 | ||||||
MAXIMUS, Inc. | 223 | 7,783 | ||||||
ValueClick, Inc.* | 500 | 7,780 | ||||||
Viasat, Inc.* | 230 | 7,661 | ||||||
Progress Software Corp.* | 430 | 7,546 | ||||||
Ultimate Software Group, Inc.* | 160 | 7,475 | ||||||
FEI Co.* | 243 | 7,280 | ||||||
Cognex Corp. | 267 | 7,238 | ||||||
MKS Instruments, Inc. | 333 | 7,229 | ||||||
Cymer, Inc.* | 193 | 7,176 | ||||||
TiVo, Inc.* | 755 | 7,052 | ||||||
Sapient Corp. | 693 | 7,027 | ||||||
OpenTable, Inc.* | 150 | 6,901 | ||||||
Coherent, Inc.* | 160 | 6,874 | ||||||
Taleo Corp. — Class A* | 260 | 6,687 | ||||||
JDA Software Group, Inc.* | 273 | 6,399 | ||||||
Veeco Instruments, Inc.* | 260 | 6,344 | ||||||
Convergys Corp.* | 673 | 6,313 | ||||||
Blackbaud, Inc. | 283 | 6,302 | ||||||
Quest Software, Inc.* | 393 | 6,241 | ||||||
Cirrus Logic, Inc.* | 423 | 6,235 | ||||||
Cardtronics, Inc.* | 270 | 6,188 | ||||||
MicroStrategy, Inc. — Class A* | 53 | 6,046 | ||||||
Take-Two Interactive Software, Inc.* | 470 | 5,978 | ||||||
Netgear, Inc.* | 228 | 5,903 | ||||||
Mentor Graphics Corp.* | 610 | 5,868 | ||||||
ACI Worldwide, Inc.* | 210 | 5,783 | ||||||
Littelfuse, Inc. | 143 | 5,750 | ||||||
Fair Isaac Corp. | 255 | 5,567 | ||||||
Power Integrations, Inc. | 180 | 5,510 | ||||||
Entegris, Inc.* | 853 | 5,442 | ||||||
Acxiom Corp.* | 511 | 5,437 | ||||||
RightNow Technologies, Inc.* | 160 | 5,288 | ||||||
Digital River, Inc.* | 255 | 5,286 | ||||||
Cabot Microelectronics Corp.* | 153 | 5,262 | ||||||
Synaptics, Inc.* | 220 | 5,258 | ||||||
TriQuint Semiconductor, Inc. | 1,043 | 5,236 | ||||||
Scansource, Inc.* | 176 | 5,203 | ||||||
Omnivision Technologies, Inc.* | 370 | 5,195 | ||||||
Plexus Corp.* | 226 | 5,112 | ||||||
Infinera Corp.* | 662 | 5,111 | ||||||
Euronet Worldwide, Inc.* | 323 | 5,084 | ||||||
Benchmark Electronics, Inc.* | 390 | 5,074 | ||||||
Tyler Technologies, Inc.* | 200 | 5,056 | ||||||
Integrated Device Technology, Inc.* | 945 | 4,867 | ||||||
Sourcefire, Inc.* | 180 | 4,817 | ||||||
Heartland Payment Systems, Inc. | 243 | 4,792 | ||||||
Comtech Telecommunications Corp. | 170 | 4,775 | ||||||
Ancestry.com, Inc.* | 200 | 4,700 | ||||||
NIC, Inc. | 403 | 4,614 | ||||||
NetSuite, Inc.* | 170 | 4,592 | ||||||
Insight Enterprises, Inc. | 300 | 4,542 |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 97 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | September 30, 2011 | |
RUSSELL 2000® FUND |
Shares | Value | |||||||
Earthlink, Inc. | 694 | $ | 4,532 | |||||
Mantech International Corp. — Class A | 143 | 4,487 | ||||||
Bottomline Technologies, Inc.* | 220 | 4,431 | ||||||
Websense, Inc.* | 255 | 4,412 | ||||||
Manhattan Associates, Inc.* | 133 | 4,400 | ||||||
Advent Software, Inc.* | 210 | 4,378 | ||||||
Unisys Corp.* | 277 | 4,346 | ||||||
BroadSoft, Inc.* | 143 | 4,340 | ||||||
Syntel, Inc. | 100 | 4,319 | ||||||
LogMeIn, Inc. | 130 | 4,317 | ||||||
Synchronoss Technologies, Inc.* | 170 | 4,235 | ||||||
SYNNEX Corp.* | 160 | 4,192 | ||||||
DealerTrack Holdings, Inc.* | 260 | 4,074 | ||||||
Electronics for Imaging, Inc.* | 300 | 4,041 | ||||||
OSI Systems, Inc.* | 120 | 4,022 | ||||||
Brightpoint, Inc.* | 433 | 3,988 | ||||||
Spansion, Inc. — Class A* | 323 | 3,947 | ||||||
RealPage, Inc.* | 193 | 3,947 | ||||||
Diodes, Inc.* | 220 | 3,942 | ||||||
Lattice Semiconductor Corp.* | 750 | 3,937 | ||||||
Rogers Corp.* | 100 | 3,913 | ||||||
VirnetX Holding Corp.* | 260 | 3,897 | ||||||
Blue Coat Systems, Inc.* | 280 | 3,886 | ||||||
Tessera Technologies, Inc.* | 323 | 3,857 | ||||||
Liquidity Services, Inc.* | 120 | 3,848 | ||||||
Emulex Corp.* | 554 | 3,546 | ||||||
Loral Space & Communications, Inc.* | 70 | 3,507 | ||||||
Ceva, Inc.* | 143 | 3,476 | ||||||
Rofin-Sinar Technologies, Inc.* | 180 | 3,456 | ||||||
Brooks Automation, Inc. | 423 | 3,447 | ||||||
Checkpoint Systems, Inc.* | 253 | 3,436 | ||||||
Kulicke & Soffa Industries, Inc.* | 460 | 3,432 | ||||||
Sanmina-SCI Corp.* | 513 | 3,427 | ||||||
Verint Systems, Inc.* | 130 | 3,418 | ||||||
comScore, Inc.* | 200 | 3,374 | ||||||
Maxwell Technologies, Inc. | 180 | 3,314 | ||||||
LivePerson, Inc.* | 333 | 3,313 | ||||||
FARO Technologies, Inc.* | 105 | 3,313 | ||||||
Constant Contact, Inc.* | 190 | 3,285 | ||||||
Pegasystems, Inc. | 105 | 3,214 | ||||||
Opnet Technologies, Inc. | 92 | 3,212 | ||||||
TTM Technologies, Inc.* | 333 | 3,167 | ||||||
ATMI, Inc.* | 200 | 3,164 | ||||||
MTS Systems Corp. | 102 | 3,125 | ||||||
Harmonic, Inc.* | 732 | 3,118 | ||||||
S1 Corp.* | 340 | 3,118 | ||||||
Volterra Semiconductor Corp.* | 160 | 3,077 | ||||||
Micrel, Inc. | 323 | 3,059 | ||||||
TNS, Inc.* | 160 | 3,008 | ||||||
United Online, Inc. | 563 | 2,944 | ||||||
Silicon Image, Inc.* | 500 | 2,935 | ||||||
Forrester Research, Inc. | 90 | 2,926 | ||||||
Amkor Technology, Inc.* | 670 | 2,921 | ||||||
Sonus Networks, Inc.* | 1,343 | 2,914 | ||||||
DG FastChannel, Inc.* | 170 | 2,882 | ||||||
DTS, Inc.* | 113 | 2,806 | ||||||
CSG Systems International, Inc.* | 220 | 2,781 | ||||||
Park Electrochemical Corp. | 130 | 2,778 | ||||||
Standard Microsystems Corp.* | 143 | 2,774 | ||||||
Ultratech, Inc.* | 160 | 2,744 | ||||||
Monotype Imaging Holdings, Inc.* | 223 | 2,705 | ||||||
Netscout Systems, Inc.* | 233 | 2,661 | ||||||
Ebix, Inc. | 180 | 2,646 | ||||||
STEC, Inc.* | 260 | 2,636 | ||||||
Kenexa Corp.* | 167 | 2,612 | ||||||
Newport Corp. | 241 | 2,605 | ||||||
Quantum Corp.* | 1,433 | 2,594 | ||||||
EPIQ Systems, Inc. | 200 | 2,506 | ||||||
Interactive Intelligence Group* | 92 | 2,498 | ||||||
Intermec, Inc. | 380 | 2,478 | ||||||
Black Box Corp. | 115 | 2,455 | ||||||
TeleTech Holdings, Inc.* | 160 | 2,438 | ||||||
RealD, Inc.* | 260 | 2,431 | ||||||
Fabrinet* | 130 | 2,431 | ||||||
Stratasys, Inc.* | 130 | 2,410 | ||||||
Advanced Energy Industries, Inc.* | 277 | 2,388 | ||||||
Tekelec* | 393 | 2,374 | ||||||
Dice Holdings, Inc.* | 303 | 2,369 | ||||||
Sycamore Networks, Inc. | 130 | 2,346 | ||||||
Measurement Specialties, Inc.* | 90 | 2,336 | ||||||
Silicon Graphics International Corp.* | 193 | 2,301 | ||||||
SS&C Technologies Holdings, Inc.* | 160 | 2,286 | ||||||
iGate Corp. | 197 | 2,273 | ||||||
ExlService Holdings, Inc.* | 103 | 2,266 | ||||||
Entropic Communications, Inc.* | 543 | 2,243 | ||||||
ICG Group, Inc.* | 240 | 2,210 | ||||||
Mercury Computer Systems, Inc.* | 190 | 2,185 | ||||||
Applied Micro Circuits Corp.* | 403 | 2,164 | ||||||
Accelrys, Inc.* | 349 | 2,115 | ||||||
Super Micro Computer, Inc.* | 168 | 2,105 | ||||||
Kemet Corp.* | 280 | 2,002 | ||||||
Formfactor, Inc.* | 321 | 2,000 | ||||||
Oplink Communications, Inc.* | 130 | 1,968 | ||||||
Keynote Systems, Inc. | 92 | 1,944 | ||||||
NVE Corp.* | 32 | 1,941 | ||||||
Power-One, Inc. | 430 | 1,935 | ||||||
Monolithic Power Systems, Inc.* | 190 | 1,934 | ||||||
Infospace, Inc.* | 231 | 1,931 | ||||||
Magma Design Automation, Inc.* | 423 | 1,925 | ||||||
Anaren, Inc.* | 100 | 1,915 | ||||||
Vocus, Inc.* | 113 | 1,894 | ||||||
Globecomm Systems, Inc.* | 140 | 1,891 | ||||||
Daktronics, Inc. | 220 | 1,888 | ||||||
Nanometrics, Inc. | 130 | 1,885 | ||||||
Calix, Inc.* | 241 | 1,880 | ||||||
KIT Digital, Inc. | 223 | 1,873 | ||||||
Ixia* | 243 | 1,864 | ||||||
Photronics, Inc.* | 370 | 1,843 | ||||||
LoopNet, Inc.* | 105 | 1,799 | ||||||
98 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | September 30, 2011 | |
RUSSELL 2000 ® FUND |
Shares | Value | |||||||
Xyratex Ltd. | 193 | $ | 1,789 | |||||
CTS Corp. | 220 | 1,789 | ||||||
Methode Electronics, Inc. | 238 | 1,768 | ||||||
Digi International, Inc. | 160 | 1,760 | ||||||
QuinStreet, Inc.* | 170 | 1,760 | ||||||
Powerwave Technologies, Inc.* | 1,003 | 1,725 | ||||||
PROS Holdings, Inc.* | 133 | 1,714 | ||||||
LTX-Credence Corp.* | 315 | 1,666 | ||||||
Electro Scientific Industries, Inc.* | 140 | 1,665 | ||||||
Electro Rent Corp. | 120 | 1,657 | ||||||
Internap Network Services Corp.* | 333 | 1,638 | ||||||
XO Group, Inc.* | 200 | 1,634 | ||||||
IXYS Corp.* | 150 | 1,632 | ||||||
MIPS Technologies, Inc. — Class A* | 333 | 1,612 | ||||||
Ness Technologies, Inc.* | 210 | 1,609 | ||||||
Echelon Corp.* | 227 | 1,591 | ||||||
OCZ Technology Group, Inc.* | 325 | 1,576 | ||||||
Sigma Designs, Inc.* | 200 | 1,568 | ||||||
Cass Information Systems, Inc. | 50 | 1,553 | ||||||
Extreme Networks* | 583 | 1,545 | ||||||
ShoreTel, Inc.* | 303 | 1,509 | ||||||
IntraLinks Holdings, Inc.* | 200 | 1,502 | ||||||
Cohu, Inc. | 150 | 1,482 | ||||||
Avid Technology, Inc.* | 190 | 1,471 | ||||||
Move, Inc.* | 1,013 | 1,469 | ||||||
Stamps.com, Inc. | 70 | 1,431 | ||||||
Kopin Corp.* | 413 | 1,417 | ||||||
Renaissance Learning, Inc. | 83 | 1,393 | ||||||
Imation Corp.* | 190 | 1,389 | ||||||
Exar Corp.* | 237 | 1,353 | ||||||
Integrated Silicon Solution, Inc.* | 170 | 1,328 | ||||||
DemandTec, Inc.* | 203 | 1,328 | ||||||
Virtusa Corp.* | 100 | 1,320 | ||||||
Rudolph Technologies, Inc.* | 197 | 1,318 | ||||||
Seachange International, Inc.* | 170 | 1,309 | ||||||
Web.com Group, Inc.* | 180 | 1,256 | ||||||
Richardson Electronics Ltd. | 92 | 1,252 | ||||||
CIBER, Inc.* | 411 | 1,245 | ||||||
MoneyGram International, Inc.* | 533 | 1,242 | ||||||
Cray, Inc.* | 233 | 1,237 | ||||||
Rubicon Technology, Inc.* | 113 | 1,235 | ||||||
Actuate Corp.* | 223 | 1,231 | ||||||
GSI Group, Inc.* | 160 | 1,229 | ||||||
Wave Systems Corp. — Class A* | 525 | 1,229 | ||||||
Supertex, Inc.* | 70 | 1,211 | ||||||
Envestnet, Inc.* | 120 | 1,200 | ||||||
Multi-Fineline Electronix, Inc.* | 60 | 1,196 | ||||||
SciQuest, Inc.* | 80 | 1,195 | ||||||
Pericom Semiconductor Corp.* | 160 | 1,186 | ||||||
Aeroflex Holding Corp.* | 130 | 1,183 | ||||||
Active Network, Inc.* | 80 | 1,180 | ||||||
Zygo Corp.* | 102 | 1,179 | ||||||
Symmetricom, Inc.* | 270 | 1,172 | ||||||
Advanced Analogic Technologies, Inc.* | 270 | 1,169 | ||||||
Oclaro, Inc.* | 320 | 1,165 | ||||||
Inphi Corp.* | 130 | 1,140 | ||||||
Zix Corp.* | 423 | 1,129 | ||||||
Mindspeed Technologies, Inc.* | 217 | 1,128 | ||||||
Marchex, Inc. — Class A | 132 | 1,122 | ||||||
RealNetworks, Inc. | 133 | 1,121 | ||||||
Computer Task Group, Inc.* | 100 | 1,117 | ||||||
Perficient, Inc. | 150 | 1,098 | ||||||
Digimarc Corp.* | 43 | 1,091 | ||||||
Bel Fuse, Inc. — Class B | 70 | 1,091 | ||||||
Immersion Corp.* | 180 | 1,076 | ||||||
Vishay Precision Group, Inc.* | 80 | 1,054 | ||||||
Global Cash Access Holdings, Inc.* | 410 | 1,050 | ||||||
Saba Software, Inc.* | 180 | 1,037 | ||||||
American Software, Inc. — Class A | 143 | 1,037 | ||||||
Limelight Networks, Inc.* | 430 | 1,015 | ||||||
AXT, Inc.* | 200 | 1,008 | ||||||
TeleCommunication Systems, Inc. — Class A* | 290 | 1,001 | ||||||
Intevac, Inc.* | 143 | 1,000 | ||||||
ModusLink Global Solutions, Inc. | 278 | 970 | ||||||
Lionbridge Technologies, Inc.* | 390 | 959 | ||||||
TeleNav, Inc.* | 105 | 931 | ||||||
Echo Global Logistics, Inc.* | 70 | 931 | ||||||
Anadigics, Inc.* | 430 | 929 | ||||||
DSP Group, Inc.* | 153 | 903 | ||||||
Aviat Networks, Inc.* | 380 | 893 | ||||||
Cornerstone OnDemand, Inc.* | 70 | 878 | ||||||
Callidus Software, Inc.* | 190 | 876 | ||||||
VASCO Data Security International, Inc.* | 170 | 869 | ||||||
Procera Networks, Inc.* | 90 | 864 | ||||||
Deltek, Inc.* | 143 | 859 | ||||||
Openwave Systems, Inc.* | 543 | 847 | ||||||
PLX Technology, Inc.* | 280 | 843 | ||||||
LeCroy Corp.* | 105 | 829 | ||||||
SPS Commerce, Inc. | 50 | 814 | ||||||
Axcelis Technologies, Inc.* | 673 | 808 | ||||||
Agilysys, Inc.* | 112 | 799 | ||||||
ServiceSource International, Inc.* | 60 | 793 | ||||||
MoSys, Inc.* | 210 | 769 | ||||||
Rimage Corp. | 60 | 759 | ||||||
THQ, Inc.* | 436 | 754 | ||||||
Pulse Electronics Corp. | 260 | 744 | ||||||
Alpha & Omega Semiconductor Ltd.* | 90 | 739 | ||||||
Radisys Corp.* | 120 | 734 | ||||||
Westell Technologies, Inc. — Class A* | 340 | 734 | ||||||
DDi Corp. | 100 | 724 | ||||||
Hackett Group, Inc.* | 193 | 720 | ||||||
KVH Industries, Inc.* | 90 | 712 | ||||||
Travelzoo, Inc.* | 32 | 704 | ||||||
Convio, Inc.* | 80 | 673 | ||||||
Responsys, Inc.* | 60 | 647 | ||||||
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 99 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | September 30, 2011 | |
RUSSELL 2000 ® FUND |
Shares | Value | |||||||
MaxLinear, Inc. — Class A* | 100 | $ | 646 | |||||
Rosetta Stone, Inc.* | 70 | 640 | ||||||
GSI Technology, Inc.* | 130 | 640 | ||||||
X-Rite, Inc.* | 170 | 634 | ||||||
Ultra Clean Holdings* | 143 | 613 | ||||||
PDF Solutions, Inc.* | 150 | 612 | ||||||
Novatel Wireless, Inc.* | 200 | 604 | ||||||
support.com, Inc.* | 303 | 600 | ||||||
Guidance Software, Inc.* | 92 | 597 | ||||||
Meru Networks, Inc.* | 72 | 587 | ||||||
ePlus, Inc.* | 23 | 567 | ||||||
PRGX Global, Inc.* | 120 | 566 | ||||||
FalconStor Software, Inc.* | 193 | 564 | ||||||
ORBCOMM, Inc.* | 220 | 561 | ||||||
Emcore Corp.* | 566 | 560 | ||||||
Communications Systems, Inc. | 43 | 559 | ||||||
Glu Mobile, Inc.* | 263 | 555 | ||||||
Dot Hill Systems Corp.* | 356 | 538 | ||||||
Dynamics Research Corp.* | 60 | 535 | ||||||
TechTarget, Inc.* | 92 | 525 | ||||||
SRS Labs, Inc.* | 72 | 516 | ||||||
NCI, Inc. — Class A* | 42 | 501 | ||||||
Identive Group, Inc.* | 243 | 484 | ||||||
Amtech Systems, Inc.* | 60 | 480 | ||||||
PC Connection, Inc.* | 60 | 479 | ||||||
FSI International, Inc.* | 250 | 473 | ||||||
QAD, Inc. — Class A* | 41 | 438 | ||||||
Demand Media, Inc.* | 53 | 424 | ||||||
Motricity, Inc.* | 233 | 394 | ||||||
BigBand Networks, Inc.* | 280 | 358 | ||||||
Viasystems Group, Inc.* | 20 | 352 | ||||||
Opnext, Inc.* | 280 | 350 | ||||||
NeoPhotonics Corp.* | 50 | 344 | ||||||
Smith Micro Software, Inc.* | 223 | 339 | ||||||
Numerex Corp. — Class A* | 60 | 334 | ||||||
eMagin Corp.* | 113 | 297 | ||||||
Ellie Mae, Inc.* | 50 | 278 | ||||||
Dialogic, Inc.* | 100 | 185 | ||||||
Quepasa Corp.* | 43 | 148 | ||||||
Stream Global Services, Inc.* | 60 | 124 | ||||||
CSR plc ADR* | 5 | 67 | ||||||
FriendFinder Networks, Inc.* | 33 | 61 | ||||||
Total Information Technology | 1,050,624 | |||||||
INDUSTRIALS - 10.6% | ||||||||
Clean Harbors, Inc.* | 296 | 15,185 | ||||||
Hexcel Corp.* | 620 | 13,739 | ||||||
CLARCOR, Inc. | 323 | 13,366 | ||||||
Alaska Air Group, Inc.* | 231 | 13,003 | ||||||
HEICO Corp. | 260 | 12,802 | ||||||
Genesee & Wyoming, Inc. — Class A* | 255 | 11,863 | ||||||
Triumph Group, Inc. | 240 | 11,698 | ||||||
Teledyne Technologies, Inc.* | 237 | 11,580 | ||||||
Woodward, Inc. | 393 | 10,768 | ||||||
Dollar Thrifty Automotive Group, Inc.* | 180 | 10,134 | ||||||
Esterline Technologies Corp.* | 193 | 10,005 | ||||||
Acuity Brands, Inc. | 270 | 9,731 | ||||||
Acacia Research — Acacia Technologies* | 270 | 9,717 | ||||||
FTI Consulting, Inc. | 263 | 9,681 | ||||||
Moog, Inc. — Class A* | 290 | 9,460 | ||||||
Mueller Industries, Inc. | 239 | 9,223 | ||||||
Watsco, Inc. | 180 | 9,198 | ||||||
Robbins & Myers, Inc. | 253 | 8,782 | ||||||
Old Dominion Freight Line, Inc.* | 303 | 8,778 | ||||||
Actuant Corp. — Class A | 440 | 8,690 | ||||||
EMCOR Group, Inc. | 420 | 8,539 | ||||||
Middleby Corp.* | 120 | 8,455 | ||||||
Curtiss-Wright Corp. | 290 | 8,361 | ||||||
CoStar Group, Inc.* | 160 | 8,315 | ||||||
Chart Industries, Inc. | 190 | 8,012 | ||||||
Brady Corp. — Class A | 303 | 8,008 | ||||||
United Stationers, Inc. | 290 | 7,902 | ||||||
Belden, Inc. | 303 | 7,814 | ||||||
AO Smith Corp. | 240 | 7,687 | ||||||
Geo Group, Inc.* | 413 | 7,665 | ||||||
Rollins, Inc. | 403 | 7,540 | ||||||
Tetra Tech, Inc.* | 398 | 7,459 | ||||||
Applied Industrial Technologies, Inc. | 273 | 7,415 | ||||||
Brink’s Co. | 300 | 6,993 | ||||||
Healthcare Services Group, Inc. | 423 | 6,827 | ||||||
Barnes Group, Inc. | 350 | 6,738 | ||||||
United Rentals, Inc.* | 400 | 6,736 | ||||||
Herman Miller, Inc. | 367 | 6,555 | ||||||
Advisory Board Co.* | 101 | 6,518 | ||||||
HUB Group, Inc. — Class A* | 230 | 6,502 | ||||||
Corporate Executive Board Co. | 218 | 6,496 | ||||||
Simpson Manufacturing Company, Inc. | 260 | 6,482 | ||||||
ABM Industries, Inc. | 339 | 6,461 | ||||||
JetBlue Airways Corp.* | 1,565 | 6,416 | ||||||
Avis Budget Group, Inc.* | 663 | 6,411 | ||||||
MasTec, Inc. | 363 | 6,392 | ||||||
EnerSys* | 315 | 6,306 | ||||||
Deluxe Corp. | 325 | 6,045 | ||||||
Kaydon Corp. | 210 | 6,023 | ||||||
Werner Enterprises, Inc. | 280 | 5,832 | ||||||
II-VI, Inc.* | 325 | 5,687 | ||||||
Atlas Air Worldwide Holdings, Inc.* | 170 | 5,659 | ||||||
US Airways Group, Inc.* | 1,025 | 5,637 | ||||||
GT Advanced Technologies, Inc.* | 802 | 5,630 | ||||||
Raven Industries, Inc. | 115 | 5,543 | ||||||
HNI Corp. | 281 | 5,376 | ||||||
Knight Transportation, Inc. | 390 | 5,191 | ||||||
Franklin Electric Company, Inc. | 143 | 5,188 | ||||||
Ameron International Corp. | 60 | 5,096 | ||||||
Watts Water Technologies, Inc. — Class A | 190 | 5,064 | ||||||
RBC Bearings, Inc.* | 143 | 4,861 | ||||||
Forward Air Corp. | 190 | 4,835 | ||||||
Orbital Sciences Corp. | 370 | 4,736 | ||||||
Kaman Corp. | 170 | 4,735 |
100 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | September 30, 2011 | |
RUSSELL 2000 ® FUND |
Shares | Value | |||||||
Beacon Roofing Supply, Inc.* | 289 | $ | 4,621 | |||||
Mine Safety Appliances Co. | 170 | 4,583 | ||||||
Granite Construction, Inc. | 243 | 4,561 | ||||||
Huron Consulting Group, Inc.* | 143 | 4,452 | ||||||
Heartland Express, Inc. | 323 | 4,380 | ||||||
Briggs & Stratton Corp. | 323 | 4,364 | ||||||
DigitalGlobe, Inc.* | 224 | 4,352 | ||||||
ESCO Technologies, Inc. | 170 | 4,335 | ||||||
Lindsay Corp. | 80 | 4,304 | ||||||
Ceradyne, Inc.* | 160 | 4,302 | ||||||
Tennant Co. | 120 | 4,244 | ||||||
Allegiant Travel Co. — Class A* | 90 | 4,242 | ||||||
AAR Corp. | 253 | 4,218 | ||||||
Blount International, Inc.* | 313 | 4,182 | ||||||
Unifirst Corp. | 92 | 4,167 | ||||||
Knoll, Inc. | 300 | 4,110 | ||||||
GeoEye, Inc.* | 143 | 4,054 | ||||||
Cubic Corp. | 102 | 3,985 | ||||||
Titan International, Inc. | 263 | 3,945 | ||||||
SYKES Enterprises, Inc.* | 263 | 3,932 | ||||||
Interface, Inc. — Class A | 330 | 3,914 | ||||||
Skywest, Inc. | 340 | 3,913 | ||||||
EnPro Industries, Inc.* | 130 | 3,858 | ||||||
Astec Industries, Inc.* | 130 | 3,806 | ||||||
Exponent, Inc.* | 92 | 3,802 | ||||||
Mobile Mini, Inc.* | 230 | 3,781 | ||||||
Korn* | 303 | 3,694 | ||||||
3D Systems Corp.* | 263 | 3,679 | ||||||
American Science & Engineering, Inc. | 60 | 3,663 | ||||||
McGrath Rentcorp | 150 | 3,569 | ||||||
Aircastle Ltd. | 367 | 3,494 | ||||||
TAL International Group, Inc. | 140 | 3,492 | ||||||
Dycom Industries, Inc.* | 220 | 3,366 | ||||||
CIRCOR International, Inc. | 113 | 3,319 | ||||||
Albany International Corp. — Class A | 180 | 3,285 | ||||||
Colfax Corp.* | 160 | 3,242 | ||||||
Swift Transportation Co. — Class A* | 500 | 3,220 | ||||||
Steelcase, Inc. — Class A | 510 | 3,218 | ||||||
Insperity, Inc. | 143 | 3,182 | ||||||
TrueBlue, Inc.* | 280 | 3,172 | ||||||
Higher One Holdings, Inc.* | 193 | 3,140 | ||||||
Amerco, Inc.* | 50 | 3,122 | ||||||
AZZ, Inc. | 80 | 3,102 | ||||||
RSC Holdings, Inc.* | 430 | 3,066 | ||||||
G&K Services, Inc. — Class A | 120 | 3,065 | ||||||
Navigant Consulting, Inc.* | 330 | 3,059 | ||||||
USG Corp. | 450 | 3,028 | ||||||
Generac Holdings, Inc.* | 160 | 3,010 | ||||||
Aerovironment, Inc.* | 105 | 2,956 | ||||||
Insituform Technologies, Inc. — Class A* | 253 | 2,930 | ||||||
Badger Meter, Inc. | 100 | 2,893 | ||||||
Quad | 160 | 2,891 | ||||||
Universal Forest Products, Inc. | 120 | 2,886 | ||||||
Rush Enterprises, Inc. — Class A* | 203 | 2,874 | ||||||
Resources Connection, Inc. | 290 | 2,836 | ||||||
Layne Christensen Co.* | 120 | 2,772 | ||||||
Interline Brands, Inc.* | 207 | 2,664 | ||||||
Quanex Building Products Corp. | 240 | 2,628 | ||||||
Arkansas Best Corp. | 159 | 2,568 | ||||||
John Bean Technologies Corp. | 180 | 2,567 | ||||||
NACCO Industries, Inc. — Class A | 40 | 2,536 | ||||||
Team, Inc.* | 120 | 2,518 | ||||||
Sun Hydraulics Corp. | 123 | 2,507 | ||||||
Standex International Corp. | 80 | 2,490 | ||||||
Griffon Corp.* | 303 | 2,479 | ||||||
Encore Wire Corp. | 120 | 2,470 | ||||||
Gorman-Rupp Co. | 100 | 2,469 | ||||||
Mueller Water Products, Inc. — Class A | 993 | 2,463 | ||||||
Trimas Corp.* | 160 | 2,376 | ||||||
Global Power Equipment Group, Inc.* | 102 | 2,374 | ||||||
Tutor Perini Corp. | 202 | 2,321 | ||||||
MYR Group, Inc.* | 130 | 2,293 | ||||||
ICF International, Inc.* | 120 | 2,257 | ||||||
Ennis, Inc. | 170 | 2,220 | ||||||
Viad Corp. | 130 | 2,207 | ||||||
Consolidated Graphics, Inc.* | 60 | 2,192 | ||||||
Tredegar Corp. | 147 | 2,180 | ||||||
Swisher Hygiene, Inc.* | 533 | 2,159 | ||||||
Wabash National Corp.* | 433 | 2,065 | ||||||
Kforce, Inc.* | 210 | 2,060 | ||||||
Sauer-Danfoss, Inc.* | 70 | 2,023 | ||||||
Cascade Corp. | 60 | 2,003 | ||||||
Comfort Systems USA, Inc. | 240 | 1,997 | ||||||
Altra Holdings, Inc.* | 170 | 1,967 | ||||||
Kelly Services, Inc. — Class A | 170 | 1,938 | ||||||
A123 Systems, Inc.* | 556 | 1,913 | ||||||
AAON, Inc. | 120 | 1,890 | ||||||
Heidrick & Struggles International, Inc. | 113 | 1,859 | ||||||
Powell Industries, Inc.* | 60 | 1,858 | ||||||
EnergySolutions, Inc.* | 510 | 1,800 | ||||||
Titan Machinery, Inc.* | 100 | 1,790 | ||||||
PMFG, Inc.* | 113 | 1,782 | ||||||
Primoris Services Corp. | 170 | 1,778 | ||||||
Federal Signal Corp. | 398 | 1,759 | ||||||
Marten Transport Ltd. | 102 | 1,758 | ||||||
Dolan Co.* | 193 | 1,735 | ||||||
RailAmerica, Inc.* | 133 | 1,733 | ||||||
US Ecology, Inc. | 112 | 1,733 | ||||||
Force Protection, Inc.* | 450 | 1,732 | ||||||
M&F Worldwide Corp.* | 70 | 1,723 | ||||||
APAC Customer Services, Inc.* | 200 | 1,704 | ||||||
Astronics Corp.* | 60 | 1,695 | ||||||
ACCO Brands Corp.* | 353 | 1,684 | ||||||
On Assignment, Inc.* | 237 | 1,676 | ||||||
GenCorp, Inc.* | 373 | 1,675 | ||||||
CBIZ, Inc.* | 253 | 1,667 |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 101 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | September 30, 2011 | |
RUSSELL 2000 ® FUND |
Shares | Value | |||||||
Taser International, Inc.* | 380 | $ | 1,638 | |||||
Trex Company, Inc. | 102 | 1,635 | ||||||
Standard Parking Corp.* | 102 | 1,595 | ||||||
Multi-Color Corp. | 70 | 1,581 | ||||||
Mistras Group, Inc.* | 90 | 1,580 | ||||||
Capstone Turbine Corp.* | 1,568 | 1,568 | ||||||
Gibraltar Industries, Inc.* | 193 | 1,567 | ||||||
Apogee Enterprises, Inc. | 180 | 1,546 | ||||||
Douglas Dynamics, Inc. | 120 | 1,534 | ||||||
Great Lakes Dredge & Dock Corp. | 373 | 1,518 | ||||||
Air Transport Services Group, Inc.* | 345 | 1,494 | ||||||
H&E Equipment Services, Inc.* | 180 | 1,485 | ||||||
Genco Shipping & Trading Ltd.* | 190 | 1,484 | ||||||
Kadant, Inc.* | 80 | 1,421 | ||||||
Textainer Group Holdings Ltd. | 70 | 1,420 | ||||||
Kratos Defense & Security Solutions, Inc.* | 210 | 1,411 | ||||||
CRA International, Inc.* | 70 | 1,401 | ||||||
Hawaiian Holdings, Inc.* | 323 | 1,360 | ||||||
LB Foster Co. — Class A | 60 | 1,334 | ||||||
Twin Disc, Inc. | 50 | 1,334 | ||||||
Dynamic Materials Corp. | 84 | 1,323 | ||||||
Greenbrier Companies, Inc.* | 113 | 1,316 | ||||||
Columbus McKinnon Corp.* | 120 | 1,315 | ||||||
Accuride Corp.* | 253 | 1,295 | ||||||
EnerNOC, Inc.* | 143 | 1,287 | ||||||
Houston Wire & Cable Co. | 112 | 1,287 | ||||||
Spirit Airlines, Inc.* | 102 | 1,275 | ||||||
InnerWorkings, Inc.* | 160 | 1,254 | ||||||
Miller Industries, Inc. | 72 | 1,249 | ||||||
Furmanite Corp.* | 230 | 1,244 | ||||||
RPX Corp.* | 60 | 1,243 | ||||||
Commercial Vehicle Group, Inc.* | 187 | 1,229 | ||||||
Northwest Pipe Co.* | 60 | 1,217 | ||||||
Sterling Construction Company, Inc.* | 105 | 1,173 | ||||||
Celadon Group, Inc. | 130 | 1,154 | ||||||
Ameresco, Inc. — Class A* | 113 | 1,148 | ||||||
Insteel Industries, Inc. | 113 | 1,138 | ||||||
Odyssey Marine Exploration, Inc.* | 460 | 1,132 | ||||||
American Superconductor Corp.* | 283 | 1,112 | ||||||
Zipcar, Inc.* | 60 | 1,080 | ||||||
Cenveo, Inc.* | 353 | 1,063 | ||||||
Saia, Inc. | 100 | 1,052 | ||||||
Vicor Corp. | 120 | 1,050 | ||||||
Ducommun, Inc. | 70 | 1,049 | ||||||
FreightCar America, Inc.* | 72 | 1,038 | ||||||
LMI Aerospace, Inc.* | 60 | 1,024 | ||||||
Ampco-Pittsburgh Corp. | 50 | 1,023 | ||||||
Graham Corp. | 60 | 998 | ||||||
NCI Building Systems, Inc.* | 130 | 983 | ||||||
Metalico, Inc.* | 250 | 975 | ||||||
Kimball International, Inc. — Class B | 200 | 972 | ||||||
Orion Marine Group, Inc.* | 167 | 964 | ||||||
Michael Baker Corp.* | 50 | 957 | ||||||
DXP Enterprises, Inc.* | 50 | 941 | ||||||
CAI International, Inc.* | 80 | 938 | ||||||
Lydall, Inc.* | 104 | 926 | ||||||
American Railcar Industries, Inc.* | 60 | 923 | ||||||
Aceto Corp. | 170 | 899 | ||||||
GP Strategies Corp.* | 90 | 899 | ||||||
Alamo Group, Inc. | 43 | 894 | ||||||
Republic Airways Holdings, Inc.* | 310 | 877 | ||||||
Tecumseh Products Co. — Class A* | 120 | 875 | ||||||
Hurco Companies, Inc.* | 43 | 873 | ||||||
Energy Recovery, Inc.* | 290 | 873 | ||||||
Patriot Transportation Holding, Inc.* | 43 | 869 | ||||||
CDI Corp. | 80 | 854 | ||||||
SeaCube Container Leasing Ltd. | 70 | 849 | ||||||
Casella Waste Systems, Inc. — Class A* | 160 | 842 | ||||||
Pacer International, Inc.* | 223 | 836 | ||||||
Thermon Group Holdings, Inc.* | 60 | 829 | ||||||
Roadrunner Transportation Systems, Inc.* | 60 | 823 | ||||||
Quality Distribution, Inc.* | 90 | 807 | ||||||
KEYW Holding Corp.* | 113 | 803 | ||||||
American Reprographics Co.* | 230 | 773 | ||||||
Met-Pro Corp. | 90 | 772 | ||||||
Intersections, Inc. | 60 | 771 | ||||||
Hill International, Inc.* | 160 | 749 | ||||||
LSI Industries, Inc. | 120 | 748 | ||||||
School Specialty, Inc.* | 103 | 734 | ||||||
Xerium Technologies, Inc.* | 70 | 733 | ||||||
American Woodmark Corp. | 60 | 727 | ||||||
Hudson Highland Group, Inc.* | 210 | 718 | ||||||
Schawk, Inc. — Class A | 72 | 711 | ||||||
Pike Electric Corp.* | 103 | 697 | ||||||
AT Cross Co. — Class A* | 60 | 677 | ||||||
Flow International Corp.* | 303 | 670 | ||||||
FuelCell Energy, Inc.* | 792 | 665 | ||||||
Active Power, Inc.* | 510 | 658 | ||||||
Fuel Tech, Inc.* | 112 | 652 | ||||||
VSE Corp. | 25 | 647 | ||||||
Franklin Covey Co.* | 83 | 631 | ||||||
Eagle Bulk Shipping, Inc.* | 400 | 628 | ||||||
International Shipholding Corp. | 33 | 610 | ||||||
Excel Maritime Carriers Ltd. — Class A* | 290 | 603 | ||||||
Park-Ohio Holdings Corp.* | 50 | 601 | ||||||
Barrett Business Services, Inc. | 43 | 599 | ||||||
Heritage-Crystal Clean, Inc.* | 33 | 599 | ||||||
TMS International Corp. — Class A* | 82 | 597 | ||||||
PowerSecure International, Inc.* | 120 | 568 | ||||||
Satcon Technology Corp.* | 573 | 544 | ||||||
Argan, Inc.* | 53 | 540 | ||||||
NN, Inc.* | 105 | 530 | ||||||
Baltic Trading Ltd. | 105 | 488 | ||||||
Valence Technology, Inc.* | 460 | 478 |
102 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | September 30, 2011 | |
RUSSELL 2000 ® FUND |
Shares | Value | |||||||
Preformed Line Products Co. | 10 | $ | 458 | |||||
Microvision, Inc.* | 670 | 456 | ||||||
WCA Waste Corp.* | 105 | 445 | ||||||
Universal Truckload Services, Inc. | 33 | 429 | ||||||
Coleman Cable, Inc.* | 50 | 423 | ||||||
Courier Corp. | 60 | 392 | ||||||
Builders FirstSource, Inc.* | 290 | 368 | ||||||
UniTek Global Services, Inc.* | 70 | 347 | ||||||
TRC Companies, Inc.* | 113 | 340 | ||||||
Ultrapetrol Bahamas Ltd.* | 132 | 300 | ||||||
Lawson Products, Inc. | 20 | 270 | ||||||
Omega Flex, Inc.* | 20 | 266 | ||||||
Essex Rental Corp.* | 105 | 258 | ||||||
Broadwind Energy, Inc.* | 681 | 218 | ||||||
Covenant Transportation Group, | ||||||||
Inc. — Class A* | 50 | 183 | ||||||
Compx International, Inc. | 10 | 127 | ||||||
Ener1, Inc.* | 466 | 64 | ||||||
Total Industrials | 921,530 | |||||||
CONSUMER DISCRETIONARY — 9.3% | ||||||||
Crocs, Inc.* | 543 | 12,853 | ||||||
Warnaco Group, Inc.* | 278 | 12,813 | ||||||
Sotheby’s | 424 | 11,690 | ||||||
Cinemark Holdings, Inc. | 590 | 11,139 | ||||||
Rent-A-Center, Inc. — Class A | 403 | 11,062 | ||||||
Ascena Retail Group, Inc.* | 400 | 10,828 | ||||||
Domino’s Pizza, Inc.* | 397 | 10,818 | ||||||
Wolverine World Wide, Inc. | 315 | 10,474 | ||||||
Life Time Fitness, Inc.* | 273 | 10,060 | ||||||
Tenneco, Inc.* | 380 | 9,732 | ||||||
Dana Holding Corp.* | 926 | 9,723 | ||||||
Carter’s, Inc.* | 315 | 9,620 | ||||||
Cheesecake Factory, Inc.* | 370 | 9,121 | ||||||
Vail Resorts, Inc. | 231 | 8,729 | ||||||
Men’s Wearhouse, Inc. | 325 | 8,476 | ||||||
HSN, Inc. | 255 | 8,448 | ||||||
Jos A. Bank Clothiers, Inc.* | 180 | 8,393 | ||||||
Pool Corp. | 310 | 8,116 | ||||||
Coinstar, Inc.* | 200 | 8,000 | ||||||
Childrens Place Retail Stores, Inc.* | 170 | 7,910 | ||||||
Brunswick Corp. | 563 | 7,905 | ||||||
Shutterfly, Inc.* | 190 | 7,824 | ||||||
Genesco, Inc.* | 150 | 7,729 | ||||||
ANN, Inc.* | 333 | 7,606 | ||||||
Hillenbrand, Inc. | 400 | 7,360 | ||||||
Iconix Brand Group, Inc.* | 465 | 7,347 | ||||||
Steven Madden Ltd.* | 240 | 7,224 | ||||||
Six Flags Entertainment Corp. | 260 | 7,207 | ||||||
Express, Inc. | 353 | 7,162 | ||||||
Live Nation Entertainment, Inc.* | 893 | 7,153 | ||||||
Buffalo Wild Wings, Inc.* | 113 | 6,757 | ||||||
Finish Line, Inc. — Class A | 333 | 6,657 | ||||||
BJ’s Restaurants, Inc.* | 150 | 6,617 | ||||||
Pier 1 Imports, Inc.* | 673 | 6,582 | ||||||
Buckle, Inc. | 170 | 6,538 | ||||||
Saks, Inc.* | 733 | 6,414 | ||||||
Monro Muffler Brake, Inc. | 193 | 6,363 | ||||||
Strayer Education, Inc. | 80 | 6,134 | ||||||
Vitamin Shoppe, Inc.* | 160 | 5,990 | ||||||
Valassis Communications, Inc.* | 315 | 5,903 | ||||||
Jack in the Box, Inc. | 295 | 5,876 | ||||||
Matthews International Corp. — Class A | 190 | 5,844 | ||||||
Hibbett Sports, Inc.* | 170 | 5,761 | ||||||
Cracker Barrel Old Country Store, Inc. | 143 | 5,731 | ||||||
Arbitron, Inc. | 170 | 5,624 | ||||||
Aeropostale, Inc.* | 513 | 5,546 | ||||||
Cabela’s, Inc.* | 270 | 5,532 | ||||||
99 Cents Only Stores* | 300 | 5,526 | ||||||
Bob Evans Farms, Inc. | 193 | 5,504 | ||||||
Group 1 Automotive, Inc. | 150 | 5,333 | ||||||
Texas Roadhouse, Inc. — Class A | 403 | 5,328 | ||||||
Meredith Corp. | 230 | 5,207 | ||||||
Regis Corp. | 368 | 5,185 | ||||||
National CineMedia, Inc. | 353 | 5,122 | ||||||
Jones Group, Inc. | 555 | 5,112 | ||||||
Collective Brands, Inc.* | 393 | 5,093 | ||||||
New York Times Co. — Class A* | 870 | 5,055 | ||||||
Select Comfort Corp.* | 353 | 4,931 | ||||||
American Greetings Corp. — Class A | 261 | 4,829 | ||||||
Helen of Troy Ltd.* | 191 | 4,798 | ||||||
Vera Bradley, Inc.* | 130 | 4,687 | ||||||
Scholastic Corp. | 167 | 4,681 | ||||||
Peet’s Coffee & Tea, Inc.* | 82 | 4,562 | ||||||
Penske Automotive Group, Inc. | 283 | 4,528 | ||||||
True Religion Apparel, Inc.* | 167 | 4,502 | ||||||
International Speedway Corp. — Class A | 190 | 4,340 | ||||||
Gaylord Entertainment Co. | 223 | 4,313 | ||||||
Meritor, Inc.* | 603 | 4,257 | ||||||
Cooper Tire & Rubber Co. | 390 | 4,247 | ||||||
Orient-Express Hotels Ltd. — Class A* | 610 | 4,215 | ||||||
Steiner Leisure Ltd.* | 100 | 4,077 | ||||||
K12, Inc.* | 160 | 4,074 | ||||||
Cato Corp. — Class A | 180 | 4,061 | ||||||
MDC Holdings, Inc. | 233 | 3,947 | ||||||
PF Chang’s China Bistro, Inc. | 143 | 3,895 | ||||||
DineEquity, Inc.* | 100 | 3,849 | ||||||
American Public Education, Inc.* | 113 | 3,842 | ||||||
iRobot Corp.* | 150 | 3,774 | ||||||
Columbia Sportswear Co. | 80 | 3,712 | ||||||
CEC Entertainment, Inc. | 130 | 3,701 | ||||||
Papa John’s International, Inc. | 120 | 3,648 | ||||||
Office Depot, Inc.* | 1,765 | 3,636 | ||||||
Ascent Capital Group, Inc. — Class A* | 92 | 3,617 | ||||||
Pinnacle Entertainment, Inc.* | 397 | 3,605 |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 103 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | September 30, 2011 |
Shares | Value | |||||||
Maidenform Brands, Inc. | 153 | $ | 3,582 | |||||
Interval Leisure Group, Inc.* | 253 | 3,370 | ||||||
Skechers U.S.A., Inc. — Class A* | 240 | 3,367 | ||||||
PEP Boys-Manny Moe & Jack | 333 | 3,287 | ||||||
Stage Stores, Inc. | 233 | 3,232 | ||||||
American Axle & Manufacturing Holdings, Inc.* | 423 | 3,227 | ||||||
Jakks Pacific, Inc.1 | 170 | 3,222 | ||||||
Ameristar Casinos, Inc. | 200 | 3,210 | ||||||
Asbury Automotive Group, Inc.* | 190 | 3,133 | ||||||
Churchill Downs, Inc. | 80 | 3,122 | ||||||
Sturm Ruger & Company, Inc. | 120 | 3,118 | ||||||
Liz Claiborne, Inc.* | 603 | 3,015 | ||||||
Ryland Group, Inc. | 283 | 3,014 | ||||||
Stewart Enterprises, Inc. — Class A | 500 | 2,975 | ||||||
Biglari Holdings, Inc.* | 10 | 2,964 | ||||||
Ruby Tuesday, Inc.* | 413 | 2,957 | ||||||
Grand Canyon Education, Inc.* | 180 | 2,907 | ||||||
Shuffle Master, Inc.* | 345 | 2,901 | ||||||
Capella Education Co.* | 102 | 2,895 | ||||||
Blue Nile, Inc.* | 82 | 2,893 | ||||||
KB Home | 493 | 2,889 | ||||||
Belo Corp. — Class A | 590 | 2,885 | ||||||
GNC Holdings, Inc. — Class A* | 143 | 2,877 | ||||||
National Presto Industries, Inc. | 33 | 2,868 | ||||||
Oxford Industries, Inc. | 82 | 2,813 | ||||||
Sonic Corp.* | 390 | 2,757 | ||||||
Sonic Automotive, Inc. — Class A | 253 | 2,730 | ||||||
Meritage Homes Corp.* | 180 | 2,725 | ||||||
Modine Manufacturing Co.* | 300 | 2,718 | ||||||
OfficeMax, Inc.* | 550 | 2,668 | ||||||
Fred’s, Inc. — Class A | 250 | 2,665 | ||||||
Scientific Games Corp. — Class A* | 370 | 2,634 | ||||||
Wet Seal, Inc. — Class A* | 573 | 2,567 | ||||||
Krispy Kreme Doughnuts, Inc.* | 370 | 2,523 | ||||||
Quiksilver, Inc.* | 820 | 2,501 | ||||||
Knology, Inc.* | 190 | 2,466 | ||||||
La-Z-Boy, Inc.* | 330 | 2,445 | ||||||
G-III Apparel Group Ltd.* | 105 | 2,400 | ||||||
Harte-Hanks, Inc. | 283 | 2,400 | ||||||
Drew Industries, Inc. | 120 | 2,398 | ||||||
Superior Industries International, Inc. | 153 | 2,364 | ||||||
Sinclair Broadcast Group, Inc. — Class A | 323 | 2,316 | ||||||
Dorman Products, Inc.* | 70 | 2,316 | ||||||
MDC Partners, Inc. — Class A | 160 | 2,307 | ||||||
Zumiez, Inc.* | 130 | 2,276 | ||||||
Lumber Liquidators Holdings, Inc.* | 143 | 2,159 | ||||||
Hot Topic, Inc. | 282 | 2,152 | ||||||
Ethan Allen Interiors, Inc. | 158 | 2,150 | ||||||
Core-Mark Holding Company, Inc.* | 70 | 2,144 | ||||||
Callaway Golf Co. | 413 | 2,135 | ||||||
Barnes & Noble, Inc. | 180 | 2,129 | ||||||
Denny’s Corp.* | 630 | 2,098 | ||||||
NutriSystem, Inc. | 170 | 2,059 | ||||||
Lithia Motors, Inc. — Class A | 143 | 2,056 | ||||||
Rue21, Inc.* | 90 | 2,042 | ||||||
Fuel Systems Solutions, Inc.* | 105 | 2,017 | ||||||
Brown Shoe Company, Inc. | 283 | 2,015 | ||||||
Bravo Brio Restaurant Group, Inc.* | 120 | 1,997 | ||||||
Red Robin Gourmet Burgers, Inc.* | 82 | 1,975 | ||||||
Bridgepoint Education, Inc.* | 113 | 1,971 | ||||||
Lions Gate Entertainment Corp.* | 283 | 1,953 | ||||||
Exide Technologies* | 487 | 1,948 | ||||||
Charming Shoppes, Inc.* | 735 | 1,911 | ||||||
AFC Enterprises, Inc.* | 160 | 1,893 | ||||||
Blyth, Inc. | 33 | 1,830 | ||||||
Amerigon, Inc.* | 143 | 1,820 | ||||||
Universal Technical Institute, Inc.* | 133 | 1,807 | ||||||
Central European Media Enterprises Ltd. — Class A* | 230 | 1,796 | ||||||
America’s Car-Mart, Inc.* | 60 | 1,741 | ||||||
Boyd Gaming Corp.* | 343 | 1,681 | ||||||
Standard Pacific Corp.* | 671 | 1,657 | ||||||
Universal Electronics, Inc.* | 100 | 1,639 | ||||||
Bebe Stores, Inc. | 243 | 1,633 | ||||||
Standard Motor Products, Inc. | 120 | 1,556 | ||||||
Perry Ellis International, Inc.* | 82 | 1,542 | ||||||
EW Scripps Co. — Class A* | 220 | 1,538 | ||||||
World Wrestling Entertainment, Inc. — Class A | 170 | 1,515 | ||||||
Cavco Industries, Inc.* | 43 | 1,481 | ||||||
Shoe Carnival, Inc.* | 60 | 1,416 | ||||||
Libbey, Inc.* | 130 | 1,370 | ||||||
Movado Group, Inc. | 112 | 1,364 | ||||||
Fisher Communications, Inc.* | 60 | 1,340 | ||||||
Eastman Kodak Co.* | 1,710 | 1,334 | ||||||
Body Central Corp.* | 72 | 1,308 | ||||||
Marcus Corp. | 130 | 1,294 | ||||||
Winnebago Industries, Inc.* | 180 | 1,246 | ||||||
Haverty Furniture Companies, Inc. | 120 | 1,199 | ||||||
PetMed Express, Inc. | 133 | 1,197 | ||||||
Talbots, Inc.* | 440 | 1,188 | ||||||
Arctic Cat, Inc.* | 80 | 1,159 | ||||||
Lincoln Educational Services Corp. | 140 | 1,133 | ||||||
hhgregg, Inc.* | 115 | 1,121 | ||||||
Stein Mart, Inc. | 177 | 1,106 | ||||||
Citi Trends, Inc.* | 90 | 1,059 | ||||||
Casual Male Retail Group, Inc.* | 263 | 989 | ||||||
Caribou Coffee Company, Inc.* | 82 | 969 | ||||||
Kirkland’s, Inc.* | 105 | 963 | ||||||
Weyco Group, Inc. | 43 | 959 | ||||||
Smith & Wesson Holding Corp. | 380 | 958 | ||||||
Tuesday Morning Corp.* | 270 | 950 | ||||||
Town Sports International Holdings, Inc.* | 130 | 944 | ||||||
Ruth’s Hospitality Group, Inc.* | 220 | 944 | ||||||
Mac-Gray Corp. | 72 | 930 | ||||||
Systemax, Inc.* | 73 | 929 | ||||||
Steinway Musical Instruments, Inc.* | 43 | 927 |
104 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | September 30, 2011 |
Shares | Value | |||||||
MarineMax, Inc.* | 143 | $ | 925 | |||||
Destination Maternity Corp. | 70 | 901 | ||||||
Stoneridge, Inc.* | 170 | 887 | ||||||
CSS Industries, Inc. | 53 | 884 | ||||||
Leapfrog Enterprises, Inc. — Class A* | 260 | 876 | ||||||
Big 5 Sporting Goods Corp. | 143 | 869 | ||||||
Spartan Motors, Inc. | 210 | 867 | ||||||
Speedway Motorsports, Inc. | 71 | 858 | ||||||
Morgans Hotel Group Co.* | 143 | 857 | ||||||
Journal Communications, Inc. — Class A* | 278 | 826 | ||||||
Christopher & Banks Corp. | 231 | 815 | ||||||
Entercom Communications Corp. — Class A* | 150 | 788 | ||||||
Corinthian Colleges, Inc.* | 493 | 769 | ||||||
Cost Plus, Inc.* | 120 | 756 | ||||||
Rentrak Corp.* | 60 | 755 | ||||||
Unifi, Inc.* | 92 | 752 | ||||||
Saga Communications, Inc. — Class A* | 25 | 738 | ||||||
REX American Resources Corp.* | 43 | 726 | ||||||
Beazer Homes USA, Inc.* | 480 | 725 | ||||||
Benihana, Inc. — Class A* | 84 | 723 | ||||||
K-Swiss, Inc. — Class A* | 170 | 722 | ||||||
interCLICK, Inc.* | 130 | 722 | ||||||
M/I Homes, Inc.* | 120 | 721 | ||||||
Carrols Restaurant Group, Inc.* | 80 | 712 | ||||||
West Marine, Inc.* | 90 | 693 | ||||||
Archipelago Learning, Inc.* | 82 | 689 | ||||||
Multimedia Games Holding Company, Inc.* | 170 | 687 | ||||||
O’Charleys, Inc.* | 113 | 671 | ||||||
Delta Apparel, Inc.* | 42 | 662 | ||||||
Conn’s, Inc.* | 92 | 661 | ||||||
ReachLocal, Inc.* | 60 | 652 | ||||||
Overstock.com, Inc.* | 70 | 649 | ||||||
Cherokee, Inc. | 50 | 643 | ||||||
Ambassadors Group, Inc. | 112 | 642 | ||||||
Audiovox Corp. — Class A* | 115 | 631 | ||||||
Isle of Capri Casinos, Inc.* | 130 | 629 | ||||||
Valuevision Media, Inc. — Class A* | 260 | 614 | ||||||
Red Lion Hotels Corp.* | 90 | 604 | ||||||
Motorcar Parts of America, Inc.* | 72 | 593 | ||||||
Monarch Casino & Resort, Inc.* | 60 | 587 | ||||||
Lifetime Brands, Inc. | 60 | 578 | ||||||
Zale Corp.* | 200 | 570 | ||||||
McCormick & Schmick’s Seafood Restaurants, Inc.* | 82 | 567 | ||||||
Summer Infant, Inc.* | 84 | 554 | ||||||
Black Diamond, Inc.* | 84 | 548 | ||||||
Geeknet, Inc.* | 27 | 546 | ||||||
Jamba, Inc.* | 423 | 546 | ||||||
New York & Company, Inc.* | 170 | 542 | ||||||
Furniture Brands International, Inc.* | 263 | 542 | ||||||
Build-A-Bear Workshop, Inc. — Class A* | 105 | 535 | ||||||
Martha Stewart Living Omnimedia — Class A* | 170 | 530 | ||||||
RG Barry Corp. | 50 | 530 | ||||||
Outdoor Channel Holdings, Inc. | 92 | 526 | ||||||
Einstein Noah Restaurant Group, Inc. | 40 | 513 | ||||||
Johnson Outdoors, Inc. — Class A* | 33 | 508 | ||||||
AH Belo Corp. — Class A | 120 | 504 | ||||||
McClatchy Co. — Class A* | 370 | 496 | ||||||
Luby’s, Inc.* | 120 | 492 | ||||||
Gray Television, Inc.* | 315 | 491 | ||||||
Coldwater Creek, Inc.* | 390 | 488 | ||||||
Hovnanian Enterprises, Inc. — Class A* | 393 | 479 | ||||||
Global Sources Ltd.* | 70 | 474 | ||||||
Sealy Corp.* | 315 | 466 | ||||||
Nexstar Broadcasting Group, Inc. — Class A* | 70 | 463 | ||||||
Winmark Corp. | 10 | 462 | ||||||
Kenneth Cole Productions, Inc. — Class A* | 43 | 461 | ||||||
US Auto Parts Network, Inc.* | 90 | 456 | ||||||
Tower International, Inc.* | 43 | 443 | ||||||
National American University Holdings, Inc. | 60 | 430 | ||||||
Skyline Corp. | 43 | 411 | ||||||
LIN TV Corp. — Class A* | 187 | 408 | ||||||
Cumulus Media, Inc. — Class A* | 143 | 406 | ||||||
Bon-Ton Stores, Inc. | 80 | 398 | ||||||
Gordmans Stores, Inc.* | 33 | 395 | ||||||
1-800-Flowers.com, Inc. — Class A* | 168 | 390 | ||||||
Syms Corp.* | 43 | 377 | ||||||
Pacific Sunwear of California, Inc.* | 303 | 364 | ||||||
Entravision Communications Corp. — Class A* | 323 | 329 | ||||||
Crown Media Holdings, Inc. — Class A* | 223 | 319 | ||||||
Cambium Learning Group, Inc.* | 105 | 314 | ||||||
Orbitz Worldwide, Inc.* | 130 | 282 | ||||||
Shiloh Industries, Inc. | 31 | 278 | ||||||
Marine Products Corp.* | 60 | 205 | ||||||
Westwood One, Inc.* | 33 | 120 | ||||||
Value Line, Inc. | 10 | 115 | ||||||
Total Consumer Discretionary | 809,751 | |||||||
HEALTH CARE - 9.1% | ||||||||
Healthspring, Inc.* | 433 | 15,787 | ||||||
Cepheid, Inc.* | 390 | 15,144 | ||||||
Medicis Pharmaceutical Corp. — Class A | 390 | 14,227 | ||||||
Cubist Pharmaceuticals, Inc.* | 380 | 13,422 | ||||||
HMS Holdings Corp.* | 540 | 13,171 | ||||||
athenahealth, Inc.* | 220 | 13,101 | ||||||
Onyx Pharmaceuticals, Inc.* | 403 | 12,094 | ||||||
Quality Systems, Inc. | 120 | 11,640 |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 105 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | September 30, 2011 |
Shares | Value | |||||||
Seattle Genetics, Inc.* | 610 | $ | 11,627 | |||||
Owens & Minor, Inc. | 403 | 11,477 | ||||||
STERIS Corp. | 380 | 11,123 | ||||||
Salix Pharmaceuticals Ltd.* | 370 | 10,952 | ||||||
WellCare Health Plans, Inc.* | 273 | 10,369 | ||||||
Magellan Health Services, Inc.* | 207 | 9,998 | ||||||
Volcano Corp.* | 330 | 9,778 | ||||||
Haemonetics Corp.* | 160 | 9,357 | ||||||
Questcor Pharmaceuticals, Inc.* | 340 | 9,268 | ||||||
Alkermes plc* | 601 | 9,171 | ||||||
Centene Corp.* | 315 | 9,031 | ||||||
HealthSouth Corp.* | 600 | 8,958 | ||||||
Theravance, Inc.* | 433 | 8,721 | ||||||
Viropharma, Inc. | 478 | 8,637 | ||||||
Incyte Corporation Ltd.* | 563 | 7,865 | ||||||
West Pharmaceutical Services, Inc. | 209 | 7,754 | ||||||
Impax Laboratories, Inc.* | 413 | 7,397 | ||||||
Ariad Pharmaceuticals, Inc.* | 840 | 7,384 | ||||||
Masimo Corp. | 333 | 7,209 | ||||||
Chemed Corp. | 130 | 7,145 | ||||||
PAREXEL International Corp.* | 371 | 7,023 | ||||||
PSS World Medical, Inc.* | 353 | 6,951 | ||||||
MAKO Surgical Corp.* | 200 | 6,844 | ||||||
Par Pharmaceutical Companies, Inc.* | 233 | 6,202 | ||||||
InterMune, Inc.* | 306 | 6,181 | ||||||
Jazz Pharmaceuticals, Inc.* | 143 | 5,937 | ||||||
Align Technology, Inc.* | 390 | 5,916 | ||||||
NxStage Medical, Inc.* | 283 | 5,903 | ||||||
MWI Veterinary Supply, Inc.* | 80 | 5,506 | ||||||
Accretive Health, Inc.* | 255 | 5,414 | ||||||
Zoll Medical Corp.* | 143 | 5,397 | ||||||
Luminex Corp.* | 240 | 5,321 | ||||||
Immunogen, Inc.* | 480 | 5,261 | ||||||
DexCom, Inc.* | 430 | 5,160 | ||||||
Medicines Co.* | 345 | 5,134 | ||||||
Arthrocare Corp.* | 177 | 5,092 | ||||||
Acorda Therapeutics, Inc. | 253 | 5,050 | ||||||
Cyberonics, Inc.* | 178 | 5,037 | ||||||
Neogen Corp.* | 143 | 4,965 | ||||||
PDL BioPharma, Inc. | 883 | 4,901 | ||||||
Integra LifeSciences Holdings Corp.* | 130 | 4,650 | ||||||
HeartWare International, Inc.* | 72 | 4,638 | ||||||
Computer Programs & Systems, Inc. | 70 | 4,630 | ||||||
Auxilium Pharmaceuticals, Inc.* | 307 | 4,602 | ||||||
Vivus, Inc.* | 565 | 4,560 | ||||||
Amsurg Corp. — Class A* | 200 | 4,500 | ||||||
Wright Medical Group, Inc.* | 250 | 4,470 | ||||||
Air Methods Corp.* | 70 | 4,457 | ||||||
Exelixis, Inc. | 813 | 4,439 | ||||||
Insulet Corp.* | 290 | 4,425 | ||||||
NuVasive, Inc.* | 255 | 4,353 | ||||||
Isis Pharmaceuticals, Inc.* | 632 | 4,285 | ||||||
Invacare Corp. | 180 | 4,147 | ||||||
CONMED Corp.* | 180 | 4,142 | ||||||
Optimer Pharmaceuticals, Inc.* | 298 | 4,124 | ||||||
Meridian Bioscience, Inc. | 260 | 4,092 | ||||||
Orthofix International N.V.* | 115 | 3,969 | ||||||
Hanger Orthopedic Group, Inc.* | 210 | 3,967 | ||||||
IPC The Hospitalist Company, Inc.* | 105 | 3,747 | ||||||
Analogic Corp. | 80 | 3,633 | ||||||
NPS Pharmaceuticals, Inc.* | 550 | 3,580 | ||||||
Merit Medical Systems, Inc.* | 270 | 3,548 | ||||||
Nektar Therapeutics* | 723 | 3,507 | ||||||
Ironwood Pharmaceuticals, Inc. — Class A* | 323 | 3,488 | ||||||
Pharmacyclics, Inc.* | 290 | 3,431 | ||||||
Medivation, Inc.* | 200 | 3,396 | ||||||
Momenta Pharmaceuticals, Inc.* | 289 | 3,323 | ||||||
Abaxis, Inc.* | 142 | 3,253 | ||||||
Halozyme Therapeutics, Inc. — Class A | 523 | 3,211 | ||||||
Sequenom, Inc. | 630 | 3,207 | ||||||
Rigel Pharmaceuticals, Inc.* | 432 | 3,180 | ||||||
Caliper Life Sciences, Inc.* | 303 | 3,172 | ||||||
Endologix, Inc.* | 312 | 3,132 | ||||||
AVEO Pharmaceuticals, Inc.* | 200 | 3,078 | ||||||
Greatbatch, Inc.* | 151 | 3,022 | ||||||
Opko Health, Inc.* | 688 | 2,979 | ||||||
Landauer, Inc. | 60 | 2,972 | ||||||
Quidel Corp.* | 180 | 2,947 | ||||||
Bio-Reference Labs, Inc.* | 160 | 2,946 | ||||||
ICU Medical, Inc.* | 80 | 2,944 | ||||||
MedAssets, Inc.* | 303 | 2,912 | ||||||
Kindred Healthcare, Inc. | 333 | 2,870 | ||||||
Omnicell, Inc.* | 206 | 2,839 | ||||||
Amedisys, Inc.* | 190 | 2,816 | ||||||
Team Health Holdings, Inc.* | 170 | 2,791 | ||||||
SonoSite, Inc. — Class A | 92 | 2,791 | ||||||
Micromet, Inc.* | 580 | 2,784 | ||||||
Molina Healthcare, Inc.* | 180 | 2,779 | ||||||
Akorn, Inc.* | 351 | 2,741 | ||||||
Emeritus Corp.* | 193 | 2,721 | ||||||
PharMerica Corp.* | 190 | 2,711 | ||||||
Targacept, Inc.* | 170 | 2,550 | ||||||
Spectrum Pharmaceuticals, Inc.* | 333 | 2,541 | ||||||
Ensign Group, Inc. | 105 | 2,427 | ||||||
OraSure Technologies, Inc.* | 300 | 2,388 | ||||||
Hi-Tech Pharmacal Company, Inc.* | 70 | 2,352 | ||||||
Emergent Biosolutions, Inc.* | 150 | 2,315 | ||||||
Genomic Health, Inc.* | 104 | 2,286 | ||||||
AVANIR Pharmaceuticals, Inc. — Class A* | 791 | 2,262 | ||||||
Exact Sciences Corp.* | 333 | 2,208 | ||||||
ABIOMED, Inc.* | 200 | 2,206 | ||||||
Triple-S Management Corp. — Class B* | 130 | 2,177 | ||||||
Affymetrix, Inc.* | 443 | 2,171 | ||||||
Healthways, Inc.* | 220 | 2,163 | ||||||
Medidata Solutions, Inc.* | 130 | 2,137 | ||||||
Angiodynamics, Inc.* | 160 | 2,102 |
106 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | September 30, 2011 |
Shares | Value | |||||||
Conceptus, Inc.* | 200 | $ | 2,094 | |||||
MAP Pharmaceuticals, Inc.* | 142 | 2,076 | ||||||
Atrion Corporation | 10 | 2,074 | ||||||
Universal American Corp. | 203 | 2,042 | ||||||
Merge Healthcare, Inc.* | 330 | 2,010 | ||||||
National Healthcare Corp. | 60 | 1,938 | ||||||
AMAG Pharmaceuticals, Inc.* | 130 | 1,919 | ||||||
Select Medical Holdings Corp.* | 283 | 1,888 | ||||||
Neurocrine Biosciences, Inc.* | 315 | 1,884 | ||||||
MannKind Corp.* | 492 | 1,865 | ||||||
Depomed, Inc.* | 343 | 1,852 | ||||||
Savient Pharmaceuticals, Inc.* | 447 | 1,833 | ||||||
Corvel Corp.* | 42 | 1,785 | ||||||
Neoprobe Corp.* | 600 | 1,776 | ||||||
Symmetry Medical, Inc.* | 230 | 1,776 | ||||||
Cantel Medical Corp. | 84 | 1,774 | ||||||
Idenix Pharmaceuticals, Inc.* | 353 | 1,761 | ||||||
Accuray, Inc.* | 434 | 1,745 | ||||||
LHC Group, Inc.* | 102 | 1,740 | ||||||
Geron Corp.* | 820 | 1,738 | ||||||
ExamWorks Group, Inc.* | 170 | 1,731 | ||||||
Staar Surgical Co.* | 221 | 1,724 | ||||||
Natus Medical, Inc.* | 180 | 1,712 | ||||||
Arqule, Inc.* | 338 | 1,707 | ||||||
Enzon Pharmaceuticals, Inc.* | 240 | 1,690 | ||||||
Sunrise Senior Living, Inc.* | 360 | 1,667 | ||||||
BioScrip, Inc.* | 260 | 1,654 | ||||||
ZIOPHARM Oncology, Inc.* | 373 | 1,645 | ||||||
Ligand Pharmaceuticals, Inc. — Class B* | 120 | 1,642 | ||||||
Ardea Biosciences, Inc.* | 105 | 1,640 | ||||||
Biosante Pharmaceuticals, Inc.* | 700 | 1,596 | ||||||
Cadence Pharmaceuticals, Inc.* | 240 | 1,572 | ||||||
Alnylam Pharmaceuticals, Inc.* | 237 | 1,557 | ||||||
Oncothyreon, Inc.* | 260 | 1,555 | ||||||
Unilife Corp.* | 363 | 1,525 | ||||||
Assisted Living Concepts, Inc. — Class A | 120 | 1,520 | ||||||
Curis, Inc.* | 480 | 1,517 | ||||||
MedQuist Holdings, Inc.* | 200 | 1,512 | ||||||
Spectranetics Corp.* | 210 | 1,499 | ||||||
Dynavax Technologies Corp.* | 783 | 1,456 | ||||||
Sangamo Biosciences, Inc.* | 333 | 1,449 | ||||||
Tornier N.V.* | 70 | 1,434 | ||||||
Achillion Pharmaceuticals, Inc.* | 300 | 1,416 | ||||||
eResearchTechnology, Inc.* | 315 | 1,405 | ||||||
Transcend Services, Inc.* | 60 | 1,352 | ||||||
Arena Pharmaceuticals, Inc.* | 926 | 1,343 | ||||||
US Physical Therapy, Inc. | 72 | 1,333 | ||||||
Keryx Biopharmaceuticals, Inc.* | 443 | 1,329 | ||||||
Immunomedics, Inc.* | 413 | 1,322 | ||||||
XenoPort, Inc.* | 223 | 1,316 | ||||||
Cell Therapeutics, Inc.* | 1,223 | 1,296 | ||||||
Antares Pharma, Inc.* | 556 | 1,290 | ||||||
HealthStream, Inc.* | 100 | 1,283 | ||||||
Chelsea Therapeutics International Ltd.* | 343 | 1,252 | ||||||
Kensey Nash Corp.* | 50 | 1,225 | ||||||
Continucare Corp.* | 190 | 1,212 | ||||||
Vascular Solutions, Inc.* | 105 | 1,202 | ||||||
Endocyte, Inc.* | 112 | 1,187 | ||||||
Metropolitan Health Networks, Inc.* | 259 | 1,176 | ||||||
Synovis Life Technologies, Inc.* | 70 | 1,169 | ||||||
RTI Biologics, Inc.* | 353 | 1,161 | ||||||
Vical, Inc.* | 460 | 1,141 | ||||||
Pain Therapeutics, Inc. | 230 | 1,095 | ||||||
Progenics Pharmaceuticals, Inc.* | 190 | 1,091 | ||||||
Obagi Medical Products, Inc.* | 120 | 1,088 | ||||||
Gentiva Health Services, Inc.* | 191 | 1,054 | ||||||
Capital Senior Living Corp.* | 170 | 1,049 | ||||||
Maxygen, Inc. | 190 | 1,039 | ||||||
Delcath Systems, Inc.* | 308 | 1,029 | ||||||
AMN Healthcare Services, Inc.* | 255 | 1,023 | ||||||
IRIS International, Inc.* | 113 | 1,014 | ||||||
Affymax, Inc.* | 223 | 999 | ||||||
Lexicon Pharmaceuticals, Inc.* | 1,086 | 999 | ||||||
Raptor Pharmaceutical Corp.* | 220 | 992 | ||||||
Inhibitex, Inc.* | 403 | 991 | ||||||
Hansen Medical, Inc.* | 297 | 986 | ||||||
Nymox Pharmaceutical Corp.* | 120 | 982 | ||||||
Novavax, Inc.* | 608 | 979 | ||||||
AVI BioPharma, Inc.* | 863 | 967 | ||||||
American Dental Partners, Inc.* | 100 | 966 | ||||||
Metabolix, Inc.* | 220 | 964 | ||||||
Cambrex Corp.* | 190 | 958 | ||||||
Cardiovascular Systems, Inc.* | 84 | 957 | ||||||
Santarus, Inc.* | 340 | 949 | ||||||
Palomar Medical Technologies, Inc.* | 120 | 946 | ||||||
Young Innovations, Inc. | 33 | 940 | ||||||
Allos Therapeutics, Inc.* | 500 | 920 | ||||||
Columbia Laboratories, Inc.* | 470 | 916 | ||||||
SurModics, Inc.* | 100 | 910 | ||||||
AtriCure, Inc.* | 92 | 896 | ||||||
Cytori Therapeutics, Inc.* | 303 | 894 | ||||||
Vanda Pharmaceuticals, Inc.* | 180 | 891 | ||||||
Providence Service Corp.* | 82 | 873 | ||||||
Sagent Pharmaceuticals, Inc.* | 43 | 870 | ||||||
Ampio Pharmaceuticals, Inc.* | 130 | 864 | ||||||
Furiex Pharmaceuticals, Inc.* | 60 | 854 | ||||||
Infinity Pharmaceuticals, Inc.* | 120 | 846 | ||||||
Sciclone Pharmaceuticals, Inc.* | 220 | 838 | ||||||
Almost Family, Inc.* | 50 | 831 | ||||||
Durect Corp.* | 513 | 826 | ||||||
Insmed, Inc.* | 160 | 816 | ||||||
Rockwell Medical Technologies, Inc.* | 100 | 816 | ||||||
CryoLife, Inc.* | 180 | 808 | ||||||
Corcept Therapeutics, Inc.* | 260 | 806 | ||||||
Dyax Corp.* | 630 | 794 |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 107 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | September 30, 2011 |
Shares | Value | |||||||
Synergetics USA, Inc.* | 143 | $ | 771 | |||||
Aegerion Pharmaceuticals, Inc.* | 60 | 760 | ||||||
Cross Country Healthcare, Inc.* | 180 | 752 | ||||||
Alphatec Holdings, Inc.* | 345 | 728 | ||||||
Codexis, Inc.* | 159 | 727 | ||||||
SIGA Technologies, Inc.* | 220 | 719 | ||||||
Pacific Biosciences of California, Inc.* | 220 | 706 | ||||||
Array Biopharma, Inc.* | 360 | 706 | ||||||
Biotime, Inc.* | 160 | 706 | ||||||
Exactech, Inc.* | 50 | 704 | ||||||
ISTA Pharmaceuticals, Inc.* | 200 | 690 | ||||||
Astex Pharmaceuticals* | 356 | 684 | ||||||
Five Star Quality Care, Inc.* | 270 | 675 | ||||||
Cerus Corp.* | 303 | 642 | ||||||
Celldex Therapeutics, Inc.* | 280 | 640 | ||||||
Uroplasty, Inc.* | 130 | 630 | ||||||
Anthera Pharmaceuticals, Inc.* | 130 | 620 | ||||||
Enzo Biochem, Inc.* | 240 | 617 | ||||||
Chindex International, Inc.* | 70 | 617 | ||||||
Cynosure, Inc. — Class A* | 60 | 605 | ||||||
Harvard Bioscience, Inc.* | 143 | 603 | ||||||
Fluidigm Corp.* | 43 | 599 | ||||||
OncoGenex Pharmaceutical, Inc.* | 60 | 588 | ||||||
Medtox Scientific, Inc. | 43 | 563 | ||||||
Alimera Sciences, Inc.* | 70 | 560 | ||||||
Dusa Pharmaceuticals, Inc.* | 150 | 555 | ||||||
Biolase Technology, Inc.* | 180 | 540 | ||||||
Osiris Therapeutics, Inc.* | 105 | 538 | ||||||
Biospecifics Technologies Corp.* | 33 | 533 | ||||||
Medical Action Industries, Inc.* | 104 | 525 | ||||||
BioCryst Pharmaceuticals, Inc.* | 180 | 497 | ||||||
Solta Medical, Inc.* | 380 | 475 | ||||||
Peregrine Pharmaceuticals, Inc.* | 433 | 472 | ||||||
RadNet, Inc.* | 193 | 471 | ||||||
GTx, Inc.* | 140 | 469 | ||||||
Synta Pharmaceuticals Corp.* | 143 | 465 | ||||||
Zalicus, Inc.* | 473 | 464 | ||||||
Cleveland Biolabs, Inc.* | 180 | 457 | ||||||
Nabi Biopharmaceuticals* | 270 | 454 | ||||||
CardioNet, Inc.* | 150 | 450 | ||||||
KV Pharmaceutical Co. — Class A* | 325 | 439 | ||||||
Skilled Healthcare Group, Inc. — Class A* | 120 | 433 | ||||||
Sun Healthcare Group, Inc.* | 156 | 421 | ||||||
Pozen, Inc.* | 170 | 410 | ||||||
Albany Molecular Research, Inc.* | 143 | 403 | ||||||
Anacor Pharmaceuticals, Inc.* | 70 | 399 | ||||||
Orexigen Therapeutics, Inc.* | 200 | 398 | ||||||
BioMimetic Therapeutics, Inc.* | 120 | 396 | ||||||
Lannett Company, Inc.* | 103 | 394 | ||||||
PharmAthene, Inc.* | 223 | 392 | ||||||
Amicus Therapeutics, Inc.* | 102 | 392 | ||||||
Epocrates, Inc.* | 43 | 387 | ||||||
Complete Genomics, Inc.* | 60 | 352 | ||||||
Cornerstone Therapeutics, Inc.* | 53 | 339 | ||||||
National Research Corp. | 10 | 331 | ||||||
Pacira Pharmaceuticals, Inc.* | 33 | 328 | ||||||
Stereotaxis, Inc.* | 280 | 311 | ||||||
Sucampo Pharmaceuticals, Inc. — Class A* | 80 | 298 | ||||||
Bacterin International Holdings, Inc.* | 140 | 280 | ||||||
Trius Therapeutics, Inc.* | 43 | 271 | ||||||
Sunesis Pharmaceuticals, Inc.* | 180 | 221 | ||||||
Transcept Pharmaceuticals, Inc.* | 33 | 218 | ||||||
DynaVox, Inc. — Class A* | 60 | 216 | ||||||
Acura Pharmaceuticals, Inc.* | 63 | 214 | ||||||
Neostem, Inc.* | 290 | 188 | ||||||
BG Medicine, Inc.* | 53 | 188 | ||||||
Alliance HealthCare Services, Inc.* | 160 | 182 | ||||||
Pernix Therapeutics Holdings* | 20 | 176 | ||||||
Zogenix, Inc.* | 70 | 128 | ||||||
Total Health Care | 791,580 | |||||||
ENERGY - 4.4% | ||||||||
World Fuel Services Corp. | 448 | 14,627 | ||||||
Dril-Quip, Inc.* | 220 | 11,860 | ||||||
CVR Energy, Inc.* | 556 | 11,754 | ||||||
Berry Petroleum Co. — Class A | 330 | 11,675 | ||||||
Rosetta Resources, Inc.* | 340 | 11,635 | ||||||
Bill Barrett Corp.* | 302 | 10,944 | ||||||
Energy XXI Bermuda Ltd.* | 480 | 10,296 | ||||||
Lufkin Industries, Inc. | 193 | 10,269 | ||||||
Bristow Group, Inc. | 230 | 9,759 | ||||||
Complete Production Services, Inc.* | 500 | 9,425 | ||||||
Helix Energy Solutions Group, Inc.* | 670 | 8,777 | ||||||
Oasis Petroleum, Inc.* | 380 | 8,485 | ||||||
Golar LNG Ltd. | 257 | 8,167 | ||||||
Northern Oil and Gas, Inc.* | 400 | 7,756 | ||||||
Key Energy Services, Inc.* | 793 | 7,526 | ||||||
Kodiak Oil & Gas Corp. | 1,330 | 6,929 | ||||||
Swift Energy Co.* | 273 | 6,645 | ||||||
Cloud Peak Energy, Inc.* | 390 | 6,610 | ||||||
Gulfport Energy Corp.* | 270 | 6,529 | ||||||
McMoRan Exploration Co.* | 620 | 6,157 | ||||||
Gulfmark Offshore, Inc. — Class A* | 150 | 5,451 | ||||||
Carrizo Oil & Gas, Inc.* | 250 | 5,387 | ||||||
SemGroup Corp. — Class A* | 260 | 5,190 | ||||||
Stone Energy Corp.* | 315 | 5,106 | ||||||
Global Industries Ltd.* | 643 | 5,093 | ||||||
Patriot Coal Corp.* | 580 | 4,907 | ||||||
Comstock Resources, Inc.* | 303 | 4,684 | ||||||
Apco Oil and Gas International, Inc. | 60 | 4,465 | ||||||
Contango Oil & Gas Co.* | 80 | 4,377 | ||||||
Nordic American Tankers Ltd. | 303 | 4,272 | ||||||
Western Refining, Inc.* | 330 | 4,112 | ||||||
ION Geophysical Corp.* | 830 | 3,926 | ||||||
Exterran Holdings, Inc.* | 403 | 3,917 | ||||||
Tetra Technologies, Inc.* | 490 | 3,783 | ||||||
Ship Finance International Ltd. | 283 | 3,679 | ||||||
Hyperdynamics Corp.* | 993 | 3,674 |
108 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | September 30, 2011 |
Shares | Value | |||||||
Hornbeck Offshore Services, Inc.* | 143 | $ | 3,562 | |||||
Clean Energy Fuels Corp.* | 313 | 3,481 | ||||||
Newpark Resources, Inc.* | 571 | 3,477 | ||||||
Crosstex Energy, Inc. | 253 | 3,410 | ||||||
Resolute Energy Corp. | 290 | 3,294 | ||||||
Parker Drilling Co. | 743 | 3,262 | ||||||
Targa Resources Corp. | 105 | 3,124 | ||||||
W&T Offshore, Inc. | 220 | 3,027 | ||||||
Petroleum Development Corp.* | 153 | 2,967 | ||||||
Rex Energy Corp.* | 223 | 2,821 | ||||||
Pioneer Drilling Co.* | 390 | 2,800 | ||||||
Cheniere Energy, Inc.* | 528 | 2,719 | ||||||
Approach Resources, Inc.* | 140 | 2,379 | ||||||
Knightsbridge Tankers Ltd. | 143 | 2,367 | ||||||
Overseas Shipholding Group, Inc. | 170 | 2,336 | ||||||
Magnum Hunter Resources Corp.* | 703 | 2,327 | ||||||
GeoResources, Inc.* | 130 | 2,313 | ||||||
Amyris, Inc.* | 113 | 2,287 | ||||||
Tesco Corp.* | 190 | 2,204 | ||||||
ATP Oil & Gas Corp.* | 283 | 2,182 | ||||||
Hercules Offshore, Inc.* | 733 | 2,140 | ||||||
Basic Energy Services, Inc.* | 150 | 2,124 | ||||||
Energy Partners Ltd.* | 180 | 1,993 | ||||||
Petroquest Energy, Inc.* | 351 | 1,930 | ||||||
Goodrich Petroleum Corp.* | 160 | 1,891 | ||||||
Gulf Island Fabrication, Inc. | 91 | 1,882 | ||||||
Harvest Natural Resources, Inc.* | 217 | 1,860 | ||||||
Endeavour International Corp.* | 232 | 1,851 | ||||||
BPZ Resources, Inc.* | 653 | 1,809 | ||||||
Clayton Williams Energy, Inc.* | 40 | 1,712 | ||||||
Venoco, Inc.* | 190 | 1,674 | ||||||
Penn Virginia Corp. | 289 | 1,610 | ||||||
PHI, Inc.* | 82 | 1,569 | ||||||
Frontline Ltd. | 323 | 1,567 | ||||||
Vaalco Energy, Inc.* | 320 | 1,555 | ||||||
OYO Geospace Corp.* | 27 | 1,520 | ||||||
Matrix Service Co.* | 170 | 1,447 | ||||||
Houston American Energy Corp. | 105 | 1,445 | ||||||
James River Coal Co.* | 221 | 1,408 | ||||||
Vantage Drilling Co.* | 1,115 | 1,394 | ||||||
Abraxas Petroleum Corp. | 523 | 1,381 | ||||||
FX Energy, Inc.* | 331 | 1,367 | ||||||
Teekay Tankers Ltd. — Class A | 273 | 1,256 | ||||||
Dawson Geophysical Co.* | 53 | 1,250 | ||||||
Uranium Energy Corp.* | 451 | 1,236 | ||||||
Panhandle Oil and Gas, Inc. — Class A | 43 | 1,220 | ||||||
Green Plains Renewable Energy, Inc.* | 130 | 1,213 | ||||||
USEC, Inc. | 735 | 1,183 | ||||||
Cal Dive International, Inc.* | 603 | 1,152 | ||||||
Gastar Exploration Ltd.* | 370 | 1,110 | ||||||
Rentech, Inc.* | 1,413 | 1,102 | ||||||
Warren Resources, Inc.* | 450 | 1,080 | ||||||
Willbros Group, Inc.* | 250 | 1,042 | ||||||
Delek US Holdings, Inc. | 92 | 1,037 | ||||||
Natural Gas Services Group, Inc.* | 80 | 1,026 | ||||||
Triangle Petroleum Corp.* | 270 | 969 | ||||||
Callon Petroleum Co.* | 247 | 956 | ||||||
Global Geophysical Services, Inc.* | 115 | 917 | ||||||
Mitcham Industries, Inc.* | 80 | 896 | ||||||
GMX Resources, Inc.* | 380 | 863 | ||||||
Scorpio Tankers, Inc.* | 160 | 845 | ||||||
DHT Holdings, Inc. | 413 | 842 | ||||||
Evolution Petroleum Corp.* | 100 | 706 | ||||||
Solazyme, Inc.* | 70 | 673 | ||||||
RigNet, Inc.* | 40 | 641 | ||||||
Voyager Oil & Gas, Inc.* | 303 | 636 | ||||||
Ur-Energy, Inc.* | 653 | 588 | ||||||
Isramco, Inc.* | 10 | 578 | ||||||
Uranerz Energy Corp.* | 413 | 566 | ||||||
Miller Energy Resources, Inc.* | 193 | 509 | ||||||
Syntroleum Corp.* | 558 | 480 | ||||||
Union Drilling, Inc.* | 100 | 470 | ||||||
Westmoreland Coal Co.* | 60 | 466 | ||||||
Alon USA Energy, Inc. | 70 | 429 | ||||||
Uranium Resources, Inc.* | 593 | 404 | ||||||
L&L Energy, Inc.* | 140 | 378 | ||||||
Zion Oil & Gas, Inc.* | 190 | 372 | ||||||
Crimson Exploration, Inc.* | 143 | 307 | ||||||
Hallador Energy Co. | 32 | 274 | ||||||
CAMAC Energy, Inc.* | 373 | 224 | ||||||
Gevo, Inc.* | 40 | 223 | ||||||
General Maritime Corp. | 733 | 191 | ||||||
Geokinetics, Inc.* | 70 | 169 | ||||||
Total Energy | 381,795 | |||||||
MATERIALS - 3.2% | ||||||||
Coeur d’Alene Mines Corp.* | 573 | 12,285 | ||||||
Sensient Technologies Corp. | 315 | 10,253 | ||||||
Hecla Mining Co.* | 1,778 | 9,530 | ||||||
Olin Corp. | 510 | 9,185 | ||||||
NewMarket Corp. | 60 | 9,112 | ||||||
Balchem Corp. | 180 | 6,716 | ||||||
Arch Chemicals, Inc. | 140 | 6,569 | ||||||
PolyOne Corp. | 593 | 6,351 | ||||||
Buckeye Technologies, Inc. | 255 | 6,148 | ||||||
Chemtura Corp.* | 610 | 6,118 | ||||||
Thompson Creek Metals Company, Inc.* | 968 | 5,876 | ||||||
Globe Specialty Metals, Inc. | 400 | 5,808 | ||||||
Schweitzer-Mauduit International, Inc. | 103 | 5,755 | ||||||
HB Fuller Co. | 312 | 5,685 | ||||||
Innophos Holdings, Inc. | 142 | 5,662 | ||||||
Minerals Technologies, Inc. | 113 | 5,568 | ||||||
Stillwater Mining Co.* | 650 | 5,525 | ||||||
Calgon Carbon Corp.* | 356 | 5,187 | ||||||
Clearwater Paper Corp.* | 150 | 5,097 | ||||||
Worthington Industries, Inc. | 360 | 5,029 |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 109 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | September 30, 2011 |
Shares | Value | |||||||
OM Group, Inc.* | 193 | $ | 5,012 | |||||
Eagle Materials, Inc. | 283 | 4,712 | ||||||
Kaiser Aluminum Corp. | 105 | 4,649 | ||||||
Texas Industries, Inc. | 143 | 4,539 | ||||||
RTI International Metals, Inc.* | 190 | 4,431 | ||||||
Deltic Timber Corp. | 72 | 4,297 | ||||||
Louisiana-Pacific Corp. | 840 | 4,284 | ||||||
PH Glatfelter Co. | 297 | 3,923 | ||||||
Innospec, Inc.* | 150 | 3,631 | ||||||
AMCOL International Corp. | 150 | 3,598 | ||||||
Stepan Co. | 53 | 3,561 | ||||||
Graphic Packaging Holding Co.* | 1,011 | 3,488 | ||||||
Haynes International, Inc. | 80 | 3,476 | ||||||
KapStone Paper and Packaging Corp.* | 250 | 3,472 | ||||||
Boise, Inc. | 660 | 3,412 | ||||||
Ferro Corp.* | 553 | 3,401 | ||||||
Koppers Holdings, Inc. | 130 | 3,329 | ||||||
A. Schulman, Inc. | 193 | 3,279 | ||||||
LSB Industries, Inc.* | 113 | 3,240 | ||||||
Kraton Performance Polymers, Inc.* | 200 | 3,236 | ||||||
Golden Star Resources Ltd.* | 1,645 | 3,060 | ||||||
Georgia Gulf Corp.* | 220 | 3,043 | ||||||
Gold Resource Corp. | 180 | 2,997 | ||||||
Century Aluminum Co.* | 323 | 2,888 | ||||||
Materion Corp.* | 127 | 2,880 | ||||||
US Gold Corp.* | 673 | 2,699 | ||||||
Jaguar Mining, Inc.* | 533 | 2,505 | ||||||
Quaker Chemical Corp. | 82 | 2,125 | ||||||
Zep, Inc. | 141 | 2,118 | ||||||
Horsehead Holding Corp.* | 280 | 2,078 | ||||||
Myers Industries, Inc. | 200 | 2,030 | ||||||
Wausau Paper Corp. | 315 | 2,013 | ||||||
Paramount Gold and Silver Corp.* | 743 | 1,753 | ||||||
TPC Group, Inc.* | 84 | 1,687 | ||||||
American Vanguard Corp. | 146 | 1,629 | ||||||
Hawkins, Inc. | 50 | 1,592 | ||||||
STR Holdings, Inc.* | 190 | 1,541 | ||||||
Vista Gold Corp.* | 450 | 1,503 | ||||||
Flotek Industries, Inc.* | 315 | 1,471 | ||||||
Zagg, Inc.* | 140 | 1,389 | ||||||
Golden Minerals Co.* | 180 | 1,339 | ||||||
Neenah Paper, Inc. | 90 | 1,276 | ||||||
FutureFuel Corp. | 120 | 1,248 | ||||||
General Moly, Inc.* | 430 | 1,247 | ||||||
Noranda Aluminum Holding Corp.* | 143 | 1,194 | ||||||
Zoltek Companies, Inc.* | 180 | 1,157 | ||||||
AM Castle & Co.* | 105 | 1,149 | ||||||
Midway Gold Corp.* | 540 | 1,085 | ||||||
Universal Stainless & Alloy* | 42 | 1,068 | ||||||
Omnova Solutions, Inc.* | 290 | 1,038 | ||||||
Olympic Steel, Inc. | 60 | 1,016 | ||||||
Landec Corp.* | 170 | 904 | ||||||
Senomyx, Inc.* | 255 | 895 | ||||||
United States Lime & Minerals, Inc.* | 20 | 798 | ||||||
AEP Industries, Inc.* | 33 | 733 | ||||||
Metals USA Holdings Corp.* | 70 | 626 | ||||||
Spartech Corp.* | 193 | 618 | ||||||
Revett Minerals, Inc.* | 160 | 618 | ||||||
Headwaters, Inc.* | 390 | 562 | ||||||
NL Industries, Inc. | 43 | 539 | ||||||
KMG Chemicals, Inc. | 43 | 530 | ||||||
Chase Corp. | 43 | 462 | ||||||
Handy & Harman Ltd.* | 40 | 404 | ||||||
US Energy Corp.* | 150 | 346 | ||||||
Verso Paper Corp.* | 90 | 150 | ||||||
Total Materials | 278,432 | |||||||
UTILITIES - 2.8% | ||||||||
Nicor, Inc. | 288 | 15,843 | ||||||
Cleco Corp. | 390 | 13,315 | ||||||
Piedmont Natural Gas Company, Inc. | 460 | 13,289 | ||||||
WGL Holdings, Inc. | 323 | 12,620 | ||||||
IDACORP, Inc. | 315 | 11,901 | ||||||
Portland General Electric Co. | 481 | 11,395 | ||||||
New Jersey Resources Corp. | 260 | 11,068 | ||||||
UIL Holdings Corp. | 323 | 10,636 | ||||||
Southwest Gas Corp. | 290 | 10,489 | ||||||
South Jersey Industries, Inc. | 190 | 9,452 | ||||||
PNM Resources, Inc. | 553 | 9,086 | ||||||
Avista Corp. | 370 | 8,824 | ||||||
El Paso Electric Co. | 263 | 8,440 | ||||||
Unisource Energy Corp. | 230 | 8,301 | ||||||
Black Hills Corp. | 253 | 7,752 | ||||||
Northwest Natural Gas Co. | 170 | 7,497 | ||||||
NorthWestern Corp. | 233 | 7,442 | ||||||
Allete, Inc. | 200 | 7,326 | ||||||
Atlantic Power Corp. | 433 | 6,144 | ||||||
MGE Energy, Inc. | 151 | 6,141 | ||||||
Laclede Group, Inc. | 140 | 5,425 | ||||||
CH Energy Group, Inc. | 102 | 5,321 | ||||||
Empire District Electric Co. | 270 | 5,233 | ||||||
California Water Service Group | 260 | 4,605 | ||||||
Otter Tail Corp. | 233 | 4,264 | ||||||
American States Water Co. | 120 | 4,072 | ||||||
Central Vermont Public Service Corp. | 82 | 2,887 | ||||||
Dynegy, Inc. — Class A* | 653 | 2,690 | ||||||
Chesapeake Utilities Corp. | 60 | 2,407 | ||||||
SJW Corp. | 92 | 2,003 | ||||||
Ormat Technologies, Inc. | 115 | 1,849 | ||||||
Unitil Corp. | 70 | 1,798 | ||||||
Middlesex Water Co. | 102 | 1,741 | ||||||
York Water Co. | 80 | 1,294 | ||||||
Connecticut Water Service, Inc. | 50 | 1,251 | ||||||
Pennichuck Corp. | 33 | 923 | ||||||
Artesian Resources Corp. — Class A | 43 | 753 | ||||||
Consolidated Water Company Ltd. | 92 | 725 | ||||||
Cadiz, Inc.* | 72 | 570 | ||||||
Total Utilities | 246,772 | |||||||
110 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | September 30, 2011 |
Shares | Value | |||||||
CONSUMER STAPLES - 2.7% | ||||||||
Nu Skin Enterprises, Inc. — Class A | 350 | $ | 14,182 | |||||
TreeHouse Foods, Inc.* | 223 | 13,790 | ||||||
Ruddick Corp. | 315 | 12,282 | ||||||
Diamond Foods, Inc. | 143 | 11,410 | ||||||
United Natural Foods, Inc.* | 303 | 11,223 | ||||||
Casey’s General Stores, Inc. | 240 | 10,476 | ||||||
Darling International, Inc. | 740 | 9,317 | ||||||
Lancaster Colony Corp. | 120 | 7,321 | ||||||
Pricesmart, Inc. | 113 | 7,042 | ||||||
Fresh Market, Inc.* | 180 | 6,869 | ||||||
Hain Celestial Group, Inc.* | 223 | 6,813 | ||||||
Sanderson Farms, Inc. | 143 | 6,793 | ||||||
Snyders-Lance, Inc. | 303 | 6,318 | ||||||
Fresh Del Monte Produce, Inc. | 227 | 5,266 | ||||||
Vector Group Ltd. | 303 | 5,213 | ||||||
Universal Corp. | 143 | 5,128 | ||||||
B&G Foods, Inc. — Class A | 300 | 5,004 | ||||||
Elizabeth Arden, Inc.* | 156 | 4,437 | ||||||
J&J Snack Foods Corp. | 92 | 4,421 | ||||||
WD-40 Co. | 105 | 4,183 | ||||||
Andersons, Inc. | 120 | 4,039 | ||||||
Rite Aid Corp.* | 3,747 | 3,672 | ||||||
Boston Beer Company, Inc. — Class A* | 50 | 3,635 | ||||||
Tootsie Roll Industries, Inc. | 150 | 3,618 | ||||||
Central European Distribution Corp.* | 463 | 3,246 | ||||||
Heckmann Corp.* | 590 | 3,121 | ||||||
Prestige Brands Holdings, Inc.* | 323 | 2,923 | ||||||
Cal-Maine Foods, Inc. | 91 | 2,860 | ||||||
Weis Markets, Inc. | 70 | 2,594 | ||||||
Spectrum Brands Holdings, Inc.* | 105 | 2,480 | ||||||
Chiquita Brands International, Inc.* | 290 | 2,419 | ||||||
Smart Balance, Inc.* | 380 | 2,242 | ||||||
Dole Food Company, Inc.* | 223 | 2,230 | ||||||
Spartan Stores, Inc. | 140 | 2,167 | ||||||
Nash Finch Co. | 80 | 2,154 | ||||||
Central Garden and Pet Co. — Class A* | 303 | 2,145 | ||||||
Winn-Dixie Stores, Inc.* | 350 | 2,072 | ||||||
Coca-Cola Bottling Company Consolidated | 33 | 1,830 | ||||||
Pantry, Inc.* | 143 | 1,735 | ||||||
Star Scientific, Inc.* | 685 | 1,582 | ||||||
Inter Parfums, Inc. | 101 | 1,560 | ||||||
Medifast, Inc.* | 92 | 1,486 | ||||||
Calavo Growers, Inc. | 72 | 1,477 | ||||||
Pilgrim’s Pride Corp.* | 323 | 1,379 | ||||||
Alliance One International, Inc.* | 556 | 1,357 | ||||||
Seneca Foods Corp. — Class A* | 60 | 1,188 | ||||||
USANA Health Sciences, Inc.* | 43 | 1,182 | ||||||
Ingles Markets, Inc. — Class A | 80 | 1,139 | ||||||
Omega Protein Corp.* | 120 | 1,090 | ||||||
National Beverage Corp. | 70 | 1,061 | ||||||
Susser Holdings Corp.* | 52 | 1,036 | ||||||
Nature’s Sunshine Products, Inc.* | 70 | 986 | ||||||
Village Super Market, Inc. — Class A | 41 | 982 | ||||||
Schiff Nutrition International, Inc.* | 80 | 886 | ||||||
Revlon, Inc. — Class A* | 70 | 862 | ||||||
Arden Group, Inc. — Class A | 10 | 795 | ||||||
Nutraceutical International Corp.* | 60 | 767 | ||||||
Limoneira Co. | 53 | 757 | ||||||
Oil-Dri Corporation of America | 33 | 613 | ||||||
Synutra International, Inc.* | 112 | 596 | ||||||
Imperial Sugar Co. | 80 | 515 | ||||||
Griffin Land & Nurseries, Inc. | 20 | 514 | ||||||
Primo Water Corp.* | 90 | 508 | ||||||
Female Health Co. | 120 | 490 | ||||||
Alico, Inc. | 20 | 393 | ||||||
Craft Brewers Alliance, Inc.* | 70 | 393 | ||||||
MGP Ingredients, Inc. | 72 | 365 | ||||||
Lifeway Foods, Inc.* | 33 | 352 | ||||||
Harbinger Group, Inc.* | 60 | 304 | ||||||
Farmer Brothers Co. | 43 | 237 | ||||||
Total Consumer Staples | 235,522 | |||||||
TELECOMMUNICATION SERVICES - 0.7% | ||||||||
AboveNet, Inc. | 143 | 7,665 | ||||||
Global Crossing Ltd.* | 193 | 4,615 | ||||||
PAETEC Holding Corp.* | 793 | 4,195 | ||||||
Cincinnati Bell, Inc.* | 1,268 | 3,918 | ||||||
Cogent Communications Group, Inc.* | 290 | 3,900 | ||||||
NTELOS Holdings Corp. | 190 | 3,369 | ||||||
Consolidated Communications Holdings, Inc. | 170 | 3,068 | ||||||
Leap Wireless International, Inc.* | 383 | 2,643 | ||||||
Vonage Holdings Corp.* | 883 | 2,296 | ||||||
Pendrell Corp.* | 963 | 2,167 | ||||||
General Communication, Inc. — Class A* | 260 | 2,132 | ||||||
Premiere Global Services, Inc.* | 331 | 2,125 | ||||||
Atlantic Tele-Network, Inc. | 60 | 1,973 | ||||||
Neutral Tandem, Inc.* | 197 | 1,907 | ||||||
USA Mobility, Inc. | 143 | 1,888 | ||||||
IDT Corp. — Class B | 92 | 1,877 | ||||||
Alaska Communications Systems Group, Inc. | 283 | 1,856 | ||||||
Iridium Communications, Inc.* | 280 | 1,736 | ||||||
Shenandoah Telecommunications Co. | 150 | 1,671 | ||||||
8x8, Inc.* | 390 | 1,587 | ||||||
Cbeyond, Inc.* | 180 | 1,271 | ||||||
SureWest Communications | 92 | 963 | ||||||
HickoryTech Corp. | 84 | 808 | ||||||
Towerstream Corp.* | 270 | 691 | ||||||
inContact, Inc.* | 193 | 666 |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 111 |
Shares | Value | |||||||
Fairpoint Communications, Inc.* | 133 | $ | 572 | |||||
Boingo Wireless, Inc.* | 40 | 286 | ||||||
Globalstar, Inc.* | 646 | 264 | ||||||
Total Telecommunication Services | 62,109 | |||||||
Total Common Stocks (Cost $6,565,950) | 6,124,882 | |||||||
WARRANT*,†† - 0.0% | ||||||||
ENERGY - 0.0% | ||||||||
Magnum Hunter Resources Corp. $10.50, 12/31/11 | 17 | — | ||||||
Total Warrant (Cost $—) | — | |||||||
Face | ||||||||
Amount | ||||||||
REPURCHASE AGREEMENTS††,1 - 36.0% | ||||||||
HSBC Group issued 03/30/11 at 0.00% due 10/03/11 | $ | 1,704,468 | 1,704,468 | |||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | 842,988 | 842,988 | ||||||
Mizuho Financial Group, Inc. issued 09/30/11 at 0.01% due 10/03/11 | 599,094 | 599,094 | ||||||
Total Repurchase Agreements (Cost $3,146,550) | 3,146,550 | |||||||
Total Investments — 106.2% (Cost $9,712,500) | $ | 9,271,432 | ||||||
Liabilities, Less Cash & | ||||||||
Other Assets — (6.2)% | (544,266 | ) | ||||||
Total Net Assets — 100.0% | $ | 8,727,166 |
Unrealized | ||||||||
Contracts | Loss | |||||||
FUTURES CONTRACTS PURCHASED† | ||||||||
December 2011 Russell 2000 Index Mini Futures Contracts (Aggregate Value of Contracts $448,420) | 7 | $ | (3,662 | ) | ||||
Units | ||||||||
EQUITY INDEX SWAP AGREEMENTS†† | ||||||||
Morgan Stanley Capital Services, Inc. October 2011 Russell 2000 Index Swap, Terminating 10/24/112 (Notional Value $489,072) | 759 | $ | (5,929 | ) | ||||
Barclays Bank plc October 2011 Russell 2000 Index Swap, Terminating 10/31/112 (Notional Value $266,696) | 414 | (7,703 | ) | |||||
Goldman Sachs International October 2011 Russell 2000 Index Swap, Terminating 10/27/112 (Notional Value $579,136) | 899 | (17,562 | ) | |||||
Credit Suisse Capital, LLC October 2011 Russell 2000 Index Swap, Terminating 10/31/112 (Notional Value $836,752) | 1,299 | (24,192 | ) | |||||
(Total Notional Value $2,171,656 ) | $ | (55,386 | ) | |||||
* | Non-income producing security. | |
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | Repurchase Agreements — See Note 5. | |
2 | Total Return based on Russell 2000 Index +/- financing at a variable rate. | |
ADR — American Depositary Receipt | ||
plc — Public Limited Company | ||
REIT — Real Estate Investment Trust |
112 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Assets: | ||||
Investments, at value (cost $6,565,950) | $ | 6,124,882 | ||
Repurchase agreements, at value (cost $3,146,550) | 3,146,550 | |||
Foreign currency, at value (cost $10) | 9 | |||
Segregated cash with broker | 924,562 | |||
Receivable for swap settlement | 4,293 | |||
Cash | 15 | |||
Receivables: | ||||
Fund shares sold | 272,813 | |||
Dividends | 7,117 | |||
Securities sold | 219 | |||
Total assets | 10,480,460 | |||
Liabilities: | ||||
Unrealized depreciation on swap agreements | 55,386 | |||
Payable for: | ||||
Fund shares redeemed | 1,625,060 | |||
Management fees | 9,212 | |||
Distribution and service fees | 6,466 | |||
Transfer agent and administrative fees | 3,070 | |||
Portfolio accounting fees | 1,228 | |||
Miscellaneous | 52,872 | |||
Total liabilities | 1,753,294 | |||
Net Assets | $ | 8,727,166 | ||
Net assets consist of: | ||||
Paid in capital | $ | 22,228,072 | ||
Accumulated net investment loss | (160,487 | ) | ||
Accumulated net realized loss on investments | (12,840,303 | ) | ||
Net unrealized depreciation on investments | (500,116 | ) | ||
Net assets | $ | 8,727,166 | ||
A-Class: | ||||
Net assets | $ | 505,857 | ||
Capital shares outstanding | 23,236 | |||
Net asset value per share | $ | 21.77 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 22.86 | ||
C-Class: | ||||
Net assets | $ | 4,986,006 | ||
Capital shares outstanding | 239,097 | |||
Net asset value per share | $ | 20.85 | ||
H-Class: | ||||
Net assets | $ | 3,235,303 | ||
Capital shares outstanding | 148,736 | |||
Net asset value per share | $ | 21.75 | ||
Investment Income: | ||||
Dividends (net of foreign withholding tax of $1) | $ | 19,647 | ||
Interest | 2,099 | |||
Total investment income | 21,746 | |||
Expenses: | ||||
Management fees | 75,565 | |||
Transfer agent and administrative fees | 25,188 | |||
Distribution and service fees: | ||||
A-Class | 1,010 | |||
C-Class | 30,311 | |||
H-Class | 16,600 | |||
Portfolio accounting fees | 10,075 | |||
Trustees’ fees* | 964 | |||
Miscellaneous | 21,257 | |||
Total expenses | 180,970 | |||
Net investment loss | (159,224 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments | 615,001 | |||
Swap agreements | (3,420,669 | ) | ||
Futures contracts | 355,682 | |||
Net realized loss | (2,449,986 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (1,576,603 | ) | ||
Swap agreements | (368,403 | ) | ||
Futures contracts | (316,891 | ) | ||
Net change in unrealized appreciation (depreciation) | (2,261,897 | ) | ||
Net realized and unrealized loss | (4,711,883 | ) | ||
Net decrease in net assets resulting from operations | $ | (4,871,107 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 113 |
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment loss | $ | (159,224 | ) | $ | (292,419 | ) | ||
Net realized gain (loss) on investments | (2,449,986 | ) | 3,070,540 | |||||
Net change in unrealized appreciation (depreciation) on investments | (2,261,897 | ) | (810,396 | ) | ||||
Net increase (decrease) in net assets resulting from operations | (4,871,107 | ) | 1,967,725 | |||||
Distributions To Shareholders | — | — | ||||||
Capital Share Transactions: | ||||||||
Proceeds from sale of shares | ||||||||
A-Class | 1,179,340 | 3,318,909 | ||||||
C-Class | 40,425,615 | 92,851,121 | ||||||
H-Class | 117,214,668 | 378,981,182 | ||||||
Cost of shares redeemed | ||||||||
A-Class | (1,226,011 | ) | (4,088,188 | ) | ||||
C-Class | (41,109,733 | ) | (89,838,530 | ) | ||||
H-Class | (143,096,736 | ) | (379,943,686 | ) | ||||
Net increase (decrease) from capital share transactions | (26,612,857 | ) | 1,280,808 | |||||
Net increase (decrease) in net assets | (31,483,964 | ) | 3,248,533 | |||||
Net Assets: | ||||||||
Beginning of period | 40,211,130 | 36,962,597 | ||||||
End of period | $ | 8,727,166 | $ | 40,211,130 | ||||
Accumulated net investment loss at end of period | $ | (160,487 | ) | $ | (1,263 | ) | ||
Capital share activity: | ||||||||
Shares sold | ||||||||
A-Class | 44,353 | 147,548 | ||||||
C-Class | 1,587,752 | 4,000,710 | ||||||
H-Class | 4,386,522 | 15,599,483 | ||||||
Shares redeemed | ||||||||
A-Class | (47,556 | ) | (178,309 | ) | ||||
C-Class | (1,606,030 | ) | (3,871,654 | ) | ||||
H-Class | (5,373,292 | ) | (15,893,726 | ) | ||||
Net decrease in shares | (1,008,251 | ) | (195,948 | ) | ||||
114 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Period Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007b | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 28.54 | $ | 22.96 | $ | 14.31 | $ | 23.57 | $ | 27.64 | $ | 25.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)c | (.18 | ) | (.24 | ) | (.15 | ) | (.02 | ) | .34 | .35 | ||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (6.59 | ) | 5.82 | 8.80 | (9.24 | ) | (4.21 | ) | 2.43 | |||||||||||||||
Total from investment operations | (6.77 | ) | 5.58 | 8.65 | (9.26 | ) | (3.87 | ) | 2.78 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | — | — | (.20 | ) | (.14 | ) | ||||||||||||||||
Total distributions | — | — | — | — | (.20 | ) | (.14 | ) | ||||||||||||||||
Net asset value, end of period | $ | 21.77 | $ | 28.54 | $ | 22.96 | $ | 14.31 | $ | 23.57 | $ | 27.64 | ||||||||||||
Total Returnd | (23.72 | %) | 24.30 | % | 60.45 | % | (39.29 | %) | (14.08 | %) | 11.13 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 506 | $ | 755 | $ | 1,313 | $ | 2,309 | $ | 909 | $ | 275 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (1.33 | %) | (1.01 | %) | (0.81 | %) | (0.13 | %) | 1.26 | % | 1.54 | % | ||||||||||||
Total expenses | 1.58 | % | 1.56 | % | 1.57 | % | 1.56 | % | 1.51 | % | 1.51 | % | ||||||||||||
Portfolio turnover rate | 99 | % | 284 | % | 370 | % | 485 | % | 535 | % | 335 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Period Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007b | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 27.46 | $ | 22.29 | $ | 14.00 | $ | 23.28 | $ | 27.48 | $ | 25.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)c | (.27 | ) | (.47 | ) | (.34 | ) | (.15 | ) | .23 | .17 | ||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (6.34 | ) | 5.64 | 8.63 | (9.13 | ) | (4.23 | ) | 2.45 | |||||||||||||||
Total from investment operations | (6.61 | ) | 5.17 | 8.29 | (9.28 | ) | (4.00 | ) | 2.62 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | — | — | (.20 | ) | (.14 | ) | ||||||||||||||||
Total distributions | — | — | — | — | (.20 | ) | (.14 | ) | ||||||||||||||||
Net asset value, end of period | $ | 20.85 | $ | 27.46 | $ | 22.29 | $ | 14.00 | $ | 23.28 | $ | 27.48 | ||||||||||||
Total Returnd | (24.07 | %) | 23.25 | % | 59.21 | % | (39.86 | %) | (14.63 | %) | 10.49 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 4,986 | $ | 7,068 | $ | 2,860 | $ | 2,123 | $ | 678 | $ | 739 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (2.08 | %) | (1.87 | %) | (1.56 | %) | (0.82 | %) | 0.85 | % | 0.76 | % | ||||||||||||
Total expenses | 2.32 | % | 2.31 | % | 2.30 | % | 2.29 | % | 2.27 | % | 2.28 | % | ||||||||||||
Portfolio turnover rate | 99 | % | 284 | % | 370 | % | 485 | % | 535 | % | 335 | % |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 115 |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Period Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
H-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007b | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 28.52 | $ | 22.93 | $ | 14.31 | $ | 23.57 | $ | 27.64 | $ | 25.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)c | (.18 | ) | (.27 | ) | (.16 | ) | (.02 | ) | .51 | .34 | ||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (6.59 | ) | 5.86 | 8.78 | (9.24 | ) | (4.38 | ) | 2.44 | |||||||||||||||
Total from investment operations | (6.77 | ) | 5.59 | 8.62 | (9.26 | ) | (3.87 | ) | 2.78 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | — | — | (.20 | ) | (.14 | ) | ||||||||||||||||
Total distributions | — | — | — | — | (.20 | ) | (.14 | ) | ||||||||||||||||
Net asset value, end of period | $ | 21.75 | $ | 28.52 | $ | 22.93 | $ | 14.31 | $ | 23.57 | $ | 27.64 | ||||||||||||
Total Returnd | (23.74 | %) | 24.32 | % | 60.24 | % | (39.29 | %) | (14.08 | %) | 11.13 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 3,235 | $ | 32,389 | $ | 32,790 | $ | 19,847 | $ | 4,327 | $ | 13,248 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (1.37 | %) | (1.09 | %) | (0.83 | %) | (0.09 | %) | 1.86 | % | 1.55 | % | ||||||||||||
Total expenses | 1.57 | % | 1.57 | % | 1.56 | % | 1.55 | % | 1.52 | % | 1.52 | % | ||||||||||||
Portfolio turnover rate | 99 | % | 284 | % | 370 | % | 485 | % | 535 | % | 335 | % |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Since commencement of operations: May 31, 2006. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
c | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | |
d | Total return does not reflect the impact of any applicable sales charges and has not been annualized. |
116 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FUND PROFILE (Unaudited) | September 30, 2011 |
![(Graphic LOGO)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366914.gif)
Inception Dates: | ||||
A-Class | March 31, 2004 | |||
C-Class | February 20, 2004 | |||
H-Class | February 20, 2004 |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 |
Face | ||||||||
Amount | Value | |||||||
REPURCHASE AGREEMENTS††,1 - 82.6% | ||||||||
HSBC Group issued 09/30/11 at 0.00% due 10/03/11 | $ | 25,201,978 | $ | 25,201,978 | ||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | 12,464,284 | 12,464,284 | ||||||
Mizuho Financial Group, Inc. issued 09/30/11 at 0.01% due 10/03/11 | 8,858,108 | 8,858,108 | ||||||
Total Repurchase Agreements (Cost $46,524,370) | 46,524,370 | |||||||
Total Investments — 82.6% (Cost $46,524,370) | $ | 46,524,370 | ||||||
Cash & Other Assets, | ||||||||
Less Liabilities — 17.4% | 9,833,087 | |||||||
Total Net Assets — 100.0% | $ | 56,357,457 |
Unrealized | ||||||||
Contracts | Gain | |||||||
FUTURES CONTRACTS SOLD SHORT† | ||||||||
December 2011 Russell 2000 Index Mini Futures Contracts (Aggregate Value of Contracts $25,880,240) | 404 | $ | 1,054,459 | |||||
Units | ||||||||
EQUITY INDEX SWAP AGREEMENTS SOLD SHORT†† | ||||||||
Credit Suisse Capital, LLC October 2011 Russell 2000 Index Swap, Terminating 10/31/112 (Notional Value $23,507,604) | 36,493 | $ | 589,075 | |||||
Goldman Sachs International October 2011 Russell 2000 Index Swap, Terminating 10/27/112 (Notional Value $5,896,413) | 9,154 | 159,084 | ||||||
Barclays Bank plc October 2011 Russell 2000 Index Swap, Terminating 10/31/112 (Notional Value $494,032) | 767 | 14,294 | ||||||
Morgan Stanley Capital Services, Inc. October 2011 Russell 2000 Index Swap, Terminating 10/24/112 (Notional Value $318,542) | 495 | 3,213 | ||||||
(Total Notional Value $30,216,591) | $ | 765,666 | ||||||
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | Repurchase Agreements — See Note 5. | |
2 | Total Return based on Russell 2000 Index +/- financing at a variable rate. | |
plc — Public Limited Company |
118 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Assets: | ||||
Repurchase agreements, at value (cost $46,524,370) | $ | 46,524,370 | ||
Segregated cash with broker | 7,820,460 | |||
Unrealized appreciation on swap agreements | 765,666 | |||
Receivable for swap settlement | 13,906 | |||
Receivables: | ||||
Variation margin | 872,640 | |||
Fund shares sold | 426,251 | |||
Total assets | 56,423,293 | |||
Liabilities: | ||||
Payable for: | ||||
Management fees | 30,700 | |||
Fund shares redeemed | 16,157 | |||
Distribution and service fees | 9,501 | |||
Transfer agent and administrative fees | 8,528 | |||
Portfolio accounting fees | 3,411 | |||
Miscellaneous | (2,461 | ) | ||
Total liabilities | 65,836 | |||
Net Assets | $ | 56,357,457 | ||
Net assets consist of: | ||||
Paid in capital | $ | 102,443,873 | ||
Accumulated net investment loss | (182,499 | ) | ||
Accumulated net realized loss on investments | (47,724,042 | ) | ||
Net unrealized appreciation on investments | 1,820,125 | |||
Net assets | $ | 56,357,457 | ||
A-Class: | ||||
Net assets | $ | 1,219,433 | ||
Capital shares outstanding | 50,793 | |||
Net asset value per share | $ | 24.01 | ||
Maximum offering price per share | ||||
(Net asset value divided by 95.25%) | $ | 25.21 | ||
C-Class: | ||||
Net assets | $ | 2,234,619 | ||
Capital shares outstanding | 98,677 | |||
Net asset value per share | $ | 22.64 | ||
H-Class: | ||||
Net assets | $ | 52,903,405 | ||
Capital shares outstanding | 2,201,972 | |||
Net asset value per share | $ | 24.02 | ||
Investment Income: | ||||
Interest | $ | 9,787 | ||
Total investment income | 9,787 | |||
Expenses: | ||||
Management fees | 95,766 | |||
Transfer agent and administrative fees | 26,602 | |||
Distribution and service fees: | ||||
A-Class | 2,039 | |||
C-Class | 5,704 | |||
H-Class | 23,137 | |||
Portfolio accounting fees | 10,641 | |||
Trustees’ fees* | 516 | |||
Miscellaneous | 27,881 | |||
Total expenses | 192,286 | |||
Net investment loss | (182,499 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Swap agreements | 3,217,964 | |||
Futures contracts | 136,907 | |||
Net realized gain | 3,354,871 | |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (3,616 | ) | ||
Swap agreements | 1,028,839 | |||
Futures contracts | 1,059,970 | |||
Net change in unrealized appreciation (depreciation) | 2,085,193 | |||
Net realized and unrealized gain | 5,440,064 | |||
Net increase in net assets resulting from operations | $ | 5,257,565 | ||
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 119 |
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment loss | $ | (182,499 | ) | $ | (428,511 | ) | ||
Net realized gain (loss) on investments | 3,354,871 | (9,330,901 | ) | |||||
Net change in unrealized appreciation (depreciation) on investments | 2,085,193 | (192 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 5,257,565 | (9,759,604 | ) | |||||
Distributions to shareholders | — | — | ||||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
A-Class | 3,733,693 | 7,959,272 | ||||||
C-Class | 5,353,352 | 15,298,718 | ||||||
H-Class | 148,978,969 | 454,278,543 | ||||||
Cost of shares redeemed | ||||||||
A-Class | (3,716,969 | ) | (7,860,444 | ) | ||||
C-Class | (4,583,038 | ) | (15,531,833 | ) | ||||
H-Class | (110,510,518 | ) | (462,232,894 | ) | ||||
Net increase (decrease) from capital share transactions | 39,255,489 | (8,088,638 | ) | |||||
Net increase (decrease) in net assets | 44,513,054 | (17,848,242 | ) | |||||
Net assets: | ||||||||
Beginning of period | 11,844,403 | 29,692,645 | ||||||
End of period | $ | 56,357,457 | $ | 11,844,403 | ||||
Accumulated net investment loss at end of period | $ | (182,499 | ) | $ | — | |||
Capital share activity: | ||||||||
Shares sold | ||||||||
A-Class | 166,787 | 308,625 | ||||||
C-Class | 259,046 | 580,595 | ||||||
H-Class | 7,051,361 | 18,194,735 | ||||||
Shares redeemed | ||||||||
A-Class | (172,347 | ) | (317,626 | ) | ||||
C-Class | (222,267 | ) | (596,494 | ) | ||||
H-Class | (5,333,095 | ) | (18,670,803 | ) | ||||
Net increase (decrease) in shares | 1,749,485 | (500,968 | ) | |||||
120 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 19.77 | $ | 27.00 | $ | 48.02 | $ | 39.05 | $ | 35.00 | $ | 36.96 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.17 | ) | (.38 | ) | (.54 | ) | (.21 | ) | 1.06 | 1.38 | ||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 4.41 | (6.85 | ) | (20.48 | ) | 9.57 | 4.40 | (1.65 | ) | |||||||||||||||
Total from investment operations | 4.24 | (7.23 | ) | (21.02 | ) | 9.36 | 5.46 | (.27 | ) | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | — | (.39 | ) | (1.41 | ) | (1.69 | ) | |||||||||||||||
Total distributions | — | — | — | (.39 | ) | (1.41 | ) | (1.69 | ) | |||||||||||||||
Net asset value, end of period | $ | 24.01 | $ | 19.77 | $ | 27.00 | $ | 48.02 | $ | 39.05 | $ | 35.00 | ||||||||||||
Total Returnc | 21.45 | % | (26.78 | %) | (43.77 | %) | 23.91 | % | 16.11 | % | (0.67 | %) | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,219 | $ | 1,114 | $ | 1,765 | $ | 2,299 | $ | 6,816 | $ | 9,905 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (1.62 | %) | (1.53 | %) | (1.58 | %) | (0.50 | %) | 2.96 | % | 3.64 | % | ||||||||||||
Total expenses | 1.75 | % | 1.71 | % | 1.71 | % | 1.96 | % | 1.89 | % | 1.65 | % | ||||||||||||
Operating expensesd | 1.75 | % | 1.71 | % | 1.71 | % | 1.71 | % | 1.89 | % | 1.65 | % | ||||||||||||
Portfolio turnover rate | — | — | — | 214 | % | — | — |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 18.71 | $ | 25.75 | $ | 46.15 | $ | 37.80 | $ | 34.18 | $ | 36.40 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.24 | ) | (.55 | ) | (.76 | ) | (.40 | ) | .76 | 1.07 | ||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 4.17 | (6.49 | ) | (19.64 | ) | 9.14 | 4.27 | (1.60 | ) | |||||||||||||||
Total from investment operations | 3.93 | (7.04 | ) | (20.40 | ) | 8.74 | 5.03 | (.53 | ) | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | — | (.39 | ) | (1.41 | ) | (1.69 | ) | |||||||||||||||
Total distributions | — | — | — | (.39 | ) | (1.41 | ) | (1.69 | ) | |||||||||||||||
Net asset value, end of period | $ | 22.64 | $ | 18.71 | $ | 25.75 | $ | 46.15 | $ | 37.80 | $ | 34.18 | ||||||||||||
Total Returnc | 21.00 | % | (27.34 | %) | (44.20 | %) | 23.06 | % | 15.22 | % | (1.40 | %) | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 2,235 | $ | 1,158 | $ | 2,003 | $ | 2,199 | $ | 6,136 | $ | 8,455 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (2.39 | %) | (2.28 | %) | (2.34 | %) | (1.03 | %) | 2.17 | % | 2.87 | % | ||||||||||||
Total expenses | 2.51 | % | 2.46 | % | 2.46 | % | 2.76 | % | 2.67 | % | 2.40 | % | ||||||||||||
Operating expensesd | 2.51 | % | 2.46 | % | 2.46 | % | 2.45 | % | 2.67 | % | 2.40 | % | ||||||||||||
Portfolio turnover rate | — | — | — | 214 | % | — | — |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 121 |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
H-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 19.79 | $ | 27.01 | $ | 48.05 | $ | 39.07 | $ | 35.02 | $ | 36.98 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.18 | ) | (.38 | ) | (.53 | ) | (.19 | ) | 1.05 | 1.36 | ||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 4.41 | (6.84 | ) | (20.51 | ) | 9.56 | 4.41 | (1.63 | ) | |||||||||||||||
Total from investment operations | 4.23 | (7.22 | ) | (21.04 | ) | 9.37 | 5.46 | (.27 | ) | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | — | (.39 | ) | (1.41 | ) | (1.69 | ) | |||||||||||||||
Total distributions | — | — | — | (.39 | ) | (1.41 | ) | (1.69 | ) | |||||||||||||||
Net asset value, end of period | $ | 24.02 | $ | 19.79 | $ | 27.01 | $ | 48.05 | $ | 39.07 | $ | 35.02 | ||||||||||||
Total Returnc | 21.37 | % | (26.73 | %) | (43.79 | %) | 23.93 | % | 16.10 | % | (0.67 | %) | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 52,903 | $ | 9,572 | $ | 25,924 | $ | 30,131 | $ | 42,554 | $ | 48,718 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (1.68 | %) | (1.53 | %) | (1.58 | %) | (0.45 | %) | 2.93 | % | 3.56 | % | ||||||||||||
Total expenses | 1.77 | % | 1.71 | % | 1.71 | % | 1.97 | % | 1.89 | % | 1.65 | % | ||||||||||||
Operating expensesd | 1.77 | % | 1.71 | % | 1.71 | % | 1.70 | % | 1.89 | % | 1.65 | % | ||||||||||||
Portfolio turnover rate | — | — | — | 214 | % | — | — |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | |
c | Total return does not reflect the impact of any applicable sales charges and has not been annualized. | |
d | Operating expenses exclude interest and dividend expense from securities sold short. |
122 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FUND PROFILE (Unaudited) | September 30, 2011 |
![(Graphic LOGO)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366915.gif)
Inception Dates: | ||||
A-Class | September 1, 2004 | |||
C-Class | February 20, 2004 | |||
H-Class | February 20, 2004 |
Ten Largest Holdings | ||||
(% of Total Net Assets) | ||||
Chipotle Mexican Grill, | ||||
Inc. — Class A | 2.2 | % | ||
Amazon.com, Inc. | 2.1 | % | ||
Apple, Inc. | 2.1 | % | ||
Priceline.com, Inc. | 1.9 | % | ||
Cognizant Technology | ||||
Solutions Corp. — Class A | 1.5 | % | ||
AutoZone, Inc. | 1.5 | % | ||
Red Hat, Inc. | 1.5 | % | ||
Intuitive Surgical, Inc. | 1.5 | % | ||
Coach, Inc. | 1.5 | % | ||
Whole Foods Market, Inc. | 1.4 | % | ||
Top Ten Total | 17.2 | % | ||
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 |
Share | Value | |||||||
COMMON STOCKS† - 99.4% | ||||||||
CONSUMER DISCRETIONARY - 32.5% | ||||||||
Chipotle Mexican Grill, Inc. — Class A* | 4,170 | $ | 1,263,302 | |||||
Amazon.com, Inc.* | 5,469 | 1,182,562 | ||||||
Priceline.com, Inc.* | 2,419 | 1,087,244 | ||||||
AutoZone, Inc.* | 2,674 | 853,514 | ||||||
Coach, Inc. | 16,203 | 839,801 | ||||||
Expedia, Inc. | 31,088 | 800,516 | ||||||
Ross Stores, Inc. | 9,792 | 770,532 | ||||||
O’Reilly Automotive, Inc.* | 11,082 | 738,394 | ||||||
Discovery Communications, Inc. — Class A* | 19,598 | 737,277 | ||||||
Wynn Resorts Ltd. | 6,202 | 713,726 | ||||||
Starbucks Corp. | 19,027 | 709,517 | ||||||
Nordstrom, Inc. | 14,331 | 654,640 | ||||||
Netflix, Inc.* | 5,190 | 587,300 | ||||||
Limited Brands, Inc. | 15,090 | 581,116 | ||||||
DIRECTV — Class A* | 13,462 | 568,769 | ||||||
Wyndham Worldwide Corp. | 18,030 | 514,035 | ||||||
Ralph Lauren Corp. — Class A | 3,895 | 505,181 | ||||||
Tiffany & Co. | 8,300 | 504,806 | ||||||
Darden Restaurants, Inc. | 10,705 | 457,639 | ||||||
Bed Bath & Beyond, Inc.* | 7,935 | 454,755 | ||||||
TJX Companies, Inc. | 7,893 | 437,825 | ||||||
Comcast Corp. — Class A | 17,108 | 357,557 | ||||||
CarMax, Inc.* | 14,189 | 338,408 | ||||||
Hasbro, Inc. | 10,239 | 333,894 | ||||||
Yum! Brands, Inc. | 6,679 | 329,876 | ||||||
Urban Outfitters, Inc.* | 14,724 | 328,640 | ||||||
Apollo Group, Inc. — Class A* | 7,542 | 298,739 | ||||||
Family Dollar Stores, Inc. | 5,779 | 293,920 | ||||||
Cablevision Systems Corp. — Class A | 18,600 | 292,578 | ||||||
DeVry, Inc. | 7,910 | 292,354 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 4,571 | 177,446 | ||||||
NIKE, Inc. — Class B | 2,040 | 174,440 | ||||||
Interpublic Group of Companies, Inc. | 22,885 | 164,772 | ||||||
Scripps Networks Interactive, Inc. — Class A | 3,520 | 130,838 | ||||||
Total Consumer Discretionary | 18,475,913 | |||||||
INFORMATION TECHNOLOGY - 26.5% | ||||||||
Apple, Inc.* | 3,060 | 1,166,411 | ||||||
Cognizant Technology Solutions Corp. — Class A* | 13,915 | 872,470 | ||||||
Red Hat, Inc.* | 20,068 | 848,074 | ||||||
Salesforce.com, Inc.* | 6,447 | 736,763 | ||||||
Western Digital Corp.* | 26,962 | 693,463 | ||||||
Mastercard, Inc. — Class A | 2,095 | 664,450 | ||||||
Teradata Corp.* | 12,285 | 657,616 | ||||||
eBay, Inc.* | 21,999 | 648,751 | ||||||
Visa, Inc. | 7,017 | 601,497 | ||||||
NetApp, Inc.* | 16,303 | 553,324 | ||||||
F5 Networks, Inc.* | 7,150 | 508,008 | ||||||
Google, Inc. — Class A* | 944 | 485,575 | ||||||
Oracle Corp. | 15,192 | 436,618 | ||||||
Citrix Systems, Inc.* | 7,906 | 431,114 | ||||||
Intuit, Inc. | 9,078 | 430,660 | ||||||
Broadcom Corp. — Class A | 12,743 | 424,214 | ||||||
Micron Technology, Inc.* | 83,050 | 418,572 | ||||||
SanDisk Corp.* | 10,213 | 412,095 | ||||||
EMC Corp. | 18,659 | 391,652 | ||||||
Akamai Technologies, Inc.* | 17,995 | 357,741 | ||||||
JDS Uniphase Corp.* | 32,857 | 327,584 | ||||||
Juniper Networks, Inc.* | 17,493 | 301,929 | ||||||
FLIR Systems, Inc. | 11,646 | 291,732 | ||||||
BMC Software, Inc.* | 7,560 | 291,514 | ||||||
International Business Machines Corp. | 1,637 | 286,524 | ||||||
Altera Corp. | 8,301 | 261,731 | ||||||
Analog Devices, Inc. | 8,286 | 258,937 | ||||||
Symantec Corp.* | 15,463 | 252,047 | ||||||
Linear Technology Corp. | 8,737 | 241,578 | ||||||
Amphenol Corp. — Class A | 5,858 | 238,831 | ||||||
Advanced Micro Devices, Inc.* | 41,990 | 213,309 | ||||||
Microsoft Corp. | 7,908 | 196,830 | ||||||
Xilinx, Inc. | 6,766 | 185,659 | ||||||
Total Information Technology | 15,087,273 | |||||||
HEALTH CARE - 17.2% | ||||||||
Intuitive Surgical, Inc.* | 2,321 | 845,494 | ||||||
CIGNA Corp. | 19,005 | 797,070 | ||||||
Watson Pharmaceuticals, Inc.* | 11,390 | 777,367 | ||||||
Biogen Idec, Inc.* | 7,809 | 727,408 | ||||||
Tenet Healthcare Corp.* | 153,668 | 634,649 | ||||||
Cerner Corp.* | 7,882 | 540,075 | ||||||
Allergan, Inc. | 6,236 | 513,722 | ||||||
Edwards Lifesciences Corp.* | 6,670 | 475,438 | ||||||
Mylan, Inc.* | 26,790 | 455,430 | ||||||
Gilead Sciences, Inc. | 11,419 | 443,057 | ||||||
Celgene Corp.* | 6,861 | 424,833 | ||||||
Life Technologies Corp.* | 10,633 | 408,626 | ||||||
Medco Health Solutions, Inc.* | 7,524 | 352,800 | ||||||
Laboratory Corporation of America Holdings* | 3,992 | 315,568 | ||||||
St. Jude Medical, Inc. | 8,581 | 310,546 | ||||||
Express Scripts, Inc. — Class A* | 8,140 | 301,750 | ||||||
Waters Corp.* | 3,787 | 285,881 | ||||||
Hospira, Inc.* | 7,520 | 278,240 | ||||||
Varian Medical Systems, Inc.* | 4,850 | 252,976 | ||||||
Patterson Companies, Inc. | 8,710 | 249,367 | ||||||
Eli Lilly & Co. | 5,580 | 206,292 | ||||||
Agilent Technologies, Inc.* | 4,955 | 154,844 | ||||||
Total Health Care | 9,751,433 | |||||||
124 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
SCHDULE OF INVESTMENTS (Unaudited) (concluded) | September 30, 2011 |
Share | Value | |||||||
INDUSTRIALS - 6.0% | ||||||||
Joy Global, Inc. | 9,720 | $ | 606,334 | |||||
Goodrich Corp. | 4,364 | 526,647 | ||||||
Stericycle, Inc.* | 4,589 | 370,424 | ||||||
Flowserve Corp. | 4,806 | 355,644 | ||||||
Cummins, Inc. | 3,872 | 316,188 | ||||||
WW Grainger, Inc. | 1,865 | 278,892 | ||||||
Deere & Co. | 3,492 | 225,478 | ||||||
Ingersoll-Rand plc | 6,998 | 196,574 | ||||||
Precision Castparts Corp. | 1,254 | 194,947 | ||||||
First Solar, Inc.* | 3,012 | 190,388 | ||||||
Rockwell Automation, Inc. | 2,777 | 155,512 | ||||||
Total Industrials | 3,417,028 | |||||||
ENERGY - 5.0% | ||||||||
FMC Technologies, Inc.* | 14,462 | 543,771 | ||||||
National Oilwell Varco, Inc. | 9,464 | 484,746 | ||||||
Cameron International Corp.* | 10,871 | 451,581 | ||||||
Pioneer Natural Resources Co. | 6,258 | 411,589 | ||||||
Diamond Offshore Drilling, Inc. | 6,019 | 329,480 | ||||||
Southwestern Energy Co.* | 8,148 | 271,573 | ||||||
Peabody Energy Corp. | 5,453 | 184,748 | ||||||
Consol Energy, Inc. | 4,648 | 157,707 | ||||||
Total Energy | 2,835,195 | |||||||
MATERIALS - 4.6% | ||||||||
CF Industries Holdings, Inc. | 5,560 | 686,048 | ||||||
Newmont Mining Corp. | 6,325 | 397,842 | ||||||
Freeport-McMoRan Copper & Gold, Inc. | 11,448 | 348,592 | ||||||
Mosaic Co. | 5,700 | 279,129 | ||||||
FMC Corp. | 3,589 | 248,215 | ||||||
International Flavors & Fragrances, Inc. | 4,385 | 246,525 | ||||||
Ball Corp. | 7,388 | 229,176 | ||||||
Sigma-Aldrich Corp. | 3,224 | 199,211 | ||||||
Total Materials | 2,634,738 | |||||||
CONSUMER STAPLES - 4.0% | ||||||||
Whole Foods Market, Inc. | 12,476 | 814,807 | ||||||
Coca-Cola Enterprises, Inc. | 19,228 | 478,393 | ||||||
Estee Lauder Companies, | ||||||||
Inc. — Class A | 5,347 | 469,680 | ||||||
Dr Pepper Snapple Group, Inc. | 8,586 | 332,965 | ||||||
Coca-Cola Co. | 2,810 | 189,844 | ||||||
Total Consumer Staples | 2,285,689 | |||||||
FINANCIALS - 2.5% | ||||||||
Ventas, Inc. | 10,696 | 528,382 | ||||||
IntercontinentalExchange, Inc.* | 4,054 | 479,426 | ||||||
Ameriprise Financial, Inc. | 5,857 | 230,532 | ||||||
CBRE Group, Inc. — Class A* | 13,074 | 175,976 | ||||||
Total Financials | 1,414,316 | |||||||
TELECOMMUNICATION SERVICES - 1.1% | ||||||||
American Tower | ||||||||
Corp. — Class A* | 7,521 | 404,630 | ||||||
MetroPCS Communications, Inc.* | 24,763 | 215,686 | ||||||
Total Telecommunication Services | 620,316 | |||||||
Total Common Stocks (Cost $52,328,871) | 56,521,901 | |||||||
Face | ||||||||
Amount | ||||||||
REPURCHASE AGREEMENTS††,1 - 2.2% | ||||||||
HSBC Group issued 09/30/11 at 0.00% due 10/03/11 | $ | 695,318 | 695,318 | |||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | 343,887 | 343,887 | ||||||
Mizuho Financial Group, Inc. issued 09/30/11 at 0.01% due 10/03/11 | 244,394 | 244,394 | ||||||
Total Repurchase Agreements (Cost $1,283,599) | 1,283,599 | |||||||
Total Investments - 101.6% (Cost $53,612,470) | $ | 57,805,500 | ||||||
Liabilities, Less Cash & Other Assets — (1.6)% | (927,465 | ) | ||||||
Total Net Assets - 100.0% | $ | 56,878,035 |
* | Non-income producing security. | |
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | Repurchase Agreements — See Note 5. plc — Public Limited Company |
See Notes to Financial Statements. | the RYDEX SGI | series funds semi-annual report | 125 |
STATEMENT OF ASSETS AND LIABILITIES (Unaudited)
Assets: | ||||
Investments, at value (cost $52,328,871) | $ | 56,521,901 | ||
Repurchase agreements, at value (cost $1,283,599) | 1,283,599 | |||
Cash | 792 | |||
Receivables: | ||||
Securities sold | 691,640 | |||
Fund shares sold | 161,611 | |||
Dividends | 20,198 | |||
Total assets | 58,679,741 | |||
Liabilities: | ||||
Payable for: | ||||
Fund shares redeemed | 1,696,849 | |||
Management fees | 36,021 | |||
Distribution and service fees | 17,108 | |||
Transfer agent and administrative fees | 12,007 | |||
Portfolio accounting fees | 4,802 | |||
Miscellaneous | 34,919 | |||
Total liabilities | 1,801,706 | |||
Net assets | $ | 56,878,035 | ||
Net assets consist of: | ||||
Paid in capital | $ | 62,965,760 | ||
Accumulated net investment loss | (243,020 | ) | ||
Accumulated net realized loss on investments | (10,037,735 | ) | ||
Net unrealized appreciation on investments | 4,193,030 | |||
Net assets | $ | 56,878,035 | ||
A-Class: | ||||
Net assets | $ | 5,628,041 | ||
Capital shares outstanding | 200,201 | |||
Net asset value per share | $ | 28.11 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 29.51 | ||
C-Class: | ||||
Net assets | $ | 7,616,257 | ||
Capital shares outstanding | 286,923 | |||
Net asset value per share | $ | 26.54 | ||
H-Class: | ||||
Net assets | $ | 43,633,737 | ||
Capital shares outstanding | 1,552,699 | |||
Net asset value per share | $ | 28.10 | ||
Investment Income: | ||||
Dividends | $ | 175,898 | ||
Interest | 53 | |||
Total investment income | 175,951 | |||
Expenses: | ||||
Management fees | 190,895 | |||
Transfer agent and administrative fees | 63,632 | |||
Distribution and service fees: | ||||
A-Class | 7,051 | |||
C-Class | 41,068 | |||
H-Class | 46,314 | |||
Portfolio accounting fees | 25,452 | |||
Trustees’ fees* | 2,712 | |||
Miscellaneous | 41,847 | |||
Total expenses | 418,971 | |||
Net investment loss | (243,020 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments | (5,328,756 | ) | ||
Net realized loss | (5,328,756 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (8,105,513 | ) | ||
Net change in unrealized appreciation (depreciation) | (8,105,513 | ) | ||
Net realized and unrealized loss | (13,434,269 | ) | ||
Net decrease in net assets resulting from operations | $ | (13,677,289 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
126 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment loss | $ | (243,020 | ) | $ | (476,960 | ) | ||
Net realized gain (loss) on investments | (5,328,756 | ) | 6,110,300 | |||||
Net change in unrealized appreciation (depreciation) on investments | (8,105,513 | ) | 7,095,188 | |||||
Net increase (decrease) in net assets resulting from operations | (13,677,289 | ) | 12,728,528 | |||||
Distributions to shareholders | — | — | ||||||
Capital Share Transactions | ||||||||
Proceeds from sale of shares: | ||||||||
A-Class | 18,417,178 | 23,075,207 | ||||||
C-Class | 4,206,451 | 8,392,407 | ||||||
H-Class | 189,710,748 | 452,894,846 | ||||||
Cost of shares redeemed | ||||||||
A-Class | (13,971,781 | ) | (23,684,382 | ) | ||||
C-Class | (3,571,536 | ) | (8,275,738 | ) | ||||
H-Class | (174,155,448 | ) | (439,353,112 | ) | ||||
Net increase from capital share transactions | 20,635,612 | 13,049,228 | ||||||
Net increase in net assets | 6,958,323 | 25,777,756 | ||||||
Net assets: | ||||||||
Beginning of period | 49,919,712 | 24,141,956 | ||||||
End of period | $ | 56,878,035 | $ | 49,919,712 | ||||
Accumulated net investment loss at end of period | $ | (243,020 | ) | $ | — | |||
Capital Share Activity: | ||||||||
Shares sold | ||||||||
A-Class | 541,331 | 830,903 | ||||||
C-Class | 139,510 | 313,215 | ||||||
H-Class | 5,876,355 | 16,228,786 | ||||||
Shares redeemed | ||||||||
A-Class | (422,697 | ) | (816,244 | ) | ||||
C-Class | (119,411 | ) | (302,875 | ) | ||||
H-Class | (5,495,598 | ) | (15,655,887 | ) | ||||
Net increase in shares | 519,490 | 597,898 | ||||||
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 127 |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 33.15 | $ | 26.51 | $ | 15.82 | $ | 25.11 | $ | 27.17 | $ | 26.11 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.13 | ) | (.18 | ) | (.18 | ) | (.11 | ) | (.15 | ) | (.13 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (4.91 | ) | 6.82 | 10.87 | (9.18 | ) | (1.52 | ) | 1.19 | |||||||||||||||
Total from investment operations | (5.04 | ) | 6.64 | 10.69 | (9.29 | ) | (1.67 | ) | 1.06 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net realized gains | — | — | — | — | (.39 | ) | — | |||||||||||||||||
Total distributions | — | — | — | — | (.39 | ) | — | |||||||||||||||||
Net asset value, end of period | $ | 28.11 | $ | 33.15 | $ | 26.51 | $ | 15.82 | $ | 25.11 | $ | 27.17 | ||||||||||||
Total Returnc | (15.20 | %) | 25.05 | % | 67.57 | % | (37.00 | %) | (6.28 | %) | 4.06 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 5,628 | $ | 2,704 | $ | 1,774 | $ | 2,346 | $ | 5,443 | $ | 2,675 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (0.81 | %) | (0.65 | %) | (0.81 | %) | (0.46 | %) | (0.53 | %) | (0.51 | %) | ||||||||||||
Total expenses | 1.53 | % | 1.53 | % | 1.52 | % | 1.53 | % | 1.51 | % | 1.52 | % | ||||||||||||
Portfolio turnover rate | 318 | % | 808 | % | 699 | % | 573 | % | 450 | % | 1,029 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 31.42 | $ | 25.32 | $ | 15.23 | $ | 24.35 | $ | 26.57 | $ | 25.74 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.24 | ) | (.41 | ) | (.30 | ) | (.23 | ) | (.32 | ) | (.37 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (4.64 | ) | 6.51 | 10.39 | (8.89 | ) | (1.51 | ) | 1.20 | |||||||||||||||
Total from investment operations | (4.88 | ) | 6.10 | 10.09 | (9.12 | ) | (1.83 | ) | .83 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net realized gains | — | — | — | — | (.39 | ) | — | |||||||||||||||||
Total distributions | — | — | — | — | (.39 | ) | — | |||||||||||||||||
Net asset value, end of period | $ | 26.54 | $ | 31.42 | $ | 25.32 | $ | 15.23 | $ | 24.35 | $ | 26.57 | ||||||||||||
Total Returnc | (15.53 | %) | 24.09 | % | 66.25 | % | (37.45 | %) | (7.02 | %) | 3.22 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 7,616 | $ | 8,384 | $ | 6,494 | $ | 2,111 | $ | 4,453 | $ | 3,743 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (1.57 | %) | (1.53 | %) | (1.40 | %) | (1.13 | %) | (1.21 | %) | (1.44 | %) | ||||||||||||
Total expenses | 2.27 | % | 2.29 | % | 2.28 | % | 2.29 | % | 2.27 | % | 2.28 | % | ||||||||||||
Portfolio turnover rate | 318 | % | 808 | % | 699 | % | 573 | % | 450 | % | 1,029 | % |
128 | the RYDEX | SGI series funds semi-annual report 129 | See Notes to Financial Statements. |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
H-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 33.13 | $ | 26.50 | $ | 15.81 | $ | 25.10 | $ | 27.16 | $ | 26.11 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.14 | ) | (.26 | ) | (.14 | ) | (.09 | ) | (.17 | ) | (.14 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (4.89 | ) | 6.89 | 10.83 | (9.20 | ) | (1.50 | ) | 1.19 | |||||||||||||||
Total from investment operations | (5.03 | ) | 6.63 | 10.69 | (9.29 | ) | (1.67 | ) | 1.05 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net realized gains | — | — | — | — | (.39 | ) | — | |||||||||||||||||
Total distributions | — | — | — | — | (.39 | ) | — | |||||||||||||||||
Net asset value, end of period | $ | 28.10 | $ | 33.13 | $ | 26.50 | $ | 15.81 | $ | 25.10 | $ | 27.16 | ||||||||||||
Total Returnc | (15.18 | %) | 25.02 | % | 67.62 | % | (37.01 | %) | (6.28 | %) | 4.02 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 43,634 | $ | 38,831 | $ | 15,874 | $ | 12,512 | $ | 11,937 | $ | 49,087 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (0.84 | %) | (0.89 | %) | (0.60 | %) | (0.41 | %) | (0.62 | %) | (0.53 | %) | ||||||||||||
Total expenses | 1.53 | % | 1.55 | % | 1.53 | % | 1.53 | % | 1.53 | % | 1.52 | % | ||||||||||||
Portfolio turnover rate | 318 | % | 808 | % | 699 | % | 573 | % | 450 | % | 1,029 | % |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Net investment loss per share was computed using average shares outstanding throughout the period. | |
c | Total return does not reflect the impact of any applicable sales charges and has not been annualized. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 129 |
![(GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366916.gif)
Inception Dates: | ||
A-Class | September 1, 2004 | |
C-Class | February 20, 2004 | |
H-Class | February 20, 2004 |
Ten Largest Holdings | ||||
(% of Total Net Assets) | ||||
Constellation Energy Group, Inc. | 3.2 | % | ||
Dean Foods Co. | 2.5 | % | ||
Coventry Health Care, Inc. | 2.3 | % | ||
Tesoro Corp. | 2.2 | % | ||
NRG Energy, Inc. | 2.2 | % | ||
Humana, Inc. | 2.0 | % | ||
SUPERVALU, Inc. | 2.0 | % | ||
Tyson Foods, Inc. — Class A | 2.0 | % | ||
Sears Holdings Corp. | 1.8 | % | ||
WellPoint, Inc. | 1.8 | % | ||
Top Ten Total | 22.0 | % | ||
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 |
Share | Value | |||||||
COMMON STOCKS† - 99.6% | ||||||||
FINANCIALS - 22.0% | ||||||||
Assurant, Inc. | 7,555 | $ | 270,469 | |||||
Capital One Financial Corp. | 5,537 | 219,431 | ||||||
Unum Group | 10,021 | 210,040 | ||||||
Hartford Financial Services Group, Inc. | 12,710 | 205,139 | ||||||
Allstate Corp. | 7,893 | 186,985 | ||||||
Prudential Financial, Inc. | 3,852 | 180,505 | ||||||
XL Group plc — Class A | 9,468 | 177,998 | ||||||
NASDAQ OMX Group, Inc.* | 6,149 | 142,288 | ||||||
ACE Ltd. | 2,340 | 141,804 | ||||||
Bank of America Corp. | 21,500 | 131,580 | ||||||
Travelers Companies, Inc. | 2,503 | 121,971 | ||||||
Cincinnati Financial Corp. | 4,386 | 115,483 | ||||||
Loews Corp. | 3,320 | 114,706 | ||||||
Lincoln National Corp. | 6,848 | 107,034 | ||||||
Fifth Third Bancorp | 10,315 | 104,182 | ||||||
JPMorgan Chase & Co. | 3,422 | 103,071 | ||||||
Principal Financial Group, Inc. | 4,470 | 101,335 | ||||||
Chubb Corp. | 1,615 | 96,884 | ||||||
BB&T Corp. | 4,506 | 96,113 | ||||||
Genworth Financial, Inc. — Class A* | 16,679 | 95,738 | ||||||
SLM Corp.* | 7,666 | 95,442 | ||||||
Discover Financial Services | 4,112 | 94,329 | ||||||
PNC Financial Services Group, Inc. | 1,805 | 86,983 | ||||||
People’s United Financial, Inc. | 7,476 | 85,226 | ||||||
Legg Mason, Inc. | 3,178 | 81,706 | ||||||
Citigroup, Inc.* | 3,066 | 78,551 | ||||||
NYSE Euronext | 2,969 | 69,000 | ||||||
SunTrust Banks, Inc. | 3,720 | 66,774 | ||||||
MetLife, Inc. | 2,201 | 61,650 | ||||||
Torchmark Corp. | 1,762 | 61,423 | ||||||
Regions Financial Corp. | 17,427 | 58,032 | ||||||
Morgan Stanley | 3,904 | 52,704 | ||||||
Goldman Sachs Group, Inc. | 530 | 50,112 | ||||||
Total Financials | 3,864,688 | |||||||
UTILITIES - 20.4% | ||||||||
Constellation Energy Group, Inc. | 14,738 | 560,928 | ||||||
NRG Energy, Inc.* | 18,215 | 386,340 | ||||||
Pepco Holdings, Inc. | 14,224 | 269,118 | ||||||
NiSource, Inc. | 10,748 | 229,792 | ||||||
Ameren Corp. | 7,048 | 209,819 | ||||||
FirstEnergy Corp. | 3,815 | 171,332 | ||||||
AES Corp.* | 15,096 | 147,337 | ||||||
DTE Energy Co. | 2,829 | 138,678 | ||||||
Oneok, Inc. | 2,090 | 138,024 | ||||||
Integrys Energy Group, Inc. | 2,732 | 132,830 | ||||||
Edison International | 2,982 | 114,061 | ||||||
CMS Energy Corp. | 5,741 | 113,614 | ||||||
Consolidated Edison, Inc. | 1,951 | 111,246 | ||||||
American Electric Power Company, Inc. | 2,740 | 104,175 | ||||||
Progress Energy, Inc. | 1,962 | 101,475 | ||||||
Duke Energy Corp. | 4,895 | 97,851 | ||||||
Nicor, Inc. | 1,697 | 93,352 | ||||||
CenterPoint Energy, Inc. | 4,513 | 88,545 | ||||||
Northeast Utilities | 2,408 | 81,029 | ||||||
Sempra Energy | 1,520 | 78,280 | ||||||
Xcel Energy, Inc. | 3,033 | 74,885 | ||||||
SCANA Corp. | 1,791 | 72,446 | ||||||
Entergy Corp. | 995 | 65,958 | ||||||
Total Utilities | 3,581,115 | |||||||
CONSUMER STAPLES - 14.0% | ||||||||
Dean Foods Co.* | 49,821 | 441,912 | ||||||
SUPERVALU, Inc. | 53,584 | 356,870 | ||||||
Tyson Foods, Inc. — Class A | 19,783 | 343,433 | ||||||
Archer-Daniels-Midland Co. | 10,510 | 260,753 | ||||||
CVS Caremark Corp. | 6,803 | 228,445 | ||||||
Kroger Co. | 8,560 | 187,978 | ||||||
Costco Wholesale Corp. | 2,097 | 172,206 | ||||||
Safeway, Inc. | 6,908 | 114,880 | ||||||
Walgreen Co. | 3,124 | 102,748 | ||||||
Wal-Mart Stores, Inc. | 1,797 | 93,264 | ||||||
ConAgra Foods, Inc. | 3,602 | 87,240 | ||||||
Sysco Corp. | 3,152 | 81,637 | ||||||
Total Consumer Staples | 2,471,366 | |||||||
HEALTH CARE - 12.8% | ||||||||
Coventry Health Care, Inc.* | 13,754 | 396,253 | ||||||
Humana, Inc.* | 4,921 | 357,904 | ||||||
WellPoint, Inc. | 4,764 | 310,994 | ||||||
Aetna, Inc. | 8,357 | 303,777 | ||||||
McKesson Corp. | 3,673 | 267,027 | ||||||
Cardinal Health, Inc. | 6,060 | 253,793 | ||||||
UnitedHealth Group, Inc. | 4,398 | 202,836 | ||||||
CareFusion Corp.* | 3,834 | 91,824 | ||||||
Boston Scientific Corp.* | 11,615 | 68,645 | ||||||
Total Health Care | 2,253,053 | |||||||
CONSUMER DISCRETIONARY - 9.8% | ||||||||
Sears Holdings Corp.* | 5,426 | 312,104 | ||||||
GameStop Corp. — Class A* | 13,285 | 306,883 | ||||||
AutoNation, Inc.* | 5,824 | 190,911 | ||||||
Whirlpool Corp. | 3,099 | 154,671 | ||||||
JC Penney Company, Inc. | 4,560 | 122,117 | ||||||
DR Horton, Inc. | 13,193 | 119,265 | ||||||
Time Warner, Inc. | 3,635 | 108,941 | ||||||
CBS Corp. — Class B | 4,901 | 99,882 | ||||||
Washington Post Co. — Class B | 296 | 96,783 | ||||||
Gannett Company, Inc. | 8,525 | 81,243 | ||||||
Goodyear Tire & Rubber Co.* | 6,952 | 70,146 | ||||||
Lowe’s Companies, Inc. | 3,473 | 67,168 | ||||||
Total Consumer Discretionary | 1,730,114 | |||||||
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 131 |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | September 30, 2011 |
Share | Value | |||||||
ENERGY - 8.3% | ||||||||
Tesoro Corp.* | 19,876 | $ | 386,986 | |||||
Valero Energy Corp. | 16,873 | 300,002 | ||||||
Marathon Oil Corp. | 9,796 | 211,398 | ||||||
Sunoco, Inc. | 4,345 | 134,738 | ||||||
ConocoPhillips | 1,896 | 120,055 | ||||||
QEP Resources, Inc. | 3,638 | 98,481 | ||||||
Rowan Companies, Inc.* | 3,140 | 94,796 | ||||||
Marathon Petroleum Corp. | 2,473 | 66,919 | ||||||
Hess Corp. | 915 | 48,001 | ||||||
Total Energy | 1,461,376 | |||||||
INDUSTRIALS - 5.2% | ||||||||
L-3 Communications Holdings, Inc. | 2,738 | 169,674 | ||||||
RR Donnelley & Sons Co. | 11,949 | 168,720 | ||||||
Northrop Grumman Corp. | 2,557 | 133,373 | ||||||
Ryder System, Inc. | 3,123 | 117,144 | ||||||
Jacobs Engineering Group, Inc.* | 3,515 | 113,499 | ||||||
Quanta Services, Inc.* | 4,909 | 92,240 | ||||||
General Electric Co. | 4,567 | 69,601 | ||||||
Masco Corp. | 8,152 | 58,042 | ||||||
Total Industrials | 922,293 | |||||||
INFORMATION TECHNOLOGY - 3.1% | ||||||||
Jabil Circuit, Inc. | 14,392 | 256,034 | ||||||
Computer Sciences Corp. | 5,570 | 149,555 | ||||||
Dell, Inc.* | 5,334 | 75,476 | ||||||
Xerox Corp. | 10,156 | 70,787 | ||||||
Total Information Technology | 551,852 | |||||||
MATERIALS - 3.0% | ||||||||
International Paper Co. | 5,944 | 138,198 | ||||||
MeadWestvaco Corp. | 5,206 | 127,859 | ||||||
Weyerhaeuser Co. | 4,882 | 75,915 | ||||||
AK Steel Holding Corp. | 10,537 | 68,912 | ||||||
Alcoa, Inc. | 6,328 | 60,559 | ||||||
Sealed Air Corp. | 3,283 | 54,826 | ||||||
Total Materials | 526,269 | |||||||
TELECOMMUNICATION SERVICES - 1.0% | ||||||||
Sprint Nextel Corp.* | 57,325 | 174,268 | ||||||
Total Common Stocks | ||||||||
(Cost $15,985,642) | 17,536,394 | |||||||
Total Investments — 99.6% | ||||||||
(Cost $15,985,642) | $ | 17,536,394 | ||||||
Other Assets, | ||||||||
Less Liabilities — 0.4% | 67,436 | |||||||
Total Net Assets — 100.0% | $ | 17,603,830 |
* | Non-income producing security. | |
† | Value determined based on Level 1 inputs — See Note 4. | |
plc — Public Limited Company |
132 | The RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
STATEMENT OF ASSETS AND LIABILITIES (Unaudited)
Assets: | ||||
Investments, at value (cost $15,985,642) | $ | 17,536,394 | ||
Receivables: | ||||
Securities sold | 585,908 | |||
Dividends | 26,472 | |||
Fund shares sold | 340 | |||
Total assets | 18,149,114 | |||
Liabilities | ||||
Overdraft due to custodian bank | 463,536 | |||
Payable for: | ||||
Fund shares redeemed | 17,335 | |||
Management fees | 12,401 | |||
Distribution and service fees | 6,859 | |||
Transfer agent and administrative fees | 4,134 | |||
Portfolio accounting fees | 1,653 | |||
Miscellaneous | 39,366 | |||
Total liabilities | 545,284 | |||
Net assets | $ | 17,603,830 | ||
Net assets consist of: | ||||
Paid in capital | $ | 21,503,805 | ||
Undistributed net investment income | 17,750 | |||
Accumulated net realized loss on investments | (5,468,477 | ) | ||
Net unrealized appreciation on investments | 1,550,752 | |||
Net assets | $ | 17,603,830 | ||
A-Class: | ||||
Net assets | $ | 1,025,807 | ||
Capital shares outstanding | 14,064 | |||
Net asset value per share | $ | 72.93 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 76.57 | ||
C-Class: | ||||
Net assets | $ | 3,778,340 | ||
Capital shares outstanding | 55,834 | |||
Net asset value per share | $ | 67.66 | ||
H-Class: | ||||
Net assets | $ | 12,799,683 | ||
Capital shares outstanding | 174,904 | |||
Net asset value per share | $ | 73.17 | ||
Investment Income: | ||||
Dividends | $ | 278,067 | ||
Interest | 29 | |||
Total investment income | 278,096 | |||
Expenses: | ||||
Management fees | 118,380 | |||
Transfer agent and administrative fees | 39,460 | |||
Distribution and service fees: | ||||
A-Class | 2,090 | |||
C-Class | 25,430 | |||
H-Class | 31,012 | |||
Portfolio accounting fees | 15,784 | |||
Registration fees | 15,832 | |||
Trustees’ fees* | 1,563 | |||
Miscellaneous | 10,795 | |||
Total expenses | 260,346 | |||
Net investment income | 17,750 | |||
Net Realized And Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments | 691,176 | |||
Net realized gain | 691,176 | |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (4,506,862 | ) | ||
Net change in unrealized appreciation (depreciation) | (4,506,862 | ) | ||
Net realized and unrealized loss | (3,815,686 | ) | ||
Net decrease in net assets resulting from operations | $ | (3,797,936 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 133 |
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment income (loss) | $ | 17,750 | $ | (32,522 | ) | |||
Net realized gain on investments | 691,176 | 8,480,016 | ||||||
Net change in unrealized appreciation (depreciation) on investments | (4,506,862 | ) | (8,294,860 | ) | ||||
Net increase (decrease) in net assets resulting from operations | (3,797,936 | ) | 152,634 | |||||
Distributions to shareholders from: | ||||||||
Net investment income | ||||||||
A-Class | — | (16,831 | ) | |||||
C-Class | — | (38,161 | ) | |||||
H-Class | — | (168,310 | ) | |||||
Total distributions to shareholders | — | (223,302 | ) | |||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
A-Class | 8,089,217 | 20,577,766 | ||||||
C-Class | 3,019,425 | 12,317,081 | ||||||
H-Class | 151,615,838 | 446,114,591 | ||||||
Distributions reinvested | ||||||||
A-Class | — | 11,816 | ||||||
C-Class | — | 32,218 | ||||||
H-Class | — | 165,705 | ||||||
Cost of shares redeemed | �� | |||||||
A-Class | (9,204,919 | ) | (26,189,401 | ) | ||||
C-Class | (3,874,418 | ) | (11,762,447 | ) | ||||
H-Class | (163,115,253 | ) | (567,934,046 | ) | ||||
Net decrease from capital share transactions | (13,470,110 | ) | (126,666,717 | ) | ||||
Net decrease in net assets | (17,268,046 | ) | (126,737,385 | ) | ||||
Net assets: | ||||||||
Beginning of period | 34,871,876 | 161,609,261 | ||||||
End of period | $ | 17,603,830 | $ | 34,871,876 | ||||
Undistributed net investment income at end of period | $ | 17,750 | $ | — | ||||
Capital share activity: | ||||||||
Shares sold | ||||||||
A-Class | 87,806 | 251,530 | ||||||
C-Class | 36,752 | 160,280 | ||||||
H-Class | 1,684,247 | 5,470,210 | ||||||
Shares issued from reinvestment of distributions | ||||||||
A-Class | — | 149 | ||||||
C-Class | — | 436 | ||||||
H-Class | — | 2,086 | ||||||
Shares redeemed | ||||||||
A-Class | (99,564 | ) | (328,247 | ) | ||||
C-Class | (48,665 | ) | (158,144 | ) | ||||
H-Class | (1,806,067 | ) | (7,034,879 | ) | ||||
Net decrease in shares | (145,491 | ) | (1,636,578 | ) | ||||
134 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010d | 2009d | 2008d | 2007d | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 90.21 | $ | 79.66 | $ | 35.58 | $ | 100.00 | $ | 167.30 | $ | 145.60 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment incomeb | .16 | .01 | .26 | 1.95 | 2.45 | 1.85 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (17.44 | ) | 11.87 | 44.60 | (57.52 | ) | (30.50 | ) | 21.65 | |||||||||||||||
Total from investment operations | (17.28 | ) | 11.88 | 44.86 | (55.57 | ) | (28.05 | ) | 23.50 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (1.33 | ) | (.78 | ) | (1.05 | ) | (9.95 | ) | (1.05 | ) | |||||||||||||
Net realized gains | — | — | — | (7.80 | ) | (29.30 | ) | (.75 | ) | |||||||||||||||
Total distributions | — | (1.33 | ) | (.78 | ) | (8.85 | ) | (39.25 | ) | (1.80 | ) | |||||||||||||
Net asset value, end of period | $ | 72.93 | $ | 90.21 | $ | 79.66 | $ | 35.58 | $ | 100.00 | $ | 167.30 | ||||||||||||
Total Returnc | (19.16 | %) | 15.14 | % | 126.37 | % | (57.28 | %) | (19.98 | %) | 16.21 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,026 | $ | 2,329 | $ | 8,156 | $ | 203 | $ | 4,269 | $ | 5,348 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 0.35 | % | 0.01 | % | 0.39 | % | 2.16 | % | 1.67 | % | 1.17 | % | ||||||||||||
Total expenses | 1.53 | % | 1.54 | % | 1.52 | % | 1.53 | % | 1.52 | % | 1.50 | % | ||||||||||||
Portfolio turnover rate | 381 | % | 820 | % | 673 | % | 1,448 | % | 289 | % | 389 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010d | 2009d | 2008d | 2007d | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 83.99 | $ | 74.81 | $ | 33.66 | $ | 96.00 | $ | 163.40 | $ | 143.35 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.17 | ) | (.51 | ) | (.02 | ) | 1.40 | .70 | .45 | |||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (16.16 | ) | 11.02 | 41.95 | (54.89 | ) | (28.85 | ) | 21.40 | |||||||||||||||
Total from investment operations | (16.33 | ) | 10.51 | 41.93 | (53.49 | ) | (28.15 | ) | 21.85 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (1.33 | ) | (.78 | ) | (1.05 | ) | (9.95 | ) | (1.05 | ) | |||||||||||||
Net realized gains | — | — | — | (7.80 | ) | (29.30 | ) | (.75 | ) | |||||||||||||||
Total distributions | — | (1.33 | ) | (.78 | ) | (8.85 | ) | (39.25 | ) | (1.80 | ) | |||||||||||||
Net asset value, end of period | $ | 67.66 | $ | 83.99 | $ | 74.81 | $ | 33.66 | $ | 96.00 | $ | 163.40 | ||||||||||||
Total Returnc | (19.44 | %) | 14.28 | % | 124.86 | % | (57.55 | %) | (20.57 | %) | 15.31 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 3,778 | $ | 5,690 | $ | 4,876 | $ | 1,129 | $ | 1,838 | $ | 21,075 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (0.43 | %) | (0.68 | %) | (0.03 | %) | 2.44 | % | 0.48 | % | 0.29 | % | ||||||||||||
Total expenses | 2.28 | % | 2.29 | % | 2.27 | % | 2.29 | % | 2.29 | % | 2.27 | % | ||||||||||||
Portfolio turnover rate | 381 | % | 820 | % | 673 | % | 1,448 | % | 289 | % | 389 | % |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 135 |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
H-Class | 2011a | 2011 | 2010d | 2009d | 2008d | 2007d | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 90.50 | $ | 79.91 | $ | 35.67 | $ | 100.00 | $ | 167.30 | $ | 145.60 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | .09 | (.02 | ) | .32 | 1.40 | 1.80 | 1.75 | |||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (17.42 | ) | 11.94 | 44.70 | (56.88 | ) | (29.85 | ) | 21.75 | |||||||||||||||
Total from investment operations | (17.33 | ) | 11.92 | 45.02 | (55.48 | ) | (28.05 | ) | 23.50 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (1.33 | ) | (.78 | ) | (1.05 | ) | (9.95 | ) | (1.05 | ) | |||||||||||||
Net realized gains | — | — | — | (7.80 | ) | (29.30 | ) | (.75 | ) | |||||||||||||||
Total distributions | — | (1.33 | ) | (.78 | ) | (8.85 | ) | (39.25 | ) | (1.80 | ) | |||||||||||||
Net asset value, end of period | $ | 73.17 | $ | 90.50 | $ | 79.91 | $ | 35.67 | $ | 100.00 | $ | 167.30 | ||||||||||||
Total Returnc | (19.15 | %) | 15.14 | % | 126.50 | % | (57.23 | %) | (19.98 | %) | 16.21 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 12,800 | $ | 26,852 | $ | 148,578 | $ | 4,558 | $ | 18,459 | $ | 184,082 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | 0.21 | % | (0.03 | %) | 0.47 | % | 2.36 | % | 1.11 | % | 1.12 | % | ||||||||||||
Total expenses | 1.53 | % | 1.54 | % | 1.54 | % | 1.53 | % | 1.53 | % | 1.51 | % | ||||||||||||
Portfolio turnover rate | 381 | % | 820 | % | 673 | % | 1,448 | % | 289 | % | 389 | % |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | |
c | Total return does not reflect the impact of any applicable sales charges and has not been annualized. | |
d | Reverse share split — Per share amounts for the period March 31, 2007 through April 19, 2009 have been restated to reflect a 1:5 reverse share split effective April 20, 2009. |
136 | the RYDEX | SGI series funds semi-annual report 129 | See Notes to Financial Statements. |
FUND PROFILE (Unaudited) | September 30, 2011 |
![(GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366917.gif)
Inception Dates: | ||
A-Class | September 1, 2004 | |
C-Class | February 20, 2004 | |
H-Class | February 20, 2004 |
Ten Largest Holdings | ||||
(% of Total Net Assets) | ||||
Green Mountain Coffee Roasters, Inc. | 4.9 | % | ||
Deckers Outdoor Corp. | 2.4 | % | ||
Rackspace Hosting, Inc. | 2.2 | % | ||
NewMarket Corp. | 2.2 | % | ||
Medicis Pharmaceutical Corp. — Class A | 2.0 | % | ||
Hansen Natural Corp. | 1.9 | % | ||
Cooper Companies, Inc. | 1.8 | % | ||
Ascena Retail Group, Inc. | 1.6 | % | ||
Fossil, Inc. | 1.6 | % | ||
Under Armour, Inc. — Class A | 1.6 | % | ||
Top Ten Total | 22.2 | % | ||
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 | |
S&P MIDCAP 400 PURE GROWTH FUND |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
CONSUMER DISCRETIONARY - 30.8% | ||||||||
Deckers Outdoor Corp.* | 54,324 | $ | 5,066,256 | |||||
Ascena Retail Group, Inc.* | 127,981 | 3,464,446 | ||||||
Fossil, Inc.* | 42,675 | 3,459,235 | ||||||
Under Armour, Inc. — Class A* | 51,903 | 3,446,878 | ||||||
Valassis Communications, Inc.* | 176,800 | 3,313,232 | ||||||
Tractor Supply Co. | 48,481 | 3,032,487 | ||||||
Cheesecake Factory, Inc.* | 120,226 | 2,963,571 | ||||||
LKQ Corp.* | 121,175 | 2,927,588 | ||||||
Panera Bread Co. — Class A* | 27,838 | 2,893,482 | ||||||
Dollar Tree, Inc.* | 38,088 | 2,860,790 | ||||||
Life Time Fitness, Inc.* | 73,433 | 2,706,006 | ||||||
Guess?, Inc. | 93,585 | 2,666,237 | ||||||
Polaris Industries, Inc. | 45,988 | 2,298,020 | ||||||
PVH Corp. | 38,052 | 2,216,148 | ||||||
AMC Networks, Inc. — Class A* | 68,600 | 2,191,770 | ||||||
PetSmart, Inc. | 48,933 | 2,086,992 | ||||||
Dick’s Sporting Goods, Inc.* | 61,229 | 2,048,722 | ||||||
Tupperware Brands Corp. | 33,032 | 1,775,140 | ||||||
Warnaco Group, Inc.* | 37,717 | 1,738,377 | ||||||
Chico’s FAS, Inc. | 150,608 | 1,721,449 | ||||||
Aeropostale, Inc.* | 148,413 | 1,604,345 | ||||||
Advance Auto Parts, Inc. | 26,058 | 1,513,970 | ||||||
ITT Educational Services, Inc.* | 25,357 | 1,460,056 | ||||||
Williams-Sonoma, Inc. | 43,257 | 1,331,883 | ||||||
DreamWorks Animation SKG, Inc. — Class A* | 68,504 | 1,245,403 | ||||||
ANN, Inc.* | 51,093 | 1,166,964 | ||||||
Bally Technologies, Inc.* | 28,629 | 772,410 | ||||||
Gentex Corp. | 29,266 | 703,847 | ||||||
Strayer Education, Inc. | 7,270 | 557,391 | ||||||
Lamar Advertising Co. — Class A* | 24,355 | 414,766 | ||||||
WMS Industries, Inc.* | 22,345 | 393,049 | ||||||
Total Consumer Discretionary | 66,040,910 | |||||||
INFORMATION TECHNOLOGY - 24.7% | ||||||||
Rackspace Hosting, Inc.* | 137,435 | 4,692,031 | ||||||
TIBCO Software, Inc.* | 143,102 | 3,204,054 | ||||||
Informatica Corp. — Class A | 75,230 | 3,080,669 | ||||||
VeriFone Systems, Inc.* | 81,200 | 2,843,624 | ||||||
Equinix, Inc.* | 28,480 | 2,529,878 | ||||||
Riverbed Technology, Inc. | 120,675 | 2,408,673 | ||||||
Skyworks Solutions, Inc.* | 119,616 | 2,145,911 | ||||||
ANSYS, Inc.* | 42,338 | 2,076,256 | ||||||
Solera Holdings, Inc. | 40,255 | 2,032,877 | ||||||
Factset Research Systems, Inc. | 22,724 | 2,021,754 | ||||||
Advent Software, Inc.* | 91,698 | 1,911,903 | ||||||
Polycom, Inc.* | 100,297 | 1,842,456 | ||||||
MICROS Systems, Inc.* | 37,546 | 1,648,645 | ||||||
Alliance Data Systems Corp.* | 17,639 | 1,635,135 | ||||||
Cree, Inc.* | 62,256 | 1,617,411 | ||||||
Gartner, Inc.* | 45,408 | 1,583,377 | ||||||
Concur Technologies, Inc.* | 42,415 | 1,578,686 | ||||||
Rovi Corp.* | 34,069 | 1,464,286 | ||||||
Semtech Corp.* | 60,945 | 1,285,940 | ||||||
Global Payments, Inc. | 28,694 | 1,158,951 | ||||||
ADTRAN, Inc. | 38,403 | 1,016,143 | ||||||
NeuStar, Inc. — Class A* | 39,400 | 990,516 | ||||||
Atmel Corp.* | 115,522 | 932,263 | ||||||
Jack Henry & Associates, Inc. | 31,958 | 926,143 | ||||||
Lender Processing Services, Inc. | 66,376 | 908,687 | ||||||
Quest Software, Inc.* | 54,700 | 868,636 | ||||||
Silicon Laboratories, Inc.* | 25,544 | 855,979 | ||||||
ACI Worldwide, Inc.* | 28,979 | 798,082 | ||||||
RF Micro Devices, Inc.* | 113,565 | 720,002 | ||||||
Zebra Technologies Corp. — Class A* | 23,042 | 712,919 | ||||||
QLogic Corp.* | 53,800 | 682,184 | ||||||
Digital River, Inc.* | 32,684 | 677,539 | ||||||
Total Information Technology | 52,851,610 | |||||||
HEALTH CARE - 18.0% | ||||||||
Medicis Pharmaceutical Corp. — Class A | 118,592 | 4,326,236 | ||||||
Cooper Companies, Inc. | 48,294 | 3,822,470 | ||||||
Perrigo Co. | 33,129 | 3,217,157 | ||||||
Allscripts Healthcare Solutions, Inc.* | 161,760 | 2,914,915 | ||||||
Kinetic Concepts, Inc.* | 43,661 | 2,876,823 | ||||||
Catalyst Health Solutions, Inc.* | 43,982 | 2,537,322 | ||||||
Mednax, Inc.* | 40,504 | 2,537,171 | ||||||
IDEXX Laboratories, Inc.* | 33,089 | 2,282,148 | ||||||
ResMed, Inc.* | 62,708 | 1,805,363 | ||||||
Endo Pharmaceuticals Holdings, Inc. | 63,816 | 1,786,210 | ||||||
Thoratec Corp.* | 53,733 | 1,753,845 | ||||||
Health Management Associates, Inc. — Class A* | 250,030 | 1,730,208 | ||||||
Universal Health Services, Inc. — Class B | 47,108 | 1,601,672 | ||||||
United Therapeutics Corp.* | 42,600 | 1,597,074 | ||||||
Lincare Holdings, Inc. | 62,176 | 1,398,960 | ||||||
Gen-Probe, Inc.* | 24,434 | 1,398,847 | ||||||
Mettler-Toledo International, Inc.* | 7,528 | 1,053,619 | ||||||
Total Health Care | 38,640,040 | |||||||
ENERGY - 6.9% | ||||||||
Dresser-Rand Group, Inc.* | 67,919 | 2,752,757 | ||||||
Oceaneering International, Inc. | 72,264 | 2,553,810 | ||||||
Atwood Oceanics, Inc.* | 71,259 | 2,448,459 | ||||||
Dril-Quip, Inc.* | 35,048 | 1,889,438 | ||||||
Bill Barrett Corp.* | 45,329 | 1,642,723 | ||||||
Northern Oil and Gas, Inc.* | 79,949 | 1,550,211 | ||||||
Oil States International, Inc.* | 22,000 | 1,120,240 | ||||||
CARBO Ceramics, Inc. | 8,825 | 904,827 | ||||||
Total Energy | 14,862,465 | |||||||
138 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | September 30, 2011 | |
S&P MIDCAP 400 PURE GROWTH FUND |
Shares | Value | |||||||
CONSUMER STAPLES - 6.8% | ||||||||
Green Mountain Coffee Roasters, Inc.* | 113,932 | $ | 10,588,840 | |||||
Hansen Natural Corp. | 46,158 | 4,029,132 | ||||||
Total Consumer Staples | 14,617,972 | |||||||
INDUSTRIALS - 4.1% | ||||||||
Triumph Group, Inc. | 59,846 | 2,916,894 | ||||||
BE Aerospace, Inc. | 86,349 | 2,859,015 | ||||||
Copart, Inc.* | 36,850 | 1,441,572 | ||||||
Woodward, Inc. | 31,916 | 874,499 | ||||||
Rollins, Inc. | 41,882 | 783,612 | ||||||
Total Industrials | 8,875,592 | |||||||
MATERIALS - 3.8% | ||||||||
NewMarket Corp. | 30,487 | 4,630,061 | ||||||
Intrepid Potash, Inc.* | 66,200 | 1,646,394 | ||||||
Compass Minerals International, Inc. | 18,117 | 1,209,853 | ||||||
Albemarle Corp. | 15,458 | 624,503 | ||||||
Total Materials | 8,110,811 | |||||||
FINANCIALS - 3.5% | ||||||||
SL Green Realty Corp. | 36,629 | 2,129,976 | ||||||
Macerich Co. | 36,967 | 1,575,903 | ||||||
Jones Lang LaSalle, Inc. | 19,377 | 1,003,923 | ||||||
MSCI, Inc. — Class A* | 31,009 | 940,503 | ||||||
Waddell & Reed Financial, Inc. — Class A | 36,165 | 904,487 | ||||||
Corporate Office Properties Trust | 39,617 | 862,858 | ||||||
Total Financials | 7,417,650 | |||||||
TELECOMMUNICATION SERVICES - 0.9% | ||||||||
tw telecom, Inc. — Class A* | 110,460 | 1,824,799 | ||||||
Total Common Stocks (Cost $204,835,551) | 213,241,849 | |||||||
WARRANT*,†† - 0.0% | ||||||||
CONSUMER DISCRETIONARY - 0.0% | ||||||||
Krispy Kreme Doughnuts, Inc. $12.21, 03/02/12 | 18 | 5 | ||||||
Total Warrant (Cost $—) | 5 | |||||||
face | ||||||||
amount | value | |||||||
REPURCHASE AGREEMENTS††,1 - 0.7% | ||||||||
HSBC Group issued 09/30/11 at 0.00% due 10/03/11 | $ | 801,183 | $ | 801,183 | ||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | 396,246 | 396,246 | ||||||
Mizuho Financial Group, Inc. issued 09/30/11 at 0.01% due 10/03/11 | 281,603 | 281,603 | ||||||
Total Repurchase Agreements (Cost $1,479,032) | 1,479,032 | |||||||
Total Investments – 100.2% (Cost $206,314,583) | $ | 214,720,886 | ||||||
Liabilities, Less | ||||||||
Other Assets – (0.2)% | $ | (472,780 | ) | |||||
Total Net Assets – 100.0% | $ | 214,248,106 |
* | Non-income producing security. | |
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | Repurchase Agreements — See Note 5. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 139 |
STATEMENTOF ASSETS AND LIABILITIES (Unaudited)
Assets: | ||||
Investments, at value (cost $204,835,551) | $ | 213,241,854 | ||
Repurchase agreements, at value (cost $1,479,032) | 1,479,032 | |||
Receivables: | ||||
Securities sold | 3,777,664 | |||
Fund shares sold | 165,970 | |||
Dividends | 68,355 | |||
Total assets | 218,732,875 | |||
Liabilities: | ||||
Payable for: | ||||
Fund shares redeemed | 4,100,421 | |||
Management fees | 135,586 | |||
Distribution and service fees | 52,260 | |||
Transfer agent and administrative fees | 45,195 | |||
Portfolio accounting fees | 18,078 | |||
Miscellaneous | 133,229 | |||
Total liabilities | 4,484,769 | |||
NET ASSETS | $ | 214,248,106 | ||
Net Assets Consist of: | ||||
Paid in capital | $ | 237,764,579 | ||
Accumulated net investment loss | (1,515,264 | ) | ||
Accumulated net realized loss on investments | (30,407,512 | ) | ||
Net unrealized appreciation on investments | 8,406,303 | |||
Net assets | $ | 214,248,106 | ||
A-Class: | ||||
Net assets | $ | 38,005,028 | ||
Capital shares outstanding | 1,053,427 | |||
Net asset value per share | $ | 36.07 | ||
Maximum offering price per share | ||||
(Net asset value divided by 95.25%) | $ | 37.87 | ||
C-Class: | ||||
Net assets | $ | 10,280,858 | ||
Capital shares outstanding | 302,269 | |||
Net asset value per share | $ | 34.01 | ||
H-CLASS: | ||||
Net assets | $ | 165,962,220 | ||
Capital shares outstanding | 4,596,146 | |||
Net asset value per share | $ | 36.11 | ||
Investment Income: | ||||
Dividends | $ | 433,368 | ||
Interest | 208 | |||
Total investment income | 433,576 | |||
Expenses: | ||||
Management fees | 938,550 | |||
Transfer agent and administrative fees | 312,850 | |||
Distribution and service fees: | ||||
A-Class | 36,122 | |||
C-Class | 56,887 | |||
H-Class | 262,506 | |||
Portfolio accounting fees | 123,147 | |||
Trustees’ fees* | 9,193 | |||
Miscellaneous | 209,585 | |||
Total expenses | 1,948,840 | |||
Net investment loss | (1,515,264 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments | (20,939,382 | ) | ||
Net realized loss | (20,939,382 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (29,216,722 | ) | ||
Net change in unrealized appreciation (depreciation) | (29,216,722 | ) | ||
Net realized and unrealized loss | (50,156,104 | ) | ||
Net decrease in net assets resulting from operations | $ | (51,671,368 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
140 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment loss | $ | (1,515,264 | ) | $ | (1,206,546 | ) | ||
Net realized gain (loss) on investments | (20,939,382 | ) | 11,940,557 | |||||
Net change in unrealized appreciation (depreciation) on investments | (29,216,722 | ) | 25,095,377 | |||||
Net increase (decrease) in net assets resulting from operations | (51,671,368 | ) | 35,829,388 | |||||
Distributions To Shareholders | — | — | ||||||
Capital Share Transactions: | ||||||||
Proceeds From Sale Of Shares | ||||||||
A-Class | 74,491,849 | 48,413,965 | ||||||
C-Class | 8,893,512 | 16,223,181 | ||||||
H-Class | 454,906,545 | 621,590,504 | ||||||
Cost of Shares Redeemed | ||||||||
A-Class | (54,925,222 | ) | (27,798,637 | ) | ||||
C-Class | (6,557,502 | ) | (11,666,481 | ) | ||||
H-Class | (458,883,107 | ) | (505,069,223 | ) | ||||
Net increase from capital share transactions | 17,926,075 | 141,693,309 | ||||||
Net increase (decrease) in net assets | (33,745,293 | ) | 177,522,697 | |||||
Net Assets: | ||||||||
Beginning of period | 247,993,399 | 70,470,702 | ||||||
End of period | $ | 214,248,106 | $ | 247,993,399 | ||||
Accumulated net investment loss at end of period | $ | (1,515,264 | ) | $ | — | |||
Capital Share Activity: | ||||||||
Shares sold | ||||||||
A-Class | 1,789,060 | 1,303,426 | ||||||
C-Class | 221,488 | 465,724 | ||||||
H-Class | 10,697,621 | 17,350,447 | ||||||
Shares redeemed | ||||||||
A-Class | (1,325,811 | ) | (782,853 | ) | ||||
C-Class | (168,838 | ) | (339,178 | ) | ||||
H-Class | (11,069,360 | ) | (14,381,054 | ) | ||||
Net increase in shares | 144,160 | 3,616,512 | ||||||
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 141 |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 42.76 | $ | 32.21 | $ | 18.19 | $ | 26.65 | $ | 30.72 | $ | 31.94 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.24 | ) | (.38 | ) | (.28 | ) | (.24 | ) | (.27 | ) | (.08 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (6.45 | ) | 10.93 | 14.30 | (8.22 | ) | (1.42 | ) | .48 | |||||||||||||||
Total from investment operations | (6.69 | ) | 10.55 | 14.02 | (8.46 | ) | (1.69 | ) | .40 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net realized gains | — | — | — | — | (2.38 | ) | (1.62 | ) | ||||||||||||||||
Total distributions | — | — | — | — | (2.38 | ) | (1.62 | ) | ||||||||||||||||
Net asset value, end of period | $ | 36.07 | $ | 42.76 | $ | 32.21 | $ | 18.19 | $ | 26.65 | $ | 30.72 | ||||||||||||
Total Returnc | (15.65 | %) | 32.75 | % | 77.08 | % | (31.74 | %) | (6.26 | %) | (1.36 | %) | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 38,005 | $ | 25,237 | $ | 2,242 | $ | 723 | $ | 3,863 | $ | 2,777 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (1.17 | %) | (1.04 | %) | (1.03 | %) | (0.93 | %) | (0.88 | %) | (0.25 | %) | ||||||||||||
Total expenses | 1.52 | % | 1.54 | % | 1.53 | % | 1.58 | % | 1.52 | % | 1.51 | % | ||||||||||||
Portfolio turnover rate | 147 | % | 448 | % | 626 | % | 1,281 | % | 736 | % | 537 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 40.47 | $ | 30.71 | $ | 17.48 | $ | 25.79 | $ | 30.01 | $ | 31.47 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.38 | ) | (.63 | ) | (.44 | ) | (.42 | ) | (.50 | ) | (.42 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (6.08 | ) | 10.39 | 13.67 | (7.89 | ) | (1.34 | ) | .58 | |||||||||||||||
Total from investment operations | (6.46 | ) | 9.76 | 13.23 | (8.31 | ) | (1.84 | ) | .16 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net realized gains | — | — | — | — | (2.38 | ) | (1.62 | ) | ||||||||||||||||
Total distributions | — | — | — | — | (2.38 | ) | (1.62 | ) | ||||||||||||||||
Net asset value, end of period | $ | 34.01 | $ | 40.47 | $ | 30.71 | $ | 17.48 | $ | 25.79 | $ | 30.01 | ||||||||||||
Total Returnc | (15.96 | %) | 31.78 | % | 75.69 | % | (32.22 | %) | (6.92 | %) | 0.60 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 10,281 | $ | 10,102 | $ | 3,780 | $ | 3,477 | $ | 1,426 | $ | 5,316 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (1.91 | %) | (1.83 | %) | (1.77 | %) | (1.72 | %) | (1.69 | %) | (1.40 | %) | ||||||||||||
Total expenses | 2.27 | % | 2.29 | % | 2.28 | % | 2.32 | % | 2.28 | % | 2.27 | % | ||||||||||||
Portfolio turnover rate | 147 | % | 448 | % | 626 | % | 1,281 | % | 736 | % | 537 | % |
142 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
H-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 42.81 | $ | 32.25 | $ | 18.21 | $ | 26.68 | $ | 30.75 | $ | 31.95 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.25 | ) | (.38 | ) | (.26 | ) | (.22 | ) | (.28 | ) | (.24 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (6.45 | ) | 10.94 | 14.30 | (8.25 | ) | (1.41 | ) | .66 | |||||||||||||||
Total from investment operations | (6.70 | ) | 10.56 | 14.04 | (8.47 | ) | (1.69 | ) | .42 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net realized gains | — | — | — | — | (2.38 | ) | (1.62 | ) | ||||||||||||||||
Total distributions | — | — | — | — | (2.38 | ) | (1.62 | ) | ||||||||||||||||
Net asset value, end of period | $ | 36.11 | $ | 42.81 | $ | 32.25 | $ | 18.21 | $ | 26.68 | $ | 30.75 | ||||||||||||
Total Returnc | (15.65 | %) | 32.74 | % | 77.10 | % | (31.75 | %) | (6.25 | %) | 1.42 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 165,962 | $ | 212,654 | $ | 64,449 | $ | 15,591 | $ | 14,158 | $ | 7,715 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (1.18 | %) | (1.02 | %) | (0.99 | %) | (0.95 | %) | (0.92 | %) | (0.80 | %) | ||||||||||||
Total expenses | 1.52 | % | 1.55 | % | 1.54 | % | 1.55 | % | 1.51 | % | 1.52 | % | ||||||||||||
Portfolio turnover rate | 147 | % | 448 | % | 626 | % | 1,281 | % | 736 | % | 537 | % |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Net investment loss per share was computed using average shares outstanding throughout the period. | |
c | Total return does not reflect the impact of any applicable sales charges and has not been annualized. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 143 |
FUND PROFILE (Unaudited) | September 30, 2011 |
![(GRAPHICS)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366918.gif)
Inception Dates: | ||||
A-Class | September 1, 2004 | |||
C-Class | February 20, 2004 | |||
H-Class | February 20, 2004 |
Ten Largest Holdings | ||||
(% of Total Net Assets) | ||||
PNM Resources, Inc. | 2.8 | % | ||
Omnicare, Inc. | 2.7 | % | ||
First American Financial Corp. | 2.5 | % | ||
Tech Data Corp. | 2.5 | % | ||
Ingram Micro, Inc. — Class A | 2.3 | % | ||
Smithfield Foods, Inc. | 2.3 | % | ||
Barnes & Noble, Inc. | 2.2 | % | ||
Kemper Corp. | 2.1 | % | ||
CoreLogic, Inc. | 2.1 | % | ||
Fidelity National Financial, Inc. — Class A | 2.0 | % | ||
Top Ten Total | 23.5 | % | ||
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 | |
S&P MIDCAP 400 PURE VALUE FUND |
Shares | Value | |||||||
COMMON STOCKS† - 99.8% | ||||||||
FINANCIALS - 24.7% | ||||||||
First American Financial Corp. | 12,044 | $ | 154,163 | |||||
Kemper Corp. | 5,508 | 131,972 | ||||||
Fidelity National Financial, Inc. | 8,142 | 123,596 | ||||||
Reinsurance Group of America, Inc. — Class A | 2,225 | 102,239 | ||||||
Transatlantic Holdings, Inc. | 1,999 | 96,991 | ||||||
American Financial Group, Inc. | 2,731 | 84,852 | ||||||
Everest Re Group Ltd. | 1,050 | 83,349 | ||||||
Protective Life Corp. | 4,499 | 70,319 | ||||||
Hanover Insurance Group, Inc. | 1,885 | 66,917 | ||||||
WR Berkley Corp. | 2,100 | 62,349 | ||||||
Mercury General Corp. | 1,399 | 53,652 | ||||||
HCC Insurance Holdings, Inc. | 1,976 | 53,451 | ||||||
Old Republic International Corp. | 5,614 | 50,077 | ||||||
BancorpSouth, Inc. | 5,460 | 47,939 | ||||||
StanCorp Financial Group, Inc. | 1,690 | 46,593 | ||||||
Washington Federal, Inc. | 3,346 | 42,628 | ||||||
International Bancshares Corp. | 3,078 | 40,476 | ||||||
Hospitality Properties Trust | 1,841 | 39,084 | ||||||
Fulton Financial Corp. | 4,574 | 34,991 | ||||||
Astoria Financial Corp. | 4,172 | 32,083 | ||||||
Webster Financial Corp. | 1,849 | 28,290 | ||||||
Associated Banc-Corp. | 2,966 | 27,584 | ||||||
Apollo Investment Corp. | 3,035 | 22,823 | ||||||
First Niagara Financial Group, Inc. | 2,440 | 22,326 | ||||||
Synovus Financial Corp. | 20,479 | 21,912 | ||||||
Total Financials | 1,540,656 | |||||||
CONSUMER DISCRETIONARY - 13.8% | ||||||||
Barnes & Noble, Inc. | 11,500 | 136,045 | ||||||
Regis Corp. | 6,059 | 85,371 | ||||||
Collective Brands, Inc.* | 6,240 | 80,870 | ||||||
American Greetings Corp. — Class A | 4,355 | 80,568 | ||||||
Wendy’s Co. | 16,350 | 75,046 | ||||||
Scholastic Corp. | 2,633 | 73,803 | ||||||
Bob Evans Farms, Inc. | 2,069 | 59,008 | ||||||
Rent-A-Center, Inc. — Class A | 2,116 | 58,084 | ||||||
RadioShack Corp. | 4,690 | 54,498 | ||||||
Foot Locker, Inc. | 2,290 | 46,006 | ||||||
Mohawk Industries, Inc.* | 960 | 41,194 | ||||||
Career Education Corp.* | 2,140 | 27,927 | ||||||
MDC Holdings, Inc. | 1,300 | 22,022 | ||||||
KB Home | 2,960 | 17,346 | ||||||
Total Consumer Discretionary | 857,788 | |||||||
INFORMATION TECHNOLOGY - 11.5% | ||||||||
Tech Data Corp.* | 3,550 | 153,466 | ||||||
Ingram Micro, Inc. — Class A* | 8,948 | 144,331 | ||||||
CoreLogic, Inc.* | 12,021 | 128,264 | ||||||
Arrow Electronics, Inc. | 3,901 | 108,370 | ||||||
Avnet, Inc.* | 4,133 | 107,789 | ||||||
AOL, Inc.* | 4,034 | 48,408 | ||||||
Convergys Corp.* | 2,726 | 25,570 | ||||||
Total Information Technology | 716,198 | |||||||
UTILITIES - 11.1% | ||||||||
PNM Resources, Inc. | 10,664 | 175,210 | ||||||
Questar Corp. | 5,250 | 92,977 | ||||||
Atmos Energy Corp. | 2,543 | 82,520 | ||||||
N.V. Energy, Inc. | 4,912 | 72,256 | ||||||
Great Plains Energy, Inc. | 3,437 | 66,334 | ||||||
WGL Holdings, Inc. | 1,326 | 51,807 | ||||||
UGI Corp. | 1,782 | 46,813 | ||||||
Hawaiian Electric Industries, Inc. | 1,657 | 40,232 | ||||||
Vectren Corp. | 1,284 | 34,771 | ||||||
IDACORP, Inc. | 866 | 32,717 | ||||||
Total Utilities | 695,637 | |||||||
HEALTH CARE - 11.0% | ||||||||
Omnicare, Inc. | 6,554 | 166,668 | ||||||
Kindred Healthcare, Inc. | 13,240 | 114,129 | ||||||
Owens & Minor, Inc. | 3,974 | 113,180 | ||||||
Health Net, Inc.* | 3,819 | 90,548 | ||||||
LifePoint Hospitals, Inc.* | 2,311 | 84,675 | ||||||
Community Health Systems, Inc. | 4,304 | 71,619 | ||||||
Teleflex, Inc. | 878 | 47,210 | ||||||
Total Health Care | 688,029 | |||||||
INDUSTRIALS - 10.9% | ||||||||
URS Corp.* | 3,842 | 113,954 | ||||||
Brink’s Co. | 3,396 | 79,161 | ||||||
KBR, Inc. | 3,169 | 74,883 | ||||||
Granite Construction, Inc. | 3,455 | 64,850 | ||||||
AECOM Technology Corp.* | 3,316 | 58,594 | ||||||
Manpower, Inc. | 1,674 | 56,280 | ||||||
Shaw Group, Inc.* | 2,353 | 51,154 | ||||||
Harsco Corp. | 2,489 | 48,262 | ||||||
JetBlue Airways Corp.* | 10,286 | 42,173 | ||||||
Trinity Industries, Inc. | 1,661 | 35,562 | ||||||
Alliant Techsystems, Inc. | 612 | 33,360 | ||||||
Con-way, Inc. | 1,001 | 22,152 | ||||||
Total Industrials | 680,385 | |||||||
CONSUMER STAPLES - 6.4% | ||||||||
Smithfield Foods, Inc.* | 7,200 | 140,400 | ||||||
Universal Corp. | 3,165 | 113,497 | ||||||
Ruddick Corp. | 2,028 | 79,072 | ||||||
Ralcorp Holdings, Inc.* | 853 | 65,433 | ||||||
Total Consumer Staples | 398,402 | |||||||
MATERIALS - 5.6% | ||||||||
Ashland, Inc. | 2,276 | 100,463 | ||||||
Temple-Inland, Inc. | 1,626 | 51,008 | ||||||
Commercial Metals Co. | 5,311 | 50,508 | ||||||
Reliance Steel & Aluminum Co. | 1,340 | 45,573 | ||||||
Olin Corp. | 1,713 | 30,851 | ||||||
Worthington Industries, Inc. | 2,048 | 28,610 | ||||||
Cabot Corp. | 933 | 23,120 | ||||||
Louisiana-Pacific Corp.* | 3,638 | 18,554 | ||||||
Total Materials | 348,687 | |||||||
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 145 |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | September 30, 2011 | |
S&P MIDCAP 400 PURE VALUE FUND |
Shares | Value | |||||||
ENERGY - 4.1% | ||||||||
Helix Energy Solutions Group, Inc.* | 4,590 | $ | 60,129 | |||||
Southern Union Co. | 1,380 | 55,986 | ||||||
Overseas Shipholding Group, Inc. | 3,431 | 47,142 | ||||||
Tidewater, Inc. | 917 | 38,560 | ||||||
HollyFrontier Corp. | 1,280 | 33,562 | ||||||
Exterran Holdings, Inc.* | 1,908 | 18,546 | ||||||
Total Energy | 253,925 | |||||||
TELECOMMUNICATION SERVICES - 0.7% | ||||||||
Telephone & Data Systems, Inc. | 1,990 | 42,287 | ||||||
Total Common Stocks (Cost $5,376,541) | 6,221,994 | |||||||
WARRANT*,†† - 0.0% | ||||||||
CONSUMER DISCRETIONARY - 0.0% | ||||||||
Krispy Kreme Doughnuts, Inc. $12.21, 03/02/12 | 176 | 51 | ||||||
Total Warrant (Cost $—) | 51 | |||||||
Face | ||||||||
Amount | Value | |||||||
REPURCHASE AGREEMENTS††,1 - 0.9% | ||||||||
HSBC Group issued 09/30/11 at 0.00% due 10/03/11 | $ | 29,464 | $ | 29,464 | ||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | 14,573 | 14,573 | ||||||
Mizuho Financial Group, Inc. issued 09/30/11 at 0.01% due 10/03/11 | 10,356 | 10,356 | ||||||
Total Repurchase Agreements (Cost $54,393) | 54,393 | |||||||
Total Investments – 100.7% (Cost $5,430,934) | $ | 6,276,438 | ||||||
Liabilities, Less | ||||||||
Other Assets – (0.7)% | (43,494 | ) | ||||||
Total Net Assets – 100.0% | $ | 6,232,944 |
* | Non-income producing security. | |
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | Repurchase Agreements — See Note 5. |
146 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Assets: | ||||
Investments, at value (cost $5,376,541) | $ | 6,222,045 | ||
Repurchase agreements, at value (cost $54,393) | 54,393 | |||
Receivables: | ||||
Securities sold | 1,684,711 | |||
Dividends | 14,391 | |||
Fund shares sold | 17 | |||
Total assets | 7,975,557 | |||
Liabilities: | ||||
Payable for: | ||||
Fund shares redeemed | 1,674,018 | |||
Management fees | 15,502 | |||
Distribution and service fees | 6,009 | |||
Transfer agent and administrative fees | 5,167 | |||
Portfolio accounting fees | 2,067 | |||
Miscellaneous | 39,850 | |||
Total liabilities | 1,742,613 | |||
Net Assets | $ | 6,232,944 | ||
Net assets consist of: | ||||
Paid in capital | $ | 17,029,951 | ||
Accumulated net investment loss | (20,181 | ) | ||
Accumulated net realized loss on investments | (11,622,330 | ) | ||
Net unrealized appreciation on investments | 845,504 | |||
Net assets | $ | 6,232,944 | ||
A-Class: | ||||
Net assets | $ | 510,605 | ||
Capital shares outstanding | 21,550 | |||
Net asset value per share | $ | 23.69 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 24.87 | ||
C-Class: | ||||
Net assets | $ | 1,323,729 | ||
Capital shares outstanding | 59,693 | |||
Net asset value per share | $ | 22.17 | ||
H-Class: | ||||
Net assets | $ | 4,398,610 | ||
Capital shares outstanding | 185,744 | |||
Net asset value per share | $ | 23.68 | ||
STATEMENT OF OPERATIONS (Unaudited) | ||||
Period Ended September 30, 2011 | ||||
Investment Income: | ||||
Dividends | $ | 300,113 | ||
Interest | 32 | |||
Total investment income | 300,145 | |||
Expenses: | ||||
Management fees | 154,256 | |||
Transfer agent and administrative fees | 51,419 | |||
Distribution and service fees: | ||||
A-Class | 902 | |||
C-Class | 8,605 | |||
H-Class | 48,366 | |||
Portfolio accounting fees | 20,568 | |||
Trustees’ fees* | 1,965 | |||
Miscellaneous | 34,245 | |||
Total expenses | 320,326 | |||
Net investment loss | (20,181 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: Investments | (6,282,424 | ) | ||
Net realized loss | (6,282,424 | ) | ||
Net change in unrealized appreciation (depreciation) on: Investments | (5,982,439 | ) | ||
Net change in unrealized appreciation (depreciation) | (5,982,439 | ) | ||
Net realized and unrealized loss | (12,264,863 | ) | ||
Net decrease in net assets resulting from operations | $ | (12,285,044 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 147 |
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment loss | $ | (20,181 | ) | $ | (129,387 | ) | ||
Net realized loss on investments | (6,282,424 | ) | (606,918 | ) | ||||
Net change in unrealized appreciation (depreciation) on investments | (5,982,439 | ) | (15,191,426 | ) | ||||
Net decrease in net assets resulting from operations | (12,285,044 | ) | (15,927,731 | ) | ||||
Distributions To Shareholders From: | ||||||||
Net investment income | ||||||||
A-Class | — | (4,094 | ) | |||||
C-Class | — | (10,678 | ) | |||||
H-Class | — | (217,178 | ) | |||||
Net realized gains | ||||||||
A-Class | — | (62,048 | ) | |||||
C-Class | — | (161,851 | ) | |||||
H-Class | — | (3,291,876 | ) | |||||
Total distributions to shareholders | — | (3,747,725 | ) | |||||
Capital Share Transactions: | ||||||||
Proceeds From Sale Of Shares | ||||||||
A-Class | 153,136 | 47,393,406 | ||||||
C-Class | 1,430,029 | 3,405,437 | ||||||
H-Class | 97,013,960 | 300,937,705 | ||||||
Distributions Reinvested | ||||||||
A-Class | — | 59,087 | ||||||
C-Class | — | 169,667 | ||||||
H-Class | — | 3,493,240 | ||||||
Cost of Shares Redeemed | ||||||||
A-Class | (235,137 | ) | (54,039,897 | ) | ||||
C-Class | (1,973,341 | ) | (3,799,622 | ) | ||||
H-Class | (135,172,436 | ) | (433,465,765 | ) | ||||
Net decrease from capital share transactions | (38,783,789 | ) | (135,846,742 | ) | ||||
Net decrease in net assets | (51,068,833 | ) | (155,522,198 | ) | ||||
Net Assets: | ||||||||
Beginning of period | 57,301,777 | 212,823,975 | ||||||
End of period | $ | 6,232,944 | $ | 57,301,777 | ||||
Accumulated net investment loss at end of period | $ | (20,181 | ) | $ | — | |||
Capital Share Activity: | ||||||||
Shares sold | ||||||||
A-Class | 5,012 | 1,703,485 | ||||||
C-Class | 54,853 | 120,225 | ||||||
H-Class | 3,364,103 | 10,052,190 | ||||||
Shares issued from reinvestment of distributions | ||||||||
A-Class | — | 2,048 | ||||||
C-Class | — | 6,245 | ||||||
H-Class | — | 121,125 | ||||||
Shares redeemed | ||||||||
A-Class | (8,425 | ) | (2,038,144 | ) | ||||
C-Class | (73,398 | ) | (133,794 | ) | ||||
H-Class | (4,903,467 | ) | (15,002,876 | ) | ||||
Net decrease in shares | (1,561,322 | ) | (5,169,496 | ) | ||||
148 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 31.43 | $ | 30.45 | $ | 13.68 | $ | 29.72 | $ | 36.58 | $ | 31.83 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment incomeb | .01 | .02 | .12 | .47 | .44 | .34 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (7.75 | ) | 3.64 | 16.75 | (16.51 | ) | (6.37 | ) | 4.57 | |||||||||||||||
Total from investment operations | (7.74 | ) | 3.66 | 16.87 | (16.04 | ) | (5.93 | ) | 4.91 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.17 | ) | (.10 | ) | — | (.93 | ) | — | |||||||||||||||
Net realized gains | — | (2.51 | ) | — | — | — | (.16 | ) | ||||||||||||||||
Total distributions | — | (2.68 | ) | (.10 | ) | — | (.93 | ) | (.16 | ) | ||||||||||||||
Net asset value, end of period | $ | 23.69 | $ | 31.43 | $ | 30.45 | $ | 13.68 | $ | 29.72 | $ | 36.58 | ||||||||||||
Total Returnc | (24.63 | %) | 12.81 | % | 123.41 | % | (53.97 | %) | (16.45 | %) | 15.45 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 511 | $ | 785 | $ | 10,888 | $ | 100 | $ | 2,797 | $ | 4,744 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 0.07 | % | 0.08 | % | 0.43 | % | 1.66 | % | 1.25 | % | 1.00 | % | ||||||||||||
Total expenses | 1.52 | % | 1.53 | % | 1.52 | % | 1.54 | % | 1.53 | % | 1.53 | % | ||||||||||||
Portfolio turnover rate | 228 | % | 407 | % | 443 | % | 977 | % | 297 | % | 625 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 29.53 | $ | 28.96 | $ | 13.12 | $ | 28.78 | $ | 35.75 | $ | 31.34 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.10 | ) | (.23 | ) | (.06 | ) | .39 | .30 | .11 | |||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (7.26 | ) | 3.49 | 16.00 | (16.05 | ) | (6.34 | ) | 4.46 | |||||||||||||||
Total from investment operations | (7.36 | ) | 3.26 | 15.94 | (15.66 | ) | (6.04 | ) | 4.57 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.17 | ) | (.10 | ) | — | (.93 | ) | — | |||||||||||||||
Net realized gains | — | (2.51 | ) | — | — | — | (.16 | ) | ||||||||||||||||
Total distributions | — | (2.68 | ) | (.10 | ) | — | (.93 | ) | (.16 | ) | ||||||||||||||
Net asset value, end of period | $ | 22.17 | $ | 29.53 | $ | 28.96 | $ | 13.12 | $ | 28.78 | $ | 35.75 | ||||||||||||
Total Returnc | (24.92 | %) | 12.03 | % | 121.59 | % | (54.41 | %) | (17.15 | %) | 14.61 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,324 | $ | 2,311 | $ | 2,478 | $ | 627 | $ | 1,082 | $ | 8,326 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (0.73 | %) | (0.83 | %) | (0.24 | %) | 1.58 | % | 0.88 | % | 0.33 | % | ||||||||||||
Total expenses | 2.28 | % | 2.30 | % | 2.29 | % | 2.29 | % | 2.28 | % | 2.28 | % | ||||||||||||
Portfolio turnover rate | 228 | % | 407 | % | 443 | % | 977 | % | 297 | % | 625 | % |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 149 |
FINANCIAL HIGHLIGHTS (concluded)
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
H-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 31.42 | $ | 30.43 | $ | 13.67 | $ | 29.71 | $ | 36.58 | $ | 31.82 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.01 | ) | (.06 | ) | .10 | .47 | .35 | .46 | ||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (7.73 | ) | 3.73 | 16.76 | (16.51 | ) | (6.29 | ) | 4.46 | |||||||||||||||
Total from investment operations | (7.74 | ) | 3.67 | 16.86 | (16.04 | ) | (5.94 | ) | 4.92 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.17 | ) | (.10 | ) | — | (.93 | ) | — | |||||||||||||||
Net realized gains | — | (2.51 | ) | — | — | — | (.16 | ) | ||||||||||||||||
Total distributions | — | (2.68 | ) | (.10 | ) | — | (.93 | ) | (.16 | ) | ||||||||||||||
Net asset value, end of period | $ | 23.68 | $ | 31.42 | $ | 30.43 | $ | 13.67 | $ | 29.71 | $ | 36.58 | ||||||||||||
Total Returnc | (24.63 | %) | 12.85 | % | 123.43 | % | (53.99 | %) | (16.48 | %) | 15.49 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 4,399 | $ | 54,206 | $ | 199,458 | $ | 3,985 | $ | 6,512 | $ | 76,513 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (0.07 | %) | (0.19 | %) | 0.37 | % | 2.01 | % | 0.96 | % | 1.39 | % | ||||||||||||
Total expenses | 1.53 | % | 1.54 | % | 1.53 | % | 1.54 | % | 1.54 | % | 1.52 | % | ||||||||||||
Portfolio turnover rate | 228 | % | 407 | % | 443 | % | 977 | % | 297 | % | 625 | % |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | |
c | Total return does not reflect the impact of any applicable sales charges and has not been annualized. |
150 | the RYDEX SGI | series funds semi-annual report | See Notes to Financial Statements. |
FUND PROFILE (Unaudited) | September 30, 2011 |
![(GRAPHICS)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366919.gif)
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) | ||||
Hi-Tech Pharmacal Company, Inc. | 2.0 | % | ||
Sturm Ruger & Company, Inc. | 2.0 | % | ||
Questcor Pharmaceuticals, Inc. | 1.6 | % | ||
Regeneron Pharmaceuticals, Inc. | 1.5 | % | ||
Crocs, Inc. | 1.4 | % | ||
Liquidity Services, Inc. | 1.4 | % | ||
BJ’s Restaurants, Inc. | 1.4 | % | ||
Sourcefire, Inc. | 1.3 | % | ||
Air Methods Corp. | 1.3 | % | ||
RightNow Technologies, Inc. | 1.3 | % | ||
Top Ten Total | 15.2 | % | ||
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
INFORMATION TECHNOLOGY - 32.7% | ||||||||
Liquidity Services, Inc.* | 7,986 | $ | 256,111 | |||||
Sourcefire, Inc.* | 9,324 | 249,510 | ||||||
RightNow Technologies, Inc.* | 7,212 | 238,357 | ||||||
Cirrus Logic, Inc.* | 16,010 | 235,987 | ||||||
CommVault Systems, Inc.* | 5,746 | 212,947 | ||||||
Interactive Intelligence Group* | 7,628 | 207,100 | ||||||
Synchronoss Technologies, Inc.* | 8,135 | 202,643 | ||||||
LivePerson, Inc.* | 19,236 | 191,398 | ||||||
Cardtronics, Inc.* | 6,889 | 157,896 | ||||||
Tyler Technologies, Inc.* | 5,888 | 148,849 | ||||||
MicroStrategy, Inc. — Class A* | 1,274 | 145,325 | ||||||
Ceva, Inc.* | 5,960 | 144,888 | ||||||
Taleo Corp. — Class A* | 5,534 | 142,334 | ||||||
Kopin Corp.* | 41,460 | 142,208 | ||||||
Wright Express Corp.* | 3,725 | 141,699 | ||||||
Volterra Semiconductor Corp.* | 7,367 | 141,667 | ||||||
Kulicke & Soffa Industries, Inc.* | 18,569 | 138,525 | ||||||
MAXIMUS, Inc. | 3,917 | 136,703 | ||||||
Bottomline Technologies, Inc.* | 6,561 | 132,139 | ||||||
Ebix, Inc.* | 8,681 | 127,611 | ||||||
Entropic Communications, Inc.* | 28,688 | 118,481 | ||||||
Blackbaud, Inc. | 5,292 | 117,853 | ||||||
comScore, Inc.* | 6,983 | 117,803 | ||||||
Blue Coat Systems, Inc.* | 7,894 | 109,569 | ||||||
Virtusa Corp.* | 7,680 | 101,376 | ||||||
Netscout Systems, Inc.* | 8,666 | 98,966 | ||||||
Power Integrations, Inc. | 3,214 | 98,381 | ||||||
OSI Systems, Inc.* | 2,870 | 96,202 | ||||||
Oplink Communications, Inc.* | 6,314 | 95,594 | ||||||
TTM Technologies, Inc.* | 9,794 | 93,141 | ||||||
Synaptics, Inc.* | 3,690 | 88,191 | ||||||
Stamps.com, Inc. | 4,291 | 87,708 | ||||||
TriQuint Semiconductor, Inc. | 17,279 | 86,741 | ||||||
Diodes, Inc.* | 4,800 | 86,016 | ||||||
j2 Global Communications, Inc.* | 2,970 | 79,893 | ||||||
Mercury Computer Systems, Inc.* | 6,871 | 79,016 | ||||||
Perficient, Inc.* | 10,404 | 76,157 | ||||||
Nanometrics, Inc. | 5,203 | 75,443 | ||||||
Rubicon Technology, Inc.* | 6,860 | 74,980 | ||||||
Netgear, Inc.* | 2,607 | 67,495 | ||||||
Websense, Inc.* | 3,693 | 63,889 | ||||||
JDA Software Group, Inc.* | 2,689 | 63,030 | ||||||
Hittite Microwave Corp.* | 1,270 | 61,849 | ||||||
Littelfuse, Inc. | 1,390 | 55,892 | ||||||
CSG Systems International, Inc.* | 4,368 | 55,211 | ||||||
Monolithic Power Systems, Inc.* | 5,096 | 51,877 | ||||||
Novatel Wireless, Inc.* | 16,743 | 50,564 | ||||||
Forrester Research, Inc. | 1,480 | 48,115 | ||||||
DTS, Inc.* | 1,890 | 46,929 | ||||||
Stratasys, Inc.* | 2,529 | 46,888 | ||||||
Veeco Instruments, Inc.* | 1,733 | 42,285 | ||||||
Viasat, Inc.* | 1,244 | 41,438 | ||||||
DG FastChannel, Inc.* | 2,405 | 40,765 | ||||||
iGate Corp. | 3,162 | 36,489 | ||||||
Smith Micro Software, Inc.* | 10,666 | 16,212 | ||||||
Total Information Technology | 6,064,336 | |||||||
CONSUMER DISCRETIONARY - 25.1% | ||||||||
Sturm Ruger & Company, Inc. | 13,921 | 361,668 | ||||||
Crocs, Inc.* | 11,337 | 268,347 | ||||||
BJ’s Restaurants, Inc.* | 5,744 | 253,368 | ||||||
Jos A. Bank Clothiers, Inc.* | 4,814 | 224,477 | ||||||
Buffalo Wild Wings, Inc.* | 3,464 | 207,147 | ||||||
True Religion Apparel, Inc.* | 6,575 | 177,262 | ||||||
Peet’s Coffee & Tea, Inc.* | 2,900 | 161,356 | ||||||
Steven Madden Ltd.* | 5,309 | 159,801 | ||||||
Buckle, Inc. | 4,154 | 159,763 | ||||||
Texas Roadhouse, Inc. — Class A | 11,916 | 157,529 | ||||||
DineEquity, Inc.* | 3,940 | 151,651 | ||||||
Coinstar, Inc.* | 3,630 | 145,200 | ||||||
Cabela’s, Inc.* | 6,878 | 140,930 | ||||||
Iconix Brand Group, Inc.* | 8,548 | 135,058 | ||||||
Interval Leisure Group, Inc.* | 9,924 | 132,188 | ||||||
HSN, Inc. | 3,979 | 131,824 | ||||||
Monro Muffler Brake, Inc. | 3,980 | 131,221 | ||||||
Lumber Liquidators Holdings, Inc.* | 7,484 | 113,008 | ||||||
Maidenform Brands, Inc. | 4,620 | 108,154 | ||||||
Hibbett Sports, Inc.* | 3,120 | 105,737 | ||||||
CEC Entertainment, Inc. | 3,503 | 99,730 | ||||||
iRobot Corp.* | 3,950 | 99,382 | ||||||
Kirkland’s, Inc.* | 10,732 | 98,412 | ||||||
Arbitron, Inc. | 2,949 | 97,553 | ||||||
Zumiez, Inc.* | 5,498 | 96,270 | ||||||
National Presto Industries, Inc. | 1,069 | 92,907 | ||||||
Cracker Barrel Old Country Store, Inc. | 2,283 | 91,503 | ||||||
PF Chang’s China Bistro, Inc. | 3,141 | 85,561 | ||||||
American Public Education, Inc.* | 2,310 | 78,540 | ||||||
Biglari Holdings, Inc.* | 262 | 77,654 | ||||||
Blue Nile, Inc.* | 1,872 | 66,044 | ||||||
Carter’s, Inc.* | 1,750 | 53,445 | ||||||
Universal Electronics, Inc.* | 2,645 | 43,352 | ||||||
Capella Education Co.* | 1,448 | 41,094 | ||||||
PetMed Express, Inc. | 4,430 | 39,870 | ||||||
Kid Brands, Inc.* | 14,647 | 38,668 | ||||||
Universal Technical Institute, Inc.* | 2,608 | 35,443 | ||||||
Total Consumer Discretionary | 4,661,117 | |||||||
HEALTH CARE - 21.7% | ||||||||
Hi-Tech Pharmacal Company, Inc.* | 11,172 | 375,379 | ||||||
Questcor Pharmaceuticals, Inc.* | 10,570 | 288,138 | ||||||
Regeneron Pharmaceuticals, Inc.* | 4,884 | 284,249 | ||||||
Air Methods Corp.* | 3,908 | 248,822 | ||||||
Quality Systems, Inc. | 2,308 | 223,876 | ||||||
MWI Veterinary Supply, Inc.* | 2,934 | 201,918 | ||||||
Healthspring, Inc.* | 5,119 | 186,639 | ||||||
HMS Holdings Corp.* | 7,085 | 172,803 |
152 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | September 30, 2011 |
Shares | Value | |||||||
Par Pharmaceutical Companies, Inc.* | 6,109 | $ | 162,622 | |||||
Cubist Pharmaceuticals, Inc.* | 4,554 | 160,847 | ||||||
IPC The Hospitalist Company, Inc.* | 4,168 | 148,756 | ||||||
Arqule, Inc.* | 27,711 | 139,941 | ||||||
Neogen Corp.* | 3,967 | 137,734 | ||||||
Align Technology, Inc.* | 7,373 | 111,848 | ||||||
PAREXEL International Corp.* | 5,692 | 107,750 | ||||||
Cyberonics, Inc.* | 3,610 | 102,163 | ||||||
Corvel Corp.* | 2,374 | 100,895 | ||||||
Ensign Group, Inc. | 4,336 | 100,205 | ||||||
Bio-Reference Labs, Inc.* | 5,102 | 93,928 | ||||||
Integra LifeSciences Holdings Corp.* | 2,319 | 82,951 | ||||||
Viropharma, Inc. | 4,500 | 81,315 | ||||||
Abaxis, Inc.* | 3,480 | 79,727 | ||||||
Salix Pharmaceuticals Ltd.* | 2,687 | 79,535 | ||||||
Kensey Nash Corp.* | 2,522 | 61,789 | ||||||
Chemed Corp. | 1,120 | 61,555 | ||||||
Haemonetics Corp.* | 1,025 | 59,942 | ||||||
Zoll Medical Corp.* | 1,448 | 54,647 | ||||||
Almost Family, Inc.* | 2,790 | 46,398 | ||||||
NuVasive, Inc.* | 2,707 | 46,208 | ||||||
Enzo Biochem, Inc.* | 10,830 | 27,833 | ||||||
Total Health Care | 4,030,413 | |||||||
FINANCIALS - 4.8% | ||||||||
World Acceptance Corp.* | 3,534 | 197,727 | ||||||
Cash America International, Inc. | 2,966 | 151,741 | ||||||
First Cash Financial Services, Inc.* | 3,479 | 145,944 | ||||||
Ezcorp, Inc. — Class A* | 4,690 | 133,853 | ||||||
Portfolio Recovery Associates, Inc.* | 1,725 | 107,329 | ||||||
eHealth, Inc.* | 3,809 | 52,031 | ||||||
Stifel Financial Corp.* | 1,907 | 50,650 | ||||||
Signature Bank* | 930 | 44,389 | ||||||
Total Financials | 883,664 | |||||||
MATERIALS - 4.5% | ||||||||
Buckeye Technologies, Inc. | 7,220 | 174,074 | ||||||
Hawkins, Inc. | 5,073 | 161,524 | ||||||
Balchem Corp. | 4,223 | 157,560 | ||||||
Schweitzer-Mauduit International, Inc. | 2,663 | 148,782 | ||||||
KapStone Paper and Packaging Corp.* | 10,340 | 143,623 | ||||||
Quaker Chemical Corp. | 1,891 | 49,015 | ||||||
Total Materials | 834,578 | |||||||
INDUSTRIALS - 4.4% | ||||||||
Dolan Co.* | 17,547 | 157,748 | ||||||
Allegiant Travel Co. — Class A* | 2,093 | 98,643 | ||||||
GT Advanced Technologies, Inc.* | 14,040 | 98,561 | ||||||
Consolidated Graphics, Inc.* | 2,567 | 93,772 | ||||||
Exponent, Inc.* | 1,960 | 81,007 | ||||||
II-VI, Inc.* | 3,770 | 65,975 | ||||||
American Science & Engineering, Inc. | 1,050 | 64,102 | ||||||
Vicor Corp. | 6,485 | 56,744 | ||||||
Healthcare Services Group, Inc. | 3,150 | 50,841 | ||||||
Orion Marine Group, Inc.* | 6,964 | 40,182 | ||||||
Total Industrials | 807,575 | |||||||
CONSUMER STAPLES - 4.0% | ||||||||
TreeHouse Foods, Inc.* | 2,817 | 174,203 | ||||||
Medifast, Inc.* | 8,477 | 136,904 | ||||||
Boston Beer Company, Inc. — Class A* | 1,744 | 126,789 | ||||||
Darling International, Inc. | 9,766 | 122,954 | ||||||
Inter Parfums, Inc. | 6,080 | �� | 93,936 | |||||
Calavo Growers, Inc. | 4,343 | 89,118 | ||||||
Total Consumer Staples | 743,904 | |||||||
ENERGY - 1.4% | ||||||||
Gulfport Energy Corp.* | 6,284 | 151,947 | ||||||
Contango Oil & Gas Co.* | 1,838 | 100,557 | ||||||
Total Energy | 252,504 | |||||||
TELECOMMUNICATION SERVICES - 0.9% | ||||||||
Atlantic Tele-Network, Inc. | 2,292 | 75,361 | ||||||
Neutral Tandem, Inc.* | 6,920 | 66,986 | ||||||
Cbeyond, Inc.* | 4,270 | 30,146 | ||||||
Total Telecommunication Services | 172,493 | |||||||
Total Common Stocks (Cost $15,227,002) | 18,450,584 | |||||||
Total Investments — 99.5% (Cost $15,227,002) | $ | 18,450,584 | ||||||
Other Assets, Less Liabilities — 0.5% | 86,854 | |||||||
Total Net Assets — 100.0% | $ | 18,537,438 |
* | Non-income producing security. | |
† | Value determined based on Level 1 inputs — See Note 4. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 153 |
September 30, 2011
Assets: | ||||
Investments, at value (cost $15,227,002) | $ | 18,450,584 | ||
Receivables: | ||||
Securities sold | 3,888,495 | |||
Dividends | 3,426 | |||
Fund shares sold | 2,645 | |||
Total assets | 22,345,150 | |||
Liabilities: | ||||
Overdraft due to custodian bank | 113,343 | |||
Payable for: | ||||
Fund shares redeemed | 3,639,085 | |||
Management fees | 10,282 | |||
Distribution and service fees | 5,031 | |||
Transfer agent and administrative fees | 3,428 | |||
Portfolio accounting fees | 1,371 | |||
Miscellaneous | 35,172 | |||
Total liabilities | 3,807,712 | |||
Net assets | $ | 18,537,438 | ||
Net assets consist of: | ||||
Paid in capital | $ | 31,248,761 | ||
Accumulated net investment loss | (538,818 | ) | ||
Accumulated net realized loss on investments | (15,396,087 | ) | ||
Net unrealized appreciation on investments | 3,223,582 | |||
Net assets | $ | 18,537,438 | ||
A-Class: | ||||
Net assets | $ | 8,380,674 | ||
Capital shares outstanding | 279,933 | |||
Net asset value per share | $ | 29.94 | ||
Maximum offering price per share | ||||
(Net asset value divided by 95.25%) | $ | 31.43 | ||
C-Class: | ||||
Net assets | $ | 2,231,424 | ||
Capital shares outstanding | 78,793 | |||
Net asset value per share | $ | 28.32 | ||
H-Class: | ||||
Net assets | $ | 7,925,340 | ||
Capital shares outstanding | 264,783 | |||
Net asset value per share | $ | 29.93 | ||
Period Ended September 30, 2011
Investment Income: | ||||
Dividends | $ | 86,329 | ||
Interest | 71 | |||
Total investment income | 86,400 | |||
Expenses: | ||||
Management fees | 301,510 | |||
Transfer agent and administrative fees | 100,503 | |||
Distribution and service fees: | ||||
A-Class | 3,275 | |||
C-Class | 16,059 | |||
H-Class | 93,214 | |||
Portfolio accounting fees | 40,201 | |||
Trustees’ fees* | 3,903 | |||
Miscellaneous | 66,553 | |||
Total expenses | 625,218 | |||
Net investment loss | (538,818 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments | (4,922,120 | ) | ||
Net realized loss | (4,922,120 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (11,629,277 | ) | ||
Net change in unrealized appreciation (depreciation) | (11,629,277 | ) | ||
Net realized and unrealized loss | (16,551,397 | ) | ||
Net decrease in net assets resulting from operations | $ | (17,090,215 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
154 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment loss | $ | (538,818 | ) | $ | (524,500 | ) | ||
Net realized loss on investments | (4,922,120 | ) | (2,358,973 | ) | ||||
Net change in unrealized appreciation (depreciation) on investments | (11,629,277 | ) | 11,640,140 | |||||
Net increase (decrease) in net assets resulting from operations | (17,090,215 | ) | 8,756,667 | |||||
Distributions To Shareholders | — | — | ||||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
A-Class | 23,781,945 | 22,007,416 | ||||||
C-Class | 2,407,629 | 5,904,587 | ||||||
H-Class | 184,158,658 | 414,097,385 | ||||||
Cost of shares redeemed | ||||||||
A-Class | (17,207,342 | ) | (20,788,528 | ) | ||||
C-Class | (2,669,569 | ) | (4,935,070 | ) | ||||
H-Class | (252,114,461 | ) | (340,251,324 | ) | ||||
Net increase (decrease) from capital share transactions | (61,643,140 | ) | 76,034,466 | |||||
Net increase (decrease) in net assets | (78,733,355 | ) | 84,791,133 | |||||
Net assets: | ||||||||
Beginning of period | 97,270,793 | 12,479,660 | ||||||
End of period | $ | 18,537,438 | $ | 97,270,793 | ||||
Accumulated net investment loss at end of period | $ | (538,818 | ) | $ | — | |||
Capital share activity: | ||||||||
Shares sold | ||||||||
A-Class | 729,790 | 759,208 | ||||||
C-Class | 70,515 | 197,736 | ||||||
H-Class | 5,031,836 | 13,305,001 | ||||||
Shares redeemed | ||||||||
A-Class | (508,528 | ) | (726,863 | ) | ||||
C-Class | (81,405 | ) | (168,877 | ) | ||||
H-Class | (7,320,084 | ) | (11,105,623 | ) | ||||
Net increase (decrease) in shares | (2,077,876 | ) | 2,260,582 | |||||
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 155 |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 36.06 | $ | 28.49 | $ | 16.93 | $ | 27.43 | $ | 32.61 | $ | 32.25 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.22 | ) | (.34 | ) | (.28 | ) | (.19 | ) | (.13 | ) | (.29 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (5.90 | ) | 7.91 | 11.84 | (10.31 | ) | (3.72 | ) | .65 | |||||||||||||||
Total from investment operations | (6.12 | ) | 7.57 | 11.56 | (10.50 | ) | (3.85 | ) | .36 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net realized gains | — | — | — | — | (1.33 | ) | — | |||||||||||||||||
Total distributions | — | — | — | — | (1.33 | ) | — | |||||||||||||||||
Net asset value, end of period | $ | 29.94 | $ | 36.06 | $ | 28.49 | $ | 16.93 | $ | 27.43 | $ | 32.61 | ||||||||||||
Total Returnc | (16.97 | %) | 26.57 | % | 68.28 | % | (33.28 | %) | (12.27 | %) | 1.12 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 8,381 | $ | 2,115 | $ | 750 | $ | 117 | $ | 1,938 | $ | 1,408 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (1.27 | %) | (1.15 | %) | (1.15 | %) | (0.73 | %) | (0.40 | %) | (0.93 | %) | ||||||||||||
Total expenses | 1.52 | % | 1.54 | % | 1.54 | % | 1.54 | % | 1.52 | % | 1.56 | % | ||||||||||||
Portfolio turnover rate | 209 | % | 732 | % | 1,476 | % | 1,066 | % | 834 | % | 623 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 34.25 | $ | 27.25 | $ | 16.32 | $ | 26.65 | $ | 31.94 | $ | 31.82 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.33 | ) | (.54 | ) | (.42 | ) | (.32 | ) | (.51 | ) | (.58 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (5.60 | ) | 7.54 | 11.35 | (10.01 | ) | (3.45 | ) | .70 | |||||||||||||||
Total from investment operations | (5.93 | ) | 7.00 | 10.93 | (10.33 | ) | (3.96 | ) | .12 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net realized gains | — | — | — | — | (1.33 | ) | — | |||||||||||||||||
Total distributions | — | — | — | — | (1.33 | ) | — | |||||||||||||||||
Net asset value, end of period | $ | 28.32 | $ | 34.25 | $ | 27.25 | $ | 16.32 | $ | 26.65 | $ | 31.94 | ||||||||||||
Total Returnc | (17.31 | %) | 25.69 | % | 66.97 | % | (38.76 | %) | (12.88 | %) | 0.38 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 2,231 | $ | 3,072 | $ | 1,658 | $ | 369 | $ | 1,980 | $ | 7,570 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (2.02 | %) | (1.80 | %) | (1.82 | %) | (1.28 | %) | (1.57 | %) | (1.83 | %) | ||||||||||||
Total expenses | 2.27 | % | 2.29 | % | 2.28 | % | 2.29 | % | 2.29 | % | 2.32 | % | ||||||||||||
Portfolio turnover rate | 209 | % | 732 | % | 1,476 | % | 1,066 | % | 834 | % | 623 | % |
156 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
H-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 36.07 | $ | 28.48 | $ | 16.94 | $ | 27.45 | $ | 32.62 | $ | 32.27 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.24 | ) | (.34 | ) | (.25 | ) | (.13 | ) | (.26 | ) | (.33 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (5.90 | ) | 7.93 | 11.79 | (10.38 | ) | (3.58 | ) | .68 | |||||||||||||||
Total from investment operations | (6.14 | ) | 7.59 | 11.54 | (10.51 | ) | (3.84 | ) | .35 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net realized gains | — | — | — | — | (1.33 | ) | — | |||||||||||||||||
Total distributions | — | — | — | — | (1.33 | ) | — | |||||||||||||||||
Net asset value, end of period | $ | 29.93 | $ | 36.07 | $ | 28.48 | $ | 16.94 | $ | 27.45 | $ | 32.62 | ||||||||||||
Total Returnc | (17.02 | %) | 26.65 | % | 68.12 | % | (38.29 | %) | (12.23 | %) | 1.08 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 7,925 | $ | 92,084 | $ | 10,072 | $ | 9,795 | $ | 6,259 | $ | 18,171 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (1.31 | %) | (1.07 | %) | (1.05 | %) | (0.55 | %) | (0.79 | %) | (1.05 | %) | ||||||||||||
Total expenses | 1.53 | % | 1.55 | % | 1.53 | % | 1.56 | % | 1.53 | % | 1.53 | % | ||||||||||||
Portfolio turnover rate | 209 | % | 732 | % | 1,476 | % | 1,066 | % | 834 | % | 623 | % |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Net investment loss per share was computed using average shares outstanding throughout the period. | |
c | Total return does not reflect the impact of any applicable sales charges and has not been annualized. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 157 |
FUND PROFILE (Unaudited) | September 30, 2011 |
![(BAR GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366920.gif)
A-Class | September 1, 2004 | |||
C-Class | February 20, 2004 | |||
H-Class | February 20, 2004 |
(% of Total Net Assets)
Agilysys, Inc. | 3.2 | % | ||
CIBER, Inc. | 2.2 | % | ||
SWS Group, Inc. | 2.2 | % | ||
PharMerica Corp. | 2.1 | % | ||
Audiovox Corp. — Class A | 2.0 | % | ||
Seneca Foods Corp. — Class A | 1.9 | % | ||
O’Charleys, Inc. | 1.7 | % | ||
School Specialty, Inc. | 1.6 | % | ||
Red Robin Gourmet Burgers, Inc. | 1.5 | % | ||
Hot Topic, Inc. | 1.5 | % | ||
Top Ten Total | 19.9 | % | ||
158 | the RYDEX | SGI series funds semi-annual report |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 |
Shares | Value | |||||||
COMMON STOCKS† - 106.1% | ||||||||
CONSUMER DISCRETIONARY - 29.6% | ||||||||
Audiovox Corp. — Class A* | 22,618 | $ | 124,173 | |||||
O’Charleys, Inc.* | 17,825 | 105,880 | ||||||
Red Robin Gourmet Burgers, Inc.* | 3,911 | 94,216 | ||||||
Hot Topic, Inc. | 11,741 | 89,584 | ||||||
Lithia Motors, Inc. — Class A | 6,134 | 88,207 | ||||||
Tuesday Morning Corp.* | 22,821 | 80,330 | ||||||
MarineMax, Inc.* | 11,249 | 72,781 | ||||||
La-Z-Boy, Inc.* | 9,363 | 69,380 | ||||||
Spartan Motors, Inc. | 16,783 | 69,314 | ||||||
Blyth, Inc. | 1,200 | 66,540 | ||||||
Group 1 Automotive, Inc. | 1,862 | 66,194 | ||||||
Fred’s, Inc. — Class A | 5,609 | 59,792 | ||||||
Sonic Automotive, Inc. — Class A | 5,451 | 58,816 | ||||||
Standard Motor Products, Inc. | 4,380 | 56,809 | ||||||
Standard Pacific Corp.* | 22,659 | 55,968 | ||||||
Boyd Gaming Corp.* | 10,501 | 51,455 | ||||||
Stage Stores, Inc. | 3,526 | 48,906 | ||||||
Corinthian Colleges, Inc.* | 28,442 | 44,370 | ||||||
PEP Boys-Manny Moe & Jack | 4,243 | 41,878 | ||||||
Callaway Golf Co. | 8,084 | 41,794 | ||||||
Zale Corp.* | 14,476 | 41,257 | ||||||
Christopher & Banks Corp. | 10,694 | 37,750 | ||||||
Haverty Furniture Companies, Inc. | 3,730 | 37,263 | ||||||
Stein Mart, Inc. | 5,656 | 35,350 | ||||||
Ruth’s Hospitality Group, Inc.* | 7,542 | 32,355 | ||||||
Brown Shoe Company, Inc. | 4,517 | 32,161 | ||||||
Quiksilver, Inc.* | 10,026 | 30,579 | ||||||
Jack in the Box, Inc. | 1,432 | 28,525 | ||||||
Live Nation Entertainment, Inc.* | 3,221 | 25,800 | ||||||
Helen of Troy Ltd.* | 1,025 | 25,748 | ||||||
Multimedia Games Holding Company, Inc.* | 4,908 | 19,828 | ||||||
Coldwater Creek, Inc.* | 11,861 | 14,826 | ||||||
Marcus Corp. | 1,481 | 14,736 | ||||||
Skechers U.S.A., Inc. — Class A* | 1,008 | 14,142 | ||||||
Ruby Tuesday, Inc.* | 1,810 | 12,960 | ||||||
OfficeMax, Inc.* | 2,305 | 11,179 | ||||||
Total Consumer Discretionary | 1,800,846 | |||||||
INDUSTRIALS - 17.2% | ||||||||
School Specialty, Inc.* | 13,603 | 96,989 | ||||||
Skywest, Inc. | 6,883 | 79,223 | ||||||
Navigant Consulting, Inc.* | 6,650 | 61,646 | ||||||
EMCOR Group, Inc. | 2,544 | 51,720 | ||||||
Apogee Enterprises, Inc. | 5,876 | 50,475 | ||||||
Lydall, Inc.* | 5,604 | 49,876 | ||||||
United Stationers, Inc. | 1,756 | 47,851 | ||||||
Gibraltar Industries, Inc.* | 5,867 | 47,640 | ||||||
Federal Signal Corp. | 10,699 | 47,290 | ||||||
ABM Industries, Inc. | 2,232 | 42,542 | ||||||
Universal Forest Products, Inc. | 1,755 | 42,208 | ||||||
Comfort Systems USA, Inc. | 4,998 | 41,583 | ||||||
Dycom Industries, Inc.* | 2,395 | 36,644 | ||||||
G&K Services, Inc. — Class A | 1,434 | 36,624 | ||||||
On Assignment, Inc.* | 4,689 | 33,151 | ||||||
Briggs & Stratton Corp. | 2,438 | 32,937 | ||||||
Powell Industries, Inc.* | 952 | 29,483 | ||||||
Lawson Products, Inc. | 2,163 | 29,244 | ||||||
Griffon Corp.* | 3,546 | 29,006 | ||||||
Kelly Services, Inc. — Class A | 2,264 | 25,810 | ||||||
GenCorp, Inc.* | 5,701 | 25,598 | ||||||
CDI Corp. | 2,336 | 24,948 | ||||||
Curtiss-Wright Corp. | 767 | 22,113 | ||||||
Standex International Corp. | 709 | 22,071 | ||||||
Standard Register Co. | 8,349 | 21,123 | ||||||
AAR Corp. | 1,035 | 17,253 | ||||||
Total Industrials | 1,045,048 | |||||||
FINANCIALS - 15.9% | ||||||||
SWS Group, Inc. | 28,090 | 131,742 | ||||||
Presidential Life Corp. | 6,817 | 56,036 | ||||||
Stewart Information Services Corp. | 5,813 | 51,387 | ||||||
Hanmi Financial Corp.* | 58,477 | 48,536 | ||||||
Selective Insurance Group, Inc. | 3,231 | 42,165 | ||||||
Wintrust Financial Corp. | 1,624 | 41,915 | ||||||
Bank Mutual Corp. | 15,075 | 39,346 | ||||||
United Community Banks, Inc.* | 4,622 | 39,241 | ||||||
Horace Mann Educators Corp. | 3,242 | 36,991 | ||||||
First BanCorp.* | 13,080 | 36,624 | ||||||
Susquehanna Bancshares, Inc. | 6,480 | 35,446 | ||||||
Investment Technology Group, Inc.* | 3,420 | 33,482 | ||||||
Piper Jaffray Cos.* | 1,842 | 33,027 | ||||||
Delphi Financial Group, Inc. — Class A | 1,377 | 29,633 | ||||||
Navigators Group, Inc.* | 598 | 25,834 | ||||||
United Fire & Casualty Co. | 1,456 | 25,757 | ||||||
AMERISAFE, Inc.* | 1,355 | 24,946 | ||||||
Interactive Brokers Group, Inc. — Class A | 1,754 | 24,433 | ||||||
Infinity Property & Casualty Corp. | 465 | 24,403 | ||||||
First Midwest Bancorp, Inc. | 3,057 | 22,377 | ||||||
Northwest Bancshares, Inc. | 1,806 | 21,509 | ||||||
Boston Private Financial Holdings, Inc. | 3,559 | 20,927 | ||||||
Pinnacle Financial Partners, Inc.* | 1,910 | 20,895 | ||||||
Safety Insurance Group, Inc. | 498 | 18,839 | ||||||
FNB Corp. | 2,050 | 17,568 | ||||||
Prospect Capital Corp. | 1,945 | 16,357 | ||||||
Kite Realty Group Trust | 4,024 | 14,728 | ||||||
Cedar Shopping Centers, Inc. | 3,826 | 11,899 | ||||||
Wilshire Bancorp, Inc.* | 4,328 | 11,859 | ||||||
PrivateBancorp, Inc. | 1,496 | 11,250 | ||||||
Total Financials | 969,152 | |||||||
INFORMATION TECHNOLOGY - 15.1% | ||||||||
Agilysys, Inc.* | 27,049 | 192,859 | ||||||
CIBER, Inc.* | 44,702 | 135,447 | ||||||
Insight Enterprises, Inc. | 5,857 | 88,675 |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 159 |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | September 30, 2011 | |
S&P SMALLCAP 600 PURE VALUE FUND |
Shares | Value | |||||||
SYNNEX Corp.* | 2,900 | $ | 75,980 | |||||
Brightpoint, Inc.* | 6,551 | 60,335 | ||||||
Scansource, Inc.* | 1,690 | 49,956 | ||||||
Benchmark Electronics, Inc.* | 3,439 | 44,741 | ||||||
CACI International, Inc. — Class A* | 882 | 44,047 | ||||||
United Online, Inc. | 6,985 | 36,532 | ||||||
Brooks Automation, Inc. | 4,088 | 33,317 | ||||||
Black Box Corp. | 1,305 | 27,862 | ||||||
Anixter International, Inc. | 508 | 24,100 | ||||||
Infospace, Inc.* | 2,873 | 24,018 | ||||||
Digi International, Inc. | 2,164 | 23,804 | ||||||
Comtech Telecommunications Corp. | 735 | 20,646 | ||||||
Arris Group, Inc.* | 1,859 | 19,148 | ||||||
THQ, Inc.* | 9,527 | 16,482 | ||||||
Total Information Technology | 917,949 | |||||||
HEALTH CARE - 10.4% | ||||||||
PharMerica Corp.* | 9,128 | 130,257 | ||||||
Centene Corp.* | 2,968 | 85,093 | ||||||
Molina Healthcare, Inc.* | 4,806 | 74,205 | ||||||
Cambrex Corp.* | 14,007 | 70,595 | ||||||
Healthways, Inc.* | 6,362 | 62,538 | ||||||
Amsurg Corp. — Class A* | 1,891 | 42,547 | ||||||
Cross Country Healthcare, Inc.* | 8,336 | 34,844 | ||||||
Invacare Corp. | 1,477 | 34,030 | ||||||
Symmetry Medical, Inc.* | 4,400 | 33,968 | ||||||
Amedisys, Inc.* | 2,094 | 31,033 | ||||||
CONMED Corp.* | 934 | 21,491 | ||||||
Gentiva Health Services, Inc.* | 2,153 | 11,885 | ||||||
Total Health Care | 632,486 | |||||||
CONSUMER STAPLES - 7.0% | ||||||||
Seneca Foods Corp. — Class A* | 5,865 | 116,127 | ||||||
Alliance One International, Inc.* | 32,133 | 78,405 | ||||||
Spartan Stores, Inc. | 4,629 | 71,657 | ||||||
Central Garden and Pet | ||||||||
Co. — Class A* | 7,276 | 51,514 | ||||||
Nash Finch Co. | 1,795 | 48,339 | ||||||
Sanderson Farms, Inc. | 773 | 36,718 | ||||||
Casey’s General Stores, Inc. | 585 | 25,535 | ||||||
Total Consumer Staples | 428,295 | |||||||
UTILITIES - 3.9% | ||||||||
Central Vermont Public | ||||||||
Service Corp. | 2,260 | 79,575 | ||||||
Laclede Group, Inc. | 1,275 | 49,406 | ||||||
Avista Corp. | 1,656 | 39,496 | ||||||
NorthWestern Corp. | 793 | 25,328 | ||||||
CH Energy Group, Inc. | 424 | 22,120 | ||||||
Southwest Gas Corp. | 542 | 19,604 | ||||||
Total Utilities | 235,529 | |||||||
MATERIALS - 3.5% | ||||||||
A. Schulman, Inc. | 2,979 | 50,613 | ||||||
Wausau Paper Corp. | 6,199 | 39,612 | ||||||
Myers Industries, Inc. | 3,599 | 36,530 | ||||||
Kaiser Aluminum Corp. | 665 | 29,446 | ||||||
AM Castle & Co.* | 2,104 | 23,018 | ||||||
Stepan Co. | 318 | 21,363 | ||||||
Headwaters, Inc.* | 8,808 | 12,683 | ||||||
Total Materials | 213,265 | |||||||
ENERGY - 2.9% | ||||||||
World Fuel Services Corp. | 1,858 | 60,664 | ||||||
Hornbeck Offshore Services, Inc.* | 2,289 | 57,019 | ||||||
Matrix Service Co.* | 3,096 | 26,347 | ||||||
Bristow Group, Inc. | 473 | 20,069 | ||||||
Tetra Technologies, Inc.* | 1,842 | 14,220 | ||||||
Total Energy | 178,319 | |||||||
TELECOMMUNICATION SERVICES - 0.6% | ||||||||
Cincinnati Bell, Inc.* | 11,859 | 36,644 | ||||||
Total Common Stocks | ||||||||
(Cost $5,446,186) | 6,457,533 | |||||||
RIGHTS†† - 0.0% | ||||||||
First BanCorp. | ||||||||
Expires 12/31/11 | 11,931 | — | ||||||
Total Rights | ||||||||
(Cost $—) | — | |||||||
Face | ||||||||
Amount | ||||||||
REPURCHASE AGREEMENTS††,1 -2.5% | ||||||||
HSBC Group issued 09/30/11 at 0.00% due 10/03/11 | $ | 80,963 | 80,963 | |||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | 40,043 | 40,043 | ||||||
Mizuho Financial Group, Inc. issued 09/30/11 at 0.01% due 10/03/11 | 28,457 | 28,457 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $149,463) | 149,463 | |||||||
Total Investments —108.6% | ||||||||
(Cost $5,595,649) | $ | 6,606,996 | ||||||
Liabilities & Other Assets — (8.6)% | (523,402 | ) | ||||||
Total Net Assets — 100.0% | $ | 6,083,594 |
* | Non-income producing security. | |
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | Repurchase Agreements — See Note 5. |
160 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Assets: | ||||
Investments, at value (cost $5,446,186) | $ | 6,457,533 | ||
Repurchase agreements, at value (cost $149,463) | 149,463 | |||
Receivables: | ||||
Securities sold | 1,728,533 | |||
Dividends | 10,169 | |||
Fund shares sold | 419 | |||
Total assets | 8,346,117 | |||
Liabilities: | ||||
Payable for: | ||||
Fund shares redeemed | 2,180,569 | |||
Management fees | 13,229 | |||
Distribution and service fees | 5,250 | |||
Transfer agent and administrative fees | 4,410 | |||
Portfolio accounting fees | 1,764 | |||
Miscellaneous | 57,301 | |||
Total liabilities | 2,262,523 | |||
Net Assets | $ | 6,083,594 | ||
NET ASSETS CONSIST OF: | ||||
Paid in capital | $ | 44,739,997 | ||
Accumulated net investment loss | (71,380 | ) | ||
Accumulated net realized loss on investments | (39,596,370 | ) | ||
Net unrealized appreciation on investments | 1,011,347 | |||
Net assets | $ | 6,083,594 | ||
A-Class: | ||||
Net assets | $ | 527,979 | ||
Capital shares outstanding | 40,945 | |||
Net asset value per share | $ | 12.89 | ||
Maximum offering price per share | ||||
(Net asset value divided by 95.25%) | $ | 13.53 | ||
C-Class: | ||||
Net assets | $ | 1,410,434 | ||
Capital shares outstanding | 120,733 | |||
Net asset value per share | $ | 11.68 | ||
H-Class: | ||||
Net assets | $ | 4,145,181 | ||
Capital shares outstanding | 322,833 | |||
Net asset value per share | $ | 12.85 | ||
Investment Income: | ||||
Dividends | $ | 73,041 | ||
Interest | 21 | |||
Total investment income | 73,062 | |||
Expenses: | ||||
Management fees | 67,688 | |||
Transfer agent and administrative fees | 22,563 | |||
Distribution and service fees: | ||||
A-Class | 3,577 | |||
C-Class | 8,528 | |||
H-Class | 16,853 | |||
Portfolio accounting fees | 9,025 | |||
Registration fees | 7,627 | |||
Trustees’ fees* | 1,569 | |||
Miscellaneous | 7,012 | |||
Total expenses | 144,442 | |||
Net investment loss | (71,380 | ) | ||
Net Realized And Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments | (2,576,954 | ) | ||
Futures contracts | 63,018 | |||
Net realized loss | (2,513,936 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (3,911,686 | ) | ||
Net change in unrealized appreciation (depreciation) | (3,911,686 | ) | ||
Net realized and unrealized loss | (6,425,622 | ) | ||
Net decrease in net assets resulting from operations | $ | (6,497,002 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 161 |
STATEMENTS OF CHANGES IN NET ASSETS
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment loss | $ | (71,380 | ) | $ | (496,202 | ) | ||
Net realized loss on investments | (2,513,936 | ) | (32,740,838 | ) | ||||
Net change in unrealized appreciation (depreciation) on investments | (3,911,686 | ) | (23,416,369 | ) | ||||
Net decrease in net assets resulting from operations | (6,497,002 | ) | (56,653,409 | ) | ||||
Distributions to shareholders from: | ||||||||
Net realized gains | ||||||||
A-Class | — | (259,417 | ) | |||||
C-Class | — | (594,105 | ) | |||||
H-Class | — | (3,228,330 | ) | |||||
Total distributions to shareholders | — | (4,081,852 | ) | |||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
A-Class | 1,080,756 | 87,881,068 | ||||||
C-Class | 1,238,985 | 10,097,253 | ||||||
H-Class | 55,999,550 | 544,333,378 | ||||||
Distributions reinvested | ||||||||
A-Class | — | 249,100 | ||||||
C-Class | — | 532,082 | ||||||
H-Class | — | 3,141,985 | ||||||
Cost of shares redeemed | ||||||||
A-Class | (8,663,913 | ) | (75,909,416 | ) | ||||
C-Class | (1,609,095 | ) | (15,728,991 | ) | ||||
H-Class | (62,533,613 | ) | (697,821,686 | ) | ||||
Net decrease from capital share transactions | (14,487,330 | ) | (143,225,227 | ) | ||||
Net decrease in net assets | (20,984,332 | ) | (203,960,488 | ) | ||||
Net assets: | ||||||||
Beginning of period | 27,067,926 | 231,028,414 | ||||||
End of period | $ | 6,083,594 | $ | 27,067,926 | ||||
Accumulated net investment loss at end of period | $ | (71,380 | ) | $ | — | |||
Capital share activity: | ||||||||
Shares sold | ||||||||
A-Class | 62,366 | 4,918,837 | ||||||
C-Class | 86,327 | 565,219 | ||||||
H-Class | 3,726,375 | 29,253,756 | ||||||
Shares issued from reinvestment of distributions | ||||||||
A-Class | — | 15,637 | ||||||
C-Class | — | 36,594 | ||||||
H-Class | — | 197,609 | ||||||
Shares redeemed | ||||||||
A-Class | (529,213 | ) | (4,708,722 | ) | ||||
C-Class | (107,057 | ) | (952,937 | ) | ||||
H-Class | (4,323,211 | ) | (39,594,125 | ) | ||||
Net decrease in shares | (1,084,413 | ) | (10,268,132 | ) | ||||
162 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FINANCIAL HIGHLIGHTS
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 17.42 | $ | 19.60 | $ | 11.08 | $ | 26.56 | $ | 35.54 | $ | 33.40 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.07 | ) | (.13 | ) | (.13 | ) | .50 | .26 | .23 | |||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (4.46 | ) | 1.20 | 15.44 | (15.61 | ) | (8.97 | ) | 1.94 | |||||||||||||||
Total from investment operations | (4.53 | ) | 1.07 | 15.31 | (15.11 | ) | (8.71 | ) | 2.17 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | (.03 | ) | (.37 | ) | (.27 | ) | — | |||||||||||||||
Net realized gains | — | (3.25 | ) | (6.76 | ) | — | — | (.03 | ) | |||||||||||||||
Total distributions | — | (3.25 | ) | (6.79 | ) | (.37 | ) | (.27 | ) | (.03 | ) | |||||||||||||
Net asset value, end of period | $ | 12.89 | $ | 17.42 | $ | 19.60 | $ | 11.08 | $ | 26.56 | $ | 35.54 | ||||||||||||
Total Returnc | (26.00 | %) | 6.98 | % | 150.09 | % | (57.21 | %) | (24.54 | %) | 6.49 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 528 | $ | 8,845 | $ | 5,529 | $ | 78 | $ | 2,945 | $ | 3,929 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (0.77 | %) | (0.73 | %) | (0.62 | %) | 2.04 | % | 0.82 | % | 0.66 | % | ||||||||||||
Total expenses | 1.53 | % | 1.53 | % | 1.53 | % | 1.54 | % | 1.53 | % | 1.51 | % | ||||||||||||
Portfolio turnover rate | 312 | % | 692 | % | 443 | % | 878 | % | 566 | % | 728 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 15.85 | $ | 18.27 | $ | 10.62 | $ | 25.71 | $ | 34.68 | $ | 32.85 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.11 | ) | (.23 | ) | (.27 | ) | .04 | .28 | (.05 | ) | ||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (4.06 | ) | 1.06 | 14.71 | (14.76 | ) | (8.98 | ) | 1.91 | |||||||||||||||
Total from investment operations | (4.17 | ) | .83 | 14.44 | (14.72 | ) | (8.70 | ) | 1.86 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | (.03 | ) | (.37 | ) | (.27 | ) | — | |||||||||||||||
Net realized gains | — | (3.25 | ) | (6.76 | ) | — | — | (.03 | ) | |||||||||||||||
Total distributions | — | (3.25 | ) | (6.79 | ) | (.37 | ) | (.27 | ) | (.03 | ) | |||||||||||||
Net asset value, end of period | $ | 11.68 | $ | 15.85 | $ | 18.27 | $ | 10.62 | $ | 25.71 | $ | 34.68 | ||||||||||||
Total Returnc | (26.31 | %) | 6.12 | % | 148.23 | % | (57.59 | %) | (25.12 | %) | 5.65 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,410 | $ | 2,243 | $ | 8,999 | $ | 691 | $ | 14,040 | $ | 2,268 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (1.46 | %) | (1.37 | %) | (1.39 | %) | 0.21 | % | 0.99 | % | (0.16 | %) | ||||||||||||
Total expenses | 2.28 | % | 2.28 | % | 2.28 | % | 2.32 | % | 2.26 | % | 2.26 | % | ||||||||||||
Portfolio turnover rate | 312 | % | 692 | % | 443 | % | 878 | % | 566 | % | 728 | % |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report| 163 |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
H-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 17.38 | $ | 19.57 | $ | 11.07 | $ | 26.53 | $ | 35.51 | $ | 33.38 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.06 | ) | (.11 | ) | (.12 | ) | .27 | .33 | .15 | |||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (4.47 | ) | 1.17 | 15.41 | (15.36 | ) | (9.04 | ) | 2.01 | |||||||||||||||
Total from investment operations | (4.53 | ) | 1.06 | 15.29 | (15.09 | ) | (8.71 | ) | 2.16 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | (.03 | ) | (.37 | ) | (.27 | ) | — | |||||||||||||||
Net realized gains | — | (3.25 | ) | (6.76 | ) | — | — | (.03 | ) | |||||||||||||||
Total distributions | — | (3.25 | ) | (6.79 | ) | (.37 | ) | (.27 | ) | (.03 | ) | |||||||||||||
Net asset value, end of period | $ | 12.85 | $ | 17.38 | $ | 19.57 | $ | 11.07 | $ | 26.53 | $ | 35.51 | ||||||||||||
Total Returnc | (26.06 | %) | 6.94 | % | 150.07 | % | (57.20 | %) | (24.56 | %) | 6.46 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 4,145 | $ | 15,980 | $ | 216,500 | $ | 21,489 | $ | 51,563 | $ | 10,478 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (0.71 | %) | (0.56 | %) | 0.62 | % | 1.40 | % | 1.04 | % | 0.46 | % | ||||||||||||
Total expenses | 1.53 | % | 1.54 | % | 1.54 | % | 1.55 | % | 1.48 | % | 1.52 | % | ||||||||||||
Portfolio turnover rate | 312 | % | 692 | % | 443 | % | 878 | % | 566 | % | 728 | % |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | |
c | Total return does not reflect the impact of any applicable sales charges and has not been annualized. |
164 the RYDEX SGI series funds semi-annual report | See Notes to Financial Statements. |
FUND PROFILE (Unaudited) | September 30, 2011 | |
EUROPE 1.25x STRATEGY FUND |
![(GRAPHICS)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366921.gif)
Inception Dates: | ||||
A-Class | March 31, 2004 | |||
C-Class | May 10, 2001 | |||
H-Class | May 8, 2000 |
Ten Largest Holdings | ||||
(% of Total Net Assets) | ||||
Nestle S.A. ADR | 3.8 | % | ||
Novartis AG ADR | 3.5 | % | ||
Vodafone Group plc ADR | 3.1 | % | ||
HSBC Holdings plc ADR | 3.0 | % | ||
BP plc ADR | 2.8 | % | ||
GlaxoSmithKline plc ADR | 2.5 | % | ||
Royal Dutch Shell plc ADR | 2.5 | % | ||
Total S.A. ADR | 2.3 | % | ||
British American Tobacco plc ADR | 2.1 | % | ||
Sanofi ADR | 1.9 | % | ||
Top Ten Total | 27.5 | % | ||
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 |
Shares | Value | |||||||
COMMON STOCKS† - 56.1% | ||||||||
HEALTH CARE - 11.0% | ||||||||
Novartis AG ADR | 3,463 | $ | 193,132 | |||||
GlaxoSmithKline plc ADR | 3,360 | 138,734 | ||||||
Sanofi ADR | 3,170 | 103,976 | ||||||
AstraZeneca plc ADR | 2,330 | 103,359 | ||||||
Roche Holding AG ADR | 1,778 | 71,511 | ||||||
Total Health Care | 610,712 | |||||||
FINANCIALS - 10.8% | ||||||||
HSBC Holdings plc ADR | 4,382 | 166,691 | ||||||
Banco Santander S.A. ADR | 11,656 | 93,714 | ||||||
UBS AG | 5,649 | 64,568 | ||||||
Banco Bilbao Vizcaya Argentaria | ||||||||
S.A. ADR | 6,821 | 55,455 | ||||||
Deutsche Bank AG | 1,426 | 49,354 | ||||||
Credit Suisse Group AG ADR | 1,708 | 44,818 | ||||||
ING Groep N.V. ADR* | 5,635 | 39,727 | ||||||
Barclays plc ADR | 3,965 | 38,777 | ||||||
Allianz SE ADR | 3,567 | 33,316 | ||||||
Societe Generale S.A. ADR | 2,822 | 14,759 | ||||||
Total Financials | 601,179 | |||||||
CONSUMER STAPLES - 9.4% | ||||||||
Nestle S.A. ADR | 3,862 | 212,796 | ||||||
British American Tobacco plc ADR | 1,411 | 119,554 | ||||||
Unilever N.V. | 2,275 | 71,640 | ||||||
Diageo plc ADR | 931 | 70,691 | ||||||
Anheuser-Busch InBev N.V. ADR | 905 | 47,947 | ||||||
Total Consumer Staples | 522,628 | |||||||
ENERGY - 8.9% | ||||||||
BP plc ADR | 4,297 | 154,993 | ||||||
Royal Dutch Shell plc ADR | 2,229 | 137,128 | ||||||
Total S.A. ADR | 2,954 | 129,592 | ||||||
ENI SpA ADR | 1,983 | 69,663 | ||||||
Total Energy | 491,376 | |||||||
TELECOMMUNICATION SERVICES - 6.6% | ||||||||
Vodafone Group plc ADR | 6,640 | 170,316 | ||||||
Telefonica S.A. ADR | 5,198 | 99,386 | ||||||
Deutsche Telekom AG ADR | 4,559 | 53,477 | ||||||
France Telecom S.A. ADR | 2,467 | 40,385 | ||||||
Total Telecommunication Services | 363,564 | |||||||
MATERIALS - 3.7% | ||||||||
BHP Billiton Ltd. ADR | 1,276 | 84,777 | ||||||
Rio Tinto plc ADR | 1,908 | 84,105 | ||||||
Anglo American plc ADR | 2,179 | 37,217 | ||||||
Total Materials | 206,099 | |||||||
INDUSTRIALS - 2.8% | ||||||||
Siemens AG ADR | 1,087 | 97,602 | ||||||
ABB, Ltd. ADR | 3,417 | 58,362 | ||||||
Total Industrials | 155,964 | |||||||
INFORMATION TECHNOLOGY - 1.7% | ||||||||
SAP AG ADR | 1,370 | 69,349 | ||||||
Nokia Oyj ADR | 4,335 | 24,536 | ||||||
Total Information Technology | 93,885 | |||||||
CONSUMER DISCRETIONARY - 1.2% | ||||||||
Daimler AG | 1,516 | 67,235 | ||||||
Total Common Stocks (Cost $2,933,018) | 3,112,642 | |||||||
Face | ||||||||
Amount | ||||||||
REPURCHASE AGREEMENTS††,1 - 36.3% | ||||||||
HSBC Group issued 09/30/11 at 0.00% due 10/03/11 | $ | 1,091,892 | 1,091,892 | |||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | 540,023 | 540,023 | ||||||
Mizuho Financial Group, Inc. issued 09/30/11 at 0.01% due 10/03/11 | 383,783 | 383,783 | ||||||
Total Repurchase Agreements (Cost $2,015,698) | 2,015,698 | |||||||
Total Investments - 92.4% (Cost $4,948,716) | $ | 5,128,340 | ||||||
Cash & Other Assets, Less Liabilities — 7.6% | 423,173 | |||||||
Total Net Assets — 100.0% | $ | 5,551,513 | ||||||
166 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | September 30, 2011 |
Unrealized | ||||||||
Contracts | Gain (Loss) | |||||||
FUTURES CONTRACTS PURCHASED† | ||||||||
December 2011 STOXX 50 Index Futures Contracts (Aggregate Value of Contracts $2,332,185) | 82 | $ | 13,164 | |||||
December 2011 EURO STOXX 50 Index Futures Contracts (Aggregate Value of Contracts $1,548,128) | 54 | (22,950 | ) | |||||
(Total Aggregate Value of Contracts $3,880,313) | $ | (9,786 | ) | |||||
CURRENCY FUTURES CONTRACTS PURCHASED† | ||||||||
December 2011 EURO Currency Futures Contracts (Aggregate Value of Contracts $4,017,300) | 24 | $ | (51,481 | ) | ||||
![(GRAPHIC)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366922.gif)
the market value of Common Stocks.
* | Non-income producing security. | |
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | Repurchase Agreements — See Note 5. | |
ADR — American Depositary Receipt | ||
plc — Public Limited Company |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 167 |
September 30, 2011 | ||||
Assets: | ||||
Investments, at value (cost $2,933,018) | $ | 3,112,642 | ||
Repurchase agreements, at value (cost $2,015,698) | 2,015,698 | |||
Foreign currency, at value (cost $377,140) | 372,170 | |||
Segregated cash with broker | 458,459 | |||
Receivables: | ||||
Fund shares sold | 149,076 | |||
Foreign taxes reclaim | 13,634 | |||
Dividends | 12,259 | |||
Total assets | 6,133,938 | |||
Liabilities: | ||||
Due to broker | 379,163 | |||
Payable for: | ||||
Variation margin | 131,579 | |||
Fund shares redeemed | 52,756 | |||
Management fees | 4,453 | |||
Distribution and service fees | 1,591 | |||
Transfer agent and administrative fees | 1,237 | |||
Portfolio accounting fees | 495 | |||
Miscellaneous | 11,151 | |||
Total liabilities | 582,425 | |||
Net assets | $ | 5,551,513 | ||
Net assets consist of: | ||||
Paid in capital | $ | 24,033,165 | ||
Undistributed net investment income | 155,892 | |||
Accumulated net realized loss on investments | (18,750,541 | ) | ||
Net unrealized appreciation on investments | 112,997 | |||
Net assets | $ | 5,551,513 | ||
A-Class: | ||||
Net assets | $ | 203,813 | ||
Capital shares outstanding | 19,537 | |||
Net asset value per share | $ | 10.43 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 10.95 | ||
C-Class: | ||||
Net assets | $ | 636,421 | ||
Capital shares outstanding | 66,460 | |||
Net asset value per share | $ | 9.57 | ||
H-Class: | ||||
Net assets | $ | 4,711,279 | ||
Capital shares outstanding | 451,496 | |||
Net asset value per share | $ | 10.43 | ||
Period Ended September 30, 2011 | ||||
Investment Income: | ||||
Dividends (net of foreign withholding tax of $2,396) | $ | 334,777 | ||
Interest | 274 | |||
Total investment income | 335,051 | |||
Expenses: | ||||
Management fees | 84,448 | |||
Transfer agent and administrative fees | 23,458 | |||
Distribution and service fees: | ||||
A-Class | 737 | |||
C-Class | 2,891 | |||
H-Class | 21,998 | |||
Portfolio accounting fees | 9,383 | |||
Trustees’ fees* | 1,013 | |||
Miscellaneous | 16,456 | |||
Total expenses | 160,384 | |||
Net investment income | 174,667 | |||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments | 209,704 | |||
Futures contracts | (1,416,376 | ) | ||
Foreign currency | (10,443 | ) | ||
Net realized loss | (1,217,115 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (2,150,439 | ) | ||
Futures contracts | (195,259 | ) | ||
Foreign currency | (5,750 | ) | ||
Net change in unrealized appreciation (depreciation) | (2,351,448 | ) | ||
Net realized and unrealized loss | (3,568,563 | ) | ||
Net decrease in net assets resulting from operations | $ | (3,393,896 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
168 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment income | $ | 174,667 | $ | 139,166 | ||||
Net realized loss on investments | (1,217,115 | ) | (2,967,256 | ) | ||||
Net change in unrealized appreciation (depreciation) on investments | (2,351,448 | ) | 1,903,749 | |||||
Net decrease in net assets resulting from operations | (3,393,896 | ) | (924,341 | ) | ||||
Distributions to shareholders | — | — | ||||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
A-Class | 4,668,187 | 24,294,825 | ||||||
C-Class | 9,237,143 | 51,477,462 | ||||||
H-Class | 83,728,636 | 282,350,914 | ||||||
Cost of shares redeemed | ||||||||
A-Class | (4,647,196 | ) | (23,420,946 | ) | ||||
C-Class | (9,111,410 | ) | (52,874,691 | ) | ||||
H-Class | (99,261,368 | ) | (266,134,416 | ) | ||||
Net increase (decrease) from capital share transactions | (15,386,008 | ) | 15,693,148 | |||||
Net increase (decrease) in net assets | (18,779,904 | ) | 14,768,807 | |||||
Net assets: | ||||||||
Beginning of period | 24,331,417 | 9,562,610 | ||||||
End of period | $ | 5,551,513 | $ | 24,331,417 | ||||
Accumulated/(Undistributed) net investment income/(loss) at end of period | $ | 155,892 | $ | (18,775 | ) | |||
Capital share activity: | ||||||||
Shares sold | ||||||||
A-Class | 337,473 | 1,938,982 | ||||||
C-Class | 775,601 | 4,392,090 | ||||||
H-Class | 6,194,303 | 21,984,676 | ||||||
Shares redeemed | ||||||||
A-Class | (350,320 | ) | (1,939,280 | ) | ||||
C-Class | (758,322 | ) | (4,503,196 | ) | ||||
H-Class | (7,395,398 | ) | (20,824,312 | ) | ||||
Net increase (decrease) in shares | (1,196,663 | ) | 1,048,960 | |||||
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 169 |
FINANCIAL HIGHLIGHTS
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | ||||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||
Net asset value, beginning of period | $ | 14.06 | $ | 14.18 | $ | 8.36 | $ | 22.25 | $ | 24.13 | $ | 20.06 | |||||||||||||
Income (loss) from investment operations: | |||||||||||||||||||||||||
Net investment incomeb | .09 | .08 | .04 | .18 | .62 | .54 | |||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (3.72 | ) | (.20 | ) | 5.78 | (14.07 | ) | (1.57 | ) | 3.65 | |||||||||||||||
Total from investment operations | (3.63 | ) | (.12 | ) | 5.82 | (13.89 | ) | (.95 | ) | 4.19 | |||||||||||||||
Less distributions from: | |||||||||||||||||||||||||
Net investment income | — | — | — | — | (.23 | ) | (.12 | ) | |||||||||||||||||
Net realized gains | — | — | — | — | (.70 | ) | — | ||||||||||||||||||
Total distributions | — | — | — | — | (.93 | ) | (.12 | ) | |||||||||||||||||
Net asset value, end of period | $ | 10.43 | $ | 14.06 | $ | 14.18 | $ | 8.36 | $ | 22.25 | $ | 24.13 | |||||||||||||
Total ReturnC | (25.82 | %) | (0.85 | %) | 69.62 | % | (62.43 | %) | (4.60 | %) | 20.90 | % | |||||||||||||
Ratios/Supplemental Data | |||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 204 | $ | 455 | $ | 463 | $ | 316 | $ | 1,750 | $ | 10,892 | |||||||||||||
Ratios to average net assets: | |||||||||||||||||||||||||
Net investment income | 1.33 | % | 0.66 | % | 0.33 | % | 1.05 | % | 2.42 | % | 2.33 | % | |||||||||||||
Total expenses | 1.69 | % | 1.69 | % | 1.66 | % | 1.68 | % | 1.69 | % | 1.54 | % | |||||||||||||
Portfolio turnover rate | 92 | % | 515 | % | 1,353 | % | 384 | % | 320 | % | 373 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | ||||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||
Net asset value, beginning of period | $ | 12.97 | $ | 13.17 | $ | 7.83 | $ | 21.00 | $ | 22.98 | $ | 19.25 | |||||||||||||
Income (loss) from investment operations: | |||||||||||||||||||||||||
Net investment income (loss)b | .04 | .03 | (.04 | ) | .07 | .31 | .39 | ||||||||||||||||||
Net gain (loss) on investments | |||||||||||||||||||||||||
(realized and unrealized) | (3.44 | ) | (.23 | ) | 5.38 | (13.24 | ) | (1.36 | ) | 3.46 | |||||||||||||||
Total from investment operations | (3.40 | ) | (.20 | ) | 5.34 | (13.17 | ) | (1.05 | ) | 3.85 | |||||||||||||||
Less distributions from: | |||||||||||||||||||||||||
Net investment income | — | — | — | — | (.23 | ) | (.12 | ) | |||||||||||||||||
Net realized gains | — | — | — | — | (.70 | ) | — | ||||||||||||||||||
Total distributions | — | — | — | — | (.93 | ) | (.12 | ) | |||||||||||||||||
Net asset value, end of period | $ | 9.57 | $ | 12.97 | $ | 13.17 | $ | 7.83 | $ | 21.00 | $ | 22.98 | |||||||||||||
Total Returnc | (26.21 | %) | (1.52 | %) | 68.20 | % | (62.71 | %) | (5.28 | %) | 20.01 | % | |||||||||||||
Ratios/Supplemental Data | |||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 636 | $ | 638 | $ | 2,111 | $ | 754 | $ | 6,149 | $ | 9,539 | |||||||||||||
Ratios to average net assets: | |||||||||||||||||||||||||
Net investment income (loss) | 0.66 | % | 0.22 | % | (0.36 | %) | 0.42 | % | 1.27 | % | 1.85 | % | |||||||||||||
Total expenses | 2.44 | % | 2.43 | % | 2.42 | % | 2.43 | % | 2.40 | % | 2.40 | % | |||||||||||||
Portfolio turnover rate | 92 | % | 515 | % | 1,353 | % | 384 | % | 320 | % | 373 | % |
170 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | ||||||||||||||||||||
H-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||
Net asset value, beginning of period | $ | 14.06 | $ | 14.20 | $ | 8.36 | $ | 22.26 | $ | 24.14 | $ | 20.06 | |||||||||||||
Income (loss) from investment operations: | |||||||||||||||||||||||||
Net investment incomeb | .13 | .09 | .03 | .21 | .57 | .59 | |||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (3.76 | ) | (.23 | ) | 5.81 | (14.11 | ) | (1.52 | ) | 3.61 | |||||||||||||||
Total from investment operations | (3.63 | ) | (.14 | ) | 5.84 | (13.90 | ) | (.95 | ) | 4.20 | |||||||||||||||
Less distributions from: | |||||||||||||||||||||||||
Net investment income | — | — | — | — | (.23 | ) | (.12 | ) | |||||||||||||||||
Net realized gains | — | — | — | — | (.70 | ) | — | ||||||||||||||||||
Total distributions | — | — | — | — | (.93 | ) | (.12 | ) | |||||||||||||||||
Net asset value, end of period | $ | 10.43 | $ | 14.06 | $ | 14.20 | $ | 8.36 | $ | 22.26 | $ | 24.14 | |||||||||||||
Total Returnc | (25.82 | %) | (0.99 | %) | 69.86 | % | (62.44 | %) | (4.60 | %) | 20.95 | % | |||||||||||||
Ratios/Supplemental Data | |||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 4,711 | $ | 23,238 | $ | 6,989 | $ | 4,739 | $ | 21,670 | $ | 57,887 | |||||||||||||
Ratios to average net assets: | |||||||||||||||||||||||||
Net investment income | 1.92 | % | 0.70 | % | 0.21 | % | 1.22 | % | 2.20 | % | 2.63 | % | |||||||||||||
Total expenses | 1.69 | % | 1.69 | % | 1.70 | % | 1.71 | % | 1.67 | % | 1.66 | % | |||||||||||||
Portfolio turnover rate | 92 | % | 515 | % | 1,353 | % | 384 | % | 320 | % | 373 | % |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | |
c | Total return does not reflect the impact of any applicable sales charges and has not been annualized. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 171 |
FUND PROFILE (Unaudited) | September 30, 2011 |
![(GRAPHIC)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366923.gif)
Inception Dates: | ||||
A-Class | February 22, 2008 | |||
C-Class | February 22, 2008 | |||
H-Class | February 22, 2008 |
172 | the RYDEX | SGI series funds semi-annual report |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 |
Face | ||||||||
Amount | Value | |||||||
REPURCHASE AGREEMENTS††,1 - 80.7% | ||||||||
HSBC Group | ||||||||
issued 09/30/11 at 0.00% | ||||||||
due 10/03/11 | $ | 1,459,556 | $ | 1,459,556 | ||||
Credit Suisse Group | ||||||||
issued 09/30/11 at 0.00% | ||||||||
due 10/03/11 | 721,861 | 721,861 | ||||||
Mizuho Financial Group, Inc. | ||||||||
issued 09/30/11 at 0.01% | ||||||||
due 10/03/11 | 513,012 | 513,012 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $2,694,429) | 2,694,429 | |||||||
Total Investments — 80.7% | ||||||||
(Cost $2,694,429) | $ | 2,694,429 | ||||||
Cash & Other Assets, | ||||||||
Less Liabilities — 19.3% | 644,991 | |||||||
Total Net Assets — 100.0% | $ | 3,339,420 | ||||||
Unrealized | ||||||||
Contracts | Gain (Loss) | |||||||
FUTURES CONTRACTS PURCHASED† | ||||||||
December 2011 Nikkei-225 | ||||||||
Stock Average Index | ||||||||
Futures Contracts | ||||||||
(Aggregate Value of Contracts $6,696,300) | 156 | $ | 1,665 | |||||
CURRENCY FUTURES CONTRACTS PURCHASED† | ||||||||
December 2011 Japanese Yen | ||||||||
Currency Futures Contracts | ||||||||
(Aggregate Value of Contracts $6,650,713) | 41 | $ | (27,521 | ) | ||||
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | Repurchase Agreements — See Note 5. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 173 |
September 30, 2011 | ||||
Assets: | ||||
Repurchase agreements, at value | ||||
(cost $2,694,429) | $ | 2,694,429 | ||
Segregated cash with broker | 852,000 | |||
Receivables: | ||||
Fund shares sold | 1,752 | |||
Total assets | 3,548,181 | |||
Liabilities: | ||||
Payable for: | ||||
Variation margin | 158,619 | |||
Fund shares redeemed | 39,498 | |||
Management fees | 2,486 | |||
Distribution and service fees | 922 | |||
Transfer agent and administrative fees | 829 | |||
Portfolio accounting fees | 331 | |||
Miscellaneous | 6,076 | |||
Total liabilities | 208,761 | |||
Net assets | $ | 3,339,420 | ||
Net assets consist of: | ||||
Paid in capital | $ | 6,172,309 | ||
Accumulated net investment loss | (78,757 | ) | ||
Accumulated net realized loss on investments | (2,728,276 | ) | ||
Net unrealized depreciation on investments | (25,856 | ) | ||
Net assets | $ | 3,339,420 | ||
A-Class: | ||||
Net assets | $ | 1,177,220 | ||
Capital shares outstanding | 91,352 | |||
Net asset value per share | $ | 12.89 | ||
Maximum offering price per share | ||||
(Net asset value divided by 95.25%) | $ | 13.53 | ||
C-Class: | ||||
Net assets | $ | 127,886 | ||
Capital shares outstanding | 10,197 | |||
Net asset value per share | $ | 12.54 | ||
H-Class: | ||||
Net assets | $ | 2,034,314 | ||
Capital shares outstanding | 157,470 | |||
Net asset value per share | $ | 12.92 | ||
Period Ended September 30, 2011 | ||||
Investment Income: | ||||
Interest | $ | 1,039 | ||
Total investment income | 1,039 | |||
Expenses: | ||||
Management fees | 39,010 | |||
Transfer agent and administrative fees | 13,003 | |||
Distribution and service fees: | ||||
A-Class | 4,651 | |||
C-Class | 1,075 | |||
H-Class | 8,083 | |||
Portfolio accounting fees | 5,201 | |||
Trustees’ fees* | 482 | |||
Miscellaneous | 8,291 | |||
Total expenses | 79,796 | |||
Net investment loss | (78,757 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Futures contracts | (1,211,148 | ) | ||
Net realized loss | (1,211,148 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Futures contracts | (569,414 | ) | ||
Net change in unrealized appreciation (depreciation) | (569,414 | ) | ||
Net realized and unrealized loss | (1,780,562 | ) | ||
Net decrease in net assets resulting | ||||
from operations | $ | (1,859,319 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
174 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment loss | $ | (78,757 | ) | $ | (96,087 | ) | ||
Net realized loss on investments | (1,211,148 | ) | (372,576 | ) | ||||
Net change in unrealized appreciation (depreciation) on investments | (569,414 | ) | 380,066 | |||||
Net decrease in net assets resulting from operations | (1,859,319 | ) | (88,597 | ) | ||||
Distributions to shareholders | — | — | ||||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
A-Class | 5,377,456 | 17,011,157 | ||||||
C-Class | 1,024,688 | 26,730,136 | ||||||
H-Class | 41,840,200 | 76,584,589 | ||||||
Cost of shares redeemed | ||||||||
A-Class | (10,137,475 | ) | (13,470,349 | ) | ||||
C-Class | (993,915 | ) | (26,785,624 | ) | ||||
H-Class | (43,388,580 | ) | (76,584,721 | ) | ||||
Net increase (decrease) from capital share transactions | (6,277,626 | ) | 3,485,188 | |||||
Net increase (decrease) in net assets | (8,136,945 | ) | 3,396,591 | |||||
Net assets: | ||||||||
Beginning of period | 11,476,365 | 8,079,774 | ||||||
End of period | $ | 3,339,420 | $ | 11,476,365 | ||||
Accumulated net investment loss at end of period | $ | (78,757 | ) | $ | — | |||
Capital share activity: | ||||||||
Shares sold | ||||||||
A-Class | 364,144 | 1,106,525 | ||||||
C-Class | 69,073 | 1,765,492 | ||||||
H-Class | 2,718,176 | 4,903,823 | ||||||
Shares redeemed | ||||||||
A-Class | (669,517 | ) | (845,237 | ) | ||||
C-Class | (71,829 | ) | (1,779,134 | ) | ||||
H-Class | (2,918,334 | ) | (4,874,700 | ) | ||||
Net increase (decrease) in shares | (508,287 | ) | 276,769 | |||||
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 175 |
Period Ended | Year Ended | Year Ended | Year Ended | Period Ended | ||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | ||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008b | |||||||||||||||
Per Share Data | ||||||||||||||||||||
Net asset value, beginning of period | $ | 14.95 | $ | 16.49 | $ | 9.01 | $ | 25.12 | $ | 25.00 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment lossc | (.11 | ) | (.24 | ) | (.19 | ) | (.06 | ) | (— | )d | ||||||||||
Net gain (loss) on investments (realized and unrealized) | (1.95 | ) | (1.30 | ) | 7.67 | (16.24 | ) | .12 | ||||||||||||
Total from investment operations | (2.06 | ) | (1.54 | ) | 7.48 | (16.30 | ) | .12 | ||||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | — | — | — | (.01 | ) | — | ||||||||||||||
Total distributions | — | — | — | (.01 | ) | — | ||||||||||||||
Payments by affiliates | — | — | — | .20 | e | — | ||||||||||||||
Net asset value, end of period | $ | 12.89 | $ | 14.95 | $ | 16.49 | $ | 9.01 | $ | 25.12 | ||||||||||
Total Returnf | (13.78 | %) | (9.34 | %) | 83.02 | % | (64.10 | %)e | 0.48 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,177 | $ | 5,931 | $ | 2,234 | $ | 299 | $ | 636 | ||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net investment loss | (1.50 | %) | (1.45 | %) | (1.42 | %) | (0.42 | %) | (0.12 | %) | ||||||||||
Total expenses | 1.52 | % | 1.55 | % | 1.53 | % | 1.53 | % | 1.25 | % | ||||||||||
Portfolio turnover rate | — | — | — | — | — |
Period Ended | Year Ended | Year Ended | Year Ended | Period Ended | ||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | ||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008b | |||||||||||||||
Per Share Data | ||||||||||||||||||||
Net asset value, beginning of period | $ | 14.60 | $ | 16.23 | $ | 8.94 | $ | 25.10 | $ | 25.00 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment lossc | (.17 | ) | (.31 | ) | (.31 | ) | (.17 | ) | (.02 | ) | ||||||||||
Net gain (loss) on investments (realized and unrealized) | (1.89 | ) | (1.32 | ) | 7.60 | (16.18 | ) | .12 | ||||||||||||
Total from investment operations | (2.06 | ) | (1.63 | ) | 7.29 | (16.35 | ) | .10 | ||||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | — | — | — | (.01 | ) | — | ||||||||||||||
Total distributions | — | — | — | (.01 | ) | — | ||||||||||||||
Payments by affiliates | — | — | — | .20 | e | — | ||||||||||||||
Net asset value, end of period | $ | 12.54 | $ | 14.60 | $ | 16.23 | $ | 8.94 | $ | 25.10 | ||||||||||
Total Returnf | (14.11 | %) | (10.04 | %) | 81.54 | % | (64.35 | %)e | 0.40 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 128 | $ | 189 | $ | 432 | $ | 879 | $ | 240 | ||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net investment loss | (2.25 | %) | (2.18 | %) | (2.20 | %) | (0.98 | %) | (0.74 | %) | ||||||||||
Total expenses | 2.27 | % | 2.29 | % | 2.28 | % | 2.26 | % | 2.21 | % | ||||||||||
Portfolio turnover rate | — | — | — | — | — |
176 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year Ended | Year Ended | Year Ended | Period Ended | ||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | ||||||||||||||||
H-Class | 2011a | 2011 | 2010 | 2009 | 2008b | |||||||||||||||
Per Share Data | ||||||||||||||||||||
Net asset value, beginning of period | $ | 14.98 | $ | 16.48 | $ | 9.01 | $ | 25.12 | $ | 25.00 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment lossc | (.12 | ) | (.23 | ) | (.21 | ) | (.08 | ) | — | d | ||||||||||
Net gain (loss) on investments | ||||||||||||||||||||
(realized and unrealized) | (1.94 | ) | (1.27 | ) | 7.68 | (16.22 | ) | .12 | ||||||||||||
Total from investment operations | (2.06 | ) | (1.50 | ) | 7.47 | (16.30 | ) | .12 | ||||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | — | — | — | (.01 | ) | — | ||||||||||||||
Total distributions | — | — | — | (.01 | ) | — | ||||||||||||||
Payments by affiliates | — | — | — | .20 | e | — | ||||||||||||||
Net asset value, end of period | $ | 12.92 | $ | 14.98 | $ | 16.48 | $ | 9.01 | $ | 25.12 | ||||||||||
Total Returnf | (13.75 | %) | (9.10 | %) | 82.91 | % | (64.10 | %)e | 0.48 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 2,034 | $ | 5,356 | $ | 5,414 | $ | 6,531 | $ | 5,243 | ||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net investment income (loss) | (1.50 | %) | (1.44 | %) | (1.44 | %) | (0.55 | %) | 0.17 | % | ||||||||||
Total expenses | 1.52 | % | 1.54 | % | 1.53 | % | 1.52 | % | 1.44 | % | ||||||||||
Portfolio turnover rate | — | — | — | — | — |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Since commencement of operations: February 22, 2008. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
c | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | |
d | Net investment income is less than $0.01 per share. | |
e | 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. | |
f | Total return does not reflect the impact of any applicable sales charges and has not been annualized. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 177 |
FUND PROFILE (Unaudited) | September 30, 2011 |
![(GRAPHIC)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366924.gif)
Inception Dates: | ||||
A-Class | May 25, 2005 | |||
C-Class | May 25, 2005 | |||
H-Class | May 25, 2005 |
the RYDEX SGI series funds semi-annual report | 179 |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 |
Face | ||||||||||||||||||||
Amount | Value | |||||||||||||||||||
FEDERAL AGENCY DISCOUNT NOTE†† - 11.2% | ||||||||||||||||||||
Farmer Mac1 | ||||||||||||||||||||
0.11% due 02/21/12 | $ | 10,000,000 | $ | 9,999,220 | ||||||||||||||||
Total Federal Agency Discount Note (Cost $9,995,631) | 9,999,220 | |||||||||||||||||||
REPURCHASE AGREEMENTS††,2 - 75.7% | ||||||||||||||||||||
HSBC Group | ||||||||||||||||||||
issued 09/30/11 at 0.00% due 10/03/11 | 36,496,780 | 36,496,780 | ||||||||||||||||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | 18,050,418 | 18,050,418 | ||||||||||||||||||
Mizuho Financial Group, Inc. issued 09/30/11 at 0.01% due 10/03/11 | 12,828,058 | 12,828,058 | ||||||||||||||||||
Total Repurchase Agreements (Cost $67,375,256) | 67,375,256 | |||||||||||||||||||
Total Investments - 86.9% (Cost $77,370,887) | $ | 77,374,476 | ||||||||||||||||||
Cash & Other Assets, | ||||||||||||||||||||
Less Liabilities — 13.1% | 11,686,837 | |||||||||||||||||||
Total Net Assets — 100.0% | $ | 89,061,313 | ||||||||||||||||||
Unrealized | ||||||||
Contracts | Gain | |||||||
CURRENCY FUTURES CONTRACTS PURCHASED† | ||||||||
December 2011 U.S. Dollar Index | ||||||||
Futures Contracts | ||||||||
(Aggregate Value of Contracts $152,474,670) | 1,923 | $ | 2,067,552 | |||||
Units | ||||||||
CURRENCY INDEX SWAP AGREEMENTS†† | ||||||||
Goldman Sachs International November 2011 U.S. Dollar Index | ||||||||
Swap, Terminating 11/29/113 | ||||||||
(Notional Value $25,995,902) | 328,770 | $ | 427,285 | |||||
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | The issuer operates under a Congressional charter; its securities are neither issued nor guaranteed by the U.S. Government. | |
2 | Repurchase Agreements — See Note 5. | |
3 | Total Return based on U.S. Dollar Index +/- financing at a variable rate. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 179 |
Assets: | ||||
Investments, at value (cost $9,995,631) | $ | 9,999,220 | ||
Repurchase agreements, at value (cost $67,375,256) | 67,375,256 | |||
Segregated cash with broker | 4,465,534 | |||
Unrealized appreciation on swap agreements | 427,285 | |||
Receivable for swap settlement | 334,949 | |||
Receivables: | ||||
Fund shares sold | 6,042,462 | |||
Variation margin | 1,228,473 | |||
Total assets | 89,873,179 | |||
Liabilities: | ||||
Payable for: | ||||
Fund shares redeemed | 664,233 | |||
Management fees | 52,926 | |||
Distribution and service fees | 16,618 | |||
Transfer agent and administrative fees | 14,702 | |||
Portfolio accounting fees | 5,880 | |||
Miscellaneous | 57,507 | |||
Total liabilities | 811,866 | |||
Net assets | $ | 89,061,313 | ||
Net assets consist of: | ||||
Paid in capital | $ | 107,281,651 | ||
Accumulated net investment loss | (390,465 | ) | ||
Accumulated net realized loss on investments | (20,328,299 | ) | ||
Net unrealized appreciation on investments | 2,498,426 | |||
Net assets | $ | 89,061,313 | ||
A-Class: | ||||
Net assets | $ | 19,031,186 | ||
Capital shares outstanding | 1,353,596 | |||
Net asset value per share | $ | 14.06 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 14.76 | ||
C-Class: | ||||
Net assets | $ | 3,748,842 | ||
Capital shares outstanding | 281,134 | |||
Net asset value per share | $ | 13.33 | ||
H-Class: | ||||
Net assets | $ | 66,281,285 | ||
Capital shares outstanding | 4,735,864 | |||
Net asset value per share | $ | 13.99 | ||
Investment Income: | ||||
Interest | $ | 21,141 | ||
Total investment income | 21,141 | |||
Expenses: | ||||
Management fees | 211,529 | |||
Transfer agent and administrative fees | 58,758 | |||
Distribution and service fees: | ||||
A-Class | 10,504 | |||
C-Class | 15,287 | |||
H-Class | 44,432 | |||
Portfolio accounting fees | 23,503 | |||
Trustees’ fees* | 1,289 | |||
Miscellaneous | 46,304 | |||
Total expenses | 411,606 | |||
Net investment loss | (390,465 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Swap agreements | (412,788 | ) | ||
Futures contracts | 2,047,396 | |||
Net realized gain | 1,634,608 | |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (4,164 | ) | ||
Swap agreements | 602,968 | |||
Futures contracts | 2,384,328 | |||
Net change in unrealized appreciation (depreciation) | 2,983,132 | |||
Net realized and unrealized gain | 4,617,740 | |||
Net increase in net assets resulting from operations | $ | 4,227,275 | ||
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
180 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment loss | $ | (390,465 | ) | $ | (753,122 | ) | ||
Net realized gain (loss) on investments | 1,634,608 | (5,041,903 | ) | |||||
Net change in unrealized appreciation (depreciation) on investments | 2,983,132 | (1,296,163 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 4,227,275 | (7,091,188 | ) | |||||
Distributions to shareholders | — | — | ||||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
A-Class | 35,821,499 | 17,727,633 | ||||||
C-Class | 33,811,862 | 108,147,406 | ||||||
H-Class | 181,457,285 | 305,686,505 | ||||||
Cost of shares redeemed | ||||||||
A-Class | (24,193,298 | ) | (27,399,277 | ) | ||||
C-Class | (34,187,215 | ) | (113,295,488 | ) | ||||
H-Class | (138,752,541 | ) | (341,270,791 | ) | ||||
Net increase (decrease) from capital share transactions | 53,957,592 | (50,404,012 | ) | |||||
Net increase (decrease) in net assets | 58,184,867 | (57,495,200 | ) | |||||
Net assets: | ||||||||
Beginning of period | 30,876,446 | 88,371,646 | ||||||
End of period | $ | 89,061,313 | $ | 30,876,446 | ||||
Accumulated net investment loss at end of period | $ | (390,465 | ) | $ | — | |||
Capital share activity: | ||||||||
Shares sold | ||||||||
A-Class | 2,724,306 | 1,056,533 | ||||||
C-Class | 2,733,759 | 7,130,889 | ||||||
H-Class | 13,915,154 | 19,388,467 | ||||||
Shares redeemed | ||||||||
A-Class | (1,824,937 | ) | (1,629,766 | ) | ||||
C-Class | (2,766,618 | ) | (7,490,156 | ) | ||||
H-Class | (10,726,565 | ) | (21,578,685 | ) | ||||
Net increase (decrease) in shares | 4,055,099 | (3,122,718 | ) | |||||
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 181 |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 13.46 | $ | 16.38 | $ | 19.64 | $ | 19.85 | $ | 25.35 | $ | 27.74 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.11 | ) | (.25 | ) | (.25 | ) | .02 | .39 | .91 | |||||||||||||||
Net gain (loss) on investments (realized and unrealized) | .71 | (2.67 | ) | (3.01 | ) | 6.50 | (5.89 | ) | (3.30 | ) | ||||||||||||||
Total from investment operations | .60 | (2.92 | ) | (3.26 | ) | 6.52 | (5.50 | ) | (2.39 | ) | ||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net realized gains | — | — | — | (6.73 | ) | — | — | |||||||||||||||||
Total distributions | — | — | — | (6.73 | ) | — | — | |||||||||||||||||
Net asset value, end of period | $ | 14.06 | $ | 13.46 | $ | 16.38 | $ | 19.64 | $ | 19.85 | $ | 25.35 | ||||||||||||
Total Returnc | 4.46 | % | (17.83 | %) | (16.60 | %) | 30.59 | % | (21.70 | %) | (8.62 | %) | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 19,031 | $ | 6,115 | $ | 16,833 | $ | 7,314 | $ | 2,795 | $ | 108 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (1.61 | %) | (1.55 | %) | (1.57 | %) | 0.07 | % | 1.73 | % | 3.53 | % | ||||||||||||
Total expenses | 1.70 | % | 1.71 | % | 1.67 | % | 1.69 | % | 1.66 | % | 1.66 | % | ||||||||||||
Portfolio turnover rate | — | — | — | — | — | — |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 12.83 | $ | 15.74 | $ | 19.01 | $ | 19.42 | $ | 24.99 | $ | 27.56 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.14 | ) | (.35 | ) | (.36 | ) | (.14 | ) | .42 | .70 | ||||||||||||||
Net gain (loss) on investments (realized and unrealized) | .64 | (2.56 | ) | (2.91 | ) | 6.46 | (5.99 | ) | (3.27 | ) | ||||||||||||||
Total from investment operations | .50 | (2.91 | ) | (3.27 | ) | 6.32 | (5.57 | ) | (2.57 | ) | ||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net realized gains | — | — | — | (6.73 | ) | — | — | |||||||||||||||||
Total distributions | — | — | — | (6.73 | ) | — | — | |||||||||||||||||
Net asset value, end of period | $ | 13.33 | $ | 12.83 | $ | 15.74 | $ | 19.01 | $ | 19.42 | $ | 24.99 | ||||||||||||
Total Returnc | 3.90 | % | (18.49 | %) | (17.20 | %) | 30.36 | % | (22.29 | %) | (9.33 | %) | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 3,749 | $ | 4,028 | $ | 10,594 | $ | 5,728 | $ | 6,131 | $ | 2,630 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (2.34 | %) | (2.29 | %) | (2.31 | %) | (0.66 | %) | 1.84 | % | 2.75 | % | ||||||||||||
Total expenses | 2.45 | % | 2.46 | % | 2.42 | % | 2.44 | % | 2.40 | % | 2.40 | % | ||||||||||||
Portfolio turnover rate | — | — | — | — | — | — |
182 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
H-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 13.40 | $ | 16.31 | $ | 19.56 | $ | 19.83 | $ | 25.33 | $ | 27.71 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.10 | ) | (.25 | ) | (.25 | ) | .02 | .57 | .90 | |||||||||||||||
Net gain (loss) on investments (realized and unrealized) | .69 | (2.66 | ) | (3.00 | ) | 6.44 | (6.07 | ) | (3.28 | ) | ||||||||||||||
Total from investment operations | .59 | (2.91 | ) | (3.25 | ) | 6.46 | (5.50 | ) | (2.38 | ) | ||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net realized gains | — | — | — | (6.73 | ) | — | — | |||||||||||||||||
Total distributions | — | — | — | (6.73 | ) | — | — | |||||||||||||||||
Net asset value, end of period | $ | 13.99 | $ | 13.40 | $ | 16.31 | $ | 19.56 | $ | 19.83 | $ | 25.33 | ||||||||||||
Total Returnc | 4.40 | % | (17.84 | %) | (16.62 | %) | 30.25 | % | (21.71 | %) | (8.59 | %) | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 66,281 | $ | 20,733 | $ | 60,944 | $ | 22,147 | $ | 29,011 | $ | 11,946 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (1.61 | %) | (1.55 | %) | (1.57 | %) | 0.08 | % | 2.44 | % | 3.47 | % | ||||||||||||
Total expenses | 1.70 | % | 1.72 | % | 1.67 | % | 1.69 | % | 1.66 | % | 1.66 | % | ||||||||||||
Portfolio turnover rate | — | — | — | — | — | — |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | |
c | Total return does not reflect the impact of any applicable sales charges and has not been annualized. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 183 |
![(GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366925.gif)
A-Class | May 25, 2005 | |||
C-Class | May 25, 2005 | |||
H-Class | May 25, 2005 |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 | |
WEAKENING DOLLAR 2x STRATEGY FUND |
Face | ||||||||||||||||||||||
Amount | Value | |||||||||||||||||||||
FEDERAL AGENCY DISCOUNT NOTE†† - 42.9% | ||||||||||||||||||||||
Farmer Mac1 | ||||||||||||||||||||||
0.11% due 02/21/12 | $ | 10,000,000 | $ | 9,999,220 | ||||||||||||||||||
Total Federal Agency Discount Note (Cost $9,995,631) | 9,999,220 | |||||||||||||||||||||
REPURCHASE AGREEMENTS††,2 - 54.0% | ||||||||||||||||||||||
HSBC Group issued 09/30/11 at 0.00% due 10/03/11 | 6,813,847 | 6,813,847 | ||||||||||||||||||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | 3,369,963 | 3,369,963 | ||||||||||||||||||||
Mizuho Financial Group, Inc. issued 09/30/11 at 0.01% due 10/03/11 | 2,394,962 | 2,394,962 | ||||||||||||||||||||
Total Repurchase Agreements (Cost $12,578,772) | 12,578,772 | |||||||||||||||||||||
Total Investments - 96.9% (Cost $22,574,403) | $ | 22,577,992 | ||||||||||||||||||||
Cash & Other Assets, Less Liabilities — 3.1% | 710,296 | |||||||||||||||||||||
Total Net Assets — 100.0% | $ | 23,288,288 | ||||||||||||||||||||
Unrealized | ||||||||
Contracts | Loss | |||||||
CURRENCY FUTURES CONTRACTS SOLD SHORT† | ||||||||
December 2011 U.S. Dollar Index Futures Contracts (Aggregate Value of Contracts $46,067,490) | 581 | $ | (663,658 | ) | ||||
Units | ||||||||
CURRENCY INDEX SWAP AGREEMENTS SOLD SHORT†† | ||||||||
Goldman Sachs International November 2011 U.S. Dollar Index Swap, Terminating 11/29/113 (Notional Value $1,096,858) | 13,872 | $ | (37,187 | ) | ||||
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | The issuer operates under a Congressional charter; its securities are neither issued nor guaranteed by the U.S. Government. | |
2 | Repurchase Agreements — See Note 5. | |
3 | Total Return based on U.S. Dollar Index +/- financing at a variable rate. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 185 |
Assets: | ||||
Investments, at value (cost $9,995,631) | $ | 9,999,220 | ||
Repurchase agreements, at value (cost $12,578,772) | 12,578,772 | |||
Segregated cash with broker | 1,555,567 | |||
Receivables: | ||||
Fund shares sold | 138,777 | |||
Total assets | 24,272,336 | |||
Liabilities: | ||||
Unrealized depreciation on swap agreements | 37,187 | |||
Payable for: | ||||
Variation margin | 407,792 | |||
Swap settlement | 402,903 | |||
Fund shares redeemed | 38,698 | |||
Management fees | 21,557 | |||
Distribution and service fees | 7,642 | |||
Transfer agent and administrative fees | 5,988 | |||
Portfolio accounting fees | 2,395 | |||
Miscellaneous | 59,886 | |||
Total liabilities | 984,048 | |||
Net assets | $ | 23,288,288 | ||
Net assets consist of: | ||||
Paid in capital | $ | 37,722,579 | ||
Accumulated net investment loss | (319,386 | ) | ||
Accumulated net realized loss on investments | (13,417,649 | ) | ||
Net unrealized depreciation on investments | (697,256 | ) | ||
Net assets | $ | 23,288,288 | ||
A-Class: | ||||
Net assets | $ | 5,058,020 | ||
Capital shares outstanding | 269,217 | |||
Net asset value per share | $ | 18.79 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 19.72 | ||
C-Class: | ||||
Net assets | $ | 2,598,058 | ||
Capital shares outstanding | 146,827 | |||
Net asset value per share | $ | 17.69 | ||
H-Class: | ||||
Net assets | $ | 15,632,210 | ||
Capital shares outstanding | 832,628 | |||
Net asset value per share | $ | 18.77 | ||
Investment Income: | ||||
Interest | $ | 16,190 | ||
Total investment income | 16,190 | |||
Expenses: | ||||
Management fees | 170,853 | |||
Transfer agent and administrative fees | 47,459 | |||
Distribution and service fees: | ||||
A-Class | 8,107 | |||
C-Class | 16,791 | |||
H-Class | 35,154 | |||
Portfolio accounting fees | 18,983 | |||
Trustees’ fees* | 1,204 | |||
Miscellaneous | 37,025 | |||
Total expenses | 335,576 | |||
Net investment loss | (319,386 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Swap agreements | (78,952 | ) | ||
Futures contracts | (2,167,335 | ) | ||
Net realized loss | (2,246,287 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (2,257 | ) | ||
Swap agreements | (176,534 | ) | ||
Futures contracts | (1,071,363 | ) | ||
Net change in unrealized appreciation (depreciation) | (1,250,154 | ) | ||
Net realized and unrealized loss | (3,496,441 | ) | ||
Net decrease in net assets resulting from operations | $ | (3,815,827 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
186 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment loss | $ | (319,386 | ) | $ | (583,526 | ) | ||
Net realized gain (loss) on investments | (2,246,287 | ) | 2,498,240 | |||||
Net change in unrealized appreciation (depreciation) on investments | (1,250,154 | ) | 1,064,893 | |||||
Net increase (decrease) in net assets resulting from operations | (3,815,827 | ) | 2,979,607 | |||||
Distributions to shareholders | — | — | ||||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
A-Class | 9,761,943 | 4,356,031 | ||||||
C-Class | 7,412,937 | 12,924,698 | ||||||
H-Class | 70,864,625 | 111,744,031 | ||||||
Cost of shares redeemed | ||||||||
A-Class | (9,522,103 | ) | (6,022,901 | ) | ||||
C-Class | (8,544,155 | ) | (14,644,735 | ) | ||||
H-Class | (75,839,754 | ) | (120,468,235 | ) | ||||
Net decrease from capital share transactions | (5,866,507 | ) | (12,111,111 | ) | ||||
Net decrease in net assets | (9,682,334 | ) | (9,131,504 | ) | ||||
Net assets: | ||||||||
Beginning of period | 32,970,622 | 42,102,126 | ||||||
End of period | $ | 23,288,288 | $ | 32,970,622 | ||||
Accumulated net investment loss at end of period | $ | (319,386 | ) | $ | — | |||
Capital share activity: | ||||||||
Shares sold | ||||||||
A-Class | 457,712 | 238,396 | ||||||
C-Class | 374,717 | 721,312 | ||||||
H-Class | 3,358,205 | 6,176,809 | ||||||
Shares redeemed | ||||||||
A-Class | (462,628 | ) | (339,920 | ) | ||||
C-Class | (434,023 | ) | (825,578 | ) | ||||
H-Class | (3,678,958 | ) | (6,696,001 | ) | ||||
Net decrease in shares | (384,975 | ) | (724,982 | ) | ||||
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 187 |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 20.34 | $ | 17.98 | $ | 16.38 | $ | 29.27 | $ | 26.18 | $ | 22.70 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.17 | ) | (.28 | ) | (.30 | ) | (.07 | ) | .70 | .91 | ||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (1.38 | ) | 2.64 | 1.90 | (8.77 | ) | 7.17 | 2.57 | ||||||||||||||||
Total from investment operations | (1.55 | ) | 2.36 | 1.60 | (8.84 | ) | 7.87 | 3.48 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | — | (1.28 | ) | (4.78 | ) | — | ||||||||||||||||
Net realized gains | — | — | — | (2.77 | ) | (— | )c | — | ||||||||||||||||
Total distributions | — | — | — | (4.05 | ) | (4.78 | ) | — | ||||||||||||||||
Net asset value, end of period | $ | 18.79 | $ | 20.34 | $ | 17.98 | $ | 16.38 | $ | 29.27 | $ | 26.18 | ||||||||||||
Total Returnd | (7.62 | %) | 13.13 | % | 9.77 | % | (29.87 | %) | 32.49 | % | 15.33 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 5,058 | $ | 5,576 | $ | 6,753 | $ | 17,642 | $ | 22,148 | $ | 21,502 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (1.61 | %) | (1.54 | %) | (1.57 | %) | (0.30 | %) | 2.51 | % | 3.63 | % | ||||||||||||
Total expenses | 1.70 | % | 1.71 | % | 1.68 | % | 1.69 | % | 1.67 | % | 1.65 | % | ||||||||||||
Portfolio turnover rate | — | — | — | — | — | — |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 19.23 | $ | 17.12 | $ | 15.73 | $ | 28.53 | $ | 25.81 | $ | 22.55 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.23 | ) | (.39 | ) | (.43 | ) | (.21 | ) | .43 | .71 | ||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (1.31 | ) | 2.50 | 1.82 | (8.54 | ) | 7.07 | 2.55 | ||||||||||||||||
Total from investment operations | (1.54 | ) | 2.11 | 1.39 | (8.75 | ) | 7.50 | 3.26 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | — | (1.28 | ) | (4.78 | ) | — | ||||||||||||||||
Net realized gains | — | — | — | (2.77 | ) | (— | )c | — | ||||||||||||||||
Total distributions | — | — | — | (4.05 | ) | (4.78 | ) | — | ||||||||||||||||
Net asset value, end of period | $ | 17.69 | $ | 19.23 | $ | 17.12 | $ | 15.73 | $ | 28.53 | $ | 25.81 | ||||||||||||
Total Returnd | (8.01 | %) | 12.32 | % | 8.84 | % | (30.37 | %) | 31.47 | % | 14.46 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 2,598 | $ | 3,963 | $ | 5,314 | $ | 8,687 | $ | 21,604 | $ | 14,160 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (2.36 | %) | (2.29 | %) | (2.32 | %) | (0.93 | %) | 1.57 | % | 2.87 | % | ||||||||||||
Total expenses | 2.45 | % | 2.46 | % | 2.43 | % | 2.45 | % | 2.41 | % | 2.40 | % | ||||||||||||
Portfolio turnover rate | — | — | — | — | — | — |
188 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
H-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 20.32 | $ | 17.96 | $ | 16.37 | $ | 29.25 | $ | 26.18 | $ | 22.69 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.17 | ) | (.28 | ) | (.30 | ) | (.03 | ) | .68 | .90 | ||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (1.38 | ) | 2.64 | 1.89 | (8.80 | ) | 7.17 | 2.59 | ||||||||||||||||
Total from investment operations | (1.55 | ) | 2.36 | 1.59 | (8.83 | ) | 7.85 | 3.49 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | — | (1.28 | ) | (4.78 | ) | — | ||||||||||||||||
Net realized gains | — | — | — | (2.77 | ) | (— | )c | — | ||||||||||||||||
Total distributions | — | — | — | (4.05 | ) | (4.78 | ) | — | ||||||||||||||||
Net asset value, end of period | $ | 18.77 | $ | 20.32 | $ | 17.96 | $ | 16.37 | $ | 29.25 | $ | 26.18 | ||||||||||||
Total Returnd | (7.63 | %) | 13.14 | % | 9.71 | % | (29.86 | %) | 32.41 | % | 15.38 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 15,632 | $ | 23,432 | $ | 30,036 | $ | 60,249 | $ | 103,867 | $ | 110,480 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (1.62 | %) | (1.54 | %) | (1.57 | %) | (0.13 | %) | 2.45 | % | 3.60 | % | ||||||||||||
Total expenses | 1.70 | % | 1.71 | % | 1.68 | % | 1.70 | % | 1.67 | % | 1.65 | % | ||||||||||||
Portfolio turnover rate | — | — | — | — | — | — |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | |
c | Distributions from realized gains are less than $0.01 per share. | |
d | Total return does not reflect the impact of any applicable sales charges and has not been annualized. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 189 |
![(GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366926.gif)
A-Class | September 1, 2004 | |||
C-Class | February 20, 2004 | |||
H-Class | February 20, 2004 |
Simon Property Group, Inc. | 3.6 | % | ||
Public Storage | 2.9 | % | ||
Annaly Capital Management, Inc. | 2.5 | % | ||
HCP, Inc. | 2.4 | % | ||
Ventas, Inc. | 2.4 | % | ||
Equity Residential | 2.4 | % | ||
Vornado Realty Trust | 2.2 | % | ||
Boston Properties, Inc. | 2.2 | % | ||
AvalonBay Communities, Inc. | 2.0 | % | ||
General Growth Properties, Inc. | 1.9 | % | ||
Top Ten Total | 24.5 | % | ||
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 | |
REAL ESTATE FUND |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
REAL ESTATE INVESTMENT TRUSTS (REITs) - 94.6% | ||||||||
SPECIALIZED REITs - 23.9% | ||||||||
Public Storage | 2,803 | $ | 312,114 | |||||
HCP, Inc. | 7,475 | 262,074 | ||||||
Ventas, Inc. | 5,240 | 258,856 | ||||||
Health Care REIT, Inc. | 4,139 | 193,705 | ||||||
Host Hotels & Resorts, Inc. | 14,560 | 159,286 | ||||||
Plum Creek Timber Company, Inc. | 4,530 | 157,236 | ||||||
Rayonier, Inc. | 3,755 | 138,146 | ||||||
Senior Housing Properties Trust | 5,808 | 125,104 | ||||||
Hospitality Properties Trust | 5,057 | 107,360 | ||||||
Extra Space Storage, Inc. | 4,713 | 87,803 | ||||||
Entertainment Properties Trust | 2,221 | 86,575 | ||||||
LaSalle Hotel Properties | 4,098 | 78,682 | ||||||
Omega Healthcare Investors, Inc. | 4,927 | 78,487 | ||||||
Healthcare Realty Trust, Inc. | 4,253 | 71,663 | ||||||
Potlatch Corp. | 2,230 | 70,290 | ||||||
DiamondRock Hospitality Co. | 8,930 | 62,421 | ||||||
Medical Properties Trust, Inc. | 6,915 | 61,889 | ||||||
Sovran Self Storage, Inc. | 1,650 | 61,331 | ||||||
CubeSmart | 6,984 | 59,574 | ||||||
Strategic Hotels & Resorts, Inc.* | 11,517 | 49,638 | ||||||
Sunstone Hotel Investors, Inc.* | 7,923 | 45,082 | ||||||
Hersha Hospitality Trust — Class A | 10,714 | 37,070 | ||||||
Total Specialized REITs | 2,564,386 | |||||||
RETAIL REITs - 19.5% | ||||||||
Simon Property Group, Inc. | 3,562 | 391,749 | ||||||
General Growth Properties, Inc. | 17,201 | 208,132 | ||||||
Kimco Realty Corp. | 10,505 | 157,890 | ||||||
Federal Realty Investment Trust | 1,909 | 157,321 | ||||||
Macerich Co. | 3,525 | 150,271 | ||||||
Realty Income Corp. | 4,346 | 140,115 | ||||||
Regency Centers Corp. | 3,164 | 111,784 | ||||||
National Retail Properties, Inc. | 4,158 | 111,725 | ||||||
Taubman Centers, Inc. | 2,201 | 110,732 | ||||||
DDR Corp. | 9,912 | 108,041 | ||||||
Tanger Factory Outlet Centers | 3,979 | 103,494 | ||||||
Weingarten Realty Investors | 4,884 | 103,394 | ||||||
Equity One, Inc. | 5,375 | 85,248 | ||||||
CBL & Associates Properties, Inc. | 6,426 | 72,999 | ||||||
Glimcher Realty Trust | 7,199 | 50,969 | ||||||
Pennsylvania Real Estate Investment Trust | 4,270 | 33,007 | ||||||
Total Retail REITs | 2,096,871 | |||||||
RESIDENTIAL REITs - 14.9% | ||||||||
Equity Residential | 4,962 | 257,379 | ||||||
AvalonBay Communities, Inc. | 1,837 | 209,510 | ||||||
UDR, Inc. | 6,240 | 138,153 | ||||||
Essex Property Trust, Inc. | 1,093 | 131,204 | ||||||
Camden Property Trust | 2,353 | 130,027 | ||||||
American Campus Communities, Inc. | 3,090 | 114,979 | ||||||
BRE Properties, Inc. | 2,705 | 114,530 | ||||||
Equity Lifestyle Properties, Inc. | 1,738 | 108,973 | ||||||
Apartment Investment & Management Co. — Class A | 4,819 | 106,596 | ||||||
Home Properties, Inc. | 1,786 | 101,373 | ||||||
Mid-America Apartment Communities, Inc. | 1,642 | 98,881 | ||||||
Post Properties, Inc. | 2,464 | 85,599 | ||||||
Total Residential REITs | 1,597,204 | |||||||
OFFICE REITs - 14.8% | ||||||||
Boston Properties, Inc. | 2,635 | 234,778 | ||||||
Digital Realty Trust, Inc. | 2,807 | 154,834 | ||||||
SL Green Realty Corp. | 2,264 | 131,652 | ||||||
Alexandria Real Estate Equities, Inc. | 1,998 | 122,657 | ||||||
Piedmont Office Realty Trust, Inc. — Class A | 6,521 | 105,445 | ||||||
Duke Realty Corp. | 9,575 | 100,537 | ||||||
Mack-Cali Realty Corp. | 3,679 | 98,413 | ||||||
BioMed Realty Trust, Inc. | 5,877 | 97,382 | ||||||
Douglas Emmett, Inc. | 5,680 | 97,128 | ||||||
Highwoods Properties, Inc. | 3,300 | 93,258 | ||||||
Kilroy Realty Corp. | 2,746 | 85,950 | ||||||
Corporate Office Properties Trust | 3,441 | 74,945 | ||||||
CommonWealth REIT | 3,844 | 72,921 | ||||||
Brandywine Realty Trust | 7,699 | 61,669 | ||||||
Lexington Realty Trust | 9,138 | 59,763 | ||||||
Total Office REITs | 1,591,332 | |||||||
MORTGAGE REITs - 9.9% | ||||||||
Annaly Capital Management, Inc. | 16,169 | 268,890 | ||||||
American Capital Agency Corp. | 5,508 | 149,267 | ||||||
MFA Financial, Inc. | 14,519 | 101,923 | ||||||
Hatteras Financial Corp. | 3,607 | 90,752 | ||||||
Starwood Property Trust, Inc. | 4,794 | 82,265 | ||||||
CYS Investments, Inc. | 5,716 | 69,106 | ||||||
Invesco Mortgage Capital, Inc. | 4,604 | 65,055 | ||||||
Anworth Mortgage Asset Corp. | 9,342 | 63,526 | ||||||
Capstead Mortgage Corp. | 5,435 | 62,720 | ||||||
Two Harbors Investment Corp. | 6,570 | 58,013 | ||||||
Redwood Trust, Inc. | 5,170 | 57,749 | ||||||
Total Mortgage REITs | 1,069,266 | |||||||
DIVERSIFIED REITs - 5.8% | ||||||||
Vornado Realty Trust | 3,174 | 236,844 | ||||||
Weyerhaeuser Co. | 11,317 | 175,980 | ||||||
Liberty Property Trust | 4,218 | 122,786 | ||||||
Washington Real Estate | ||||||||
Investment Trust | 3,201 | 90,204 | ||||||
Colonial Properties Trust | 4,548 | 82,591 | ||||||
PS Business Parks, Inc. | 1,005 | 49,788 | ||||||
Cousins Properties, Inc. | 7,768 | 45,443 | ||||||
Total Diversified REITs | 803,636 | |||||||
INDUSTRIAL REITs - 4.2% | ||||||||
ProLogis, Inc. | 8,106 | 196,570 | ||||||
DuPont Fabros Technology, Inc. | 3,466 | 68,246 | ||||||
EastGroup Properties, Inc. | 1,772 | 67,584 | ||||||
DCT Industrial Trust, Inc. | 15,364 | 67,448 | ||||||
First Industrial Realty Trust, Inc.* | 6,327 | 50,616 | ||||||
Total Industrial REITs | 450,464 | |||||||
See Notes to Financial Statements. | the RYDEX SGI series funds semi-annual report | 191 |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | September 30, 2011 | |
REAL ESTATE FUND |
Shares | Value | |||||||
Total Real Estate Investment Trusts (REITs) | $ | 10,173,159 | ||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT - 4.9% | ||||||||
REAL ESTATE OPERATING COMPANIES - 2.1% | ||||||||
Brookfield Office Properties, Inc. | 11,542 | 158,933 | ||||||
Forest City Enterprises, Inc. — Class A* | 6,487 | 69,152 | ||||||
Total Real Estate Operating Companies | 228,085 | |||||||
REAL ESTATE SERVICES - 1.8% | ||||||||
CBRE Group, Inc. — Class A* | 8,329 | 112,108 | ||||||
Jones Lang LaSalle, Inc. | 1,548 | 80,202 | ||||||
Total Real Estate Services | 192,310 | |||||||
DIVERSIFIED REAL ESTATE ACTIVITIES - 0.7% | ||||||||
St. Joe Co.* | 5,073 | 76,044 | ||||||
REAL ESTATE DEVELOPMENT - 0.3% | ||||||||
Howard Hughes Corp.* | 885 | 37,259 | ||||||
Total Real Estate Management & Development | 533,698 | |||||||
Total Common Stocks (Cost $6,182,530) | 10,706,857 | |||||||
Face | ||||||||
Amount | Value | |||||||
REPURCHASE AGREEMENT ††,1 - 0.3% | ||||||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | $ | 26,934 | $ | 26,934 | ||||
Total Repurchase Agreement (Cost $26,934) | 26,934 | |||||||
Total Investments — 99.8% (Cost $6,209,464) | $ | 10,733,791 | ||||||
Cash & Other Assets, Less Liabilities — 0.2% | 21,626 | |||||||
Total Net Assets — 100.0% | $ | 10,755,417 | ||||||
* | Non-income producing security. | |
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | Repurchase Agreement — See Note 5. | |
REIT — Real Estate Investment Trust |
192 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Assets: | ||||
Investments, at value (cost $6,182,530) | $ | 10,706,857 | ||
Repurchase agreements, at value (cost $26,934) | 26,934 | |||
Cash | 1,936 | |||
Receivables: | ||||
Securities sold | 731,867 | |||
Dividends | 70,050 | |||
Fund shares sold | 678 | |||
Total assets | 11,538,322 | |||
Liabilities: | ||||
Payable for: | ||||
Fund shares redeemed | 747,131 | |||
Management fees | 10,739 | |||
Distribution and service fees | 4,162 | |||
Transfer agent and administrative fees | 3,158 | |||
Portfolio accounting fees | 1,263 | |||
Miscellaneous | 16,452 | |||
Total liabilities | 782,905 | |||
Net Assets | $ | 10,755,417 | ||
Net assets consist of: | ||||
Paid in capital | $ | 26,870,530 | ||
Undistributed net investment income | 143,785 | |||
Accumulated net realized loss on investments | (20,783,225 | ) | ||
Net unrealized appreciation on investments | 4,524,327 | |||
Net assets | $ | 10,755,417 | ||
A-Class: | ||||
Net assets | $ | 3,104,807 | ||
Capital shares outstanding | 127,113 | |||
Net asset value per share | $ | 24.42 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 25.64 | ||
C-Class: | ||||
Net assets | $ | 1,134,870 | ||
Capital shares outstanding | 49,453 | |||
Net asset value per share | $ | 22.94 | ||
H-Class: | ||||
Net assets | $ | 6,515,740 | ||
Capital shares outstanding | 267,101 | |||
Net asset value per share | $ | 24.39 | ||
Investment Income: | ||||
Dividends (net of foreign withholding tax of $829) | $ | 344,981 | ||
Interest | 11 | |||
Total investment income | 344,992 | |||
Expenses: | ||||
Management fees | 100,721 | |||
Transfer agent and administrative fees | 29,624 | |||
Distribution and service fees: | ||||
A-Class | 5,973 | |||
C-Class | 12,378 | |||
H-Class | 20,556 | |||
Portfolio accounting fees | 11,849 | |||
Trustees’ fees* | 893 | |||
Miscellaneous | 19,213 | |||
Total expenses | 201,207 | |||
Net investment income | 143,785 | |||
Net Realized and Unrealized Gain (loss): | ||||
Net realized gain (loss) on: | ||||
Investments | (8,292,743 | ) | ||
Net realized loss | (8,292,743 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (3,647,577 | ) | ||
Net change in unrealized appreciation (depreciation) | (3,647,577 | ) | ||
Net realized and unrealized loss | (11,940,320 | ) | ||
Net decrease in net assets resulting from operations | $ | (11,796,535 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 193 |
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment income | $ | 143,785 | $ | 450,481 | ||||
Net realized gain (loss) on investments | (8,292,743 | ) | 5,516,376 | |||||
Net change in unrealized appreciation (depreciation) on investments | (3,647,577 | ) | (1,134,604 | ) | ||||
Net increase (decrease) in net assets resulting from operations | (11,796,535 | ) | 4,832,253 | |||||
Distributions to shareholders from: | ||||||||
Net investment income | ||||||||
A-Class | — | (110,657 | ) | |||||
C-Class | — | (51,561 | ) | |||||
H-Class | — | (717,890 | ) | |||||
Total distributions to shareholders | — | (880,108 | ) | |||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
A-Class | 10,983,623 | 17,712,810 | ||||||
C-Class | 41,845,338 | 85,507,957 | ||||||
H-Class | 145,100,071 | 224,118,250 | ||||||
Distributions reinvested | ||||||||
A-Class | — | 99,290 | ||||||
C-Class | — | 47,000 | ||||||
H-Class | — | 713,980 | ||||||
Cost of shares redeemed | ||||||||
A-Class | (10,953,631 | ) | (18,942,704 | ) | ||||
C-Class | (42,647,437 | ) | (85,940,210 | ) | ||||
H-Class | (150,168,000 | ) | (240,249,139 | ) | ||||
Net decrease from capital share transactions | (5,840,036 | ) | (16,932,766 | ) | ||||
Net decrease in net assets | (17,636,571 | ) | (12,980,621 | ) | ||||
Net assets: | ||||||||
Beginning of period | 28,391,988 | 41,372,609 | ||||||
End of period | $ | 10,755,417 | $ | 28,391,988 | ||||
Undistributed net investment income at end of period | $ | 143,785 | $ | — | ||||
Capital share activity: | ||||||||
Shares sold | ||||||||
A-Class | 381,981 | 695,632 | ||||||
C-Class | 1,548,837 | 3,424,767 | ||||||
H-Class | 5,036,081 | 8,635,622 | ||||||
Shares issued from reinvestment of distributions | ||||||||
A-Class | — | 3,804 | ||||||
C-Class | — | 1,904 | ||||||
H-Class | — | 27,377 | ||||||
Shares redeemed | ||||||||
A-Class | (392,223 | ) | (739,617 | ) | ||||
C-Class | (1,585,343 | ) | (3,433,471 | ) | ||||
H-Class | (5,528,500 | ) | (9,345,781 | ) | ||||
Net decrease in shares | (539,167 | ) | (729,763 | ) | ||||
194 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 29.06 | $ | 24.24 | $ | 12.83 | $ | 32.42 | $ | 42.16 | $ | 36.46 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment incomeb | .22 | .27 | .44 | .74 | .54 | .46 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (4.86 | ) | 5.17 | 11.11 | (19.43 | ) | (10.05 | ) | 5.53 | |||||||||||||||
Total from investment operations | (4.64 | ) | 5.44 | 11.55 | (18.69 | ) | (9.51 | ) | 5.99 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.62 | ) | (.14 | ) | (.90 | ) | (.23 | ) | (.17 | ) | |||||||||||||
Net realized gains | — | — | — | — | — | (.12 | ) | |||||||||||||||||
Total distributions | — | (.62 | ) | (.14 | ) | (.90 | ) | (.23 | ) | (.29 | ) | |||||||||||||
Net asset value, end of period | $ | 24.42 | $ | 29.06 | $ | 24.24 | $ | 12.83 | $ | 32.42 | $ | 42.16 | ||||||||||||
Total Returnc | (15.97 | %) | 22.72 | % | 90.16 | % | (58.00 | %) | (22.59 | %) | 16.43 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 3,105 | $ | 3,991 | $ | 4,303 | $ | 1,554 | $ | 2,866 | $ | 9,061 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 1.51 | % | 1.07 | % | 2.15 | % | 2.81 | % | 1.45 | % | 1.10 | % | ||||||||||||
Total expenses | 1.62 | % | 1.63 | % | 1.65 | % | 1.68 | % | 1.64 | % | 1.61 | % | ||||||||||||
Portfolio turnover rate | 556 | % | 485 | % | 1,520 | % | 780 | % | 832 | % | 762 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 27.41 | $ | 23.11 | $ | 12.33 | $ | 31.44 | $ | 41.22 | $ | 35.93 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment incomeb | .08 | .10 | .40 | .66 | .29 | .19 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (4.55 | ) | 4.82 | 10.52 | (18.87 | ) | (9.84 | ) | 5.39 | |||||||||||||||
Total from investment operations | (4.47 | ) | 4.92 | 10.92 | (18.21 | ) | (9.55 | ) | 5.58 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.62 | ) | (.14 | ) | (.90 | ) | (.23 | ) | (.17 | ) | |||||||||||||
Net realized gains | — | — | — | — | — | (.12 | ) | |||||||||||||||||
Total distributions | — | (.62 | ) | (.14 | ) | (.90 | ) | (.23 | ) | (.29 | ) | |||||||||||||
Net asset value, end of period | $ | 22.94 | $ | 27.41 | $ | 23.11 | $ | 12.33 | $ | 31.44 | $ | 41.22 | ||||||||||||
Total Returnc | (16.31 | %) | 21.58 | % | 88.70 | % | (58.28 | %) | (23.21 | %) | 15.53 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,135 | $ | 2,356 | $ | 2,143 | $ | 1,075 | $ | 2,290 | $ | 5,469 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 0.57 | % | 0.42 | % | 2.06 | % | 2.62 | % | 0.78 | % | 0.48 | % | ||||||||||||
Total expenses | 2.37 | % | 2.39 | % | 2.41 | % | 2.42 | % | 2.39 | % | 2.36 | % | ||||||||||||
Portfolio turnover rate | 556 | % | 485 | % | 1,520 | % | 780 | % | 832 | % | 762 | % |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 195 |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
H-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 29.02 | $ | 24.22 | $ | 12.82 | $ | 32.40 | $ | 42.14 | $ | 36.47 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment incomeb | .18 | .29 | .50 | .61 | .53 | .54 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (4.81 | ) | 5.13 | 11.04 | (19.29 | ) | (10.04 | ) | 5.42 | |||||||||||||||
Total from investment operations | (4.63 | ) | 5.42 | 11.54 | (18.68 | ) | (9.51 | ) | 5.96 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.62 | ) | (.14 | ) | (.90 | ) | (.23 | ) | (.17 | ) | |||||||||||||
Net realized gains | — | — | — | — | — | (.12 | ) | |||||||||||||||||
Total distributions | — | (.62 | ) | (.14 | ) | (.90 | ) | (.23 | ) | (.29 | ) | |||||||||||||
Net asset value, end of period | $ | 24.39 | $ | 29.02 | $ | 24.22 | $ | 12.82 | $ | 32.40 | $ | 42.14 | ||||||||||||
Total Returnc | (15.98 | %) | 22.70 | % | 90.15 | % | (58.01 | %) | (22.60 | %) | 16.34 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 6,516 | $ | 22,045 | $ | 34,926 | $ | 1,757 | $ | 14,140 | $ | 25,784 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 1.23 | % | 1.13 | % | 2.41 | % | 2.14 | % | 1.43 | % | 1.35 | % | ||||||||||||
Total expenses | 1.62 | % | 1.63 | % | 1.68 | % | 1.64 | % | 1.64 | % | 1.62 | % | ||||||||||||
Portfolio turnover rate | 556 | % | 485 | % | 1,520 | % | 780 | % | 832 | % | 762 | % |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Net investment income per share was computed using average shares outstanding throughout the period. | |
c | Total return does not reflect the impact of any applicable sales charges and has not been annualized. |
196 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FUND PROFILE (Unaudited) | September 30, 2011 |
![(GRAPHIC)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366927.gif)
Investor Class | January 3, 1994 | |||
Advisor Class | August 1, 2003 | |||
A-Class | March 31, 2004 | |||
C-Class | May 2, 2001 |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 | |
GOVERNMENT LONG BOND 1.2x STRATEGY FUND |
Face | ||||||||
Amount | Value | |||||||
U.S. GOVERNMENT SECURITIES† - 92.6% | ||||||||
U.S. Treasury Bond 3.75% due 08/15/41 | $ | 199,943,000 | $ | 233,745,863 | ||||
Total U.S. Government Securities (Cost $201,054,238) | 233,745,863 | |||||||
REPURCHASE AGREEMENTS††,1 - 6.2% | ||||||||
HSBC Group issued 09/30/11 at 0.00% due 10/03/11 | 8,532,496 | 8,532,496 | ||||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | 4,219,965 | 4,219,965 | ||||||
Mizuho Financial Group, Inc. issued 09/30/11 at 0.01% due 10/03/11 | 2,999,041 | 2,999,041 | ||||||
Total Repurchase Agreements (Cost $15,751,502) | 15,751,502 | |||||||
Total Investments — 98.8% (Cost $216,805,740) | $ | 249,497,365 | ||||||
Cash & Other Assets, Less Liabilities — 1.2% | 3,040,427 | |||||||
Total Net Assets �� 100.0% | $ | 252,537,792 | ||||||
Unrealized | ||||||||
Contracts | Gain | |||||||
INTEREST RATE FUTURES CONTRACTS PURCHASED† | ||||||||
December 2011 Ultra Long-Term | ||||||||
U.S. Treasury Bond Futures Contracts (Aggregate Value of Contracts $75,902,625) | 477 | $ | 7,605,914 | |||||
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | Repurchase Agreements — See Note 5. |
198 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Assets: | ||||
Investments, at value (cost $201,054,238) | $ | 233,745,863 | ||
Repurchase agreements, at value (cost $15,751,502) | 15,751,502 | |||
Segregated cash with broker | 2,500,000 | |||
Cash | 485 | |||
Receivables: | ||||
Fund shares sold | 2,729,162 | |||
Securities sold | 1,870,500 | |||
Variation margin | 1,199,842 | |||
Interest | 965,271 | |||
Total assets | 258,762,625 | |||
Liabilities: | ||||
Payable for: | ||||
Fund shares redeemed | 5,867,773 | |||
Management fees | 103,228 | |||
Distribution and service fees | 60,403 | |||
Transfer agent and administrative fees | 41,292 | |||
Portfolio accounting fees | 20,455 | |||
Miscellaneous | 131,682 | |||
Total liabilities | 6,224,833 | |||
Net assets | $ | 252,537,792 | ||
Net assets consist of: | ||||
Paid in capital | $ | 259,185,706 | ||
Undistributed net investment income | 168,281 | |||
Accumulated net realized loss on investments | (47,113,734 | ) | ||
Net unrealized appreciation on investments | 40,297,539 | |||
Net assets | $ | 252,537,792 | ||
Investor Class: | ||||
Net assets | $ | 94,868,469 | ||
Capital shares outstanding | 5,825,824 | |||
Net asset value per share | $ | 16.28 | ||
Advisor Class: | ||||
Net assets | $ | 143,853,343 | ||
Capital shares outstanding | 8,891,235 | |||
Net asset value per share | $ | 16.18 | ||
A-Class: | ||||
Net assets | $ | 6,115,712 | ||
Capital shares outstanding | 375,009 | |||
Net asset value per share | $ | 16.31 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 17.12 | ||
C-Class: | ||||
Net assets | $ | 7,700,268 | ||
Capital shares outstanding | 473,245 | |||
Net asset value per share | $ | 16.27 | ||
Investment Income: | ||||
Interest | $ | 2,963,191 | ||
Total investment income | 2,963,191 | |||
Expenses: | ||||
Management fees | 411,182 | |||
Transfer agent and administrative fees | 164,475 | |||
Distribution and service fees: | ||||
Advisor Class | 206,245 | |||
A-Class | 6,285 | |||
C-Class | 29,989 | |||
Portfolio accounting fees | 82,031 | |||
Trustees’ fees* | 9,748 | |||
Miscellaneous | 127,521 | |||
Total expenses | 1,037,476 | |||
Net investment income | 1,925,715 | |||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments | 15,025,100 | |||
Futures contracts | 6,453,790 | |||
Net realized gain | 21,478,890 | |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | 31,407,112 | |||
Futures contracts | 7,359,927 | |||
Net change in unrealized appreciation (depreciation) | 38,767,039 | |||
Net realized and unrealized gain | 60,245,929 | |||
Net increase in net assets resulting from operations | $ | 62,171,644 | ||
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 199 |
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment income | $ | 1,925,715 | $ | 4,528,442 | ||||
Net realized gain (loss) on investments | 21,478,890 | (30,533,013 | ) | |||||
Net change in unrealized appreciation (depreciation) on investments | 38,767,039 | 4,044,342 | ||||||
Net increase (decrease) in net assets resulting from operations | 62,171,644 | (21,960,229 | ) | |||||
Distributions to shareholders from: | ||||||||
Net investment income | ||||||||
Investor Class | (933,373 | ) | (3,465,913 | ) | ||||
Advisor Class | (868,141 | ) | (768,221 | ) | ||||
A-Class | (61,776 | ) | (106,843 | ) | ||||
C-Class | (51,144 | ) | (211,765 | ) | ||||
Total distributions to shareholders | (1,914,434 | ) | (4,552,742 | ) | ||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
Investor Class | 492,090,945 | 1,801,417,431 | ||||||
Advisor Class | 1,206,222,722 | 1,632,214,111 | ||||||
A-Class | 5,288,073 | 18,572,361 | ||||||
C-Class | 35,330,970 | 70,381,488 | ||||||
Distributions reinvested | ||||||||
Investor Class | 928,063 | 3,373,033 | ||||||
Advisor Class | 882,775 | 753,317 | ||||||
A-Class | 34,368 | 89,641 | ||||||
C-Class | 47,203 | 199,586 | ||||||
Cost of shares redeemed | ||||||||
Investor Class | (468,312,626 | ) | (2,011,038,348 | ) | ||||
Advisor Class | (1,125,823,150 | ) | (1,633,935,780 | ) | ||||
A-Class | (3,720,954 | ) | (21,725,044 | ) | ||||
C-Class | (35,658,269 | ) | (78,468,284 | ) | ||||
Net increase (decrease) from capital share transactions | 107,310,120 | (218,166,488 | ) | |||||
Net increase (decrease) in net assets | 167,567,330 | (244,679,459 | ) | |||||
Net assets: | ||||||||
Beginning of period | 84,970,462 | 329,649,921 | ||||||
End of period | $ | 252,537,792 | $ | 84,970,462 | ||||
Undistributed net investment income at end of period | $ | 168,281 | $ | 157,000 | ||||
Capital share activity: | ||||||||
Shares sold | ||||||||
Investor Class | 38,532,849 | 150,851,651 | ||||||
Advisor Class | 96,083,769 | 137,028,703 | ||||||
A-Class | 413,513 | 1,510,564 | ||||||
C-Class | 2,701,326 | 5,832,353 | ||||||
Shares issued from reinvestment of distributions | ||||||||
Investor Class | 71,049 | 286,286 | ||||||
Advisor Class | 68,145 | 62,194 | ||||||
A-Class | 2,745 | 7,372 | ||||||
C-Class | 3,736 | 16,077 | ||||||
Shares redeemed | ||||||||
Investor Class | (36,690,346 | ) | (172,993,989 | ) | ||||
Advisor Class | (90,026,786 | ) | (136,988,367 | ) | ||||
A-Class | (281,748 | ) | (1,786,069 | ) | ||||
C-Class | (2,765,311 | ) | (6,475,524 | ) | ||||
Net increase (decrease) in shares | 8,112,941 | (22,648,749 | ) | |||||
200 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Investor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.43 | $ | 10.96 | $ | 13.74 | $ | 11.78 | $ | 10.59 | $ | 10.50 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment incomeb | .17 | .36 | .36 | .36 | .40 | .41 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 4.85 | .47 | (2.78 | ) | 1.97 | 1.19 | .09 | |||||||||||||||||
Total from investment operations | 5.02 | .83 | (2.42 | ) | 2.33 | 1.59 | .50 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (.17 | ) | (.36 | ) | (.36 | ) | (.37 | ) | (.40 | ) | (.41 | ) | ||||||||||||
Total distributions | (.17 | ) | (.36 | ) | (.36 | ) | (.37 | ) | (.40 | ) | (.41 | ) | ||||||||||||
Net asset value, end of period | $ | 16.28 | $ | 11.43 | $ | 10.96 | $ | 13.74 | $ | 11.78 | $ | 10.59 | ||||||||||||
Total Returnc | 44.35 | % | 7.42 | % | (17.71 | %) | 20.17 | % | 15.43 | % | 4.87 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 94,868 | $ | 44,707 | $ | 282,388 | $ | 43,237 | $ | 30,695 | $ | 40,816 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 2.65 | % | 3.03 | % | 3.16 | % | 2.79 | % | 3.75 | % | 3.92 | % | ||||||||||||
Total expenses | 0.97 | % | 0.98 | % | 0.98 | % | 0.98 | % | 0.97 | % | 0.96 | % | ||||||||||||
Portfolio turnover rate | 764 | % | 1,930 | % | 1,503 | % | 1,794 | % | 1,142 | % | 1,357 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Advisor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.36 | $ | 10.88 | $ | 13.66 | $ | 11.72 | $ | 10.54 | $ | 10.50 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment incomeb | .14 | .31 | .32 | .31 | .34 | .37 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 4.82 | .47 | (2.80 | ) | 1.93 | 1.19 | .03 | |||||||||||||||||
Total from investment operations | 4.96 | .78 | (2.48 | ) | 2.24 | 1.53 | .40 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (.14 | ) | (.30 | ) | (.30 | ) | (.30 | ) | (.35 | ) | (.36 | ) | ||||||||||||
Total distributions | (.14 | ) | (.30 | ) | (.30 | ) | (.30 | ) | (.35 | ) | (.36 | ) | ||||||||||||
Net asset value, end of period | $ | 16.18 | $ | 11.36 | $ | 10.88 | $ | 13.66 | $ | 11.72 | $ | 10.54 | ||||||||||||
Total Returnc | 44.00 | % | 7.03 | % | (18.18 | %) | 19.49 | % | 14.82 | % | 3.86 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 143,853 | $ | 31,420 | $ | 28,990 | $ | 7,867 | $ | 25,181 | $ | 10,815 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 2.12 | % | 2.46 | % | 2.76 | % | 2.49 | % | 3.13 | % | 3.44 | % | ||||||||||||
Total expenses | 1.47 | % | 1.48 | % | 1.48 | % | 1.48 | % | 1.47 | % | 1.46 | % | ||||||||||||
Portfolio turnover rate | 764 | % | 1,930 | % | 1,503 | % | 1,794 | % | 1,142 | % | 1,357 | % |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 201 |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.45 | $ | 10.96 | $ | 13.75 | $ | 11.79 | $ | 10.60 | $ | 10.50 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment incomeb | .16 | .33 | .33 | .34 | .38 | .38 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 4.86 | .49 | (2.79 | ) | 1.95 | 1.19 | .10 | |||||||||||||||||
Total from investment operations | 5.02 | .82 | (2.46 | ) | 2.29 | 1.57 | .48 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (.16 | ) | (.33 | ) | (.33 | ) | (.33 | ) | (.38 | ) | (.38 | ) | ||||||||||||
Total distributions | (.16 | ) | (.33 | ) | (.33 | ) | (.33 | ) | (.38 | ) | (.38 | ) | ||||||||||||
Net asset value, end of period | $ | 16.31 | $ | 11.45 | $ | 10.96 | $ | 13.75 | $ | 11.79 | $ | 10.60 | ||||||||||||
Total Returnc | 44.19 | % | 7.35 | % | (17.98 | %) | 19.84 | % | 15.13 | % | 4.71 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 6,116 | $ | 2,753 | $ | 5,576 | $ | 11,119 | $ | 20,374 | $ | 11,460 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 2.47 | % | 2.75 | % | 2.84 | % | 2.74 | % | 3.44 | % | 3.64 | % | ||||||||||||
Total expenses | 1.22 | % | 1.23 | % | 1.24 | % | 1.23 | % | 1.22 | % | 1.22 | % | ||||||||||||
Portfolio turnover rate | 764 | % | 1,930 | % | 1,503 | % | 1,794 | % | 1,142 | % | 1,357 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.42 | $ | 10.94 | $ | 13.72 | $ | 11.77 | $ | 10.59 | $ | 10.50 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment incomeb | .11 | .24 | .25 | .25 | .30 | .31 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 4.85 | .48 | (2.78 | ) | 1.94 | 1.18 | .08 | |||||||||||||||||
Total from investment operations | 4.96 | .72 | (2.53 | ) | 2.19 | 1.48 | .39 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (.11 | ) | (.24 | ) | (.25 | ) | (.24 | ) | (.30 | ) | (.30 | ) | ||||||||||||
Total distributions | (.11 | ) | (.24 | ) | (.25 | ) | (.24 | ) | (.30 | ) | (.30 | ) | ||||||||||||
Net asset value, end of period | $ | 16.27 | $ | 11.42 | $ | 10.94 | $ | 13.72 | $ | 11.77 | $ | 10.59 | ||||||||||||
Total Returnc | 43.68 | % | 6.47 | % | (18.56 | %) | 18.90 | % | 14.20 | % | 3.84 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 7,700 | $ | 6,091 | $ | 12,695 | $ | 5,502 | $ | 6,239 | $ | 15,640 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 1.71 | % | 1.93 | % | 2.17 | % | 2.00 | % | 2.80 | % | 2.93 | % | ||||||||||||
Total expenses | 1.97 | % | 1.97 | % | 2.00 | % | 1.97 | % | 1.98 | % | 1.96 | % | ||||||||||||
Portfolio turnover rate | 764 | % | 1,930 | % | 1,503 | % | 1,794 | % | 1,142 | % | 1,357 | % |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Net investment income per share was computed using average shares outstanding throughout the period. | |
c | Total return does not reflect the impact of any applicable sales charges and has not been annualized. |
202 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FUND PROFILE (Unaudited) | September 30, 2011 | |
INVERSE GOVERNMENT LONG BOND STRATEGY FUND |
![(GRAPHIC)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366928.gif)
Investor Class | March 3, 1995 | |||
Advisor Class | August 1, 2003 | |||
A-Class | March 31, 2004 | |||
C-Class | March 28, 2001 |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 |
Face | |||||||||||
Amount | Value | ||||||||||
FEDERAL AGENCY DISCOUNT NOTES†† - 55.9% | |||||||||||
Farmer Mac1 | |||||||||||
0.15% due 03/23/12 | $ | 40,000,000 | $ | 39,994,280 | |||||||
0.24% due 10/28/11 | 25,000,000 | 24,999,650 | |||||||||
0.11% due 02/29/12 | 25,000,000 | 24,997,925 | |||||||||
0.29% due 11/18/11 | 11,000,000 | 10,999,714 | |||||||||
Total Farmer Mac | 100,991,569 | ||||||||||
Freddie Mac2 | |||||||||||
0.12% due 01/24/12 | 25,000,000 | 24,998,425 | |||||||||
0.11% due 02/06/12 | 25,000,000 | 24,998,250 | |||||||||
0.19% due 05/15/12 | 25,000,000 | 24,992,200 | |||||||||
Total Freddie Mac | 74,988,875 | ||||||||||
Federal Farm Credit Bank1 | |||||||||||
0.19% due 05/31/12 | 25,000,000 | 24,991,625 | |||||||||
Total Federal Agency Discount Notes (Cost $200,856,755) | 200,972,069 | ||||||||||
FEDERAL AGENCY NOTES†† - 44.5% | |||||||||||
Federal Home Loan Bank1 | |||||||||||
0.29% due 11/18/11 | 25,000,000 | 25,005,475 | |||||||||
0.12% due 02/24/12 | 25,000,000 | 25,000,975 | |||||||||
0.25% due 06/21/12 | 25,000,000 | 24,996,425 | |||||||||
0.25% due 07/02/12 | 25,000,000 | 24,994,275 | |||||||||
0.23% due 06/28/12 | 25,000,000 | 24,988,975 | |||||||||
0.20% due 06/15/12 | 25,000,000 | 24,987,775 | |||||||||
0.30% due 10/14/11 | 10,000,000 | 10,000,580 | |||||||||
Total Federal Agency Notes (Cost $159,990,677) | 159,974,480 | ||||||||||
REPURCHASE AGREEMENTS†† - 85.4% | |||||||||||
Joint Repurchase Agreements3 | |||||||||||
HSBC Group issued 09/30/11 at 0.00% due 10/03/11 | 3,388,107 | 3,388,107 | |||||||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | 1,675,675 | 1,675,675 | |||||||||
Mizuho Financial Group, Inc. issued 09/30/11 at 0.01% due 10/03/11 | 1,190,868 | 1,190,868 | |||||||||
Individual Repurchase Agreement4 | |||||||||||
Barclays Capital issued 09/30/11 at —0.25% due 10/03/11 (Secured by a U.S. Treasury Bond, at a rate of 3.75% and maturing 08/15/41 as collateral, with a Value of $305,303,226) to be repurchased at $300,571,164 | $ | 300,577,426 | $ | 300,577,426 | |||||||
Total Repurchase Agreements (Cost $306,832,076) | 306,832,076 | ||||||||||
Total Long Investments — 185.8% (Cost $667,679,508) | $ | 667,778,625 | |||||||||
U.S. GOVERNMENT SECURITIES SOLD SHORT† — (82.7)% | |||||||||||
U.S. Treasury Bond 3.75% due 08/15/41 | 254,245,000 | (297,228,295 | ) | ||||||||
Total U.S. Government Securities Sold Short (Proceeds $264,144,250) | (297,228,295 | ) | |||||||||
Liabilities, Less Cash & Other Assets — (3.1)% | (11,163,041 | ) | |||||||||
Total Net Assets — 100.0% | $ | 359,387,289 |
Unrealized | |||||||||||
Contracts | Loss | ||||||||||
INTEREST RATE FUTURES CONTRACTS SOLD SHORT† | |||||||||||
December 2011 Ultra Long-Term U.S. Treasury Long Bond Futures Contracts (Aggregate Value of Contracts $75,743,500) | 476 | $ | (4,592,495 | ) | |||||||
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | The issuer operates under a Congressional charter; its securities are neither issued nor guaranteed by the U.S. Government. | |
2 | 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. | |
3 | Repurchase Agreements — See Note 5. | |
4 | All or portion of this security is pledged as short collateral at September 30,2011. |
204 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Assets: | ||||
Investments, at value (cost $360,847,432) | $ | 360,946,549 | ||
Repurchase agreements, at value (cost $306,832,076) | 306,832,076 | |||
Segregated cash with broker | 2,380,000 | |||
Receivables: | ||||
Fund shares sold | 3,744,755 | |||
Interest | 121,589 | |||
Total assets | 674,024,969 | |||
Liabilities: | ||||
Securities sold short, at value (proceeds $264,144,250) | 297,228,295 | |||
Payable for: | ||||
Securities purchased | 13,093,500 | |||
Fund shares redeemed | 1,381,379 | |||
Management fees | 299,581 | |||
Distribution and service fees | 88,592 | |||
Transfer agent and administrative fees | 83,217 | |||
Portfolio accounting fees | 30,102 | |||
Miscellaneous | 2,433,014 | |||
Total liabilities | 314,637,680 | |||
Net assets | $ | 359,387,289 | ||
Net assets consist of: | ||||
Paid in capital | $ | 892,342,764 | ||
Accumulated net investment loss | (12,407,024 | ) | ||
Accumulated net realized loss on investments | (482,971,028 | ) | ||
Net unrealized depreciation on investments | (37,577,423 | ) | ||
Net assets | $ | 359,387,289 | ||
Investor Class: | ||||
Net assets | $ | 221,419,906 | ||
Capital shares outstanding | 23,831,357 | |||
Net asset value per share | $ | 9.29 | ||
Advisor Class: | ||||
Net assets | $ | 17,249,286 | ||
Capital shares outstanding | 1,931,474 | |||
Net asset value per share | $ | 8.93 | ||
A-Class: | ||||
Net assets | $ | 46,156,012 | ||
Capital shares outstanding | 5,084,253 | |||
Net asset value per share | $ | 9.08 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 9.53 | ||
C-Class: | ||||
Net assets | $ | 74,562,085 | ||
Capital shares outstanding | 8,928,124 | |||
Net asset value per share | $ | 8.35 | ||
Investment Income: | ||||
Interest | $ | 415,597 | ||
Total investment income | 415,597 | |||
Expenses: | ||||
Management fees | 2,478,246 | |||
Transfer agent and administrative fees | 688,401 | |||
Distribution and service fees: | ||||
Advisor Class | 103,825 | |||
A-Class | 80,820 | |||
C-Class | 523,050 | |||
Portfolio accounting fees | 229,281 | |||
Interest expense | 8,251,846 | |||
Trustees’ fees* | 176,459 | |||
Miscellaneous | 290,693 | |||
Total expenses | 12,822,621 | |||
Net investment loss | (12,407,024 | ) | ||
Net realized and unrealized gain (loss): | ||||
Net realized gain (loss) on: | ||||
Futures contracts | (47,119,707 | ) | ||
Securities sold short | (90,641,827 | ) | ||
Net realized loss | (137,761,534 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (23,568 | ) | ||
Securities sold short | (23,095,457 | ) | ||
Futures contracts | (4,262,107 | ) | ||
Net change in unrealized appreciation (depreciation) | (27,381,132 | ) | ||
Net realized and unrealized loss | (165,142,666 | ) | ||
Net decrease in net assets resulting from operations | $ | (177,549,690 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 205 |
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment loss | $ | (12,407,024 | ) | $ | (30,208,843 | ) | ||
Net realized loss on investments | (137,761,534 | ) | (28,164,676 | ) | ||||
Net change in unrealized appreciation (depreciation) on investments | (27,381,132 | ) | (13,957,821 | ) | ||||
Net decrease in net assets resulting from operations | (177,549,690 | ) | (72,331,340 | ) | ||||
Distributions to shareholders | — | — | ||||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
Investor Class | 393,873,285 | 1,015,107,588 | ||||||
Advisor Class | 889,889,469 | 1,581,298,508 | ||||||
A-Class | 8,364,233 | 55,076,811 | ||||||
C-Class | 27,652,687 | 53,771,581 | ||||||
Cost of shares redeemed | ||||||||
Investor Class | (470,284,118 | ) | (942,202,484 | ) | ||||
Advisor Class | (901,867,121 | ) | (1,599,920,603 | ) | ||||
A-Class | (15,357,975 | ) | (52,462,669 | ) | ||||
C-Class | (34,107,313 | ) | (63,407,171 | ) | ||||
Net increase (decrease) from capital share transactions | (101,836,853 | ) | 47,261,561 | |||||
Net decrease in net assets | (279,386,543 | ) | (25,069,779 | ) | ||||
Net assets: | ||||||||
Beginning of period | 638,773,832 | 663,843,611 | ||||||
End of period | $ | 359,387,289 | $ | 638,773,832 | ||||
Accumulated net investment loss at end of period | $ | (12,407,024 | ) | $ | — | |||
Capital share activity: | ||||||||
Shares sold | ||||||||
Investor Class | 33,984,405 | 77,699,043 | ||||||
Advisor Class | 77,671,548 | 126,977,398 | ||||||
A-Class | 698,960 | 4,274,325 | ||||||
C-Class | 2,529,899 | 4,548,281 | ||||||
Shares redeemed | ||||||||
Investor Class | (41,188,037 | ) | (72,375,726 | ) | ||||
Advisor Class | (79,296,631 | ) | (128,126,460 | ) | ||||
A-Class | (1,355,372 | ) | (4,113,451 | ) | ||||
C-Class | (3,287,636 | ) | (5,373,749 | ) | ||||
Net increase (decrease) in shares | (10,242,864 | ) | 3,509,661 | |||||
206 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FINANCIAL HIGHLIGHTS
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Investor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007e | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 13.08 | $ | 14.65 | $ | 13.32 | $ | 16.81 | $ | 19.37 | $ | 19.69 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.25 | ) | (.62 | ) | (.33 | ) | (.11 | ) | .49 | (.09 | ) | |||||||||||||
Net gain (loss) on investments (realized and unrealized) | (3.54 | ) | (.95 | ) | 1.66 | (3.38 | ) | (2.39 | ) | .40 | ||||||||||||||
Total from investment operations | (3.79 | ) | (1.57 | ) | 1.33 | (3.49 | ) | (1.90 | ) | .31 | ||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | — | — | (.66 | ) | (.63 | ) | ||||||||||||||||
Total distributions | — | — | — | — | (.66 | ) | (.63 | ) | ||||||||||||||||
Net asset value, end of period | $ | 9.29 | $ | 13.08 | $ | 14.65 | $ | 13.32 | $ | 16.81 | $ | 19.37 | ||||||||||||
Total Returnc | (28.98 | %) | (10.72% | ) | 9.98 | % | (20.76% | ) | (9.98% | ) | 1.66 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 221,420 | $ | 406,031 | $ | 376,574 | $ | 269,155 | $ | 237,900 | $ | 313,117 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (4.25 | %) | (4.78 | %) | (2.23 | %) | (0.72 | %) | 2.56 | % | 3.68 | % | ||||||||||||
Total expenses | 4.40 | % | 5.06 | % | 2.53 | % | 2.80 | % | 3.45 | % | 4.97 | % | ||||||||||||
Operating expensesd | 1.40 | % | 1.42 | % | 1.41 | % | 1.41 | % | 1.40 | % | 1.36 | % | ||||||||||||
Portfolio turnover rate | 429 | % | 771 | % | 985 | % | 584 | % | 550 | % | 192 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Advisor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007e | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 12.60 | $ | 14.17 | $ | 12.95 | $ | 16.41 | $ | 19.01 | $ | 19.43 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.27 | ) | (.66 | ) | (.39 | ) | (.18 | ) | .34 | (.18 | ) | |||||||||||||
Net gain (loss) on investments (realized and unrealized) | (3.40 | ) | (.91 | ) | 1.61 | (3.28 | ) | (2.28 | ) | .39 | ||||||||||||||
Total from investment operations | (3.67 | ) | (1.57 | ) | 1.22 | (3.46 | ) | (1.94 | ) | .21 | ||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | — | — | (.66 | ) | (.63 | ) | ||||||||||||||||
Total distributions | — | — | — | — | (.66 | ) | (.63 | ) | ||||||||||||||||
Net asset value, end of period | $ | 8.93 | $ | 12.60 | $ | 14.17 | $ | 12.95 | $ | 16.41 | $ | 19.01 | ||||||||||||
Total Returnc | (29.13 | %) | (11.08% | ) | 9.42 | % | (21.08% | ) | (10.39% | ) | 1.17 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 17,249 | $ | 44,798 | $ | 66,668 | $ | 35,153 | $ | 24,891 | $ | 43,782 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (4.76 | %) | (5.28 | %) | (2.79 | %) | (1.19 | %) | 1.84 | % | 3.18 | % | ||||||||||||
Total expenses | 4.91 | % | 5.56 | % | 3.09 | % | 3.36 | % | 4.10 | % | 5.47 | % | ||||||||||||
Operating expensesd | 1.90 | % | 1.91 | % | 1.91 | % | 1.91 | % | 1.90 | % | 1.86 | % | ||||||||||||
Portfolio turnover rate | 429 | % | 771 | % | 985 | % | 584 | % | 550 | % | 192 | % |
See Notes to Financial Statements. | The RYDEX | SGI series funds semi-annual report | 207 |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007e | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 12.80 | $ | 14.36 | $ | 13.10 | $ | 16.57 | $ | 19.16 | $ | 19.52 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.26 | ) | (.64 | ) | (.35 | ) | (.15 | ) | .44 | (.14 | ) | |||||||||||||
Net gain (loss) on investments (realized and unrealized) | (3.46 | ) | (.92 | ) | 1.61 | (3.32 | ) | (2.37 | ) | .41 | ||||||||||||||
Total from investment operations | (3.72 | ) | (1.56 | ) | 1.26 | (3.47 | ) | (1.93 | ) | .27 | ||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | — | — | (.66 | ) | (.63 | ) | ||||||||||||||||
Total distributions | — | — | — | — | (.66 | ) | (.63 | ) | ||||||||||||||||
Net asset value, end of period | $ | 9.08 | $ | 12.80 | $ | 14.36 | $ | 13.10 | $ | 16.57 | $ | 19.16 | ||||||||||||
Total Returnc | (29.06 | %) | (10.86% | ) | 9.62 | % | (20.94% | ) | (10.25% | ) | 1.47 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 46,156 | $ | 73,475 | $ | 80,151 | $ | 54,574 | $ | 37,256 | $ | 69,606 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (4.50 | %) | (5.03 | %) | (2.47 | %) | (0.94 | %) | 2.37 | % | 3.43 | % | ||||||||||||
Total expenses | 4.65 | % | 5.31 | % | 2.77 | % | 3.00 | % | 3.86 | % | 5.22 | % | ||||||||||||
Operating expensesd | 1.65 | % | 1.67 | % | 1.66 | % | 1.65 | % | 1.65 | % | 1.61 | % | ||||||||||||
Portfolio turnover rate | 429 | % | 771 | % | 985 | % | 584 | % | 550 | % | 192 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007e | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.82 | $ | 13.36 | $ | 12.28 | $ | 15.65 | $ | 18.26 | $ | 18.78 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.28 | ) | (.68 | ) | (.43 | ) | (.25 | ) | .29 | (.27 | ) | |||||||||||||
Net gain (loss) on investments (realized and unrealized) | (3.19 | ) | (.86 | ) | 1.51 | (3.12 | ) | (2.24 | ) | .38 | ||||||||||||||
Total from investment operations | (3.47 | ) | (1.54 | ) | 1.08 | (3.37 | ) | (1.95 | ) | .11 | ||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | — | — | (.66 | ) | (.63 | ) | ||||||||||||||||
Total distributions | — | — | — | — | (.66 | ) | (.63 | ) | ||||||||||||||||
Net asset value, end of period | $ | 8.35 | $ | 11.82 | $ | 13.36 | $ | 12.28 | $ | 15.65 | $ | 18.26 | ||||||||||||
Total Returnc | (29.36 | %) | (11.53% | ) | 8.79 | % | (21.53% | ) | (10.87% | ) | 0.67 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 74,562 | $ | 114,470 | $ | 140,451 | $ | 123,413 | $ | 124,572 | $ | 213,175 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (5.24 | %) | (5.78 | %) | (3.17 | %) | (1.70 | %) | 1.62 | % | 2.68 | % | ||||||||||||
Total expenses | 5.39 | % | 6.06 | % | 3.47 | % | 3.81 | % | 4.44 | % | 5.97 | % | ||||||||||||
Operating expensesd | 2.40 | % | 2.42 | % | 2.41 | % | 2.41 | % | 2.40 | % | 2.36 | % | ||||||||||||
Portfolio turnover rate | 429 | % | 771 | % | 985 | % | 584 | % | 550 | % | 192 | % |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | |
c | Total return does not reflect the impact of any applicable sales charges and has not been annualized. | |
d | Operating expenses exclude interest and dividend expense from securities sold short. | |
e | Prior to April 1, 2007, the Fund operated under a Master-Feeder Structure. Ratios represent combined net investment income of the former Master Portfolio and the Fund. Expense ratios to average net assets include expenses of the corresponding former Master Portfolio for the year ended March 31, 2007. |
208 | The RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FUND PROFILE (Unaudited) | September 30, 2011 |
![(LOGO)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366929.gif)
A-Class | April 16, 2007 | |||
C-Class | April 16, 2007 | |||
H-Class | April 16, 2007 |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 |
Face | ||||||||
Amount | Value | |||||||
REPURCHASE AGREEMENTS††,1 - 116.9% | ||||||||
HSBC Group issued 09/30/11 at 0.00% due 10/03/11 | $ | 16,590,519 | $ | 16,590,519 | ||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | 8,205,267 | 8,205,267 | ||||||
Mizuho Financial Group, Inc. issued 09/30/11 at 0.01% due 10/03/11 | 5,831,313 | 5,831,313 | ||||||
Total Repurchase Agreements (Cost $30,627,099) | 30,627,099 | |||||||
Total Investments — 116.9% (Cost $30,627,099) | $ | 30,627,099 | ||||||
Liabilities, Less Cash & Other Assets — (16.9)% | (4,431,342 | ) | ||||||
Total Net Assets — 100.0% | $ | 26,195,757 |
Unrealized | ||||||||
Contracts | Gain | |||||||
INTEREST RATE FUTURES CONTRACTS PURCHASED† | ||||||||
December 2011 U.S. Treasury 5 Year Note Futures Contracts (Aggregate Value of Contracts $16,667,438) | 136 | $ | 15,334 |
Upfront | ||||||||||||||||||||||||||||
Protection | Maturity | Notional | Notional | Premiums | Unrealized | |||||||||||||||||||||||
Index | Counterparty | Premium Rate | Date | Principal | Value | Received | Depreciation | |||||||||||||||||||||
CDX.NA.HY-17 Index | Credit Suisse International | 5.00 | % | 12/20/16 | $ | (14,300,000 | ) | $ | (12,441,000 | ) | $ | (1,471,746 | ) | $ | (387,254 | ) | ||||||||||||
CDX.NA.HY-17 Index | Barclays Bank plc | 5.00 | % | 12/20/16 | (12,500,000 | ) | (10,875,000 | ) | (1,236,804 | ) | (388,196 | ) | ||||||||||||||||
CDX.NA.HY-17 Index | Goldman Sachs International | 5.00 | % | 12/20/16 | (2,500,000 | ) | (2,175,000 | ) | (249,607 | ) | (75,393 | ) |
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | Repurchase Agreements — See Note 5. | |
2 | Credit Default Swaps — See Note 6. plc — Public Limited Company |
210 | The RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Assets: | ||||
Repurchase agreements, at value (cost $30,627,099) | $ | 30,627,099 | ||
Segregated cash with broker | 7,515,690 | |||
Receivables: | ||||
Securities sold | 236,250 | |||
Protection fees on credit default swaps | 55,460 | |||
Variation margin | 7,965 | |||
Fund shares sold | 6 | |||
Total assets | 38,442,470 | |||
Liabilities: | ||||
Unamortized upfront premium received | 2,958,157 | |||
Unrealized depreciation on swap agreements | 850,843 | |||
Payable for: | ||||
Fund shares redeemed | 7,214,879 | |||
Credit default swap settlement | 1,120,000 | |||
Management fees | 25,281 | |||
Distribution and service fees | 12,969 | |||
Transfer agent and administrative fees | 8,427 | |||
Portfolio accounting fees | 3,371 | |||
Miscellaneous | 52,786 | |||
Total liabilities | 12,246,713 | |||
Net assets | $ | 26,195,757 | ||
Net assets consist of: | ||||
Paid in capital | $ | 33,713,148 | ||
Undistributed net investment income | 1,561,888 | |||
Accumulated net realized loss on investments | (8,243,770 | ) | ||
Net unrealized depreciation on investments | (835,509 | ) | ||
Net assets | $ | 26,195,757 | ||
A-Class: | ||||
Net assets | $ | 12,773,247 | ||
Capital shares outstanding | 614,823 | |||
Net asset value per share | $ | 20.78 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 21.81 | ||
C-Class: | ||||
Net assets | $ | 7,002,559 | ||
Capital shares outstanding | 351,001 | |||
Net asset value per share | $ | 19.95 | ||
H-Class: | ||||
Net assets | $ | 6,419,951 | ||
Capital shares outstanding | 309,547 | |||
Net asset value per share | $ | 20.75 | ||
Investment Income: | ||||
Interest | $ | 21,550 | ||
Dividends | 14,085 | |||
Total investment income | 35,635 | |||
Expenses: | ||||
Management fees | 593,683 | |||
Transfer agent and administrative fees | 197,894 | |||
Distribution and service fees: | ||||
A-Class | 13,265 | |||
C-Class | 34,454 | |||
H-Class | 176,016 | |||
Portfolio accounting fees | 76,679 | |||
Registration fees | 72,268 | |||
Trustees’ fees* | 10,151 | |||
Miscellaneous | 53,563 | |||
Total expenses | 1,227,973 | |||
Net investment loss | (1,192,338 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments | (137,098 | ) | ||
Swap agreements | (14,086,768 | ) | ||
Futures contracts | 11,482,135 | |||
Net realized loss | (2,741,731 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Swap agreements | (852,315 | ) | ||
Futures contracts | 38,288 | |||
Net change in unrealized appreciation (depreciation) | (814,027 | ) | ||
Net realized and unrealized loss | (3,555,758 | ) | ||
Net increase in net assets resulting from operations | $ | (4,748,096 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 211 |
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment loss | $ | (1,192,338 | ) | $ | (2,645,405 | ) | ||
Net realized gain (loss) on investments | (2,741,731 | ) | 17,982,503 | |||||
Net change in unrealized appreciation (depreciation) on investments | (814,027 | ) | (10,835 | ) | ||||
Net increase (decrease) in net assets resulting from operations | (4,748,096 | ) | 15,326,263 | |||||
Distributions to shareholders from: | ||||||||
Net investment income | ||||||||
A-Class | — | (1,422,631 | ) | |||||
C-Class | — | (626,512 | ) | |||||
H-Class | — | (2,761,602 | ) | |||||
Total distributions to shareholders | — | (4,810,745 | ) | |||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
A-Class | 36,666,737 | 102,263,958 | ||||||
C-Class | 43,631,619 | 68,379,959 | ||||||
H-Class | 437,266,080 | 1,145,448,113 | ||||||
Distributions reinvested | ||||||||
A-Class | — | 942,150 | ||||||
C-Class | — | 577,687 | ||||||
H-Class | — | 2,516,782 | ||||||
Cost of shares redeemed | ||||||||
A-Class | (37,414,366 | ) | (92,522,654 | ) | ||||
C-Class | (42,229,537 | ) | (66,540,825 | ) | ||||
H-Class | (543,771,807 | ) | (1,059,304,080 | ) | ||||
Net increase (decrease) from capital share transactions | (105,851,274 | ) | 101,761,090 | |||||
Net increase (decrease) in net assets | (110,599,370 | ) | 112,276,608 | |||||
Net assets: | ||||||||
Beginning of period | 136,795,127 | 24,518,519 | ||||||
End of period | $ | 26,195,757 | $ | 136,795,127 | ||||
Undistributed net investment income at end of period | $ | 1,561,888 | $ | 2,754,226 | ||||
Capital share activity: | ||||||||
Shares sold | ||||||||
A-Class | 1,655,986 | 4,689,630 | ||||||
C-Class | 2,059,925 | 3,271,747 | ||||||
H-Class | 19,613,895 | 53,236,425 | ||||||
Shares issued from reinvestment of distributions | ||||||||
A-Class | — | 43,801 | ||||||
C-Class | — | 27,800 | ||||||
H-Class | — | 117,169 | ||||||
Shares redeemed | ||||||||
A-Class | (1,703,596 | ) | (4,306,080 | ) | ||||
C-Class | (1,998,211 | ) | (3,178,877 | ) | ||||
H-Class | (24,594,396 | ) | (48,866,599 | ) | ||||
Net increase (decrease) in shares | (4,966,397 | ) | 5,035,016 | |||||
212 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year Ended | Year Ended | Year Ended | Period Ended | ||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | ||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008b | |||||||||||||||
Per Share Data | ||||||||||||||||||||
Net asset value, beginning of period | $ | 21.98 | $ | 20.42 | $ | 16.64 | $ | 24.31 | $ | 25.00 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)c | (.15 | ) | (.30 | ) | (.26 | ) | (.16 | ) | .69 | |||||||||||
Net gain (loss) on investments (realized and unrealized) | (1.05 | ) | 3.37 | 5.39 | (3.51 | ) | (1.31 | ) | ||||||||||||
Total from investment operations | (1.20 | ) | 3.07 | 5.13 | (3.67 | ) | (.62 | ) | ||||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | — | (1.51 | ) | (1.35 | ) | (4.00 | ) | (.07 | ) | |||||||||||
Total distributions | — | (1.51 | ) | (1.35 | ) | (4.00 | ) | (.07 | ) | |||||||||||
Net asset value, end of period | $ | 20.78 | $ | 21.98 | $ | 20.42 | $ | 16.64 | $ | 24.31 | ||||||||||
Total Returnd | (5.46 | %) | 15.21 | % | 31.07 | % | (16.15% | ) | (2.49 | %) | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 12,773 | $ | 14,561 | $ | 4,800 | $ | 5,748 | $ | 10,530 | ||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net investment income (loss) | (1.39 | %) | (1.40 | %) | (1.37 | %) | (0.71 | %) | 2.79 | % | ||||||||||
Total expenses | 1.52 | % | 1.54 | % | 1.54 | % | 1.57 | % | 1.50 | % | ||||||||||
Portfolio turnover rate | — | — | — | — | — |
Period Ended | Year Ended | Year Ended | Year Ended | Period Ended | ||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | ||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008b | |||||||||||||||
Per Share Data | ||||||||||||||||||||
Net asset value, beginning of period | $ | 21.19 | $ | 19.87 | $ | 16.33 | $ | 24.12 | $ | 25.00 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)c | (.23 | ) | (.45 | ) | (.40 | ) | (.25 | ) | .46 | |||||||||||
Net gain (loss) on investments (realized and unrealized) | (1.01 | ) | 3.28 | 5.29 | (3.54 | ) | (1.27 | ) | ||||||||||||
Total from investment operations | (1.24 | ) | 2.83 | 4.89 | (3.79 | ) | (.81 | ) | ||||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | — | (1.51 | ) | (1.35 | ) | (4.00 | ) | (.07 | ) | |||||||||||
Total distributions | — | (1.51 | ) | (1.35 | ) | (4.00 | ) | (.07 | ) | |||||||||||
Net asset value, end of period | $ | 19.95 | $ | 21.19 | $ | 19.87 | $ | 16.33 | $ | 24.12 | ||||||||||
Total Returnd | (5.85 | %) | 14.40 | % | 30.17 | % | (16.83% | ) | (3.25 | %) | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 7,003 | $ | 6,129 | $ | 3,351 | $ | 1,773 | $ | 1,001 | ||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net investment income (loss) | (2.14 | %) | (2.13 | %) | (2.13 | %) | (1.21 | %) | 1.90 | % | ||||||||||
Total expenses | 2.27 | % | 2.28 | % | 2.29 | % | 2.32 | % | 2.22 | % | ||||||||||
Portfolio turnover rate | — | — | — | — | — |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 213 |
Period Ended | Year Ended | Year Ended | Year Ended | Period Ended | ||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | ||||||||||||||||
H-Class | 2011a | 2011 | 2010 | 2009 | 2008b | |||||||||||||||
Per Share Data | ||||||||||||||||||||
Net asset value, beginning of period | $ | 21.95 | $ | 20.38 | $ | 16.61 | $ | 24.28 | $ | 25.00 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)c | (.17 | ) | (.30 | ) | (.26 | ) | (.04 | ) | .62 | |||||||||||
Net gain (loss) on investments (realized and unrealized) | (1.03 | ) | 3.38 | 5.38 | (3.63 | ) | (1.27 | ) | ||||||||||||
Total from investment operations | (1.20 | ) | 3.08 | 5.12 | (3.67 | ) | (.65 | ) | ||||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | — | (1.51 | ) | (1.35 | ) | (4.00 | ) | (.07 | ) | |||||||||||
Total distributions | — | (1.51 | ) | (1.35 | ) | (4.00 | ) | (.07 | ) | |||||||||||
Net asset value, end of period | $ | 20.75 | $ | 21.95 | $ | 20.38 | $ | 16.61 | $ | 24.28 | ||||||||||
Total Returnd | (5.47 | %) | 15.29 | % | 31.07 | % | (16.16% | ) | (2.61 | %) | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 6,420 | $ | 116,106 | $ | 16,368 | $ | 239,528 | $ | 64,290 | ||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net investment income (loss) | (1.48 | %) | (1.38 | %) | (1.37 | %) | (0.20 | %) | 2.55 | % | ||||||||||
Total expenses | 1.52 | % | 1.53 | % | 1.53 | % | 1.56 | % | 1.49 | % | ||||||||||
Portfolio turnover rate | — | — | — | — | — |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Since commencement of operations: April 16, 2007. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
c | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | |
d | Total return does not reflect the impact of any applicable sales charges and has not been annualized. |
214 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FUND PROFILE (Unaudited) | September 30, 2011 |
![(LOGO)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366930.gif)
A-Class | April 16, 2007 | |||
C-Class | April 16, 2007 | |||
H-Class | April 16, 2007 |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 |
Face | ||||||||
Amount | Value | |||||||
REPURCHASE AGREEMENTS††,1 - 66.0% | ||||||||
HSBC Group issued 09/30/11 at 0.00% due 10/03/11 | $ | 16,254,947 | $ | 16,254,947 | ||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | 8,039,301 | 8,039,301 | ||||||
Mizuho Financial Group, Inc. issued 09/30/11 at 0.01% due 10/03/11 | 5,713,364 | 5,713,364 | ||||||
Total Repurchase Agreements (Cost $30,007,612) | 30,007,612 | |||||||
Total Investments — 66.0% (Cost $30,007,612) | $ | 30,007,612 | ||||||
Cash & Other Assets, Less Liabilities — 34.0% | 15,451,153 | |||||||
Total Net Assets — 100.0% | $ | 45,458,765 | ||||||
Unrealized | ||||||||
Contracts | Gain | |||||||
INTEREST RATE FUTURES CONTRACTS SOLD SHORT† | ||||||||
December 2011 U.S. Treasury 5 Year Note Futures Contracts (Aggregate Value of Contracts $33,334,875) | 272 | $ | 32,441 |
Upfront | ||||||||||||||||||||||||||||
Protection | Maturity | Notional | Notional | Premiums | Unrealized | |||||||||||||||||||||||
Index | Counterparty | Premium Rate | Date | Principal | Value | Paid | Appreciation | |||||||||||||||||||||
CDX.NA.HY-17 Index | Credit Suisse International | 5.00 | % | 12/20/16 | $ | 32,800,000 | $ | 28,536,000 | $ | 3,531,580 | $ | 732,420 | ||||||||||||||||
CDX.NA.HY-17 Index | Barclays Bank plc | 5.00 | % | 12/20/16 | 11,000,000 | 9,570,000 | 1,100,891 | 329,109 | ||||||||||||||||||||
CDX.NA.HY-17 Index | Goldman Sachs International | 5.00 | % | 12/20/16 | 2,500,000 | 2,175,000 | 249,607 | 75,393 |
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | Repurchase Agreements — See Note 5. |
216 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Assets: | ||||
Repurchase agreements, at value (cost $30,007,612) | $ | 30,007,612 | ||
Segregated cash with broker | 3,924,053 | |||
Unamortized upfront premiums received on credit default swaps | 4,882,078 | |||
Unrealized appreciation on swap agreements | 1,136,922 | |||
Receivables: | ||||
Fund shares sold | 6,812,446 | |||
Total assets | 46,763,111 | |||
Liabilities: | ||||
Payable for: | ||||
Credit default swap settlement | 1,157,500 | |||
Fund shares redeemed | 28,810 | |||
Management fees | 19,358 | |||
Distribution and service fees | 6,907 | |||
Transfer agent and administrative fees | 6,453 | |||
Portfolio accounting fees | 2,581 | |||
Protection fees on credit default swaps | 57,123 | |||
Miscellaneous | 25,614 | |||
Total liabilities | 1,304,346 | |||
Net assets | $ | 45,458,765 | ||
Net assets consist of: | ||||
Paid in capital | $ | 53,325,759 | ||
Accumulated net investment loss | (175,619 | ) | ||
Accumulated net realized loss on investments | (8,860,738 | ) | ||
Net unrealized appreciation on investments | 1,169,363 | |||
Net assets | $ | 45,458,765 | ||
A-Class: | ||||
Net assets | $ | 4,235,887 | ||
Capital shares outstanding | 129,406 | |||
Net asset value per share | $ | 32.73 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 34.37 | ||
C-Class: | ||||
Net assets | $ | 761,999 | ||
Capital shares outstanding | 24,022 | |||
Net asset value per share | $ | 31.71 | ||
H-Class: | ||||
Net assets | $ | 40,460,879 | ||
Capital shares outstanding | 1,233,913 | |||
Net asset value per share | $ | 32.78 | ||
Investment Income: | ||||
Interest | $ | 2,766 | ||
Total investment income | 2,766 | |||
Expenses: | ||||
Management fees | 86,522 | |||
Transfer agent and administrative fees | 28,841 | |||
Distribution and service fees: | ||||
A-Class | 4,449 | |||
C-Class | 4,719 | |||
H-Class | 23,212 | |||
Portfolio accounting fees | 11,536 | |||
Trustees’ fees* | 490 | |||
Miscellaneous | 18,616 | |||
Total expenses | 178,385 | |||
Net investment loss | (175,619 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Swap agreements | 891,998 | |||
Futures contracts | (1,010,234 | ) | ||
Net realized loss | (118,236 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Swap agreements | 1,137,085 | |||
Futures contracts | (147,086 | ) | ||
Net change in unrealized appreciation (depreciation) | 989,999 | |||
Net realized and unrealized gain | 871,763 | |||
Net increase in net assets resulting from operations | $ | 696,144 | ||
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 217 |
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment loss | $ | (175,619 | ) | $ | (276,545 | ) | ||
Net realized loss on investments | (118,236 | ) | (4,368,493 | ) | ||||
Net change in unrealized appreciation (depreciation) on investments | 989,999 | 152,532 | ||||||
Net increase (decrease) in net assets resulting from operations | 696,144 | (4,492,506 | ) | |||||
Distributions to shareholders | — | — | ||||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
A-Class | 39,300,133 | 40,028,327 | ||||||
C-Class | 4,858,182 | 5,760,752 | ||||||
H-Class | 136,487,624 | 230,820,350 | ||||||
Cost of shares redeemed | ||||||||
A-Class | (36,400,639 | ) | (39,859,655 | ) | ||||
C-Class | (6,618,639 | ) | (4,931,877 | ) | ||||
H-Class | (106,610,483 | ) | (245,856,867 | ) | ||||
Net increase (decrease) from capital share transactions | 31,016,178 | (14,038,970 | ) | |||||
Net increase (decrease) in net assets | 31,712,322 | (18,531,476 | ) | |||||
Net assets: | ||||||||
Beginning of period | 13,746,443 | 32,277,919 | ||||||
End of period | $ | 45,458,765 | $ | 13,746,443 | ||||
Accumulated net investment loss at end of period | $ | (175,619 | ) | $ | — | |||
Capital share activity: | ||||||||
Shares sold | ||||||||
A-Class | 1,253,331 | 1,182,246 | ||||||
C-Class | 162,071 | 179,518 | ||||||
H-Class | 4,346,832 | 6,507,282 | ||||||
Shares redeemed | ||||||||
A-Class | (1,171,192 | ) | (1,193,892 | ) | ||||
C-Class | (219,518 | ) | (152,460 | ) | ||||
H-Class | (3,415,647 | ) | (6,928,732 | ) | ||||
Net increase (decrease) in shares | 955,877 | (406,038 | ) | |||||
218 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year Ended | Year Ended | Year Ended | Period Ended | ||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | ||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008b | |||||||||||||||
Per Share Data | ||||||||||||||||||||
Net asset value, beginning of period | $ | 31.99 | $ | 38.51 | $ | 55.13 | $ | 51.26 | $ | 50.00 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)c | (.23 | ) | (.47 | ) | (.63 | ) | (.10 | ) | .54 | |||||||||||
Net gain (loss) on investments (realized and unrealized) | .97 | (6.05 | ) | (15.60 | ) | 5.29 | .72 | |||||||||||||
Total from investment operations | .74 | (6.52 | ) | (16.23 | ) | 5.19 | 1.26 | |||||||||||||
Less distributions from: | ||||||||||||||||||||
Net realized gains | — | — | (.39 | ) | (1.32 | ) | — | |||||||||||||
Total distributions | — | — | (.39 | ) | (1.32 | ) | — | |||||||||||||
Net asset value, end of period | $ | 32.73 | $ | 31.99 | $ | 38.51 | $ | 55.13 | $ | 51.26 | ||||||||||
Total Returnd | 2.35 | % | (16.96% | ) | 29.47 | % | 10.17 | % | 2.52 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 4,236 | $ | 1,512 | $ | 2,269 | $ | 2,278 | $ | 1,673 | ||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net investment income (loss) | (1.49 | %) | (1.39 | %) | (1.43 | %) | (0.19 | %) | 1.09 | % | ||||||||||
Total expenses | 1.51 | % | 1.53 | % | 1.54 | % | 1.52 | % | 1.52 | % | ||||||||||
Portfolio turnover rate | — | — | — | — | — |
Period Ended | Year Ended | Year Ended | Year Ended | Period Ended | ||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | ||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008b | |||||||||||||||
Per Share Data | ||||||||||||||||||||
Net asset value, beginning of period | $ | 31.12 | $ | 37.77 | $ | 54.49 | $ | 51.06 | $ | 50.00 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment lossc | (.34 | ) | (.72 | ) | (.95 | ) | (.52 | ) | (.62 | ) | ||||||||||
Net gain (loss) on investments (realized and unrealized) | .93 | (5.93 | ) | (15.38 | ) | 5.27 | 1.68 | |||||||||||||
Total from investment operations | .59 | (6.65 | ) | (16.33 | ) | 4.75 | 1.06 | |||||||||||||
Less distributions from: | ||||||||||||||||||||
Net realized gains | — | — | (.39 | ) | (1.32 | ) | — | |||||||||||||
Total distributions | — | — | (.39 | ) | (1.32 | ) | — | |||||||||||||
Net asset value, end of period | $ | 31.71 | $ | 31.12 | $ | 37.77 | $ | 54.49 | $ | 51.06 | ||||||||||
Total Returnd | 1.90 | % | (17.61% | ) | (30.00% | ) | 9.34 | % | 2.12 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 762 | $ | 2,535 | $ | 2,055 | $ | 869 | $ | 2,958 | ||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net investment loss | (2.25 | %) | (2.13 | %) | (2.18 | %) | (1.00 | %) | (1.25 | %) | ||||||||||
Total expenses | 2.27 | % | 2.28 | % | 2.29 | % | 2.28 | % | 2.26 | % | ||||||||||
Portfolio turnover rate | — | — | — | — | — |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 219 |
Period Ended | Year Ended | Year Ended | Year Ended | Period Ended | ||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | ||||||||||||||||
H-Class | 2011a | 2011 | 2010 | 2009 | 2008b | |||||||||||||||
Per Share Data | ||||||||||||||||||||
Net asset value, beginning of period | $ | 32.04 | $ | 38.60 | $ | 55.26 | $ | 51.38 | $ | 50.00 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)c | (.24 | ) | (.50 | ) | (.61 | ) | (.29 | ) | 1.44 | |||||||||||
Net gain (loss) on investments (realized and unrealized) | .98 | (6.06 | ) | (15.66 | ) | 5.49 | (.06 | ) | ||||||||||||
Total from investment operations | .74 | (6.56 | ) | (16.27 | ) | 5.20 | 1.38 | |||||||||||||
Less distributions from: | ||||||||||||||||||||
Net realized gains | — | — | (.39 | ) | (1.32 | ) | — | |||||||||||||
Total distributions | — | — | (.39 | ) | (1.32 | ) | — | |||||||||||||
Net asset value, end of period | $ | 32.78 | $ | 32.04 | $ | 38.60 | $ | 55.26 | $ | 51.38 | ||||||||||
Total Returnd | 2.31 | % | (16.99% | ) | (29.47% | ) | 10.17 | % | 2.76 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 40,461 | $ | 9,699 | $ | 27,954 | $ | 13,799 | $ | 6,536 | ||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net investment income (loss) | (1.49 | %) | (1.38 | %) | (1.43 | %) | (0.55 | %) | 2.84 | % | ||||||||||
Total expenses | 1.52 | % | 1.53 | % | 1.53 | % | 1.53 | % | 1.52 | % | ||||||||||
Portfolio turnover rate | — | — | — | — | — |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Since commencement of operations: April 16, 2007. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
c | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | |
d | Total return does not reflect the impact of any applicable sales charges and has not been annualized. |
220 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FUND PROFILE (Unaudited) | September 30, 2011 |
![(CHART)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366931.gif)
FADN — Federal Agency Discount Notes.
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 |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 |
Face | ||||||||
Amount | Value | |||||||
FEDERAL AGENCY DISCOUNT NOTES†† - 23.0% | ||||||||
Federal Home Loan Bank1 | ||||||||
0.00% due 10/28/11 | $ | 100,000,000 | $ | 99,999,925 | ||||
0.11% due 02/10/12 | 25,000,000 | 24,989,917 | ||||||
0.21% due 01/05/12 | 5,000,000 | 4,997,200 | ||||||
Federal Farm Credit Bank1 | ||||||||
0.12% due 02/08/12 | 20,000,000 | 19,991,333 | ||||||
0.18% due 04/18/12 | 20,000,000 | 19,980,000 | ||||||
0.10% due 11/16/11 | 15,000,000 | 14,998,083 | ||||||
0.14% due 02/02/12 | 15,000,000 | 14,992,767 | ||||||
0.25% due 10/13/11 | 10,000,000 | 9,999,167 | ||||||
0.19% due 10/24/11 | 10,000,000 | 9,998,786 | ||||||
0.21% due 12/28/11 | 10,000,000 | 9,994,867 | ||||||
0.14% due 05/15/12 | 10,000,000 | 9,991,172 | ||||||
Fannie Mae2 | ||||||||
0.12% due 02/08/12 | 25,000,000 | 24,989,618 | ||||||
0.20% due 06/01/12 | 25,000,000 | 24,966,111 | ||||||
0.06% due 03/28/12 | 17,000,000 | 16,994,506 | ||||||
0.21% due 10/03/11 | 10,000,000 | 9,999,883 | ||||||
0.14% due 01/09/12 | 10,000,000 | 9,996,111 | ||||||
Freddie Mac2 | ||||||||
0.13% due 12/05/11 | 25,000,000 | 24,994,132 | ||||||
0.12% due 04/10/12 | 25,000,000 | 24,983,333 | ||||||
0.10% due 12/08/11 | 20,000,000 | 19,996,222 | ||||||
Farmer Mac1 | ||||||||
0.12% due 12/06/11 | 20,000,000 | 19,995,600 | ||||||
0.20% due 05/15/12 | 15,000,000 | 14,981,083 | ||||||
0.17% due 07/24/12 | 15,000,000 | 14,978,963 | ||||||
Total Federal Agency Discount Notes (Cost $446,808,779) | 446,808,779 | |||||||
FEDERAL AGENCY NOTES†† - 5.7% | ||||||||
Federal Home Loan Bank1 | ||||||||
0.25% due 03/07/12 | 25,000,000 | 24,999,773 | ||||||
0.10% due 03/30/12 | 25,000,000 | 24,998,757 | ||||||
0.30% due 10/14/11 | 15,000,000 | 15,000,169 | ||||||
0.16% due 04/02/12 | 15,000,000 | 14,999,499 | ||||||
0.14% due 03/26/12 | 15,000,000 | 14,998,739 | ||||||
0.15% due 06/07/12 | 15,000,000 | 14,997,126 | ||||||
Total Federal Agency Notes (Cost $109,994,063) | 109,994,063 | |||||||
REPURCHASE AGREEMENTS††,3 - 62.7% | ||||||||
HSBC Group issued 09/30/11 at 0.00% due 10/03/11 | 574,799,805 | 574,799,805 | ||||||
Mizuho Financial Group, Inc. issued 09/30/11 at 0.01% due 10/03/11 | 354,713,419 | 354,713,419 | ||||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | 284,281,980 | 284,281,980 | ||||||
Total Repurchase Agreements (Cost $1,213,795,204) | 1,213,795,204 | |||||||
COMMERCIAL PAPER†† - 5.7% | ||||||||
General Re Corp. | ||||||||
0.07% due 11/02/11 | 10,000,000 | 9,999,378 | ||||||
Danske Corp. | ||||||||
0.24% due 10/14/11 | 10,000,000 | 9,999,133 | ||||||
Toyota Motor Credit Co. | ||||||||
0.18% due 10/21/11 | 10,000,000 | 9,999,000 | ||||||
American Honda Finance | ||||||||
0.14% due 11/02/11 | 10,000,000 | 9,998,756 | ||||||
Prudential plc | ||||||||
0.44% due 11/07/11 | 10,000,000 | 9,995,478 | ||||||
Coca-Cola Co. | ||||||||
0.17% due 11/01/11 | 5,000,000 | 4,999,268 | ||||||
0.20% due 03/01/12 | 5,000,000 | 4,995,778 | ||||||
Nestle Capital Corp. | ||||||||
0.17% due 12/01/11 | 5,000,000 | 4,998,560 | ||||||
0.21% due 04/03/12 | 5,000,000 | 4,994,604 | ||||||
Barclays (US) Funding, LLC | ||||||||
0.42% due 11/15/11 | 5,000,000 | 4,997,375 | ||||||
0.40% due 02/14/12 | 5,000,000 | 4,992,444 | ||||||
Westpack Banking Corp. | ||||||||
0.28% due 11/04/11 | 5,000,000 | 4,998,678 | ||||||
0.48% due 03/12/12 | 5,000,000 | 4,989,177 | ||||||
UBS Finance (DE), LLC | ||||||||
0.45% due 12/02/11 | 5,000,000 | 4,996,125 | ||||||
0.41% due 03/12/12 | 5,000,000 | 4,990,718 | ||||||
Sheffield Receivables Corp. | ||||||||
0.17% due 10/17/11 | 5,000,000 | 4,999,622 | ||||||
0.24% due 11/18/11 | 5,000,000 | 4,998,400 | ||||||
Total Commercial Paper (Cost $109,942,494) | 109,942,494 | |||||||
Total Investments — 97.1% (Cost $1,880,540,540) | $ | 1,880,540,540 | ||||||
Other Assets, Less Liabilities — 2.9% | 56,349,601 | |||||||
Total Net Assets — 100.0% | $ | 1,936,890,141 |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | The issuer operates under a Congressional charter; its securities are neither issued nor guaranteed by the U.S. Government. | |
2 | 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. | |
3 | Repurchase Agreements — See Note 5. plc — Public Limited Company |
222 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Assets: | ||||
Investments, at value (cost $666,745,336) | $ | 666,745,336 | ||
Repurchase agreements, at value (cost $1,213,795,204) | 1,213,795,204 | |||
Receivables: | ||||
Fund shares sold | 104,442,274 | |||
Interest | 55,456 | |||
Total assets | 1,985,038,270 | |||
Liabilities: | ||||
Overdraft due to custodian bank | 11,852 | |||
Payable for: | ||||
Fund shares redeemed | 47,260,050 | |||
Miscellaneous | 876,227 | |||
Total liabilities | 48,148,129 | |||
Net assets | $ | 1,936,890,141 | ||
Net assets consist of: | ||||
Paid in capital | $ | 1,936,846,754 | ||
Undistributed net investment income | 680 | |||
Accumulated net realized gain on investments | 42,707 | |||
Net unrealized appreciation on investments | — | |||
Net assets | $ | 1,936,890,141 | ||
Investor Class: | ||||
Net assets | $ | 900,892,800 | ||
Capital shares outstanding | 901,286,903 | |||
Net asset value per share | $ | 1.00 | ||
Investor2 Class: | ||||
Net assets | $ | 43,944,253 | ||
Capital shares outstanding | 43,940,736 | |||
Net asset value per share | $ | 1.00 | ||
Advisor Class: | ||||
Net assets | $ | 892,573,505 | ||
Capital shares outstanding | 892,684,154 | |||
Net asset value per share | $ | 1.00 | ||
A-Class: | ||||
Net assets | $ | 39,722,454 | ||
Capital shares outstanding | 39,738,907 | |||
Net asset value per share | $ | 1.00 | ||
C-Class: | ||||
Net assets | $ | 59,757,129 | ||
Capital shares outstanding | 59,807,023 | |||
Net asset value per share | $ | 1.00 | ||
Investment Income: | ||||
Interest | $ | 585,003 | ||
Total investment income | 585,003 | |||
Expenses: | ||||
Management fees | 2,932,161 | |||
Transfer agent and administrative fees | 1,172,877 | |||
Distribution and service fees: | ||||
Advisor Class | 580,049 | |||
C-Class | 265,849 | |||
Portfolio accounting fees | 345,144 | |||
Trustees’ fees* | 37,218 | |||
Miscellaneous | 947,748 | |||
Total expenses | 6,281,046 | |||
Less: | ||||
Expenses waived by service company | (1,509,384 | ) | ||
Expenses waived by distributor | (845,908 | ) | ||
Expenses waived by advisor | (3,344,663 | ) | ||
Total waived expenses | (5,699,955 | ) | ||
Net expenses | 581,091 | |||
Net investment income | 3,912 | |||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments | 23,099 | |||
Net realized gain | 23,099 | |||
Net change in unrealized appreciation (depreciation) | — | |||
Net realized and unrealized gain | 23,099 | |||
Net increase in net assets resulting from operations | $ | 27,011 | ||
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 223 |
�� | Period Ended | Year | ||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment income | $ | 3,912 | $ | 66,580 | ||||
Net realized gain on investments | 23,099 | 22,225 | ||||||
Net increase in net assets resulting from operations | 27,011 | 88,805 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||
Net investment income | ||||||||
Investor Class | (2,845 | ) | (44,307 | ) | ||||
Investor2 Class | (162 | ) | (2,773 | ) | ||||
Advisor Class | (569 | ) | (13,727 | ) | ||||
A-Class | (148 | ) | (2,159 | ) | ||||
C-Class | (187 | ) | (3,616 | ) | ||||
Net realized gains | ||||||||
Investor Class | — | (22,699 | ) | |||||
Investor2 Class | — | (1,157 | ) | |||||
Advisor Class | — | (4,482 | ) | |||||
A-Class | — | (1,101 | ) | |||||
C-Class | — | (1,385 | ) | |||||
Total distributions to shareholders | (3,911 | ) | (97,406 | ) | ||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
Investor Class | 4,482,663,813 | 9,630,003,112 | ||||||
Investor2 Class | 25,962,365 | 48,377,228 | ||||||
Advisor Class | 2,912,838,629 | 5,264,379,210 | ||||||
A-Class | 59,658,757 | 151,697,120 | ||||||
C-Class | 194,299,744 | 322,812,213 | ||||||
Distributions reinvested | ||||||||
Investor Class | 2,816 | 66,874 | ||||||
Investor2 Class | 153 | 3,178 | ||||||
Advisor Class | 562 | 18,140 | ||||||
A-Class | 143 | 3,160 | ||||||
C-Class | 177 | 4,826 | ||||||
Cost of shares redeemed | ||||||||
Investor Class | (4,415,690,189 | ) | (9,668,927,624 | ) | ||||
Investor2 Class | (27,468,416 | ) | (54,121,061 | ) | ||||
Advisor Class | (2,160,172,471 | ) | (5,248,363,560 | ) | ||||
A-Class | (60,777,931 | ) | (141,499,697 | ) | ||||
C-Class | (183,566,565 | ) | (350,392,231 | ) | ||||
Net increase (decrease) from capital share transactions | 827,751,587 | (45,939,112 | ) | |||||
Net increase (decrease) in net assets | 827,774,687 | (45,947,713 | ) | |||||
Net assets: | ||||||||
Beginning of period | 1,109,115,454 | 1,155,063,167 | ||||||
End of period | $ | 1,936,890,141 | $ | 1,109,115,454 | ||||
Undistributed net investment income at end of period | $ | 680 | $ | 679 | ||||
224 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Capital share activity: | ||||||||
Shares sold | ||||||||
Investor Class | 4,482,663,815 | 9,630,003,112 | ||||||
Investor2 Class | 25,962,365 | 48,377,228 | ||||||
Advisor Class | 2,912,838,629 | 5,264,379,210 | ||||||
A-Class | 59,658,757 | 151,697,119 | ||||||
C-Class | 194,299,743 | 322,812,212 | ||||||
Shares issued from reinvestment of distributions | ||||||||
Investor Class | 2,819 | 66,868 | ||||||
Investor2 Class | 153 | 3,179 | ||||||
Advisor Class | 562 | 18,140 | ||||||
A-Class | 143 | 3,161 | ||||||
C-Class | 177 | 4,825 | ||||||
Shares redeemed | ||||||||
Investor Class | (4,415,690,189 | ) | (9,678,927,624 | ) | ||||
Investor2 Class | (27,468,415 | ) | (54,121,059 | ) | ||||
Advisor Class | (2,160,172,471 | ) | (5,248,363,560 | ) | ||||
A-Class | (60,777,931 | ) | (141,499,697 | ) | ||||
C-Class | (183,566,565 | ) | (350,392,230 | ) | ||||
Net increase (decrease) in shares | 827,751,592 | (45,939,116 | ) | |||||
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 225 |
FINANCIAL HIGHLIG HTS
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Investor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment incomeb | — | c | — | c | — | c | .01 | .04 | .04 | |||||||||||||||
Net gain on investments (realized and unrealized) | — | — | c | — | — | — | — | |||||||||||||||||
Total from investment operations | — | c | — | c | — | c | .01 | .04 | .04 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (— | )c | (— | )c | (— | )c | (.01 | ) | (.04 | ) | (.04 | ) | ||||||||||||
Net realized gain | — | (— | )c | — | — | — | — | |||||||||||||||||
Total distributions | (— | )c | (— | )c | (— | )c | (.01 | ) | (.04 | ) | (.04 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Returne | 0.00 | % | 0.01 | % | 0.01 | % | 1.06 | % | 3.76 | % | 4.26 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 900,893 | $ | 833,899 | $ | 872,765 | $ | 1,114,286 | $ | 978,584 | $ | 982,347 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | — | d | 0.01 | % | 0.01 | % | 1.02 | % | 3.71 | % | 4.20 | % | ||||||||||||
Total expenses | 0.93 | % | 0.94 | % | 0.93 | % | 0.95 | % | 0.93 | % | 0.92 | % | ||||||||||||
Net expensesf | 0.10 | % | 0.22 | % | 0.37 | % | 0.90 | % | 0.93 | % | 0.92 | % | ||||||||||||
Portfolio turnover rate | — | — | — | — | — | — |
Period Ended | Year Ended | Period Ended | ||||||||||||||||||||||
September 30, | March 31, | March 31, | ||||||||||||||||||||||
Investor2 Class | 2011a | 2011 | 2010g | |||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment incomeb | — | c | — | c | — | c | ||||||||||||||||||
Net gain on investments (realized and unrealized) | — | — | c | — | ||||||||||||||||||||
Total from investment operations | — | c | — | c | — | c | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (— | )c | (— | )c | (— | )c | ||||||||||||||||||
Net realized gain | — | (— | )c | — | ||||||||||||||||||||
Total distributions | (— | )c | (— | )c | (— | )c | ||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||
Total Returne | 0.00 | % | 0.01 | % | 0.00 | % | ||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 43,944 | $ | 45,449 | $ | 51,190 | ||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | — | d | 0.01 | % | 0.01 | % | ||||||||||||||||||
Total expenses | 0.93 | % | 0.94 | % | 0.94 | % | ||||||||||||||||||
Net expensesf | 0.10 | % | 0.22 | % | 0.29 | % | ||||||||||||||||||
Portfolio turnover rate | — | — | — |
226 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FINANCIAL HIGHLIGHTS (continued)
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Advisor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment incomeb | — | c | — | c | — | c | .01 | .03 | .04 | |||||||||||||||
Net gain on investments (realized and unrealized) | — | — | c | — | — | — | — | |||||||||||||||||
Total from investment operations | — | c | — | c | — | c | .01 | .03 | .04 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (— | )c | (— | )c | (— | )c | (.01 | ) | (.03 | ) | (.04 | ) | ||||||||||||
Net realized gain | — | (— | )c | — | — | — | — | |||||||||||||||||
Total distributions | (— | )c | (— | )c | (— | )c | (.01 | ) | (.03 | ) | (.04 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Returne | 0.00 | % | 0.01 | % | 0.01 | % | 0.65 | % | 3.24 | % | 3.75 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 892,574 | $ | 139,904 | $ | 123,870 | $ | 341,425 | $ | 159,111 | $ | 204,068 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | — | d | 0.01 | % | 0.03 | % | 0.55 | % | 3.25 | % | 3.70 | % | ||||||||||||
Total expenses | 1.43 | % | 1.44 | % | 1.43 | % | 1.45 | % | 1.43 | % | 1.42 | % | ||||||||||||
Net expensesf | 0.09 | % | 0.22 | % | 0.37 | % | 1.26 | % | 1.43 | % | 1.42 | % | ||||||||||||
Portfolio turnover rate | — | — | — | — | — | — |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment incomeb | — | c | — | c | (— | )c | .01 | .03 | .04 | |||||||||||||||
Net gain on investments (realized and unrealized) | — | — | c | — | — | — | — | |||||||||||||||||
Total from investment operations | — | c | — | c | (— | )c | .01 | .03 | .04 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (— | )c | (— | )c | (— | )c | (.01 | ) | (.03 | ) | (.04 | ) | ||||||||||||
Net realized gain | — | (— | )c | — | — | — | — | |||||||||||||||||
Total distributions | (— | )c | (— | )c | (— | )c | (.01 | ) | (.03 | ) | (.04 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Returne | 0.00 | % | 0.01 | % | 0.01 | % | 0.85 | % | 3.51 | % | 4.01 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 39,722 | $ | 40,841 | $ | 30,640 | $ | 49,072 | $ | 21,174 | $ | 18,779 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | — | d | 0.01 | % | (0.04 | %) | 0.74 | % | 3.45 | % | 3.97 | % | ||||||||||||
Total expenses | 0.93 | % | 1.13 | % | 1.18 | % | 1.20 | % | 1.18 | % | 1.17 | % | ||||||||||||
Net expensesf | 0.10 | % | 0.21 | % | 0.38 | % | 1.09 | % | 1.18 | % | 1.17 | % | ||||||||||||
Portfolio turnover rate | — | — | — | — | — | — |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 227 |
FINANCIAL HIGHLIGHTS (concluded)
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment incomeb | — | c | — | c | (— | )c | — | c | .03 | .03 | ||||||||||||||
Net gain on investments (realized and unrealized) | — | — | c | — | — | — | — | |||||||||||||||||
Total from investment operations | — | c | — | c | (— | )c | — | c | .03 | .03 | ||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (— | )c | (— | )c | (— | )c | (— | )c | (.03 | ) | (.03 | ) | ||||||||||||
Net realized gain | — | (— | )c | — | — | — | — | |||||||||||||||||
Total distributions | (— | )c | (— | )c | (— | )c | (— | )c | (.03 | ) | (.03 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Returne | 0.00 | % | 0.01 | % | 0.01 | % | 0.26 | % | 2.74 | % | 3.24 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 59,757 | $ | 49,023 | $ | 76,598 | $ | 135,384 | $ | 121,436 | $ | 120,415 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | — | d | 0.01 | % | (0.05 | %) | 0.24 | % | 2.69 | % | 3.20 | % | ||||||||||||
Total expenses | 1.93 | % | 1.94 | % | 1.93 | % | 1.95 | % | 1.93 | % | 1.92 | % | ||||||||||||
Net expensesf | 0.10 | % | 0.22 | % | 0.39 | % | 1.70 | % | 1.93 | % | 1.92 | % | ||||||||||||
Portfolio turnover rate | — | — | — | — | — | — |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | |
c | Less than $0.01 per share. | |
d | Less than 0.01%. | |
e | Total return does not reflect the impact of any applicable sales charges and has not been annualized. | |
f | Net expense information reflects the expense ratios after expense waivers. | |
g | Since commencement of operations: July 10, 2009. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. |
228 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Index | ||||||||
Fund Name | Exposure | Liquidity | ||||||
Nova Fund | x | x | ||||||
S&P 500 Fund | x | x | ||||||
Inverse S&P 500 Strategy Fund | x | x | ||||||
NASDAQ-100®Fund | x | x | ||||||
Inverse NASDAQ-100® Strategy Fund | x | x | ||||||
Mid-Cap 1.5x Strategy Fund | x | x | ||||||
Inverse Mid-Cap Strategy Fund | x | x | ||||||
Russell 2000® 1.5x Strategy Fund | x | x |
Index | ||||||||
Fund Name | Exposure | Liquidity | ||||||
Russell 2000® Fund | x | x | ||||||
Inverse Russell 2000® Strategy Fund | x | x | ||||||
Europe 1.25x Strategy Fund | x | x | ||||||
Japan 2x Strategy Fund | x | x | ||||||
Strengthening Dollar 2x Strategy Fund | x | x | ||||||
Weakening Dollar 2x Strategy Fund | x | x | ||||||
Government Long Bond 1.2x Strategy Fund | x | x | ||||||
Inverse Government Long Bond Strategy Fund | x | x | ||||||
High Yield Strategy Fund | x | x | ||||||
Inverse High Yield Strategy Fund | x | x |
Index | ||||||||
Fund Name | Exposure | Liquidity | ||||||
Nova Fund | x | x | ||||||
S&P 500 Fund | x | x | ||||||
Inverse S&P 500 Strategy Fund | x | x | ||||||
NASDAQ-100® Fund | x | x | ||||||
Inverse NASDAQ-100® Strategy Fund | x | x | ||||||
Mid-Cap 1.5x Strategy Fund | x | x | ||||||
Inverse Mid-Cap Stategy Fund | x | x | ||||||
Russell 2000® 1.5x Strategy Fund | x | x | ||||||
Russell 2000® Fund | x | x | ||||||
Inverse Russell 2000® Strategy Fund | x | x | ||||||
Strengthening Dollor 2x Strategy Fund | x | x | ||||||
Weakening Dollar 2x Strategy Fund | x | x | ||||||
High Yield Strategy Fund | x | x | ||||||
Inverse High Yield Strategy Fund | x | x |
Management | ||||
Fees (as a % of | ||||
Fund | Net Assets) | |||
Nova Fund | 0.75 | % | ||
S&P 500 Fund | 0.75 | % | ||
Inverse S&P 500 Strategy Fund | 0.90 | % | ||
Nasdaq-100® Fund | 0.75 | % | ||
Inverse Nasdaq-100® Strategy Fund | 0.90 | % | ||
Mid-Cap 1.5x Strategy Fund | 0.90 | % | ||
Inverse Mid-Cap Strategy Fund | 0.90 | % |
Management | ||||
Fees (as a % of | ||||
Fund | Net Assets) | |||
Russell 2000® 1.5x Strategy Fund | 0.90 | % | ||
Russell 2000® Fund | 0.75 | % | ||
Inverse Russell 2000® Strategy Fund | 0.90 | % | ||
S&P 500 Pure Growth Fund | 0.75 | % | ||
S&P 500 Pure Value Fund | 0.75 | % | ||
S&P MidCap 400 Pure Growth Fund | 0.75 | % | ||
S&P MidCap 400 Pure Value Fund | 0.75 | % | ||
S&P SmallCap 600 Pure Growth Fund | 0.75 | % | ||
S&P SmallCap 600 Pure Value Fund | 0.75 | % | ||
Europe 1.25x Strategy Fund | 0.90 | % | ||
Japan 2x Strategy Fund | 0.75 | % | ||
Strengthening Dollar 2x Strategy Fund | 0.90 | % | ||
Weakening Dollar 2x Strategy Fund | 0.90 | % | ||
Real Estate Fund | 0.85 | % | ||
Government Long Bond 1.2x Strategy Fund | 0.50 | % | ||
Inverse Government Long Bond Strategy Fund | 0.90 | % | ||
High Yield Strategy Fund | 0.75 | % | ||
Inverse High Yield Strategy Fund | 0.75 | % | ||
U.S. Government Money Market Fund | 0.50 | % |
Transfer Agent and | ||||
Administrative Fees | ||||
Fund | (as a % of Net Assets) | |||
| | ||||
Government Long Bond 1.2x Strategy Fund | 0.20 | % | ||
U.S. Government Money Market Fund | 0.20 | % | ||
Remaining Funds | 0.25 | % |
Fund Accounting/ | (as a % of | |||
Administration Fees | Net Assets) | |||
| | ||||
On the first $250 million | 0.10 | % | ||
On the next $250 million | 0.075 | % | ||
On the next $250 million | 0.05 | % | ||
Over $750 million | 0.03 | % |
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). |
Level 1 | Level 1 | Level 2 | Level 2 | Level 3 | ||||||||||||||||||||
Investments | Other Financial | Investments | Other Financial | Investments | ||||||||||||||||||||
In Securities | Instruments* | In Securities | Instruments* | In Securities | Total | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Nova Fund | $ | 31,932,653 | $ | — | $ | 1,330,254 | $ | — | $ | — | $ | 33,262,907 | ||||||||||||
S&P 500 Fund | 81,685,121 | — | 35,288,566 | — | — | 116,973,687 | ||||||||||||||||||
Inverse S&P 500 Strategy Fund | — | 5,912,834 | 327,984,212 | 4,593,821 | — | 338,490,867 | ||||||||||||||||||
NASDAQ-100® Fund | 520,792,628 | — | 15,614,713 | — | — | 536,407,341 | ||||||||||||||||||
Inverse NASDAQ-100® Strategy Fund | — | 165,708 | 15,807,718 | 293,268 | — | 16,266,694 | ||||||||||||||||||
Mid-Cap 1.5x Strategy Fund | 10,981,416 | — | 1,716,135 | — | — | 12,697,551 | ||||||||||||||||||
Inverse Mid-Cap Strategy Fund | — | 221,283 | 9,528,325 | 205,749 | — | 9,955,357 | ||||||||||||||||||
Russell 2000® 1.5x Strategy Fund | 3,056,142 | — | 3,590,914 | — | — | 6,647,056 | ||||||||||||||||||
Russell 2000® Fund | 6,124,882 | — | 3,146,550 | — | — | 9,271,432 | ||||||||||||||||||
Inverse Russell 2000® Strategy Fund | — | 1,054,459 | 46,524,370 | 765,666 | — | 48,344,495 | ||||||||||||||||||
S&P 500 Pure Growth Fund | 56,521,901 | — | 1,283,599 | — | — | 57,805,500 | ||||||||||||||||||
S&P 500 Pure Value Fund | 17,536,394 | — | — | — | — | 17,536,394 | ||||||||||||||||||
S&P MidCap 400 Pure Growth Fund | 213,241,849 | — | 1,479,037 | — | — | 214,720,886 | ||||||||||||||||||
S&P MidCap 400 Pure Value Fund | 6,221,994 | — | 54,444 | — | — | 6,276,438 | ||||||||||||||||||
S&P SmallCap 600 Pure Growth Fund | 18,450,584 | — | — | — | — | 18,450,584 | ||||||||||||||||||
S&P SmallCap 600 Pure Value Fund | 6,457,533 | �� | — | 149,463 | — | — | 6,606,996 | |||||||||||||||||
Europe 1.25x Strategy Fund | 3,112,642 | 13,164 | 2,015,698 | — | — | 5,141,504 | ||||||||||||||||||
Japan 2x Strategy Fund | — | 1,665 | 2,694,429 | — | — | 2,696,094 | ||||||||||||||||||
Strengthening Dollar 2x Strategy Fund | — | 2,067,552 | 77,374,476 | 427,285 | — | 79,869,313 | ||||||||||||||||||
Weakening Dollar 2x Strategy Fund | — | — | 22,577,992 | — | — | 22,577,992 | ||||||||||||||||||
Real Estate Fund | 10,706,857 | — | 26,934 | — | — | 10,733,791 | ||||||||||||||||||
Government Long Bond 1.2x Strategy Fund | 233,745,863 | 7,605,914 | 15,751,502 | — | — | 257,103,279 | ||||||||||||||||||
Inverse Government Long Bond Strategy Fund | — | — | 667,778,625 | — | — | 667,778,625 | ||||||||||||||||||
High Yield Strategy Fund | — | 15,334 | 30,627,099 | — | — | 30,642,433 | ||||||||||||||||||
Inverse High Yield Strategy Fund | — | 32,441 | 30,007,612 | 1,136,922 | — | 31,176,975 | ||||||||||||||||||
U.S. Government Money Market Fund | — | — | 1,880,540,540 | — | — | 1,880,540,540 |
Level 1 | Level 1 | Level 2 | Level 2 | Level 3 | ||||||||||||||||||||
Investments | Other Financial | Investments | Other Financial | Investments | ||||||||||||||||||||
In Securities | Instruments* | In Securities | Instruments* | In Securities | Total | |||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Nova Fund | $ | — | $ | 80,255 | $ | — | $ | 531,823 | $ | — | $ | 612,078 | ||||||||||||
S&P 500 Fund | — | 281,778 | — | 544,456 | — | 826,234 | ||||||||||||||||||
NASDAQ-100® Fund | — | 70,166 | — | 371,844 | — | 442,010 | ||||||||||||||||||
Mid-Cap 1.5x Strategy Fund | — | 110,032 | — | 222,645 | — | 332,677 | ||||||||||||||||||
Russell 2000® 1.5x Strategy Fund | — | 27,831 | — | 196,014 | — | 223,845 | ||||||||||||||||||
Russell 2000® Fund | — | 3,662 | — | 55,386 | — | 59,048 | ||||||||||||||||||
Europe 1.25x Strategy Fund | — | 74,431 | — | — | — | 74,431 | ||||||||||||||||||
Japan 2x Strategy Fund | — | 27,521 | — | — | — | 27,521 | ||||||||||||||||||
Weakening Dollar 2x Strategy Fund | — | 663,658 | — | 37,187 | — | 700,845 | ||||||||||||||||||
Inverse Government Long Bond Strategy Fund | 297,228,295 | 4,592,495 | — | — | — | 301,820,790 | ||||||||||||||||||
High Yield Strategy Fund | — | — | — | 850,843 | — | 850,843 |
* | Other financial instruments may include futures contracts and/or swaps, which are reported as unrealized gain/loss at period end. |
Securities | ||||
Russell 2000® 1.5x Strategy Fund | ||||
Assets: | ||||
Beginning Balance | $ | 20 | ||
Total realized gains or losses included in earnings | (43 | ) | ||
Total change in unrealized gains or losses included in earnings | 207 | |||
Purchases, sales, issuances, and settlements (net) | ||||
Transfers in and/or out of Level 3 | (184 | ) | ||
Ending Balance | $ | — | ||
Securities | ||||
Russell 2000® Fund | ||||
Assets: | ||||
Beginning Balance | $ | 25 | ||
Total realized gains or losses included in earnings | (101 | ) | ||
Total change in unrealized gains or losses included in earnings | 306 | |||
Purchases, sales, issuances, and settlements (net) | ||||
Transfers in and/or out of Level 3 | (230 | ) | ||
Ending Balance | $ | — | ||
Counterparty and Terms of Agreement | Face Value | Repurchase Price | Collateral | Par Value | Fair Value | |||||||||||||||
HSBC Group | U.S. Treasury Bonds | |||||||||||||||||||
0.00% | 0.00 | % | ||||||||||||||||||
due 10/03/11 | $ | 930,000,000 | $ | 930,000,000 | 11/15/12 — 08/15/21 | $ | 1,009,143,300 | $ | 948,600,077 | |||||||||||
Credit Suisse Group | U.S. Treasury Notes | |||||||||||||||||||
0.00% | 3.50% — 3.63 | % | ||||||||||||||||||
due 10/03/11 | 484,054,341 | 484,054,341 | 08/15/19 — 05/15/20 | 424,936,800 | 493,735,459 | |||||||||||||||
Mizuho Financial Group, Inc. | U.S. Treasury Notes | |||||||||||||||||||
0.01% | 0.63% — 3.63 | % | ||||||||||||||||||
due 10/03/11 | 479,560,836 | 479,560,970 | 01/31/13 — 08/15/20 | 448,564,500 | 489,152,126 | |||||||||||||||
$ | 1,893,615,177 | $ | 1,893,615,311 | $ | 1,882,644,600 | $ | 1,931,487,662 | |||||||||||||
Approximate percentage of Fund’s | ||||
Fund | net assets on a daily basis | |||
Nova Fund | 65 | % | ||
S&P 500 Fund | 40 | % | ||
Inverse S&P 500 Strategy Fund | 100 | % | ||
NASDAQ-100® Fund | 5 | % | ||
Inverse NASDAQ-100® Strategy Fund | 100 | % | ||
Mid-Cap 1.5x Strategy Fund | 70 | % | ||
Inverse Mid-Cap Strategy Fund | 105 | % | ||
Russell 2000® 1.5x Strategy Fund | 110 | % | ||
Russell 2000® Fund | 30 | % | ||
Inverse Russell 2000® Strategy Fund | 100 | % | ||
Europe 1.25x Strategy Fund | 70 | %* | ||
Japan 2x Strategy Fund | 200 | %* | ||
Strengthening Dollar 2x Strategy Fund | 200 | % | ||
Weakening Dollar 2x Strategy Fund | 205 | % | ||
Government Long Bond 1.2x Strategy Fund | 30 | % | ||
Inverse Government Long Bond Strategy Fund | 20 | % | ||
High Yield Strategy Fund | 100 | %* | ||
Inverse High Yield Strategy Fund | 90 | %* |
* | These Funds utilize a combination of currency and/or financial-linked derivatives to obtain exposure to their benchmarks. The combined derivative instrument exposure is 140%, 400%, 65% (Long), 100% (Short), 90% (Long) and 75% (Short) for the Europe 1.25x Strategy Fund, Japan 2x Strategy Fund, High Yield Strategy Fund and Inverse High Yield Strategy Fund, respectively. |
Derivative | ||||
Investments Type | Asset Derivatives | Liability Derivatives | ||
Equity, currency, interest rate, | Variation Margin | Variation Margin | ||
and credit contracts | Unrealized Appreciation on Swap Agreements | Unrealized Depreciation on Swap Agreements |
Asset Derivative Investments Value | ||||||||||||||||||||||||||||
Futures | Swaps | Futures | Swaps | Futures | Credit | Total Value at | ||||||||||||||||||||||
Equity | Equity | Currency | Currency | Interest Rate | Default | September 30, | ||||||||||||||||||||||
Fund | Contracts* | Contracts | Contracts* | Contracts | Contracts* | Contracts | 2011 | |||||||||||||||||||||
Nova Fund | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
S&P 500 Fund | — | — | — | — | — | — | — | |||||||||||||||||||||
Inverse S&P 500 Strategy Fund | 5,912,834 | 4,593,821 | — | — | — | — | 10,506,655 | |||||||||||||||||||||
NASDAQ-100® Fund | — | — | — | — | — | — | — | |||||||||||||||||||||
Inverse NASDAQ-100® Strategy Fund | 165,708 | 293,268 | — | — | — | — | 458,976 | |||||||||||||||||||||
Mid-Cap 1.5x Strategy Fund | — | — | — | — | — | — | — | |||||||||||||||||||||
Inverse Mid-Cap Strategy Fund | 221,283 | 205,749 | — | — | — | — | 427,032 | |||||||||||||||||||||
Russell 2000® 1.5x Strategy Fund | — | — | — | — | — | — | — | |||||||||||||||||||||
Russell 2000® Fund | — | — | — | — | — | — | — | |||||||||||||||||||||
Inverse Russell 2000® Strategy Fund | 1,054,459 | 765,666 | — | — | — | — | 1,820,125 | |||||||||||||||||||||
Europe 1.25x Strategy Fund | 13,164 | — | — | — | — | — | 13,164 | |||||||||||||||||||||
Japan 2x Strategy Fund | 1,665 | — | — | — | — | — | 1,665 | |||||||||||||||||||||
Strengthening Dollar 2x Strategy Fund | — | — | 2,067,552 | 427,285 | — | — | 2,494,837 | |||||||||||||||||||||
Weakening Dollar 2x Strategy Fund | — | — | — | — | — | — | — | |||||||||||||||||||||
Government Long Bond 1.2x Strategy Fund | — | — | — | — | 7,605,914 | — | 7,605,914 | |||||||||||||||||||||
Inverse Government Long Bond Strategy Fund | — | — | — | — | — | — | — | |||||||||||||||||||||
High Yield Strategy Fund | — | — | — | — | 15,334 | — | 15,334 | |||||||||||||||||||||
Inverse High Yield Strategy Fund | — | — | — | — | 32,441 | 1,136,922 | 1,169,363 |
Liability Derivative Investments Value | ||||||||||||||||||||||||||||
Futures | Swaps | Futures | Swaps | Futures | Credit | Total Value at | ||||||||||||||||||||||
Equity | Equity | Currency | Currency | Interest Rate | Default | September 30, | ||||||||||||||||||||||
Fund | Contracts* | Contracts | Contracts* | Contracts | Contracts* | Contracts | 2011 | |||||||||||||||||||||
Nova Fund | $ | 80,255 | $ | 531,823 | $ | — | $ | — | $ | — | $ | — | $ | 612,078 | ||||||||||||||
S&P 500 Fund | 281,778 | 544,456 | — | — | — | — | 826,234 | |||||||||||||||||||||
Inverse S&P 500 Strategy Fund | — | — | — | — | — | — | — | |||||||||||||||||||||
NASDAQ-100® Fund | 70,166 | 371,844 | — | — | — | — | 442,010 | |||||||||||||||||||||
Inverse NASDAQ-100® Strategy Fund | — | — | — | — | — | — | — | |||||||||||||||||||||
Mid-Cap 1.5x Strategy Fund | 110,032 | 222,645 | — | — | — | — | 332,677 | |||||||||||||||||||||
Inverse Mid-Cap Strategy Fund | — | — | — | — | — | — | — | |||||||||||||||||||||
Russell 2000® 1.5x Strategy Fund | 27,831 | 196,014 | — | — | — | — | 223,845 | |||||||||||||||||||||
Russell 2000® Fund | 3,662 | 55,386 | — | — | — | — | 59,048 | |||||||||||||||||||||
Inverse Russell 2000® Strategy Fund | — | — | — | — | — | — | — | |||||||||||||||||||||
Europe 1.25x Strategy Fund | 22,950 | — | 51,481 | — | — | — | 74,431 | |||||||||||||||||||||
Japan 2x Strategy Fund | — | — | 27,521 | — | — | — | 27,521 | |||||||||||||||||||||
Strengthening Dollar 2x Strategy Fund | — | — | — | — | — | — | — | |||||||||||||||||||||
Weakening Dollar 2x Strategy Fund | — | — | 663,658 | 37,187 | — | — | 700,845 | |||||||||||||||||||||
Government Long Bond 1.2x Strategy Fund | — | — | — | — | — | — | — | |||||||||||||||||||||
Inverse Government Long Bond Strategy Fund | — | — | — | — | 4,592,495 | — | 4,592,495 | |||||||||||||||||||||
High Yield Strategy Fund | — | — | — | — | — | 850,843 | 850,843 | |||||||||||||||||||||
Inverse High Yield Strategy Fund | — | — | — | — | — | — | — |
* | Includes cumulative appreciation (depreciation) of futures contracts as reported on the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities. |
Derivative Investment | Location of Gain (Loss) on Derivatives | |
Equity/currency contracts | Net realized gain (loss) on futures contracts and swap agreements | |
Net change in unrealized appreciation (depreciation) on futures contracts and swap agreements | ||
Interest Rate contracts | Net realized gain (loss) on futures contracts | |
Net change in unrealized appreciation (depreciation) on futures contracts | ||
Credit contracts | Net realized gain (loss) on swap agreements | |
Net change in unrealized appreciation (depreciation) on swap agreements |
Realized Gain (Loss) on Derivative Investments Recognized on the Statement of Operations | ||||||||||||||||||||||||||||
Futures | Swaps | Futures | Swaps | Futures | Credit | |||||||||||||||||||||||
Equity | Equity | Currency | Currency | Interest Rate | Default | |||||||||||||||||||||||
Fund | Contracts | Contracts | Contracts | Contracts | Contracts | Contracts | Total | |||||||||||||||||||||
Nova Fund | $ | (312,155 | ) | $ | (4,072,631 | ) | $ | — | $ | — | $ | — | $ | — | $ | (4,384,786 | ) | |||||||||||
S&P 500 Fund | (4,104,385 | ) | (4,487,772 | ) | — | — | — | — | (8,592,157 | ) | ||||||||||||||||||
Inverse S&P 500 Strategy Fund | (2,915,729 | ) | 10,216,612 | — | — | — | — | 7,300,883 | ||||||||||||||||||||
NASDAQ-100® Fund | (4,215,593 | ) | (2,997,651 | ) | — | — | — | — | (7,213,244 | ) | ||||||||||||||||||
Inverse NASDAQ-100® Strategy Fund | (631,659 | ) | (286,106 | ) | — | — | — | — | (917,765 | ) | ||||||||||||||||||
Mid-Cap 1.5x Strategy Fund | (1,184,381 | ) | (1,882,661 | ) | — | — | — | — | (3,067,042 | ) | ||||||||||||||||||
Inverse Mid-Cap Strategy Fund | (185,544 | ) | (14,792 | ) | — | — | — | — | (200,336 | ) | ||||||||||||||||||
Russell 2000® 1.5x Strategy Fund | (606,247 | ) | (5,204,885 | ) | — | — | — | — | (5,811,132 | ) | ||||||||||||||||||
Russell 2000® Fund | 355,682 | (3,420,669 | ) | — | — | — | — | (3,064,987 | ) | |||||||||||||||||||
Inverse Russell 2000® Strategy Fund | 136,907 | 3,217,964 | — | — | — | — | 3,354,871 | |||||||||||||||||||||
Europe 1.25x Strategy Fund | (1,277,115 | ) | — | (139,261 | ) | — | — | (1,416,376 | ) | |||||||||||||||||||
Japan 2x Strategy Fund | (2,486,128 | ) | — | 1,274,980 | — | — | — | (1,211,148 | ) | |||||||||||||||||||
Strengthening Dollar 2x Strategy Fund | — | — | 2,047,396 | (412,788 | ) | — | — | 1,634,608 | ||||||||||||||||||||
Weakening Dollar 2x Strategy Fund | — | — | (2,167,335 | ) | (78,952 | ) | — | — | (2,246,287 | ) | ||||||||||||||||||
Government Long Bond 1.2x Strategy Fund | — | — | — | — | 6,453,790 | — | 6,453,790 | |||||||||||||||||||||
Inverse Government Long Bond Strategy Fund | — | — | — | — | (47,119,707 | ) | — | (47,119,707 | ) | |||||||||||||||||||
High Yield Strategy Fund | — | — | — | — | 11,482,135 | (14,086,768 | ) | (2,604,633 | ) | |||||||||||||||||||
Inverse High Yield Strategy Fund | — | — | — | — | (1,010,234 | ) | 891,998 | (118,236 | ) |
Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statement of Operations | ||||||||||||||||||||||||||||
Futures | Swaps | Futures | Swaps | Futures | Credit | |||||||||||||||||||||||
Equity | Equity | Currency | Currency | Interest Rate | Default | |||||||||||||||||||||||
Fund | Contracts | Contracts | Contracts | Contracts | Contracts | Contracts | Total | |||||||||||||||||||||
Nova Fund | $ | (194,487 | ) | $ | (1,128,833 | ) | $ | — | $ | — | $ | — | $ | — | $ | (1,323,320 | ) | |||||||||||
S&P 500 Fund | (692,456 | ) | (1,075,576 | ) | — | — | — | — | (1,768,032 | ) | ||||||||||||||||||
Inverse S&P 500 Strategy Fund | 6,281,765 | 5,604,246 | — | — | — | — | 11,886,011 | |||||||||||||||||||||
NASDAQ-100® Fund | (78,991 | ) | (1,142,380 | ) | — | — | — | — | (1,221,371 | ) | ||||||||||||||||||
Inverse NASDAQ-100® Strategy Fund | 339,487 | 629,597 | — | — | — | — | 969,084 | |||||||||||||||||||||
Mid-Cap 1.5x Strategy Fund | (110,177 | ) | (1,087,352 | ) | — | — | — | — | (1,197,529 | ) | ||||||||||||||||||
Inverse Mid-Cap Strategy Fund | 221,390 | 251,553 | — | — | — | — | 472,943 | |||||||||||||||||||||
Russell 2000® 1.5x Strategy Fund | (142,473 | ) | (1,609,619 | ) | — | — | — | — | (1,752,092 | ) | ||||||||||||||||||
Russell 2000® Fund | (316,891 | ) | (368,403 | ) | — | — | — | — | (685,294 | ) | ||||||||||||||||||
Inverse Russell 2000® Strategy Fund | 1,059,970 | 1,028,839 | — | — | — | — | 2,088,809 | |||||||||||||||||||||
Europe 1.25x Strategy Fund | (7,179 | ) | — | (188,080 | ) | — | — | — | (195,259 | ) | ||||||||||||||||||
Japan 2x Strategy Fund | (765,016 | ) | — | 195,602 | — | — | — | (569,414 | ) | |||||||||||||||||||
Strengthening Dollar 2x Strategy Fund | — | — | 2,384,328 | 602,968 | — | — | 2,987,296 | |||||||||||||||||||||
Weakening Dollar 2x Strategy Fund | — | — | (1,071,363 | ) | (176,534 | ) | — | — | (1,247,897 | ) | ||||||||||||||||||
Government Long Bond 1.2x Strategy Fund | — | — | — | — | 7,359,927 | — | 7,359,927 | |||||||||||||||||||||
Inverse Government Long Bond Strategy Fund | — | — | — | — | (4,262,107 | ) | — | (4,262,107 | ) | |||||||||||||||||||
High Yield Strategy Fund | — | — | — | — | 38,288 | (852,315 | ) | (814,027 | ) | |||||||||||||||||||
Inverse High Yield Strategy Fund | — | — | — | — | (147,086 | ) | 1,137,085 | 989,999 |
Tax | Tax | Net | ||||||||||||||
Tax | Unrealized | Unrealized | Unrealized | |||||||||||||
Fund | Cost | Gain | Loss | Gain (Loss) | ||||||||||||
Nova Fund | $ | 27,843,909 | $ | 6,411,253 | $ | (992,255 | ) | $ | 5,418,998 | |||||||
S&P 500 Fund | 119,559,931 | 817,374 | (3,403,617 | ) | (2,586,243 | ) | ||||||||||
Inverse S&P 500 Strategy Fund | 327,936,636 | 57,530 | (9,954 | ) | 47,576 | |||||||||||
NASDAQ-100® Fund | 339,977,694 | 212,046,706 | (15,617,059 | ) | 196,429,647 | |||||||||||
Inverse NASDAQ-100® Strategy Fund | 15,807,718 | — | — | — | ||||||||||||
Mid-Cap 1.5x Strategy Fund | 13,377,228 | 1,116,336 | (1,796,013 | ) | (679,677 | ) |
Tax | Tax | Net | ||||||||||||||
Tax | Unrealized | Unrealized | Unrealized | |||||||||||||
Fund | Cost | Gain | Loss | Gain (Loss) | ||||||||||||
Inverse Mid-Cap Strategy Fund | $ | 9,528,325 | $ | — | $ | — | $ | — | ||||||||
Russell 2000® 1.5x Strategy Fund | 7,159,053 | 23,725 | (535,722 | ) | (511,997 | ) | ||||||||||
Russell 2000® Fund | 10,057,538 | 98,656 | (884,762 | ) | (786,106 | ) | ||||||||||
Inverse Russell 2000® Strategy Fund | 46,524,370 | — | — | — | ||||||||||||
S&P 500 Pure Growth Fund | 64,855,926 | — | (7,050,426 | ) | (7,050,426 | ) | ||||||||||
S&P 500 Pure Value Fund | 18,482,013 | 465,147 | (1,410,765 | ) | (945,618 | ) | ||||||||||
S&P MidCap 400 Pure Growth Fund | 230,074,501 | 11,042,826 | (26,396,441 | ) | (15,353,615 | ) | ||||||||||
S&P MidCap 400 Pure Value Fund | 9,106,309 | — | (2,829,871 | ) | (2,829,871 | ) | ||||||||||
S&P SmallCap 600 Pure Growth Fund | 17,989,747 | 1,334,017 | (873,180 | ) | 460,837 | |||||||||||
S&P SmallCap 600 Pure Value Fund | 8,397,347 | — | (1,790,351 | ) | (1,790,351 | ) | ||||||||||
Europe 1.25x Strategy Fund | 5,699,350 | — | (571,010 | ) | (571,010 | ) | ||||||||||
Japan 2x Strategy Fund | 2,694,429 | — | — | — | ||||||||||||
Strengthening Dollar 2x Strategy Fund | 77,370,887 | 3,589 | — | 3,589 | ||||||||||||
Weakening Dollar 2x Strategy Fund | 22,574,403 | 3,589 | — | 3,589 | ||||||||||||
Real Estate Fund | 12,483,459 | — | (1,749,668 | ) | (1,749,668 | ) | ||||||||||
Government Long Bond 1.2x Strategy Fund | 218,643,607 | 30,853,758 | — | 30,853,758 | ||||||||||||
Inverse Government Long Bond Strategy Fund | 682,354,274 | — | (14,575,649 | ) | (14,575,649 | ) | ||||||||||
High Yield Strategy Fund | 30,627,099 | — | — | — | ||||||||||||
Inverse High Yield Strategy Fund | 30,007,612 | — | — | — | ||||||||||||
U.S. Government Money Market Fund | 1,880,540,540 | — | — | — |
Purchases | Sales | |||||||
Nova Fund | $ | 21,648,918 | $ | 37,750,831 | ||||
S&P 500 Fund | 76,811,471 | 166,123,614 | ||||||
Inverse S&P 500 Strategy Fund | — | — | ||||||
NASDAQ-100® Fund | 329,295,602 | 401,554,290 | ||||||
Inverse NASDAQ-100® Strategy Fund | — | — | ||||||
Mid-Cap 1.5x Strategy Fund | 5,392,271 | 26,427,088 | ||||||
Inverse Mid-Cap Strategy Fund | — | — | ||||||
Russell 2000® 1.5x Strategy Fund | 3,280,332 | 3,366,363 | ||||||
Russell 2000® Fund | 6,209,215 | 3,278,648 | ||||||
Inverse Russell 2000® Strategy Fund | — | — | ||||||
S&P 500 Pure Growth Fund | 183,109,782 | 162,518,128 | ||||||
S&P 500 Pure Value Fund | 137,782,847 | 151,134,908 | ||||||
S&P MidCap 400 Pure Growth Fund | 392,584,251 | 375,301,794 | ||||||
S&P MidCap 400 Pure Value Fund | 89,913,165 | 128,307,671 | ||||||
S&P SmallCap 600 Pure Growth Fund | 170,713,894 | 231,532,425 | ||||||
S&P SmallCap 600 Pure Value Fund | 51,843,647 | 65,669,749 | ||||||
Europe 1.25x Strategy Fund | 11,719,126 | 25,337,703 | ||||||
Japan 2x Strategy Fund | — | — | ||||||
Strengthening Dollar 2x Strategy Fund | — | — | ||||||
Weakening Dollar 2x Strategy Fund | — | — | ||||||
Real Estate Fund | 124,716,169 | 130,146,216 | ||||||
Government Long Bond 1.2x Strategy Fund | — | — | ||||||
Inverse Government Long Bond Strategy Fund | — | — | ||||||
High Yield Strategy Fund | 2,248,363 | 2,111,264 | ||||||
Inverse High Yield Strategy Fund | — | — | ||||||
U.S. Government Money Market Fund | — | — |
Purchases | Sales | |||||||
Government Long Bond 1.2x Strategy Fund | $ | 1,315,230,316 | $ | 1,203,462,239 | ||||
Inverse Government Long Bond Strategy Fund | 1,520,304,930 | 1,822,060,408 |
16th Floor
New York, NY 10022
(Headquarters)
805 King Farm Boulevard
Suite 600
Rockville, MD 20850
40 Corporate Woods
Suite 850
Overland Park, KS 66210
• | Nature, Extent and Quality of Services Provided by the Adviser. At the meeting of August 16-17, 2011, the Board reviewed the scope of services to be provided by the Adviser under the current investment advisory agreement and, at the meetings of August 16-17, 2011 and September 14, 2011, noted that there would be no significant differences between the scope of services required to be provided by the Adviser under the current investment advisory agreement and the scope of services required to be provided by the Adviser under the new investment advisory agreement. The Board noted that the key investment and management personnel of the Adviser servicing the Funds are expected to remain the same following the Transaction. The Trustees also considered Guggenheim Capital’s representations to the Board that the Adviser would continue to provide investment and related services that were of materially the same quality and quantity as services provided to the Funds in the past, and that these services are appropriate in scope and extent in light of the Funds’ operations, the competitive landscape of the investment company business and investor needs. | ||
• | Fund Expenses and Performance of the Funds and the Adviser. At the meeting of August 16-17, 2011, the Board had reviewed statistical information prepared by the Adviser regarding the expense ratio components and performance of each Fund. Based on the representations made by Guggenheim Capital at the meeting that the Adviser would continue to operate following the closing of the Transaction in much the same manner as it currently operates, the Board concluded that the investment performance of the Adviser was not expected to be affected by the Transaction. | ||
• | Costs of Services Provided to the Funds and Profits Realized by the Adviser and its Affiliates. At the meeting of August 16-17, 2011, the Board had reviewed information about the profitability of the Funds to the Adviser based on the advisory fees payable under the current investment advisory agreement. At that meeting, the Board had also analyzed the Funds’ expenses, including the investment advisory fees paid to the Adviser. At the Board meeting, the Board considered the fact that the fee rates payable to the Adviser would be the same under each Fund’s new investment advisory agreements as they are under such Fund’s current agreements. With respect to anticipated profitability, the Board noted that it was too early to predict how the Transaction would affect the Adviser’s profitability with respect to the Funds, but noted that this matter would be given further consideration on an ongoing basis. | ||
• | Economies of Scale. In connection with its review of the Funds’ profitability analysis at the meeting of August 16-17, 2011, the Board reviewed information regarding economies of scale or other efficiencies that may result from increases in the Funds’ asset levels. The Trustees noted that the fees would not change under the new investment advisory agreement, and that no additional economies of scale would be directly realized as a result of the Transaction. They also noted that they will have the opportunity to again review the appropriateness of the fees payable to the Adviser under the new agreement when the renewal of the new agreement comes before the Board. |
• | Other Benefits to the Adviser and/or its Affiliates. In addition to evaluating the services provided by the Adviser, the Board had considered the nature, extent, quality and cost of the distribution services performed by the Funds’ Distributor under a separate agreement at the meeting of August 16-17, 2011. The Board reviewed information regarding potential economies of scale arising from the integration of the asset management businesses of Guggenheim Capital. The Board also considered the terms of the Transaction and the changes to the corporate ownership structure of the Adviser, noting that the Adviser would no longer be a subsidiary of Security Benefit Corporation. In this regard, the Board noted that, under the corporate structure after the Transaction, the Adviser would be more closely controlled by Guggenheim Capital, which could benefit Guggenheim Capital. The Board also noted that the costs associated with the Transaction would be borne by Guggenheim Capital (or its affiliates) and not the Funds. |
Length of Service | ||||||
Name, Position and | As Trustee | Number of | ||||
Year of Birth | (Year Began) | Funds Overseen | ||||
Corey A. Colehour | Rydex Series Funds — 1993 | 150 | ||||
Trustee (1945) | Rydex Variable Trust — 1998 | |||||
Rydex Dynamic Funds — 1999 | ||||||
Rydex ETF Trust — 2003 |
J. Kenneth Dalton | Rydex Series Funds — 1995 | 150 | ||||
Trustee (1941) | Rydex Variable Trust — 1998 | |||||
Rydex Dynamic Funds — 1999 | ||||||
Rydex ETF Trust — 2003 |
John O. Demaret | Rydex Series Funds — 1997 | 150 | ||||
Trustee, Chairman of the | Rydex Variable Trust — 1998 | |||||
Board (1940) | Rydex Dynamic Funds — 1999 | |||||
Rydex ETF Trust — 2003 |
Werner E. Keller | Rydex Series Funds — 2005 | 150 | ||||
Trustee, Chairman of the | Rydex Variable Trust — 2005 | |||||
Board (1940) | Rydex Dynamic Funds — 2005 | |||||
Rydex ETF Trust — 2005 |
Thomas F. Lydon, Jr. | Rydex Series Funds — 2005 | 150 | ||||
Trustee (1960) | Rydex Variable Trust — 2005 | |||||
Rydex Dynamic Funds — 2005 | ||||||
Rydex ETF Trust — 2005 |
Length of Service | ||||||
Name, Position and | As Trustee | Number of | ||||
Year of Birth | (Year Began) | Funds Overseen | ||||
Patrick T. McCarville | Rydex Series Funds — 1997 | 150 | ||||
Trustee (1942) | Rydex Variable Trust — 1998 | |||||
Rydex Dynamic Funds — 1999 | ||||||
Rydex ETF Trust — 2003 |
Roger Somers | Rydex Series Funds — 1993 | 150 | ||||
Trustee (1944) | Rydex Variable Trust — 1998 | |||||
Rydex Dynamic Funds — 1999 | ||||||
Rydex ETF Trust — 2003 |
Name, Position and | Principal Occupations | |
Year of Birth | During Past Five Years | |
Richard M. Goldman* President (1961) | Current: Senior Vice President, Security Benefit Corporation; CEO, Security Benefit Asset Management Holdings, LLC; CEO, President and Manager Representative, Security Investors, LLC; CEO and Manager, Rydex Holdings, LLC; CEO, President and Manager, Rydex Distributors, LLC; Manager, Rydex Fund Services, LLC; President and Trustee, Rydex Series Funds, Rydex ETF Trust, Rydex Dynamic Funds and Rydex Variable Trust | |
Previous: Director, First Security Benefit Life Insurance Company (2007—2010); President and Director, Security Global Investors (2010—2011); CEO and Director, Rydex Advisors, LLC and Rydex Advisor II, LLC (2010); Director, Security Distributors, Inc. (2007-2009); Managing Member, R M Goldman Partners, LLC (2006-2007) | ||
Michael P. Byrum* Vice President (1970) | Current: President, Security Benefit Asset Management Holdings, LLC; Senior Vice President, Security Investors, LLC; President and Chief Investment Officer, Rydex Holdings, LLC; Director and Chairman of the Board, Advisor Research Center, Inc.; Manager, Rydex Specialized Products, LLC | |
Previous: Rydex Distributors, LLC (f/k/a Rydex Distributors, Inc.), Vice President (2009); Rydex Fund Services, LLC, Director (2009-2010), Secretary (2002-2010), Executive Vice President (2002- 2006); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.), Director (2008-2010), Chief Investment Officer (2006-2010), President (2004-2010); Secretary (2002- 2010); Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Director (2008-2010), Chief Investment Officer (2006-2010), President (2004-2010), Secretary (2002-2010); Rydex Capital Partners, LLC, (President and Secretary 2003-2007); Rydex Capital Partners II, LLC, (2003-2007); Rydex Holdings, LLC (f/k/a Rydex Holdings, Inc.), Secretary 2005-2008), Executive Vice President (2005-2006); Advisor Research Center, Inc., Secretary (2006-2009), Executive Vice President (2006); Rydex Specialized Products, LLC, Secretary (2005-2008) |
Name, Position and | Principal Occupations | |
Year of Birth | During Past Five Years | |
Nikolaos Bonos* Vice President and Treasurer (1963) | Current: Senior Vice President, Security Investors, LLC; Chief Executive Officer and Manager, Rydex Specialized Products, LLC; Chief Executive Officer and President, Rydex Fund Services, LLC; Vice President, Rydex Holdings, LLC; Treasurer, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President, Security Benefit Asset Management Holdings, LLC Previous: Security Global Investors, LLC, Senior Vice President (2010- 2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) Senior Vice President (2006-2011); Rydex Fund Services, LLC (f/k/a Rydex Fund Services, Inc.), Director (2009) and Senior Vice President (2003-2006); Rydex Specialized Products, LLC, Chief Financial Officer (2005-2009) | |
Joanna M. Haigney* Chief Compliance Officer and Secretary (1966) | Current: Chief Compliance Officer and Secretary, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President, Rydex Holdings, LLC; Vice President, Security Benefit Asset Management Holdings, LLC; Senior Vice President and Chief Compliance Officer, Security Investors, LLC | |
Previous: Security Global Investors, LLC, Senior Vice President (2010- 2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Chief Compliance Officer and Senior Vice President (2010-2011); Rydex Capital Partners I, LLC and Rydex Capital Partners II, LLC, Chief Compliance Officer (2006-2007); Rydex Fund Services, LLC (f/k/a Rydex Fund Services, Inc.), Vice President (2001-2006) | ||
Keith A. Fletcher* Vice President (1958) | Current: Senior Vice President, Security Investors, LLC; Vice President, Rydex Holdings, LLC; Vice President, Rydex Specialized Products, LLC; Vice President, Rydex Distributors, LLC; Vice President, Rydex Fund Services, LLC; Vice President and Director, Advisor Research Center, Inc.; Vice President, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund | |
Previous: Security Global Investors, LLC, Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Vice President (2009-2011); Lyster Watson and Company, Managing Director (2007-2008); Fletcher Financial Group, Inc., Chief Executive Officer (2004-2007) |
Name, Position and | Principal Occupations | |
Year of Birth | During Past Five Years | |
Amy J. Lee* Vice President and Assistant Secretary (1960) | Current: Senior Vice President and Secretary, Security Investors, LLC; Secretary and Chief Compliance Officer, Security Distributors, Inc.; Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation; Associate General Counsel, First Security Benefit Life Insurance and Annuity of New York; Vice President and Secretary, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President and Secretary, Rydex Holdings, LLC Secretary, Advisor Research Center, Inc., Rydex Specialized Products, LLC, Rydex Distributors, LLC and Rydex Fund Services, LLC; Assistant Secretary, Security Benefit Clinic and Hospital | |
Previous: Security Global Investors, LLC, Senior Vice President and Secretary (2007- 2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Senior Vice President and Secretary (2010-2011); Brecek and Young Advisors, Inc., Director (2004- 2008) | ||
Joseph M. Arruda* Assistant Treasurer (1966) | Current: Assistant Treasurer, SBL Fund, Security Equity Fund, Security Income Fund, Security Large Cap Value Fund, and Security Mid Cap Growth Fund; Vice President, Security Investors, LLC; Chief Financial Officer and Manager, Rydex Specialized Products, LLC | |
Previous: Security Global Investors, LLC, Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Vice President (2004- 2011) |
* | 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 Security Global Investors. |
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Rockville, MD 20850
www.rydex-sgi.com
800.820.0888
RBENF-SEMI-0911x0312
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ELIMINATE MAILBOX CLUTTER
• | View online confirmations and statements at your convenience. | |
• | Receive email notifications when your most recent confirmations, statements and other account documents are available for review. | |
• | Access prospectuses, annual reports and semiannual reports online. |
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LETTER TO OUR SHAREHOLDERS | 2 | |||
ABOUT SHAREHOLDERS’ FUND EXPENSES | 4 | |||
BANKING FUND | 9 | |||
BASIC MATERIALS FUND | 15 | |||
BIOTECHNOLOGY FUND | 22 | |||
CONSUMER PRODUCTS FUND | 28 | |||
ELECTRONICS FUND | 35 | |||
ENERGY FUND | 41 | |||
ENERGY SERVICES FUND | 48 | |||
FINANCIAL SERVICES FUND | 54 | |||
HEALTH CARE FUND | 61 | |||
INTERNET FUND | 68 | |||
LEISURE FUND | 74 | |||
PRECIOUS METALS FUND | 81 | |||
RETAILING FUND | 87 | |||
TECHNOLOGY FUND | 94 | |||
TELECOMMUNICATIONS FUND | 101 | |||
TRANSPORTATION FUND | 107 | |||
UTILITIES FUND | 113 | |||
NOTES TO FINANCIAL STATEMENTS | 120 | |||
OTHER INFORMATION | 125 | |||
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS | 128 | |||
RYDEX | SGI PRIVACY POLICIES | 131 |
![-s- Michael Byrum](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366804.gif)
President & Chief Investment Officer
Beginning | Ending | Expenses | ||||||||||||||||||
Expense | Fund | Account Value | Account Value | Paid During | ||||||||||||||||
Ratio1 | Return | March 31, 2011 | September 30, 2011 | Period2 | ||||||||||||||||
Table 1. Based on actual Fund return3 | ||||||||||||||||||||
Banking Fund | ||||||||||||||||||||
Investor Class | 1.37 | % | (30.41 | %) | $ | 1,000.00 | $ | 695.90 | $ | 5.83 | ||||||||||
Advisor Class | 1.87 | % | (30.62 | %) | 1,000.00 | 693.80 | 7.95 | |||||||||||||
A-Class | 1.62 | % | (30.53 | %) | 1,000.00 | 694.70 | 6.90 | |||||||||||||
C-Class | 2.37 | % | (30.79 | %) | 1,000.00 | 692.10 | 10.05 | |||||||||||||
Basic Materials Fund | ||||||||||||||||||||
Investor Class | 1.37 | % | (25.67 | %) | 1,000.00 | 743.30 | 5.99 | |||||||||||||
Advisor Class | 1.87 | % | (25.85 | %) | 1,000.00 | 741.50 | 8.17 | |||||||||||||
A-Class | 1.62 | % | (25.76 | %) | 1,000.00 | 742.40 | 7.07 | |||||||||||||
C-Class | 2.37 | % | (26.04 | %) | 1,000.00 | 739.60 | 10.33 | |||||||||||||
Biotechnology Fund | ||||||||||||||||||||
Investor Class | 1.38 | % | (5.90 | %) | 1,000.00 | 941.00 | 6.71 | |||||||||||||
Advisor Class | 1.88 | % | (6.14 | %) | 1,000.00 | 938.60 | 9.16 | |||||||||||||
A-Class | 1.62 | % | (6.04 | %) | 1,000.00 | 939.60 | 7.89 | |||||||||||||
C-Class | 2.38 | % | (6.37 | %) | 1,000.00 | 936.30 | 11.56 | |||||||||||||
Consumer Products Fund | ||||||||||||||||||||
Investor Class | 1.37 | % | 0.47 | % | 1,000.00 | 1,004.70 | 6.88 | |||||||||||||
Advisor Class | 1.87 | % | 0.21 | % | 1,000.00 | 1,002.10 | 9.37 | |||||||||||||
A-Class | 1.62 | % | 0.38 | % | 1,000.00 | 1,003.80 | 8.13 | |||||||||||||
C-Class | 2.37 | % | (0.06 | %) | 1,000.00 | 999.40 | 11.87 | |||||||||||||
Electronics Fund | ||||||||||||||||||||
Investor Class | 1.37 | % | (26.35 | %) | 1,000.00 | 736.50 | 5.96 | |||||||||||||
Advisor Class | 1.87 | % | (26.51 | %) | 1,000.00 | 734.90 | 8.13 | |||||||||||||
A-Class | 1.62 | % | (26.45 | %) | 1,000.00 | 735.50 | 7.06 | |||||||||||||
C-Class | 2.37 | % | (26.74 | %) | 1,000.00 | 732.60 | 10.29 | |||||||||||||
Energy Fund | ||||||||||||||||||||
Investor Class | 1.37 | % | (31.29 | %) | 1,000.00 | 687.10 | 5.80 | |||||||||||||
Advisor Class | 1.87 | % | (31.49 | %) | 1,000.00 | 685.10 | 7.91 | |||||||||||||
A-Class | 1.62 | % | (31.39 | %) | 1,000.00 | 686.10 | 6.86 | |||||||||||||
C-Class | 2.37 | % | (31.65 | %) | 1,000.00 | 683.50 | 10.01 | |||||||||||||
Energy Services Fund | ||||||||||||||||||||
Investor Class | 1.37 | % | (35.43 | %) | 1,000.00 | 645.70 | 5.67 | |||||||||||||
Advisor Class | 1.87 | % | (35.59 | %) | 1,000.00 | 644.10 | 7.72 | |||||||||||||
A-Class | 1.62 | % | (35.51 | %) | 1,000.00 | 644.90 | 6.69 | |||||||||||||
C-Class | 2.37 | % | (35.77 | %) | 1,000.00 | 642.30 | 9.77 | |||||||||||||
Financial Services Fund | ||||||||||||||||||||
Investor Class | 1.37 | % | (25.57 | %) | 1,000.00 | 744.30 | 6.00 | |||||||||||||
Advisor Class | 1.87 | % | (25.76 | %) | 1,000.00 | 742.40 | 8.18 | |||||||||||||
A-Class | 1.62 | % | (25.68 | %) | 1,000.00 | 743.20 | 7.09 | |||||||||||||
C-Class | 2.39 | % | (25.97 | %) | 1,000.00 | 740.30 | 10.35 | |||||||||||||
Health Care Fund | ||||||||||||||||||||
Investor Class | 1.37 | % | (9.63 | %) | 1,000.00 | 903.70 | 6.55 | |||||||||||||
Advisor Class | 1.87 | % | (9.85 | %) | 1,000.00 | 901.50 | 8.92 | |||||||||||||
A-Class | 1.62 | % | (9.75 | %) | 1,000.00 | 902.50 | 7.73 | |||||||||||||
C-Class | 2.37 | % | (10.13 | %) | 1,000.00 | 898.70 | 11.29 |
Beginning | Ending | Expenses | ||||||||||||||||||
Expense | Fund | Account Value | Account Value | Paid During | ||||||||||||||||
Ratio1 | Return | March 31, 2011 | September 30, 2011 | Period2 | ||||||||||||||||
Internet Fund | ||||||||||||||||||||
Investor Class | 1.37 | % | (22.28 | %) | $ | 1,000.00 | $ | 777.20 | $ | 6.10 | ||||||||||
Advisor Class | 1.87 | % | (22.49 | %) | 1,000.00 | 775.10 | 8.31 | |||||||||||||
A-Class | 1.62 | % | (22.38 | %) | 1,000.00 | 776.20 | 7.20 | |||||||||||||
C-Class | 2.37 | % | (22.66 | %) | 1,000.00 | 773.40 | 10.53 | |||||||||||||
Leisure Fund | ||||||||||||||||||||
Investor Class | 1.37 | % | (15.67 | %) | 1,000.00 | 843.30 | 6.31 | |||||||||||||
Advisor Class | 1.87 | % | (15.88 | %) | 1,000.00 | 841.20 | 8.62 | |||||||||||||
A-Class | 1.62 | % | (15.81 | %) | 1,000.00 | 841.90 | 7.48 | |||||||||||||
C-Class | 2.37 | % | (16.07 | %) | 1,000.00 | 839.30 | 10.92 | |||||||||||||
Precious Metals Fund | ||||||||||||||||||||
Investor Class | 1.27 | % | (20.80 | %) | 1,000.00 | 792.00 | 5.70 | |||||||||||||
Advisor Class | 1.77 | % | (21.01 | %) | 1,000.00 | 789.90 | 7.95 | |||||||||||||
A-Class | 1.52 | % | (20.91 | %) | 1,000.00 | 790.90 | 6.82 | |||||||||||||
C-Class | 2.27 | % | (21.21 | %) | 1,000.00 | 787.90 | 10.17 | |||||||||||||
Retailing Fund | ||||||||||||||||||||
Investor Class | 1.37 | % | (6.21 | %) | 1,000.00 | 937.90 | 6.65 | |||||||||||||
Advisor Class | 1.87 | % | (6.47 | %) | 1,000.00 | 935.30 | 9.07 | |||||||||||||
A-Class | 1.62 | % | (6.44 | %) | 1,000.00 | 935.60 | 7.86 | |||||||||||||
C-Class | 2.37 | % | (6.71 | %) | 1,000.00 | 932.90 | 11.48 | |||||||||||||
Technology Fund | ||||||||||||||||||||
Investor Class | 1.37 | % | (19.37 | %) | 1,000.00 | 806.30 | 6.22 | |||||||||||||
Advisor Class | 1.87 | % | (19.50 | %) | 1,000.00 | 805.00 | 8.46 | |||||||||||||
A-Class | 1.62 | % | (19.50 | %) | 1,000.00 | 805.00 | 7.32 | |||||||||||||
C-Class | 2.37 | % | (19.78 | %) | 1,000.00 | 802.20 | 10.70 | |||||||||||||
Telecommunications Fund | ||||||||||||||||||||
Investor Class | 1.38 | % | (21.58 | %) | 1,000.00 | 784.20 | 6.17 | |||||||||||||
Advisor Class | 1.87 | % | (21.78 | %) | 1,000.00 | 782.20 | 8.35 | |||||||||||||
A-Class | 1.62 | % | (21.66 | %) | 1,000.00 | 783.40 | 7.24 | |||||||||||||
C-Class | 2.37 | % | (21.99 | %) | 1,000.00 | 780.10 | 10.59 | |||||||||||||
Transportation Fund | ||||||||||||||||||||
Investor Class | 1.37 | % | (23.99 | %) | 1,000.00 | 760.10 | 6.03 | |||||||||||||
Advisor Class | 1.87 | % | (24.12 | %) | 1,000.00 | 758.80 | 8.25 | |||||||||||||
A-Class | 1.62 | % | (24.09 | %) | 1,000.00 | 759.10 | 7.14 | |||||||||||||
C-Class | 2.37 | % | (24.27 | %) | 1,000.00 | 757.30 | 10.44 | |||||||||||||
Utilities Fund | ||||||||||||||||||||
Investor Class | 1.37 | % | 1.67 | % | 1,000.00 | 1,016.70 | 6.91 | |||||||||||||
Advisor Class | 1.87 | % | 1.43 | % | 1,000.00 | 1,014.30 | 9.43 | |||||||||||||
A-Class | 1.62 | % | 1.55 | % | 1,000.00 | 1,015.50 | 8.18 | |||||||||||||
C-Class | 2.37 | % | 1.09 | % | 1,000.00 | 1,010.90 | 11.94 |
Beginning | Ending | Expenses | ||||||||||||||||||
Expense | Fund | Account Value | Account Value | Paid During | ||||||||||||||||
Ratio1 | Return | March 31, 2011 | September 30, 2011 | Period2 | ||||||||||||||||
Table 2. Based on hypothetical 5% return (before expenses) | ||||||||||||||||||||
Banking Fund | ||||||||||||||||||||
Investor Class | 1.37 | % | 5.00 | % | $ | 1,000.00 | $ | 1,018.20 | $ | 6.94 | ||||||||||
Advisor Class | 1.87 | % | 5.00 | % | 1,000.00 | 1,015.68 | 9.46 | |||||||||||||
A-Class | 1.62 | % | 5.00 | % | 1,000.00 | 1,016.92 | 8.21 | |||||||||||||
C-Class | 2.37 | % | 5.00 | % | 1,000.00 | 1,013.19 | 11.96 | |||||||||||||
Basic Materials Fund | ||||||||||||||||||||
Investor Class | 1.37 | % | 5.00 | % | 1,000.00 | 1,018.20 | 6.94 | |||||||||||||
Advisor Class | 1.87 | % | 5.00 | % | 1,000.00 | 1,015.68 | 9.46 | |||||||||||||
A-Class | 1.62 | % | 5.00 | % | 1,000.00 | 1,016.92 | 8.21 | |||||||||||||
C-Class | 2.37 | % | 5.00 | % | 1,000.00 | 1,013.19 | 11.96 | |||||||||||||
Biotechnology Fund | ||||||||||||||||||||
Investor Class | 1.38 | % | 5.00 | % | 1,000.00 | 1,018.15 | 6.98 | |||||||||||||
Advisor Class | 1.88 | % | 5.00 | % | 1,000.00 | 1,015.62 | 9.52 | |||||||||||||
A-Class | 1.62 | % | 5.00 | % | 1,000.00 | 1,016.93 | 8.21 | |||||||||||||
C-Class | 2.38 | % | 5.00 | % | 1,000.00 | 1,013.13 | 12.01 | |||||||||||||
Consumer Products Fund | ||||||||||||||||||||
Investor Class | 1.37 | % | 5.00 | % | 1,000.00 | 1,018.20 | 6.94 | |||||||||||||
Advisor Class | 1.87 | % | 5.00 | % | 1,000.00 | 1,015.68 | 9.46 | |||||||||||||
A-Class | 1.62 | % | 5.00 | % | 1,000.00 | 1,016.92 | 8.21 | |||||||||||||
C-Class | 2.37 | % | 5.00 | % | 1,000.00 | 1,013.19 | 11.96 | |||||||||||||
Electronics Fund | ||||||||||||||||||||
Investor Class | 1.37 | % | 5.00 | % | 1,000.00 | 1,018.20 | 6.94 | |||||||||||||
Advisor Class | 1.87 | % | 5.00 | % | 1,000.00 | 1,015.62 | 9.46 | |||||||||||||
A-Class | 1.62 | % | 5.00 | % | 1,000.00 | 1,016.92 | 8.21 | |||||||||||||
C-Class | 2.37 | % | 5.00 | % | 1,000.00 | 1,013.19 | 11.96 | |||||||||||||
Energy Fund | ||||||||||||||||||||
Investor Class | 1.37 | % | 5.00 | % | 1,000.00 | 1,018.20 | 6.94 | |||||||||||||
Advisor Class | 1.87 | % | 5.00 | % | 1,000.00 | 1,015.68 | 9.46 | |||||||||||||
A-Class | 1.62 | % | 5.00 | % | 1,000.00 | 1,016.92 | 8.21 | |||||||||||||
C-Class | 2.37 | % | 5.00 | % | 1,000.00 | 1,013.19 | 11.96 | |||||||||||||
Energy Services Fund | ||||||||||||||||||||
Investor Class | 1.37 | % | 5.00 | % | 1,000.00 | 1,018.20 | 6.94 | |||||||||||||
Advisor Class | 1.87 | % | 5.00 | % | 1,000.00 | 1,015.68 | 9.46 | |||||||||||||
A-Class | 1.62 | % | 5.00 | % | 1,000.00 | 1,016.94 | 8.21 | |||||||||||||
C-Class | 2.37 | % | 5.00 | % | 1,000.00 | 1,013.19 | 11.96 | |||||||||||||
Financial Services Fund | ||||||||||||||||||||
Investor Class | 1.37 | % | 5.00 | % | 1,000.00 | 1,018.20 | 6.94 | |||||||||||||
Advisor Class | 1.87 | % | 5.00 | % | 1,000.00 | 1,015.68 | 9.46 | |||||||||||||
A-Class | 1.62 | % | 5.00 | % | 1,000.00 | 1,016.94 | 8.21 | |||||||||||||
C-Class | 2.39 | % | 5.00 | % | 1,000.00 | 1,013.19 | 11.96 | |||||||||||||
Health Care Fund | ||||||||||||||||||||
Investor Class | 1.37 | % | 5.00 | % | 1,000.00 | 1,018.20 | 6.94 | |||||||||||||
Advisor Class | 1.87 | % | 5.00 | % | 1,000.00 | 1,015.68 | 9.46 | |||||||||||||
A-Class | 1.62 | % | 5.00 | % | 1,000.00 | 1,016.94 | 8.21 | |||||||||||||
C-Class | 2.37 | % | 5.00 | % | 1,000.00 | 1,013.19 | 11.96 |
Beginning | Ending | Expenses | ||||||||||||||||||
Expense | Fund | Account Value | Account Value | Paid During | ||||||||||||||||
Ratio1 | Return | March 31, 2011 | September 30, 2011 | Period2 | ||||||||||||||||
Internet Fund | ||||||||||||||||||||
Investor Class | 1.37 | % | 5.00 | % | $ | 1,000.00 | $ | 1,018.20 | $ | 6.94 | ||||||||||
Advisor Class | 1.87 | % | 5.00 | % | 1,000.00 | 1,015.68 | 9.46 | |||||||||||||
A-Class | 1.62 | % | 5.00 | % | 1,000.00 | 1,016.92 | 8.21 | |||||||||||||
C-Class | 2.37 | % | 5.00 | % | 1,000.00 | 1,013.19 | 11.96 | |||||||||||||
Leisure Fund | ||||||||||||||||||||
Investor Class | 1.37 | % | 5.00 | % | 1,000.00 | 1,018.20 | 6.94 | |||||||||||||
Advisor Class | 1.87 | % | 5.00 | % | 1,000.00 | 1,015.68 | 9.46 | |||||||||||||
A-Class | 1.62 | % | 5.00 | % | 1,000.00 | 1,016.92 | 8.21 | |||||||||||||
C-Class | 2.37 | % | 5.00 | % | 1,000.00 | 1,013.19 | 11.96 | |||||||||||||
Precious Metals Fund | ||||||||||||||||||||
Investor Class | 1.27 | % | 5.00 | % | 1,000.00 | 1,018.70 | 6.43 | |||||||||||||
Advisor Class | 1.77 | % | 5.00 | % | 1,000.00 | 1,016.18 | 8.96 | |||||||||||||
A-Class | 1.52 | % | 5.00 | % | 1,000.00 | 1,017.45 | 7.69 | |||||||||||||
C-Class | 2.27 | % | 5.00 | % | 1,000.00 | 1,013.69 | 11.46 | |||||||||||||
Retailing Fund | ||||||||||||||||||||
Investor Class | 1.37 | % | 5.00 | % | 1,000.00 | 1,018.20 | 6.94 | |||||||||||||
Advisor Class | 1.87 | % | 5.00 | % | 1,000.00 | 1,015.68 | 9.46 | |||||||||||||
A-Class | 1.62 | % | 5.00 | % | 1,000.00 | 1,016.92 | 8.21 | |||||||||||||
C-Class | 2.37 | % | 5.00 | % | 1,000.00 | 1,013.19 | 11.96 | |||||||||||||
Technology Fund | ||||||||||||||||||||
Investor Class | 1.37 | % | 5.00 | % | 1,000.00 | 1,018.20 | 6.94 | |||||||||||||
Advisor Class | 1.87 | % | 5.00 | % | 1,000.00 | 1,015.68 | 9.46 | |||||||||||||
A-Class | 1.62 | % | 5.00 | % | 1,000.00 | 1,016.92 | 8.21 | |||||||||||||
C-Class | 2.37 | % | 5.00 | % | 1,000.00 | 1,013.19 | 11.96 | |||||||||||||
Telecommunications Fund | ||||||||||||||||||||
Investor Class | 1.38 | % | 5.00 | % | 1,000.00 | 1,018.15 | 6.98 | |||||||||||||
Advisor Class | 1.87 | % | 5.00 | % | 1,000.00 | 1,015.62 | 9.46 | |||||||||||||
A-Class | 1.62 | % | 5.00 | % | 1,000.00 | 1,016.93 | 8.21 | |||||||||||||
C-Class | 2.37 | % | 5.00 | % | 1,000.00 | 1,013.13 | 11.96 | |||||||||||||
Transportation Fund | ||||||||||||||||||||
Investor Class | 1.37 | % | 5.00 | % | 1,000.00 | 1,018.20 | 6.94 | |||||||||||||
Advisor Class | 1.87 | % | 5.00 | % | 1,000.00 | 1,015.68 | 9.46 | |||||||||||||
A-Class | 1.62 | % | 5.00 | % | 1,000.00 | 1,016.92 | 8.21 | |||||||||||||
C-Class | 2.37 | % | 5.00 | % | 1,000.00 | 1,013.19 | 11.96 | |||||||||||||
Utilities Fund | ||||||||||||||||||||
Investor Class | 1.37 | % | 5.00 | % | 1,000.00 | 1,018.20 | 6.94 | |||||||||||||
Advisor Class | 1.87 | % | 5.00 | % | 1,000.00 | 1,015.68 | 9.46 | |||||||||||||
A-Class | 1.62 | % | 5.00 | % | 1,000.00 | 1,016.92 | 8.21 | |||||||||||||
C-Class | 2.37 | % | 5.00 | % | 1,000.00 | 1,013.19 | 11.96 |
1 | Annualized | |
2 | Expenses are equal to the Fund’s annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). | |
3 | Actual cumulative return at net asset value for the period March 31, 2011 to September 30, 2011. |
FUND PROFILE (Unaudited) | September 30, 2011 |
![(BAR GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366805.gif)
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) | ||||
Wells Fargo & Co. | 4.9 | % | ||
JPMorgan Chase & Co. | 4.2 | % | ||
U.S. Bancorp | 4.2 | % | ||
PNC Financial Services Group, Inc. | 3.7 | % | ||
Citigroup, Inc. | 3.5 | % | ||
Bank of New York Mellon Corp. | 3.5 | % | ||
Bank of America Corp. | 3.1 | % | ||
BB&T Corp. | 3.0 | % | ||
Fifth Third Bancorp | 2.3 | % | ||
M&T Bank Corp. | 2.3 | % | ||
Top Ten Total | 34.7 | % | ||
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 | |
BANKING FUND |
Shares | Value | |||||||
COMMON STOCKS† - 99.7% | ||||||||
REGIONAL BANKS - 45.2% | ||||||||
PNC Financial Services Group, Inc. | 4,702 | $ | 226,589 | |||||
BB&T Corp. | 8,202 | 174,949 | ||||||
Fifth Third Bancorp | 13,555 | 136,906 | ||||||
M&T Bank Corp. | 1,908 | 133,369 | ||||||
SunTrust Banks, Inc. | 7,294 | 130,927 | ||||||
CIT Group, Inc.* | 3,495 | 106,143 | ||||||
KeyCorp | 17,177 | 101,860 | ||||||
Huntington Bancshares, Inc. | 18,266 | 87,677 | ||||||
First Republic Bank* | 3,415 | 79,091 | ||||||
Commerce Bancshares, Inc. | 2,231 | 77,527 | ||||||
Regions Financial Corp. | 23,016 | 76,643 | ||||||
Cullen | 1,643 | 75,348 | ||||||
Hancock Holding Co. | 2,563 | 68,637 | ||||||
East West Bancorp, Inc. | 4,332 | 64,590 | ||||||
Signature Bank* | 1,325 | 63,242 | ||||||
Zions Bancorporation | 4,396 | 61,852 | ||||||
City National Corp. | 1,585 | 59,850 | ||||||
Bank of Hawaii Corp. | 1,601 | 58,276 | ||||||
Prosperity Bancshares, Inc. | 1,603 | 52,386 | ||||||
Associated Banc-Corp. | 5,615 | 52,220 | ||||||
Valley National Bancorp | 4,751 | 50,313 | ||||||
Fulton Financial Corp. | 6,547 | 50,085 | ||||||
First Horizon National Corp. | 8,377 | 49,927 | ||||||
TCF Financial Corp. | 5,393 | 49,400 | ||||||
SVB Financial Group* | 1,318 | 48,766 | ||||||
UMB Financial Corp. | 1,505 | 48,280 | ||||||
Webster Financial Corp. | 3,114 | 47,644 | ||||||
FNB Corp. | 5,431 | 46,544 | ||||||
FirstMerit Corp. | 4,015 | 45,610 | ||||||
Trustmark Corp. | 2,249 | 40,819 | ||||||
BancorpSouth, Inc. | 4,211 | 36,973 | ||||||
Iberiabank Corp. | 770 | 36,236 | ||||||
Westamerica Bancorporation | 911 | 34,910 | ||||||
Wintrust Financial Corp. | 1,285 | 33,166 | ||||||
Umpqua Holdings Corp. | 3,632 | 31,925 | ||||||
Old National Bancorp | 3,345 | 31,175 | ||||||
Susquehanna Bancshares, Inc. | 5,173 | 28,296 | ||||||
Cathay General Bancorp | 2,411 | 27,437 | ||||||
Glacier Bancorp, Inc. | 2,875 | 26,939 | ||||||
PrivateBancorp, Inc. — Class A | 2,843 | 21,379 | ||||||
Total Regional Banks | 2,673,906 | |||||||
DIVERSIFIED BANKS - 29.0% | ||||||||
Wells Fargo & Co. | 11,675 | 281,601 | ||||||
U.S. Bancorp | 10,373 | 244,180 | ||||||
Credicorp Ltd. | 1,175 | 108,335 | ||||||
Itau Unibanco Holding S.A. ADR | 6,628 | 102,867 | ||||||
New York Community Bancorp, Inc. | 8,367 | 99,567 | ||||||
Banco Bradesco S.A. ADR | 6,531 | 96,593 | ||||||
HSBC Holdings plc ADR | 2,332 | 88,709 | ||||||
Bank of Montreal | 1,506 | 84,110 | ||||||
Toronto-Dominion Bank | 1,185 | 84,076 | ||||||
Comerica, Inc. | 3,624 | 83,243 | ||||||
HDFC Bank Ltd. ADR | 2,710 | 78,997 | ||||||
Royal Bank of Canada | 1,698 | 77,633 | ||||||
Banco Santander S.A. ADR | 9,576 | 76,991 | ||||||
ICICI Bank Ltd. ADR | 2,205 | 76,558 | ||||||
Banco Santander Brasil S.A. ADR | 9,255 | 67,747 | ||||||
Barclays plc ADR | 6,289 | 61,506 | ||||||
Total Diversified Banks | 1,712,713 | |||||||
OTHER DIVERSIFIED FINANCIAL SERVICES - 10.8% | ||||||||
JPMorgan Chase & Co. | 8,162 | 245,840 | ||||||
Citigroup, Inc. | 8,095 | 207,394 | ||||||
Bank of America Corp. | 30,387 | 185,968 | ||||||
Total Other Diversified Financial Services | 639,202 | |||||||
THRIFTS & MORTGAGE FINANCE - 8.2% | ||||||||
People’s United Financial, Inc. | 8,099 | 92,328 | ||||||
Hudson City Bancorp, Inc. | 12,704 | 71,905 | ||||||
First Niagara Financial Group, Inc. | 7,452 | 68,186 | ||||||
Capitol Federal Financial, Inc. | 5,111 | 53,972 | ||||||
Northwest Bancshares, Inc. | 4,514 | 53,762 | ||||||
Washington Federal, Inc. | 3,923 | 49,979 | ||||||
Ocwen Financial Corp.* | 3,495 | 46,169 | ||||||
Astoria Financial Corp. | 4,272 | 32,852 | ||||||
MGIC Investment Corp.* | 8,929 | 16,697 | ||||||
Total Thrifts & Mortgage Finance | 485,850 | |||||||
ASSET MANAGEMENT & CUSTODY BANKS - 3.5% | ||||||||
Bank of New York Mellon Corp. | 10,996 | 204,416 | ||||||
DIVERSIFIED CAPITAL MARKETS - 2.1% | ||||||||
UBS AG | 5,586 | 63,848 | ||||||
Deutsche Bank AG | 1,823 | 63,094 | ||||||
Total Diversified Capital Markets | 126,942 | |||||||
MORTGAGE REIT’S - 0.9% | ||||||||
CapitalSource, Inc. | 8,270 | 50,778 | ||||||
Total Common Stocks (Cost $4,928,701) | 5,893,807 | |||||||
Face | ||||||||
Amount | ||||||||
REPURCHASE AGREEMENT††,1 - 0.9% | ||||||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | $ | 52,955 | 52,955 | |||||
Total Repurchase Agreement (Cost $52,955) | 52,955 | |||||||
Total Investments - 100.6% (Cost $4,981,656) | $ | 5,946,762 | ||||||
Liabilities, Less Other Assets — (0.6)% | (37,437 | ) | ||||||
Total Net Assets — 100.0% | $ | 5,909,325 |
* | Non-income producing security. | |
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | Repurchase Agreement — See Note 5. | |
ADR — American Depositary Receipt | ||
plc — Public Limited Company |
10 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
September 30, 2011
Assets: | ||||
Investments, at value (cost $4,928,701) | $ | 5,893,807 | ||
Repurchase agreements, at value (cost $52,955) | 52,955 | |||
Receivables: | ||||
Fund shares sold | 9,295 | |||
Dividends | 7,517 | |||
Foreign taxes reclaim | 351 | |||
Total assets | 5,963,925 | |||
Liabilities: | ||||
Payable for: | ||||
Fund shares redeemed | 35,430 | |||
Management fees | 4,210 | |||
Distribution and service fees | 1,534 | |||
Transfer agent and administrative fees | 1,238 | |||
Portfolio accounting fees | 495 | |||
Miscellaneous | 11,693 | |||
Total liabilities | 54,600 | |||
Net Assets | $ | 5,909,325 | ||
Net Assets Consist Of: | ||||
Paid in capital | $ | 30,438,560 | ||
Undistributed net investment income | 35,020 | |||
Accumulated net realized loss on investments | (25,529,361 | ) | ||
Net unrealized appreciation on investments | 965,106 | |||
Net assets | $ | 5,909,325 | ||
Investor Class: | ||||
Net assets | $ | 3,083,610 | ||
Capital shares outstanding | 89,064 | |||
Net asset value per share | $ | 34.62 | ||
Advisor Class: | ||||
Net assets | $ | 192,414 | ||
Capital shares outstanding | 6,076 | |||
Net asset value per share | $ | 31.66 | ||
A-Class: | ||||
Net assets | $ | 1,189,610 | ||
Capital shares outstanding | 36,920 | |||
Net asset value per share | $ | 32.22 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 33.83 | ||
C-Class: | ||||
Net assets | $ | 1,443,691 | ||
Capital shares outstanding | 47,194 | |||
Net asset value per share | $ | 30.59 | ||
Investment Income: | ||||
Dividends (net of foreign withholding tax of $1,521) | $ | 101,268 | ||
Interest | 11 | |||
Total investment income | 101,279 | |||
Expenses: | ||||
Management fees | 37,478 | |||
Transfer agent and administrative fees | 11,023 | |||
Distribution and service fees: | ||||
Advisor Class | 1,017 | |||
A-Class | 1,618 | |||
C-Class | 11,844 | |||
Portfolio accounting fees | 4,409 | |||
Registration fees | 3,798 | |||
Trustees’ fees* | 629 | |||
Miscellaneous | 3,126 | |||
Total expenses | 74,942 | |||
Net investment income | 26,337 | |||
Net Realized And Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments | (228,317 | ) | ||
Net realized loss | (228,317 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (2,487,906 | ) | ||
Net change in unrealized appreciation (depreciation) | (2,487,906 | ) | ||
Net realized and unrealized loss | (2,716,223 | ) | ||
Net decrease in net assets resulting from operations | $ | (2,689,886 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 11 |
STATEMENTS OF CHANGES IN NET ASSETS
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment income | $ | 26,337 | $ | 8,682 | ||||
Net realized loss on investments | (228,317 | ) | (187,828 | ) | ||||
Net change in unrealized appreciation (depreciation) on investments | (2,487,906 | ) | (1,197,289 | ) | ||||
Net decrease in net assets resulting from operations | (2,689,886 | ) | (1,376,435 | ) | ||||
Distributions to shareholders from: | ||||||||
Net investment income | ||||||||
Investor Class | — | (35,313 | ) | |||||
Advisor Class | — | (5,190 | ) | |||||
A-Class | — | (2,945 | ) | |||||
C-Class | — | (10,322 | ) | |||||
Total distributions to shareholders | — | (53,770 | ) | |||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
Investor Class | 31,997,031 | 164,957,214 | ||||||
Advisor Class | 1,566,332 | 24,430,833 | ||||||
A-Class | 4,208,416 | 5,916,707 | ||||||
C-Class | 12,639,116 | 62,239,417 | ||||||
Distributions reinvested | ||||||||
Investor Class | — | 21,325 | ||||||
Advisor Class | — | 4,972 | ||||||
A-Class | — | 2,723 | ||||||
C-Class | — | 8,842 | ||||||
Cost of shares redeemed | ||||||||
Investor Class | (36,272,480 | ) | (182,816,064 | ) | ||||
Advisor Class | (1,834,027 | ) | (24,348,034 | ) | ||||
A-Class | (3,561,451 | ) | (10,663,178 | ) | ||||
C-Class | (13,241,325 | ) | (64,846,218 | ) | ||||
Net decrease from capital share transactions | (4,498,388 | ) | (25,091,461 | ) | ||||
Net decrease in net assets | (7,188,274 | ) | (26,521,666 | ) | ||||
Net assets: | ||||||||
Beginning of period | 13,097,599 | 39,619,265 | ||||||
End of period | $ | 5,909,325 | $ | 13,097,599 | ||||
Undistributed net investment income at end of period | $ | 35,020 | $ | 8,683 | ||||
Capital share activity: | ||||||||
Shares sold | ||||||||
Investor Class | 720,099 | 3,520,121 | ||||||
Advisor Class | 36,013 | 551,252 | ||||||
A-Class | 97,949 | 125,988 | ||||||
C-Class | 311,863 | 1,462,060 | ||||||
Shares issued from reinvestment of distributions | ||||||||
Investor Class | — | 484 | ||||||
Advisor Class | — | 123 | ||||||
A-Class | — | 66 | ||||||
C-Class | — | 225 | ||||||
Shares redeemed | ||||||||
Investor Class | (806,109 | ) | (3,864,747 | ) | ||||
Advisor Class | (43,727 | ) | (565,185 | ) | ||||
A-Class | (80,723 | ) | (240,955 | ) | ||||
C-Class | (329,028 | ) | (1,521,121 | ) | ||||
Net decrease in shares | (93,663 | ) | (531,689 | ) | ||||
12 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FINANCIAL HIGHLIGHTS
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Investor Class | 2011a | 2011 | 2010d | 2009d | 2008d | 2007d | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 49.76 | $ | 50.73 | $ | 32.62 | $ | 75.60 | $ | 110.30 | $ | 108.60 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment incomeb | .21 | .13 | .28 | 1.30 | 2.50 | 2.00 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (15.35 | ) | (.99 | ) | 20.05 | (42.98 | ) | (36.20 | ) | .50 | ||||||||||||||
Total from investment operations | (15.14 | ) | (.86 | ) | 20.33 | (41.68 | ) | (33.70 | ) | 2.50 | ||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.12 | ) | (2.22 | ) | (1.30 | ) | (1.00 | ) | (.80 | ) | |||||||||||||
Total distributions | — | (.12 | ) | (2.22 | ) | (1.30 | ) | (1.00 | ) | (.80 | ) | |||||||||||||
Net asset value, end of period | $ | 34.62 | $ | 49.75 | $ | 50.73 | $ | 32.62 | $ | 75.60 | $ | 110.30 | ||||||||||||
Total Returnc | (30.41 | )% | (1.66 | )% | 63.48 | % | (55.66 | )% | (30.69 | )% | 2.24 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 3,084 | $ | 8,711 | $ | 26,340 | $ | 23,804 | $ | 7,035 | $ | 9,229 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 0.92 | % | 0.27 | % | 0.67 | % | 2.42 | % | 2.59 | % | 1.79 | % | ||||||||||||
Total expenses | 1.37 | % | 1.39 | % | 1.38 | % | 1.37 | % | 1.37 | % | 1.32 | % | ||||||||||||
Portfolio turnover rate | 390 | % | 1,130 | % | 986 | % | 1,055 | % | 1,417 | % | 954 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Advisor Class | 2011a | 2011 | 2010d | 2009d | 2008d | 2007d | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 45.63 | $ | 46.79 | $ | 30.36 | $ | 70.70 | $ | 103.90 | $ | 103.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | .07 | (.08 | ) | .06 | 1.20 | 2.00 | 1.10 | |||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (14.04 | ) | (.96 | ) | 18.59 | (40.24 | ) | (34.20 | ) | .60 | ||||||||||||||
Total from investment operations | (13.97 | ) | (1.04 | ) | 18.65 | (39.04 | ) | (32.20 | ) | 1.70 | ||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.12 | ) | (2.22 | ) | (1.30 | ) | (1.00 | ) | (.80 | ) | |||||||||||||
Total distributions | — | (.12 | ) | (2.22 | ) | (1.30 | ) | (1.00 | ) | (.80 | ) | |||||||||||||
Net asset value, end of period | $ | 31.66 | $ | 45.63 | $ | 46.79 | $ | 30.36 | $ | 70.70 | $ | 103.90 | ||||||||||||
Total Returnc | (30.62 | )% | (2.19 | )% | 62.66 | % | (55.70 | )% | (31.14 | )% | 1.58 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 192 | $ | 629 | $ | 1,291 | $ | 2,509 | $ | 1,449 | $ | 1,836 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | 0.36 | % | (0.18 | )% | 0.17 | % | 2.42 | % | 2.32 | % | 1.08 | % | ||||||||||||
Total expenses | 1.87 | % | 1.89 | % | 1.88 | % | 1.88 | % | 1.85 | % | 1.88 | % | ||||||||||||
Portfolio turnover rate | 390 | % | 1,130 | % | 986 | % | 1,055 | % | 1,417 | % | 954 | % |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 13 |
FINANCIAL HIGHLIGHTS (concluded)
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010d | 2009d | 2008d | 2007d | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 46.38 | $ | 47.41 | $ | 30.67 | $ | 71.50 | $ | 104.70 | $ | 103.40 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment incomeb | .15 | .04 | .02 | 1.30 | 2.00 | 1.70 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (14.31 | ) | (.95 | ) | 18.94 | (40.83 | ) | (34.20 | ) | .40 | ||||||||||||||
Total from investment operations | (14.16 | ) | (.91 | ) | 18.96 | (39.53 | ) | (32.20 | ) | 2.10 | ||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.12 | ) | (2.22 | ) | (1.30 | ) | (1.00 | ) | (.80 | ) | |||||||||||||
Total distributions | — | (.12 | ) | (2.22 | ) | (1.30 | ) | (1.00 | ) | (.80 | ) | |||||||||||||
Net asset value, end of period | $ | 32.22 | $ | 46.38 | $ | 47.41 | $ | 30.67 | $ | 71.50 | $ | 104.70 | ||||||||||||
Total Returnc | (30.53 | )% | (1.89 | )% | 63.04 | % | (55.77 | )% | (30.90 | )% | 1.96 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,190 | $ | 913 | $ | 6,381 | $ | 851 | $ | 547 | $ | 187 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 0.71 | % | 0.09 | % | 0.06 | % | 2.71 | % | 2.33 | % | 1.54 | % | ||||||||||||
Total expenses | 1.62 | % | 1.64 | % | 1.63 | % | 1.62 | % | 1.55 | % | 1.62 | % | ||||||||||||
Portfolio turnover rate | 390 | % | 1,130 | % | 986 | % | 1,055 | % | 1,417 | % | 954 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010d | 2009d | 2008d | 2007d | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 44.20 | $ | 45.51 | $ | 29.90 | $ | 69.50 | $ | 102.70 | $ | 102.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.02 | ) | (.29 | ) | (.16 | ) | .90 | 1.60 | .70 | |||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (13.58 | ) | (.90 | ) | 17.99 | (39.20 | ) | (33.80 | ) | .80 | ||||||||||||||
Total from investment operations | (13.61 | ) | (1.19 | ) | 17.83 | (38.30 | ) | (32.20 | ) | 1.50 | ||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.12 | ) | (2.22 | ) | (1.30 | ) | (1.00 | ) | (.80 | ) | |||||||||||||
Total distributions | — | (.12 | ) | (2.22 | ) | (1.30 | ) | (1.00 | ) | (.80 | ) | |||||||||||||
Net asset value, end of period | $ | 30.59 | $ | 44.20 | $ | 45.51 | $ | 29.90 | $ | 69.50 | $ | 102.70 | ||||||||||||
Total Returnc | (30.79 | )% | (2.58 | )% | 60.86 | % | (55.64 | )% | (31.51 | )% | 1.40 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,444 | $ | 2,844 | $ | 5,607 | $ | 2,114 | $ | 3,408 | $ | 3,180 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (0.08 | )% | (0.67 | )% | (0.42 | )% | 1.82 | % | 1.89 | % | 0.63 | % | ||||||||||||
Total expenses | 2.37 | % | 2.38 | % | 2.38 | % | 2.40 | % | 2.35 | % | 2.37 | % | ||||||||||||
Portfolio turnover rate | 390 | % | 1,130 | % | 986 | % | 1,055 | % | 1,417 | % | 954 | % |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | |
c | Total return does not reflect the impact of any applicable sales charges and has not been annualized. | |
d | Per share amounts for the period March 31, 2006 — April 19, 2009 have been restated to reflect 1:10 reverse share split effective April 20, 2009. |
14 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FUND PROFILE (Unaudited) | September 30, 2011 |
![(BAR GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366806.gif)
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) | ||||
| | ||||
Barrick Gold Corp. | 3.4 | % | ||
Newmont Mining Corp. | 2.9 | % | ||
Goldcorp, Inc. | 2.8 | % | ||
EI du Pont de Nemours & Co. | 2.4 | % | ||
Monsanto Co. | 2.5 | % | ||
Praxair, Inc. | 2.4 | % | ||
Vale S.A. — Class B ADR | 2.1 | % | ||
Freeport-McMoRan Copper & Gold, Inc. | 2.0 | % | ||
Dow Chemical Co. | 2.0 | % | ||
AngloGold Ashanti Ltd. ADR | 1.9 | % | ||
Top Ten Total | 24.4 | % | ||
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 | |
BASIC MATERIALS FUND |
Shares | Value | |||||||
COMMON STOCKS† - 99.8% | ||||||||
GOLD - 25.3% | ||||||||
Barrick Gold Corp. | 40,448 | $ | 1,886,898 | |||||
Newmont Mining Corp. | 26,124 | 1,643,199 | ||||||
Goldcorp, Inc. | 34,709 | 1,584,119 | ||||||
AngloGold Ashanti Ltd. ADR | 26,547 | 1,097,984 | ||||||
Kinross Gold Corp. | 72,475 | 1,071,181 | ||||||
Gold Fields Ltd. ADR | 61,865 | 947,772 | ||||||
Yamana Gold, Inc. | 67,173 | 917,583 | ||||||
Cia de Minas Buenaventura S.A. ADR | 23,885 | 901,420 | ||||||
Randgold Resources Ltd. ADR | 8,999 | 870,383 | ||||||
Agnico-Eagle Mines Ltd. | 14,194 | 844,827 | ||||||
Eldorado Gold Corp. | 36,680 | 628,695 | ||||||
IAMGOLD Corp. | 31,415 | 621,389 | ||||||
Royal Gold, Inc. | 8,144 | 521,705 | ||||||
Allied Nevada Gold Corp.* | 13,215 | 473,229 | ||||||
Harmony Gold Mining Company Ltd. ADR | 28,900 | 338,997 | ||||||
Total Gold | 14,349,381 | |||||||
SPECIALTY CHEMICALS - 11.7% | ||||||||
Ecolab, Inc. | 17,581 | 859,534 | ||||||
LyondellBasell Industries N.V. — Class A | 33,320 | 814,007 | ||||||
Sherwin-Williams Co. | 9,590 | 712,729 | ||||||
Sigma-Aldrich Corp. | 11,173 | 690,380 | ||||||
Nalco Holding Co. | 19,474 | 681,201 | ||||||
International Flavors & Fragrances, Inc. | 9,625 | 541,118 | ||||||
Celanese Corp. — Class A | 14,867 | 483,624 | ||||||
Valspar Corp. | 13,825 | 431,478 | ||||||
Albemarle Corp. | 9,919 | 400,728 | ||||||
WR Grace & Co.* | 10,905 | 363,137 | ||||||
Rockwood Holdings, Inc.* | 10,096 | 340,134 | ||||||
Cytec Industries, Inc. | 7,988 | 280,698 | ||||||
Total Specialty Chemicals | 6,598,768 | |||||||
DIVERSIFIED METALS & MINING - 11.1% | ||||||||
Vale S.A. — Class B ADR | 50,544 | 1,152,403 | ||||||
Freeport-McMoRan Copper & Gold, Inc. | 36,740 | 1,118,733 | ||||||
Southern Copper Corp. | 43,680 | 1,091,563 | ||||||
BHP Billiton Ltd. ADR | 11,714 | 778,278 | ||||||
Rio Tinto plc ADR | 11,853 | 522,480 | ||||||
Teck Resources Ltd. — Class B | 15,519 | 453,000 | ||||||
Titanium Metals Corp. | 27,665 | 414,422 | ||||||
Walter Energy, Inc. | 6,455 | 387,365 | ||||||
Molycorp, Inc.* | 10,700 | 351,709 | ||||||
Total Diversified Metals & Mining | 6,269,953 | |||||||
FERTILIZERS & AGRICULTURAL CHEMICALS - 9.9% | ||||||||
Monsanto Co. | 23,212 | 1,393,649 | ||||||
Mosaic Co. | 22,356 | 1,094,773 | ||||||
Potash Corporation of Saskatchewan, Inc. | 23,204 | 1,002,877 | ||||||
CF Industries Holdings, Inc. | 6,094 | 751,939 | ||||||
Agrium, Inc. | 8,693 | 579,475 | ||||||
Scotts Miracle-Gro Co. - Class A | 9,634 | 429,676 | ||||||
Intrepid Potash, Inc.* | 13,487 | 335,422 | ||||||
Total Fertilizers & Agricultural Chemicals | 5,587,811 | |||||||
DIVERSIFIED CHEMICALS - 9.4% | ||||||||
EI du Pont de Nemours & Co. | 35,499 | 1,418,894 | ||||||
Dow Chemical Co. | 49,318 | 1,107,682 | ||||||
PPG Industries, Inc. | 11,351 | 802,062 | ||||||
FMC Corp. | 7,786 | 538,480 | ||||||
Eastman Chemical Co. | 7,117 | 487,728 | ||||||
Ashland, Inc. | 9,512 | 419,860 | ||||||
Huntsman Corp. | 30,658 | 296,463 | ||||||
Solutia, Inc.* | 20,370 | 261,755 | ||||||
Total Diversified Chemicals | 5,332,924 | |||||||
STEEL - 9.1% | ||||||||
Nucor Corp. | 24,367 | 770,973 | ||||||
Cliffs Natural Resources, Inc. | 10,681 | 546,547 | ||||||
Gerdau S.A. ADR | 74,770 | 533,110 | ||||||
Cia Siderurgica Nacional S.A. ADR | 59,103 | 469,278 | ||||||
Allegheny Technologies, Inc. | 11,402 | 421,760 | ||||||
POSCO ADR | 5,433 | 412,962 | ||||||
ArcelorMittal | 23,040 | 366,566 | ||||||
Reliance Steel & Aluminum Co. | 10,614 | 360,982 | ||||||
United States Steel Corp. | 15,623 | 343,862 | ||||||
Carpenter Technology Corp. | 7,552 | 339,009 | ||||||
Steel Dynamics, Inc. | 31,966 | 317,103 | ||||||
Mechel ADR | 26,149 | 266,458 | ||||||
Total Steel | 5,148,610 | |||||||
INDUSTRIAL GASES - 5.1% | ||||||||
Praxair, Inc. | 14,318 | 1,338,447 | ||||||
Air Products & Chemicals, Inc. | 12,833 | 980,056 | ||||||
Airgas, Inc. | 9,144 | 583,570 | ||||||
Total Industrial Gases | 2,902,073 | |||||||
PAPER PACKAGING - 3.8% | ||||||||
Temple-Inland, Inc. | 16,180 | 507,566 | ||||||
Bemis Company, Inc. | 15,172 | 444,691 | ||||||
Rock-Tenn Co. — Class A | 9,056 | 440,846 | ||||||
Sealed Air Corp. | 22,958 | 383,399 | ||||||
Packaging Corporation of America | 16,436 | 382,959 | ||||||
Total Paper Packaging | 2,159,461 | |||||||
PRECIOUS METALS & MINERALS - 3.3% | ||||||||
Silver Wheaton Corp. | 27,726 | 816,530 | ||||||
Pan American Silver Corp. | 16,226 | 434,370 | ||||||
Coeur d’Alene Mines Corp.* | 16,566 | 355,175 | ||||||
Hecla Mining Co.* | 51,924 | 278,313 | ||||||
Total Precious Metals & Minerals | 1,884,388 |
16 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | September 30, 2011 | |
BASIC MATERIALS FUND |
Shares | Value | |||||||
METAL & GLASS CONTAINERS - 3.2% | ||||||||
Ball Corp. | 17,612 | $ | 546,325 | |||||
Crown Holdings, Inc.* | 17,207 | 526,706 | ||||||
Silgan Holdings, Inc. | 11,260 | 413,692 | ||||||
Owens-Illinois, Inc. | 21,848 | 330,342 | ||||||
Total Metal & Glass Containers | 1,817,065 | |||||||
PAPER PRODUCTS - 2.9% | ||||||||
International Paper Co. | 32,917 | 765,319 | ||||||
MeadWestvaco Corp. | 19,542 | 479,952 | ||||||
Domtar Corp. | 5,680 | 387,206 | ||||||
Total Paper Products | 1,632,477 | |||||||
CONSTRUCTION MATERIALS - 2.0% | ||||||||
Vulcan Materials Co. | 16,065 | 442,751 | ||||||
Martin Marietta Materials, Inc. | 6,609 | 417,821 | ||||||
Cemex SAB de CV ADR* | 86,748 | 274,124 | ||||||
Total Construction Materials | 1,134,696 | |||||||
ALUMINUM - 1.2% | ||||||||
Alcoa, Inc. | 70,750 | 677,078 | ||||||
FOREST PRODUCTS - 1.2% | ||||||||
Weyerhaeuser Co. | 43,354 | 674,155 | ||||||
COMMODITY CHEMICALS - 0.6% | ||||||||
Westlake Chemical Corp. | 9,640 | 330,459 | ||||||
Total Common Stocks (Cost $40,016,226) | 56,499,299 | |||||||
Face | ||||||||
Amount | ||||||||
REPURCHASE AGREEMENT††,2 - 0.8% | ||||||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | $ | 451,303 | 451,303 | |||||
Total Repurchase Agreement (Cost $451,303) | 451,303 | |||||||
Total Investments — 100.6% (Cost $40,467,529) | $ | 56,950,602 | ||||||
Liabilities, Less Cash & Other Assets — (0.6)% | (357,941 | ) | ||||||
Total Net Assets — 100.0% | $ | 56,592,661 | ||||||
* | Non-income producing security. | |
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | Repurchase Agreement — See Note 5. |
ADR — American Depositary Receipt | ||
plc — Public Limited Company | ||
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 17 |
STATEMENT OF ASSETS AND LIABILITIES (Unaudited)
Assets: | ||||
Investments, at value (cost $40,016,226) | $ | 56,499,299 | ||
Repurchase agreements, at value (cost $451,303) | 451,303 | |||
Cash | 4,462 | |||
Receivables: | ||||
Dividends | 56,960 | |||
Fund shares sold | 11,802 | |||
Total assets | 57,023,826 | |||
Liabilities: | ||||
Payable for: | ||||
Fund shares redeemed | 289,532 | |||
Management fees | 47,525 | |||
Transfer agent and administrative fees | 13,978 | |||
Distribution and service fees | 11,788 | |||
Portfolio accounting fees | 5,591 | |||
Miscellaneous | 62,751 | |||
Total liabilities | 431,165 | |||
Net assets | $ | 56,592,661 | ||
Net assets consist of: | ||||
Paid in capital | $ | 73,227,532 | ||
Accumulated net investment loss | (4,336 | ) | ||
Accumulated net realized loss on investments | (33,113,608 | ) | ||
Net unrealized appreciation on investments | 16,483,073 | |||
Net assets | $ | 56,592,661 | ||
Investor Class: | ||||
Net assets | $ | 34,369,616 | ||
Capital shares outstanding | 820,514 | |||
Net asset value per share | $ | 41.89 | ||
Advisor Class: | ||||
Net assets | $ | 3,014,202 | ||
Capital shares outstanding | 76,693 | |||
Net asset value per share | $ | 39.30 | ||
A-Class: | ||||
Net assets | $ | 11,235,403 | ||
Capital shares outstanding | 280,327 | |||
Net asset value per share | $ | 40.08 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 42.08 | ||
C-Class: | ||||
Net assets | $ | 7,973,440 | ||
Capital shares outstanding | 212,176 | |||
Net asset value per share | $ | 37.57 | ||
Investment Income: | ||||
Dividends (net of foreign withholding tax of $10,028) | $ | 788,883 | ||
Interest | 49 | |||
Total investment income | 788,932 | |||
Expenses: | ||||
Management fees | 412,340 | |||
Transfer agent and administrative fees | 121,276 | |||
Distribution and service fees: | ||||
Advisor Class | 22,924 | |||
A-Class | 19,673 | |||
C-Class | 57,606 | |||
Portfolio accounting fees | 48,510 | |||
Trustees’ fees* | 5,220 | |||
Miscellaneous | 77,204 | |||
Total expenses | 764,753 | |||
Net investment income | 24,179 | |||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments | (6,894,573 | ) | ||
Foreign currency | 1,073 | |||
Net realized loss | (6,893,500 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (25,939,409 | ) | ||
Net change in unrealized appreciation (depreciation) | (25,939,409 | ) | ||
Net realized and unrealized loss | (32,832,909 | ) | ||
Net decrease in net assets resulting from operations | $ | (32,808,730 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
18 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
STATEMENTS OF CHANGES IN NET ASSETS
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment income (loss) | $ | 24,179 | $ | (148,914 | ) | |||
Net realized gain (loss) on investments | (6,893,500 | ) | 11,009,906 | |||||
Net change in unrealized appreciation (depreciation) on investments | (25,939,409 | ) | 16,475,314 | |||||
Net increase (decrease) in net assets resulting from operations | (32,808,730 | ) | 27,336,306 | |||||
Distributions to shareholders from: | ||||||||
Net investment income | ||||||||
Investor Class | — | (222,370 | ) | |||||
Advisor Class | — | (21,324 | ) | |||||
A-Class | — | (31,662 | ) | |||||
C-Class | — | (29,598 | ) | |||||
Total distributions to shareholders | — | (304,954 | ) | |||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
Investor Class | 111,259,553 | 290,808,232 | ||||||
Advisor Class | 6,812,304 | 30,920,509 | ||||||
A-Class | 11,424,898 | 17,579,705 | ||||||
C-Class | 38,261,152 | 122,015,297 | ||||||
Distributions reinvested | ||||||||
Investor Class | — | 206,954 | ||||||
Advisor Class | — | 20,596 | ||||||
A-Class | — | 25,164 | ||||||
C-Class | — | 28,100 | ||||||
Cost of shares redeemed | ||||||||
Investor Class | (127,197,741 | ) | (282,325,246 | ) | ||||
Advisor Class | (17,631,127 | ) | (25,392,783 | ) | ||||
A-Class | (14,024,613 | ) | (10,581,967 | ) | ||||
C-Class | (40,634,281 | ) | (119,870,587 | ) | ||||
Net increase (decrease) from capital share transactions | (31,729,855 | ) | 23,433,974 | |||||
Net increase (decrease) in net assets | (64,538,585 | ) | 50,465,326 | |||||
Net assets: | ||||||||
Beginning of period | 121,131,246 | 70,665,920 | ||||||
End of period | $ | 56,592,661 | $ | 121,131,246 | ||||
Accumulated net investment loss at end of period | $ | (4,336 | ) | $ | (28,515 | ) | ||
Capital share activity: | ||||||||
Shares sold | ||||||||
Investor Class | 2,059,911 | 6,100,024 | ||||||
Advisor Class | 134,658 | 676,750 | ||||||
A-Class | 224,096 | 361,833 | ||||||
C-Class | 799,106 | 2,837,089 | ||||||
Shares issued from reinvestment of distributions | ||||||||
Investor Class | — | 4,118 | ||||||
Advisor Class | — | 435 | ||||||
A-Class | — | 522 | ||||||
C-Class | — | 618 | ||||||
Shares redeemed | ||||||||
Investor Class | (2,545,394 | ) | (5,796,546 | ) | ||||
Advisor Class | (359,556 | ) | (584,091 | ) | ||||
A-Class | (280,627 | ) | (215,761 | ) | ||||
C-Class | (849,762 | ) | (2,799,223 | ) | ||||
Net increase (decrease) in shares | (817,568 | ) | 585,768 | |||||
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 19 |
FINANCIAL HIGHLIGHTS
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Investor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 56.36 | $ | 44.65 | $ | 27.43 | $ | 50.49 | $ | 42.25 | $ | 35.23 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment incomeb | .07 | — | c | .24 | .20 | .15 | .41 | |||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (14.54 | ) | 11.82 | 17.07 | (22.77 | ) | 8.18 | 6.91 | ||||||||||||||||
Total from investment operations | (14.47 | ) | 11.82 | 17.31 | (22.57 | ) | 8.33 | 7.32 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.11 | ) | (.09 | ) | (.49 | ) | (.09 | ) | (.30 | ) | |||||||||||||
Total distributions | — | (.11 | ) | (.09 | ) | (.49 | ) | (.09 | ) | (.30 | ) | |||||||||||||
Net asset value, end of period | $ | 41.89 | $ | 56.36 | $ | 44.65 | $ | 27.43 | $ | 50.49 | $ | 42.25 | ||||||||||||
Total Returnd | (25.67 | %) | 26.50 | % | 63.12 | % | (44.54 | %) | 19.71 | % | 20.86 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 34,370 | $ | 73,606 | $ | 44,582 | $ | 98,767 | $ | 120,870 | $ | 68,862 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 0.25 | % | 0.00 | %e | 0.65 | % | 0.46 | % | 0.31 | % | 1.09 | % | ||||||||||||
Total expenses | 1.37 | % | 1.39 | % | 1.39 | % | 1.37 | % | 1.37 | % | 1.36 | % | ||||||||||||
Portfolio turnover rate | 104 | % | 292 | % | 455 | % | 288 | % | 225 | % | 442 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Advisor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 53.00 | $ | 42.20 | $ | 26.06 | $ | 48.27 | $ | 40.61 | $ | 34.03 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.10 | ) | (.20 | ) | .03 | .05 | (.11 | ) | .26 | |||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (13.60 | ) | 11.11 | 16.20 | (21.77 | ) | 7.86 | 6.62 | ||||||||||||||||
Total from investment operations | (13.70 | ) | 10.91 | 16.23 | (21.72 | ) | 7.75 | 6.88 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.11 | ) | (.09 | ) | (.49 | ) | (.09 | ) | (.30 | ) | |||||||||||||
Total distributions | — | (.11 | ) | (.09 | ) | (.49 | ) | (.09 | ) | (.30 | ) | |||||||||||||
Net asset value, end of period | $ | 39.30 | $ | 53.00 | $ | 42.20 | $ | 26.06 | $ | 48.27 | $ | 40.61 | ||||||||||||
Total Returnd | (25.85 | %) | 25.88 | % | 62.30 | % | (44.83 | %) | 19.08 | % | 20.30 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 3,014 | $ | 15,986 | $ | 8,799 | $ | 4,705 | $ | 11,899 | $ | 15,974 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (0.38 | %) | (0.44 | %) | 0.07 | % | 0.13 | % | (0.25 | %) | 0.72 | % | ||||||||||||
Total expenses | 1.87 | % | 1.89 | % | 1.89 | % | 1.88 | % | 1.87 | % | 1.87 | % | ||||||||||||
Portfolio turnover rate | 104 | % | 292 | % | 455 | % | 288 | % | 225 | % | 442 | % |
20 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FINANCIAL HIGHLIGHTS (concluded)
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 53.99 | $ | 42.88 | $ | 26.41 | $ | 48.80 | $ | 40.92 | $ | 34.19 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | .02 | (.09 | ) | .15 | .12 | .03 | .33 | |||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (13.93 | ) | 11.31 | 16.41 | (22.02 | ) | 7.94 | 6.70 | ||||||||||||||||
Total from investment operations | (13.91 | ) | 11.22 | 16.56 | (21.90 | ) | 7.97 | 7.03 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.11 | ) | (.09 | ) | (.49 | ) | (.09 | ) | (.30 | ) | |||||||||||||
Total distributions | — | (.11 | ) | (.09 | ) | (.49 | ) | (.09 | ) | (.30 | ) | |||||||||||||
Net asset value, end of period | $ | 40.08 | $ | 53.99 | $ | 42.88 | $ | 26.41 | $ | 48.80 | $ | 40.92 | ||||||||||||
Total Returnd | (25.76 | %) | 26.20 | % | 62.72 | % | (44.71 | %) | 19.47 | % | 20.65 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 11,235 | $ | 18,187 | $ | 8,159 | $ | 3,986 | $ | 6,985 | $ | 2,076 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | 0.06 | % | (0.19 | %) | 0.40 | % | 0.30 | % | 0.07 | % | 0.92 | % | ||||||||||||
Total expenses | 1.62 | % | 1.64 | % | 1.65 | % | 1.63 | % | 1.62 | % | 1.62 | % | ||||||||||||
Portfolio turnover rate | 104 | % | 292 | % | 455 | % | 288 | % | 225 | % | 442 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 50.80 | $ | 40.67 | $ | 25.24 | $ | 47.02 | $ | 39.76 | $ | 33.48 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.16 | ) | (.40 | ) | (.13 | ) | (.18 | ) | (.28 | ) | .04 | |||||||||||||
Net gain (loss) on investments (realized and unrealized) | (13.07 | ) | 10.64 | 15.65 | (21.11 | ) | 7.63 | 6.54 | ||||||||||||||||
Total from investment operations | (13.23 | ) | 10.24 | 15.52 | (21.29 | ) | 7.35 | 6.58 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.11 | ) | (.09 | ) | (.49 | ) | (.09 | ) | (.30 | ) | |||||||||||||
Total distributions | — | (.11 | ) | (.09 | ) | (.49 | ) | (.09 | ) | (.30 | ) | |||||||||||||
Net asset value, end of period | $ | 37.57 | $ | 50.80 | $ | 40.67 | $ | 25.24 | $ | 47.02 | $ | 39.76 | ||||||||||||
Total Returnd | (26.04 | %) | 25.21 | % | 61.51 | % | (45.11 | %) | 18.48 | % | 19.74 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 7,973 | $ | 13,353 | $ | 9,125 | $ | 4,024 | $ | 12,725 | $ | 7,017 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (0.67 | %) | (0.93 | %) | (0.37 | %) | (0.46 | %) | (0.63 | %) | 0.11 | % | ||||||||||||
Total expenses | 2.37 | % | 2.39 | % | 2.40 | % | 2.38 | % | 2.37 | % | 2.37 | % | ||||||||||||
Portfolio turnover rate | 104 | % | 292 | % | 455 | % | 288 | % | 225 | % | 442 | % |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | |
c | Net investment income is less than $0.01 per share. | |
d | Total return does not reflect the impact of any applicable sales charges and has not been annualized. | |
e | Less than 0.01% |
FUND PROFILE (Unaudited) | September 30, 2011 | |
BIOTECHNOLOGY FUND |
![(IMAGE)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366807.gif)
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. | 11.3 | % | ||
Celgene Corp. | 8.7 | % | ||
Gilead Sciences, Inc. ADR | 8.7 | % | ||
Biogen Idec, Inc. | 7.1 | % | ||
Alexion Pharmaceuticals, Inc. | 6.2 | % | ||
Vertex Pharmaceuticals, Inc. | 4.6 | % | ||
Pharmasset, Inc. | 4.5 | % | ||
Regeneron Pharmaceuticals, Inc. | 3.7 | % | ||
BioMarin Pharmaceutical, Inc. | 3.2 | % | ||
Cepheid, Inc. | 2.7 | % | ||
Top Ten Total | 60.7 | % | ||
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 | |
BIOTECHNOLOGY FUND |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
BIOTECHNOLOGY - 99.5% | ||||||||
Amgen, Inc. | 138,894 | $ | 7,632,225 | |||||
Celgene Corp.* | 94,617 | 5,858,685 | ||||||
Gilead Sciences, Inc. ADR | 150,240 | 5,829,312 | ||||||
Biogen Idec, Inc.* | 51,898 | 4,834,299 | ||||||
Alexion Pharmaceuticals, Inc.* | 65,735 | 4,210,984 | ||||||
Vertex Pharmaceuticals, Inc.* | 70,222 | 3,127,688 | ||||||
Pharmasset, Inc.* | 37,344 | 3,076,025 | ||||||
Regeneron Pharmaceuticals, Inc.* | 43,076 | 2,507,023 | ||||||
BioMarin Pharmaceutical, Inc. | 67,731 | 2,158,587 | ||||||
Cepheid, Inc.* | 47,716 | 1,852,812 | ||||||
Cubist Pharmaceuticals, Inc.* | 44,736 | 1,580,076 | ||||||
Seattle Genetics, Inc.* | 79,894 | 1,522,780 | ||||||
Onyx Pharmaceuticals, Inc.* | 45,166 | 1,355,432 | ||||||
United Therapeutics Corp.* | 35,663 | 1,337,006 | ||||||
Myriad Genetics, Inc.* | 66,412 | 1,244,561 | ||||||
Human Genome Sciences, Inc.* | 96,895 | 1,229,598 | ||||||
Incyte Corporation Ltd.* | 86,519 | 1,208,670 | ||||||
Alkermes plc* | 77,949 | 1,189,502 | ||||||
Amylin Pharmaceuticals, Inc.* | 114,731 | 1,058,967 | ||||||
Ariad Pharmaceuticals, Inc.* | 113,175 | 994,808 | ||||||
InterMune, Inc.* | 44,655 | 902,031 | ||||||
PDL BioPharma, Inc. | 160,593 | 891,291 | ||||||
Pharmacyclics, Inc.* | 71,380 | 844,425 | ||||||
Immunogen, Inc.* | 75,095 | 823,041 | ||||||
Amarin Corporation plc ADR* | 85,800 | 789,360 | ||||||
Acorda Therapeutics, Inc. | 38,795 | 774,348 | ||||||
AVEO Pharmaceuticals, Inc.* | 48,491 | 746,276 | ||||||
Theravance, Inc.* | 37,020 | 745,583 | ||||||
Medivation, Inc.* | 43,379 | 736,575 | ||||||
Exelixis, Inc. — Class H | 116,600 | 636,636 | ||||||
Momenta Pharmaceuticals, Inc.* | 54,835 | 630,603 | ||||||
Spectrum Pharmaceuticals, Inc.* | 79,100 | 603,533 | ||||||
Dendreon Corp.* | 66,396 | 597,564 | ||||||
Micromet, Inc.* | 110,703 | 531,374 | ||||||
Emergent Biosolutions, Inc.* | 32,405 | 500,009 | ||||||
NPS Pharmaceuticals, Inc.* | 73,750 | 480,113 | ||||||
Isis Pharmaceuticals, Inc.* | 68,217 | 462,511 | ||||||
Achillion Pharmaceuticals, Inc.* | 95,879 | 452,549 | ||||||
Savient Pharmaceuticals, Inc.* | 107,480 | 440,668 | ||||||
Oncothyreon, Inc.* | 73,179 | 437,610 | ||||||
SIGA Technologies, Inc.* | 80,113 | 261,970 | ||||||
Targacept, Inc.* | 12,983 | 194,745 | ||||||
Enzon Pharmaceuticals, Inc.* | 26,904 | 189,404 | ||||||
Total Biotechnology | 67,481,259 | |||||||
Total Common Stocks (Cost $40,175,394) | 67,481,259 | |||||||
RIGHTS - 0.1% | ||||||||
Sanofi | ||||||||
Expires 12/31/20*†† | 49,694 | 52,676 | ||||||
Clinical Data, Inc. | ||||||||
Expires 12/31/20*†††,1 | 24,000 | — | ||||||
Total Rights (Cost $38,762) | 52,676 | |||||||
Face Amount | ||||||||
REPURCHASE AGREEMENT††,2 - 0.6% | ||||||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | $ | 431,722 | 431,722 | |||||
Total Repurchase Agreement (Cost $431,722) | 431,722 | |||||||
Total Investments - 100.2% (Cost $40,645,878) | $ | 67,965,657 | ||||||
Liabilities, Less Other Assets — (0.2)% | (109,998 | ) | ||||||
Total Net Assets — 100.0% | $ | 67,855,659 |
* | Non-income producing security. | |
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4 | |
††† | Value determined based on Level 3 inputs — See Note 4. | |
1 | Illiquid security. | |
2 | Repurchase Agreement — See Note 5. | |
ADR — American Depositary Receipt | ||
plc — Public Limited Company |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 23 |
Assets: | ||||
Investments, at value (cost $40,214,156) | $ | 67,533,935 | ||
Repurchase agreements, at value (cost $431,722) | 431,722 | |||
Receivables: | ||||
Fund shares sold | 631,768 | |||
Total assets | 68,597,425 | |||
Liabilities: | ||||
Payable for: | ||||
Fund shares redeemed | 590,476 | |||
Management fees | 48,013 | |||
Transfer agent and administrative fees | 14,121 | |||
Distribution and service fees | 6,750 | |||
Portfolio accounting fees | 5,648 | |||
Miscellaneous | 76,758 | |||
Total liabilities | 741,766 | |||
Net assets | $ | 67,855,659 | ||
Net assets consist of: | ||||
Paid in capital | $ | 108,598,399 | ||
Accumulated net investment loss | (675,354 | ) | ||
Accumulated net realized loss on investments | (67,387,165 | ) | ||
Net unrealized appreciation on investments | 27,319,779 | |||
Net assets | $ | 67,855,659 | ||
Investor Class: | ||||
Net assets | $ | 51,506,357 | ||
Capital shares outstanding | 1,876,837 | |||
Net asset value per share | $ | 27.44 | ||
Advisor Class: | ||||
Net assets | $ | 4,008,377 | ||
Capital shares outstanding | 156,874 | |||
Net asset value per share | $ | 25.55 | ||
A-Class: | ||||
Net assets | $ | 8,099,708 | ||
Capital shares outstanding | 311,847 | |||
Net asset value per share | $ | 25.97 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 27.27 | ||
C-Class: | ||||
Net assets | $ | 4,241,217 | ||
Capital shares outstanding | 171,719 | |||
Net asset value per share | $ | 24.70 | ||
Investment Income: | ||||
Dividends | $ | 115,004 | ||
Interest | 28 | |||
Total investment income | 115,032 | |||
Expenses: | ||||
Management fees | 452,416 | |||
Transfer agent and administrative fees | 133,063 | |||
Distribution and service fees: | ||||
Advisor Class | 21,352 | |||
A-Class | 7,166 | |||
C-Class | 20,314 | |||
Portfolio accounting fees | 53,225 | |||
Trustees’ fees* | 2,705 | |||
Miscellaneous | 92,931 | |||
Total expenses | 783,172 | |||
Net investment income | (668,140 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments | (6,173,847 | ) | ||
Net realized loss | (6,173,847 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (5,624,348 | ) | ||
Net change in unrealized appreciation (depreciation) | (5,624,348 | ) | ||
Net realized and unrealized loss | (11,798,195 | ) | ||
Net decrease in net assets resulting from operations | $ | (12,466,335 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
24 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
STATEMENTS OF CHANGES IN NET ASSETS
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment loss | $ | (668,140 | ) | $ | (864,668 | ) | ||
Net realized gain (loss) on investments | (6,173,847 | ) | 5,894,249 | |||||
Net change in unrealized appreciation (depreciation) on investments | (5,624,348 | ) | (5,568,909 | ) | ||||
Net decrease in net assets resulting from operations | (12,466,335 | ) | (539,328 | ) | ||||
Distributions to shareholders | — | — | ||||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
Investor Class | 259,283,612 | 200,353,498 | ||||||
Advisor Class | 29,951,076 | 32,859,417 | ||||||
A-Class | 10,508,657 | 4,397,821 | ||||||
C-Class | 23,293,942 | 83,602,839 | ||||||
Cost of shares redeemed | ||||||||
Investor Class | (242,670,256 | ) | (302,455,838 | ) | ||||
Advisor Class | (32,423,163 | ) | (34,822,391 | ) | ||||
A-Class | (3,306,069 | ) | (5,002,905 | ) | ||||
C-Class | (22,015,948 | ) | (85,042,173 | ) | ||||
Net increase (decrease) from capital share transactions | 22,621,851 | (106,109,732 | ) | |||||
Net increase (decrease) in net assets | 10,155,516 | (106,649,060 | ) | |||||
Net assets: | ||||||||
Beginning of period | 57,700,143 | 164,349,203 | ||||||
End of period | $ | 67,855,659 | $ | 57,700,143 | ||||
Accumulated net investment loss at end of period | $ | (675,354 | ) | $ | (7,214 | ) | ||
Capital share activity: | ||||||||
Shares sold | ||||||||
Investor Class | 8,317,999 | 7,766,203 | ||||||
Advisor Class | 1,037,755 | 1,325,998 | ||||||
A-Class | 352,126 | 181,773 | ||||||
C-Class | 832,858 | 3,546,616 | ||||||
Shares redeemed | ||||||||
Investor Class | (7,973,447 | ) | (11,632,862 | ) | ||||
Advisor Class | (1,153,047 | ) | (1,410,259 | ) | ||||
A-Class | (120,301 | ) | (212,222 | ) | ||||
C-Class | (789,759 | ) | (3,606,457 | ) | ||||
Net increase (decrease) in shares | 504,184 | (4,041,210 | ) | |||||
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 25 |
FINANCIAL HIGHLIGHTS
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Investor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 29.16 | $ | 27.34 | $ | 19.37 | $ | 21.51 | $ | 21.21 | $ | 23.45 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.18 | ) | (.33 | ) | (.21 | ) | (.19 | ) | (.22 | ) | (.27 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (1.54 | ) | 2.15 | 8.18 | (1.95 | ) | .52 | (1.97 | ) | |||||||||||||||
Total from investment operations | (1.72 | ) | 1.82 | 7.97 | (2.14 | ) | .30 | (2.24 | ) | |||||||||||||||
Net asset value, end of period | $ | 27.44 | $ | 29.16 | $ | 27.34 | $ | 19.37 | $ | 21.51 | $ | 21.21 | ||||||||||||
Total Returnc | (5.90 | %) | 6.66 | % | 41.15 | % | (9.95 | %) | 1.41 | % | (9.55 | %) | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 51,506 | $ | 44,686 | $ | 147,631 | $ | 65,829 | $ | 47,696 | $ | 61,366 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (1.17 | %) | (1.26 | %) | (0.90 | %) | (0.86 | %) | (0.94 | %) | (1.23 | %) | ||||||||||||
Total expenses | 1.38 | % | 1.39 | % | 1.39 | % | 1.38 | % | 1.39 | % | 1.37 | % | ||||||||||||
Portfolio turnover rate | 184 | % | 337 | % | 316 | % | 370 | % | 193 | % | 269 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Advisor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 27.22 | $ | 25.66 | $ | 18.27 | $ | 20.39 | $ | 20.20 | $ | 22.44 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.25 | ) | (.43 | ) | (.30 | ) | (.29 | ) | (.31 | ) | (.37 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (1.42 | ) | 1.99 | 7.69 | (1.83 | ) | .50 | (1.87 | ) | |||||||||||||||
Total from investment operations | (1.67 | ) | 1.56 | 7.39 | (2.12 | ) | .19 | (2.24 | ) | |||||||||||||||
Net asset value, end of period | $ | 25.55 | $ | 27.22 | $ | 25.66 | $ | 18.27 | $ | 20.39 | $ | 20.20 | ||||||||||||
Total Returnc | (6.14 | %) | 6.08 | % | 40.45 | % | (10.40 | %) | 0.94 | % | (9.98 | %) | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 4,008 | $ | 7,410 | $ | 9,144 | $ | 6,675 | $ | 4,220 | $ | 5,295 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (1.71 | %) | (1.77 | %) | (1.38 | %) | (1.40 | %) | (1.42 | %) | (1.75 | %) | ||||||||||||
Total expenses | 1.88 | % | 1.89 | % | 1.89 | % | 1.88 | % | 1.89 | % | 1.87 | % | ||||||||||||
Portfolio turnover rate | 184 | % | 337 | % | 316 | % | 370 | % | 193 | % | 269 | % |
26 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FINANCIAL HIGHLIGHTS (concluded)
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 27.64 | $ | 25.98 | $ | 18.45 | $ | 20.54 | $ | 20.30 | $ | 22.50 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.18 | ) | (.37 | ) | (.25 | ) | (.24 | ) | (.27 | ) | (.31 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (1.49 | ) | 2.03 | 7.78 | (1.85 | ) | .51 | (1.89 | ) | |||||||||||||||
Total from investment operations | (1.67 | ) | 1.66 | 7.53 | (2.09 | ) | .24 | (2.20 | ) | |||||||||||||||
Net asset value, end of period | $ | 25.97 | $ | 27.64 | $ | 25.98 | $ | 18.45 | $ | 20.54 | $ | 20.30 | ||||||||||||
Total Returnc | (6.04 | %) | 6.39 | % | 40.81 | % | (10.18 | %) | 1.18 | % | (9.78 | %) | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 8,100 | $ | 2,211 | $ | 2,869 | $ | 4,346 | $ | 2,321 | $ | 849 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (1.31 | %) | (1.51 | %) | (1.12 | %) | (1.17 | %) | (1.26 | %) | (1.50 | %) | ||||||||||||
Total expenses | 1.62 | % | 1.64 | % | 1.64 | % | 1.64 | % | 1.62 | % | 1.62 | % | ||||||||||||
Portfolio turnover rate | 184 | % | 337 | % | 316 | % | 370 | % | 193 | % | 269 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 26.38 | $ | 24.96 | $ | 17.87 | $ | 20.03 | $ | 19.95 | $ | 22.27 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.29 | ) | (.54 | ) | (.38 | ) | (.38 | ) | (.42 | ) | (.46 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (1.39 | ) | 1.96 | 7.47 | (1.78 | ) | .50 | (1.86 | ) | |||||||||||||||
Total from investment operations | (1.68 | ) | 1.42 | 7.09 | (2.16 | ) | .08 | (2.32 | ) | |||||||||||||||
Net asset value, end of period | $ | 24.70 | $ | 26.38 | $ | 24.96 | $ | 17.87 | $ | 20.03 | $ | 19.95 | ||||||||||||
Total Returnc | (6.37 | %) | 5.65 | % | 39.68 | % | (10.78 | %) | 0.40 | % | (10.42 | %) | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 4,241 | $ | 3,393 | $ | 4,705 | $ | 4,028 | $ | 3,671 | $ | 2,678 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (2.10 | %) | (2.27 | %) | (1.78 | %) | (1.89 | %) | (1.99 | %) | (2.23 | %) | ||||||||||||
Total expenses | 2.38 | % | 2.39 | % | 2.39 | % | 2.39 | % | 2.38 | % | 2.36 | % | ||||||||||||
Portfolio turnover rate | 184 | % | 337 | % | 316 | % | 370 | % | 193 | % | 269 | % |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Net investment loss per share was computed using average shares outstanding throughout the period. | |
c | Total return does not reflect the impact of any applicable sales charges and has not been annualized. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 27 |
FUND PROFILE (Unaudited) | September 30, 2011 |
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366808.gif)
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. | 6.6 | % | ||
Coca-Cola Co. | 6.2 | % | ||
Philip Morris International, Inc. | 5.0 | % | ||
PepsiCo, Inc. | 4.6 | % | ||
Kraft Foods, Inc. — Class A | 3.8 | % | ||
Altria Group, Inc. | 3.7 | % | ||
Colgate-Palmolive Co. | 3.3 | % | ||
Kimberly-Clark Corp. | 2.7 | % | ||
General Mills, Inc. | 2.5 | % | ||
Reynolds American, Inc. | 2.3 | % | ||
Top Ten Total | 40.5 | % | ||
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
PACKAGED FOODS & MEATS - 31.2% | ||||||||
Kraft Foods, Inc. — Class A | 126,692 | $ | 4,254,317 | |||||
General Mills, Inc. | 75,387 | 2,900,138 | ||||||
Kellogg Co. | 46,340 | 2,464,825 | ||||||
HJ Heinz Co. | 44,327 | 2,237,627 | ||||||
Mead Johnson Nutrition Co. — Class A | 31,124 | 2,142,265 | ||||||
Green Mountain Coffee Roasters, Inc.* | 22,267 | 2,069,495 | ||||||
Hershey Co. | 34,742 | 2,058,116 | ||||||
Campbell Soup Co. | 55,677 | 1,802,264 | ||||||
ConAgra Foods, Inc. | 71,342 | 1,727,903 | ||||||
Sara Lee Corp. | 98,615 | 1,612,355 | ||||||
JM Smucker Co. | 22,052 | 1,607,370 | ||||||
Hormel Foods Corp. | 54,456 | 1,471,401 | ||||||
Tyson Foods, Inc. — Class A | 82,065 | 1,424,648 | ||||||
McCormick & Company, Inc. | 29,685 | 1,370,260 | ||||||
BRF — Brasil Foods S.A. ADR | 71,750 | 1,257,778 | ||||||
Unilever N.V. | 36,921 | 1,162,642 | ||||||
Smithfield Foods, Inc. | 49,736 | 969,852 | ||||||
TreeHouse Foods, Inc.* | 14,832 | 917,211 | ||||||
Flowers Foods, Inc. | 44,185 | 859,840 | ||||||
Diamond Foods, Inc. | 9,680 | 772,367 | ||||||
Dean Foods Co.* | 71,136 | 630,976 | ||||||
Total Packaged Foods & Meats | 35,713,650 | |||||||
HOUSEHOLD PRODUCTS - 16.3% | ||||||||
Procter & Gamble Co. | 118,180 | 7,466,613 | ||||||
Colgate-Palmolive Co. | 42,353 | 3,755,865 | ||||||
Kimberly-Clark Corp. | 43,747 | 3,106,474 | ||||||
Clorox Co. | 24,777 | 1,643,458 | ||||||
Church & Dwight Company, Inc. | 33,964 | 1,501,209 | ||||||
Energizer Holdings, Inc.* | 17,235 | 1,145,093 | ||||||
Total Household Products | 18,618,712 | |||||||
SOFT DRINKS - 15.9% | ||||||||
Coca-Cola Co. | 104,278 | 7,045,021 | ||||||
PepsiCo, Inc. | 85,965 | 5,321,234 | ||||||
Hansen Natural Corp. | 18,894 | 1,649,257 | ||||||
Dr Pepper Snapple Group, Inc. | 41,805 | 1,621,198 | ||||||
Coca-Cola Enterprises, Inc. | 62,234 | 1,548,382 | ||||||
Fomento Economico Mexicano SAB de CV ADR | 16,356 | 1,060,196 | ||||||
Total Soft Drinks | 18,245,288 | |||||||
TOBACCO - 13.0% | ||||||||
Philip Morris International, Inc. | 90,901 | 5,670,404 | ||||||
Altria Group, Inc. | 158,555 | 4,250,860 | ||||||
Reynolds American, Inc. | 70,478 | 2,641,515 | ||||||
Lorillard, Inc. | 20,475 | 2,266,583 | ||||||
Total Tobacco | 14,829,362 | |||||||
FOOD RETAIL - 5.5% | ||||||||
Kroger Co. | 89,043 | 1,955,385 | ||||||
Whole Foods Market, Inc. | 29,940 | 1,955,382 | ||||||
Safeway, Inc. | 70,675 | 1,175,325 | ||||||
Fresh Market, Inc.* | 17,884 | 682,453 | ||||||
SUPERVALU, Inc. | 87,746 | 584,388 | ||||||
Total Food Retail | 6,352,933 | |||||||
PERSONAL PRODUCTS - 5.1% | ||||||||
Estee Lauder Companies, Inc. — Class A | 24,790 | 2,177,553 | ||||||
Herbalife Ltd. | 25,871 | 1,386,686 | ||||||
Avon Products, Inc. | 70,202 | 1,375,959 | ||||||
Nu Skin Enterprises, Inc. — Class A | 22,730 | 921,020 | ||||||
Total Personal Products | 5,861,218 | |||||||
AGRICULTURAL PRODUCTS - 4.4% | ||||||||
Archer-Daniels-Midland Co. | 82,843 | 2,055,336 | ||||||
Bunge Ltd. | 26,111 | 1,522,010 | ||||||
Corn Products International, Inc. | 21,014 | 824,589 | ||||||
Darling International, Inc. | 46,760 | 588,708 | ||||||
Total Agricultural Products | 4,990,643 | |||||||
BREWERS - 3.5% | ||||||||
Molson Coors Brewing Co. — Class B | 37,287 | 1,476,938 | ||||||
Cia de Bebidas das Americas ADR | 46,740 | 1,432,581 | ||||||
Anheuser-Busch InBev N.V. ADR | 21,757 | 1,152,686 | ||||||
Total Brewers | 4,062,205 | |||||||
DISTILLERS & VINTNERS - 2.8% | ||||||||
Brown-Forman Corp. — Class B | 17,171 | 1,204,374 | ||||||
Constellation Brands, Inc. — Class A* | 57,754 | 1,039,572 | ||||||
Diageo plc ADR | 12,688 | 963,400 | ||||||
Total Distillers & Vintners | 3,207,346 | |||||||
FOOD DISTRIBUTORS - 1.8% | ||||||||
Sysco Corp. | 78,595 | 2,035,611 | ||||||
Total Common Stocks (Cost $98,881,246) | 113,916,968 | |||||||
WARRANTS*†† - 0.0% | ||||||||
Krispy Kreme Doughnuts, Inc. $12.21, 03/02/12 | 125 | 36 | ||||||
Total Warrants (Cost $—) | 36 | |||||||
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 29 |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | September 30, 2011 |
Face | ||||||||
Amount | Value | |||||||
REPURCHASE AGREEMENT††,1- 0.3% | ||||||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | $ | 360,842 | $ | 360,842 | ||||
Total Repurchase Agreement (Cost $360,842) | 360,842 | |||||||
Total Investments - 99.8% (Cost $99,242,088) | $ | 114,277,846 | ||||||
Other Assets, Less Liabilities — 0.2% | 200,407 | |||||||
Total Net Assets — 100.0% | $ | 114,478,253 |
* | Non-income producing security. | |
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | Repurchase Agreement — See Note 5. | |
ADR — American Depositary Receip | ||
plc — Public Limited Company |
30 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
STATEMENT OF ASSETS AND LIABILITIES (Unaudited)
September 30, 2011
Assets: | ||||
Investments, at value (cost $98,881,246) | $ | 113,917,004 | ||
Repurchase agreements, at value (cost $360,842) | 360,842 | |||
Receivables: | ||||
Fund shares sold | 11,544,115 | |||
Dividends | 367,762 | |||
Foreign taxes reclaim | 1,110 | |||
Total assets | 126,190,833 | |||
Liabilities: | ||||
Payable for: | ||||
Securities purchased | 11,101,267 | |||
Fund shares redeemed | 406,489 | |||
Management fees | 83,163 | |||
Transfer agent and administrative fees | 24,460 | |||
Portfolio accounting fees | 9,784 | |||
Distribution and service fees | 9,646 | |||
Miscellaneous | 77,771 | |||
Total liabilities | 11,712,580 | |||
Net assets | $ | 114,478,253 | ||
Net assets consist of: | ||||
Paid in capital | $ | 105,786,782 | ||
Undistributed net investment income | 2,161,427 | |||
Accumulated net realized loss on investments | (8,505,714 | ) | ||
Net unrealized appreciation on investments | 15,035,758 | |||
Net assets | $ | 114,478,253 | ||
Investor class: | ||||
Net assets | $ | 89,439,428 | ||
Capital shares outstanding | 2,447,517 | |||
Net asset value per share | $ | 36.54 | ||
Advisor Class: | ||||
Net assets | $ | 6,118,804 | ||
Capital shares outstanding | 180,447 | |||
Net asset value per share | $ | 33.91 | ||
A-Class: | ||||
Net assets | $ | 13,814,332 | ||
Capital shares outstanding | 399,047 | |||
Net asset value per share | $ | 34.62 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 36.35 | ||
C-Class: | ||||
Net assets | $ | 5,105,689 | ||
Capital shares outstanding | 158,235 | |||
Net asset value per share | $ | 32.26 | ||
Period Ended September 30, 2011
Investment Income: | ||||
Dividends (net of foreign withholding tax of $2,611) | $ | 1,446,196 | ||
Interest | 57 | |||
Total investment income | 1,446,253 | |||
Expenses: | ||||
Management fees | 461,674 | |||
Transfer agent and administrative fees | 135,786 | |||
Distribution and service fees: | ||||
Advisor Class | 16,752 | |||
A-Class | 10,843 | |||
C-Class | 24,148 | |||
Portfolio accounting fees | 54,314 | |||
Trustees’ fees* | 2,267 | |||
Miscellaneous | 89,188 | |||
Total expenses | 794,972 | |||
Net investment income | 651,281 | |||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments | (6,187,025 | ) | ||
Net realized loss | (6,187,025 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | 1,648,244 | |||
Net change in unrealized appreciation (depreciation) | 1,648,244 | |||
Net realized and unrealized loss | (4,538,781 | ) | ||
Net decrease in net assets resulting from operations | $ | (3,887,500 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 31 |
STATEMENTS OF CHANGES IN NET ASSETS
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment income | $ | 651,281 | $ | 1,510,144 | ||||
Net realized gain (loss) on investments | (6,187,025 | ) | 23,091,560 | |||||
Net change in unrealized appreciation (depreciation) on investments | 1,648,244 | (13,671,959 | ) | |||||
Net increase (decrease) in net assets resulting from operations | (3,887,500 | ) | 10,929,745 | |||||
Distributions to shareholders from: | ||||||||
Net investment income | ||||||||
Investor Class | — | (1,233,220 | ) | |||||
Advisor Class | — | (155,870 | ) | |||||
A-Class | — | (80,810 | ) | |||||
C-Class | — | (110,514 | ) | |||||
Net realized gains | ||||||||
Investor Class | — | (8,588,996 | ) | |||||
Advisor Class | — | (1,085,584 | ) | |||||
A-Class | — | (562,819 | ) | |||||
C-Class | — | (769,755 | ) | |||||
Total distributions to shareholders | — | (12,587,568 | ) | |||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
Investor Class | 446,441,300 | 390,995,240 | ||||||
Advisor Class | 25,882,599 | 35,315,185 | ||||||
A-Class | 17,582,421 | 6,689,410 | ||||||
C-Class | 31,502,195 | 68,579,568 | ||||||
Distributions reinvested | ||||||||
Investor Class | — | 9,569,300 | ||||||
Advisor Class | — | 1,219,720 | ||||||
A-Class | — | 593,646 | ||||||
C-Class | — | 861,273 | ||||||
Cost of shares redeemed | ||||||||
Investor Class | (411,733,474 | ) | (525,670,868 | ) | ||||
Advisor Class | (23,072,839 | ) | (38,462,251 | ) | ||||
A-Class | (8,402,388 | ) | (22,692,937 | ) | ||||
C-Class | (29,701,941 | ) | (69,681,980 | ) | ||||
Net increase (decrease) from capital share transactions | 48,497,873 | (142,684,694 | ) | |||||
Net increase (decrease) in net assets | 44,610,373 | (144,342,517 | ) | |||||
Net assets: | ||||||||
Beginning of period | 69,867,880 | 214,210,397 | ||||||
End of period | $ | 114,478,253 | $ | 69,867,880 | ||||
Undistributed net investment income at end of period | $ | 2,161,427 | $ | 1,580,416 | ||||
Capital share activity: | ||||||||
Shares sold | ||||||||
Investor Class | 11,796,964 | 10,684,021 | ||||||
Advisor Class | 736,158 | 1,029,449 | ||||||
A-Class | 490,583 | 191,526 | ||||||
C-Class | 941,488 | 2,055,708 | ||||||
Shares issued from reinvestment of distributions | ||||||||
Investor Class | — | 283,619 | ||||||
Advisor Class | — | 38,795 | ||||||
A-Class | — | 18,540 | ||||||
C-Class | — | 28,671 | ||||||
Shares redeemed | ||||||||
Investor Class | (10,940,794 | ) | (14,211,944 | ) | ||||
Advisor Class | (658,396 | ) | (1,128,358 | ) | ||||
A-Class | (237,444 | ) | (650,900 | ) | ||||
C-Class | (891,201 | ) | (2,097,770 | ) | ||||
Net increase (decrease) in shares | 1,237,358 | (3,758,643 | ) | |||||
32 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FINANCIAL HIGH LIGHTS
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Investor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 36.37 | $ | 37.83 | $ | 26.39 | $ | 36.40 | $ | 36.11 | $ | 31.03 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment incomeb | .24 | .69 | .50 | .55 | .52 | .43 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (.07 | ) | 4.40 | 11.04 | (10.35 | ) | .13 | 4.71 | ||||||||||||||||
Total from investment operations | .17 | 5.09 | 11.54 | (9.80 | ) | .65 | 5.14 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.82 | ) | (.10 | ) | (.21 | ) | (.36 | ) | (.06 | ) | |||||||||||||
Net realized gains | — | (5.73 | ) | — | — | — | — | |||||||||||||||||
Total distributions | — | (6.55 | ) | (.10 | ) | (.21 | ) | (.36 | ) | (.06 | ) | |||||||||||||
Net asset value, end of period | $ | 36.54 | $ | 36.37 | $ | 37.83 | $ | 26.39 | $ | 36.40 | $ | 36.11 | ||||||||||||
Total Returnc | 0.47 | % | 14.81 | % | 43.75 | % | (26.96 | %) | 1.72 | % | 16.58 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 89,439 | $ | 57,876 | $ | 182,915 | $ | 14,703 | $ | 8,722 | $ | 21,814 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 1.28 | % | 1.84 | % | 1.46 | % | 1.81 | % | 1.37 | % | 1.29 | % | ||||||||||||
Total expenses | 1.37 | % | 1.38 | % | 1.37 | % | 1.38 | % | 1.37 | % | 1.37 | % | ||||||||||||
Portfolio turnover rate | 344 | % | 400 | % | 200 | % | 445 | % | 449 | % | 455 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Advisor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 33.84 | $ | 35.77 | $ | 25.09 | $ | 34.78 | $ | 34.68 | $ | 29.96 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment incomeb | .13 | .62 | .35 | .34 | .15 | .20 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (.06 | ) | 4.00 | 10.43 | (9.82 | ) | .31 | 4.58 | ||||||||||||||||
Total from investment operations | .07 | 4.62 | 10.78 | (9.48 | ) | .46 | 4.78 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.82 | ) | (.10 | ) | (.21 | ) | (.36 | ) | (.06 | ) | |||||||||||||
Net realized gains | — | (5.73 | ) | — | — | — | — | |||||||||||||||||
Total distributions | — | (6.55 | ) | (.10 | ) | (.21 | ) | (.36 | ) | (.06 | ) | |||||||||||||
Net asset value, end of period | $ | 33.91 | $ | 33.84 | $ | 35.77 | $ | 25.09 | $ | 34.78 | $ | 34.68 | ||||||||||||
Total Returnc | 0.21 | % | 14.32 | % | 42.99 | % | (27.29 | %) | 1.25 | % | 15.97 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 6,119 | $ | 3,475 | $ | 5,824 | $ | 11,113 | $ | 5,384 | $ | 5,754 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 0.73 | % | 1.78 | % | 1.17 | % | 1.18 | % | 0.42 | % | 0.64 | % | ||||||||||||
Total expenses | 1.87 | % | 1.88 | % | 1.88 | % | 1.87 | % | 1.87 | % | 1.86 | % | ||||||||||||
Portfolio turnover rate | 344 | % | 400 | % | 200 | % | 445 | % | 449 | % | 455 | % |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 33 |
FINANCIAL HIGHLIGHTS (concluded)
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 34.49 | $ | 36.26 | $ | 25.37 | $ | 35.09 | $ | 34.90 | $ | 30.07 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment incomeb | .22 | .41 | .55 | .42 | .50 | .42 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (.09 | ) | 4.37 | 10.44 | (9.93 | ) | .05 | 4.47 | ||||||||||||||||
Total from investment operations | .13 | 4.78 | 10.99 | (9.51 | ) | .55 | 4.89 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.82 | ) | (.10 | ) | (.21 | ) | (.36 | ) | (.06 | ) | |||||||||||||
Net realized gains | — | (5.73 | ) | — | — | — | — | |||||||||||||||||
Total distributions | — | (6.55 | ) | (.10 | ) | (.21 | ) | (.36 | ) | (.06 | ) | |||||||||||||
Net asset value, end of period | $ | 34.62 | $ | 34.49 | $ | 36.26 | $ | 25.37 | $ | 35.09 | $ | 34.90 | ||||||||||||
Total Returnc | 0.38 | % | 14.58 | % | 43.34 | % | (27.14 | %) | 1.50 | % | 16.27 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 13,814 | $ | 5,033 | $ | 21,277 | $ | 2,898 | $ | 1,682 | $ | 3,935 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 1.25 | % | 1.14 | % | 1.72 | % | 1.41 | % | 1.38 | % | 1.30 | % | ||||||||||||
Total expenses | 1.62 | % | 1.63 | % | 1.63 | % | 1.63 | % | 1.63 | % | 1.61 | % | ||||||||||||
Portfolio turnover rate | 344 | % | 400 | % | 200 | % | 445 | % | 449 | % | 455 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 32.28 | $ | 34.57 | $ | 24.36 | $ | 33.95 | $ | 34.04 | $ | 29.55 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment incomeb | .05 | .30 | .24 | .19 | .17 | .20 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (.07 | ) | 3.96 | 10.07 | (9.57 | ) | .10 | 4.35 | ||||||||||||||||
Total from investment operations | (.02 | ) | 4.26 | 10.31 | (9.38 | ) | .27 | 4.55 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.82 | ) | (.10 | ) | (.21 | ) | (.36 | ) | (.06 | ) | |||||||||||||
Net realized gains | — | (5.73 | ) | — | — | — | — | |||||||||||||||||
Total distributions | — | (6.55 | ) | (.10 | ) | (.21 | ) | (.36 | ) | (.06 | ) | |||||||||||||
Net asset value, end of period | $ | 32.26 | $ | 32.28 | $ | 34.57 | $ | 24.36 | $ | 33.95 | $ | 34.04 | ||||||||||||
Total Returnc | (0.06 | %) | 13.78 | % | 42.35 | % | (27.67 | %) | 0.71 | % | 15.41 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 5,106 | $ | 3,484 | $ | 4,194 | $ | 3,067 | $ | 3,903 | $ | 5,472 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 0.30 | % | 0.90 | % | 0.77 | % | 0.65 | % | 0.49 | % | 0.62 | % | ||||||||||||
Total expenses | 2.37 | % | 2.38 | % | 2.38 | % | 2.38 | % | 2.37 | % | 2.36 | % | ||||||||||||
Portfolio turnover rate | 344 | % | 400 | % | 200 | % | 445 | % | 449 | % | 455 | % |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Net investment income per share was computed using average shares outstanding throughout the period. | |
c | Total return does not reflect the impact of any applicable sales charges and has not been annualized. |
34 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FUND PROFILE (Unaudited) | September 30, 2011 |
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366809.gif)
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. | 11.6 | % | ||
Texas Instruments, Inc. | 5.7 | % | ||
Broadcom Corp. — Class A | 4.7 | % | ||
Applied Materials, Inc. | 3.6 | % | ||
Marvell Technology Group Ltd. | 3.3 | % | ||
Analog Devices, Inc. | 3.0 | % | ||
Avago Technologies Ltd. | 2.9 | % | ||
Altera Corp. | 2.9 | % | ||
Taiwan Semiconductor Manufacturing Company Ltd. ADR | 2.9 | % | ||
NVIDIA Corp. | 2.8 | % | ||
Top Ten Total | 43.4 | % | ||
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 |
Shares | Value | |||||||
COMMON STOCKS† - 100.3% | ||||||||
SEMICONDUCTORS - 80.0% | ||||||||
Intel Corp. | 40,688 | $ | 867,876 | |||||
Texas Instruments, Inc. | 15,851 | 422,430 | ||||||
Broadcom Corp. — Class A | 10,576 | 352,075 | ||||||
Marvell Technology Group Ltd.* | 17,130 | 248,899 | ||||||
Analog Devices, Inc. | 7,339 | 229,344 | ||||||
Avago Technologies Ltd. | 6,773 | 221,951 | ||||||
Altera Corp. | 7,019 | 221,309 | ||||||
Taiwan Semiconductor Manufacturing Company Ltd. ADR | 18,906 | 216,096 | ||||||
NVIDIA Corp.* | 17,010 | 212,625 | ||||||
Maxim Integrated Products, Inc. | 8,905 | 207,754 | ||||||
Xilinx, Inc. | 7,208 | 197,788 | ||||||
Linear Technology Corp. | 6,994 | 193,384 | ||||||
Microchip Technology, Inc. | 5,654 | 175,896 | ||||||
Netlogic Microsystems, Inc.* | 3,495 | 168,144 | ||||||
Micron Technology, Inc.* | 30,881 | 155,640 | ||||||
ARM Holdings plc ADR | 5,325 | 135,788 | ||||||
Advanced Micro Devices, Inc.* | 26,425 | 134,239 | ||||||
Cree, Inc. | 5,041 | 130,965 | ||||||
Skyworks Solutions, Inc.* | 7,246 | 129,993 | ||||||
ON Semiconductor Corp.* | 17,157 | 123,016 | ||||||
Atmel Corp.* | 14,918 | 120,388 | ||||||
RF Micro Devices, Inc.* | 17,305 | 109,714 | ||||||
Cypress Semiconductor Corp. | 7,208 | 107,904 | ||||||
LSI Corp.* | 17,557 | 90,945 | ||||||
Silicon Laboratories, Inc.* | 2,538 | 85,048 | ||||||
Cirrus Logic, Inc.* | 5,364 | 79,065 | ||||||
Fairchild Semiconductor International, Inc. — Class A* | 7,175 | 77,490 | ||||||
Cavium, Inc.* | 2,815 | 76,033 | ||||||
Semtech Corp.* | 3,134 | 66,127 | ||||||
Freescale Semiconductor Holdings I Ltd.* | 5,527 | 60,963 | ||||||
Rambus, Inc.* | 4,336 | 60,704 | ||||||
TriQuint Semiconductor, Inc. | 10,776 | 54,096 | ||||||
PMC — Sierra, Inc.* | 8,544 | 51,093 | ||||||
Omnivision Technologies, Inc.* | 3,559 | 49,968 | ||||||
Intersil Corp. — Class A | 4,763 | 49,011 | ||||||
Microsemi Corp.* | 2,949 | 47,125 | ||||||
Trina Solar Ltd. ADR* | 7,450 | 45,296 | ||||||
LDK Solar Company Ltd. ADR* | 12,899 | 40,245 | ||||||
International Rectifier Corp.* | 2,147 | 39,977 | ||||||
Total Semiconductors | 6,056,404 | |||||||
SEMICONDUCTOR EQUIPMENT - 17.4% | ||||||||
Applied Materials, Inc. | 26,826 | 277,648 | ||||||
KLA-Tencor Corp. | 5,266 | 201,582 | ||||||
Lam Research Corp.* | 4,375 | 166,163 | ||||||
ASML Holding N.V. — Class G ADR | 4,210 | 145,413 | ||||||
Novellus Systems, Inc.* | 4,029 | 109,831 | ||||||
Teradyne, Inc.* | 9,392 | 103,406 | ||||||
MEMC Electronic Materials, Inc.* | 14,628 | 76,651 | ||||||
Cymer, Inc.* | 1,941 | 72,166 | ||||||
Veeco Instruments, Inc.* | 2,627 | 64,099 | ||||||
GT Advanced Technologies, Inc.* | 7,244 | 50,853 | ||||||
Kulicke & Soffa Industries, Inc.* | 6,784 | 50,609 | ||||||
Total Semiconductor Equipment | 1,318,421 | |||||||
ELECTRICAL COMPONENTS & EQUIPMENT - 1.8% | ||||||||
First Solar, Inc.* | 2,188 | 138,303 | ||||||
ELECTRONIC EQUIPMENT & INSTRUMENTS - 1.1% | ||||||||
FEI Co.* | 2,694 | 80,712 | ||||||
Total Common Stocks (Cost $5,592,253) | 7,593,840 | |||||||
Face | ||||||||
Amount | ||||||||
REPURCHASE AGREEMENT††,1 - 3.6% | ||||||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | $ | 276,013 | 276,013 | |||||
Total Repurchase Agreement (Cost $276,013) | 276,013 | |||||||
Total Investments - 103.9% (Cost $5,868,266) | $ | 7,869,853 | ||||||
Liabilities, Less Cash & Other Assets — (3.9)% | (292,698 | ) | ||||||
Total Net Assets — 100.0% | $ | 7,577,155 |
* | Non-income producing security. | |
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | Repurchase Agreement — See Note 5. | |
ADR — American Depositary Receipt | ||
plc — Public Limited Company |
36 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Assets: | ||||
Investments, at value (cost $5,592,253) | $ | 7,593,840 | ||
Repurchase agreements, at value (cost $276,013) | 276,013 | |||
Cash | 558 | |||
Receivables: | ||||
Fund shares sold | 6,246 | |||
Dividends | 222 | |||
Total assets | 7,876,879 | |||
Liabilities: | ||||
Payable for: | ||||
Securities purchased | 205,807 | |||
Fund shares redeemed | 73,905 | |||
Management fees | 4,851 | |||
Distribution and service fees | 1,431 | |||
Transfer agent and administrative fees | 1,427 | |||
Portfolio accounting fees | 571 | |||
Miscellaneous | 11,732 | |||
Total liabilities | 299,724 | |||
Net assets | $ | 7,577,155 | ||
Net assets consist of: | ||||
Paid in capital | $ | 58,299,728 | ||
Accumulated net investment loss | (25,297 | ) | ||
Accumulated net realized loss on investments | (52,698,863 | ) | ||
Net unrealized appreciation on investments | 2,001,587 | |||
Net assets | $ | 7,577,155 | ||
Investor Class: | ||||
Net assets | $ | 5,125,052 | ||
Capital shares outstanding | 114,884 | |||
Net asset value per share | $ | 44.61 | ||
Advisor Class: | ||||
Net assets | $ | 1,372,106 | ||
Capital shares outstanding | 32,883 | |||
Net asset value per share | $ | 41.72 | ||
A-Class: | ||||
Net assets | $ | 755,971 | ||
Capital shares outstanding | 17,846 | |||
Net asset value per share | $ | 42.36 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 44.47 | ||
C-Class: | ||||
Net assets | $ | 324,026 | ||
Capital shares outstanding | 8,038 | |||
Net asset value per share | $ | 40.31 | ||
Period Ended September 30, 2011
Investment Income: | ||||
Dividends (net of foreign withholding tax of $25) | $ | 63,053 | ||
Interest | 7 | |||
Total investment income | 63,060 | |||
Expenses: | ||||
Management fees | 46,102 | |||
Transfer agent and administrative fees | 13,559 | |||
Distribution and service fees: | ||||
Advisor Class | 6,389 | |||
A-Class | 1,284 | |||
C-Class | 6,440 | |||
Portfolio accounting fees | 5,424 | |||
Registration fees | 14,789 | |||
Printing expenses | 5,680 | |||
Pricing service expense | 5,050 | |||
Trustees’ fees* | 1,141 | |||
Miscellaneous | (17,501 | ) | ||
Total expenses | 88,357 | |||
Net investment loss | (25,297 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments | 163,734 | |||
Net realized gain | 163,734 | |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (2,902,621 | ) | ||
Net change in unrealized appreciation (depreciation) | (2,902,621 | ) | ||
Net realized and unrealized loss | (2,738,887 | ) | ||
Net decrease in net assets resulting from operations | $ | (2,764,184 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 37 |
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment loss | $ | (25,297 | ) | $ | (97,316 | ) | ||
Net realized gain (loss) on investments | 163,734 | (1,831,352 | ) | |||||
Net change in unrealized appreciation (depreciation) on investments | (2,902,621 | ) | (1,072,361 | ) | ||||
Net decrease in net assets resulting from operations | (2,764,184 | ) | (3,001,029 | ) | ||||
Distributions to shareholders | — | — | ||||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
Investor Class | 55,229,598 | 353,378,731 | ||||||
Advisor Class | 14,372,649 | 29,701,725 | ||||||
A-Class | 4,011,430 | 7,556,407 | ||||||
C-Class | 33,279,768 | 128,873,486 | ||||||
Cost of shares redeemed | ||||||||
Investor Class | (55,442,026 | ) | (359,599,458 | ) | ||||
Advisor Class | (15,259,784 | ) | (28,156,131 | ) | ||||
A-Class | (4,793,925 | ) | (6,829,314 | ) | ||||
C-Class | (33,978,105 | ) | (131,295,692 | ) | ||||
Net decrease from capital share transactions | (2,580,395 | ) | (6,370,246 | ) | ||||
Net decrease in net assets | (5,344,579 | ) | (9,371,275 | ) | ||||
Net assets: | ||||||||
Beginning of period | 12,921,734 | 22,293,009 | ||||||
End of period | $ | 7,577,155 | $ | 12,921,734 | ||||
Accumulated net investment loss at end of period | $ | (25,297 | ) | $ | — | |||
Capital share activity: | ||||||||
Shares sold | ||||||||
Investor Class | 975,499 | 6,465,968 | ||||||
Advisor Class | 276,879 | 577,894 | ||||||
A-Class | 81,706 | 144,798 | ||||||
C-Class | 680,365 | 2,693,693 | ||||||
Shares redeemed | ||||||||
Investor Class | (975,790 | ) | (6,656,304 | ) | ||||
Advisor Class | (298,270 | ) | (556,791 | ) | ||||
A-Class | (91,969 | ) | (143,325 | ) | ||||
C-Class | (694,963 | ) | (2,740,831 | ) | ||||
Net decrease in shares | (46,543 | ) | (214,898 | ) | ||||
38 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Investor Class | 2011a | 2011 | 2010e | 2009e | 2008e | 2007e | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 60.57 | $ | 52.33 | $ | 32.76 | $ | 50.30 | $ | 62.30 | $ | 67.60 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.07 | ) | (.13 | ) | (.02 | ) | (— | )c | (.25 | ) | (.50 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (15.89 | ) | 8.37 | 19.59 | (17.54 | ) | (11.75 | ) | (4.80 | ) | ||||||||||||||
Total from investment operations | (15.96 | ) | 8.24 | 19.57 | (17.54 | ) | (12.00 | ) | (5.30 | ) | ||||||||||||||
Net asset value, end of period | $ | 44.61 | $ | 60.57 | $ | 52.33 | $ | 32.76 | $ | 50.30 | $ | 62.30 | ||||||||||||
Total Returnd | (26.35) | % | 15.75 | % | 59.74 | % | (34.89) | % | (19.26) | % | (7.84) | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 5,125 | $ | 6,976 | $ | 15,988 | $ | 106,703 | $ | 9,835 | $ | 15,376 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (0.25 | )% | (0.23 | )% | (0.06 | )% | (0.03 | )% | (0.37 | )% | (0.76 | )% | ||||||||||||
Total expenses | 1.37 | % | 1.39 | % | 1.38 | % | 1.34 | % | 1.36 | % | 1.37 | % | ||||||||||||
Portfolio turnover rate | 640 | % | 1,171 | % | 592 | % | 408 | % | 784 | % | 759 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Advisor Class | 2011a | 2011 | 2010e | 2009e | 2008e | 2007e | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 56.77 | $ | 49.26 | $ | 31.01 | $ | 47.80 | $ | 59.40 | $ | 64.90 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.16 | ) | (.41 | ) | (.16 | ) | (.10 | ) | (.60 | ) | (.75 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (14.89 | ) | 7.92 | 18.41 | (16.69 | ) | (11.00 | ) | (4.75 | ) | ||||||||||||||
Total from investment operations | (15.05 | ) | 7.51 | 18.25 | (16.79 | ) | (11.60 | ) | (5.50 | ) | ||||||||||||||
Net asset value, end of period | $ | 41.72 | $ | 56.77 | $ | 49.26 | $ | 31.01 | $ | 47.80 | $ | 59.40 | ||||||||||||
Total Returnd | (26.51) | % | 15.25 | % | 58.85 | % | (35.15) | % | (19.53) | % | (8.47) | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,372 | $ | 3,081 | $ | 1,634 | $ | 3,152 | $ | 566 | $ | 1,511 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (0.61 | )% | (0.79 | )% | (0.39 | )% | (0.29 | )% | (0.98 | )% | (1.20 | )% | ||||||||||||
Total expenses | 1.87 | % | 1.89 | % | 1.87 | % | 1.86 | % | 1.88 | % | 1.87 | % | ||||||||||||
Portfolio turnover rate | 640 | % | 1,171 | % | 592 | % | 408 | % | 784 | % | 759 | % |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 39 |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010e | 2009e | 2008e | 2007e | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 57.59 | $ | 49.88 | $ | 31.31 | $ | 48.25 | $ | 59.95 | $ | 65.15 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.05 | ) | (.21 | ) | (.14 | ) | (.10 | ) | (.55 | ) | (.55 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (15.18 | ) | 7.92 | 18.71 | (16.84 | ) | (11.15 | ) | (4.65 | ) | ||||||||||||||
Total from investment operations | (15.23 | ) | 7.71 | 18.57 | (16.94 | ) | (11.70 | ) | (5.20 | ) | ||||||||||||||
Net asset value, end of period | $ | 42.36 | $ | 57.59 | $ | 49.88 | $ | 31.31 | $ | 48.25 | $ | 59.95 | ||||||||||||
Total Returnd | (26.45) | % | 15.46 | % | 59.31 | % | (35.13) | % | (19.52) | % | (7.98) | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 756 | $ | 1,619 | $ | 1,329 | $ | 42 | $ | 85 | $ | 130 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (0.17 | )% | (0.43 | )% | (0.31 | )% | (0.26 | )% | (0.90 | )% | (0.94 | )% | ||||||||||||
Total expenses | 1.62 | % | 1.64 | % | 1.62 | % | 1.60 | % | 1.62 | % | 1.63 | % | ||||||||||||
Portfolio turnover rate | 640 | % | 1,171 | % | 592 | % | 408 | % | 784 | % | 759 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010e | 2009e | 2008e | 2007e | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 55.03 | $ | 47.90 | $ | 30.28 | $ | 46.90 | $ | 58.65 | $ | 64.30 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.36 | ) | (.65 | ) | (.51 | ) | (.30 | ) | (.75 | ) | (1.00 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (14.36 | ) | 7.78 | 18.13 | (16.32 | ) | (11.00 | ) | (4.65 | ) | ||||||||||||||
Total from investment operations | (14.72 | ) | 7.13 | 17.62 | (16.62 | ) | (11.75 | ) | (5.65 | ) | ||||||||||||||
Net asset value, end of period | $ | 40.31 | $ | 55.03 | $ | 47.90 | $ | 30.28 | $ | 46.90 | $ | 58.65 | ||||||||||||
Total Returnd | (26.74) | % | 14.86 | % | 58.19 | % | (35.39) | % | (20.03) | % | (8.79) | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 324 | $ | 1,246 | $ | 3,342 | $ | 460 | $ | 962 | $ | 2,876 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (1.42 | )% | (1.31 | )% | (1.21 | )% | (0.74 | )% | (1.26 | )% | (1.72 | )% | ||||||||||||
Total expenses | 2.37 | % | 2.39 | % | 2.38 | % | 2.42 | % | 2.38 | % | 2.36 | % | ||||||||||||
Portfolio turnover rate | 640 | % | 1,171 | % | 592 | % | 408 | % | 784 | % | 759 | % |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Net investment loss per share was computed using average shares outstanding throughout the period. | |
c | Net investment income is less than $0.01 per share. | |
d | Total return does not reflect the impact of any applicable sales charges and has not been annualized. | |
e | Per share amounts for the period March 31, 2006 — April 19, 2009 have been restated to reflect 1:5 reverse share split effective April 20, 2009. |
40 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FUND PROFILE (Unaudited) | September 30, 2011 |
![(BAR GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366810.gif)
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. | 7.2 | % | ||
Chevron Corp. | 5.1 | % | ||
ConocoPhillips | 3.5 | % | ||
Schlumberger Ltd. | 3.0 | % | ||
Occidental Petroleum Corp. | 2.6 | % | ||
Anadarko Petroleum Corp. | 1.9 | % | ||
Apache Corp. | 1.7 | % | ||
Petroleo Brasileiro S.A. ADR | 1.7 | % | ||
Devon Energy Corp. | 1.6 | % | ||
Halliburton Co. | 1.6 | % | ||
Top Ten Total | 29.9 | % | ||
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 |
Shares | Value | |||||||
COMMON STOCKS† - 99.3% | ||||||||
OIL & GAS EXPLORATION & PRODUCTION - 32.8% | ||||||||
Anadarko Petroleum Corp. | 16,464 | $ | 1,038,056 | |||||
Apache Corp. | 11,480 | 921,155 | ||||||
Devon Energy Corp. | 15,032 | 833,374 | ||||||
Chesapeake Energy Corp. | 30,297 | 774,088 | ||||||
EOG Resources, Inc. | 10,595 | 752,351 | ||||||
Range Resources Corp. | 11,237 | 656,915 | ||||||
Marathon Oil Corp. | 30,317 | 654,241 | ||||||
Noble Energy, Inc. | 9,102 | 644,422 | ||||||
Southwestern Energy Co.* | 18,433 | 614,372 | ||||||
Equities Corp. | 10,734 | 572,766 | ||||||
Continental Resources, Inc.* | 10,828 | 523,750 | ||||||
Cabot Oil & Gas Corp. | 8,322 | 515,215 | ||||||
Pioneer Natural Resources Co. | 7,500 | 493,275 | ||||||
Concho Resources, Inc.* | 6,853 | 487,522 | ||||||
Canadian Natural Resources Ltd. | 13,620 | 398,657 | ||||||
SM Energy Co. | 6,040 | 366,326 | ||||||
QEP Resources, Inc. | 13,530 | 366,257 | ||||||
Newfield Exploration Co.* | 9,162 | 363,640 | ||||||
Cimarex Energy Co. | 6,466 | 360,156 | ||||||
Encana Corp. | 18,720 | 359,611 | ||||||
Denbury Resources, Inc.* | 29,602 | 340,423 | ||||||
Nexen, Inc. | 21,842 | 338,333 | ||||||
Ultra Petroleum Corp.* | 12,019 | 333,167 | ||||||
Whiting Petroleum Corp.* | 9,442 | 331,225 | ||||||
Brigham Exploration Co.* | 12,973 | 327,698 | ||||||
CNOOC Ltd. ADR | 1,930 | 309,379 | ||||||
Energen Corp. | 7,300 | 298,497 | ||||||
Plains Exploration & Production Co. | 12,630 | 286,827 | ||||||
Talisman Energy, Inc. | 22,952 | 281,621 | ||||||
Oasis Petroleum, Inc.* | 11,708 | 261,440 | ||||||
EXCO Resources, Inc. | 24,305 | 260,550 | ||||||
Penn West Petroleum Ltd. | 17,500 | 258,475 | ||||||
Bill Barrett Corp.* | 6,600 | 239,184 | ||||||
Berry Petroleum Co. — Class A | 6,540 | 231,385 | ||||||
Rosetta Resources, Inc.* | 6,600 | 225,852 | ||||||
Energy XXI Bermuda Ltd.* | 9,740 | 208,923 | ||||||
Forest Oil Corp.* | 14,448 | 208,051 | ||||||
McMoRan Exploration Co.* | 19,480 | 193,436 | ||||||
Quicksilver Resources, Inc.* | 22,819 | 172,968 | ||||||
Total Oil & Gas Exploration & Production | 16,803,583 | |||||||
INTEGRATED OIL & GAS - 28.3% | ||||||||
Exxon Mobil Corp. | 50,223 | 3,647,696 | ||||||
Chevron Corp. | 28,348 | 2,622,757 | ||||||
ConocoPhillips | 28,092 | 1,778,785 | ||||||
Occidental Petroleum Corp. | 18,300 | 1,308,450 | ||||||
Petroleo Brasileiro S.A. ADR | 38,270 | 859,162 | ||||||
Hess Corp. | 13,992 | 734,020 | ||||||
BP plc ADR | 18,441 | 665,167 | ||||||
Murphy Oil Corp. | 11,251 | 496,844 | ||||||
Royal Dutch Shell plc ADR | 7,688 | 472,966 | ||||||
Total S.A. ADR | 10,424 | 457,301 | ||||||
Suncor Energy, Inc. | 17,096 | 434,922 | ||||||
Cenovus Energy, Inc. | 11,911 | 365,787 | ||||||
PetroChina Company Ltd. ADR | 2,930 | 353,036 | ||||||
SandRidge Energy, Inc. | 40,759 | 226,620 | ||||||
Total Integrated Oil & Gas | 14,423,513 | |||||||
OIL & GAS EQUIPMENT & SERVICES - 17.0% | ||||||||
Schlumberger Ltd. | 25,219 | 1,506,330 | ||||||
Halliburton Co. | 26,905 | 821,140 | ||||||
National Oilwell Varco, Inc. | 15,109 | 773,882 | ||||||
Baker Hughes, Inc. | 15,711 | 725,220 | ||||||
Cameron International Corp.* | 14,325 | 595,061 | ||||||
FMC Technologies, Inc.* | 15,066 | 566,482 | ||||||
Weatherford International Ltd.* | 41,367 | 505,091 | ||||||
Core Laboratories N.V. | 4,259 | 382,586 | ||||||
Oceaneering International, Inc. | 10,300 | 364,002 | ||||||
Dresser-Rand Group, Inc.* | 7,856 | 318,404 | ||||||
Tidewater, Inc. | 6,337 | 266,471 | ||||||
Dril-Quip, Inc.* | 4,913 | 264,860 | ||||||
Oil States International, Inc.* | 5,114 | 260,405 | ||||||
CARBO Ceramics, Inc. | 2,400 | 246,072 | ||||||
Superior Energy Services, Inc. | 9,342 | 245,134 | ||||||
McDermott International, Inc. | 22,054 | 237,301 | ||||||
Tenaris S.A. ADR | 9,290 | 236,431 | ||||||
Complete Production Services, Inc.* | 9,700 | 182,845 | ||||||
Key Energy Services, Inc.* | 18,100 | 171,769 | ||||||
Total Oil & Gas Equipment & Services | 8,669,486 | |||||||
OIL & GAS DRILLING - 6.5% | ||||||||
Transocean Ltd. | 13,200 | 630,168 | ||||||
Noble Corp. | 17,599 | 516,531 | ||||||
Diamond Offshore Drilling, Inc. | 9,195 | 503,334 | ||||||
Ensco plc ADR | 11,692 | 472,708 | ||||||
Rowan Companies, Inc.* | 11,939 | 360,438 | ||||||
Helmerich & Payne, Inc. | 8,229 | 334,097 | ||||||
Nabors Industries Ltd.* | 22,392 | 274,526 | ||||||
Patterson-UTI Energy, Inc. | 14,211 | 246,419 | ||||||
Total Oil & Gas Drilling | 3,338,221 | |||||||
OIL & GAS STORAGE & TRANSPORTATION - 5.9% | ||||||||
Spectra Energy Corp. | 31,557 | 774,093 | ||||||
Williams Companies, Inc. | 29,335 | 714,014 | ||||||
El Paso Corp. | 40,298 | 704,409 | ||||||
Southern Union Co. | 11,154 | 452,518 | ||||||
Kinder Morgan, Inc. | 13,780 | 356,764 | ||||||
Total Oil & Gas Storage & Transportation | 3,001,798 | |||||||
OIL & GAS REFINING & MARKETING - 5.0% | ||||||||
Valero Energy Corp. | 30,668 | 545,277 | ||||||
Marathon Petroleum Corp. | 19,308 | 522,474 | ||||||
HollyFrontier Corp. | 15,448 | 405,047 | ||||||
Sunoco, Inc. | 10,856 | 336,645 | ||||||
Tesoro Corp. | 15,744 | 306,536 | ||||||
CVR Energy, Inc.* | 11,880 | 251,143 | ||||||
Western Refining, Inc.* | 13,940 | 173,692 | ||||||
Total Oil & Gas Refining & Marketing | 2,540,814 | |||||||
42 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | September 30, 2011 |
Shares | Value | |||||||
COAL & CONSUMABLE FUELS - 3.8% | ||||||||
Peabody Energy Corp. | 14,003 | $ | 474,422 | |||||
Consol Energy, Inc. | 13,905 | 471,797 | ||||||
Cameco Corp. — Class A | 17,674 | 323,788 | ||||||
Arch Coal, Inc. | 18,524 | 270,080 | ||||||
Alpha Natural Resources, Inc.* | 14,957 | 264,589 | ||||||
Patriot Coal Corp.* | 13,240 | 112,010 | ||||||
Total Coal & Consumable Fuels | 1,916,686 | |||||||
Total Common Stocks (Cost $32,543,424) | 50,694,101 | |||||||
Face | ||||||||
Amount | ||||||||
REPURCHASE AGREEMENT††,1 - 1.0% | ||||||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | $ | 504,282 | 504,282 | |||||
Total Repurchase Agreement (Cost $504,282) | 504,282 | |||||||
Total Investments - 100.3% (Cost $33,047,706) | $ | 51,198,383 | ||||||
Liabilities, Less Cash & Other Assets — (0.3)% | (166,791 | ) | ||||||
Total Net Assets — 100.0% | $ | 51,031,592 |
* | Non-income producing security. | |
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | Repurchase Agreement — See Note 5. | |
ADR | — American Depositary Receipt | |
plc | — Public Limited Company |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 43 |
September 30, 2011
Assets: | ||||
Investments, at value (cost $32,543,424) | $ | 50,694,101 | ||
Repurchase agreements, at value (cost $504,282) | 504,282 | |||
Cash | 5,435 | |||
Receivables: | ||||
Securities sold | 10,737,938 | |||
Fund shares sold | 295,145 | |||
Dividends | 49,044 | |||
Foreign taxes reclaim | 754 | |||
Total assets | 62,286,699 | |||
Liabilities: | ||||
Payable for: | ||||
Fund shares redeemed | 11,126,921 | |||
Management fees | 42,614 | |||
Distribution and service fees | 13,968 | |||
Transfer agent and administrative fees | 12,533 | |||
Portfolio accounting fees | 5,013 | |||
Miscellaneous | 54,058 | |||
Total liabilities | 11,255,107 | |||
Net assets | $ | 51,031,592 | ||
Net assets consist of: | ||||
Paid in capital | $ | 54,540,728 | ||
Accumulated net investment loss | (15,157 | ) | ||
Accumulated net realized loss on investments | (21,644,656 | ) | ||
Net unrealized appreciation on investments | 18,150,677 | |||
Net assets | $ | 51,031,592 | ||
Investor Class: | ||||
Net assets | $ | 30,668,426 | ||
Capital shares outstanding | 1,555,339 | |||
Net asset value per share | $ | 19.72 | ||
Advisor Class: | ||||
Net assets | $ | 4,249,966 | ||
Capital shares outstanding | 230,182 | |||
Net asset value per share | $ | 18.45 | ||
A-Class: | ||||
Net assets | $ | 4,541,567 | ||
Capital shares outstanding | 241,597 | |||
Net asset value per share | $ | 18.80 | ||
Maximum offering price per share (Net asset value divided by 95.25)% | $ | 19.74 | ||
C-Class: | ||||
Net assets | $ | 11,571,633 | ||
Capital shares outstanding | 656,761 | |||
Net asset value per share | $ | 17.62 | ||
Period Ended September 30, 2011
Investment Income: | ||||||||
Dividends (net of foreign withholding tax of $22,628) | $ | 811,455 | ||||||
Interest | 44 | |||||||
Total investment income | 811,499 | |||||||
Expenses: | ||||||||
Management fees | 440,667 | |||||||
Transfer agent and administrative fees | 129,608 | |||||||
Distribution and service fees: | ||||||||
Advisor Class | 25,325 | |||||||
A-Class | 9,818 | |||||||
C-Class | 80,868 | |||||||
Portfolio accounting fees | 51,843 | |||||||
Trustees’ fees* | 4,501 | |||||||
Miscellaneous | 84,026 | |||||||
Total expenses | 826,656 | |||||||
Net investment loss | (15,157 | ) | ||||||
Net Realized and Unrealized Gain (Loss): | ||||||||
Net realized gain (loss) on: | ||||||||
Investments | (3,971,643 | ) | ||||||
Net realized loss | (3,971,643 | ) | ||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investments | (32,357,655 | ) | ||||||
Net change in unrealized appreciation (depreciation) | (32,357,655 | ) | ||||||
Net realized and unrealized loss | (36,329,298 | ) | ||||||
Net decrease in net assets resulting from operations | $ | (36,344,455 | ) | |||||
* | 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 | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment loss | $ | (15,157 | ) | $ | (201,866 | ) | ||
Net realized gain (loss) on investments | (3,971,643 | ) | 4,967,964 | |||||
Net change in unrealized appreciation (depreciation) on investments | (32,357,655 | ) | 24,910,039 | |||||
Net increase (decrease) in net assets resulting from operations | (36,344,455 | ) | 29,676,137 | |||||
Distributions to shareholders from: | ||||||||
Net investment income | ||||||||
Investor Class | — | (57,578 | ) | |||||
Advisor Class | — | (8,833 | ) | |||||
A-Class | — | (6,392 | ) | |||||
C-Class | — | (19,609 | ) | |||||
Total distributions to shareholders | — | (92,412 | ) | |||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
Investor Class | 185,284,819 | 288,061,481 | ||||||
Advisor Class | 23,415,741 | 18,472,831 | ||||||
A-Class | 8,250,944 | 18,443,868 | ||||||
C-Class | 40,744,599 | 76,637,847 | ||||||
Distributions reinvested | ||||||||
Investor Class | — | 56,100 | ||||||
Advisor Class | — | 8,744 | ||||||
A-Class | — | 4,737 | ||||||
C-Class | — | 18,406 | ||||||
Cost of shares redeemed | ||||||||
Investor Class | (224,069,124 | ) | (248,929,384 | ) | ||||
Advisor Class | (31,556,290 | ) | (11,587,850 | ) | ||||
A-Class | (15,751,359 | ) | (10,355,093 | ) | ||||
C-Class | (43,351,137 | ) | (75,599,238 | ) | ||||
Net increase (decrease) from capital share transactions | (57,031,807 | ) | 55,232,449 | |||||
Net increase (decrease) in net assets | (93,376,262 | ) | 84,816,174 | |||||
Net assets: | ||||||||
Beginning of period | 144,407,854 | 59,591,680 | ||||||
End of period | $ | 51,031,592 | $ | 144,407,854 | ||||
Accumulated net investment loss at end of period | $ | (15,157 | ) | $ | — | |||
Capital share activity: | ||||||||
Shares sold | ||||||||
Investor Class | 7,263,375 | 11,988,260 | ||||||
Advisor Class | 1,081,579 | 820,658 | ||||||
A-Class | 327,579 | 766,871 | ||||||
C-Class | 1,791,202 | 3,852,683 | ||||||
Shares issued from reinvestment of distributions | ||||||||
Investor Class | — | 2,456 | ||||||
Advisor Class | — | 407 | ||||||
A-Class | — | 217 | ||||||
C-Class | — | 894 | ||||||
Shares redeemed | ||||||||
Investor Class | (8,970,639 | ) | (10,412,527 | ) | ||||
Advisor Class | (1,445,978 | ) | (555,486 | ) | ||||
A-Class | (624,386 | ) | (423,733 | ) | ||||
C-Class | (1,909,972 | ) | (3,814,448 | ) | ||||
Net increase (decrease) in shares | (2,487,240 | ) | 2,226,252 | |||||
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 45 |
FINANCIAL HIGHLIGHTS
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Investor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 28.70 | $ | 20.91 | $ | 14.01 | $ | 27.29 | $ | 23.19 | $ | 21.68 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | .03 | — | c | .10 | .06 | (.03 | ) | (— | )c | |||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (9.01 | ) | 7.82 | 6.82 | (12.61 | ) | 4.86 | 1.92 | ||||||||||||||||
Total from investment operations | (8.98 | ) | 7.82 | 6.92 | (12.55 | ) | 4.83 | 1.92 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.03 | ) | (.02 | ) | — | — | — | ||||||||||||||||
Net realized gains | — | — | — | (.73 | ) | (.73 | ) | (.41 | ) | |||||||||||||||
Total distributions | — | (.03 | ) | (.02 | ) | (.73 | ) | (.73 | ) | (.41 | ) | |||||||||||||
Net asset value, end of period | $ | 19.72 | $ | 28.70 | $ | 20.91 | $ | 14.01 | $ | 27.29 | $ | 23.19 | ||||||||||||
Total Returnd | (31.29) | % | 37.43 | % | 49.37 | % | (46.01) | % | 20.91 | % | 8.87 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 30,668 | $ | 93,648 | $ | 35,228 | $ | 53,627 | $ | 63,325 | $ | 75,204 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | 0.26 | % | 0.00 | % e | 0.51 | % | 0.28 | % | (0.10 | )% | (0.01 | )% | ||||||||||||
Total expenses | 1.37 | % | 1.39 | % | 1.38 | % | 1.37 | % | 1.37 | % | 1.36 | % | ||||||||||||
Portfolio turnover rate | 149 | % | 273 | % | 228 | % | 310 | % | 188 | % | 283 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Advisor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 26.93 | $ | 19.72 | $ | 13.28 | $ | 26.07 | $ | 22.29 | $ | 20.96 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.06 | ) | (.11 | ) | (— | )c | (.04 | ) | (.15 | ) | (.12 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (8.42 | ) | 7.35 | 6.46 | (12.02 | ) | 4.66 | 1.86 | ||||||||||||||||
Total from investment operations | (8.48 | ) | 7.24 | 6.46 | (12.06 | ) | 4.51 | 1.74 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.03 | ) | (.02 | ) | — | — | — | ||||||||||||||||
Net realized gains | — | — | — | (.73 | ) | (.73 | ) | (.41 | ) | |||||||||||||||
Total distributions | — | (.03 | ) | (.02 | ) | (.73 | ) | (.73 | ) | (.41 | ) | |||||||||||||
Net asset value, end of period | $ | 18.45 | $ | 26.93 | $ | 19.72 | $ | 13.28 | $ | 26.07 | $ | 22.29 | ||||||||||||
Total Returnd | (31.49) | % | 36.75 | % | 48.62 | % | (46.29) | % | 20.31 | % | 8.31 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 4,250 | $ | 16,015 | $ | 6,489 | $ | 4,679 | $ | 17,713 | $ | 14,613 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (0.46 | )% | (0.53 | )% | (0.02 | )% | (0.16 | )% | (0.58 | )% | (0.54 | )% | ||||||||||||
Total expenses | 1.87 | % | 1.89 | % | 1.88 | % | 1.88 | % | 1.86 | % | 1.86 | % | ||||||||||||
Portfolio turnover rate | 149 | % | 273 | % | 228 | % | 310 | % | 188 | % | 283 | % |
46 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FINANCIAL HIGHLIGHTS (concluded)
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 27.40 | $ | 20.01 | $ | 13.44 | $ | 26.30 | $ | 22.44 | $ | 21.04 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.03 | ) | (.08 | ) | .06 | .02 | (.08 | ) | (.06 | ) | ||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (8.57 | ) | 7.50 | 6.53 | (12.15 | ) | 4.67 | 1.87 | ||||||||||||||||
Total from investment operations | (8.60 | ) | 7.42 | 6.59 | (12.13 | ) | 4.59 | 1.81 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.03 | ) | (.02 | ) | — | — | — | ||||||||||||||||
Net realized gains | — | — | — | (.73 | ) | (.73 | ) | (.41 | ) | |||||||||||||||
Total distributions | — | (.03 | ) | (.02 | ) | (.73 | ) | (.73 | ) | (.41 | ) | |||||||||||||
Net asset value, end of period | $ | 18.80 | $ | 27.40 | $ | 20.01 | $ | 13.44 | $ | 26.30 | $ | 22.44 | ||||||||||||
Total Returnd | (31.39) | % | 37.11 | % | 49.01 | % | (46.15 | )% | 20.54 | % | 8.62 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 4,542 | $ | 14,752 | $ | 3,903 | $ | 4,845 | $ | 6,378 | $ | 3,307 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (0.24 | )% | (0.38 | )% | 0.35 | % | 0.10 | % | (0.31 | )% | (0.29 | )% | ||||||||||||
Total expenses | 1.62 | % | 1.64 | % | 1.63 | % | 1.63 | % | 1.61 | % | 1.61 | % | ||||||||||||
Portfolio turnover rate | 149 | % | 273 | % | 228 | % | 310 | % | 188 | % | 283 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 25.78 | $ | 18.97 | $ | 12.84 | $ | 25.37 | $ | 21.81 | $ | 20.62 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.11 | ) | (.20 | ) | (.08 | ) | (.14 | ) | (.27 | ) | (.21 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (8.05 | ) | 7.04 | 6.23 | (11.66 | ) | 4.56 | 1.81 | ||||||||||||||||
Total from investment operations | (8.16 | ) | 6.84 | 6.15 | (11.80 | ) | 4.29 | 1.60 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.03 | ) | (.02 | ) | — | — | — | ||||||||||||||||
Net realized gains | — | — | — | (.73 | ) | (.73 | ) | (.41 | ) | |||||||||||||||
Total distributions | — | (.03 | ) | (.02 | ) | (.73 | ) | (.73 | ) | (.41 | ) | |||||||||||||
Net asset value, end of period | $ | 17.62 | $ | 25.78 | $ | 18.97 | $ | 12.84 | $ | 25.37 | $ | 21.81 | ||||||||||||
Total Returnd | (31.65) | % | 36.09 | % | 47.87 | % | (46.55) | % | 19.74 | % | 7.77 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 11,572 | $ | 19,993 | $ | 13,972 | $ | 9,865 | $ | 20,989 | $ | 18,624 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (0.91 | )% | (0.99 | )% | (0.48 | )% | (0.65 | )% | (1.07 | )% | (1.00 | )% | ||||||||||||
Total expenses | 2.37 | % | 2.39 | % | 2.38 | % | 2.38 | % | 2.36 | % | 2.36 | % | ||||||||||||
Portfolio turnover rate | 149 | % | 273 | % | 228 | % | 310 | % | 188 | % | 283 | % |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | |
c | Net investment income is less than $0.01 per share. | |
d | Total return does not reflect the impact of any applicable sales charges and has not been annualized. | |
e | Less than 0.01% |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 47 |
FUND PROFILE (Unaudited) | September 30, 2011 |
![(BAR GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366811.gif)
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. | 10.3 | % | ||
Halliburton Co. | 5.6 | % | ||
National Oilwell Varco, Inc. | 5.2 | % | ||
Baker Hughes, Inc. | 4.9 | % | ||
Transocean Ltd. | 4.2 | % | ||
Cameron International Corp. | 4.0 | % | ||
FMC Technologies, Inc. | 3.8 | % | ||
Noble Corp. | 3.5 | % | ||
Weatherford International Ltd. | 3.4 | % | ||
Diamond Offshore Drilling, Inc. | 3.4 | % | ||
Top Ten Total | 48.3 | % | ||
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 | |
ENERGY SERVICES FUND |
Shares | Value | |||||||
COMMON STOCKS† - 99.8% | ||||||||
OIL & GAS EQUIPMENT & SERVICES - 71.4% | ||||||||
Schlumberger Ltd. | 85,692 | $ | 5,118,383 | |||||
Halliburton Co. | 91,635 | 2,796,700 | ||||||
National Oilwell Varco, Inc. | 51,216 | 2,623,284 | ||||||
Baker Hughes, Inc. | 53,461 | 2,467,760 | ||||||
Cameron International Corp.* | 48,848 | 2,029,146 | ||||||
FMC Technologies, Inc.* | 51,239 | 1,926,586 | ||||||
Weatherford International Ltd.* | 140,617 | 1,716,934 | ||||||
Core Laboratories N.V. | 14,405 | 1,294,001 | ||||||
Oceaneering International, Inc. | 35,093 | 1,240,187 | ||||||
Dresser-Rand Group, Inc.* | 26,611 | 1,078,544 | ||||||
Tidewater, Inc. | 21,524 | 905,084 | ||||||
Dril-Quip, Inc.* | 16,699 | 900,243 | ||||||
Oil States International, Inc.* | 17,403 | 886,161 | ||||||
CARBO Ceramics, Inc. | 8,225 | 843,309 | ||||||
Superior Energy Services, Inc. | 31,571 | 828,423 | ||||||
McDermott International, Inc. | 74,888 | 805,795 | ||||||
Bristow Group, Inc. | 18,585 | 788,562 | ||||||
RPC, Inc. | 47,198 | 770,271 | ||||||
Helix Energy Solutions Group, Inc.* | 55,445 | 726,330 | ||||||
Lufkin Industries, Inc. | 12,861 | 684,334 | ||||||
Complete Production Services, Inc.* | 33,047 | 622,936 | ||||||
Tenaris S.A. ADR | 24,367 | 620,140 | ||||||
Key Energy Services, Inc.* | 61,448 | 583,142 | ||||||
Hornbeck Offshore Services, Inc.* | 21,130 | 526,348 | ||||||
SEACOR Holdings, Inc. | 6,543 | 524,814 | ||||||
Global Industries Ltd.* | 57,370 | 454,370 | ||||||
Gulfmark Offshore, Inc. — Class A* | 11,122 | 404,173 | ||||||
Exterran Holdings, Inc.* | 40,462 | 393,291 | ||||||
ION Geophysical Corp.* | 79,951 | 378,168 | ||||||
Basic Energy Services, Inc.* | 24,072 | 340,860 | ||||||
Tetra Technologies, Inc.* | 42,570 | 328,640 | ||||||
Newpark Resources, Inc.* | 43,637 | 265,749 | ||||||
Total Oil & Gas Equipment & Services | 35,872,668 | |||||||
OIL & GAS DRILLING - 28.4% | ||||||||
Transocean Ltd. | 44,212 | 2,110,682 | ||||||
Noble Corp. | 60,016 | 1,761,470 | ||||||
Diamond Offshore Drilling, Inc. | 31,196 | 1,707,669 | ||||||
Ensco plc ADR | 36,207 | 1,463,849 | ||||||
Rowan Companies, Inc.* | 40,669 | 1,227,797 | ||||||
Helmerich & Payne, Inc. | 27,856 | 1,130,954 | ||||||
Nabors Industries Ltd.* | 76,192 | 934,114 | ||||||
Atwood Oceanics, Inc.* | 26,745 | 918,958 | ||||||
Seadrill Ltd. | 32,533 | 895,633 | ||||||
Patterson-UTI Energy, Inc. | 48,416 | 839,533 | ||||||
Unit Corp.* | 14,146 | 522,270 | ||||||
Parker Drilling Co. | 95,206 | 417,954 | ||||||
Hercules Offshore, Inc.* | 114,122 | 333,236 | ||||||
Total Oil & Gas Drilling | 14,264,119 | |||||||
Total Common Stocks (Cost $28,544,002) | 50,136,787 | |||||||
Face | ||||||||
Amount | ||||||||
REPURCHASE AGREEMENT††,1 - 0.4% | ||||||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | $ | 186,545 | 186,545 | |||||
Total Repurchase Agreement (Cost $186,545) | 186,545 | |||||||
Total Investments - 100.2% (Cost $28,730,547) | $ | 50,323,332 | ||||||
Liabilities, Less Other Assets — (0.2)% | (106,988 | ) | ||||||
Total Net Assets — 100.0% | $ | 50,216,344 |
* | Non-income producing security. | |
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | Repurchase Agreement — See Note 5. | |
ADR | — American Depositary Receipt | |
plc | — Public Limited Company |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 49 |
September 30, 2011
Assets: | ||||
Investments, at value (cost $28,544,002) | $ | 50,136,787 | ||
Repurchase agreements, at value (cost $186,545) | 186,545 | |||
Receivables: | ||||
Fund shares sold | 1,120,125 | |||
Dividends | 27,848 | |||
Total assets | 51,471,305 | |||
Liabilities: | ||||
Payable for: | ||||
Fund shares redeemed | 603,081 | |||
Securities purchased | 503,637 | |||
Management fees | 47,508 | |||
Transfer agent and administrative fees | 13,973 | |||
Distribution and service fees | 13,748 | |||
Portfolio accounting fees | 5,589 | |||
Miscellaneous | 67,425 | |||
Total liabilities | 1,254,961 | |||
Net assets | $ | 50,216,344 | ||
Net assets consist of: | ||||
Paid in capital | $ | 75,176,262 | ||
Accumulated net investment loss | (357,280 | ) | ||
Accumulated net realized loss on investments | (46,195,423 | ) | ||
Net unrealized appreciation on investments | 21,592,785 | |||
Net assets | $ | 50,216,344 | ||
Investor Class: | ||||
Net assets | $ | 29,100,551 | ||
Capital shares outstanding | 719,278 | |||
Net asset value per share | $ | 40.46 | ||
Advisor Class: | ||||
Net assets | $ | 5,556,548 | ||
Capital shares outstanding | 146,286 | |||
Net asset value per share | $ | 37.98 | ||
A-Class: | ||||
Net assets | $ | 6,374,079 | ||
Capital shares outstanding | 164,709 | |||
Net asset value per share | $ | 38.70 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 40.63 | ||
C-Class: | ||||
Net assets | $ | 9,185,166 | ||
Capital shares outstanding | 251,660 | |||
Net asset value per share | $ | 36.49 | ||
Period Ended September 30, 2011
Investment Income: | ||||
Dividends (net of foreign withholding tax of $3,234) | $ | 670,583 | ||
Interest | 56 | |||
Total investment income | 670,639 | |||
Expenses: | ||||
Management fees | 562,003 | |||
Transfer agent and administrative fees | 165,294 | |||
Distribution and service fees: | ||||
Advisor Class | 30,469 | |||
A-Class | 24,370 | |||
C-Class | 64,959 | |||
Portfolio accounting fees | 66,117 | |||
Registration fees | 53,963 | |||
Trustees’ fees* | 7,348 | |||
Miscellaneous | 53,396 | |||
Total expenses | 1,027,919 | |||
Net investment loss | (357,280 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments | 8,264,121 | |||
Net realized gain | 8,264,121 | |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (55,871,064 | ) | ||
Net change in unrealized appreciation (depreciation) | (55,871,064 | ) | ||
Net realized and unrealized loss | (47,606,943 | ) | ||
Net decrease in net assets resulting from operations | $ | (47,964,223 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
50 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment loss | $ | (357,280 | ) | $ | (644,521 | ) | ||
Net realized gain on investments | 8,264,121 | 11,780,705 | ||||||
Net change in unrealized appreciation (depreciation) on investments | (55,871,064 | ) | 38,608,948 | |||||
Net increase (decrease) in net assets resulting from operations | (47,964,223 | ) | 49,745,132 | |||||
Distributions to shareholders | — | — | ||||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
Investor Class | 143,515,013 | 325,185,196 | ||||||
Advisor Class | 20,498,463 | 49,966,638 | ||||||
A-Class | 14,887,210 | 20,554,024 | ||||||
C-Class | 24,327,314 | 75,084,065 | ||||||
Cost of shares redeemed | ||||||||
Investor Class | (234,085,952 | ) | (258,712,201 | ) | ||||
Advisor Class | (27,705,722 | ) | (42,622,239 | ) | ||||
A-Class | (26,526,468 | ) | (11,461,422 | ) | ||||
C-Class | (25,394,637 | ) | (75,092,139 | ) | ||||
Net increase (decrease) from capital share transactions | (110,484,779 | ) | 82,901,922 | |||||
Net increase (decrease) in net assets | (158,449,002 | ) | 132,647,054 | |||||
Net assets: | ||||||||
Beginning of period | 208,665,346 | 76,018,292 | ||||||
End of period | $ | 50,216,344 | $ | 208,665,346 | ||||
Accumulated net investment loss at end of period | $ | (357,280 | ) | $ | — | |||
Capital share activity: | ||||||||
Shares sold | ||||||||
Investor Class | 2,488,356 | 6,666,644 | ||||||
Advisor Class | 378,675 | 1,113,500 | ||||||
A-Class | 263,369 | 435,077 | ||||||
C-Class | 473,140 | 1,773,704 | ||||||
Shares redeemed | ||||||||
Investor Class | (4,183,840 | ) | (5,404,466 | ) | ||||
Advisor Class | (524,430 | ) | (985,175 | ) | ||||
A-Class | (512,773 | ) | (238,789 | ) | ||||
C-Class | (490,370 | ) | (1,786,808 | ) | ||||
Net increase (decrease) in shares | (2,107,873 | ) | 1,573,687 | |||||
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 51 |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Investor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 62.66 | $ | 42.83 | $ | 25.07 | $ | 58.04 | $ | 47.47 | $ | 45.05 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.11 | ) | (.21 | ) | (.01 | ) | (.24 | ) | (.43 | ) | (.36 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (22.09 | ) | 20.04 | 17.77 | (32.73 | ) | 11.00 | 2.78 | ||||||||||||||||
Total from investment operations | (22.20 | ) | 19.83 | 17.76 | (32.97 | ) | 10.57 | 2.42 | ||||||||||||||||
Net asset value, end of period | $ | 40.46 | $ | 62.66 | $ | 42.83 | $ | 25.07 | $ | 58.04 | $ | 47.47 | ||||||||||||
Total Returnc | (35.43 | %) | 46.27 | % | 70.84 | % | (56.81 | %) | 22.27 | % | 5.37 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 29,101 | $ | 151,318 | $ | 49,371 | $ | 59,706 | $ | 82,691 | $ | 91,095 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (0.37 | %) | (0.42 | %) | (0.01 | %) | (0.48 | %) | (0.77 | %) | (0.80 | %) | ||||||||||||
Total expenses | 1.37 | % | 1.39 | % | 1.38 | % | 1.37 | % | 1.37 | % | 1.36 | % | ||||||||||||
Portfolio turnover rate | 61 | % | 205 | % | 472 | % | 207 | % | 193 | % | 196 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Advisor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 58.97 | $ | 40.50 | $ | 23.83 | $ | 55.45 | $ | 45.58 | $ | 43.46 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.21 | ) | (.42 | ) | (.26 | ) | (.43 | ) | (.69 | ) | (.58 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (20.78 | ) | 18.89 | 16.93 | (31.19 | ) | 10.56 | 2.70 | ||||||||||||||||
Total from investment operations | (20.99 | ) | 18.47 | 16.67 | (31.62 | ) | 9.87 | 2.12 | ||||||||||||||||
Net asset value, end of period | $ | 37.98 | $ | 58.97 | $ | 40.50 | $ | 23.83 | $ | 55.45 | $ | 45.58 | ||||||||||||
Total Returnc | (35.59 | %) | 45.61 | % | 69.95 | % | (57.02 | %) | 21.65 | % | 4.88 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 5,557 | $ | 17,222 | $ | 6,631 | $ | 7,058 | $ | 15,929 | $ | 18,237 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (0.79 | %) | (0.93 | %) | (0.70 | %) | (0.92 | %) | (1.28 | %) | (1.35 | %) | ||||||||||||
Total expenses | 1.87 | % | 1.89 | % | 1.88 | % | 1.88 | % | 1.87 | % | 1.86 | % | ||||||||||||
Portfolio turnover rate | 61 | % | 205 | % | 472 | % | 207 | % | 193 | % | 196 | % |
52 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 60.01 | $ | 41.12 | $ | 24.13 | $ | 55.99 | $ | 45.90 | $ | 43.67 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.17 | ) | (.31 | ) | (.16 | ) | (.31 | ) | (.55 | ) | (.41 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (21.14 | ) | 19.20 | 17.15 | (31.55 | ) | 10.64 | 2.64 | ||||||||||||||||
Total from investment operations | (21.31 | ) | 18.89 | 16.99 | (31.86 | ) | 10.09 | 2.23 | ||||||||||||||||
Net asset value, end of period | $ | 38.70 | $ | 60.01 | $ | 41.12 | $ | 24.13 | $ | 55.99 | $ | 45.90 | ||||||||||||
Total Returnc | (35.51 | )% | 45.94 | % | 70.41 | % | (56.90 | )% | 21.98 | % | 5.11 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 6,374 | $ | 24,849 | $ | 8,957 | $ | 4,920 | $ | 11,450 | $ | 6,151 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (0.62 | )% | (0.67 | )% | (0.43 | )% | (0.68 | )% | (1.01 | )% | (0.97 | )% | ||||||||||||
Total expenses | 1.62 | % | 1.64 | % | 1.63 | % | 1.63 | % | 1.62 | % | 1.61 | % | ||||||||||||
Portfolio turnover rate | 61 | % | 205 | % | 472 | % | 207 | % | 193 | % | 196 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 56.81 | $ | 39.22 | $ | 23.19 | $ | 54.22 | $ | 44.79 | $ | 42.92 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.33 | ) | (.60 | ) | (.44 | ) | (.64 | ) | (.93 | ) | (.74 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (19.99 | ) | 18.19 | 16.47 | (30.39 | ) | 10.36 | 2.61 | ||||||||||||||||
Total from investment operations | (20.32 | ) | 17.59 | 16.03 | (31.03 | ) | 9.43 | 1.87 | ||||||||||||||||
Net asset value, end of period | $ | 36.49 | $ | 56.81 | $ | 39.22 | $ | 23.19 | $ | 54.22 | $ | 44.79 | ||||||||||||
Total Returnc | (35.77 | )% | 44.85 | % | 69.12 | % | (57.23 | )% | 21.05 | % | 4.36 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 9,185 | $ | 15,276 | $ | 11,059 | $ | 9,196 | $ | 29,316 | $ | 24,500 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (1.31 | )% | (1.43 | )% | (1.25 | )% | (1.41 | )% | (1.76 | )% | (1.77 | )% | ||||||||||||
Total expenses | 2.37 | % | 2.39 | % | 2.38 | % | 2.38 | % | 2.37 | % | 2.36 | % | ||||||||||||
Portfolio turnover rate | 61 | % | 205 | % | 472 | % | 207 | % | 193 | % | 196 | % |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Net investment loss per share was computed using average shares outstanding throughout the period. | |
c | Total return does not reflect the impact of any applicable sales charges and has not been annualized. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 53 |
FUND PROFILE (Unaudited) | September 30, 2011 |
![(BAR GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366812.gif)
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) | ||||
Berkshire Hathaway, Inc. — Class B | 3.6 | % | ||
Wells Fargo & Co. | 2.9 | % | ||
JPMorgan Chase & Co. | 2.8 | % | ||
Citigroup, Inc. | 2.0 | % | ||
American Express Co. | 2.0 | % | ||
U.S. Bancorp | 1.9 | % | ||
Bank of America Corp. | 1.7 | % | ||
Goldman Sachs Group, Inc. | 1.8 | % | ||
American International Group, Inc. | 1.6 | % | ||
Simon Property Group, Inc. | 1.7 | % | ||
Top Ten Total | 22.0 | % | ||
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 |
Shares | Value | |||||||
COMMON STOCKS† - 99.2% | ||||||||
DIVERSIFIED BANKS - 16.0% | ||||||||
Wells Fargo & Co. | 7,290 | $ | 175,835 | |||||
U.S. Bancorp | 4,645 | 109,343 | ||||||
Credicorp Ltd. | 679 | 62,604 | ||||||
Itau Unibanco Holding S.A. ADR | 3,852 | 59,783 | ||||||
Banco Bradesco S.A. ADR | 3,794 | 56,113 | ||||||
HSBC Holdings plc ADR | 1,356 | 51,582 | ||||||
Toronto-Dominion Bank | 692 | 49,097 | ||||||
Bank of Montreal | 869 | 48,534 | ||||||
HDFC Bank Ltd. ADR | 1,571 | 45,795 | ||||||
Royal Bank of Canada | 980 | 44,806 | ||||||
Banco Santander S.A. ADR | 5,556 | 44,670 | ||||||
ICICI Bank Ltd. ADR | 1,279 | 44,407 | ||||||
Banco Santander Brasil S.A. ADR | 5,368 | 39,294 | ||||||
Barclays plc ADR | 3,649 | 35,687 | ||||||
New York Community Bancorp, Inc. | 2,814 | 33,487 | ||||||
Comerica, Inc. | 1,223 | 28,092 | ||||||
Total Diversified Banks | 929,129 | |||||||
PROPERTY & CASUALTY INSURANCE - 10.9% | ||||||||
Berkshire Hathaway, Inc. — Class B | 3,024 | 214,825 | ||||||
ACE Ltd. | 1,207 | 73,144 | ||||||
Travelers Companies, Inc. | 1,413 | 68,855 | ||||||
Chubb Corp. | 1,147 | 68,809 | ||||||
Allstate Corp. | 2,211 | 52,379 | ||||||
Progressive Corp. | 2,948 | 52,356 | ||||||
XL Group plc — Class A | 2,009 | 37,769 | ||||||
Cincinnati Financial Corp. | 1,260 | 33,176 | ||||||
WR Berkley Corp. | 1,108 | 32,897 | ||||||
Total Property & Casualty Insurance | 634,210 | |||||||
ASSET MANAGEMENT & CUSTODY BANKS - 8.8% | ||||||||
BlackRock, Inc. — Class A | 534 | 79,038 | ||||||
Bank of New York Mellon Corp. | 3,704 | 68,858 | ||||||
Franklin Resources, Inc. | 688 | 65,800 | ||||||
State Street Corp. | 1,772 | 56,988 | ||||||
T. Rowe Price Group, Inc. | 1,112 | 53,120 | ||||||
Ameriprise Financial, Inc. | 1,112 | 43,768 | ||||||
Northern Trust Corp. | 1,228 | 42,955 | ||||||
Invesco Ltd. | 2,377 | 36,867 | ||||||
Affiliated Managers Group, Inc.* | 382 | 29,815 | ||||||
Legg Mason, Inc. | 1,148 | 29,515 | ||||||
Total Asset Management & Custody Banks | 506,724 | |||||||
LIFE & HEALTH INSURANCE - 7.2% | ||||||||
MetLife, Inc. | 2,651 | 74,254 | ||||||
Prudential Financial, Inc. | 1,484 | 69,540 | ||||||
Aflac, Inc. | 1,709 | 59,730 | ||||||
Principal Financial Group, Inc. | 1,764 | 39,990 | ||||||
Unum Group | 1,828 | 38,315 | ||||||
China Life Insurance Company Ltd. ADR | 1,057 | 37,534 | ||||||
Manulife Financial Corp. | 3,278 | 37,140 | ||||||
Torchmark Corp. | 871 | 30,363 | ||||||
Lincoln National Corp. | 1,790 | 27,978 | ||||||
Total Life & Health Insurance | 414,844 | |||||||
REGIONAL BANKS - 6.8% | ||||||||
PNC Financial Services Group, Inc. | 1,578 | 76,045 | ||||||
BB&T Corp. | 2,759 | 58,850 | ||||||
Fifth Third Bancorp | 4,566 | 46,117 | ||||||
M&T Bank Corp. | 646 | 45,155 | ||||||
SunTrust Banks, Inc. | 2,461 | 44,175 | ||||||
CIT Group, Inc.* | 1,179 | 35,806 | ||||||
KeyCorp | 5,780 | 34,275 | ||||||
Huntington Bancshares, Inc. | 6,148 | 29,510 | ||||||
Regions Financial Corp. | 7,753 | 25,817 | ||||||
Total Regional Banks | 395,750 | |||||||
OTHER DIVERSIFIED FINANCIAL SERVICES - 6.5% | ||||||||
JPMorgan Chase & Co. | 5,295 | 159,485 | ||||||
Citigroup, Inc. | 4,498 | 115,239 | ||||||
Bank of America Corp. | 16,449 | 100,668 | ||||||
Total Other Diversified Financial Services | 375,392 | |||||||
SPECIALIZED REIT’S - 5.9% | ||||||||
Public Storage | 648 | 72,154 | ||||||
HCP, Inc. | 1,735 | 60,829 | ||||||
Ventas, Inc. | 1,219 | 60,219 | ||||||
Health Care REIT, Inc. | 964 | 45,115 | ||||||
Host Hotels & Resorts, Inc. | 3,389 | 37,076 | ||||||
Plum Creek Timber Company, Inc. | 1,051 | 36,480 | ||||||
Rayonier, Inc. | 869 | 31,971 | ||||||
Total Specialized REIT’s | 343,844 | |||||||
CONSUMER FINANCE - 4.6% | ||||||||
American Express Co. | 2,536 | 113,867 | ||||||
Capital One Financial Corp. | 1,569 | 62,179 | ||||||
Discover Financial Services | 2,379 | 54,574 | ||||||
SLM Corp. | 3,019 | 37,587 | ||||||
Total Consumer Finance | 268,207 | |||||||
INVESTMENT BANKING & BROKERAGE - 4.4% | ||||||||
Goldman Sachs Group, Inc. | 1,056 | 99,845 | ||||||
Morgan Stanley | 4,460 | 60,210 | ||||||
Charles Schwab Corp. | 4,670 | 52,631 | ||||||
TD Ameritrade Holding Corp. | 2,938 | 43,203 | ||||||
Total Investment Banking & Brokerage | 255,889 | |||||||
RETAIL REIT’S - 4.3% | ||||||||
Simon Property Group, Inc. | 829 | 91,173 | ||||||
General Growth Properties, Inc. | 4,006 | 48,473 | ||||||
Federal Realty Investment Trust | 447 | 36,837 | ||||||
Kimco Realty Corp. | 2,449 | 36,808 | ||||||
Macerich Co. | 817 | 34,829 | ||||||
Total Retail REIT’s | 248,120 | |||||||
RESIDENTIAL REIT’S - 3.5% | ||||||||
Equity Residential | 1,154 | 59,859 | ||||||
AvalonBay Communities, Inc. | 422 | 48,129 |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 55 |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | September 30, 2011 |
Shares | Value | |||||||
UDR, Inc. | 1,453 | $ | 32,169 | |||||
Camden Property Trust | 550 | 30,393 | ||||||
Essex Property Trust, Inc. | 250 | 30,010 | ||||||
Total Residential REIT’s | 200,560 | |||||||
SPECIALIZED FINANCE - 3.2% | ||||||||
CME Group, Inc. — Class A | 259 | 63,818 | ||||||
IntercontinentalExchange, Inc.* | 403 | 47,659 | ||||||
Moody’s Corp. | 1,284 | 39,098 | ||||||
NYSE Euronext | 1,456 | 33,837 | ||||||
Total Specialized Finance | 184,412 | |||||||
OFFICE REIT’S - 2.6% | ||||||||
Boston Properties, Inc. | 616 | 54,885 | ||||||
Digital Realty Trust, Inc. | 653 | 36,019 | ||||||
SL Green Realty Corp. | 524 | 30,471 | ||||||
Alexandria Real Estate Equities, Inc. | 461 | 28,301 | ||||||
Total Office REIT’s | 149,676 | |||||||
INSURANCE BROKERS - 2.0% | ||||||||
Marsh & McLennan Companies, Inc. | 2,236 | 59,343 | ||||||
Aon Corp. | 1,349 | 56,631 | ||||||
Total Insurance Brokers | 115,974 | |||||||
MULTI-LINE INSURANCE - 2.0% | ||||||||
Loews Corp. | 1,660 | 57,354 | ||||||
Hartford Financial Services Group, Inc. | 2,231 | 36,008 | ||||||
Genworth Financial, Inc. — Class A | 3,741 | 21,473 | ||||||
Total Multi-Line Insurance | 114,835 | |||||||
DIVERSIFIED CAPITAL MARKETS - 2.0% | ||||||||
Credit Suisse Group AG ADR | 1,495 | 39,229 | ||||||
UBS AG | 3,239 | 37,022 | ||||||
Deutsche Bank AG | 1,061 | 36,721 | ||||||
Total Diversified Capital Markets | 112,972 | |||||||
MORTGAGE REIT’S - 1.7% | ||||||||
Annaly Capital Management, Inc. | 3,760 | 62,529 | ||||||
American Capital Agency Corp. | 1,284 | 34,796 | ||||||
Total Mortgage REIT’s | 97,325 | |||||||
MULTI-LINE INSURANCE - 1.6% | ||||||||
American International Group, Inc.* | 4,280 | 93,946 | ||||||
DIVERSIFIED REIT’S - 1.0% | ||||||||
Vornado Realty Trust | 737 | 54,995 | ||||||
INDUSTRIAL REIT’S - 0.8% | ||||||||
ProLogis, Inc. | 1,886 | 45,736 | ||||||
FOREST PRODUCTS - 0.7% | ||||||||
Weyerhaeuser Co. | 2,628 | 40,865 | ||||||
REAL ESTATE OPERATING COMPANIES - 0.6% | ||||||||
Brookfield Office Properties, Inc. | 2,682 | 36,931 | ||||||
MULTI-SECTOR HOLDINGS - 0.6% | ||||||||
Leucadia National Corp. | 1,405 | 31,865 | ||||||
THRIFTS & MORTGAGE FINANCE - 0.5% | ||||||||
People’s United Financial, Inc. | 2,730 | 31,122 | ||||||
REINSURANCE - 0.5% | ||||||||
PartnerRe Ltd. | 527 | 27,546 | ||||||
REAL ESTATE SERVICES - 0.5% | ||||||||
CBRE Group, Inc. — Class A* | 1,940 | 26,112 | ||||||
Total Common Stocks (Cost $4,125,323) | 5,736,981 | |||||||
Face | ||||||||
Amount | ||||||||
REPURCHASE AGREEMENT††,1 - 0.7% | ||||||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | ||||||||
$ | 73,598 | 73,598 | ||||||
Total Repurchase Agreement (Cost $73,598) | 73,598 | |||||||
Total Investments - 100.5% (Cost $4,198,921) | $ | 5,810,579 | ||||||
Liabilities, Less Cash & Other Assets — (0.5)% | (27,110 | ) | ||||||
Total Net Assets — 100.0% | $ | 5,783,469 |
* | Non-income producing security. | |
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | Repurchase Agreement — See Note 5. | |
ADR | — American Depositary Receipt | |
plc | — Public Limited Company | |
REIT — Real Estate Investment Trust |
56 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
September 30, 2011
Assets: | ||||
Investments, at value (cost $4,125,323) | $ | 5,736,981 | ||
Repurchase agreements, at value (cost $73,598) | 73,598 | |||
Cash | 712 | |||
Receivables: | ||||
Securities sold | 8,855,505 | |||
Fund shares sold | 21,488 | |||
Dividends | 13,296 | |||
Foreign taxes reclaim | 104 | |||
Total assets | 14,701,684 | |||
Liabilities: | ||||
Payable for: | ||||
Fund shares redeemed | 8,895,567 | |||
Management fees | 6,082 | |||
Transfer agent and administrative fees | 1,789 | |||
Distribution and service fees | 1,645 | |||
Portfolio accounting fees | 715 | |||
Miscellaneous | 12,417 | |||
Total liabilities | 8,918,215 | |||
Net assets | $ | 5,783,469 | ||
Net assets consist of: | ||||
Paid in capital | $ | 12,137,756 | ||
Undistributed net investment income | 22,269 | |||
Accumulated net realized loss on investments | (7,988,214 | ) | ||
Net unrealized appreciation on investments | 1,611,658 | |||
Net assets | $ | 5,783,469 | ||
Investor Class: | ||||
Net assets | $ | 3,765,168 | ||
Capital shares outstanding | 62,318 | |||
Net asset value per share | $ | 60.42 | ||
Advisor Class: | ||||
Net assets | $ | 633,231 | ||
Capital shares outstanding | 11,155 | |||
Net asset value per share | $ | 56.77 | ||
A-Class: | ||||
Net assets | $ | 641,359 | ||
Capital shares outstanding | 11,083 | |||
Net asset value per share | $ | 57.87 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 60.76 | ||
C-Class: | ||||
Net assets | $ | 743,711 | ||
Capital shares outstanding | 13,683 | |||
Net asset value per share | $ | 54.35 | ||
Period Ended September 30, 2011
Investment Income: | ||||
Dividends (net of foreign withholding tax of $1,069) | $ | 100,428 | ||
Interest | 5 | |||
Total investment income | 100,433 | |||
Expenses: | ||||
Management fees | 44,320 | |||
Transfer agent and administrative fees | 13,035 | |||
Distribution and service fees: | ||||
Advisor Class | 4,875 | |||
A-Class | 1,816 | |||
C-Class | 5,353 | |||
Portfolio accounting fees | 5,214 | |||
Registration fees | 5,340 | |||
Trustees’ fees* | 720 | |||
Miscellaneous | 3,129 | |||
Total expenses | 83,802 | |||
Net investment income | 16,631 | |||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments | (757,322 | ) | ||
Net realized loss | (757,322 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (2,423,567 | ) | ||
Net change in unrealized appreciation (depreciation) | (2,423,567 | ) | ||
Net realized and unrealized loss | (3,180,889 | ) | ||
Net decrease in net assets resulting from operations | $ | (3,164,258 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 57 |
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment income | $ | 16,631 | $ | 5,611 | ||||
Net realized gain (loss) on investments | (757,322 | ) | 4,285,469 | |||||
Net change in unrealized appreciation (depreciation) on investments | (2,423,567 | ) | (4,675,933 | ) | ||||
Net decrease in net assets resulting from operations | (3,164,258 | ) | (384,853 | ) | ||||
Distributions to shareholders from: | ||||||||
Net investment income | ||||||||
Investor Class | — | (64,919 | ) | |||||
Advisor Class | — | (33,103 | ) | |||||
A-Class | — | (15,355 | ) | |||||
C-Class | — | (15,591 | ) | |||||
Total distributions to shareholders | — | (128,968 | ) | |||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
Investor Class | 51,329,366 | 82,605,048 | ||||||
Advisor Class | 10,066,728 | 13,931,559 | ||||||
A-Class | 3,557,060 | 8,082,499 | ||||||
C-Class | 9,153,481 | 35,513,916 | ||||||
Distributions reinvested | ||||||||
Investor Class | — | 63,278 | ||||||
Advisor Class | — | 32,905 | ||||||
A-Class | — | 8,992 | ||||||
C-Class | — | 14,303 | ||||||
Cost of shares redeemed | ||||||||
Investor Class | (50,223,089 | ) | (103,700,539 | ) | ||||
Advisor Class | (12,608,536 | ) | (13,783,069 | ) | ||||
A-Class | (4,505,850 | ) | (7,670,882 | ) | ||||
C-Class | (9,235,850 | ) | (36,169,022 | ) | ||||
Net decrease from capital share transactions | (2,466,690 | ) | (21,071,012 | ) | ||||
Net decrease in net assets | (5,630,948 | ) | (21,584,833 | ) | ||||
Net assets: | ||||||||
Beginning of period | 11,414,417 | 32,999,250 | ||||||
End of period | $ | 5,783,469 | $ | 11,414,417 | ||||
Undistributed net investment income at end of period | $ | 22,269 | $ | 5,638 | ||||
Capital share activity: | ||||||||
Shares sold | ||||||||
Investor Class | 681,764 | 1,092,006 | ||||||
Advisor Class | 169,653 | 199,648 | ||||||
A-Class | 49,226 | 111,610 | ||||||
C-Class | 136,265 | 522,367 | ||||||
Shares issued from reinvestment of distributions | ||||||||
Investor Class | — | 876 | ||||||
Advisor Class | — | 483 | ||||||
A-Class | — | 130 | ||||||
C-Class | — | 218 | ||||||
Shares redeemed | ||||||||
Investor Class | (679,620 | ) | (1,383,149 | ) | ||||
Advisor Class | (206,012 | ) | (198,704 | ) | ||||
A-Class | (61,023 | ) | (108,312 | ) | ||||
C-Class | (137,759 | ) | (535,638 | ) | ||||
Net decrease in shares | (47,506 | ) | (298,465 | ) | ||||
58 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Investor Class | 2011a | 2011 | 2010d | 2009d | 2008d | 2007d | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 81.18 | $ | 75.23 | $ | 44.37 | $ | 101.80 | $ | 142.50 | $ | 132.60 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment incomeb | .18 | .15 | .41 | 1.60 | 1.70 | 1.40 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (20.94 | ) | 6.75 | 31.07 | (57.13 | ) | (40.20 | ) | 9.14 | |||||||||||||||
Total from investment operations | (20.76 | ) | 6.90 | 31.48 | (55.53 | ) | (38.50 | ) | 10.54 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.95 | ) | (.62 | ) | (1.90 | ) | (2.20 | ) | (.64 | ) | |||||||||||||
Total distributions | — | (.95 | ) | (.62 | ) | (1.90 | ) | (2.20 | ) | (.64 | ) | |||||||||||||
Net asset value, end of period | $ | 60.42 | $ | 81.18 | $ | 75.23 | $ | 44.37 | $ | 101.80 | $ | 142.50 | ||||||||||||
Total Returnc | (25.57 | )% | 9.33 | % | 71.12 | % | (54.76 | )% | (27.26 | )% | 7.94 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 3,765 | $ | 4,885 | $ | 26,364 | $ | 13,257 | $ | 4,640 | $ | 22,658 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 0.49 | % | 0.19 | % | 0.64 | % | 2.16 | % | 1.25 | % | 1.03 | % | ||||||||||||
Total expenses | 1.37 | % | 1.39 | % | 1.38 | % | 1.37 | % | 1.38 | % | 1.34 | % | ||||||||||||
Portfolio turnover rate | 634 | % | 601 | % | 447 | % | 755 | % | 913 | % | 534 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Advisor Class | 2011a | 2011 | 2010d | 2009d | 2008d | 2007d | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 76.47 | $ | 71.29 | $ | 42.28 | $ | 97.80 | $ | 137.60 | $ | 128.80 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | .04 | (.14 | ) | .12 | 1.30 | .90 | .70 | |||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (19.74 | ) | 6.27 | 29.51 | (54.92 | ) | (38.50 | ) | 8.74 | |||||||||||||||
Total from investment operations | (19.70 | ) | 6.13 | 29.63 | (53.62 | ) | (37.60 | ) | 9.44 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.95 | ) | (.62 | ) | (1.90 | ) | (2.20 | ) | (.64 | ) | |||||||||||||
Total distributions | — | (.95 | ) | (.62 | ) | (1.90 | ) | (2.20 | ) | (.64 | ) | |||||||||||||
Net asset value, end of period | $ | 56.77 | $ | 76.47 | $ | 71.29 | $ | 42.28 | $ | 97.80 | $ | 137.60 | ||||||||||||
Total Returnc | (25.76 | )% | 8.76 | % | 70.26 | % | (55.06 | )% | (27.58 | )% | 7.32 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 633 | $ | 3,634 | $ | 3,285 | $ | 2,710 | $ | 1,957 | $ | 16,786 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | — | e | (0.20 | )% | 0.21 | % | 1.83 | % | 0.70 | % | 0.54 | % | ||||||||||||
Total expenses | 1.87 | % | 1.89 | % | 1.88 | % | 1.88 | % | 1.89 | % | 1.84 | % | ||||||||||||
Portfolio turnover rate | 634 | % | 601 | % | 447 | % | 755 | % | 913 | % | 534 | % |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 59 |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010d | 2009d | 2008d | 2007d | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 77.87 | $ | 72.38 | $ | 42.80 | $ | 98.60 | $ | 138.20 | $ | 129.10 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | .19 | (.01 | ) | .30 | 1.30 | 1.60 | 1.00 | |||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (20.19 | ) | 6.45 | 29.90 | (55.20 | ) | (39.00 | ) | 8.74 | |||||||||||||||
Total from investment operations | (20.00 | ) | 6.44 | 30.20 | (53.90 | ) | (37.40 | ) | 9.74 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.95 | ) | (.62 | ) | (1.90 | ) | (2.20 | ) | (.64 | ) | |||||||||||||
Total distributions | — | (.95 | ) | (.62 | ) | (1.90 | ) | (2.20 | ) | (.64 | ) | |||||||||||||
Net asset value, end of period | $ | 57.87 | $ | 77.87 | $ | 72.38 | $ | 42.80 | $ | 98.60 | $ | 138.20 | ||||||||||||
Total Returnc | (25.68 | )% | 9.06 | % | 70.74 | % | (54.92 | )% | (27.32 | )% | 7.54 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 641 | $ | 1,782 | $ | 1,408 | $ | 2,683 | $ | 1,367 | $ | 1,107 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | 0.52 | % | (0.01 | )% | 0.50 | % | 1.97 | % | 1.42 | % | 0.74 | % | ||||||||||||
Total expenses | 1.62 | % | 1.64 | % | 1.63 | % | 1.62 | % | 1.59 | % | 1.61 | % | ||||||||||||
Portfolio turnover rate | 634 | % | 601 | % | 447 | % | 755 | % | 913 | % | 534 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 73.42 | $ | 68.79 | $ | 41.01 | $ | 95.10 | $ | 134.60 | $ | 126.70 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.11 | ) | (.49 | ) | (.24 | ) | .80 | .50 | .10 | |||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (18.96 | ) | 6.07 | 28.64 | (52.99 | ) | (37.80 | ) | 8.44 | |||||||||||||||
Total from investment operations | (19.07 | ) | 5.58 | 28.40 | (52.19 | ) | (37.30 | ) | 8.54 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.95 | ) | (.62 | ) | (1.90 | ) | (2.20 | ) | (.64 | ) | |||||||||||||
Total distributions | — | (.95 | ) | (.62 | ) | (1.90 | ) | (2.20 | ) | (.64 | ) | |||||||||||||
Net asset value, end of period | $ | 54.35 | $ | 73.42 | $ | 68.79 | $ | 41.01 | $ | 95.10 | $ | 134.60 | ||||||||||||
Total Returnc | (25.97 | )% | 8.28 | % | 69.44 | % | (55.16 | )% | (27.98 | )% | 6.73 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 744 | $ | 1,114 | $ | 1,942 | $ | 1,407 | $ | 2,847 | $ | 5,382 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (0.34 | )% | (0.72 | )% | (0.40 | )% | 1.13 | % | 0.45 | % | 0.06 | % | ||||||||||||
Total expenses | 2.39 | % | 2.39 | % | 2.38 | % | 2.38 | % | 2.37 | % | 2.34 | % | ||||||||||||
Portfolio turnover rate | 634 | % | 601 | % | 447 | % | 755 | % | 913 | % | 534 | % |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | |
c | Total return does not reflect the impact of any applicable sales charges and has not been annualized. | |
d | Per share amounts for the period March 31, 2006 — April 19, 2009 have been restated to reflect a 1:10 reverse share split effective April 20, 2009. | |
e | Net investment income less than 0.01%. |
60 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FUND PROFILE (Unaudited) | September 30, 2011 |
![(BAR GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366813.gif)
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 | 4.5 | % | ||
Pfizer, Inc. | 3.8 | % | ||
Merck & Company, Inc. | 3.3 | % | ||
Abbott Laboratories | 3.0 | % | ||
Bristol-Myers Squibb Co. | 2.6 | % | ||
Amgen, Inc. | 2.3 | % | ||
UnitedHealth Group, Inc. | 2.3 | % | ||
Eli Lilly & Co. | 2.3 | % | ||
Medtronic, Inc. | 2.1 | % | ||
Baxter International, Inc. | 1.9 | % | ||
Top Ten Total | 28.1 | % | ||
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 |
Shares | Value | |||||||
COMMON STOCKS† - 100.1% | ||||||||
PHARMACEUTICALS - 33.6% | ||||||||
Johnson & Johnson | 16,496 | $ | 1,050,961 | |||||
Pfizer, Inc. | 51,494 | 910,414 | ||||||
Merck & Company, Inc. | 24,090 | 787,984 | ||||||
Abbott Laboratories | 13,975 | 714,682 | ||||||
Bristol-Myers Squibb Co. | 19,886 | 624,023 | ||||||
Eli Lilly & Co. | 14,462 | 534,660 | ||||||
Teva Pharmaceutical Industries Ltd. ADR | 11,287 | 420,102 | ||||||
Allergan, Inc. | 4,838 | 398,554 | ||||||
Novartis AG ADR | 4,609 | 257,044 | ||||||
Perrigo Co. | 2,570 | 249,573 | ||||||
Watson Pharmaceuticals, Inc.* | 3,415 | 233,074 | ||||||
Forest Laboratories, Inc.* | 7,057 | 217,285 | ||||||
GlaxoSmithKline plc ADR | 4,974 | 205,376 | ||||||
Valeant Pharmaceuticals International, Inc. | 5,266 | 195,474 | ||||||
Sanofi ADR | 5,860 | 192,208 | ||||||
AstraZeneca plc ADR | 4,308 | 191,103 | ||||||
Mylan, Inc.* | 11,016 | 187,272 | ||||||
Elan Corp. plc ADR* | 15,940 | 167,848 | ||||||
Hospira, Inc.* | 4,481 | 165,797 | ||||||
Warner Chilcott plc — Class A* | 8,410 | 120,263 | ||||||
Endo Pharmaceuticals Holdings, Inc. | 4,280 | 119,797 | ||||||
Total Pharmaceuticals | 7,943,494 | |||||||
HEALTH CARE EQUIPMENT - 19.0% | ||||||||
Medtronic, Inc. | 13,932 | 463,099 | ||||||
Baxter International, Inc. | 8,017 | 450,074 | ||||||
Covidien plc | 7,980 | 351,918 | ||||||
Intuitive Surgical, Inc. | 881 | 320,931 | ||||||
Stryker Corp. | 6,693 | 315,441 | ||||||
Becton Dickinson and Co. | 3,976 | 291,520 | ||||||
St. Jude Medical, Inc. | 6,873 | 248,734 | ||||||
Zimmer Holdings, Inc.* | 4,428 | 236,898 | ||||||
Boston Scientific Corp.* | 37,815 | 223,487 | ||||||
Edwards Lifesciences Corp.* | 2,820 | 201,010 | ||||||
CR Bard, Inc. | 2,212 | 193,638 | ||||||
CareFusion Corp.* | 7,374 | 176,607 | ||||||
Kinetic Concepts, Inc.* | 2,660 | 175,267 | ||||||
Varian Medical Systems, Inc.* | 3,235 | 168,738 | ||||||
ResMed, Inc.* | 5,848 | 168,364 | ||||||
IDEXX Laboratories, Inc.* | 2,161 | 149,044 | ||||||
Hologic, Inc. | 9,370 | 142,518 | ||||||
Gen-Probe, Inc.* | 2,130 | 121,943 | ||||||
Sirona Dental Systems, Inc.* | 2,550 | 108,146 | ||||||
Total Health Care Equipment | 4,507,377 | |||||||
BIOTECHNOLOGY - 13.7% | ||||||||
Amgen, Inc. | 10,488 | 576,315 | ||||||
Celgene Corp.* | 7,145 | 442,417 | ||||||
Gilead Sciences, Inc. | 11,345 | 440,186 | ||||||
Biogen Idec, Inc.* | 3,806 | 354,529 | ||||||
Alexion Pharmaceuticals, Inc.* | 4,962 | 317,866 | ||||||
Vertex Pharmaceuticals, Inc.* | 5,301 | 236,107 | ||||||
Pharmasset, Inc.* | 2,732 | 225,035 | ||||||
Regeneron Pharmaceuticals, Inc.* | 3,161 | 183,970 | ||||||
BioMarin Pharmaceutical, Inc. | 5,111 | 162,888 | ||||||
United Therapeutics Corp.* | 2,610 | 97,849 | ||||||
Human Genome Sciences, Inc.* | 7,311 | 92,777 | ||||||
Amarin Corporation plc ADR* | 8,484 | 78,053 | ||||||
Dendreon Corp.* | 4,864 | 43,776 | ||||||
Total Biotechnology | 3,251,768 | |||||||
MANAGED HEALTH CARE - 8.7% | ||||||||
UnitedHealth Group, Inc. | 11,981 | 552,564 | ||||||
WellPoint, Inc. | 5,736 | 374,446 | ||||||
Aetna, Inc. | 7,712 | 280,331 | ||||||
Humana, Inc. | 3,662 | 266,337 | ||||||
CIGNA Corp. | 6,031 | 252,940 | ||||||
Coventry Health Care, Inc.* | 5,246 | 151,137 | ||||||
Healthspring, Inc.* | 3,002 | 109,453 | ||||||
AMERIGROUP Corp.* | 2,080 | 81,141 | ||||||
Total Managed Health Care | 2,068,349 | |||||||
LIFE SCIENCES TOOLS & SERVICES - 7.5% | ||||||||
Thermo Fisher Scientific, Inc.* | 6,389 | 323,539 | ||||||
Agilent Technologies, Inc.* | 6,844 | 213,875 | ||||||
Life Technologies Corp.* | 4,912 | 188,768 | ||||||
Waters Corp.* | 2,468 | 186,309 | ||||||
Mettler-Toledo International, Inc.* | 1,110 | 155,356 | ||||||
Pharmaceutical Product Development, Inc. | 5,320 | 136,511 | ||||||
Illumina, Inc.* | 3,255 | 133,195 | ||||||
QIAGEN N.V.* | 9,184 | 127,015 | ||||||
Covance, Inc.* | 2,572 | 116,897 | ||||||
PerkinElmer, Inc. | 5,321 | 102,216 | ||||||
Bruker Corp.* | 7,462 | 100,961 | ||||||
Total Life Sciences Tools & Services | 1,784,642 | |||||||
HEALTH CARE SERVICES - 6.7% | ||||||||
Medco Health Solutions, Inc. | 7,002 | 328,324 | ||||||
Express Scripts, Inc. — Class A* | 8,160 | 302,491 | ||||||
Quest Diagnostics, Inc. | 4,124 | 203,561 | ||||||
Laboratory Corporation of America Holdings* | 2,556 | 202,052 | ||||||
DaVita, Inc.* | 2,639 | 165,386 | ||||||
Catalyst Health Solutions, Inc.* | 2,331 | 134,475 | ||||||
Mednax, Inc.* | 2,057 | 128,850 | ||||||
Omnicare, Inc. | 4,849 | 123,310 | ||||||
Total Health Care Services | 1,588,449 | |||||||
HEALTH CARE DISTRIBUTORS - 5.0% | ||||||||
McKesson Corp. | 4,366 | 317,409 | ||||||
Cardinal Health, Inc. | 7,219 | 302,332 | ||||||
AmerisourceBergen Corp. — Class A | 6,596 | 245,833 | ||||||
Henry Schein, Inc.* | 2,824 | 175,116 | ||||||
Patterson Companies, Inc. | 4,815 | 137,853 | ||||||
Total Health Care Distributors | 1,178,543 | |||||||
62 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | September 30, 2011 |
Shares | Value | |||||||
HEALTH CARE TECHNOLOGY - 2.4% | ||||||||
Cerner Corp.* | 4,108 | $ | 281,480 | |||||
Allscripts Healthcare Solutions, Inc.* | 7,985 | 143,890 | ||||||
SXC Health Solutions Corp.* | 2,520 | 140,364 | ||||||
Total Health Care Technology | 565,734 | |||||||
HEALTH CARE FACILITIES - 1.9% | ||||||||
HCA Holdings, Inc.* | 10,350 | 208,656 | ||||||
Universal Health Services, Inc. — Class B | 4,032 | 137,088 | ||||||
Tenet Healthcare Corp.* | 23,330 | 96,353 | ||||||
Total Health Care Facilities | 442,097 | |||||||
HEALTH CARE SUPPLIES - 1.6% | ||||||||
Cooper Companies, Inc. | 1,919 | 151,889 | ||||||
DENTSPLY International, Inc. | 4,793 | 147,097 | ||||||
Alere, Inc.* | 3,860 | 75,849 | ||||||
Total Health Care Supplies | 374,835 | |||||||
Total Common Stocks (Cost $17,621,732) | 23,705,288 | |||||||
RIGHTS†† - 0.0% | ||||||||
Sanofi | ||||||||
Expires 12/31/20 | 7,151 | 7,580 | ||||||
Total Rights (Cost $13,100) | 7,580 | |||||||
Face | ||||||||
Amount | ||||||||
REPURCHASE AGREEMENT††,1 - 1.3% | ||||||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | $ | 296,848 | 296,848 | |||||
Total Repurchase Agreement (Cost $296,848) | 296,848 | |||||||
Total Investments - 101.4% (Cost $17,931,680) | $ | 24,009,716 | ||||||
Liabilities, Less Other Assets — (1.4)% | (333,632 | ) | ||||||
Total Net Assets — 100.0% | $ | 23,676,084 |
* | Non-income producing security. | |
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | Repurchase Agreement — See Note 5. | |
ADR — American Depositary Receipt | ||
plc — Public Limited Company |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 63 |
September 30, 2011
Assets: | ||||
Investments, at value (cost $17,634,832) | $ | 23,712,868 | ||
Repurchase agreements, at value (cost $296,848) | 296,848 | |||
Receivables: | ||||
Fund shares sold | 399,134 | |||
Dividends | 23,633 | |||
Foreign taxes reclaim | 1,311 | |||
Total assets | 24,433,794 | |||
Liabilities: | ||||
Payable for: | ||||
Securities purchased | 470,680 | |||
Fund shares redeemed | 233,717 | |||
Management fees | 19,116 | |||
Transfer agent and administrative fees | 5,622 | |||
Distribution and service fees | 4,890 | |||
Portfolio accounting fees | 2,249 | |||
Miscellaneous | 21,436 | |||
Total liabilities | 757,710 | |||
Net assets | $ | 23,676,084 | ||
Net assets consist of: | ||||
Paid in capital | $ | 29,030,682 | ||
Accumulated net investment loss | (71,201 | ) | ||
Accumulated net realized loss on investments | (11,361,433 | ) | ||
Net unrealized appreciation on investments | 6,078,036 | |||
Net assets | $ | 23,676,084 | ||
Investor Class: | ||||
Net assets | $ | 14,608,359 | ||
Capital shares outstanding | 942,986 | |||
Net asset value per share | $ | 15.49 | ||
Advisor Class: | ||||
Net assets | $ | 3,020,586 | ||
Capital shares outstanding | 208,820 | |||
Net asset value per share | $ | 14.46 | ||
A-Class: | ||||
Net assets | $ | 1,983,931 | ||
Capital shares outstanding | 134,866 | |||
Net asset value per share | $ | 14.71 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 15.44 | ||
C-Class: | ||||
Net assets | $ | 4,063,208 | ||
Capital shares outstanding | 291,654 | |||
Net asset value per share | $ | 13.93 | ||
Period Ended September 30, 2011
Investment Income: | ||||
Dividends (net of foreign withholding tax of $142) | $ | 317,940 | ||
Interest | 15 | |||
Total investment income | 317,955 | |||
Expenses: | ||||
Management fees | 217,182 | |||
Transfer agent and administrative fees | 63,877 | |||
Distribution and service fees: | ||||
Advisor Class | 14,610 | |||
A-Class | 3,295 | |||
C-Class | 20,742 | |||
Portfolio accounting fees | 25,551 | |||
Trustees’ fees* | 1,312 | |||
Miscellaneous | 42,587 | |||
Total expenses | 389,156 | |||
Net investment loss | (71,201 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments | (3,522,753 | ) | ||
Net realized loss | (3,522,753 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (1,842,739 | ) | ||
Net change in unrealized appreciation (depreciation) | (1,842,739 | ) | ||
Net realized and unrealized loss | (5,365,492 | ) | ||
Net decrease in net assets resulting from operations | $ | (5,436,693 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
64 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) in Net Assets From Operations: | ||||||||
Net investment loss | $ | (71,201 | ) | $ | (58,998 | ) | ||
Net realized gain (loss) on investments | (3,522,753 | ) | 14,717,139 | |||||
Net change in unrealized appreciation (depreciation) on investments | (1,842,739 | ) | (15,485,060 | ) | ||||
Net decrease in net assets resulting from operations | (5,436,693 | ) | (826,919 | ) | ||||
Distributions to shareholders | — | — | ||||||
Capital Share Transactions: | ||||||||
Proceeds from sale of shares | ||||||||
Investor Class | 217,510,235 | 199,840,233 | ||||||
Advisor Class | 12,396,934 | 29,192,400 | ||||||
A-Class | 5,730,458 | 2,774,503 | ||||||
C-Class | 29,626,831 | 104,802,117 | ||||||
Cost of shares redeemed | ||||||||
Investor Class | (218,925,451 | ) | (375,189,188 | ) | ||||
Advisor Class | (10,682,028 | ) | (30,446,417 | ) | ||||
A-Class | (4,379,383 | ) | (7,868,260 | ) | ||||
C-Class | (28,954,453 | ) | (109,133,717 | ) | ||||
Net increase (decrease) from capital share transactions | 2,323,143 | (186,028,329 | ) | |||||
Net decrease in net assets | (3,113,550 | ) | (186,855,248 | ) | ||||
Net assets: | ||||||||
Beginning of period | 26,789,634 | 213,644,882 | ||||||
End of period | $ | 23,676,084 | $ | 26,789,634 | ||||
Accumulated net investment loss at end of period | $ | (71,201 | ) | $ | — | |||
Capital share activity: | ||||||||
Shares sold | ||||||||
Investor Class | 12,258,626 | 12,963,598 | ||||||
Advisor Class | 743,648 | 2,051,470 | ||||||
A-Class | 352,211 | 186,925 | ||||||
C-Class | 1,900,183 | 7,534,727 | ||||||
Shares redeemed | ||||||||
Investor Class | (12,455,052 | ) | (24,208,012 | ) | ||||
Advisor Class | (673,778 | ) | (2,143,572 | ) | ||||
A-Class | (288,284 | ) | (528,117 | ) | ||||
C-Class | (1,858,258 | ) | (7,868,157 | ) | ||||
Net decrease in shares | (20,704 | ) | (12,011,138 | ) | ||||
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 65 |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Investor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 17.14 | $ | 15.80 | $ | 11.20 | $ | 14.28 | $ | 15.28 | $ | 14.54 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.01 | ) | (.02 | ) | (.01 | ) | .07 | (.02 | ) | .03 | ||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (1.64 | ) | 1.36 | 4.62 | (3.15 | ) | (.98 | ) | .71 | |||||||||||||||
Total from investment operations | (1.65 | ) | 1.34 | 4.61 | (3.08 | ) | (1.00 | ) | .74 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | (.01 | ) | — | — | — | |||||||||||||||||
Total distributions | — | — | (.01 | ) | — | — | — | |||||||||||||||||
Net asset value, end of period | $ | 15.49 | $ | 17.14 | $ | 15.80 | $ | 11.20 | $ | 14.28 | $ | 15.28 | ||||||||||||
Total Returnc | (9.63 | )% | 8.48 | % | 41.17 | % | (21.57 | )% | (6.54 | )% | 5.09 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 14,608 | $ | 19,534 | $ | 195,616 | $ | 13,920 | $ | 22,062 | $ | 33,878 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (0.14 | )% | (0.10 | )% | (0.04 | )% | 0.48 | % | (0.13 | )% | 0.23 | % | ||||||||||||
Total expenses | 1.37 | % | 1.38 | % | 1.37 | % | 1.36 | % | 1.37 | % | 1.35 | % | ||||||||||||
Portfolio turnover rate | 357 | % | 619 | % | 241 | % | 745 | % | 444 | % | 545 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Advisor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 16.04 | $ | 14.85 | $ | 10.58 | $ | 13.57 | $ | 14.59 | $ | 13.94 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.05 | ) | (.05 | ) | (.04 | ) | .01 | (.09 | ) | (.05 | ) | |||||||||||||
Net gain (loss) on investments (realized and unrealized) | (1.53 | ) | 1.24 | 4.32 | (3.00 | ) | (.93 | ) | .70 | |||||||||||||||
Total from investment operations | (1.58 | ) | 1.19 | 4.28 | (2.99 | ) | (1.02 | ) | .65 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | (.01 | ) | — | — | — | |||||||||||||||||
Total distributions | — | — | (.01 | ) | — | — | — | |||||||||||||||||
Net asset value, end of period | $ | 14.46 | $ | 16.04 | $ | 14.85 | $ | 10.58 | $ | 13.57 | $ | 14.59 | ||||||||||||
Total Returnc | (9.85 | )% | 8.01 | % | 40.46 | % | (22.03 | )% | (6.99 | )% | 4.66 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 3,021 | $ | 2,229 | $ | 3,432 | $ | 6,353 | $ | 13,099 | $ | 17,327 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (0.57 | )% | (0.36 | )% | (0.33 | )% | 0.04 | % | (0.60 | )% | (0.37 | )% | ||||||||||||
Total expenses | 1.87 | % | 1.88 | % | 1.88 | % | 1.93 | % | 1.86 | % | 1.85 | % | ||||||||||||
Portfolio turnover rate | 357 | % | 619 | % | 241 | % | 745 | % | 444 | % | 545 | % |
66 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 16.30 | $ | 15.05 | $ | 10.69 | $ | 13.68 | $ | 14.67 | $ | 13.98 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.03 | ) | (.02 | ) | (.03 | ) | .02 | (.06 | ) | (.02 | ) | |||||||||||||
Net gain (loss) on investments (realized and unrealized) | (1.56 | ) | 1.27 | 4.40 | (3.01 | ) | (.93 | ) | .71 | |||||||||||||||
Total from investment operations | (1.59 | ) | 1.25 | 4.37 | (2.99 | ) | (.99 | ) | .69 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | (.01 | ) | — | — | — | |||||||||||||||||
Total distributions | — | — | (.01 | ) | — | — | — | |||||||||||||||||
Net asset value, end of period | $ | 14.71 | $ | 16.30 | $ | 15.05 | $ | 10.69 | $ | 13.68 | $ | 14.67 | ||||||||||||
Total Returnc | (9.75 | )% | 8.31 | % | 40.88 | % | (21.86 | )% | (6.75 | )% | 4.94 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,984 | $ | 1,156 | $ | 6,204 | $ | 997 | $ | 730 | $ | 818 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (0.36 | )% | (0.14 | )% | (0.25 | )% | 0.15 | % | (0.36 | )% | (0.13 | )% | ||||||||||||
Total expenses | 1.62 | % | 1.63 | % | 1.62 | % | 1.63 | % | 1.61 | % | 1.60 | % | ||||||||||||
Portfolio turnover rate | 357 | % | 619 | % | 241 | % | 745 | % | 444 | % | 545 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 15.50 | $ | 14.39 | $ | 10.30 | $ | 13.28 | $ | 14.35 | $ | 13.79 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.09 | ) | (.11 | ) | (.11 | ) | (.08 | ) | (.16 | ) | (.10 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (1.48 | ) | 1.22 | 4.21 | (2.90 | ) | (.91 | ) | .66 | |||||||||||||||
Total from investment operations | (1.57 | ) | 1.11 | 4.10 | (2.98 | ) | (1.07 | ) | .56 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | (.01 | ) | — | — | — | |||||||||||||||||
Total distributions | — | — | (.01 | ) | — | — | — | |||||||||||||||||
Net asset value, end of period | $ | 13.93 | $ | 15.50 | $ | 14.39 | $ | 10.30 | $ | 13.28 | $ | 14.35 | ||||||||||||
Total Returnc | (10.13 | )% | 7.71 | % | 39.81 | % | (22.44 | )% | (7.46 | )% | 4.06 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 4,063 | $ | 3,870 | $ | 8,393 | $ | 5,101 | $ | 5,677 | $ | 8,720 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (1.14 | )% | (0.76 | )% | (0.91 | )% | (0.65 | )% | (1.12 | )% | (0.73 | )% | ||||||||||||
Total expenses | 2.37 | % | 2.38 | % | 2.38 | % | 2.38 | % | 2.37 | % | 2.34 | % | ||||||||||||
Portfolio turnover rate | 357 | % | 619 | % | 241 | % | 745 | % | 444 | % | 545 | % |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 67 |
FUND PROFILE (Unaudited) | September 30, 2011 |
![(BAR GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366814.gif)
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) | ||||
Google, Inc. — Class A | 9.5 | % | ||
Amazon.com, Inc. | 7.6 | % | ||
Cisco Systems, Inc. | 7.0 | % | ||
QUALCOMM, Inc. | 6.1 | % | ||
eBay, Inc. | 4.3 | % | ||
Baidu, Inc. ADR | 3.8 | % | ||
Time Warner, Inc. | 3.8 | % | ||
Sina Corp. | 3.1 | % | ||
Priceline.com, Inc. | 3.2 | % | ||
Broadcom Corp. — Class A | 3.1 | % | ||
Top Ten Total | 51.5 | % | ||
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 | |
INTERNET FUND |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
INTERNET SOFTWARE & SERVICES - 45.5% | ||||||||
Google, Inc. — Class A | 2,038 | $ | 1,048,307 | |||||
eBay, Inc.* | 16,247 | 479,124 | ||||||
Baidu, Inc. ADR* | 4,007 | 428,388 | ||||||
Sina Corp.* | 4,946 | 354,183 | ||||||
Yahoo!, Inc.* | 24,065 | 316,695 | ||||||
LinkedIn Corp. — Class A* | 2,518 | 196,605 | ||||||
VeriSign, Inc. | 5,880 | 168,227 | ||||||
IAC/InterActiveCorp.* | 4,027 | 159,268 | ||||||
Equinix, Inc.* | 1,754 | 155,808 | ||||||
Rackspace Hosting, Inc.* | 4,449 | 151,889 | ||||||
Akamai Technologies, Inc.* | 6,384 | 126,914 | ||||||
Sohu.com, Inc.* | 2,452 | 118,186 | ||||||
WebMD Health Corp. — Class A* | 2,912 | 87,797 | ||||||
ValueClick, Inc.* | 5,508 | 85,704 | ||||||
Netease.com ADR* | 2,178 | 83,112 | ||||||
RightNow Technologies, Inc.* | 2,494 | 82,427 | ||||||
AOL, Inc.* | 6,025 | 72,300 | ||||||
Youku.com, Inc. ADR | 4,380 | 71,657 | ||||||
LogMeIn, Inc. | 2,072 | 68,811 | ||||||
VistaPrint N.V.* | 2,468 | 66,710 | ||||||
MercadoLibre, Inc. | 1,205 | 64,769 | ||||||
Qihoo 360 Technology Company Ltd. ADR* | 3,898 | 63,693 | ||||||
Ancestry.com, Inc.* | 2,704 | 63,544 | ||||||
OpenTable, Inc.* | 1,378 | 63,402 | ||||||
Monster Worldwide, Inc.* | 7,910 | 56,794 | ||||||
Renren, Inc. ADR* | 11,120 | 56,712 | ||||||
Earthlink, Inc. | 8,127 | 53,069 | ||||||
Constant Contact, Inc.* | 2,900 | 50,141 | ||||||
j2 Global Communications, Inc. | 1,455 | 39,140 | ||||||
Dice Holdings, Inc.* | 4,970 | 38,865 | ||||||
Digital River, Inc.* | 1,777 | 36,837 | ||||||
LivePerson, Inc.* | 3,690 | 36,716 | ||||||
Travelzoo, Inc.* | 1,220 | 26,828 | ||||||
IntraLinks Holdings, Inc.* | 2,652 | 19,917 | ||||||
Total Internet Software & Services | 4,992,539 | |||||||
COMMUNICATIONS EQUIPMENT - 19.6% | ||||||||
Cisco Systems, Inc. | 49,292 | 763,532 | ||||||
QUALCOMM, Inc. | 13,682 | 665,356 | ||||||
Research In Motion Ltd.* | 14,980 | 304,094 | ||||||
Juniper Networks, Inc.* | 10,669 | 184,147 | ||||||
F5 Networks, Inc.* | 2,171 | 154,250 | ||||||
Ciena Corp.* | 6,134 | 68,701 | ||||||
Total Communications Equipment | 2,140,080 | |||||||
INTERNET RETAIL - 15.3% | ||||||||
Amazon.com, Inc.* | 3,794 | 820,376 | ||||||
Priceline.com, Inc. | 783 | 351,926 | ||||||
Expedia, Inc. | 7,733 | 199,125 | ||||||
Netflix, Inc.* | 1,099 | 124,363 | ||||||
Shutterfly, Inc.* | 1,937 | 79,766 | ||||||
Blue Nile, Inc.* | 1,447 | 51,050 | ||||||
E-Commerce China Dangdang, Inc. ADR* | 7,808 | 38,572 | ||||||
Total Internet Retail | 1,665,178 | |||||||
SYSTEMS SOFTWARE - 7.2% | ||||||||
Symantec Corp.* | 16,116 | 262,691 | ||||||
Red Hat, Inc.* | 5,262 | 222,372 | ||||||
BMC Software, Inc.* | 4,600 | 177,376 | ||||||
Check Point Software Technologies Ltd.* | 2,455 | 129,526 | ||||||
Total Systems Software | 791,965 | |||||||
APPLICATION SOFTWARE - 4.0% | ||||||||
Intuit, Inc. | 6,287 | 298,255 | ||||||
TIBCO Software, Inc.* | 6,079 | 136,109 | ||||||
Total Application Software | 434,364 | |||||||
MOVIES & ENTERTAINMENT - 3.8% | ||||||||
Time Warner, Inc. | 14,048 | 421,019 | ||||||
SEMICONDUCTORS - 3.1% | ||||||||
Broadcom Corp. — Class A | 10,165 | 338,393 | ||||||
INVESTMENT BANKING & BROKERAGE - 1.0% | ||||||||
E*Trade Financial Corp.* | 12,040 | 109,684 | ||||||
Total Common Stocks (Cost $6,704,575) | 10,893,222 | |||||||
Face | ||||||||
Amount | ||||||||
REPURCHASE AGREEMENT††,1 - 1.1% | ||||||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | $ | 121,157 | 121,157 | |||||
Total Repurchase Agreement (Cost $121,157) | 121,157 | |||||||
Total Investments - 100.6% (Cost $6,825,732) | $ | 11,014,379 | ||||||
Liabilities, Less Other Assets — (0.6)% | (70,920 | ) | ||||||
Total Net Assets — 100.0% | $ | 10,943,459 |
* | Non-income producing security. | |
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | Repurchase Agreement — See Note 5. | |
ADR — American Depositary Receipt |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 69 |
September 30, 2011 | ||||
Assets: | ||||
Investments, at value (cost $6,704,575) | $ | 10,893,222 | ||
Repurchase agreements, at value (cost $121,157) | 121,157 | |||
Receivables: | ||||
Securities sold | 778,556 | |||
Fund shares sold | 34,004 | |||
Dividends | 97 | |||
Total assets | 11,827,036 | |||
Liabilities: | ||||
Payable for: | ||||
Fund shares redeemed | 841,963 | |||
Management fees | 8,774 | |||
Transfer agent and administrative fees | 2,580 | |||
Distribution and service fees | 1,168 | |||
Portfolio accounting fees | 1,032 | |||
Miscellaneous | 28,060 | |||
Total liabilities | 883,577 | |||
Net assets | $ | 10,943,459 | ||
Net assets consist of: | ||||
Paid in capital | $ | (9,525,411 | ) | |
Accumulated net investment loss | (94,580 | ) | ||
Accumulated net realized gain on investments | 16,374,803 | |||
Net unrealized appreciation on investments | 4,188,647 | |||
Net assets | $ | 10,943,459 | ||
Investor Class: | ||||
Net assets | $ | 8,820,450 | ||
Capital shares outstanding | 217,092 | |||
Net asset value per share | $ | 40.63 | ||
Advisor Class: | ||||
Net assets | $ | 783,069 | ||
Capital shares outstanding | 20,485 | |||
Net asset value per share | $ | 38.22 | ||
A-Class: | ||||
Net assets | $ | 770,505 | ||
Capital shares outstanding | 19,802 | |||
Net asset value per share | $ | 38.91 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 40.85 | ||
C-Class: | ||||
Net assets | $ | 569,435 | ||
Capital shares outstanding | 15,561 | |||
Net asset value per share | $ | 36.58 | ||
Period Ended September 30, 2011 | ||||
Investment Income: | ||||
Dividends | $ | 62,978 | ||
Interest | 14 | |||
Total investment income | 62,992 | |||
Expenses: | ||||
Management fees | 91,109 | |||
Transfer agent and administrative fees | 26,797 | |||
Distribution and service fees: | ||||
Advisor Class | 3,616 | |||
A-Class | 1,537 | |||
C-Class | 5,718 | |||
Portfolio accounting fees | 10,719 | |||
Registration fees | 28,376 | |||
Printing expenses | 12,333 | |||
Pricing service expense | 10,566 | |||
Trustees’ fees* | 3,607 | |||
Miscellaneous | (36,806 | ) | ||
Total expenses | 157,572 | |||
Net investment loss | (94,580 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments | 2,051,095 | |||
Net realized gain | 2,051,095 | |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (7,042,398 | ) | ||
Net change in unrealized appreciation (depreciation) | (7,042,398 | ) | ||
Net realized and unrealized loss | (4,991,303 | ) | ||
Net decrease in net assets resulting from operations | $ | (5,085,883 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
70 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment loss | $ | (94,580 | ) | $ | (697,413 | ) | ||
Net realized gain on investments | 2,051,095 | 26,981,612 | ||||||
Net change in unrealized appreciation (depreciation) on investments | (7,042,398 | ) | 1,549,620 | |||||
Net increase (decrease) in net assets resulting from operations | (5,085,883 | ) | 27,833,819 | |||||
Distributions to shareholders | — | — | ||||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
Investor Class | 35,035,853 | 236,370,905 | ||||||
Advisor Class | 1,665,167 | 21,569,818 | ||||||
A-Class | 2,506,639 | 3,274,554 | ||||||
C-Class | 11,648,228 | 51,664,283 | ||||||
Cost of shares redeemed | ||||||||
Investor Class | (42,711,963 | ) | (264,624,471 | ) | ||||
Advisor Class | (2,680,698 | ) | (23,765,932 | ) | ||||
A-Class | (2,425,810 | ) | (5,523,556 | ) | ||||
C-Class | (12,592,158 | ) | (51,093,192 | ) | ||||
Net decrease from capital share transactions | (9,554,742 | ) | (32,127,591 | |||||
Net decrease in net assets | (14,640,625 | ) | (4,293,772 | ) | ||||
Net assets: | ||||||||
Beginning of period | 25,584,084 | 29,877,856 | ||||||
End of period | $ | 10,943,459 | $ | 25,584,084 | ||||
Accumulated net investment loss at end of period | $ | (94,580 | ) | $ | — | |||
Capital share activity: | ||||||||
Shares sold | ||||||||
Investor Class | 697,117 | 5,219,504 | ||||||
Advisor Class | 35,208 | 490,716 | ||||||
A-Class | 51,911 | 74,437 | ||||||
C-Class | 262,351 | 1,264,666 | ||||||
Shares redeemed | ||||||||
Investor Class | (873,875 | ) | (5,350,861 | ) | ||||
Advisor Class | (57,805 | ) | (546,388 | ) | ||||
A-Class | (54,065 | ) | (126,995 | ) | ||||
C-Class | (284,202 | ) | (1,254,939 | ) | ||||
Net decrease in shares | (223,360 | ) | (229,860 | ) | ||||
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 71 |
FINANCIAL HIGHLIGHTS
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Investor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 52.28 | $ | 41.74 | $ | 26.58 | $ | 38.55 | $ | 41.11 | $ | 40.22 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.19 | ) | (.34 | ) | (.38 | ) | (.29 | ) | .46 | (.44 | ) | |||||||||||||
Net gain (loss) on investments (realized and unrealized) | (11.46 | ) | 10.88 | 15.54 | (11.23 | ) | (2.87 | ) | 1.33 | |||||||||||||||
Total from investment operations | (11.65 | ) | 10.54 | 15.16 | (11.52 | ) | (2.41 | ) | .89 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | — | (.45 | ) | (.15 | ) | — | ||||||||||||||||
Total distributions | — | — | — | (.45 | ) | (.15 | ) | — | ||||||||||||||||
Net asset value, end of period | $ | 40.63 | $ | 52.28 | $ | 41.74 | $ | 26.58 | $ | 38.55 | $ | 41.11 | ||||||||||||
Total Returnc | (22.28 | %) | 25.25 | % | 57.04 | % | (29.63 | %) | (5.92 | %) | 2.21 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 8,820 | $ | 20,589 | $ | 21,924 | $ | 61,745 | $ | 4,365 | $ | 5,496 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (0.77 | %) | (0.69 | %) | (1.12 | %) | (1.01 | %) | 1.00 | % | (1.09 | %) | ||||||||||||
Total expenses | 1.37 | % | 1.39 | % | 1.37 | % | 1.35 | % | 1.38 | % | 1.37 | % | ||||||||||||
Portfolio turnover rate | 161 | % | 291 | % | 443 | % | 550 | % | 870 | % | 864 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Advisor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 49.31 | $ | 39.57 | $ | 25.32 | $ | 36.95 | $ | 39.61 | $ | 38.94 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.31 | ) | (.59 | ) | (.58 | ) | (.41 | ) | (.09 | ) | (.63 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (10.78 | ) | 10.33 | 14.83 | (10.77 | ) | (2.42 | ) | 1.30 | |||||||||||||||
Total from investment operations | (11.09 | ) | 9.74 | 14.25 | (11.18 | ) | (2.51 | ) | .67 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | — | (.45 | ) | (.15 | ) | — | ||||||||||||||||
Total distributions | — | — | — | (.45 | ) | (.15 | ) | — | ||||||||||||||||
Net asset value, end of period | $ | 38.22 | $ | 49.31 | $ | 39.57 | $ | 25.32 | $ | 36.95 | $ | 39.61 | ||||||||||||
Total Returnc | (22.49 | %) | 24.61 | % | 56.28 | % | (29.99 | %) | (6.40 | %) | 1.72 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 783 | $ | 2,124 | $ | 3,908 | $ | 3,604 | $ | 1,364 | $ | 863 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (1.30 | %) | (1.32 | %) | (1.74 | %) | (1.43 | %) | (0.21 | %) | (1.60 | %) | ||||||||||||
Total expenses | 1.87 | % | 1.89 | % | 1.88 | % | 1.87 | % | 1.88 | % | 1.87 | % | ||||||||||||
Portfolio turnover rate | 161 | % | 291 | % | 443 | % | 550 | % | 870 | % | 864 | % |
72 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FINANCIAL HIGHLIGHTS (concluded)
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 50.13 | $ | 40.12 | $ | 25.62 | $ | 37.29 | $ | 39.87 | $ | 39.07 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.27 | ) | (.46 | ) | (.50 | ) | (.33 | ) | (.19 | ) | (.52 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (10.95 | ) | 10.47 | 15.00 | (10.89 | ) | (2.24 | ) | 1.32 | |||||||||||||||
Total from investment operations | (11.22 | ) | 10.01 | 14.50 | (11.22 | ) | (2.43 | ) | .80 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | — | (.45 | ) | (.15 | ) | — | ||||||||||||||||
Total distributions | — | — | — | (.45 | ) | (.15 | ) | — | ||||||||||||||||
Net asset value, end of period | $ | 38.91 | $ | 50.13 | $ | 40.12 | $ | 25.62 | $ | 37.29 | $ | 39.87 | ||||||||||||
Total Returnc | (22.38 | %) | 24.95 | % | 56.60 | % | (29.82 | %) | (6.16 | %) | 2.05 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 771 | $ | 1,101 | $ | 2,989 | $ | 91 | $ | 116 | $ | 139 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (1.12 | %) | (1.01 | %) | (1.44 | %) | (1.07 | %) | (0.44 | %) | (1.37 | %) | ||||||||||||
Total expenses | 1.62 | % | 1.64 | % | 1.63 | % | 1.62 | % | 1.63 | % | 1.61 | % | ||||||||||||
Portfolio turnover rate | 161 | % | 291 | % | 443 | % | 550 | % | 870 | % | 864 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 47.30 | $ | 38.17 | $ | 24.56 | $ | 36.01 | $ | 38.79 | $ | 38.30 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.42 | ) | (.83 | ) | (.66 | ) | (.59 | ) | (.38 | ) | (.78 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (10.30 | ) | 9.96 | 14.27 | (10.41 | ) | (2.25 | ) | 1.27 | |||||||||||||||
Total from investment operations | (10.72 | ) | 9.13 | 13.61 | (11.00 | ) | (2.63 | ) | .49 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | — | (.45 | ) | (.15 | ) | — | ||||||||||||||||
Total distributions | — | — | — | (.45 | ) | (.15 | ) | — | ||||||||||||||||
Net asset value, end of period | $ | 36.58 | $ | 47.30 | $ | 38.17 | $ | 24.56 | $ | 36.01 | $ | 38.79 | ||||||||||||
Total Returnc | (22.66 | %) | 23.92 | % | 55.42 | % | (30.28 | %) | (6.84 | %) | 1.28 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 569 | $ | 1,770 | $ | 1,057 | $ | 602 | $ | 1,608 | $ | 1,017 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (1.87 | %) | (1.92 | %) | (2.00 | %) | (1.95 | %) | (0.89 | %) | (2.10 | %) | ||||||||||||
Total expenses | 2.37 | % | 2.39 | % | 2.38 | % | 2.38 | % | 2.37 | % | 2.36 | % | ||||||||||||
Portfolio turnover rate | 161 | % | 291 | % | 443 | % | 550 | % | 870 | % | 864 | % |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | |
c | Total return does not reflect the impact of any applicable sales charges and has not been annualized. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 73 |
FUND PROFILE (Unaudited) | September 30, 2011 |
OBJECTIVE: Seeks capital appreciation by investing in companies engaged in leisure and entertainment businesses (“Leisure Companies”).
![(BAR CHART)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366815.gif)
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. | 5.6 | % | ||
Comcast Corp. — Class A | 4.1 | % | ||
Walt Disney Co. | 3.7 | % | ||
News Corp. — Class A | 3.7 | % | ||
Time Warner, Inc. | 3.0 | % | ||
Starbucks Corp. | 3.0 | % | ||
DIRECTV — Class A | 2.9 | % | ||
Las Vegas Sands Corp. | 2.8 | % | ||
Carnival Corp. | 2.6 | % | ||
Yum! Brands, Inc. | 2.6 | % | ||
Top Ten Total | 34.0 | % | ||
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 | |
LEISURE FUND |
Shares | Value | |||||||
COMMON STOCKS† - 99.4% | ||||||||
RESTAURANTS - 20.6% | ||||||||
McDonald’s Corp. | 1,772 | $ | 155,618 | |||||
Starbucks Corp. | 2,213 | 82,524 | ||||||
Yum! Brands, Inc. | 1,469 | 72,554 | ||||||
Chipotle Mexican Grill, Inc. — Class A* | 158 | 47,866 | ||||||
Darden Restaurants, Inc. | 823 | 35,183 | ||||||
Panera Bread Co. — Class A* | 246 | 25,569 | ||||||
Domino’s Pizza, Inc.* | 785 | 21,391 | ||||||
Wendy’s Co. | 4,535 | 20,816 | ||||||
Brinker International, Inc. | 919 | 19,225 | ||||||
Cheesecake Factory, Inc.* | 672 | 16,565 | ||||||
Buffalo Wild Wings, Inc.* | 272 | 16,266 | ||||||
BJ’s Restaurants, Inc.* | 366 | 16,144 | ||||||
Jack in the Box, Inc. | 744 | 14,820 | ||||||
Cracker Barrel Old Country Store, Inc. | 352 | 14,108 | ||||||
Texas Roadhouse, Inc. — Class A | 1,042 | 13,775 | ||||||
Total Restaurants | 572,424 | |||||||
MOVIES & ENTERTAINMENT - 17.4% | ||||||||
Walt Disney Co. | 3,529 | 106,434 | ||||||
News Corp. — Class A | 6,681 | 103,355 | ||||||
Time Warner, Inc. | 2,762 | 82,777 | ||||||
Viacom, Inc. — Class B | 1,727 | 66,904 | ||||||
Liberty Media Corp. — Liberty Capital — Class A* | 506 | 33,457 | ||||||
Cinemark Holdings, Inc. | 1,220 | 23,034 | ||||||
Regal Entertainment Group — Class A | 1,858 | 21,813 | ||||||
DreamWorks Animation SKG, Inc. — Class A* | 1,033 | 18,780 | ||||||
Live Nation Entertainment, Inc.* | 2,020 | 16,180 | ||||||
Imax Corp.* | 967 | 14,002 | ||||||
Total Movies & Entertainment | 486,736 | |||||||
CABLE & SATELLITE - 17.0% | ||||||||
Comcast Corp. — Class A | 5,301 | 110,790 | ||||||
DIRECTV — Class A* | 1,929 | 81,500 | ||||||
Time Warner Cable, Inc. — Class A | 1,056 | 66,180 | ||||||
DISH Network Corp. — Class A* | 1,912 | 47,915 | ||||||
Liberty Global, Inc. — Class A* | 1,189 | 43,018 | ||||||
Virgin Media, Inc. | 1,699 | 41,371 | ||||||
Charter Communications, Inc. — Class A* | 730 | 34,193 | ||||||
Cablevision Systems Corp. — Class A | 1,670 | 26,269 | ||||||
AMC Networks, Inc. — Class A* | 709 | 22,653 | ||||||
Total Cable & Satellite | 473,889 | |||||||
HOTELS, RESORTS & CRUISE LINES - 9.6% | ||||||||
Carnival Corp. | 2,410 | 73,022 | ||||||
Marriott International, Inc. — Class A | 1,595 | 43,447 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 949 | 36,840 | ||||||
Wyndham Worldwide Corp. | 1,131 | 32,245 | ||||||
Ctrip.com International Ltd. ADR* | 891 | 28,655 | ||||||
Royal Caribbean Cruises Ltd. | 1,243 | 26,899 | ||||||
Hyatt Hotels Corp. — Class A* | 489 | 15,340 | ||||||
Gaylord Entertainment Co. | 637 | 12,320 | ||||||
Total Hotels, Resorts & Cruise Lines | 268,768 | |||||||
CASINOS & GAMING - 9.5% | ||||||||
Las Vegas Sands Corp.* | 2,071 | 79,403 | ||||||
Wynn Resorts Ltd. | 454 | 52,246 | ||||||
International Game Technology | 2,126 | 30,891 | ||||||
MGM Resorts International* | 3,045 | 28,288 | ||||||
Penn National Gaming, Inc. | 711 | 23,669 | ||||||
Melco Crown Entertainment Ltd. — Class Participation Certificate ADR* | 2,578 | 21,423 | ||||||
Bally Technologies, Inc.* | 584 | 15,756 | ||||||
WMS Industries, Inc.* | 716 | 12,594 | ||||||
Total Casinos & Gaming | 264,270 | |||||||
BROADCASTING - 7.0% | ||||||||
Discovery Communications, Inc. — Class A* | 1,586 | 59,666 | ||||||
CBS Corp. — Class B | 2,486 | 50,665 | ||||||
Scripps Networks Interactive, Inc. — Class A | 960 | 35,683 | ||||||
Liberty Media Corp. — Liberty Starz — Class A* | 429 | 27,267 | ||||||
Grupo Televisa SAB ADR | 1,265 | 23,263 | ||||||
Total Broadcasting | 196,544 | |||||||
PUBLISHING - 6.3% | ||||||||
McGraw-Hill Companies, Inc. | 1,371 | 56,211 | ||||||
Thomson Reuters Corp. | 1,348 | 36,450 | ||||||
Washington Post Co. — Class B | 72 | 23,542 | ||||||
Gannett Company, Inc. | 2,140 | 20,394 | ||||||
Meredith Corp. | 618 | 13,992 | ||||||
Valassis Communications, Inc.* | 653 | 12,237 | ||||||
New York Times Co. — Class A* | 2,103 | 12,218 | ||||||
Total Publishing | 175,044 | |||||||
HOME ENTERTAINMENT SOFTWARE - 4.3% | ||||||||
Activision Blizzard, Inc. | 4,994 | 59,429 | ||||||
Electronic Arts, Inc.* | 1,873 | 38,303 | ||||||
Take-Two Interactive Software, Inc.* | 1,221 | 15,531 | ||||||
RealD, Inc.* | 812 | 7,592 | ||||||
Total Home Entertainment Software | 120,855 | |||||||
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 75 |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) LEISURE FUND | September 30, 2011 |
Shares | Value | |||||||
LEISURE PRODUCTS - 4.3% | ||||||||
Mattel, Inc. | 1,819 | $ | 47,093 | |||||
Hasbro, Inc. | 906 | 29,545 | ||||||
Polaris Industries, Inc. | 561 | 28,033 | ||||||
Brunswick Corp. | 1,093 | 15,346 | ||||||
Total Leisure Products | 120,017 | |||||||
LEISURE FACILITIES - 1.9% | ||||||||
Life Time Fitness, Inc.* | 529 | 19,494 | ||||||
Vail Resorts, Inc. | 458 | 17,308 | ||||||
Six Flags Entertainment Corp. | 617 | 17,103 | ||||||
Total Leisure Facilities | 53,905 | |||||||
MOTORCYCLE MANUFACTURERS - 1.5% | ||||||||
Harley-Davidson, Inc. | 1,200 | 41,196 | ||||||
Total Common Stocks (Cost $1,920,941) | 2,773,648 | |||||||
WARRANTS†† - 0.0% | ||||||||
Krispy Kreme Doughnuts, Inc. $12.21, 03/02/12 | 350 | 102 | ||||||
Total Warrants (Cost $—) | 102 | |||||||
Face | ||||||||
Amount | ||||||||
REPURCHASE AGREEMENT††,1 - 0.7% | ||||||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | $ | 19,197 | 19,197 | |||||
Total Repurchase Agreement (Cost $19,197) | 19,197 | |||||||
Total Investments - 100.1% (Cost $1,940,138) | $ | 2,792,947 | ||||||
Liabilities, Less Other Assets — (0.1)% | (2,987 | ) | ||||||
Total Net Assets — 100.0% | $ | 2,789,960 |
* | Non-income producing security. | |
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | Repurchase Agreement — See Note 5. | |
ADR — American Depositary Receipt |
76 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
September 30, 2011 | ||||
Assets: | ||||
Investments, at value (cost $1,920,941) | $ | 2,773,750 | ||
Repurchase agreements, at value (cost $19,197) | 19,197 | |||
Receivables: | ||||
Fund shares sold | 565,027 | |||
Dividends | 1,515 | |||
Total assets | 3,359,489 | |||
Liabilities: | ||||
Payable for: | ||||
Securities purchased | 538,948 | |||
Fund shares redeemed | 19,599 | |||
Management fees | 1,783 | |||
Distribution and service fees | 615 | |||
Transfer agent and administrative fees | 524 | |||
Portfolio accounting fees | 210 | |||
Miscellaneous | 7,850 | |||
Total liabilities | 569,529 | |||
Net assets | $ | 2,789,960 | ||
Net assets consist of: | ||||
Paid in capital | $ | 7,420,446 | ||
Accumulated net investment loss | (6,053 | ) | ||
Accumulated net realized loss on investments | (5,477,242 | ) | ||
Net unrealized appreciation on investments | 852,809 | |||
Net assets | $ | 2,789,960 | ||
Investor Class: | ||||
Net assets | $ | 1,538,489 | ||
Capital shares outstanding | 54,454 | |||
Net asset value per share | $ | 28.25 | ||
Advisor Class: | ||||
Net assets | $ | 571,410 | ||
Capital shares outstanding | 21,711 | |||
Net asset value per share | $ | 26.32 | ||
A-Class: | ||||
Net assets | $ | 405,729 | ||
Capital shares outstanding | 15,175 | |||
Net asset value per share | $ | 26.73 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 28.07 | ||
C-Class: | ||||
Net assets | $ | 274,332 | ||
Capital shares outstanding | 10,764 | |||
Net asset value per share | $ | 25.48 | ||
Period Ended September 30, 2011
Investment Income: | ||||
Dividends (net of foreign withholding tax of $988) | $ | 56,748 | ||
Interest | 6 | |||
Total investment income | 56,754 | |||
Expenses: | ||||
Management fees | 35,125 | |||
Transfer agent and administrative fees | 10,331 | |||
Distribution and service fees: | ||||
Advisor Class | 2,272 | |||
A-Class | 863 | |||
C-Class | 3,175 | |||
Portfolio accounting fees | 4,133 | |||
Trustees’ fees* | 362 | |||
Miscellaneous | 6,546 | |||
Total expenses | 62,807 | |||
Net investment loss | (6,053 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments | (1,202,008 | ) | ||
Net realized loss | (1,202,008 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (954,723 | ) | ||
Net change in unrealized appreciation (depreciation) | (954,723 | ) | ||
Net realized and unrealized loss | (2,156,731 | ) | ||
Net decrease in net assets resulting from operations | $ | (2,162,784 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 77 |
STATEMENTS OF CHANGES IN NET ASSETS
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment loss | $ | (6,053 | ) | $ | (28,602 | ) | ||
Net realized gain (loss) on investments | (1,202,008 | ) | 1,115,448 | |||||
Net change in unrealized appreciation (depreciation) on investments | (954,723 | ) | (464,544 | ) | ||||
Net increase (decrease) in net assets resulting from operations | (2,162,784 | ) | 622,302 | |||||
Distributions to shareholders | — | — | ||||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
Investor Class | 49,212,156 | 125,035,458 | ||||||
Advisor Class | 5,316,967 | 16,335,922 | ||||||
A-Class | 520,736 | 2,661,993 | ||||||
C-Class | 3,422,371 | 13,154,026 | ||||||
Cost of shares redeemed | ||||||||
Investor Class | (48,048,772 | ) | (136,617,181 | ) | ||||
Advisor Class | (5,056,841 | ) | (16,737,008 | ) | ||||
A-Class | (1,197,578 | ) | (2,179,683 | ) | ||||
C-Class | (3,924,144 | ) | (13,283,662 | ) | ||||
Net increase (decrease) from capital share transactions | 244,895 | (11,630,135 | ) | |||||
Net decrease in net assets | (1,917,889 | ) | (11,007,833 | ) | ||||
Net assets: | ||||||||
Beginning of period | 4,707,849 | 15,715,682 | ||||||
End of period | $ | 2,789,960 | $ | 4,707,849 | ||||
Accumulated net investment loss at end of period | $ | (6,053 | ) | $ | — | |||
Capital share activity: | ||||||||
Shares sold | ||||||||
Investor Class | 1,432,413 | 4,337,324 | ||||||
Advisor Class | 163,008 | 613,234 | ||||||
A-Class | 17,897 | 96,339 | ||||||
C-Class | 112,136 | 514,174 | ||||||
Shares redeemed | ||||||||
Investor Class | (1,441,858 | ) | (4,753,299 | ) | ||||
Advisor Class | (159,898 | ) | (637,678 | ) | ||||
A-Class | (39,163 | ) | (78,619 | ) | ||||
C-Class | (128,652 | ) | (523,771 | ) | ||||
Net decrease in shares | (44,117 | ) | (432,296 | ) | ||||
78 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Investor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 33.50 | $ | 27.48 | $ | 15.40 | $ | 31.72 | $ | 35.87 | $ | 32.56 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | .02 | (.02 | ) | .03 | .01 | .09 | (— | )c | ||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (5.27 | ) | 6.04 | 12.05 | (16.33 | ) | (4.24 | ) | 3.31 | |||||||||||||||
Total from investment operations | (5.25 | ) | 6.02 | 12.08 | (16.32 | ) | (4.15 | ) | 3.31 | |||||||||||||||
Net asset value, end of period | $ | 28.25 | $ | 33.50 | $ | 27.48 | $ | 15.40 | $ | 31.72 | $ | 35.87 | ||||||||||||
Total Returnd | (15.67 | )% | 21.91 | % | 78.44 | % | (51.45 | )% | (11.57 | )% | 10.17 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,538 | $ | 2,141 | $ | 13,186 | $ | 4,132 | $ | 3,283 | $ | 9,130 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | 0.11 | % | (0.07 | )% | 0.13 | % | 0.05 | % | 0.24 | % | (0.01 | )% | ||||||||||||
Total expenses | 1.37 | % | 1.39 | % | 1.37 | % | 1.37 | % | 1.39 | % | 1.37 | % | ||||||||||||
Portfolio turnover rate | 705 | % | 963 | % | 943 | % | 1,529 | % | 646 | % | 675 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Advisor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 31.29 | $ | 25.81 | $ | 14.53 | $ | 30.06 | $ | 34.14 | $ | 31.15 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.14 | ) | (.16 | ) | (.11 | ) | (.03 | ) | (.07 | ) | (.10 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (4.83 | ) | 5.64 | 11.39 | (15.50 | ) | (4.01 | ) | 3.09 | |||||||||||||||
Total from investment operations | (4.97 | ) | 5.48 | 11.28 | (15.53 | ) | (4.08 | ) | 2.99 | |||||||||||||||
Net asset value, end of period | $ | 26.32 | $ | 31.29 | $ | 25.81 | $ | 14.53 | $ | 30.06 | $ | 34.14 | ||||||||||||
Total Returnd | (15.88 | )% | 21.23 | % | 77.63 | % | (51.66 | )% | (11.95 | )% | 9.60 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 571 | $ | 582 | $ | 1,111 | $ | 373 | $ | 1,611 | $ | 4,903 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (0.88 | )% | (0.61 | )% | (0.56 | )% | (0.11 | )% | (0.22 | )% | (0.32 | )% | ||||||||||||
Total expenses | 1.87 | % | 1.89 | % | 1.88 | % | 1.88 | % | 1.89 | % | 1.87 | % | ||||||||||||
Portfolio turnover rate | 705 | % | 963 | % | 943 | % | 1,529 | % | 646 | % | 675 | % |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 79 |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 31.75 | $ | 26.13 | $ | 14.67 | $ | 30.30 | $ | 34.32 | $ | 31.24 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.08 | ) | (.05 | ) | .17 | (.04 | ) | (.07 | ) | (.14 | ) | |||||||||||||
Net gain (loss) on investments (realized and unrealized) | (4.94 | ) | 5.67 | 11.29 | (15.59 | ) | (3.95 | ) | 3.22 | |||||||||||||||
Total from investment operations | (5.02 | ) | 5.62 | 11.46 | (15.63 | ) | (4.02 | ) | 3.08 | |||||||||||||||
Net asset value, end of period | $ | 26.73 | $ | 31.75 | $ | 26.13 | $ | 14.67 | $ | 30.30 | $ | 34.32 | ||||||||||||
Total Returnd | (15.81 | )% | 21.51 | % | 78.12 | % | (51.58 | )% | (11.71 | )% | 9.86 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 406 | $ | 1,157 | $ | 489 | $ | 25 | $ | 206 | $ | 2,198 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (0.48 | )% | (0.18 | )% | 0.74 | % | (0.16 | )% | (0.20 | )% | (0.41 | )% | ||||||||||||
Total expenses | 1.62 | % | 1.63 | % | 1.63 | % | 1.63 | % | 1.67 | % | 1.60 | % | ||||||||||||
Portfolio turnover rate | 705 | % | 963 | % | 943 | % | 1,529 | % | 646 | % | 675 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 30.36 | $ | 25.19 | $ | 14.26 | $ | 29.66 | $ | 33.86 | $ | 31.05 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.18 | ) | (.30 | ) | (.22 | ) | (.18 | ) | (.28 | ) | (.31 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (4.70 | ) | 5.47 | 11.15 | (15.22 | ) | (3.92 | ) | 3.12 | |||||||||||||||
Total from investment operations | (4.88 | ) | 5.17 | 10.93 | (15.40 | ) | (4.20 | ) | 2.81 | |||||||||||||||
Net asset value, end of period | $ | 25.48 | $ | 30.36 | $ | 25.19 | $ | 14.26 | $ | 29.66 | $ | 33.86 | ||||||||||||
Total Returnd | (16.07 | )% | 20.52 | % | 76.65 | % | (51.92 | )% | (12.40 | )% | 9.05 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 274 | $ | 828 | $ | 929 | $ | 123 | $ | 430 | $ | 3,091 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (1.17 | )% | (1.13 | )% | (1.01 | )% | (0.78 | )% | (0.81 | )% | (0.96 | )% | ||||||||||||
Total expenses | 2.37 | % | 2.38 | % | 2.38 | % | 2.38 | % | 2.40 | % | 2.36 | % | ||||||||||||
Portfolio turnover rate | 705 | % | 963 | % | 943 | % | 1,529 | % | 646 | % | 675 | % |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | |
c | Net investment income is less than $0.01 per share. | |
d | Total return does not reflect the impact of any applicable sales charges and has not been annualized. |
80 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FUND PROFILE (Unaudited) | September 30, 2011 |
OBJECTIVE: 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”).
![(BAR GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366816.gif)
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) | ||||
Newmont Mining Corp. | 7.8 | % | ||
Barrick Gold Corp. | 7.6 | % | ||
Silver Wheaton Corp. | 6.8 | % | ||
Freeport-McMoRan Copper & Gold, Inc. | 6.7 | % | ||
Goldcorp, Inc. | 6.1 | % | ||
Yamana Gold, Inc. | 4.2 | % | ||
Agnico-Eagle Mines Ltd. | 3.9 | % | ||
Kinross Gold Corp. | 3.6 | % | ||
AngloGold Ashanti Ltd. ADR | 3.2 | % | ||
Eldorado Gold Corp. | 3.2 | % | ||
Top Ten Total | 53.1 | % | ||
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 |
Shares | Value | |||||||
COMMON STOCKS†- 99.5% | ||||||||
GOLD - 64.7% | ||||||||
Newmont Mining Corp. | 173,084 | $ | 10,886,984 | |||||
Barrick Gold Corp. | 228,351 | 10,652,574 | ||||||
Goldcorp, Inc. | 187,727 | 8,567,860 | ||||||
Yamana Gold, Inc. | 429,553 | 5,867,694 | ||||||
Agnico-Eagle Mines Ltd. | 91,812 | 5,464,650 | ||||||
Kinross Gold Corp. | 340,699 | 5,035,531 | ||||||
AngloGold Ashanti Ltd. ADR | 109,199 | 4,516,471 | ||||||
Eldorado Gold Corp. | 258,290 | 4,427,091 | ||||||
Gold Fields Ltd. ADR | 281,450 | 4,311,814 | ||||||
Randgold Resources Ltd. ADR | 43,763 | 4,232,757 | ||||||
IAMGOLD Corp. | 209,909 | 4,152,000 | ||||||
Cia de Minas Buenaventura S.A. ADR | 109,684 | 4,139,474 | ||||||
Royal Gold, Inc. | 51,641 | 3,308,122 | ||||||
Allied Nevada Gold Corp.* | 88,356 | 3,164,028 | ||||||
Harmony Gold Mining Company Ltd. ADR | 217,315 | 2,549,105 | ||||||
New Gold, Inc.* | 223,247 | 2,288,282 | ||||||
AuRico Gold, Inc.* | 190,524 | 1,790,926 | ||||||
US Gold Corp.* | 349,651 | 1,402,100 | ||||||
Novagold Resources, Inc.* | 210,873 | 1,360,131 | ||||||
Jaguar Mining, Inc.* | 209,008 | 982,338 | ||||||
Seabridge Gold, Inc.* | 27,800 | 624,944 | ||||||
Rare Element Resources Ltd.* | 80,069 | 406,750 | ||||||
Golden Star Resources Ltd.* | 186,100 | 346,146 | ||||||
Total Gold | 90,477,772 | |||||||
PRECIOUS METALS & MINERALS - 23.2% | ||||||||
Silver Wheaton Corp. | 321,119 | 9,456,955 | ||||||
Coeur d’Alene Mines Corp.* | 204,336 | 4,380,964 | ||||||
Pan American Silver Corp. | 138,549 | 3,708,957 | ||||||
Hecla Mining Co.* | 587,777 | 3,150,485 | ||||||
Endeavour Silver Corp.* | 321,783 | 2,889,611 | ||||||
Silvercorp Metals, Inc. | 313,855 | 2,482,593 | ||||||
Silver Standard Resources, Inc.* | 121,289 | 2,225,653 | ||||||
Stillwater Mining Co.* | 229,155 | 1,947,817 | ||||||
Gold Resource Corp. | 79,507 | 1,323,792 | ||||||
North American Palladium Ltd.* | 218,293 | 556,647 | ||||||
Total Precious Metals & Minerals | 32,123,474 | |||||||
DIVERSIFIED METALS & MINING - 11.6% | ||||||||
Freeport-McMoRan Copper & Gold, Inc. | 308,996 | 9,408,928 | ||||||
Southern Copper Corp. | 162,333 | 4,056,702 | ||||||
Titanium Metals Corp. | 189,921 | 2,845,017 | ||||||
Total Diversified Metals & Mining | 16,310,647 | |||||||
Total Common Stocks (Cost $73,402,111) | 138,911,893 | |||||||
Face | ||||||||
Amount | ||||||||
REPURCHASE AGREEMENT††,1 - 0.0% | ||||||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | $ | 25,555 | 25,555 | |||||
Total Repurchase Agreement (Cost $25,555) | 25,555 | |||||||
Total Investments - 99.5% (Cost $73,427,666) | $ | 138,937,448 | ||||||
Cash & Other Assets, Less Liabilities — 0.5% | 681,267 | |||||||
Total Net Assets — 100.0% | $ | 139,618,715 |
* | on-income producing security. | |
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | Repurchase Agreement — See Note 5. | |
ADR — American Depositary Receipt |
82 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Assets: | ||||
Investments, at value (cost $73,402,111) | $ | 138,911,893 | ||
Repurchase agreements, at value (cost $25,555) | 25,555 | |||
Cash | 26,312 | |||
Receivables: | ||||
Fund shares sold | 2,307,903 | |||
Securities sold | 1,014,106 | |||
Dividends | 28,044 | |||
Total assets | 142,313,813 | |||
Liabilities: | ||||
Payable for: | ||||
Fund shares redeemed | 2,371,951 | |||
Management fees | 101,234 | |||
Distribution and service fees | 37,131 | |||
Transfer agent and administrative fees | 33,745 | |||
Portfolio accounting fees | 13,498 | |||
Miscellaneous | 137,539 | |||
Total liabilities | 2,695,098 | |||
Net assets | $ | 139,618,715 | ||
Net assets consist of: | ||||
Paid in capital | $ | 94,747,620 | ||
Accumulated net investment loss | (1,316,809 | ) | ||
Accumulated net realized loss on investments | (19,321,801 | ) | ||
Net unrealized appreciation on investments | 65,509,705 | |||
Net assets | $ | 139,618,715 | ||
Investor Class: | ||||
Net assets | $ | 79,853,327 | ||
Capital shares outstanding | 1,162,337 | |||
Net asset value per share | $ | 68.70 | ||
Advisor Class: | ||||
Net assets | $ | 24,100,960 | ||
Capital shares outstanding | 364,940 | |||
Net asset value per share | $ | 66.03 | ||
A-Class: | ||||
Net assets | $ | 7,663,783 | ||
Capital shares outstanding | 114,038 | |||
Net asset value per share | $ | 67.20 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 70.55 | ||
C-Class: | ||||
Net assets | $ | 28,000,645 | ||
Capital shares outstanding | 451,475 | |||
Net asset value per share | $ | 62.01 | ||
Investment Income: | ||||
Dividends (net of foreign withholding tax of $38,922) | $ | 1,032,530 | ||
Interest | 89 | |||
Total investment income | 1,032,619 | |||
Expenses: | ||||
Management fees | 647,061 | |||
Transfer agent and administrative fees | 215,687 | |||
Distribution and Service fees: | ||||
Advisor Class | 51,099 | |||
A-Class | 13,422 | |||
C-Class | 168,684 | |||
Portfolio accounting fees | 86,273 | |||
Trustees’ fees* | 8,773 | |||
Miscellaneous | 137,966 | |||
Total expenses | 1,328,965 | |||
Net investment loss | (296,346 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments | 17,708,875 | |||
Foreign currency | 275 | |||
Net realized gain | 17,709,150 | |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (61,743,673 | ) | ||
Foreign currency | (106 | ) | ||
Net change in unrealized appreciation (depreciation) | (61,743,779 | ) | ||
Net realized and unrealized loss | (44,034,629 | ) | ||
Net decrease in net assets resulting from operations | $ | (44,330,975 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 83 |
STATEMENTS OF CHANGES IN NET ASSETS
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment loss | $ | (296,346 | ) | $ | (1,370,442 | ) | ||
Net realized gain on investments | 17,709,150 | 31,189,959 | ||||||
Net change in unrealized appreciation (depreciation) on investments | (61,743,779 | ) | 31,925,087 | |||||
Net increase (decrease) in net assets resulting from operations | (44,330,975 | ) | 61,744,604 | |||||
Distributions to shareholders from: | ||||||||
Net investment income | ||||||||
Investor Class | — | (94,591 | ) | |||||
Advisor Class | — | (11,506 | ) | |||||
A-Class | — | (7,004 | ) | |||||
C-Class | — | (19,112 | ) | |||||
Total distributions to shareholders | — | (132,213 | ) | |||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
Investor Class | 243,542,531 | 824,385,947 | ||||||
Advisor Class | 119,979,537 | 364,066,887 | ||||||
A-Class | 7,904,834 | 29,625,719 | ||||||
C-Class | 59,372,997 | 145,601,909 | ||||||
Distributions reinvested | ||||||||
Investor Class | — | 92,212 | ||||||
Advisor Class | — | 11,341 | ||||||
A-Class | — | 6,500 | ||||||
C-Class | — | 17,945 | ||||||
Cost of shares redeemed | ||||||||
Investor Class | (279,934,215 | ) | (834,585,403 | ) | ||||
Advisor Class | (117,521,917 | ) | (361,238,854 | ) | ||||
A-Class | (12,498,462 | ) | (27,278,650 | ) | ||||
C-Class | (63,680,908 | ) | (139,661,292 | ) | ||||
Net increase (decrease) from capital share transactions | (42,835,603 | ) | 1,044,261 | |||||
Net increase (decrease) in net assets | (87,166,578 | ) | 62,656,652 | |||||
Net assets: | ||||||||
Beginning of period | 226,785,293 | 164,128,641 | ||||||
End of period | $ | 139,618,715 | $ | 226,785,293 | ||||
Accumulated net investment loss at end of period | $ | (1,316,809 | ) | $ | (1,020,463 | ) | ||
Capital share activity: | ||||||||
Shares sold | ||||||||
Investor Class | 2,996,189 | 11,212,113 | ||||||
Advisor Class | 1,521,596 | 5,207,693 | ||||||
A-Class | 100,053 | 411,950 | ||||||
C-Class | 818,435 | 2,195,554 | ||||||
Shares issued from reinvestment of distributions | ||||||||
Investor Class | — | 1,121 | ||||||
Advisor Class | — | 143 | ||||||
A-Class | — | 81 | ||||||
C-Class | — | 240 | ||||||
Shares redeemed | ||||||||
Investor Class | (3,468,520 | ) | (11,417,831 | ) | ||||
Advisor Class | (1,520,529 | ) | (5,156,332 | ) | ||||
A-Class | (161,591 | ) | (375,373 | ) | ||||
C-Class | (870,751 | ) | (2,107,087 | ) | ||||
Net decrease in shares | (585,118 | ) | (27,728 | ) | ||||
84 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Investor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 86.74 | $ | 61.73 | $ | 46.36 | $ | 69.89 | $ | 56.21 | $ | 54.50 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.03 | ) | (.28 | ) | (.44 | ) | (.23 | ) | (.37 | ) | (.03 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (18.01 | ) | 25.32 | 15.96 | (23.30 | ) | 14.05 | 1.74 | ||||||||||||||||
Total from investment operations | (18.04 | ) | 25.04 | 15.52 | (23.53 | ) | 13.68 | 1.71 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.03 | ) | — | — | — | — | |||||||||||||||||
Net realized gains | — | — | (.08 | ) | — | — | — | |||||||||||||||||
Return of capital | — | — | (.07 | ) | — | — | — | |||||||||||||||||
Total distributions | — | (.03 | ) | (.15 | ) | — | — | — | ||||||||||||||||
Net asset value, end of period | $ | 68.70 | $ | 86.74 | $ | 61.73 | $ | 46.36 | $ | 69.89 | $ | 56.21 | ||||||||||||
Total Returnc | (20.80 | )% | 40.57 | % | 33.44 | % | (33.67 | )% | 24.34 | % | 3.14 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 79,853 | $ | 141,798 | $ | 113,546 | $ | 160,759 | $ | 149,805 | $ | 149,876 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (0.07 | )% | (0.37 | )% | (0.76 | )% | (0.48 | )% | (0.58 | )% | (0.05 | )% | ||||||||||||
Total expenses | 1.27 | % | 1.28 | % | 1.28 | % | 1.28 | % | 1.27 | % | 1.26 | % | ||||||||||||
Portfolio turnover rate | 122 | % | 322 | % | 383 | % | 245 | % | 203 | % | 259 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Advisor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 83.59 | $ | 59.79 | $ | 45.12 | $ | 68.36 | $ | 55.24 | $ | 53.83 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.23 | ) | (.61 | ) | (.79 | ) | (.50 | ) | (.69 | ) | (.27 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (17.33 | ) | 24.44 | 15.61 | (22.74 | ) | 13.81 | 1.68 | ||||||||||||||||
Total from investment operations | (17.56 | ) | 23.83 | 14.82 | (23.24 | ) | 13.12 | 1.41 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.03 | ) | — | — | — | — | |||||||||||||||||
Net realized gains | — | — | (.08 | ) | — | — | — | |||||||||||||||||
Return of capital | — | — | (.07 | ) | — | — | — | |||||||||||||||||
Total distributions | — | (.03 | ) | (.15 | ) | — | — | — | ||||||||||||||||
Net asset value, end of period | $ | 66.03 | $ | 83.59 | $ | 59.79 | $ | 45.12 | $ | 68.36 | $ | 55.24 | ||||||||||||
Total Returnc | (21.01 | )% | 39.87 | % | 32.81 | % | (34.00 | )% | 23.75 | % | 2.62 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 24,101 | $ | 30,418 | $ | 18,677 | $ | 12,056 | $ | 11,817 | $ | 8,387 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (0.59 | )% | (0.86 | )% | (1.35 | )% | (1.02 | )% | (1.09 | )% | (0.51 | )% | ||||||||||||
Total expenses | 1.77 | % | 1.78 | % | 1.77 | % | 1.77 | % | 1.77 | % | 1.76 | % | ||||||||||||
Portfolio turnover rate | 122 | % | 322 | % | 383 | % | 245 | % | 203 | % | 259 | % |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 85 |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 84.97 | $ | 60.63 | $ | 45.64 | $ | 68.96 | $ | 55.59 | $ | 54.03 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.13 | ) | (.45 | ) | (.59 | ) | (.36 | ) | (.55 | ) | (.15 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (17.64 | ) | 24.82 | 15.73 | (22.96 | ) | 13.92 | 1.71 | ||||||||||||||||
Total from investment operations | (17.77 | ) | 24.37 | 15.14 | (23.32 | ) | 13.37 | 1.56 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.03 | ) | — | — | — | — | |||||||||||||||||
Net realized gains | — | — | (.08 | ) | — | — | — | |||||||||||||||||
Return of capital | — | — | (.07 | ) | — | — | — | |||||||||||||||||
Total distributions | — | (.03 | ) | (.15 | ) | — | — | — | ||||||||||||||||
Net asset value, end of period | $ | 67.20 | $ | 84.97 | $ | 60.63 | $ | 45.64 | $ | 68.96 | $ | 55.59 | ||||||||||||
Total Returnc | (20.91 | )% | 40.21 | % | 33.14 | % | (33.82 | )% | 24.05 | % | 2.89 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 7,664 | $ | 14,919 | $ | 8,422 | $ | 8,484 | $ | 10,911 | $ | 4,778 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (0.34 | )% | (0.63 | )% | (1.04 | )% | (0.71 | )% | (0.84 | )% | (0.28 | )% | ||||||||||||
Total expenses | 1.52 | % | 1.53 | % | 1.52 | % | 1.53 | % | 1.52 | % | 1.51 | % | ||||||||||||
Portfolio turnover rate | 122 | % | 322 | % | 383 | % | 245 | % | 203 | % | 259 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 78.70 | $ | 56.58 | $ | 42.92 | $ | 65.38 | $ | 53.12 | $ | 52.02 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.40 | ) | (.94 | ) | (.97 | ) | (.68 | ) | (.97 | ) | (.51 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (16.29 | ) | 23.09 | 14.78 | (21.78 | ) | 13.23 | 1.61 | ||||||||||||||||
Total from investment operations | (16.69 | ) | 22.15 | 13.81 | (22.46 | ) | 12.26 | 1.10 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.03 | ) | — | — | — | — | |||||||||||||||||
Net realized gains | — | — | (.08 | ) | — | — | — | |||||||||||||||||
Return of capital | — | — | (.07 | ) | — | — | — | |||||||||||||||||
Total distributions | — | (.03 | ) | (.15 | ) | — | — | — | ||||||||||||||||
Net asset value, end of period | $ | 62.01 | $ | 78.70 | $ | 56.58 | $ | 42.92 | $ | 65.38 | $ | 53.12 | ||||||||||||
Total Returnc | (21.21 | )% | 39.18 | % | 32.14 | % | (34.35 | )% | 23.08 | % | 2.11 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 28,001 | $ | 39,650 | $ | 23,483 | $ | 20,452 | $ | 26,319 | $ | 23,486 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (1.08 | )% | (1.37 | )% | (1.81 | )% | (1.43 | )% | (1.60 | )% | (1.00 | )% | ||||||||||||
Total expenses | 2.27 | % | 2.28 | % | 2.28 | % | 2.27 | % | 2.27 | % | 2.26 | % | ||||||||||||
Portfolio turnover rate | 122 | % | 322 | % | 383 | % | 245 | % | 203 | % | 259 | % |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Net investment loss per share was computed using average shares outstanding throughout the period. | |
c | Total return does not reflect the impact of any applicable sales charges and has not been annualized. |
86 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FUND PROFILE (Unaudited) | September 30, 2011 |
![(BAR GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366817.gif)
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. | 7.2 | % | ||
Amazon.com, Inc. | 5.7 | % | ||
Home Depot, Inc. | 3.9 | % | ||
CVS Caremark Corp. | 3.6 | % | ||
Costco Wholesale Corp. | 3.4 | % | ||
Target Corp. | 3.2 | % | ||
Walgreen Co. | 2.6 | % | ||
TJX Companies, Inc. | 2.6 | % | ||
Lowe’s Companies, Inc. | 2.5 | % | ||
Priceline.com, Inc. | 2.4 | % | ||
Top Ten Total | 37.1 | % | ||
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 |
Shares | Value | |||||||
COMMON STOCKS† - 99.6% | ||||||||
APPAREL RETAIL - 18.3% | ||||||||
TJX Companies, Inc. | 4,735 | $ | 262,651 | |||||
Limited Brands, Inc. | 5,037 | 193,975 | ||||||
Ross Stores, Inc. | 2,189 | 172,252 | ||||||
The Gap, Inc. | 9,809 | 159,298 | ||||||
Abercrombie & Fitch Co. — Class A | 1,996 | 122,874 | ||||||
Foot Locker, Inc. | 4,593 | 92,273 | ||||||
Urban Outfitters, Inc.* | 4,079 | 91,043 | ||||||
American Eagle Outfitters, Inc. | 6,820 | 79,930 | ||||||
Guess?, Inc. | 2,690 | 76,638 | ||||||
DSW, Inc. — Class A | 1,655 | 76,428 | ||||||
Ascena Retail Group, Inc.* | 2,723 | 73,712 | ||||||
Buckle, Inc. | 1,853 | 71,266 | ||||||
Chico’s FAS, Inc. | 6,076 | 69,449 | ||||||
Childrens Place Retail Stores, Inc.* | 1,334 | 62,071 | ||||||
Jos A. Bank Clothiers, Inc.* | 1,301 | 60,666 | ||||||
Men’s Wearhouse, Inc. | 2,193 | 57,193 | ||||||
ANN, Inc.* | 2,457 | 56,118 | ||||||
Finish Line, Inc. — Class A | 2,793 | 55,832 | ||||||
Aeropostale, Inc.* | 3,775 | 40,808 | ||||||
Total Apparel Retail | 1,874,477 | |||||||
INTERNET RETAIL - 10.7% | ||||||||
Amazon.com, Inc.* | 2,633 | 569,334 | ||||||
Priceline.com, Inc. | 548 | 246,304 | ||||||
Expedia, Inc. | 5,361 | 138,046 | ||||||
Netflix, Inc.* | 765 | 86,567 | ||||||
Shutterfly, Inc.* | 1,338 | 55,099 | ||||||
Total Internet Retail | 1,095,350 | |||||||
HYPERMARKETS & SUPER CENTERS - 10.6% | ||||||||
Wal-Mart Stores, Inc. | 14,410 | 747,880 | ||||||
Costco Wholesale Corp. | 4,187 | 343,836 | ||||||
Total Hypermarkets & Super Centers | 1,091,716 | |||||||
SPECIALTY STORES - 10.5% | ||||||||
Staples, Inc. | 12,340 | 164,122 | ||||||
Tiffany & Co. | 2,263 | 137,636 | ||||||
PetSmart, Inc. | 2,832 | 120,785 | ||||||
Tractor Supply Co. | 1,831 | 114,529 | ||||||
Dick’s Sporting Goods, Inc.* | 3,227 | 107,975 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc. | 1,725 | 107,347 | ||||||
Sally Beauty Holdings, Inc.* | 5,751 | 95,467 | ||||||
Signet Jewelers Ltd. | 2,456 | 83,013 | ||||||
Cabela’s, Inc.* | 2,509 | 51,409 | ||||||
Hibbett Sports, Inc.* | 1,460 | 49,479 | ||||||
Barnes & Noble, Inc. | 3,333 | 39,429 | ||||||
Total Specialty Stores | 1,071,191 | |||||||
DEPARTMENT STORES - 9.0% | ||||||||
Kohl’s Corp. | 4,079 | 200,280 | ||||||
Macy’s, Inc. | 6,838 | 179,976 | ||||||
Nordstrom, Inc. | 3,761 | 171,802 | ||||||
JC Penney Company, Inc. | 4,698 | 125,812 | ||||||
Sears Holdings Corp.* | 1,780 | 102,386 | ||||||
Dillard’s, Inc. — Class A | 1,779 | 77,351 | ||||||
Saks, Inc.* | 6,907 | 60,436 | ||||||
Total Department Stores | 918,043 | |||||||
GENERAL MERCHANDISE STORES - 8.6% | ||||||||
Target Corp. | 6,644 | 325,822 | ||||||
Dollar Tree, Inc.* | 2,385 | 179,137 | ||||||
Dollar General Corp.* | 3,757 | 141,864 | ||||||
Family Dollar Stores, Inc. | 2,707 | 137,678 | ||||||
Big Lots, Inc.* | 2,688 | 93,623 | ||||||
Total General Merchandise Stores | 878,124 | |||||||
AUTOMOTIVE RETAIL - 7.7% | ||||||||
AutoZone, Inc.* | 676 | 215,773 | ||||||
O’Reilly Automotive, Inc.* | 2,633 | 175,437 | ||||||
Advance Auto Parts, Inc. | 2,051 | 119,163 | ||||||
AutoNation, Inc.* | 3,517 | 115,287 | ||||||
CarMax, Inc.* | 4,647 | 110,831 | ||||||
Group 1 Automotive, Inc. | 1,344 | 47,779 | ||||||
Total Automotive Retail | 784,270 | |||||||
HOME IMPROVEMENT RETAIL - 6.4% | ||||||||
Home Depot, Inc. | 11,913 | 391,580 | ||||||
Lowe’s Companies, Inc. | 13,485 | 260,800 | ||||||
Total Home Improvement Retail | 652,380 | |||||||
DRUG RETAIL - 6.2% | ||||||||
CVS Caremark Corp. | 10,814 | 363,134 | ||||||
Walgreen Co. | 8,125 | 267,231 | ||||||
Total Drug Retail | 630,365 | |||||||
HOMEFURNISHING RETAIL - 4.2% | ||||||||
Bed Bath & Beyond, Inc.* | 3,687 | 211,301 | ||||||
Williams-Sonoma, Inc. | 2,992 | 92,124 | ||||||
Aaron’s, Inc. | 3,009 | 75,977 | ||||||
Pier 1 Imports, Inc.* | 5,611 | 54,876 | ||||||
Total Homefurnishing Retail | 434,278 | |||||||
COMPUTER & ELECTRONICS RETAIL - 3.5% | ||||||||
Best Buy Company, Inc. | 6,229 | 145,136 | ||||||
GameStop Corp. — Class A* | 4,113 | 95,010 | ||||||
Rent-A-Center, Inc. — Class A | 2,242 | 61,543 | ||||||
RadioShack Corp. | 5,078 | 59,006 | ||||||
Total Computer & Electronics Retail | 360,695 | |||||||
DISTRIBUTORS - 2.4% | ||||||||
Genuine Parts Co. | 3,013 | 153,061 | ||||||
LKQ Corp.* | 3,701 | 89,416 | ||||||
Total Distributors | 242,477 | |||||||
88 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | September 30, 2011 |
Shares | Value | |||||||
CATALOG RETAIL — 1.5% | ||||||||
Liberty Interactive Corp. — Class A* | 10,523 | $ | 155,425 | |||||
Total Common Stocks (Cost $8,230,528) | 10,188,791 | |||||||
Face | ||||||||
Amount | ||||||||
REPURCHASE AGREEMENT††,1 - 0.6% | ||||||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | $ | 60,723 | 60,723 | |||||
Total Repurchase Agreement (Cost $60,723) | 60,723 | |||||||
Total Investments - 100.2% (Cost $8,291,251) | $ | 10,249,514 | ||||||
Liabilities, Less Other Assets — (0.2)% | (15,806 | ) | ||||||
Total Net Assets — 100.0% | $ | 10,233,708 |
* | Non-income producing security. | |
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | Repurchase Agreement — See Note 5. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 89 |
Assets: | ||||
Investments, at value (cost $8,230,528) | $ | 10,188,791 | ||
Repurchase agreements, at value (cost $60,723) | 60,723 | |||
Receivables: | ||||
Securities sold | 498,304 | |||
Fund shares sold | 407,360 | |||
Dividends | 8,441 | |||
Total assets | 11,163,619 | |||
Liabilities: | ||||
Payable for: | ||||
Fund shares redeemed | 903,301 | |||
Management fees | 9,463 | |||
Transfer agent and administrative fees | 2,783 | |||
Distribution and service fees | 2,749 | |||
Portfolio accounting fees | 1,113 | |||
Miscellaneous | 10,502 | |||
Total liabilities | 929,911 | |||
Net assets | $ | 10,233,708 | ||
Net assets consist of: | ||||
Paid in capital | $ | 14,948,708 | ||
Accumulated net investment loss | (3,027 | ) | ||
Accumulated net realized loss on investments | (6,670,236 | ) | ||
Net unrealized appreciation on investments | 1,958,263 | |||
Net assets | $ | 10,233,708 | ||
Investor Class: | ||||
Net assets | $ | 7,644,055 | ||
Capital shares outstanding | 555,929 | |||
Net asset value per share | $ | 13.75 | ||
Advisor Class: | ||||
Net assets | $ | 1,218,553 | ||
Capital shares outstanding | 93,683 | |||
Net asset value per share | $ | 13.01 | ||
A-Class: | ||||
Net assets | $ | 296,725 | ||
Capital shares outstanding | 22,424 | |||
Net asset value per share | $ | 13.23 | ||
Maximum offering price per share | ||||
(Net asset value divided by 95.25%) | $ | 13.89 | ||
C-Class: | ||||
Net assets | $ | 1,074,375 | ||
Capital shares outstanding | 86,785 | |||
Net asset value per share | $ | 12.38 | ||
Investment Income: | ||||
Dividends | $ | 64,355 | ||
Interest | 7 | |||
Total investment income | 64,362 | |||
Expenses: | ||||
Management fees | 44,375 | |||
Transfer agent and administrative fees | 13,051 | |||
Distribution and Service fees: | ||||
Advisor Class | 3,556 | |||
A-Class | 446 | |||
C-Class | 7,928 | |||
Portfolio accounting fees | 5,220 | |||
Trustees’ fees* | 418 | |||
Miscellaneous | 8,437 | |||
Total expenses | 83,431 | |||
Net investment loss | (19,069 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments | (1,117,603 | ) | ||
Net realized loss | (1,117,603 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (646,753 | ) | ||
Net change in unrealized appreciation (depreciation) | (646,753 | ) | ||
Net realized and unrealized loss | (1,764,356 | ) | ||
Net decrease in net assets resulting from operations | $ | (1,783,425 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
90 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment income (loss) | $ | (19,069 | ) | $ | 16,042 | |||
Net realized gain (loss) on investments | (1,117,603 | ) | 836,451 | |||||
Net change in unrealized appreciation (depreciation) on investments | (646,753 | ) | (384,162 | ) | ||||
Net increase (decrease) in net assets resulting from operations | (1,783,425 | ) | 468,331 | |||||
Distributions to shareholders from: | ||||||||
Net investment income | ||||||||
Investor Class | — | (35,479 | ) | |||||
Advisor Class | — | (1,353 | ) | |||||
A-Class | — | (9,855 | ) | |||||
C-Class | — | (3,390 | ) | |||||
Total distributions to shareholders | — | (50,077 | ) | |||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
Investor Class | 62,783,442 | 112,945,561 | ||||||
Advisor Class | 16,172,467 | 26,751,400 | ||||||
A-Class | 629,865 | 8,381,272 | ||||||
C-Class | 23,628,023 | 65,235,224 | ||||||
Distributions reinvested | ||||||||
Investor Class | — | 34,766 | ||||||
Advisor Class | — | 1,339 | ||||||
A-Class | — | 821 | ||||||
C-Class | — | 1,554 | ||||||
Cost of shares redeemed | ||||||||
Investor Class | (57,698,282 | ) | (121,601,948 | ) | ||||
Advisor Class | (16,055,331 | ) | (27,523,161 | ) | ||||
A-Class | (825,772 | ) | (8,427,176 | ) | ||||
C-Class | (25,198,856 | ) | (64,150,957 | ) | ||||
Net increase (decrease) from capital share transactions | 3,435,556 | (8,351,305 | ) | |||||
Net increase (decrease) in net assets | 1,652,131 | (7,933,051 | ) | |||||
Net assets: | ||||||||
Beginning of period | 8,581,577 | 16,514,628 | ||||||
End of period | $ | 10,233,708 | $ | 8,581,577 | ||||
Accumulated/(Undistributed) net investment income/(loss) at end of period | $ | (3,027 | ) | $ | 16,042 | |||
Capital share activity: | ||||||||
Shares sold | ||||||||
Investor Class | 4,188,440 | 8,649,369 | ||||||
Advisor Class | 1,157,895 | 2,198,130 | ||||||
A-Class | 44,295 | 661,053 | ||||||
C-Class | 1,776,970 | 5,633,007 | ||||||
Shares issued from reinvestment of distributions | ||||||||
Investor Class | — | 2,489 | ||||||
Advisor Class | — | 101 | ||||||
A-Class | — | 61 | ||||||
C-Class | — | 122 | ||||||
Shares redeemed | ||||||||
Investor Class | (3,890,156 | ) | (9,340,211 | ) | ||||
Advisor Class | (1,177,990 | ) | (2,278,060 | ) | ||||
A-Class | (58,442 | ) | (656,603 | ) | ||||
C-Class | (1,894,027 | ) | (5,575,994 | ) | ||||
Net increase (decrease) in shares | 146,985 | (706,536 | ) | |||||
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 91 |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Investor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 14.66 | $ | 12.75 | $ | 8.58 | $ | 11.54 | $ | 14.47 | $ | 13.48 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.01 | ) | .05 | .03 | (.01 | ) | (.04 | ) | (.06 | ) | ||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (.90 | ) | 1.89 | 4.14 | (2.95 | ) | (2.89 | ) | 1.05 | |||||||||||||||
Total from investment operations | (.91 | ) | 1.94 | 4.17 | (2.96 | ) | (2.93 | ) | .99 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.03 | ) | — | — | — | — | |||||||||||||||||
Total distributions | — | (.03 | ) | — | — | — | — | |||||||||||||||||
Net asset value, end of period | $ | 13.75 | $ | 14.66 | $ | 12.75 | $ | 8.58 | $ | 11.54 | $ | 14.47 | ||||||||||||
Total Returnc | (6.21 | %) | 15.20 | % | 48.60 | % | (25.65 | %) | (20.25 | %) | 7.34 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 7,644 | $ | 3,776 | $ | 12,060 | $ | 84,894 | $ | 3,152 | $ | 4,033 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (0.13 | %) | 0.34 | % | 0.28 | % | (0.14 | %) | (0.27 | %) | (0.45 | %) | ||||||||||||
Total expenses | 1.37 | % | 1.39 | % | 1.38 | % | 1.32 | % | 1.37 | % | 1.36 | % | ||||||||||||
Portfolio turnover rate | 577 | % | 1,062 | % | 1,049 | % | 461 | % | 1,205 | % | 952 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Advisor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 13.91 | $ | 12.14 | $ | 8.20 | $ | 11.10 | $ | 13.97 | $ | 13.07 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.05 | ) | (.07 | ) | (.06 | ) | (.02 | ) | (.12 | ) | (.10 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (.85 | ) | 1.87 | 4.00 | (2.88 | ) | (2.75 | ) | 1.00 | |||||||||||||||
Total from investment operations | (.90 | ) | 1.80 | 3.94 | (2.90 | ) | (2.87 | ) | .90 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.03 | ) | — | — | — | — | |||||||||||||||||
Total distributions | — | (.03 | ) | — | — | — | — | |||||||||||||||||
Net asset value, end of period | $ | 13.01 | $ | 13.91 | $ | 12.14 | $ | 8.20 | $ | 11.10 | $ | 13.97 | ||||||||||||
Total Returnc | (6.47 | %) | 14.81 | % | 48.05 | % | (26.13 | %) | (20.54 | %) | 6.89 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,219 | $ | 1,583 | $ | 2,350 | $ | 901 | $ | 800 | $ | 2,791 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (0.71 | %) | (0.58 | %) | (0.57 | %) | (0.26 | %) | (0.89 | %) | (0.73 | %) | ||||||||||||
Total expenses | 1.87 | % | 1.89 | % | 1.87 | % | 1.88 | % | 1.87 | % | 1.86 | % | ||||||||||||
Portfolio turnover rate | 577 | % | 1,062 | % | 1,049 | % | 461 | % | 1,205 | % | 952 | % |
92 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 14.14 | $ | 12.31 | $ | 8.30 | $ | 11.18 | $ | 14.04 | $ | 13.10 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.02 | ) | .18 | (.01 | ) | (.02 | ) | (.10 | ) | (.07 | ) | |||||||||||||
Net gain (loss) on investments (realized and unrealized) | (.89 | ) | 1.68 | 4.02 | (2.86 | ) | (2.76 | ) | 1.01 | |||||||||||||||
Total from investment operations | (.91 | ) | 1.86 | 4.01 | (2.88 | ) | (2.86 | ) | .94 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.03 | ) | — | — | — | — | |||||||||||||||||
Total distributions | — | (.03 | ) | — | — | — | — | |||||||||||||||||
Net asset value, end of period | $ | 13.23 | $ | 14.14 | $ | 12.31 | $ | 8.30 | $ | 11.18 | $ | 14.04 | ||||||||||||
Total Returnc | (6.44 | %) | 15.09 | % | 48.31 | % | (25.76 | %) | (20.37 | %) | 7.18 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 297 | $ | 517 | $ | 395 | $ | 49 | $ | 101 | $ | 385 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (0.27 | %) | 1.42 | % | (0.12 | %) | (0.17 | %) | (0.73 | %) | (0.54 | %) | ||||||||||||
Total expenses | 1.62 | % | 1.64 | % | 1.62 | % | 1.63 | % | 1.63 | % | 1.57 | % | ||||||||||||
Portfolio turnover rate | 577 | % | 1,062 | % | 1,049 | % | 461 | % | 1,205 | % | 952 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 13.27 | $ | 11.65 | $ | 7.92 | $ | 10.76 | $ | 13.62 | $ | 12.80 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.08 | ) | (.11 | ) | (.10 | ) | (.07 | ) | (.17 | ) | (.15 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (.81 | ) | 1.76 | 3.83 | (2.77 | ) | (2.69 | ) | .97 | |||||||||||||||
Total from investment operations | (.89 | ) | 1.65 | 3.73 | (2.84 | ) | (2.86 | ) | .82 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.03 | ) | — | — | — | — | |||||||||||||||||
Total distributions | — | (.03 | ) | — | — | — | — | |||||||||||||||||
Net asset value, end of period | $ | 12.38 | $ | 13.27 | $ | 11.65 | $ | 7.92 | $ | 10.76 | $ | 13.62 | ||||||||||||
Total Returnc | (6.71 | %) | 14.14 | % | 47.10 | % | (26.39 | %) | (21.00 | %) | 6.41 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,074 | $ | 2,705 | $ | 1,709 | $ | 1,008 | $ | 1,291 | $ | 2,650 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (1.12 | %) | (0.96 | %) | (1.08 | %) | (0.76 | %) | (1.36 | %) | (1.17 | %) | ||||||||||||
Total expenses | 2.37 | % | 2.39 | % | 2.38 | % | 2.38 | % | 2.37 | % | 2.34 | % | ||||||||||||
Portfolio turnover rate | 577 | % | 1,062 | % | 1,049 | % | 461 | % | 1,205 | % | 952 | % |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | |
c | Total return does not reflect the impact of any applicable sales charges and has not been annualized. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 93 |
FUND PROFILE (Unaudited) | September 30, 2011 |
![(IMAGE)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366818.gif)
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) | ||||
Apple, Inc. | 5.4 | % | ||
International Business Machines Corp. | 4.0 | % | ||
Microsoft Corp. | 3.8 | % | ||
Google, Inc. — Class A | 3.5 | % | ||
Oracle Corp. | 3.1 | % | ||
Intel Corp. | 2.9 | % | ||
Cisco Systems, Inc. | 2.6 | % | ||
QUALCOMM, Inc. | 2.3 | % | ||
Visa, Inc. — Class A | 2.0 | % | ||
Mastercard, Inc. — Class A | 1.7 | % | ||
Top Ten Total | 31.3 | % | ||
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 | |
TECHNOLOGY FUND |
Shares | Value | |||||||
COMMON STOCKS† - 99.4% | ||||||||
SEMICONDUCTORS - 14.9% | ||||||||
Intel Corp. | 15,014 | $ | 320,248 | |||||
Texas Instruments, Inc. | 5,856 | 156,061 | ||||||
Broadcom Corp. — Class A | 3,902 | 129,897 | ||||||
Taiwan Semiconductor Manufacturing Company Ltd. ADR | 10,064 | 115,031 | ||||||
Marvell Technology Group Ltd.* | 6,322 | 91,858 | ||||||
ARM Holdings plc ADR | 3,502 | 89,301 | ||||||
Analog Devices, Inc. | 2,710 | 84,688 | ||||||
Avago Technologies Ltd. | 2,502 | 81,991 | ||||||
Altera Corp. | 2,596 | 81,852 | ||||||
NVIDIA Corp.* | 6,274 | 78,425 | ||||||
Maxim Integrated Products, Inc. | 3,282 | 76,569 | ||||||
Xilinx, Inc. | 2,658 | 72,936 | ||||||
Linear Technology Corp. | 2,580 | 71,337 | ||||||
Microchip Technology, Inc. | 2,089 | 64,989 | ||||||
Micron Technology, Inc.* | 11,395 | 57,431 | ||||||
Atmel Corp.* | 5,510 | 44,466 | ||||||
Trina Solar Ltd. ADR* | 5,086 | 30,923 | ||||||
LDK Solar Company Ltd. ADR* | 8,905 | 27,784 | ||||||
Total Semiconductors | 1,675,787 | |||||||
INTERNET SOFTWARE & SERVICES - 13.1% | ||||||||
Google, Inc. — Class A | 782 | 402,246 | ||||||
eBay, Inc.* | 6,209 | 183,104 | ||||||
Baidu, Inc. ADR* | 1,529 | 163,465 | ||||||
Sina Corp.* | 1,840 | 131,762 | ||||||
Yahoo!, Inc.* | 9,207 | 121,164 | ||||||
Sohu.com, Inc.* | 1,572 | 75,770 | ||||||
LinkedIn Corp. — Class A* | 970 | 75,738 | ||||||
VeriSign, Inc. | 2,245 | 64,229 | ||||||
Equinix, Inc.* | 680 | 60,404 | ||||||
Rackspace Hosting, Inc.* | 1,700 | 58,038 | ||||||
Renren, Inc. ADR* | 10,250 | 52,275 | ||||||
Youku.com, Inc. ADR | 3,080 | 50,389 | ||||||
Akamai Technologies, Inc.* | 2,445 | 48,607 | ||||||
Total Internet Software & Services | 1,487,191 | |||||||
SYSTEMS SOFTWARE - 12.8% | ||||||||
Microsoft Corp. | 17,550 | 436,821 | ||||||
Oracle Corp. | 12,192 | 350,398 | ||||||
VMware, Inc. — Class A* | 2,016 | 162,046 | ||||||
Symantec Corp.* | 6,171 | 100,587 | ||||||
Check Point Software Technologies Ltd.* | 1,890 | 99,716 | ||||||
CA, Inc. | 4,622 | 89,713 | ||||||
Red Hat, Inc.* | 2,027 | 85,661 | ||||||
BMC Software, Inc.* | 1,761 | 67,904 | ||||||
Rovi Corp.* | 1,384 | 59,484 | ||||||
Total Systems Software | 1,452,330 | |||||||
COMMUNICATIONS EQUIPMENT - 12.7% | ||||||||
Cisco Systems, Inc. | 18,953 | 293,583 | ||||||
QUALCOMM, Inc. | 5,242 | 254,918 | ||||||
Motorola Mobility Holdings, Inc.* | 3,698 | 139,710 | ||||||
Motorola Solutions, Inc. | 2,733 | 114,513 | ||||||
Nokia Oyj ADR | 19,456 | 110,121 | ||||||
Research In Motion Ltd.* | 4,313 | 87,554 | ||||||
Juniper Networks, Inc.* | 4,055 | 69,989 | ||||||
Telefonaktiebolaget LM Ericsson ADR | 7,315 | 69,858 | ||||||
F5 Networks, Inc.* | 832 | 59,114 | ||||||
Harris Corp. | 1,702 | 58,157 | ||||||
Alcatel-Lucent ADR* | 19,560 | 55,355 | ||||||
Polycom, Inc.* | 2,320 | 42,618 | ||||||
Acme Packet, Inc.* | 1,000 | 42,590 | ||||||
Riverbed Technology, Inc. | 1,960 | 39,122 | ||||||
Total Communications Equipment | 1,437,202 | |||||||
COMPUTER HARDWARE - 12.2% | ||||||||
Apple, Inc.* | 1,596 | 608,363 | ||||||
International Business Machines Corp. | 2,598 | 454,728 | ||||||
Hewlett-Packard Co. | 7,599 | 170,598 | ||||||
Dell, Inc. | 10,527 | 148,957 | ||||||
Total Computer Hardware | 1,382,646 | |||||||
DATA PROCESSING & OUTSOURCED SERVICES - 9.1% | ||||||||
Visa, Inc. — Class A | 2,808 | 240,701 | ||||||
Mastercard, Inc. — Class A | 637 | 202,031 | ||||||
Automatic Data Processing, Inc. | 3,015 | 142,157 | ||||||
Paychex, Inc. | 3,383 | 89,210 | ||||||
Western Union Co. | 5,624 | 85,991 | ||||||
Fidelity National Information Services, Inc. | 3,144 | 76,462 | ||||||
Fiserv, Inc.* | 1,488 | 75,546 | ||||||
Alliance Data Systems Corp.* | 717 | 66,466 | ||||||
Computer Sciences Corp. | 2,016 | 54,130 | ||||||
Total Data Processing & Outsourced Services | 1,032,694 | |||||||
APPLICATION SOFTWARE - 5.8% | ||||||||
Intuit, Inc. | 2,410 | 114,330 | ||||||
Salesforce.com, Inc.* | 931 | 106,395 | ||||||
Adobe Systems, Inc.* | 3,918 | 94,698 | ||||||
SAP AG ADR | 1,758 | 88,990 | ||||||
Citrix Systems, Inc.* | 1,511 | 82,395 | ||||||
Autodesk, Inc.* | 2,378 | 66,061 | ||||||
Informatica Corp. — Class A | 1,320 | 54,054 | ||||||
TIBCO Software, Inc.* | 2,310 | 51,721 | ||||||
Total Application Software | 658,644 | |||||||
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 95 |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | September 30, 2011 | |
TECHNOLOGY FUND |
Shares | Value | |||||||
IT CONSULTING & OTHER SERVICES - 4.7% | ||||||||
Accenture plc — Class A | 3,357 | $ | 176,847 | |||||
Infosys Ltd. ADR | 2,872 | 146,673 | ||||||
Cognizant Technology Solutions Corp. — Class A* | 1,980 | 124,146 | ||||||
Teradata Corp.* | 1,665 | 89,127 | ||||||
Total IT Consulting & Other Services | 536,793 | |||||||
COMPUTER STORAGE & PERIPHERALS - 4.2% | ||||||||
EMC Corp. | 8,585 | 180,199 | ||||||
SanDisk Corp.* | 2,363 | 95,347 | ||||||
NetApp, Inc.* | 2,629 | 89,228 | ||||||
Western Digital Corp.* | 2,472 | 63,580 | ||||||
Seagate Technology plc | 4,993 | 51,328 | ||||||
Total Computer Storage & Peripherals | 479,682 | |||||||
SEMICONDUCTOR EQUIPMENT - 2.9% | ||||||||
Applied Materials, Inc. | 9,905 | 102,516 | ||||||
ASML Holding N.V. — Class G ADR | 2,779 | 95,987 | ||||||
KLA-Tencor Corp. | 1,938 | 74,187 | ||||||
Lam Research Corp.* | 1,614 | 61,300 | ||||||
Total Semiconductor Equipment | 333,990 | |||||||
HOME ENTERTAINMENT SOFTWARE - 1.7% | ||||||||
Activision Blizzard, Inc. | 9,740 | 115,906 | ||||||
Electronic Arts, Inc.* | 3,653 | 74,704 | ||||||
Total Home Entertainment Software | 190,610 | |||||||
ELECTRONIC COMPONENTS - 1.7% | ||||||||
Corning, Inc. | 9,400 | 116,184 | ||||||
Amphenol Corp. — Class A | 1,801 | 73,427 | ||||||
Total Electronic Components | 189,611 | |||||||
ELECTRONIC MANUFACTURING SERVICES - 1.4% | ||||||||
TE Connectivity Ltd. | 3,387 | 95,310 | ||||||
Flextronics International Ltd.* | 10,731 | 60,416 | ||||||
Total Electronic Manufacturing Services | 155,726 | |||||||
OFFICE ELECTRONICS - 0.7% | ||||||||
Xerox Corp. | 11,520 | 80,294 | ||||||
TECHNOLOGY DISTRIBUTORS - 0.5% | ||||||||
Avnet, Inc.* | 2,171 | 56,620 | ||||||
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.5% | ||||||||
FLIR Systems, Inc. | 2,157 | 54,033 | ||||||
ELECTRICAL COMPONENTS & EQUIPMENT - 0.5% | ||||||||
First Solar, Inc.* | 810 | 51,200 | ||||||
Total Common Stocks (Cost $6,569,997) | 11,255,053 | |||||||
Total Investments - 99.4% (Cost $6,569,997) | $ | 11,255,053 | ||||||
Cash & Other Assets, Less Liabilities — 0.6% | 67,643 | |||||||
Total Net Assets — 100.0% | $ | 11,322,696 |
* | Non-income producing security. | |
† | Value determined based on Level 1 inputs — See Note 4. | |
ADR — American Depositary Receipt | ||
plc — Public Limited Company |
96 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
STATEMENT OF ASSETS AND LIABILITIES (Unaudited)
September 30, 2011
Assets: | ||||
Investments, at value (cost $6,569,997) | $ | 11,255,053 | ||
Receivables: | ||||
Fund shares sold | 468,940 | |||
Securities sold | 271,615 | |||
Dividends | 4,131 | |||
Total assets | 11,999,739 | |||
Liabilities: | ||||
Overdraft due to custodian bank | 42,264 | |||
Payable for: | ||||
Fund shares redeemed | 597,605 | |||
Management fees | 8,627 | |||
Distribution and service fees | 2,541 | |||
Transfer agent and administrative fees | 2,538 | |||
Portfolio accounting fees | 1,015 | |||
Miscellaneous | 22,453 | |||
Total liabilities | 677,043 | |||
Net assets | $ | 11,322,696 | ||
Net assets consist of: | ||||
Paid in capital | $ | 24,648,505 | ||
Undistributed net investment income | 3,035 | |||
Accumulated net realized loss on investments | (18,013,900 | ) | ||
Net unrealized appreciation on investments | 4,685,056 | |||
Net assets | $ | 11,322,696 | ||
Investor Class: | ||||
Net assets | $ | 6,625,319 | ||
Capital shares outstanding | 589,246 | |||
Net asset value per share | $ | 11.24 | ||
Advisor Class: | ||||
Net assets | $ | 1,602,347 | ||
Capital shares outstanding | 151,628 | |||
Net asset value per share | $ | 10.57 | ||
A-Class: | ||||
Net assets | $ | 971,932 | ||
Capital shares outstanding | 90,876 | |||
Net asset value per share | $ | 10.69 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 11.22 | ||
C-Class: | ||||
Net assets | $ | 2,123,098 | ||
Capital shares outstanding | 208,601 | |||
Net asset value per share | $ | 10.18 | ||
Period Ended September 30, 2011
Investment Income: | ||||
Dividends (net of foreign withholding tax of $5,708) | $ | 265,432 | ||
Interest | 18 | |||
Total investment income | 265,450 | |||
Expenses: | ||||
Management fees | 148,077 | |||
Transfer agent and administrative fees | 43,552 | |||
Distribution and Service fees: | ||||
Advisor Class | 8,692 | |||
A-Class | 1,797 | |||
C-Class | 12,721 | |||
Portfolio accounting fees | 17,421 | |||
Registration fees | 13,296 | |||
Trustees’ fees* | 2,025 | |||
Miscellaneous | 14,834 | |||
Total expenses | 262,415 | |||
Net investment income | 3,035 | |||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments | 2,074,912 | |||
Net realized gain | 2,074,912 | |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (7,552,651 | ) | ||
Net change in unrealized appreciation (depreciation) | (7,552,651 | ) | ||
Net realized and unrealized loss | (5,477,739 | ) | ||
Net decrease in net assets resulting from operations | $ | (5,474,704 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 97 |
STATEMENTS OF CHANGES IN NET ASSETS
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment income (loss) | $ | 3,035 | $ | (294,384 | ) | |||
Net realized gain on investments | 2,074,912 | 6,855,354 | ||||||
Net change in unrealized appreciation (depreciation) on investments | (7,552,651 | ) | (3,631,811 | ) | ||||
Net increase (decrease) in net assets resulting from operations | (5,474,704 | ) | 2,929,159 | |||||
Distributions to shareholders | — | — | ||||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
Investor Class | 77,234,017 | 135,813,468 | ||||||
Advisor Class | 2,854,058 | 28,472,116 | ||||||
A-Class | 839,350 | 4,442,948 | ||||||
C-Class | 34,077,082 | 88,193,972 | ||||||
Cost of shares redeemed | ||||||||
Investor Class | (101,977,668 | ) | (139,967,215 | ) | ||||
Advisor Class | (7,058,476 | ) | (40,011,196 | ) | ||||
A-Class | (1,349,573 | ) | (6,872,533 | ) | ||||
C-Class | (34,137,661 | ) | (89,700,251 | ) | ||||
Net decrease from capital share transactions | (29,518,871 | ) | (19,628,691 | ) | ||||
Net decrease in net assets | (34,993,575 | ) | (16,699,532 | ) | ||||
Net assets: | ||||||||
Beginning of period | 46,316,271 | 63,015,803 | ||||||
End of period | $ | 11,322,696 | $ | 46,316,271 | ||||
Undistributed net investment income at end of period | $ | 3,035 | $ | — | ||||
Capital share activity: | ||||||||
Shares sold | ||||||||
Investor Class | 5,639,731 | 10,630,438 | ||||||
Advisor Class | 226,315 | 2,464,584 | ||||||
A-Class | 65,885 | 365,677 | ||||||
C-Class | 2,863,540 | 7,895,392 | ||||||
Shares redeemed | ||||||||
Investor Class | (7,591,392 | ) | (11,196,482 | ) | ||||
Advisor Class | (574,644 | ) | (3,541,746 | ) | ||||
A-Class | (104,970 | ) | (578,302 | ) | ||||
C-Class | (2,861,266 | ) | (8,025,633 | ) | ||||
Net decrease in shares | (2,336,801 | ) | (1,986,072 | ) | ||||
98 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FINANCIAL HIGHLIGHTS
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Investor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 13.94 | $ | 12.03 | $ | 7.70 | $ | 11.77 | $ | 12.53 | $ | 12.35 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | .02 | (.06 | ) | (.05 | ) | (.03 | ) | (.10 | ) | (.11 | ) | |||||||||||||
Net gain (loss) on investments (realized and unrealized) | (2.72 | ) | 1.97 | 4.38 | (4.04 | ) | (.66 | ) | .29 | |||||||||||||||
Total from investment operations | (2.70 | ) | 1.91 | 4.33 | (4.07 | ) | (.76 | ) | .18 | |||||||||||||||
Net asset value, end of period | $ | 11.24 | $ | 13.94 | $ | 12.03 | $ | 7.70 | $ | 11.77 | $ | 12.53 | ||||||||||||
Total Returnc | (19.37 | %) | 15.88 | % | 56.23 | % | (34.58 | %) | (6.07 | %) | 1.46 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 6,625 | $ | 35,408 | $ | 37,391 | $ | 11,601 | $ | 9,916 | $ | 14,274 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | 0.24 | % | (0.48 | %) | (0.52 | %) | (0.29 | %) | (0.72 | %) | (0.91 | %) | ||||||||||||
Total expenses | 1.37 | % | 1.39 | % | 1.38 | % | 1.37 | % | 1.37 | % | 1.36 | % | ||||||||||||
Portfolio turnover rate | 257 | % | 393 | % | 335 | % | 564 | % | 694 | % | 684 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Advisor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 13.13 | $ | 11.39 | $ | 7.32 | $ | 11.27 | $ | 12.05 | $ | 11.94 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.04 | ) | (.11 | ) | (.11 | ) | (.05 | ) | (.15 | ) | (.16 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (2.52 | ) | 1.85 | 4.18 | (3.90 | ) | (.63 | ) | .27 | |||||||||||||||
Total from investment operations | (2.56 | ) | 1.74 | 4.07 | (3.95 | ) | (.78 | ) | .11 | |||||||||||||||
Net asset value, end of period | $ | 10.57 | $ | 13.13 | $ | 11.39 | $ | 7.32 | $ | 11.27 | $ | 12.05 | ||||||||||||
Total Returnc | (19.50 | %) | 15.28 | % | 55.60 | % | (35.05 | %) | (6.47 | %) | 0.92 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,602 | $ | 6,565 | $ | 17,969 | $ | 1,914 | $ | 2,077 | $ | 4,807 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (0.58 | %) | (0.94 | %) | (1.04 | %) | (0.53 | %) | (1.16 | %) | (1.41 | %) | ||||||||||||
Total expenses | 1.87 | % | 1.88 | % | 1.87 | % | 1.87 | % | 1.88 | % | 1.86 | % | ||||||||||||
Portfolio turnover rate | 257 | % | 393 | % | 335 | % | 564 | % | 694 | % | 684 | % |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 99 |
FINANCIAL HIGHLIGHTS (concluded)
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 13.28 | $ | 11.49 | $ | 7.37 | $ | 11.32 | $ | 12.09 | $ | 11.95 | ||||||||||||
Income (loss) from investment operations: | �� | |||||||||||||||||||||||
Net investment lossb | (.03 | ) | (.09 | ) | (.08 | ) | (.04 | ) | (.11 | ) | (.14 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (2.56 | ) | 1.88 | 4.20 | (3.91 | ) | (.66 | ) | .28 | |||||||||||||||
Total from investment operations | (2.59 | ) | 1.79 | 4.12 | (3.95 | ) | (.77 | ) | .14 | |||||||||||||||
Net asset value, end of period | $ | 10.69 | $ | 13.28 | $ | 11.49 | $ | 7.37 | $ | 11.32 | $ | 12.09 | ||||||||||||
Total Returnc | (19.50 | %) | 15.58 | % | 55.90 | % | (34.89 | %) | (6.37 | %) | 1.17 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 972 | $ | 1,725 | $ | 3,936 | $ | 1,669 | $ | 546 | $ | 278 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (0.48 | %) | (0.73 | %) | (0.78 | %) | (0.41 | %) | (0.86 | %) | (1.18 | %) | ||||||||||||
Total expenses | 1.62 | % | 1.64 | % | 1.63 | % | 1.63 | % | 1.60 | % | 1.61 | % | ||||||||||||
Portfolio turnover rate | 257 | % | 393 | % | 335 | % | 564 | % | 694 | % | 684 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 12.69 | $ | 11.05 | $ | 7.14 | $ | 11.04 | $ | 11.87 | $ | 11.81 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.08 | ) | (.17 | ) | (.14 | ) | (.12 | ) | (.21 | ) | (.22 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (2.43 | ) | 1.81 | 4.05 | (3.78 | ) | (.62 | ) | .28 | |||||||||||||||
Total from investment operations | (2.51 | ) | 1.64 | 3.91 | (3.90 | ) | (.83 | ) | .06 | |||||||||||||||
Net asset value, end of period | $ | 10.18 | $ | 12.69 | $ | 11.05 | $ | 7.14 | $ | 11.04 | $ | 11.87 | ||||||||||||
Total Returnc | (19.78 | %) | 14.84 | % | 54.76 | % | (35.33 | %) | (6.99 | %) | 0.51 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 2,123 | $ | 2,618 | $ | 3,719 | $ | 1,335 | $ | 2,448 | $ | 1,538 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (1.26 | %) | (1.53 | %) | (1.49 | %) | (1.24 | %) | (1.67 | %) | (1.91 | %) | ||||||||||||
Total expenses | 2.37 | % | 2.39 | % | 2.38 | % | 2.38 | % | 2.35 | % | 2.35 | % | ||||||||||||
Portfolio turnover rate | 257 | % | 393 | % | 335 | % | 564 | % | 694 | % | 684 | % |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | |
c | Total return does not reflect the impact of any applicable sales charges and has not been annualized. |
100 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FUND PROFILE (Unaudited) | September 30, 2011 | |
TELECOMMUNICATIONS FUND |
![(BAR GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366819.gif)
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. | 8.6 | % | ||
Vodafone Group plc ADR | 7.6 | % | ||
Verizon Communications, Inc. | 6.9 | % | ||
Cisco Systems, Inc. | 6.3 | % | ||
QUALCOMM, Inc. | 5.6 | % | ||
American Tower Corp. — Class A | 3.1 | % | ||
Motorola Mobility Holdings, Inc. | 3.0 | % | ||
CenturyLink, Inc. | 2.8 | % | ||
Motorola Solutions, Inc. | 2.5 | % | ||
Crown Castle International Corp. | 2.3 | % | ||
Top Ten Total | 48.7 | % | ||
SCHEDULE OF INVESTMENTS(Unaudited) | September 30, 2011 | |
TELECOMMUNICATIONS FUND |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
COMMUNICATIONS EQUIPMENT - 41.0% | ||||||||
Cisco Systems, Inc. | 17,054 | $ | 264,166 | |||||
QUALCOMM, Inc. | 4,716 | 229,339 | ||||||
Motorola Mobility Holdings, Inc.* | 3,325 | 125,619 | ||||||
Motorola Solutions, Inc. | 2,454 | 102,823 | ||||||
Nokia Oyj ADR | 13,940 | 78,900 | ||||||
Research In Motion Ltd.* | 3,877 | 78,703 | ||||||
Juniper Networks, Inc.* | 3,649 | 62,982 | ||||||
F5 Networks, Inc.* | 744 | 52,861 | ||||||
Harris Corp. | 1,536 | 52,485 | ||||||
InterDigital, Inc. | 895 | 41,689 | ||||||
Telefonaktiebolaget LM Ericsson ADR | 4,245 | 40,540 | ||||||
Polycom, Inc.* | 2,089 | 38,375 | ||||||
Acme Packet, Inc.* | 899 | 38,288 | ||||||
Alcatel-Lucent ADR* | 12,954 | 36,660 | ||||||
Finisar Corp.* | 2,017 | 35,378 | ||||||
Riverbed Technology, Inc. | 1,759 | 35,110 | ||||||
Aruba Networks, Inc.* | 1,650 | 34,502 | ||||||
JDS Uniphase Corp.* | 3,405 | 33,948 | ||||||
Brocade Communications Systems, Inc.* | 7,638 | 32,996 | ||||||
ADTRAN, Inc. | 1,118 | 29,582 | ||||||
Arris Group, Inc.* | 2,764 | 28,469 | ||||||
Plantronics, Inc. | 1,000 | 28,450 | ||||||
Infinera Corp.* | 3,250 | 25,090 | ||||||
Ciena Corp.* | 2,121 | 23,755 | ||||||
Comtech Telecommunications Corp. | 845 | 23,736 | ||||||
Netgear, Inc.* | 806 | 20,867 | ||||||
Blue Coat Systems, Inc.* | 1,247 | 17,308 | ||||||
Emulex Corp.* | 2,670 | 17,088 | ||||||
Viasat, Inc.* | 483 | 16,089 | ||||||
Tekelec* | 2,471 | 14,925 | ||||||
DG FastChannel, Inc.* | 823 | 13,950 | ||||||
Harmonic, Inc.* | 2,805 | 11,949 | ||||||
Calix, Inc.* | 1,047 | 8,167 | ||||||
Total Communications Equipment | 1,694,789 | |||||||
INTEGRATED TELECOMMUNICATION SERVICES - 29.2% | ||||||||
AT&T, Inc. | 12,336 | 351,822 | ||||||
Verizon Communications, Inc. | 7,772 | 286,009 | ||||||
CenturyLink, Inc. | 3,468 | 114,860 | ||||||
Windstream Corp. | 5,582 | 65,086 | ||||||
Frontier Communications Corp. | 9,897 | 60,471 | ||||||
China Unicom Hong Kong Ltd. ADR | 2,833 | 57,793 | ||||||
BCE, Inc. | 1,341 | 50,234 | ||||||
Telefonica S.A. ADR | 2,596 | 49,636 | ||||||
Chunghwa Telecom Company Ltd. ADR | 1,413 | 46,629 | ||||||
Telefonos de Mexico SAB de CV ADR | 3,084 | 46,106 | ||||||
KT Corp. ADR | 2,743 | 40,542 | ||||||
Tele Norte Leste Participacoes S.A. ADR | 3,563 | 33,955 | ||||||
Total Integrated Telecommunication Services | 1,203,143 | |||||||
WIRELESS TELECOMMUNICATION SERVICES - 27.1% | ||||||||
Vodafone Group plc ADR | 12,409 | 318,290 | ||||||
American Tower Corp. — Class A* | 2,432 | 130,842 | ||||||
Crown Castle International Corp.* | 2,340 | 95,168 | ||||||
America Movil SAB de CV ADR | 3,840 | 84,787 | ||||||
China Mobile Ltd. ADR | 1,493 | 72,724 | ||||||
Sprint Nextel Corp.* | 21,112 | 64,180 | ||||||
SBA Communications Corp. — Class A* | 1,515 | 52,237 | ||||||
SK Telecom Company Ltd. ADR | 3,575 | 50,300 | ||||||
NII Holdings, Inc.* | 1,789 | 48,214 | ||||||
Tim Participacoes S.A. ADR | 1,922 | 45,282 | ||||||
Mobile Telesystems OJSC ADR | 3,442 | 42,337 | ||||||
VimpelCom Ltd. ADR | 4,200 | 40,026 | ||||||
MetroPCS Communications, Inc.* | 4,036 | 35,154 | ||||||
Telephone & Data Systems, Inc. | 1,214 | 25,798 | ||||||
Leap Wireless International, Inc.* | 2,014 | 13,897 | ||||||
Total Wireless Telecommunication Services | 1,119,236 | |||||||
ALTERNATIVE CARRIERS - 2.2% | ||||||||
tw telecom, Inc. — Class A* | 2,269 | 37,485 | ||||||
AboveNet, Inc. | 564 | 30,230 | ||||||
Global Crossing Ltd.* | 1,008 | 24,101 | ||||||
Total Alternative Carriers | 91,816 | |||||||
Total Common Stocks (Cost $3,153,781) | 4,108,984 | |||||||
Total Investments - 99.5% (Cost $3,153,781) | $ | 4,108,984 | ||||||
Cash & Other Assets, Less Liabilities — 0.5% | 19,747 | |||||||
Total Net Assets — 100.0% | $ | 4,128,731 |
* | Non-income producing security. | |
† | Value determined based on Level 1 inputs — See Note 4. | |
ADR — American Depositary Receipt | ||
plc — Public Limited Company |
102 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
September 30, 2011
Assets: | ||||
Investments, at value (cost $3,153,781) | $ | 4,108,984 | ||
Receivables: | ||||
Fund shares sold | 829,183 | |||
Dividends | 3,272 | |||
Total assets | 4,941,439 | |||
Liabilities: | ||||
Overdraft due to custodian bank | 19,082 | |||
Payable for: | ||||
Securities purchased | 782,357 | |||
Management fees | 2,860 | |||
Distribution and service fees | 933 | |||
Transfer agent and administrative fees | 841 | |||
Portfolio accounting fees | 336 | |||
Miscellaneous | 6,299 | |||
Total liabilities | 812,708 | |||
Net Assets | $ | 4,128,731 | ||
Net assets consist of: | ||||
Paid in capital | $ | 7,893,978 | ||
Undistributed net investment income | 222,095 | |||
Accumulated net realized loss on investments | (4,942,545 | ) | ||
Net unrealized appreciation on investments | 955,203 | |||
Net assets | $ | 4,128,731 | ||
Investor Class: | ||||
Net assets | $ | 2,037,761 | ||
Capital shares outstanding | 165,391 | |||
Net asset value per share | $ | 12.32 | ||
Advisor Class: | ||||
Net assets | $ | 193,662 | ||
Capital shares outstanding | 16,793 | |||
Net asset value per share | $ | 11.53 | ||
A-Class: | ||||
Net assets | $ | 536,204 | ||
Capital shares outstanding | 45,891 | |||
Net asset value per share | $ | 11.68 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 12.26 | ||
C-Class: | ||||
Net assets | $ | 1,361,104 | ||
Capital shares outstanding | 122,969 | |||
Net asset value per share | $ | 11.07 | ||
Investment Income: | ||||
Dividends (net of foreign withholding tax of $4,704) | $ | 217,042 | ||
Interest | 3 | |||
Total investment income | 217,045 | |||
Expenses: | ||||
Management fees | 41,388 | |||
Transfer agent and administrative fees | 12,173 | |||
Distribution and Service fees: | ||||
Advisor Class | 1,145 | |||
A-Class | 873 | |||
C-Class | 6,876 | |||
Portfolio accounting fees | 4,869 | |||
Registration fees | 4,270 | |||
Trustees’ fees* | 742 | |||
Miscellaneous | 3,585 | |||
Total expenses | 75,921 | |||
Net investment income | 141,124 | |||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments | 306,772 | |||
Net realized gain | 306,772 | |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (2,590,031 | ) | ||
Net change in unrealized appreciation (depreciation) | (2,590,031 | ) | ||
Net realized and unrealized loss | (2,283,259 | ) | ||
Net decrease in net assets resulting from operations | $ | (2,142,135 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 103 |
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment income | $ | 141,124 | $ | 80,971 | ||||
Net realized gain on investments | 306,772 | 588,234 | ||||||
Net change in unrealized appreciation (depreciation) on investments | (2,590,031 | ) | 1,503,267 | |||||
Net increase (decrease) in net assets resulting from operations | (2,142,135 | ) | 2,172,472 | |||||
Distributions to shareholders from: | ||||||||
Net investment income | ||||||||
Investor Class | — | (67,481 | ) | |||||
Advisor Class | — | (5,275 | ) | |||||
A-Class | — | (4,577 | ) | |||||
C-Class | — | (18,522 | ) | |||||
Total distributions to shareholders | — | (95,855 | ) | |||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
Investor Class | 25,388,208 | 134,026,357 | ||||||
Advisor Class | 1,824,297 | 14,787,230 | ||||||
A-Class | 1,403,275 | 3,138,157 | ||||||
C-Class | 39,915,879 | 101,895,836 | ||||||
Distributions reinvested | ||||||||
Investor Class | — | 66,267 | ||||||
Advisor Class | — | 4,612 | ||||||
A-Class | — | 4,413 | ||||||
C-Class | — | 16,598 | ||||||
Cost of shares redeemed | ||||||||
Investor Class | (69,978,589 | ) | (92,550,806 | ) | ||||
Advisor Class | (2,193,723 | ) | (14,584,997 | ) | ||||
A-Class | (1,389,862 | ) | (3,561,229 | ) | ||||
C-Class | (41,077,437 | ) | (100,130,077 | ) | ||||
Net increase (decrease) from capital share transactions | (46,107,952 | ) | 43,112,361 | |||||
Net increase (decrease) in net assets | (48,250,087 | ) | 45,188,978 | |||||
Net assets: | ||||||||
Beginning of period | 52,378,818 | 7,189,840 | ||||||
End of period | $ | 4,128,731 | $ | 52,378,818 | ||||
Undistributed net investment income at end of period | $ | 222,095 | $ | 80,971 | ||||
Capital share activity: | ||||||||
Shares sold | ||||||||
Investor Class | 1,692,891 | 9,014,851 | ||||||
Advisor Class | 123,755 | 1,144,045 | ||||||
A-Class | 110,918 | 239,651 | ||||||
C-Class | 2,993,416 | 7,870,456 | ||||||
Shares issued from reinvestment of distributions | ||||||||
Investor Class | — | 4,511 | ||||||
Advisor Class | — | 334 | ||||||
A-Class | — | 316 | ||||||
C-Class | — | 1,246 | ||||||
Shares redeemed | ||||||||
Investor Class | (4,588,738 | ) | (6,298,891 | ) | ||||
Advisor Class | (154,124 | ) | (1,118,811 | ) | ||||
A-Class | (111,915 | ) | (276,676 | ) | ||||
C-Class | (3,074,523 | ) | (7,758,916 | ) | ||||
Net increase (decrease) in shares | (3,008,320 | ) | 2,822,116 | |||||
104 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Investor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 15.71 | $ | 13.73 | $ | 10.29 | $ | 17.04 | $ | 19.02 | $ | 17.74 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment incomeb | .28 | .10 | .26 | .27 | .12 | .16 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (3.67 | ) | 1.96 | 3.52 | (6.68 | ) | (2.08 | ) | 1.23 | |||||||||||||||
Total from investment operations | (3.39 | ) | 2.06 | 3.78 | (6.41 | ) | (1.96 | ) | 1.39 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.08 | ) | (.34 | ) | (.34 | ) | (.02 | ) | (.11 | ) | |||||||||||||
Total distributions | — | (.08 | ) | (.34 | ) | (.34 | ) | (.02 | ) | (.11 | ) | |||||||||||||
Net asset value, end of period | $ | 12.32 | $ | 15.71 | $ | 13.73 | $ | 10.29 | $ | 17.04 | $ | 19.02 | ||||||||||||
Total Returnc | (21.58 | %) | 15.06 | % | 36.88 | % | (37.55 | %) | (10.32 | %) | 7.87 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 2,038 | $ | 48,089 | $ | 4,677 | $ | 4,440 | $ | 11,134 | $ | 16,699 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 3.66 | % | 0.73 | % | 2.03 | % | 1.92 | % | 0.58 | % | 0.89 | % | ||||||||||||
Total expenses | 1.38 | % | 1.39 | % | 1.39 | % | 1.39 | % | 1.37 | % | 1.37 | % | ||||||||||||
Portfolio turnover rate | 353 | % | 1,008 | % | 867 | % | 672 | % | 528 | % | 430 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Advisor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 14.74 | $ | 12.94 | $ | 9.75 | $ | 16.26 | $ | 18.24 | $ | 17.10 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | .20 | .03 | .23 | .17 | (.02 | ) | .04 | |||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (3.41 | ) | 1.85 | 3.30 | (6.34 | ) | (1.94 | ) | 1.21 | |||||||||||||||
Total from investment operations | (3.21 | ) | 1.88 | 3.53 | (6.17 | ) | (1.96 | ) | 1.25 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.08 | ) | (.34 | ) | (.34 | ) | (.02 | ) | (.11 | ) | |||||||||||||
Total distributions | — | (.08 | ) | (.34 | ) | (.34 | ) | (.02 | ) | (.11 | ) | |||||||||||||
Net asset value, end of period | $ | 11.53 | $ | 14.74 | $ | 12.94 | $ | 9.75 | $ | 16.26 | $ | 18.24 | ||||||||||||
Total Returnc | (21.78 | %) | 14.59 | % | 36.35 | % | (37.88 | %) | (10.76 | %) | 7.35 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 194 | $ | 695 | $ | 279 | $ | 9,991 | $ | 835 | $ | 6,584 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | 2.77 | % | 0.25 | % | 1.94 | % | 1.53 | % | (0.09 | %) | 0.22 | % | ||||||||||||
Total expenses | 1.87 | % | 1.88 | % | 1.89 | % | 1.81 | % | 1.88 | % | 1.83 | % | ||||||||||||
Portfolio turnover rate | 353 | % | 1,008 | % | 867 | % | 672 | % | 528 | % | 430 | % |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 105 |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 14.91 | $ | 13.07 | $ | 9.83 | $ | 16.33 | $ | 18.28 | $ | 17.15 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment incomeb | .07 | .14 | .17 | .27 | .03 | .05 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (3.30 | ) | 1.78 | 3.41 | (6.43 | ) | (1.96 | ) | 1.19 | |||||||||||||||
Total from investment operations | (3.23 | ) | 1.92 | 3.58 | (6.16 | ) | (1.93 | ) | 1.24 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.08 | ) | (.34 | ) | (.34 | ) | (.02 | ) | (.11 | ) | |||||||||||||
Total distributions | — | (.08 | ) | (.34 | ) | (.34 | ) | (.02 | ) | (.11 | ) | |||||||||||||
Net asset value, end of period | $ | 11.68 | $ | 14.91 | $ | 13.07 | $ | 9.83 | $ | 16.33 | $ | 18.28 | ||||||||||||
Total Returnc | (21.66 | %) | 14.75 | % | 36.57 | % | (37.66 | %) | (10.57 | %) | 7.27 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 536 | $ | 699 | $ | 1,093 | $ | 1,317 | $ | 451 | $ | 2,126 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 1.02 | % | 1.01 | % | 1.45 | % | 2.15 | % | 0.13 | % | 0.28 | % | ||||||||||||
Total expenses | 1.62 | % | 1.64 | % | 1.63 | % | 1.63 | % | 1.61 | % | 1.49 | % | ||||||||||||
Portfolio turnover rate | 353 | % | 1,008 | % | 867 | % | 672 | % | 528 | % | 430 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 14.19 | $ | 12.50 | $ | 9.48 | $ | 15.91 | $ | 17.93 | $ | 16.90 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.01 | ) | (.01 | ) | .10 | .13 | (.10 | ) | (.06 | ) | ||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (3.11 | ) | 1.78 | 3.26 | (6.22 | ) | (1.90 | ) | 1.20 | |||||||||||||||
Total from investment operations | (3.12 | ) | 1.77 | 3.36 | (6.09 | ) | (2.00 | ) | 1.14 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.08 | ) | (.34 | ) | (.34 | ) | (.02 | ) | (.11 | ) | |||||||||||||
Total distributions | — | (.08 | ) | (.34 | ) | (.34 | ) | (.02 | ) | (.11 | ) | |||||||||||||
Net asset value, end of period | $ | 11.07 | $ | 14.19 | $ | 12.50 | $ | 9.48 | $ | 15.91 | $ | 17.93 | ||||||||||||
Total Returnc | (21.99 | %) | 14.22 | % | 35.59 | % | (38.21 | %) | (11.17 | %) | 6.78 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,361 | $ | 2,896 | $ | 1,141 | $ | 1,281 | $ | 2,846 | $ | 4,763 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (0.11 | %) | (0.07 | %) | 0.86 | % | 0.99 | % | (0.50 | %) | (0.35 | %) | ||||||||||||
Total expenses | 2.37 | % | 2.39 | % | 2.39 | % | 2.42 | % | 2.37 | % | 2.33 | % | ||||||||||||
Portfolio turnover rate | 353 | % | 1,008 | % | 867 | % | 672 | % | 528 | % | 430 | % |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | |
c | Total return does not reflect the impact of any applicable sales charges and has not been annualized. |
106 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FUND PROFILE (Unaudited) TRANSPORTATION FUND | September 30, 2011 |
![(BAR GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366820.gif)
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 | 10.7 | % | ||
Union Pacific Corp. | 8.4 | % | ||
Norfolk Southern Corp. | 6.1 | % | ||
FedEx Corp. | 5.7 | % | ||
CSX Corp. | 5.6 | % | ||
CH Robinson Worldwide, Inc. | 4.6 | % | ||
Expeditors International of Washington, Inc. | 3.8 | % | ||
United Continental Holdings, Inc. | 3.5 | % | ||
Delta Air Lines, Inc. | 3.3 | % | ||
Kansas City Southern | 3.2 | % | ||
Top Ten Total | 54.9 | % |
the RYDEX | SGI series funds semi-annual report | 107 |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 | |
TRANSPORTATION FUND |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
RAILROADS - 28.6% | ||||||||
Union Pacific Corp. | 5,375 | $ | 438,975 | |||||
Norfolk Southern Corp. | 5,332 | 325,359 | ||||||
CSX Corp. | 16,004 | 298,795 | ||||||
Kansas City Southern* | 3,387 | 169,215 | ||||||
Canadian National Railway Co. | 2,010 | 133,826 | ||||||
Canadian Pacific Railway Ltd. | 1,738 | 83,580 | ||||||
Genesee & Wyoming, Inc. — Class A* | 1,404 | 65,314 | ||||||
Total Railroads | 1,515,064 | |||||||
AIR FREIGHT & LOGISTICS - 28.5% | ||||||||
United Parcel Service, Inc. — Class B | 9,001 | 568,412 | ||||||
FedEx Corp. | 4,470 | 302,530 | ||||||
CH Robinson Worldwide, Inc. | 3,529 | 241,631 | ||||||
Expeditors International of Washington, Inc. | 4,971 | 201,574 | ||||||
UTI Worldwide, Inc. | 5,750 | 74,980 | ||||||
HUB Group, Inc. — Class A* | 2,436 | 68,866 | ||||||
Atlas Air Worldwide Holdings, Inc.* | 1,589 | 52,898 | ||||||
Total Air Freight & Logistics | 1,510,891 | |||||||
AIRLINES - 22.0% | ||||||||
United Continental Holdings, Inc.* | 9,320 | 180,621 | ||||||
Delta Air Lines, Inc.* | 23,567 | 176,752 | ||||||
Southwest Airlines Co. | 20,818 | 167,377 | ||||||
Copa Holdings S.A. — Class A | 1,942 | 118,986 | ||||||
Alaska Air Group, Inc.* | 1,777 | 100,027 | ||||||
Ryanair Holdings plc ADR | 2,893 | 74,495 | ||||||
JetBlue Airways Corp.* | 17,395 | 71,320 | ||||||
US Airways Group, Inc.* | 10,994 | 60,467 | ||||||
Lan Airlines S.A. ADR | 2,870 | 59,266 | ||||||
TAM S.A. ADR | 3,700 | 57,646 | ||||||
AMR Corp.* | 19,392 | 57,400 | ||||||
Gol Linhas Aereas Inteligentes S.A. ADR | 7,380 | 41,033 | ||||||
Total Airlines | 1,165,390 | |||||||
TRUCKING - 16.7% | ||||||||
J.B. Hunt Transport Services, Inc. | 3,892 | 140,578 | ||||||
Hertz Global Holdings, Inc.* | 12,659 | 112,665 | ||||||
Landstar System, Inc. | 2,478 | 98,030 | ||||||
Ryder System, Inc. | 2,321 | 87,061 | ||||||
Old Dominion Freight Line, Inc.* | 3,005 | 87,055 | ||||||
Werner Enterprises, Inc. | 3,930 | 81,862 | ||||||
Knight Transportation, Inc. | 5,468 | 72,779 | ||||||
Con-way, Inc. | 2,882 | 63,779 | ||||||
Heartland Express, Inc. | 3,717 | 50,403 | ||||||
Swift Transportation Co. — Class A* | 7,700 | 49,588 | ||||||
Arkansas Best Corp. | 2,460 | 39,729 | ||||||
Total Trucking | 883,529 | |||||||
MARINE - 3.0% | ||||||||
Kirby Corp.* | 2,178 | 114,650 | ||||||
Alexander & Baldwin, Inc. | 1,140 | 41,644 | ||||||
Total Marine | 156,294 | |||||||
DIVERSIFIED COMMERCIAL & PROFESSIONAL SERVICES - 1.1% | ||||||||
Avis Budget Group, Inc.* | 6,104 | 59,026 | ||||||
Total Common Stocks (Cost $3,304,550) | 5,290,194 | |||||||
Face | ||||||||
Amount | ||||||||
REPURCHASE AGREEMENT††,1 - 0.8% | ||||||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | $ | 40,722 | 40,722 | |||||
Total Repurchase Agreement (Cost $40,722) | 40,722 | |||||||
Total Investments - 100.7% (Cost $3,345,272) | $ | 5,330,916 | ||||||
Liabilities, Less Cash & Other Assets – (0.7)% | (38,322 | ) | ||||||
Total Net Assets – 100.0% | $ | 5,292,594 |
* | Non-income producing security. | |
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | Repurchase Agreement — See Note 5. | |
ADR — American Depositary Receipt | ||
plc — Public Limited Company |
108 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
September 30, 2011
Assets: | ||||
Investments, at value (cost $3,304,550) | $ | 5,290,194 | ||
Repurchase agreements, at value (cost $40,722) | 40,722 | |||
Cash | 566 | |||
Receivables: | ||||
Fund shares sold | 5,243 | |||
Dividends | 5,027 | |||
Total assets | 5,341,752 | |||
Liabilities: | ||||
Payable for: | ||||
Fund shares redeemed | 32,645 | |||
Miscellaneous | 8,834 | |||
Management fees | 4,431 | |||
Transfer agent and administrative fees | 1,303 | |||
Distribution and service fees | 1,278 | |||
Portfolio accounting fees | 521 | |||
Miscellaneous | 146 | |||
Total liabilities | 49,158 | |||
Net assets | $ | 5,292,594 | ||
Net assets consist of: | ||||
Paid in capital | $ | 29,721,143 | ||
Accumulated net investment loss | (34,738 | ) | ||
Accumulated net realized loss on investments | (26,379,455 | ) | ||
Net unrealized appreciation on investments | 1,985,644 | |||
Net assets | $ | 5,292,594 | ||
Investor Class: | ||||
Net assets | $ | 2,899,879 | ||
Capital shares outstanding | 136,938 | |||
Net asset value per share | $ | 21.17 | ||
Advisor Class: | ||||
Net assets | $ | 341,166 | ||
Capital shares outstanding | 17,492 | |||
Net asset value per share | $ | 19.50 | ||
A-Class: | ||||
Net assets | $ | 1,310,280 | ||
Capital shares outstanding | 65,990 | |||
Net asset value per share | $ | 19.85 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 20.84 | ||
C-Class: | ||||
Net assets | $ | 741,269 | ||
Capital shares outstanding | 38,563 | |||
Net asset value per share | $ | 19.22 | ||
Period Ended September 30, 2011
Investment Income: | ||||
Dividends (net of foreign withholding tax of $177) | $ | 68,222 | ||
Interest | 7 | |||
Total investment income | 68,229 | |||
Expenses: | ||||
Management fees | 55,225 | |||
Transfer agent and administrative fees | 16,243 | |||
Distribution and Service fees: | ||||
Advisor Class | 4,267 | |||
A-Class | 1,712 | |||
C-Class | 8,092 | |||
Portfolio accounting fees | 6,497 | |||
Trustees’ fees* | 563 | |||
Miscellaneous | 10,368 | |||
Total expenses | 102,967 | |||
Net investment loss | (34,738 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments | 751,086 | |||
Net realized gain | 751,086 | |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (2,779,365 | ) | ||
Net change in unrealized appreciation (depreciation) | (2,779,365 | ) | ||
Net realized and unrealized loss | (2,028,279 | ) | ||
Net decrease in net assets resulting from operations | $ | (2,063,017 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 109 |
STATEMENTS OF CHANGES IN NET ASSETS
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment loss | $ | (34,738 | ) | $ | (42,640 | ) | ||
Net realized gain (loss) on investments | 751,086 | (7,140,358 | ) | |||||
Net change in unrealized appreciation (depreciation) on investments | (2,779,365 | ) | (334,950 | ) | ||||
Net decrease in net assets resulting from operations | (2,063,017 | ) | (7,517,948 | ) | ||||
Distributions to shareholders | — | — | ||||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
Investor Class | 90,056,738 | 228,555,205 | ||||||
Advisor Class | 5,949,996 | 27,043,322 | ||||||
A-Class | 1,107,937 | 7,772,436 | ||||||
C-Class | 31,302,349 | 76,303,386 | ||||||
Cost of shares redeemed | ||||||||
Investor Class | (91,753,631 | ) | (238,376,331 | ) | ||||
Advisor Class | (7,838,841 | ) | (26,790,951 | ) | ||||
A-Class | (629,101 | ) | (8,264,038 | ) | ||||
C-Class | (32,369,539 | ) | (77,498,784 | ) | ||||
Net decrease from capital share transactions | (4,174,092 | ) | (11,255,755 | ) | ||||
Net decrease in net assets | (6,237,109 | ) | (18,773,703 | ) | ||||
Net assets: | ||||||||
Beginning of period | 11,529,703 | 30,303,406 | ||||||
End of period | $ | 5,292,594 | $ | 11,529,703 | ||||
Accumulated net investment loss at end of period | $ | (34,738 | ) | $ | — | |||
Capital share activity: | ||||||||
Shares sold | ||||||||
Investor Class | 3,307,578 | 9,276,996 | ||||||
Advisor Class | 240,050 | 1,198,656 | ||||||
A-Class | 43,054 | 337,827 | ||||||
C-Class | 1,291,841 | 3,303,513 | ||||||
Shares redeemed | ||||||||
Investor Class | (3,361,656 | ) | (10,023,188 | ) | ||||
Advisor Class | (335,458 | ) | (1,212,479 | ) | ||||
A-Class | (24,440 | ) | (372,787 | ) | ||||
C-Class | (1,334,810 | ) | (3,376,280 | ) | ||||
Net decrease in shares | (173,841 | ) | (867,742 | ) | ||||
110 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FINANCIAL HIGHLIGHTS
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Investor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 27.85 | $ | 23.79 | $ | 14.38 | $ | 25.21 | $ | 29.16 | $ | 28.30 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.05 | ) | — | c | (.15 | ) | .07 | .06 | (.14 | ) | ||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (6.63 | ) | 4.06 | 9.70 | (10.90 | ) | (4.01 | ) | 1.00 | |||||||||||||||
Total from investment operations | (6.68 | ) | 4.06 | 9.55 | (10.83 | ) | (3.95 | ) | .86 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | (.14 | ) | — | — | — | |||||||||||||||||
Total distributions | — | — | (.14 | ) | — | — | — | |||||||||||||||||
Net asset value, end of period | $ | 21.17 | $ | 27.85 | $ | 23.79 | $ | 14.38 | $ | 25.21 | $ | 29.16 | ||||||||||||
Total Returnd | (23.99 | %) | 17.07 | % | 66.51 | % | (42.96 | %) | (13.55 | %) | 3.04 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 2,900 | $ | 5,320 | $ | 22,292 | $ | 20,990 | $ | 17,420 | $ | 6,635 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (0.38 | %) | 0.02 | % | (0.68 | %) | 0.33 | % | 0.22 | % | (0.48 | %) | ||||||||||||
Total expenses | 1.37 | % | 1.38 | % | 1.37 | % | 1.38 | % | 1.36 | % | 1.36 | % | ||||||||||||
Portfolio turnover rate | 580 | % | 1,217 | % | 1,073 | % | 875 | % | 952 | % | 686 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Advisor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 25.70 | $ | 22.05 | $ | 13.40 | $ | 23.59 | $ | 27.42 | $ | 26.75 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.08 | ) | (.17 | ) | (.18 | ) | .10 | (.01 | ) | (.26 | ) | |||||||||||||
Net gain (loss) on investments (realized and unrealized) | (6.12 | ) | 3.82 | 8.97 | (10.29 | ) | (3.82 | ) | .93 | |||||||||||||||
Total from investment operations | (6.20 | ) | 3.65 | 8.79 | (10.19 | ) | (3.83 | ) | .67 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | (.14 | ) | — | — | — | |||||||||||||||||
Total distributions | — | — | (.14 | ) | — | — | — | |||||||||||||||||
Net asset value, end of period | $ | 19.50 | $ | 25.70 | $ | 22.05 | $ | 13.40 | $ | 23.59 | $ | 27.42 | ||||||||||||
Total Returnd | (24.12 | %) | 16.55 | % | 65.70 | % | (43.20 | %) | (13.97 | %) | 2.50 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 341 | $ | 2,902 | $ | 2,795 | $ | 1,139 | $ | 5,152 | $ | 3,556 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (0.62 | %) | (0.74 | %) | (0.95 | %) | 0.51 | % | (0.05 | %) | (0.97 | %) | ||||||||||||
Total expenses | 1.87 | % | 1.89 | % | 1.88 | % | 1.90 | % | 1.87 | % | 1.86 | % | ||||||||||||
Portfolio turnover rate | 580 | % | 1,217 | % | 1,073 | % | 875 | % | 952 | % | 686 | % |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 111 |
FINANCIAL HIGHLIGHTS (concluded)
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 26.15 | $ | 22.37 | $ | 13.55 | $ | 23.81 | $ | 27.60 | $ | 26.87 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.06 | ) | (.10 | ) | (.04 | ) | .08 | — | c | (.19 | ) | |||||||||||||
Net gain (loss) on investments (realized and unrealized) | (6.24 | ) | 3.88 | 9.00 | (10.34 | ) | (3.79 | ) | .92 | |||||||||||||||
Total from investment operations | (6.30 | ) | 3.78 | 8.96 | (10.26 | ) | (3.79 | ) | .73 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | (.14 | ) | — | — | — | |||||||||||||||||
Total distributions | — | — | (.14 | ) | — | — | — | |||||||||||||||||
Net asset value, end of period | $ | 19.85 | $ | 26.15 | $ | 22.37 | $ | 13.55 | $ | 23.81 | $ | 27.60 | ||||||||||||
Total Returnd | (24.09 | %) | 16.90 | % | 66.22 | % | (43.09 | %) | (13.73 | %) | 2.72 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,310 | $ | 1,239 | $ | 1,842 | $ | 561 | $ | 228 | $ | 483 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (0.47 | %) | (0.42 | %) | (0.22 | %) | 0.43 | % | 0.00 | %e | (0.70 | %) | ||||||||||||
Total expenses | 1.62 | % | 1.64 | % | 1.62 | % | 1.67 | % | 1.62 | % | 1.61 | % | ||||||||||||
Portfolio turnover rate | 580 | % | 1,217 | % | 1,073 | % | 875 | % | 952 | % | 686 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | �� | March 31, | March 31, | March 31, | March 31, | March 31, | ||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 25.38 | $ | 21.87 | $ | 13.40 | $ | 23.70 | $ | 27.68 | $ | 27.14 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.16 | ) | (.24 | ) | (.24 | ) | (.16 | ) | (.20 | ) | (.40 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (6.00 | ) | 3.75 | 8.85 | (10.14 | ) | (3.78 | ) | .94 | |||||||||||||||
Total from investment operations | (6.16 | ) | 3.51 | 8.61 | (10.30 | ) | (3.98 | ) | .54 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | (.14 | ) | — | — | — | |||||||||||||||||
Total distributions | — | — | (.14 | ) | — | — | — | |||||||||||||||||
Net asset value, end of period | $ | 19.22 | $ | 25.38 | $ | 21.87 | $ | 13.40 | $ | 23.70 | $ | 27.68 | ||||||||||||
Total Returnd | (24.27 | %) | 16.05 | % | 64.35 | % | (43.46 | %) | (14.38 | %) | 1.99 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 741 | $ | 2,069 | $ | 3,375 | $ | 2,186 | $ | 845 | $ | 4,894 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (1.28 | %) | (1.04 | %) | (1.31 | %) | (0.79 | %) | (0.73 | %) | (1.47 | %) | ||||||||||||
Total expenses | 2.37 | % | 2.39 | % | 2.38 | % | 2.40 | % | 2.38 | % | 2.37 | % | ||||||||||||
Portfolio turnover rate | 580 | % | 1,217 | % | 1,073 | % | 875 | % | 952 | % | 686 | % |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | |
c | Net investment income is less than $0.01 per share. | |
d | Total return does not reflect the impact of any applicable sales charges and has not been annualized. | |
e | Less than 0.01%. |
112 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FUND PROFILE (Unaudited) | September 30, 2011 |
![(BAR GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366821.gif)
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) | ||||
Southern Co. | 3.7 | % | ||
Dominion Resources, Inc. | 3.4 | % | ||
Exelon Corp. | 3.1 | % | ||
Duke Energy Corp. | 3.1 | % | ||
NextEra Energy, Inc. | 2.8 | % | ||
FirstEnergy Corp. | 2.6 | % | ||
American Electric Power Company, Inc. | 2.5 | % | ||
Consolidated Edison, Inc. | 2.5 | % | ||
Public Service Enterprise Group, Inc. | 2.5 | % | ||
PPL Corp. | 2.4 | % | ||
Top Ten Total | 28.6 | % | ||
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 | |
UTILITIES FUND |
Shares | Value | |||||||
COMMON STOCKS† - 99.6% | ||||||||
ELECTRIC UTILITIES - 42.4% | ||||||||
Southern Co. | 69,543 | $ | 2,946,538 | |||||
Exelon Corp. | 59,443 | 2,532,866 | ||||||
Duke Energy Corp. | 126,428 | 2,527,296 | ||||||
NextEra Energy, Inc. | 41,037 | 2,216,819 | ||||||
FirstEnergy Corp. | 46,480 | 2,087,417 | ||||||
American Electric Power Company, Inc. | 53,908 | 2,049,582 | ||||||
PPL Corp. | 68,984 | 1,968,803 | ||||||
Progress Energy, Inc. | 37,422 | 1,935,466 | ||||||
Edison International | 44,139 | 1,688,317 | ||||||
Entergy Corp. | 24,546 | 1,627,154 | ||||||
Northeast Utilities | 34,195 | 1,150,662 | ||||||
Pinnacle West Capital Corp. | 23,759 | 1,020,211 | ||||||
ITC Holdings Corp. | 12,763 | 988,239 | ||||||
Pepco Holdings, Inc. | 51,484 | 974,077 | ||||||
N.V. Energy, Inc. | 59,439 | 874,348 | ||||||
Westar Energy, Inc. | 31,121 | 822,217 | ||||||
Cia Energetica de Minas Gerais ADR | 53,579 | 795,112 | ||||||
Great Plains Energy, Inc. | 38,654 | 746,022 | ||||||
Hawaiian Electric Industries, Inc. | 29,930 | 726,700 | ||||||
Cleco Corp. | 19,984 | 682,254 | ||||||
IDACORP, Inc. | 16,879 | 637,689 | ||||||
UIL Holdings Corp. | 18,870 | 621,389 | ||||||
Portland General Electric Co. | 25,902 | 613,618 | ||||||
PNM Resources, Inc. | 34,308 | 563,680 | ||||||
El Paso Electric Co. | 17,032 | 546,557 | ||||||
Unisource Energy Corp. | 14,909 | 538,066 | ||||||
Allete, Inc. | 9,280 | 339,926 | ||||||
Total Electric Utilities | 34,221,025 | |||||||
MULTI-UTILITIES - 35.1% | ||||||||
Dominion Resources, Inc. | 52,344 | 2,657,505 | ||||||
Consolidated Edison, Inc. | 35,486 | 2,023,412 | ||||||
Public Service Enterprise Group, Inc. | 60,055 | 2,004,035 | ||||||
PG&E Corp. | 46,521 | 1,968,304 | ||||||
Xcel Energy, Inc. | 67,810 | 1,674,229 | ||||||
Sempra Energy | 32,389 | 1,668,034 | ||||||
CenterPoint Energy, Inc. | 71,007 | 1,393,157 | ||||||
DTE Energy Co. | 27,955 | 1,370,354 | ||||||
Ameren Corp. | 43,988 | 1,309,523 | ||||||
Wisconsin Energy Corp. | 41,415 | 1,295,875 | ||||||
NiSource, Inc. | 56,335 | 1,204,442 | ||||||
SCANA Corp. | 27,366 | 1,106,955 | ||||||
CMS Energy Corp. | 53,982 | 1,068,304 | ||||||
OGE Energy Corp. | 21,031 | 1,005,071 | ||||||
Alliant Energy Corp. | 24,809 | 959,612 | ||||||
Integrys Energy Group, Inc. | 18,660 | 907,249 | ||||||
TECO Energy, Inc. | 51,059 | 874,641 | ||||||
MDU Resources Group, Inc. | 43,928 | 842,978 | ||||||
NSTAR | 18,463 | 827,327 | ||||||
Vectren Corp. | 20,163 | 546,014 | ||||||
Avista Corp. | 22,504 | 536,720 | ||||||
Black Hills Corp. | 17,409 | 533,412 | ||||||
NorthWestern Corp. | 15,768 | 503,630 | ||||||
Total Multi-Utilities | 28,280,783 | |||||||
GAS UTILITIES - 11.8% | ||||||||
Oneok, Inc. | 18,121 | 1,196,710 | ||||||
Questar Corp. | 47,707 | 844,891 | ||||||
AGL Resources, Inc. | 20,654 | 841,444 | ||||||
Atmos Energy Corp. | 24,766 | 803,657 | ||||||
National Fuel Gas Co. | 16,320 | 794,458 | ||||||
Nicor, Inc. | 13,661 | 751,492 | ||||||
UGI Corp. | 28,175 | 740,157 | ||||||
Piedmont Natural Gas Company, Inc. | 23,295 | 672,993 | ||||||
WGL Holdings, Inc. | 17,216 | 672,629 | ||||||
New Jersey Resources Corp. | 14,470 | 615,988 | ||||||
South Jersey Industries, Inc. | 11,202 | 557,300 | ||||||
Southwest Gas Corp. | 14,126 | 510,937 | ||||||
Northwest Natural Gas Co. | 11,533 | 508,605 | ||||||
Total Gas Utilities | 9,511,261 | |||||||
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 6.1% | ||||||||
Constellation Energy Group, Inc. | 34,681 | 1,319,960 | ||||||
AES Corp.* | 118,344 | 1,155,037 | ||||||
Calpine Corp.* | 80,316 | 1,130,849 | ||||||
NRG Energy, Inc.* | 48,745 | 1,033,881 | ||||||
Dynegy, Inc. — Class A* | 67,228 | 276,979 | ||||||
Total Independent Power Producers & Energy Traders | 4,916,706 | |||||||
WATER UTILITIES - 3.3% | ||||||||
American Water Works Company, Inc. | 36,605 | 1,104,739 | ||||||
Aqua America, Inc. | 37,607 | 811,183 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo ADR | 15,442 | 715,737 | ||||||
Total Water Utilities | 2,631,659 | |||||||
OIL & GAS EXPLORATION & PRODUCTION - 0.9% | ||||||||
Energen Corp. | 17,053 | 697,297 | ||||||
Total Common Stocks (Cost $74,342,748) | 80,258,731 | |||||||
114 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | September 30, 2011 | |
UTILITIES FUND |
Face | ||||||||
Amount | Value | |||||||
REPURCHASE AGREEMENT††,1 - 1.9% | ||||||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | $ | 1,499,819 | $ | 1,499,819 | ||||
Total Repurchase Agreement (Cost $1,499,819) | 1,499,819 | |||||||
Total Investments - 101.5% (Cost $75,842,567) | $ | 81,758,550 | ||||||
Liabilities, Less Cash & Other Assets — (1.5)% | (1,193,385 | ) | ||||||
Total Net Assets — 100.0% | $ | 80,565,165 |
* | Non-income producing security. | |
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | Repurchase Agreement — See Note 5. | |
ADR — American Depositary Receipt |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 115 |
STATEMENT OF ASSETS AND LIABILITIES (Unaudited)
September 30, 2011
Assets: | ||||
Investments, at value (cost $74,342,748) | $ | 80,258,731 | ||
Repurchase agreements, at value (cost $1,499,819) | 1,499,819 | |||
Cash | 7,149 | |||
Receivables: | ||||
Fund shares sold | 13,247,799 | |||
Dividends | 116,355 | |||
Total assets | 95,129,853 | |||
Liabilities: | ||||
Payable for: | ||||
Securities purchased | 13,940,986 | |||
Fund shares redeemed | 551,987 | |||
Management fees | 32,660 | |||
Transfer agent and administrative fees | 9,606 | |||
Distribution and service fees | 7,129 | |||
Portfolio accounting fees | 3,842 | |||
Miscellaneous | 18,478 | |||
Total liabilities | 14,564,688 | |||
Net assets | $ | 80,565,165 | ||
Net assets consist of: | ||||
Paid in capital | $ | 85,698,783 | ||
Undistributed net investment income | 586,835 | |||
Accumulated net realized loss on investments | (11,636,436 | ) | ||
Net unrealized appreciation on investments | 5,915,983 | |||
Net assets | $ | 80,565,165 | ||
Investor Class: | ||||
Net assets | $ | 65,478,228 | ||
Capital shares outstanding | 2,384,920 | |||
Net asset value per share | $ | 27.45 | ||
Advisor Class: | ||||
Net assets | $ | 3,391,759 | ||
Capital shares outstanding | 132,378 | |||
Net asset value per share | $ | 25.62 | ||
A-Class: | ||||
Net assets | $ | 5,646,346 | ||
Capital shares outstanding | 215,925 | |||
Net asset value per share | $ | 26.15 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 27.45 | ||
C-Class: | ||||
Net assets | $ | 6,048,832 | ||
Capital shares outstanding | 251,777 | |||
Net asset value per share | $ | 24.02 | ||
Period Ended September 30, 2011
Investment Income: | ||||
Dividends (net of foreign withholding tax of $2,110) | $ | 665,708 | ||
Interest | 15 | |||
Total investment income | 665,723 | |||
Expenses: | ||||
Management fees | 141,992 | |||
Transfer agent and administrative fees | 41,762 | |||
Distribution and service fees: | ||||
Advisor Class | 7,429 | |||
A-Class | 6,322 | |||
C-Class | 24,803 | |||
Portfolio accounting fees | 16,705 | |||
Trustees’ fees* | 775 | |||
Miscellaneous | 27,274 | |||
Total expenses | 267,062 | |||
Net investment income | 398,661 | |||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments | (1,721,184 | ) | ||
Net realized loss | (1,721,184 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | 118,959 | |||
Net change in unrealized appreciation (depreciation) | 118,959 | |||
Net realized and unrealized loss | (1,602,225 | ) | ||
Net decrease in net assets resulting from operations | $ | (1,203,564 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
116 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
STATEMENTS OF CHANGES IN NET ASSETS
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment income | $ | 398,661 | $ | 1,391,199 | ||||
Net realized gain (loss) on investments | (1,721,184 | ) | 373,049 | |||||
Net change in unrealized appreciation (depreciation) on investments | 118,959 | 1,578,780 | ||||||
Net increase (decrease) in net assets resulting from operations | (1,203,564 | ) | 3,343,028 | |||||
Distributions to shareholders from: | ||||||||
Net investment income | ||||||||
Investor Class | — | (705,132 | ) | |||||
Advisor Class | — | (226,210 | ) | |||||
A-Class | — | (134,548 | ) | |||||
C-Class | — | (413,324 | ) | |||||
Total distributions to shareholders | — | (1,479,214 | ) | |||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
Investor Class | 166,379,394 | 323,523,204 | ||||||
Advisor Class | 22,767,793 | 51,448,065 | ||||||
A-Class | 7,785,788 | 11,412,994 | ||||||
C-Class | 44,618,809 | 119,886,227 | ||||||
Distributions reinvested | ||||||||
Investor Class | — | 681,476 | ||||||
Advisor Class | — | 219,223 | ||||||
A-Class | — | 94,343 | ||||||
C-Class | — | 371,617 | ||||||
Cost of shares redeemed | ||||||||
Investor Class | (109,261,143 | ) | (325,638,244 | ) | ||||
Advisor Class | (20,372,286 | ) | (51,854,302 | ) | ||||
A-Class | (5,356,186 | ) | (10,071,727 | ) | ||||
C-Class | (43,402,496 | ) | (123,450,180 | ) | ||||
Net increase (decrease) from capital share transactions | 63,159,673 | (3,377,304 | ) | |||||
Net increase (decrease) in net assets | 61,956,109 | (1,513,490 | ) | |||||
Net assets: | ||||||||
Beginning of period | 18,609,056 | 20,122,546 | ||||||
End of period | $ | 80,565,165 | $ | 18,609,056 | ||||
Undistributed net investment income at end of period | $ | 586,835 | $ | 188,174 | ||||
Capital share activity: | ||||||||
Shares sold | ||||||||
Investor Class | 5,986,132 | 12,458,666 | ||||||
Advisor Class | 881,882 | 2,121,840 | ||||||
A-Class | 293,433 | 468,693 | ||||||
C-Class | 1,843,761 | 5,265,040 | ||||||
Shares issued from reinvestment of distributions | ||||||||
Investor Class | — | 27,270 | ||||||
Advisor Class | — | 9,364 | ||||||
A-Class | — | 3,956 | ||||||
C-Class | — | 16,853 | ||||||
Shares redeemed | ||||||||
Investor Class | (3,946,676 | ) | (12,540,196 | ) | ||||
Advisor Class | (798,600 | ) | (2,132,698 | ) | ||||
A-Class | (205,248 | ) | (417,328 | ) | ||||
C-Class | (1,791,952 | ) | (5,410,845 | ) | ||||
Net increase (decrease) in shares | 2,262,732 | (129,385 | ) | |||||
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 117 |
FINANCIAL HIGHLIGHTS
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Investor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 27.00 | $ | 24.80 | $ | 20.56 | $ | 29.29 | $ | 31.89 | $ | 24.90 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment incomeb | .37 | .86 | .61 | .72 | .51 | .52 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | .08 | 2.96 | 4.85 | (9.32 | ) | (2.31 | ) | 6.83 | ||||||||||||||||
Total from investment operations | .45 | 3.82 | 5.46 | (8.60 | ) | (1.80 | ) | 7.35 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (1.62 | ) | (1.22 | ) | (.13 | ) | (.80 | ) | (.36 | ) | |||||||||||||
Total distributions | — | (1.62 | ) | (1.22 | ) | (.13 | ) | (.80 | ) | (.36 | ) | |||||||||||||
Net asset value, end of period | $ | 27.45 | $ | 27.00 | $ | 24.80 | $ | 20.56 | $ | 29.29 | $ | 31.89 | ||||||||||||
Total Returnc | 1.67 | % | 15.94 | % | 26.58 | % | (29.40 | %) | (5.88 | %) | 29.64 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 65,478 | $ | 9,328 | $ | 9,912 | $ | 10,348 | $ | 11,242 | $ | 84,150 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 2.67 | % | 3.35 | % | 2.49 | % | 2.90 | % | 1.57 | % | 1.86 | % | ||||||||||||
Total expenses | 1.37 | % | 1.37 | % | 1.39 | % | 1.39 | % | 1.39 | % | 1.37 | % | ||||||||||||
Portfolio turnover rate | 237 | % | 800 | % | 758 | % | 684 | % | 375 | % | 557 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
Advisor Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 25.26 | $ | 23.40 | $ | 19.56 | $ | 28.00 | $ | 30.65 | $ | 24.08 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment incomeb | .24 | .62 | .47 | .63 | .32 | .37 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | .12 | 2.86 | 4.59 | (8.94 | ) | (2.17 | ) | 6.56 | ||||||||||||||||
Total from investment operations | .36 | 3.48 | 5.06 | (8.31 | ) | (1.85 | ) | 6.93 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (1.62 | ) | (1.22 | ) | (.13 | ) | (.80 | ) | (.36 | ) | |||||||||||||
Total distributions | — | (1.62 | ) | (1.22 | ) | (.13 | ) | (.80 | ) | (.36 | ) | |||||||||||||
Net asset value, end of period | $ | 25.62 | $ | 25.26 | $ | 23.40 | $ | 19.56 | $ | 28.00 | $ | 30.65 | ||||||||||||
Total Returnc | 1.43 | % | 15.43 | % | 25.89 | % | (29.72 | %) | (6.28 | %) | 28.90 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 3,392 | $ | 1,240 | $ | 1,184 | $ | 5,939 | $ | 2,960 | $ | 11,929 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 1.89 | % | 2.54 | % | 2.07 | % | 2.72 | % | 1.02 | % | 1.38 | % | ||||||||||||
Total expenses | 1.87 | % | 1.87 | % | 1.88 | % | 1.90 | % | 1.88 | % | 1.86 | % | ||||||||||||
Portfolio turnover rate | 237 | % | 800 | % | 758 | % | 684 | % | 375 | % | 557 | % |
118 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FINANCIAL HIGHLIGHTS (concluded)
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 25.75 | $ | 23.77 | $ | 19.80 | $ | 28.27 | $ | 30.87 | $ | 24.18 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment incomeb | .29 | .54 | .65 | .54 | .42 | .43 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | .11 | 3.06 | 4.54 | (8.88) | (2.22) | 6.62 | ||||||||||||||||||
Total from investment operations | .40 | 3.60 | 5.19 | (8.34) | (1.80) | 7.50 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (1.62) | (1.22) | (.13) | (.80) | (.36) | ||||||||||||||||||
Total distributions | — | (1.62) | (1.22) | (.13) | (.80) | (.36) | ||||||||||||||||||
Net asset value, end of period | $ | 26.15 | $ | 25.75 | $ | 23.77 | $ | 19.80 | $ | 28.27 | $ | 30.87 | ||||||||||||
Total Returnc | 1.55% | 15.70% | 26.24% | (29.54%) | (6.07%) | 29.28% | ||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 5,646 | $ | 3,289 | $ | 1,721 | $ | 1,489 | $ | 3,032 | $ | 4,756 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 2.23% | 2.23% | 2.81% | 2.15% | 1.38% | 1.52% | ||||||||||||||||||
Total expenses | 1.62% | 1.63% | 1.64% | 1.64% | 1.63% | 1.61% | ||||||||||||||||||
Portfolio turnover rate | 237% | 800% | 758% | 684% | 375% | 557% |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 23.76 | $ | 22.21 | $ | 18.71 | $ | 26.93 | $ | 29.66 | $ | 23.42 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment incomeb | .21 | .39 | .39 | .32 | .18 | .22 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | .05 | 2.78 | 4.33 | (8.41) | (2.11) | 6.38 | ||||||||||||||||||
Total from investment operations | .26 | 3.17 | 4.72 | (8.09) | (1.93) | 6.60 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (1.62) | (1.22) | (.13) | (.80) | (.36) | ||||||||||||||||||
Total distributions | — | (1.62) | (1.22) | (.13) | (.80) | (.36) | ||||||||||||||||||
Net asset value, end of period | $ | 24.02 | $ | 23.76 | $ | 22.21 | $ | 18.71 | $ | 26.93 | $ | 29.66 | ||||||||||||
Total Returnc | 1.09% | 14.85% | 25.24% | (30.08%) | (6.77%) | 28.30% | ||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 6,049 | $ | 4,751 | $ | 7,306 | $ | 4,127 | $ | 8,934 | $ | 11,013 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 1.69% | 1.72% | 1.77% | 1.31% | 0.60% | 0.82% | ||||||||||||||||||
Total expenses | 2.37% | 2.38% | 2.39% | 2.39% | 2.38% | 2.36% | ||||||||||||||||||
Portfolio turnover rate | 237% | 800% | 758% | 684% | 375% | 557% |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | |
c | Total return does not reflect the impact of any applicable sales charges and has not been annualized. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 119 |
Management Fees | ||||
Fund | (as a % of Net Assets) | |||
Banking Fund | 0.85 | % | ||
Basic Materials Fund | 0.85 | % | ||
Biotechnology Fund | 0.85 | % | ||
Consumer Products Fund | 0.85 | % | ||
Electronics Fund | 0.85 | % | ||
Energy Fund | 0.85 | % | ||
Energy Services Fund | 0.85 | % | ||
Financial Services Fund | 0.85 | % | ||
Health Care Fund | 0.85 | % | ||
Internet Fund | 0.85 | % | ||
Leisure Fund | 0.85 | % | ||
Precious Metals Fund | 0.75 | % | ||
Retailing Fund | 0.85 | % | ||
Technology Fund | 0.85 | % | ||
Telecommunications Fund | 0.85 | % | ||
Transportation Fund | 0.85 | % | ||
Utilities Fund | 0.85 | % |
Fund Accounting/Administration Fees | (as a % of net assets) | |||
On the first $250 million | 0.10 | % | ||
On the next $250 million | 0.075 | % | ||
On the next $250 million | 0.05 | % | ||
Over $750 million | 0.03 | % |
Tax | Tax | Net | ||||||||||||||
Tax | Unrealized | Unrealized | Unrealized | |||||||||||||
Fund | Cost | Gain | Loss | Gain (Loss) | ||||||||||||
Banking Fund | $ | 4,981,656 | $ | — | $ | (3,671,086 | ) | $ | (3,671,086 | ) | ||||||
Basic Materials Fund | 40,467,529 | 7,951,933 | (4,376,535 | ) | 3,575,398 | |||||||||||
Biotechnology Fund | 40,645,878 | 18,933,374 | (3,984,419 | ) | 14,948,955 | |||||||||||
Consumer Products Fund | 99,242,088 | 3,882,807 | (1,776,184 | ) | 2,106,623 | |||||||||||
Electronics Fund | 5,868,266 | — | (794,573 | ) | (794,573 | ) | ||||||||||
Energy Fund | 33,047,706 | 7,329,207 | (2,285,961 | ) | 5,043,246 | |||||||||||
Energy Services Fund | 28,730,547 | 16,187,165 | (3,987,813 | ) | 12,199,352 | |||||||||||
Financial Services Fund | 4,198,921 | — | (2,426,388 | ) | (2,426,388 | ) | ||||||||||
Health Care Fund | 17,931,680 | 1,488,936 | (830,740 | ) | 658,196 | |||||||||||
Internet Fund | 6,825,732 | 2,897,028 | (841,746 | ) | 2,055,282 | |||||||||||
Leisure Fund | 1,940,138 | 407,594 | (60,807 | ) | 346,787 | |||||||||||
Precious Metals Fund | 73,427,666 | 50,750,023 | (9,368,528 | ) | 41,381,495 | |||||||||||
Retailing Fund | 8,291,251 | — | (1,034,437 | ) | (1,034,437 | ) | ||||||||||
Technology Fund | 6,569,997 | 1,460,935 | (489,583 | ) | 971,352 | |||||||||||
Telecommunications Fund | 3,153,781 | — | (1,188,048 | ) | (1,188,048 | ) | ||||||||||
Transportation Fund | 3,345,272 | 236,220 | (167,356 | ) | 68,864 | |||||||||||
Utilities Fund | 75,842,567 | 1,920,083 | (1,263,659 | ) | 656,424 |
Level 1 | Level 2 | Level 3 | ||||||||||||||
Investments | Investments | Investments | ||||||||||||||
In Securities | In Securities | In Securities | Total | |||||||||||||
Assets | ||||||||||||||||
Banking Fund | $ | 5,893,807 | $ | 52,955 | $ | — | $ | 5,946,762 | ||||||||
Basic Materials Fund | 56,499,299 | 451,303 | — | 56,950,602 | ||||||||||||
Biotechnology Fund | 67,481,259 | 484,398 | — | 67,965,657 | ||||||||||||
Consumer Products Fund | 713,916,968 | 360,878 | — | 114,277,846 | ||||||||||||
Electronics Fund | 7,593,840 | 276,013 | — | 7,869,853 | ||||||||||||
Energy Fund | 50,694,101 | 504,282 | — | 51,198,383 | ||||||||||||
Energy Services Fund | 50,136,787 | 186,545 | — | 50,323,332 | ||||||||||||
Financial Services Fund | 5,736,981 | 73,598 | — | 5,810,579 | ||||||||||||
Health Care Fund | 23,705,288 | 304,428 | — | 24,009,716 | ||||||||||||
Internet Fund | 10,893,222 | 121,157 | — | 11,014,379 | ||||||||||||
Leisure Fund | 2,773,648 | 19,299 | — | 2,792,947 | ||||||||||||
Precious Metals Fund | 138,911,893 | 25,555 | — | 138,937,448 | ||||||||||||
Retailing Fund | 10,188,791 | 60,723 | — | 10,249,514 | ||||||||||||
Technology Fund | 11,255,053 | — | — | 11,255,053 | ||||||||||||
Telecommunications Fund | 4,108,984 | — | — | 4,108,984 | ||||||||||||
Transportation Fund | 5,290,194 | 40,722 | — | 5,330,916 | ||||||||||||
Utilities Fund | 80,258,731 | 1,499,819 | — | 81,758,550 |
LEVEL 3 — Fair value measurement using significant unobservable inputs | Total | |||
Biotechnology | ||||
Assets: | ||||
Beginning Balance | $ | — | ||
Total realized gains or losses included in earnings | — | |||
Total unrealized gains or losses included in earnings | — | |||
Purchases, sales, issuances, and settlements (net) | — | |||
Transfers in and/or out of Level 3 | — | |||
Ending Balance | $ | — |
Counterparty and Terms | ||||||||||||||||||||
of Agreement | Face Value | Repurchase Price | Collateral | Par Value | Fair Value | |||||||||||||||
Credit Suisse Group | U.S. Treasury Note | |||||||||||||||||||
0.00% | 3.50% – 3.63% | |||||||||||||||||||
due 10/03/11 | $ | 24,098,997 | $ | 24,098,997 | 08/15/19 – 05/15/20 | $ | 20,962,900 | $ | 24,580,994 | |||||||||||
$ | 24,098,997 | $ | 24,098,997 | $ | 20,962,900 | $ | 24,580,994 | |||||||||||||
Purchases | Sales | |||||||
Banking Fund | $ | 36,600,354 | $ | 41,205,742 | ||||
Basic Materials Fund | 104,439,721 | 135,576,693 | ||||||
Biotechnology Fund | 219,666,266 | 197,649,227 | ||||||
Consumer Products Fund | 389,358,870 | 340,410,686 | ||||||
Electronics Fund | 66,015,545 | 68,523,166 | ||||||
Energy Fund | 149,802,661 | 206,200,957 | ||||||
Energy Services Fund | 85,043,384 | 195,489,884 | ||||||
Financial Services Fund | 60,856,888 | 63,262,097 | ||||||
Health Care Fund | 167,301,448 | 164,891,090 | ||||||
Internet Fund | 34,402,300 | 43,753,954 | ||||||
Leisure Fund | 52,122,118 | 51,877,198 | ||||||
Precious Metals Fund | 216,656,840 | 259,470,089 | ||||||
Retailing Fund | 70,175,560 | 66,747,923 | ||||||
Technology Fund | 85,408,627 | 114,709,145 | ||||||
Telecommunications Fund | 48,388,027 | 93,955,268 | ||||||
Transportation Fund | 99,321,283 | 103,470,438 | ||||||
Utilities Fund | 152,996,679 | 89,620,546 |
16th Floor
New York, NY 10022
(Headquarters)
805 King Farm Boulevard
Suite 600
Rockville, MD 20850
40 Corporate Woods
Suite 850
Overland Park, KS 66210
• | Nature, Extent and Quality of Services Provided by the Adviser. At the meeting of August 16-17, 2011, the Board reviewed the scope of services to be provided by the Adviser under the current investment advisory agreement, and, at the meetings of August 16-17, 2011 and September 14, 2011, noted that there would be no significant differences between the scope of services required to be provided by the Advisers under the current investment advisory agreement and the scope of services required to be provided by the Adviser under the new investment advisory agreement. The Board noted that the key investment and management personnel of the Adviser servicing the Funds is expected to remain the same following the Transaction. The Trustees also considered Guggenheim Capital’s representations to the Board that the Adviser would continue to provide investment and related services that were of materially the same quality and quantity as services provided to the Funds in the past, and that these services are appropriate in scope and extent in light of the Funds’ operations, the competitive landscape of the investment company business and investor needs. | ||
• | Fund Expenses and Performance of the Funds and the Adviser. At the meeting of August 16-17, 2011, the Board had reviewed statistical information prepared by the Adviser regarding the expense ratio components and performance of each Fund. Based on the representations made by Guggenheim Capital at the meeting that the Adviser would continue to operate following the closing of the Transaction in much the same manner as it currently operates, the Board concluded that the investment performance of the Adviser was not expected to be affected by the Transaction. | ||
• | Costs of Services Provided to the Funds and Profits Realized by the Adviser and its Affiliates. At the meeting of August 16-17, 2011, the Board had reviewed information about the profitability of the Funds to the Adviser based on the advisory fees payable under the current investment advisory agreement. At that meeting, the Board had also analyzed the Funds’ expenses, including the investment advisory fees paid to the Adviser. At the Board meeting, the Board considered the fact that the fee rates payable to each of the Adviser would be the same under each Fund’s new investment advisory agreements as they are under such Fund’s current agreements. With respect to anticipated profitability, the Board noted that it was too early to predict how the Transaction would affect the Adviser’s profitability with respect to the Funds, but noted that this matter would be given further consideration on an ongoing basis. | ||
• | Economies of Scale. In connection with its review of the Funds’ profitability analysis at the meeting of August 16-17, 2011, the Board reviewed information regarding economies of scale or other efficiencies that may result from increases in the Funds’ asset levels. The Trustees noted that the fees would not change under the new investment advisory agreement, and that no additional economies of scale would be directly realized as a result of the Transaction. They also noted that they will have the opportunity to again review the appropriateness of the fees payable to the Adviser under the new agreement when the renewal of the new agreement comes before the Board. | ||
• | Other Benefits to the Advisers and/or their Affiliates. In addition to evaluating the services provided by the Advisers, the Board had considered the nature, extent, quality and cost of the distribution services performed by the Funds’ Distributor under a separate agreement at the meeting of August 16-17, 2011. The Board reviewed information regarding potential economies of scale arising from the integration of the asset management businesses of Guggenheim Capital. The Board also considered the terms of the Transaction and the changes to the corporate ownership structure of the Adviser, noting that the Adviser would no longer be a subsidiary of Security Benefit Corporation. In this regard, the Board noted that, under the corporate structure after the Transaction, the Adviser would be more closely controlled by Guggenheim Capital, which could benefit Guggenheim Capital. The Board also noted that the costs associated with the Transaction would be borne by Guggenheim Capital (or its affiliates) and not the Funds. |
Length of Service | ||||||
Name, Position and | as Trustee | Number of | ||||
Year of Birth | (Year Began) | Funds Overseen | ||||
Corey A. Colehour | Rydex Series Funds — 1993 | 150 | ||||
Trustee (1945) | Rydex Variable Trust — 1998 | |||||
Rydex Dynamic Funds — 1999 | ||||||
Rydex ETF Trust — 2003 | ||||||
Principal Occupations During Past Five Years: Retired; Member of the Audit and Governance and Nominating Committees (1995 to present) | ||||||
J. Kenneth Dalton | Rydex Series Funds — 1995 | 150 | ||||
Trustee (1941) | Rydex Variable Trust — 1998 | |||||
Rydex Dynamic Funds — 1999 | ||||||
Rydex ETF Trust — 2003 | ||||||
Principal Occupations During Past Five Years: Retired; Member of the Governance and Nominating Committees (1995 to present); Chairman of the Audit Committee (1997 to present); Member of the Risk Oversight Committee (2010 to present) | ||||||
John O. Demaret | Rydex Series Funds — 1997 | 150 | ||||
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; Member of the Audit Committee (1997 to present); Member of the Risk Oversight Committee (2010 to present) | ||||||
Werner E. Keller | Rydex Series Funds — 2005 | 150 | ||||
Trustee, Vice Chairman | Rydex Variable Trust — 2005 | |||||
of the Board (1940) | Rydex Dynamic Funds — 2005 | |||||
Rydex ETF Trust — 2005 | ||||||
Principal Occupations During Past Five Years: Founder and President of Keller Partners, LLC (registered investment adviser) (2005 to present); Member of the Audit, Governance and Nominating Committees (2005 to present); Chairman and Member of the Risk Oversight Committee (2010 to present) | ||||||
Thomas F. Lydon, Jr. | Rydex Series Funds — 2005 | 150 | ||||
Trustee (1960) | Rydex Variable Trust — 2005 | |||||
Rydex Dynamic Funds — 2005 | ||||||
Rydex ETF Trust — 2005 | ||||||
Principal Occupations During Past Five Years: President, Global Trends Investments (1996 to present); Member of the Audit, Governance and Nominating Committees (2005 to present) | ||||||
Patrick T. McCarville | Rydex Series Funds — 1997 | 150 | ||||
Trustee (1942) | Rydex Variable Trust — 1998 | |||||
Rydex Dynamic Funds — 1999 | ||||||
Rydex ETF Trust — 2003 | ||||||
Principal Occupations During Past Five Years: Retired; CEO, Par Industries, Inc., d/b/a Par Leasing (1977 to 2010); Chairman of the Governance and Nominating Committees (1997 to present); Member of the Audit Committee (1997 to present) | ||||||
Length of Service | ||||||
Name, Position and | as Trustee | Number of | ||||
Year of Birth | (Year Began) | Funds Overseen | ||||
Roger Somers | Rydex Series Funds — 1993 | 150 | ||||
Trustee (1944) | Rydex Variable Trust — 1998 | |||||
Rydex Dynamic Funds — 1999 | ||||||
Rydex ETF Trust — 2003 | ||||||
Principal Occupations During Past Five Years: Founder and CEO of Arrow Limousine (1965 to present); Member of the Audit, Governance and Nominating Committees (1995 to present) |
Name, Position and | Principal Occupations | |
Year of Birth | During Past Five Years | |
Richard M. Goldman* President (1961) | Current: Senior Vice President, Security Benefit Corporation; CEO, Security Benefit Asset Management Holdings, LLC; CEO, President and Manager Representative, Security Investors, LLC; CEO and Manager, Rydex Holdings, LLC; CEO, President and Manager, Rydex Distributors, LLC; Manager, Rydex Fund Services, LLC; President and Trustee, Rydex Series Funds, Rydex ETF Trust, Rydex Dynamic Funds and Rydex Variable Trust | |
Previous: Director, First Security Benefit Life Insurance Company (2007-2010); President and Director, Security Global Investors (2010-2011); CEO and Director, Rydex Advisors, LLC and Rydex Advisor II, LLC (2010); Director, Security Distributors, Inc. (2007-2009); Managing Member, R M Goldman Partners, LLC (2006-2007) | ||
Michael P. Byrum* Vice President (1970) | Current: President, Security Benefit Asset Management Holdings, LLC; Senior Vice President, Security Investors, LLC; President and Chief Investment Officer, Rydex Holdings, LLC; Director and Chairman of the Board, Advisor Research Center, Inc.; Manager, Rydex Specialized Products, LLC | |
Previous: Rydex Distributors, LLC (f/k/a Rydex Distributors, Inc.), Vice President (2009); Rydex Fund Services, LLC, Director (2009-2010), Secretary (2002-2010), Executive Vice President (2002-2006); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.), Director (2008-2010), Chief Investment Officer (2006-2010), President (2004-2010); Secretary (2002-2010); Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Director (2008-2010), Chief Investment Officer (2006-2010), President (2004-2010), Secretary (2002-2010); Rydex Capital Partners, LLC, (President and Secretary 2003-2007); Rydex Capital Partners II, LLC, (2003-2007); Rydex Holdings, LLC (f/k/a Rydex Holdings, Inc.), Secretary 2005-2008), Executive Vice President (2005-2006); Advisor Research Center, Inc., Secretary (2006-2009), Executive Vice President (2006); Rydex Specialized Products, LLC, Secretary (2005-2008) | ||
Nikolaos Bonos* Vice President and Treasurer (1963) | Current: Senior Vice President, Security Investors, LLC; Chief Executive Officer and Manager, Rydex Specialized Products, LLC; Chief Executive Officer and President, Rydex Fund Services, LLC; Vice President, Rydex Holdings, LLC; Treasurer, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President, Security Benefit Asset Management Holdings, LLC | |
Previous: Security Global Investors, LLC, Senior Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) Senior Vice President (2006-2011); Rydex Fund Services, LLC (f/k/a Rydex Fund Services, Inc.), Director (2009) and Senior Vice President (2003-2006); Rydex Specialized Products, LLC, Chief Financial Officer (2005-2009) |
Name, Position and | Principal Occupations | |
Year of Birth | During Past Five Years | |
Joanna M. Haigney* Chief Compliance Officer and Secretary (1966) | Current: Chief Compliance Officer and Secretary, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President, Rydex Holdings, LLC; Vice President, Security Benefit Asset Management Holdings, LLC; Senior Vice President and Chief Compliance Officer, Security Investors, LLC | |
Previous: Security Global Investors, LLC, Senior Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Chief Compliance Officer and Senior Vice President (2010-2011); Rydex Capital Partners I, LLC and Rydex Capital Partners II, LLC, Chief Compliance Officer (2006-2007); Rydex Fund Services, LLC (f/k/a Rydex Fund Services, Inc.), Vice President (2001-2006) | ||
Keith A. Fletcher* Vice President (1958) | Current: Senior Vice President, Security Investors, LLC; Vice President, Rydex Holdings, LLC; Vice President, Rydex Specialized Products, LLC; Vice President, Rydex Distributors, LLC; Vice President, Rydex Fund Services, LLC; Vice President and Director, Advisor Research Center, Inc.; Vice President, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund | |
Previous: Security Global Investors, LLC, Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Vice President (2009-2011); Lyster Watson and Company, Managing Director (2007-2008); Fletcher Financial Group, Inc., Chief Executive Officer (2004-2007) | ||
Amy J. Lee* Vice President and Assistant Secretary (1960) | Current: Senior Vice President and Secretary, Security Investors, LLC; Secretary and Chief Compliance Officer, Security Distributors, Inc.; Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation; Associate General Counsel, First Security Benefit Life Insurance and Annuity of New York; Vice President and Secretary, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President and Secretary, Rydex Holdings, LLC Secretary, Advisor Research Center, Inc., Rydex Specialized Products, LLC, Rydex Distributors, LLC and Rydex Fund Services, LLC; Assistant Secretary, Security Benefit Clinic and Hospital | |
Previous: Security Global Investors, LLC, Senior Vice President and Secretary (2007-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Senior Vice President and Secretary (2010-2011); Brecek and Young Advisors, Inc., Director (2004-2008) | ||
Joseph M. Arruda* Assistant Treasurer (1966) | Current: Assistant Treasurer, SBL Fund, Security Equity Fund, Security Income Fund, Security Large Cap Value Fund, and Security Mid Cap Growth Fund; Vice President, Security Investors, LLC; Chief Financial Officer and Manager, Rydex Specialized Products, LLC | |
Previous: Security Global Investors, LLC, Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Vice President (2004-2011) |
* | 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 Security Global Investors. |
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www.rydex-sgi.com
800.820.0888
RSECF-SEMI-0911x0312
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LETTER TO OUR SHAREHOLDERS | 2 | |||
A BRIEF NOTE ON THE COMPOUNDING OF RETURNS | 4 | |||
ABOUT SHAREHOLDERS’ FUND EXPENSES | 5 | |||
U.S. LONG SHORT MOMENTUM FUND | 8 | |||
ALTERNATIVE STRATEGIES ALLOCATION FUND | 16 | |||
EVENT DRIVEN AND DISTRESSED STRATEGIES FUND | 22 | |||
ALTERNATIVE STRATEGIES FUND | 31 | |||
LONG SHORT EQUITY STRATEGY FUND | 37 | |||
LONG SHORT INTEREST RATE STRATEGY FUND | 43 | |||
EMERGING MARKETS 2x STRATEGY FUND | 49 | |||
INVERSE EMERGING MARKETS 2x STRATEGY FUND | 56 | |||
NOTES TO FINANCIAL STATEMENTS | 62 | |||
OTHER INFORMATION | 72 | |||
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS | 75 | |||
RYDEX | SGI PRIVACY POLICIES | 79 |
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President & Chief Investment Officer
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 | % | ||||||||||||||||
Beginning | Ending | Expenses | ||||||||||||||||||
Expense | Fund | Account Value | Account Value | Paid During | ||||||||||||||||
Ratio1 | Return | March 31, 2011 | September 30, 2011 | Period2 | ||||||||||||||||
Table 1. Based on actual Fund return3 | ||||||||||||||||||||
U.S. Long Short Momentum Fund | ||||||||||||||||||||
A-Class | 1.67 | % | (17.02 | %) | $ | 1,000.00 | $ | 829.80 | $ | 7.68 | ||||||||||
C-Class | 2.42 | % | (17.33 | %) | 1,000.00 | 826.70 | 11.10 | |||||||||||||
H-Class | 1.67 | % | (16.97 | %) | 1,000.00 | 830.30 | 7.68 | |||||||||||||
Alternative Strategies Allocation Fund4 | ||||||||||||||||||||
A-Class | 0.00 | % | (6.57 | %) | 1,000.00 | 934.30 | 0.01 | |||||||||||||
C-Class | 0.75 | % | (6.98 | %) | 1,000.00 | 930.20 | 3.64 | |||||||||||||
H-Class | 0.00 | % | (6.57 | %) | 1,000.00 | 934.30 | 0.01 | |||||||||||||
Event Driven and Distressed Strategies Fund | ||||||||||||||||||||
A-Class | 1.87 | % | (11.84 | %) | 1,000.00 | 881.60 | 8.84 | |||||||||||||
C-Class | 2.62 | % | (12.19 | %) | 1,000.00 | 878.10 | 12.34 | |||||||||||||
H-Class | 1.87 | % | (11.84 | %) | 1,000.00 | 881.60 | 8.84 | |||||||||||||
Institutional Class | 1.60 | % | (11.71 | %) | 1,000.00 | 882.90 | 7.57 | |||||||||||||
Alternative Strategies Fund | ||||||||||||||||||||
A-Class | 1.90 | % | (7.38 | %) | 1,000.00 | 926.20 | 9.16 | |||||||||||||
C-Class | 2.65 | % | (7.78 | %) | 1,000.00 | 922.20 | 12.75 | |||||||||||||
H-Class | 1.90 | % | (7.38 | %) | 1,000.00 | 926.20 | 9.16 | |||||||||||||
Institutional Class | 1.65 | % | (7.29 | %) | 1,000.00 | 927.10 | 7.95 | |||||||||||||
Long Short Equity Strategy Fund | ||||||||||||||||||||
A-Class | 2.37 | % | (7.16 | %) | 1,000.00 | 928.40 | 11.45 | |||||||||||||
C-Class | 3.13 | % | (7.50 | %) | 1,000.00 | 925.00 | 15.11 | |||||||||||||
H-Class | 2.34 | % | (7.16 | %) | 1,000.00 | 928.40 | 11.33 | |||||||||||||
Institutional Class | 2.15 | % | (7.03 | %) | 1,000.00 | 929.70 | 10.40 | |||||||||||||
Long Short Interest Rate Strategy Fund | ||||||||||||||||||||
A-Class | 1.52 | % | (5.13 | %) | 1,000.00 | 948.70 | 7.42 | |||||||||||||
C-Class | 2.27 | % | (5.48 | %) | 1,000.00 | 945.20 | 11.06 | |||||||||||||
H-Class | 1.52 | % | (5.13 | %) | 1,000.00 | 948.70 | 7.42 | |||||||||||||
Institutional Class | 1.27 | % | (5.00 | %) | 1,000.00 | 950.00 | 6.20 | |||||||||||||
Emerging Markets 2x Strategy Fund | ||||||||||||||||||||
A-Class | 1.72 | % | (48.20 | %) | 1,000.00 | 518.00 | 6.54 | |||||||||||||
C-Class | 2.47 | % | (47.93 | %) | 1,000.00 | 520.70 | 9.41 | |||||||||||||
H-Class | 1.72 | % | (48.07 | %) | 1,000.00 | 519.30 | 6.54 | |||||||||||||
Inverse Emerging Markets 2x Strategy Fund | ||||||||||||||||||||
A-Class | 1.72 | % | 46.95 | % | 1,000.00 | 1,469.50 | 10.65 | |||||||||||||
C-Class | 2.45 | % | 49.55 | % | 1,000.00 | 1,495.50 | 15.35 | |||||||||||||
H-Class | 1.72 | % | 46.95 | % | 1,000.00 | 1,469.50 | 10.65 |
Beginning | Ending | Expenses | ||||||||||||||||||
Expense | Fund | Account Value | Account Value | Paid During | ||||||||||||||||
Ratio1 | Return | March 31, 2011 | September 30, 2011 | Period2 | ||||||||||||||||
Table 2. Based on hypothetical 5% return (before expenses) | ||||||||||||||||||||
U.S. Long Short Momentum Fund | ||||||||||||||||||||
A-Class | 1.67 | % | 5.00 | % | $ | 1,000.00 | $ | 1,016.67 | $ | 8.47 | ||||||||||
C-Class | 2.42 | % | 5.00 | % | 1,000.00 | 1,012.91 | 12.23 | |||||||||||||
H-Class | 1.67 | % | 5.00 | % | 1,000.00 | 1,016.67 | 8.47 | |||||||||||||
Alternative Strategies Allocation Fund4 | ||||||||||||||||||||
A-Class | 0.00 | % | 5.00 | % | 1,000.00 | 1,025.06 | 0.01 | |||||||||||||
C-Class | 0.75 | % | 5.00 | % | 1,000.00 | 1,021.29 | 3.81 | |||||||||||||
H-Class | 0.00 | % | 5.00 | % | 1,000.00 | 1,025.06 | 0.01 | |||||||||||||
Event Driven and Distressed Strategies Fund | ||||||||||||||||||||
A-Class | 1.87 | % | 5.00 | % | 1,000.00 | 1,015.68 | 9.47 | |||||||||||||
C-Class | 2.62 | % | 5.00 | % | 1,000.00 | 1,011.93 | 13.22 | |||||||||||||
H-Class | 1.87 | % | 5.00 | % | 1,000.00 | 1,015.67 | 9.47 | |||||||||||||
Institutional Class | 1.60 | % | 5.00 | % | 1,000.00 | 1,017.03 | 8.11 | |||||||||||||
Alternative Strategies Fund | ||||||||||||||||||||
A-Class | 1.90 | % | 5.00 | % | 1,000.00 | 1,015.56 | 9.58 | |||||||||||||
C-Class | 2.65 | % | 5.00 | % | 1,000.00 | 1,011.80 | 13.35 | |||||||||||||
H-Class | 1.90 | % | 5.00 | % | 1,000.00 | 1,015.56 | 9.58 | |||||||||||||
Institutional Class | 1.65 | % | 5.00 | % | 1,000.00 | 1,016.82 | 8.32 | |||||||||||||
Long Short Equity Strategy Fund | ||||||||||||||||||||
A-Class | 2.37 | % | 5.00 | % | 1,000.00 | 1,013.19 | 11.96 | |||||||||||||
C-Class | 3.13 | % | 5.00 | % | 1,000.00 | 1,009.37 | 15.77 | |||||||||||||
H-Class | 2.34 | % | 5.00 | % | 1,000.00 | 1,013.32 | 11.83 | |||||||||||||
Institutional Class | 2.15 | % | 5.00 | % | 1,000.00 | 1,014.29 | 10.85 | |||||||||||||
Long Short Interest Rate Strategy Fund | ||||||||||||||||||||
A-Class | 1.52 | % | 5.00 | % | 1,000.00 | 1,017.45 | 7.68 | |||||||||||||
C-Class | 2.27 | % | 5.00 | % | 1,000.00 | 1,013.70 | 11.45 | |||||||||||||
H-Class | 1.52 | % | 5.00 | % | 1,000.00 | 1,017.45 | 7.68 | |||||||||||||
Institutional Class | 1.27 | % | 5.00 | % | 1,000.00 | 1,018.71 | 6.42 | |||||||||||||
Emerging Markets 2x Strategy Fund | ||||||||||||||||||||
A-Class | 1.72 | % | 5.00 | % | 1,000.00 | 1,016.45 | 8.69 | |||||||||||||
C-Class | 2.47 | % | 5.00 | % | 1,000.00 | 1,012.70 | 12.45 | |||||||||||||
H-Class | 1.72 | % | 5.00 | % | 1,000.00 | 1,016.45 | 8.69 | |||||||||||||
Inverse Emerging Markets 2x Strategy Fund | ||||||||||||||||||||
A-Class | 1.72 | % | 5.00 | % | 1,000.00 | 1,016.44 | 8.69 | |||||||||||||
C-Class | 2.45 | % | 5.00 | % | 1,000.00 | 1,012.77 | 12.38 | |||||||||||||
H-Class | 1.72 | % | 5.00 | % | 1,000.00 | 1,016.45 | 8.69 |
1 | This ratio represents annualized Net Expenses, which includes interest and dividend expense related to securities sold short. Excluding short dividend expense and prime broker interest expense, the operating expense ratio would be: Long Short Equity Strategy Fund 0.47%, 0.48%, 0.44%, and 0.50% lower in the A-Class, C-Class, H-Class and Institutional Class, respectively. | |
2 | Expenses are equal to the Fund’s annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). | |
3 | Actual cumulative return at net asset value for the period March 31, 2011 to September 30, 2011. | |
4 | Excludes expenses of the underlying funds in which the Fund invests. |
FUND PROFILE (Unaudited) | September 30, 2011 |
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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. | 4.7 | % | ||
Philip Morris International, Inc. | 3.0 | % | ||
Apple, Inc. | 2.6 | % | ||
Altria Group, Inc. | 2.3 | % | ||
Priceline.com, Inc. | 2.2 | % | ||
International Business Machines Corp. | 1.8 | % | ||
Cerner Corp. | 1.8 | % | ||
NIKE, Inc. — Class B | 1.6 | % | ||
Reynolds American, Inc. | 1.5 | % | ||
Liberty Interactive Corp. — Class A | 1.2 | % | ||
Top Ten Total | 22.7 | % | ||
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 |
Shares | Value | |||||||
COMMON STOCKS† - 90.9% | ||||||||
CONSUMER DISCRETIONARY - 25.2% | ||||||||
Amazon.com, Inc.* | 25,311 | $ | 5,472,998 | |||||
Priceline.com, Inc. | 5,662 | 2,544,843 | ||||||
NIKE, Inc. — Class B | 20,927 | 1,789,468 | ||||||
Liberty Interactive Corp. — Class A* | 96,522 | 1,425,630 | ||||||
Expedia, Inc. | 54,203 | 1,395,727 | ||||||
VF Corp. | 9,889 | 1,201,711 | ||||||
Coach, Inc. | 21,973 | 1,138,861 | ||||||
Netflix, Inc.* | 8,980 | 1,016,177 | ||||||
McDonald’s Corp. | 10,633 | 933,790 | ||||||
Ralph Lauren Corp. | 6,939 | 899,988 | ||||||
HSN, Inc. | 22,104 | 732,306 | ||||||
Fossil, Inc.* | 7,403 | 600,087 | ||||||
Deckers Outdoor Corp.* | 6,335 | 590,802 | ||||||
Shutterfly, Inc.* | 14,202 | 584,838 | ||||||
PVH Corp. | 9,993 | 581,992 | ||||||
Starbucks Corp. | 13,374 | 498,716 | ||||||
Under Armour, Inc. — Class A* | 7,498 | 497,942 | ||||||
Hanesbrands, Inc. | 18,357 | 459,109 | ||||||
Las Vegas Sands Corp.* | 11,871 | 455,134 | ||||||
Yum! Brands, Inc. | 9,132 | 451,030 | ||||||
Warnaco Group, Inc.* | 9,328 | 429,928 | ||||||
Carter’s, Inc.* | 13,534 | 413,328 | ||||||
Carnival Corp. | 13,367 | 405,020 | ||||||
Crocs, Inc.* | 16,859 | 399,053 | ||||||
Wolverine World Wide, Inc. | 11,717 | 389,590 | ||||||
Columbia Sportswear Co. | 8,158 | 378,531 | ||||||
Wynn Resorts Ltd. | 2,759 | 317,506 | ||||||
Blue Nile, Inc.* | 8,126 | 286,685 | ||||||
Iconix Brand Group, Inc.* | 18,093 | 285,869 | ||||||
Chipotle Mexican Grill, Inc. | 941 | 285,076 | ||||||
Marriott International, Inc. — Class A | 10,258 | 279,428 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 5,970 | 231,755 | ||||||
NutriSystem, Inc. | 18,198 | 220,378 | ||||||
Darden Restaurants, Inc. | 5,090 | 217,598 | ||||||
Wyndham Worldwide Corp. | 6,743 | 192,243 | ||||||
International Game Technology | 12,563 | 182,540 | ||||||
Royal Caribbean Cruises Ltd. | 8,251 | 178,552 | ||||||
Overstock.com, Inc.* | 18,867 | 174,897 | ||||||
PetMed Express, Inc. | 18,540 | 166,860 | ||||||
Vitacost.com, Inc.* | 34,500 | 164,220 | ||||||
MGM Resorts International* | 17,484 | 162,426 | ||||||
Panera Bread Co. — Class A* | 1,550 | 161,107 | ||||||
Total Consumer Discretionary | 29,193,739 | |||||||
UTILITIES - 21.5% | ||||||||
Dominion Resources, Inc. | 21,224 | 1,077,542 | ||||||
Southern Co. | 24,402 | 1,033,913 | ||||||
Exelon Corp. | 21,158 | 901,542 | ||||||
Duke Energy Corp. | 44,468 | 888,915 | ||||||
Consolidated Edison, Inc. | 14,362 | 818,921 | ||||||
PG&E Corp. | 19,303 | 816,710 | ||||||
Public Service Enterprise Group, Inc. | 24,381 | 813,594 | ||||||
NextEra Energy, Inc. | 14,937 | 806,897 | ||||||
Oneok, Inc. | 11,328 | 748,101 | ||||||
FirstEnergy Corp. | 16,391 | 736,120 | ||||||
American Electric Power Company, Inc. | 19,150 | 728,083 | ||||||
Sempra Energy | 13,799 | 710,648 | ||||||
Xcel Energy, Inc. | 27,965 | 690,456 | ||||||
PPL Corp. | 24,072 | 687,015 | ||||||
Progress Energy, Inc. | 12,990 | 671,843 | ||||||
Edison International | 15,743 | 602,170 | ||||||
CenterPoint Energy, Inc. | 29,675 | 582,223 | ||||||
Entergy Corp. | 8,728 | 578,579 | ||||||
DTE Energy Co. | 11,710 | 574,024 | ||||||
Wisconsin Energy Corp. | 17,353 | 542,975 | ||||||
National Fuel Gas Co. | 11,066 | 538,693 | ||||||
AGL Resources, Inc. | 13,048 | 531,576 | ||||||
Ameren Corp. | 17,768 | 528,953 | ||||||
Questar Corp. | 28,679 | 507,905 | ||||||
Atmos Energy Corp. | 15,413 | 500,152 | ||||||
NiSource, Inc. | 22,766 | 486,737 | ||||||
UGI Corp. | 18,413 | 483,710 | ||||||
Nicor, Inc. | 8,456 | 465,165 | ||||||
SCANA Corp. | 11,261 | 455,507 | ||||||
CMS Energy Corp. | 22,668 | 448,600 | ||||||
OGE Energy Corp. | 9,023 | 431,209 | ||||||
NSTAR | 9,523 | 426,726 | ||||||
Piedmont Natural Gas Company, Inc. | 14,380 | 415,438 | ||||||
WGL Holdings, Inc. | 10,490 | 409,844 | ||||||
Northeast Utilities | 12,170 | 409,521 | ||||||
Southwest Gas Corp. | 10,454 | 378,121 | ||||||
New Jersey Resources Corp. | 8,723 | 371,338 | ||||||
Pinnacle West Capital Corp. | 8,491 | 364,604 | ||||||
South Jersey Industries, Inc. | 7,174 | 356,906 | ||||||
Pepco Holdings, Inc. | 18,555 | 351,061 | ||||||
ITC Holdings Corp. | 4,427 | 342,783 | ||||||
DPL, Inc. | 10,769 | 324,578 | ||||||
Northwest Natural Gas Co. | 7,174 | 316,373 | ||||||
Total Utilities | 24,855,771 | |||||||
INFORMATION TECHNOLOGY - 16.2% | ||||||||
Apple, Inc.* | 7,969 | 3,037,623 | ||||||
International Business Machines Corp. | 11,916 | 2,085,657 | ||||||
Hewlett-Packard Co. | 48,636 | 1,091,878 |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 9 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | September 30, 2011 |
Shares | Value | |||||||
EMC Corp. | 51,080 | $ | 1,072,169 | |||||
Visa, Inc. — Class A | 11,199 | 959,978 | ||||||
Mastercard, Inc. — Class A | 2,733 | 866,798 | ||||||
Dell, Inc. | 57,621 | 815,337 | ||||||
Accenture plc — Class A | 15,418 | 812,220 | ||||||
Infosys Ltd. ADR | 14,561 | 743,630 | ||||||
Automatic Data Processing, Inc. | 14,516 | 684,429 | ||||||
Cognizant Technology Solutions Corp. — Class A* | 9,750 | 611,325 | ||||||
NetApp, Inc.* | 16,717 | 567,375 | ||||||
SanDisk Corp.* | 12,318 | 497,031 | ||||||
Paychex, Inc. | 16,522 | 435,685 | ||||||
Teradata Corp.* | 7,907 | 423,262 | ||||||
Western Union Co. | 27,655 | 422,845 | ||||||
Western Digital Corp.* | 14,980 | 385,286 | ||||||
Fiserv, Inc.* | 7,292 | 370,215 | ||||||
Fidelity National Information Services, Inc. | 15,011 | 365,068 | ||||||
Seagate Technology plc | 31,718 | 326,061 | ||||||
Amdocs Ltd.* | 11,596 | 314,484 | ||||||
Computer Sciences Corp. | 10,009 | 268,742 | ||||||
NCR Corp.* | 15,739 | 265,832 | ||||||
SAIC, Inc.* | 22,371 | 264,202 | ||||||
Lexmark International, Inc. — Class A* | 8,686 | 234,783 | ||||||
Diebold, Inc. | 7,855 | 216,091 | ||||||
QLogic Corp.* | 14,330 | 181,704 | ||||||
Synaptics, Inc.* | 6,074 | 145,169 | ||||||
Electronics for Imaging, Inc.* | 9,426 | 126,968 | ||||||
Super Micro Computer, Inc.* | 8,927 | 111,855 | ||||||
Stratasys, Inc.* | 2,613 | 48,445 | ||||||
Total Information Technology | 18,752,147 | |||||||
CONSUMER STAPLES - 16.0% | ||||||||
Philip Morris International, Inc. | 55,305 | 3,449,926 | ||||||
Altria Group, Inc. | 98,824 | 2,649,471 | ||||||
Reynolds American, Inc. | 45,280 | 1,697,094 | ||||||
Lorillard, Inc. | 12,827 | 1,419,949 | ||||||
Kraft Foods, Inc. — Class A | 31,430 | 1,055,419 | ||||||
Unilever N.V. | 32,300 | 1,017,127 | ||||||
General Mills, Inc. | 17,710 | 681,304 | ||||||
Kellogg Co. | 11,140 | 592,537 | ||||||
Green Mountain Coffee Roasters, Inc.* | 6,310 | 586,451 | ||||||
HJ Heinz Co. | 10,930 | 551,746 | ||||||
Mead Johnson Nutrition Co. | 7,790 | 536,186 | ||||||
Archer-Daniels-Midland Co. | 19,750 | 489,997 | ||||||
Hershey Co. | 7,720 | 457,333 | ||||||
Campbell Soup Co. | 13,380 | 433,111 | ||||||
ConAgra Foods, Inc. | 17,810 | 431,358 | ||||||
Vector Group Ltd. | 23,599 | 405,427 | ||||||
Sara Lee Corp. | 24,350 | 398,122 | ||||||
JM Smucker Co. | 5,450 | 397,251 | ||||||
Bunge Ltd. | 6,240 | 363,730 | ||||||
Hormel Foods Corp. | 13,230 | 357,475 | ||||||
Universal Corp. | 8,572 | 307,392 | ||||||
Star Scientific, Inc.* | 69,962 | 161,612 | ||||||
Total Consumer Staples | 18,440,018 | |||||||
HEALTH CARE - 11.7% | ||||||||
Cerner Corp.* | 29,534 | 2,023,670 | ||||||
SXC Health Solutions Corp.* | 20,935 | 1,166,080 | ||||||
Allscripts Healthcare Solutions, Inc.* | 61,107 | 1,101,148 | ||||||
Quality Systems, Inc. | 10,625 | 1,030,625 | ||||||
athenahealth, Inc.* | 14,465 | 861,391 | ||||||
Emdeon, Inc. — Class A* | 42,647 | 801,337 | ||||||
UnitedHealth Group, Inc. | 11,614 | 535,638 | ||||||
Computer Programs & Systems, Inc. | 7,760 | 513,324 | ||||||
MedAssets, Inc.* | 45,748 | 439,638 | ||||||
Merge Healthcare, Inc.* | 71,991 | 438,425 | ||||||
Omnicell, Inc.* | 29,710 | 409,404 | ||||||
Medidata Solutions, Inc.* | 23,746 | 390,384 | ||||||
WellPoint, Inc. | 5,765 | 376,339 | ||||||
Coventry Health Care, Inc.* | 11,810 | 340,246 | ||||||
McKesson Corp. | 4,322 | 314,209 | ||||||
Cardinal Health, Inc. | 6,981 | 292,364 | ||||||
Medco Health Solutions, Inc. | 6,123 | 287,108 | ||||||
Express Scripts, Inc.* | 7,458 | 276,468 | ||||||
Aetna, Inc. | 7,409 | 269,317 | ||||||
Humana, Inc. | 3,632 | 264,155 | ||||||
AmerisourceBergen Corp. | 6,590 | 245,609 | ||||||
CIGNA Corp. | 5,805 | 243,462 | ||||||
Quest Diagnostics, Inc. | 4,246 | 209,583 | ||||||
Laboratory Corporation of America Holdings* | 2,578 | 203,791 | ||||||
Henry Schein, Inc.* | 2,886 | 178,961 | ||||||
DaVita, Inc.* | 2,633 | 165,010 | ||||||
Universal Health Services, Inc. — Class B | 3,430 | 116,620 | ||||||
Total Health Care | 13,494,306 | |||||||
INDUSTRIALS - 0.3% | ||||||||
Watsco, Inc. | 5,100 | 260,610 | ||||||
Avis Budget Group, Inc.* | 12,870 | 124,453 | ||||||
NCI Building Systems, Inc.* | 1,017 | 7,688 | ||||||
Total Industrials | 392,751 | |||||||
Total Common Stocks (Cost $106,594,004) | 105,128,732 | |||||||
10 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | September 30, 2011 |
Face | ||||||||
Amount | Value | |||||||
REPURCHASE AGREEMENTS††,1 - 7.5% | ||||||||
HSBC Group issued 09/30/11 at 0.00% due 10/03/11 | $ | 4,662,336 | $ | 4,662,336 | ||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | 2,305,878 | 2,305,878 | ||||||
Mizuho Financial Group, Inc. issued 09/30/11 at 0.01% due 10/03/11 | 1,638,739 | 1,638,739 | ||||||
Total Repurchase Agreements (Cost $8,606,953) | 8,606,953 | |||||||
Total Investments - 98.4% (Cost $115,200,957) | $ | 113,735,685 | ||||||
Cash & Other Assets, Less Liabilities - 1.6% | 1,907,653 | |||||||
Total Net Assets - 100.0% | $ | 115,643,338 |
Unrealized | ||||||||
Contracts | Gain | |||||||
FUTURES CONTRACTS SOLD SHORT† | ||||||||
December 2011 S&P 500 Index Mini Futures Contracts (Aggregate Value of Contracts $20,624,100) | 366 | $ | 1,040,299 | |||||
* | Non-income producing security. | |
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | Repurchase Agreements — See Note 5. | |
ADR — American Depositary Receipt | ||
plc — Public Limited Company |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 11 |
Assets: | ||||
Investments, at value (cost $106,594,004) | $ | 105,128,732 | ||
Repurchase agreements, at value (cost $8,606,953) | 8,606,953 | |||
Segregated cash with broker | 1,464,000 | |||
Cash | 6,937 | |||
Receivables: | ||||
Variation margin | 536,190 | |||
Dividends | 233,364 | |||
Fund shares sold | 14,969 | |||
Total assets | 115,991,145 | |||
Liabilities: | ||||
Payable for: | ||||
Management fees | 89,773 | |||
Fund shares redeemed | 60,399 | |||
Distribution and service fees | 47,906 | |||
Transfer agent and administrative fees | 24,937 | |||
Portfolio accounting fees | 9,975 | |||
Miscellaneous | 114,817 | |||
Total liabilities | 347,807 | |||
Net assets | $ | 115,643,338 | ||
Net assets consist of: | ||||
Paid in capital | $ | 202,242,193 | ||
Accumulated net investment loss | (420,039 | ) | ||
Accumulated net realized loss on investments | (85,753,843 | ) | ||
Net unrealized depreciation on investments | (424,973 | ) | ||
Net assets | $ | 115,643,338 | ||
A-Class: | ||||
Net assets | $ | 18,311,046 | ||
Capital shares outstanding | 1,545,099 | |||
Net asset value per share | $ | 11.85 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 12.44 | ||
C-Class: | ||||
Net assets | $ | 35,380,079 | ||
Capital shares outstanding | 3,208,658 | |||
Net asset value per share | $ | 11.02 | ||
H-Class: | ||||
Net assets | $ | 61,952,213 | ||
Capital shares outstanding | 5,210,711 | |||
Net asset value per share | $ | 11.89 | ||
Investment Income: | ||||
Dividends (net of foreign withholding tax of $6,363) | $ | 1,104,802 | ||
Interest | 549 | |||
Total investment income | 1,105,351 | |||
Expenses: | ||||
Management fees | 650,722 | |||
Transfer agent and administrative fees | 180,756 | |||
Distribution and service fees: | ||||
A-Class | 27,134 | |||
C-Class | 219,047 | |||
H-Class | 98,860 | |||
Portfolio accounting fees | 72,302 | |||
Trustees’ fees* | 5,937 | |||
Miscellaneous | 120,148 | |||
Total expenses | 1,374,906 | |||
Net investment loss | (269,555 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments | (1,946,824 | ) | ||
Futures contracts | 72,845 | |||
Net realized loss | (1,873,979 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (24,028,173 | ) | ||
Futures contracts | 1,046,322 | |||
Net change in unrealized appreciation (depreciation) | (22,981,851 | ) | ||
Net realized and unrealized loss | (24,855,830 | ) | ||
Net decrease in net assets resulting from operations | $ | (25,125,385 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
12 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment loss | $ | (269,555 | ) | $ | (962,766 | ) | ||
Net realized gain (loss) on investments | (1,873,979 | ) | 21,275,436 | |||||
Net change in unrealized appreciation (depreciation) on investments | (22,981,851 | ) | (1,832,424 | ) | ||||
Net increase (decrease) in net assets resulting from operations | (25,125,385 | ) | 18,480,246 | |||||
Distributions to shareholders | — | — | ||||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
A-Class | 4,113,132 | 7,048,585 | ||||||
C-Class | 904,056 | 3,608,855 | ||||||
H-Class | 8,285,760 | 38,536,319 | ||||||
Redemption fees collected | ||||||||
A-Class | — | 1,640 | ||||||
C-Class | — | 3,071 | ||||||
H-Class | — | 4,901 | ||||||
Cost of shares redeemed | ||||||||
A-Class | (7,392,462 | ) | (21,035,067 | ) | ||||
C-Class | (8,158,959 | ) | (23,551,234 | ) | ||||
H-Class | (20,023,992 | ) | (60,622,746 | ) | ||||
Net decrease from capital share transactions | (22,272,465 | ) | (56,005,676 | ) | ||||
Net decrease in net assets | (47,397,850 | ) | (37,525,430 | ) | ||||
Net assets: | ||||||||
Beginning of period | 163,041,188 | 200,566,618 | ||||||
End of period | $ | 115,643,338 | $ | 163,041,188 | ||||
Accumulated net investment loss at end of period | $ | (420,039 | ) | $ | (150,484 | ) | ||
Capital share activity: | ||||||||
Shares sold | ||||||||
A-Class | 298,637 | 571,914 | ||||||
C-Class | 70,008 | 306,995 | ||||||
H-Class | 599,114 | 3,071,070 | ||||||
Shares redeemed | ||||||||
A-Class | (536,098 | ) | (1,666,394 | ) | ||||
C-Class | (640,252 | ) | (2,006,910 | ) | ||||
H-Class | (1,477,670 | ) | (4,850,644 | ) | ||||
Net decrease in shares | (1,686,261 | ) | (4,573,969 | ) | ||||
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 13 |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 14.28 | $ | 12.59 | $ | 8.62 | $ | 13.45 | $ | 14.08 | $ | 14.15 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)b | (.01 | ) | (.04 | ) | (.07 | ) | .01 | (.01 | ) | (.01 | ) | |||||||||||||
Net gain (loss) on investments (realized and unrealized) | (2.42 | ) | 1.73 | 4.04 | (4.84 | ) | .30 | .38 | ||||||||||||||||
Total from investment operations | (2.43 | ) | 1.69 | 3.97 | (4.83 | ) | .29 | .37 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net realized gains | — | — | — | — | (.93 | ) | (.44 | ) | ||||||||||||||||
Total distributions | — | — | — | — | (.93 | ) | (.44 | ) | ||||||||||||||||
Redemption fees collected | — | — | c | — | c | — | c | .01 | — | c | ||||||||||||||
Net asset value, end of period | $ | 11.85 | $ | 14.28 | $ | 12.59 | $ | 8.62 | $ | 13.45 | $ | 14.08 | ||||||||||||
Total Returnd | (17.02 | %) | 13.42 | % | 46.06 | % | (35.91 | %) | 1.50 | % | 2.75 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 18,311 | $ | 25,447 | $ | 36,231 | $ | 31,925 | $ | 49,148 | $ | 39,804 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (0.15 | %) | (0.33 | %) | (0.62 | %) | 0.13 | % | (0.08 | %) | (0.09 | %) | ||||||||||||
Total expenses | 1.67 | % | 1.71 | % | 1.68 | % | 1.69 | % | 1.65 | % | 1.64 | % | ||||||||||||
Operating expensese | 1.67 | % | 1.69 | % | 1.68 | % | 1.69 | % | 1.65 | % | 1.64 | % | ||||||||||||
Portfolio turnover rate | 116 | % | 231 | % | 375 | % | 528 | % | 278 | % | 373 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 13.33 | $ | 11.85 | $ | 8.17 | $ | 12.85 | $ | 13.58 | $ | 13.76 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.06 | ) | (.13 | ) | (.14 | ) | (.07 | ) | (.12 | ) | (.11 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (2.23 | ) | 1.61 | 3.82 | (4.61 | ) | .31 | .37 | ||||||||||||||||
Total from investment operations | (2.29 | ) | 1.48 | 3.68 | (4.68 | ) | .19 | .26 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net realized gains | — | — | — | — | (.93 | ) | (.44 | ) | ||||||||||||||||
Total distributions | — | — | — | — | (.93 | ) | (.44 | ) | ||||||||||||||||
Redemption fees collected | — | — | c | — | c | — | c | .01 | — | c | ||||||||||||||
Net asset value, end of period | $ | 11.02 | $ | 13.33 | $ | 11.85 | $ | 8.17 | $ | 12.85 | $ | 13.58 | ||||||||||||
Total Returnd | (17.33 | %) | 12.49 | % | 45.04 | % | (36.42 | %) | 0.81 | % | 2.02 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 35,380 | $ | 50,381 | $ | 64,918 | $ | 57,792 | $ | 115,136 | $ | 118,422 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (0.90 | %) | (1.08 | %) | (1.37 | %) | (0.66 | %) | (0.80 | %) | (0.86 | %) | ||||||||||||
Total expenses | 2.42 | % | 2.46 | % | 2.43 | % | 2.44 | % | 2.41 | % | 2.39 | % | ||||||||||||
Operating expensese | 2.42 | % | 2.44 | % | 2.43 | % | 2.44 | % | 2.41 | % | 2.39 | % | ||||||||||||
Portfolio turnover rate | 116 | % | 231 | % | 375 | % | 528 | % | 278 | % | 373 | % |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
H-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 14.32 | $ | 12.63 | $ | 8.65 | $ | 13.49 | $ | 14.12 | $ | 14.18 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment lossb | (.01 | ) | (.04 | ) | (.07 | ) | (— | )f | (.02 | ) | (.02 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (2.42 | ) | 1.73 | 4.05 | (4.84 | ) | .31 | .40 | ||||||||||||||||
Total from investment operations | (2.43 | ) | 1.69 | 3.98 | (4.84 | ) | .29 | .38 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net realized gains | — | — | — | — | (.93 | ) | (.44 | ) | ||||||||||||||||
Total distributions | — | — | — | — | (.93 | ) | (.44 | ) | ||||||||||||||||
Redemption fees collected | — | — | c | — | c | — | c | .01 | — | c | ||||||||||||||
Net asset value, end of period | $ | 11.89 | $ | 14.32 | $ | 12.63 | $ | 8.65 | $ | 13.49 | $ | 14.12 | ||||||||||||
Total Returnd | (16.97 | %) | 13.38 | % | 46.01 | % | (35.88 | %) | 1.50 | % | 2.81 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 61,952 | $ | 87,212 | $ | 99,418 | $ | 76,080 | $ | 178,949 | $ | 140,774 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment loss | (0.14 | %) | (0.31 | %) | (0.63 | %) | (0.01 | %) | (0.13 | %) | (0.16 | %) | ||||||||||||
Total expenses | 1.67 | % | 1.70 | % | 1.68 | % | 1.68 | % | 1.65 | % | 1.65 | % | ||||||||||||
Operating expensese | 1.67 | % | 1.69 | % | 1.68 | % | 1.68 | % | 1.65 | % | 1.65 | % | ||||||||||||
Portfolio turnover rate | 116 | % | 231 | % | 375 | % | 528 | % | 278 | % | 373 | % |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | |
c | Redemption fees collected are less than $0.01 per share. | |
d | Total return does not reflect the impact of any applicable sales charges and has not been annualized. | |
e | Operating expenses exclude interest and dividend expense from securities sold short. | |
f | Net investment income is less than $0.01 per share. |
FUND PROFILE (Unaudited) | September 30, 2011 |
![(CHART)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366705.gif)
Inception Dates: | ||
A-Class | March 7, 2008 | |
C-Class | March 7, 2008 | |
H-Class | March 7, 2008 |
Ten Largest Holdings | ||||
(% of Total Net Assets) | ||||
RSF — Multi-Hedge Strategies Fund — A Class | 16.5 | % | ||
RSF — Event Driven and Distressed Strategies Fund — A Class | 15.8 | % | ||
RSF — Long Short Interest Rate Strategy Fund — A Class | 15.1 | % | ||
RSF — Managed Futures Strategy Fund — A Class | 13.8 | % | ||
RSF — Alternative Strategies Fund — A Class | 9.6 | % | ||
RSF — Long Short Equity Strategy Fund — A Class | 9.5 | % | ||
RSF — Long/Short Commodities Strategy Fund — A Class | 6.7 | % | ||
RSF — Commodities Strategy Fund — A Class | 4.8 | % | ||
RSF — Real Estate Fund — A Class | 4.2 | % | ||
PowerShares DB G10 Currency Harvest Fund | 3.7 | % | ||
Top Ten Total | 99.7 | % | ||
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 |
Shares | Value | |||||||
CURRENCY EXCHANGE TRADED FUNDS† - 3.6% | ||||||||
PowerShares DB G10 Currency Harvest Fund | 25,386 | $ | 582,608 | |||||
Total Currency Exchange Traded Funds (Cost $509,719) | 582,608 | |||||||
EXCHANGE TRADED FUNDS† - 0.9% | ||||||||
iShares Barclays Aggregate Bond Fund | 1,363 | 150,080 | ||||||
Total Exchange Traded Funds (Cost $149,924) | 150,080 | |||||||
MUTUAL FUNDS†,1 - 96.0% | ||||||||
ALTERNATIVES FUNDS - 91.8% | ||||||||
RSF — Multi-Hedge Strategies Fund — A Class | 116,729 | 2,631,062 | ||||||
RSF — Event Driven and Distressed Strategies Fund — A Class | 106,704 | 2,526,754 | ||||||
RSF — Long Short Interest Rate Strategy Fund — A Class | 101,652 | 2,409,148 | ||||||
RSF — Managed Futures Strategy Fund — A Class | 89,417 | 2,205,032 | ||||||
RSF — Alternative Strategies Fund — A Class | 64,939 | 1,531,913 | ||||||
RSF — Long Short Equity Strategy Fund — A Class | 61,420 | 1,514,614 | ||||||
RSF — Long/Short Commodities Strategy Fund — A Class | 43,513 | 1,074,759 | ||||||
RSF — Commodities Strategy Fund — A Class | 50,528 | 775,095 | ||||||
Total Alternatives Funds | 14,668,377 | |||||||
SPECIALTY FUND - 4.2% | ||||||||
RSF — Real Estate Fund — A Class | 27,378 | 668,837 | ||||||
Total Mutual Funds (Cost $15,418,394) | 15,337,214 | |||||||
Total Investments - 100.6% (Cost $16,078,037) | $ | 16,069,902 | ||||||
Liabilities, Less Cash & Other Assets — (0.6)% | (99,515 | ) | ||||||
Total Net Assets - 100.0% | $ | 15,970,387 |
Unrealized | ||||||||
Contracts | Gain (Loss) | |||||||
INTEREST RATE FUTURES CONTRACTS PURCHASED† | ||||||||
December 2011 U.S. Treasury 5 Year Note Futures Contracts (Aggregate Value of Contracts $245,109) | 2 | $ | (65 | ) | ||||
FUTURES CONTRACTS PURCHASED† | ||||||||
December 2011 S&P 500 Index Mini Futures Contracts (Aggregate Value of Contracts $112,700) | 2 | (229 | ) | |||||
December 2011 Nikkei-225 Stock Average Index Futures Contracts (Aggregate Value of Contracts $128,775) | 3 | (3,679 | ) | |||||
December 2011 MSCI EAFE Index Mini Futures Contracts (Aggregate Value of Contracts $134,290) | 2 | (9,404 | ) | |||||
October 2011 Hang Seng Index Futures Contracts (Aggregate Value of Contracts $109,779) | 1 | (13,726 | ) | |||||
(Total Aggregate Value of Contracts $485,544) | $ | (27,038 | ) | |||||
CURRENCY FUTURES CONTRACTS SOLD SHORT† | ||||||||
December 2011 Canadian Dollar Futures Contracts (Aggregate Value of Contracts $95,240) | 1 | 6,667 | ||||||
December 2011 Australian Dollar Futures Contracts (Aggregate Value of Contracts $95,870) | 1 | 6,396 | ||||||
December 2011 British Pound Futures Contracts (Aggregate Value of Contracts $97,375) | 1 | 1,304 | ||||||
(Total Aggregate Value of Contracts $288,485) | $ | 14,367 | ||||||
FUTURES CONTRACTS SOLD SHORT† | ||||||||
December 2011 S&P/Toronto Stock Exchange 60 Index Futures Contracts (Aggregate Value of Contracts $126,660) | 1 | 6,005 | ||||||
December 2011 SPI 200 Index Futures Contracts (Aggregate Value of Contracts $97,054) | 1 | 2,067 | ||||||
December 2011 FTSE 100 Index Futures Contracts (Aggregate Value of Contracts $78,257) | 1 | 1,010 | ||||||
December 2011 Russell 2000 Index Mini Futures Contracts (Aggregate Value of Contracts $192,180) | 3 | 343 | ||||||
October 2011 CAC 40 Euro Futures Contracts (Aggregate Value of Contracts $118,561) | 3 | (4,668 | ) | |||||
(Total Aggregate Value of Contracts $612,712) | $ | 4,757 | ||||||
† | Value determined based on Level 1 inputs — See Note 4. | |
1 | A-Class shares of affiliated funds. RSF — Rydex Series Funds |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 17 |
Assets: | ||||
Investments in unaffiliated issuers, at value (cost $659,643) | $ | 732,688 | ||
Investments in affiliated issuers, at value (cost $15,418,394) | 15,337,214 | |||
Segregated cash with broker | 107,942 | |||
Receivables: | ||||
Fund shares sold | 5,846 | |||
Total assets | 16,183,690 | |||
Liabilities: | ||||
Overdraft due to custodian bank | 150,708 | |||
Foreign currency, at value (Cost $9,256) | 9,146 | |||
Payable for: | ||||
Fund shares redeemed | 39,443 | |||
Distribution and service fees | 1,895 | |||
Variation margin | 2,240 | |||
Miscellaneous | 9,871 | |||
Total liabilities | 213,303 | |||
Net Assets | $ | 15,970,387 | ||
Net assets consist of: | ||||
Paid in capital | $ | 24,619,560 | ||
Undistributed net investment income | 213,075 | |||
Accumulated net realized loss on investments | (8,846,162 | ) | ||
Net unrealized depreciation on investments | (16,086 | ) | ||
Net assets | $ | 15,970,387 | ||
A-Class: | ||||
Net assets | $ | 2,050,086 | ||
Capital shares outstanding | 108,405 | |||
Net asset value per share | $ | 18.91 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 19.85 | ||
C-Class: | ||||
Net assets | $ | 2,938,384 | ||
Capital shares outstanding | 159,642 | |||
Net asset value per share | $ | 18.40 | ||
H-Class: | ||||
Net assets | $ | 10,981,917 | ||
Capital shares outstanding | 580,754 | |||
Net asset value per share | $ | 18.91 | ||
Investment Income: | ||||
Interest | $ | 18 | ||
Total investment income | 18 | |||
Expenses: | ||||
Distribution and service fees: | ||||
C-Class | 12,560 | |||
Miscellaneous | 249 | |||
Total expenses | 12,809 | |||
Net investment loss | (12,791 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments in unaffiliated issuers | 27,379 | |||
Investments in affiliated issuers | (50,040 | ) | ||
Futures contracts | 131,230 | |||
Foreign currency | 41 | |||
Net realized gain | 108,610 | |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments in unaffiliated issuers | (61,714 | ) | ||
Investments in affiliated issuers | (1,265,791 | ) | ||
Futures contracts | (4,542 | ) | ||
Foreign currency | 28 | |||
Net change in unrealized appreciation (depreciation) | (1,332,019 | ) | ||
Net realized and unrealized loss | (1,223,409 | ) | ||
Net decrease in net assets resulting from operations | $ | (1,236,200 | ) | |
18 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Year Ended | |||||||
September 30, 2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment income (loss) | $ | (12,791 | ) | $ | 168,401 | |||
Net realized gain (loss) on investments | 108,610 | (1,253,912 | ) | |||||
Net change in unrealized appreciation (depreciation) on investments | (1,332,019 | ) | 1,318,460 | |||||
Net increase (decrease) in net assets resulting from operations | (1,236,200 | ) | 232,949 | |||||
Distributions to shareholders from: | ||||||||
Net investment income | ||||||||
A-Class | — | (28,424 | )a | |||||
C-Class | — | (26,948 | )a | |||||
H-Class | — | (106,353 | )a | |||||
Net realized gains | ||||||||
A-Class | — | (44,683 | )a | |||||
C-Class | — | (42,363 | )a | |||||
H-Class | — | (167,188 | )a | |||||
Total distributions to shareholders | — | (415,959 | ) | |||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
A-Class | 321,818 | 1,435,110 | ||||||
C-Class | 742,894 | 812,636 | ||||||
H-Class | 1,910,296 | 6,506,749 | ||||||
Redemption fees collected | ||||||||
A-Class | — | 54 | ||||||
C-Class | — | 68 | ||||||
H-Class | — | 209 | ||||||
Distributions reinvested | ||||||||
A-Class | — | 65,586 | ||||||
C-Class | — | 66,099 | ||||||
H-Class | — | 140,841 | ||||||
Cost of shares redeemed | ||||||||
A-Class | (1,362,537 | ) | (2,710,954 | ) | ||||
C-Class | (978,165 | ) | (4,349,793 | ) | ||||
H-Class | (4,217,805 | ) | (11,518,009 | ) | ||||
Net decrease from capital share transactions | (3,583,499 | ) | (9,551,404 | ) | ||||
Net decrease in net assets | (4,819,699 | ) | (9,734,414 | ) | ||||
Net assets: | ||||||||
Beginning of period | 20,790,086 | 30,524,500 | ||||||
End of period | $ | 15,970,387 | $ | 20,790,086 | ||||
Undistributed net investment income at end of period | $ | 213,075 | $ | 225,866 | ||||
Capital share activity: | ||||||||
Shares sold | ||||||||
A-Class | 16,153 | 72,012 | ||||||
C-Class | 37,945 | 41,750 | ||||||
H-Class | 95,814 | 330,334 | ||||||
Shares issued from reinvestment of distributions | ||||||||
A-Class | — | 3,316 | ||||||
C-Class | — | 3,412 | ||||||
H-Class | — | 7,120 | ||||||
Shares redeemed | ||||||||
A-Class | (68,633 | ) | (137,310 | ) | ||||
C-Class | (50,559 | ) | (224,330 | ) | ||||
H-Class | (212,865 | ) | (585,220 | ) | ||||
Net decrease in shares | (182,145 | ) | (488,916 | ) | ||||
a | For financial reporting purposes, certain distributions from net investment income for federal income tax purposes have been reclassified to distributions from realized gains. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 19 |
Period Ended | Year Ended | Year Ended | Year Ended | Period Ended | ||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | ||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008b | |||||||||||||||
Per Share Data | ||||||||||||||||||||
Net asset value, beginning of period | $ | 20.24 | $ | 20.16 | $ | 19.33 | $ | 24.84 | $ | 25.00 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment incomec | — | d | .17 | — | d | .62 | — | d | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (1.33 | ) | .27 | .82 | (5.69 | ) | (.16 | ) | ||||||||||||
Total from investment operations | (1.33 | ) | .44 | .82 | (5.07 | ) | (.16 | ) | ||||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | — | (.14 | )h | — | (.44 | )h | — | |||||||||||||
Net realized gains | — | (.22 | )h | — | (.03 | )h | — | |||||||||||||
Total distributions | — | (.36 | ) | — | (.47 | ) | — | |||||||||||||
Redemption fees collected | — | — | e | .01 | .03 | — | e | |||||||||||||
Net asset value, end of period | $ | 18.91 | $ | 20.24 | $ | 20.16 | $ | 19.33 | $ | 24.84 | ||||||||||
Total Returnf | (6.57 | %) | 2.21 | % | 4.29 | % | (20.39 | %) | (0.64 | %) | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 2,050 | $ | 3,257 | $ | 4,492 | $ | 5,816 | $ | 1,121 | ||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net investment income | — | i | 0.85 | % | 0.16 | % | 2.82 | % | 0.16 | % | ||||||||||
Total expensesg | — | i | — | i | — | i | — | i | — | |||||||||||
Portfolio turnover rate | 51 | % | 123 | % | 79 | % | 88 | % | — |
Period Ended | Year Ended | Year Ended | Year Ended | Period Ended | ||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | ||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008b | |||||||||||||||
Per Share Data | ||||||||||||||||||||
Net asset value, beginning of period | $ | 19.78 | $ | 19.85 | $ | 19.17 | $ | 24.83 | $ | 25.00 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)c | (.07 | ) | .01 | (.14 | ) | .39 | (.01 | ) | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | (1.31 | ) | .28 | .81 | (5.60 | ) | (.16 | ) | ||||||||||||
Total from investment operations | (1.38 | ) | .29 | .67 | (5.21 | ) | (.17 | ) | ||||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | — | (.14 | )h | — | (.44 | )h | — | |||||||||||||
Net realized gains | — | (.22 | )h | — | (.03 | )h | — | |||||||||||||
Total distributions | — | (.36 | ) | — | (.47 | ) | — | |||||||||||||
Redemption fees collected | — | — | e | .01 | .02 | — | e | |||||||||||||
Net asset value, end of period | $ | 18.40 | $ | 19.78 | $ | 19.85 | $ | 19.17 | $ | 24.83 | ||||||||||
Total Returnf | (6.98 | %) | 1.49 | % | 3.55 | % | (21.00 | %) | (0.68 | %) | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 2,938 | $ | 3,407 | $ | 6,975 | $ | 7,750 | $ | 152 | ||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net investment income (loss) | (0.75 | %) | 0.04 | % | (0.58 | %) | 1.77 | % | (0.56 | %) | ||||||||||
Total expensesg | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.68 | % | ||||||||||
Portfolio turnover rate | 51 | % | 123 | % | 79 | % | 88 | % | — |
Period Ended | Year Ended | Year Ended | Year Ended | Period Ended | ||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | ||||||||||||||||
H-Class | 2011a | 2011 | 2010 | 2009 | 2008b | |||||||||||||||
Per Share Data | ||||||||||||||||||||
Net asset value, beginning of period | $ | 20.24 | $ | 20.15 | $ | 19.32 | $ | 24.84 | $ | 25.00 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment incomec | — | d | .16 | .01 | .56 | — | d | |||||||||||||
Net gain (loss) on investments (realized and unrealized) | (1.33 | ) | .29 | .81 | (5.63 | ) | (.16 | ) | ||||||||||||
Total from investment operations | (1.33 | ) | .45 | .82 | (5.07 | ) | (.16 | ) | ||||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | — | (.14 | )h | — | (.44 | )h | — | |||||||||||||
Net realized gains | — | (.22 | )h | — | (.03 | )h | — | |||||||||||||
Total distributions | — | (.36 | ) | — | (.47 | ) | — | |||||||||||||
Redemption fees collected | — | — | e | .01 | .02 | — | e | |||||||||||||
Net asset value, end of period | $ | 18.91 | $ | 20.24 | $ | 20.15 | $ | 19.32 | $ | 24.84 | ||||||||||
Total Returnf | (6.57 | %) | 2.26 | % | 4.30 | % | (20.43 | %) | (0.64 | %) | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 10,982 | $ | 14,126 | $ | 19,057 | $ | 18,528 | $ | 3,893 | ||||||||||
Ratios to average net assets: | �� | |||||||||||||||||||
Net investment income | — | i | 0.79 | % | 0.19 | % | 2.55 | % | 0.12 | % | ||||||||||
Total expensesg | — | i | — | i | — | i | — | i | — | |||||||||||
Portfolio turnover rate | 51 | % | 123 | % | 79 | % | 88 | % | — |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Since commencement of operations: March 7, 2008. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
c | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | |
d | Net investment income is less than $0.01 per share. | |
e | Redemption fees collected are less than $0.01 per share. | |
f | Total return does not reflect the impact of any applicable sales charges and has not been annualized. | |
g | Does not include expenses of the underlying funds in which the Fund invests. | |
h | For financial reporting purposes, certain distributions from net investment income for federal income tax purposes have been reclassified to distributions from realized gains. | |
i | Less than 0.01%. |
FUND PROFILE (Unaudited) | September 30, 2011 |
![(CHART)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366706.gif)
Inception Dates: | ||
A-Class | June 30, 2010 | |
C-Class | June 30, 2010 | |
H-Class | June 30, 2010 | |
Institutional Class | June 30, 2010 |
Ten Largest Holdings | ||||
(% of Total Net Assets) | ||||
iShares iBoxx $ High Yield Corporate Bond Fund | 1.8 | % | ||
Fresenius Medical Care AG & Co. KGaA ADR | 0.2 | % | ||
Royal Bank of Scotland Group plc ADR | 0.2 | % | ||
Ford Motor Co. | 0.2 | % | ||
Anadarko Petroleum Corp. | 0.1 | % | ||
Exelon Corp. | 0.1 | % | ||
Las Vegas Sands Corp. | 0.1 | % | ||
American Tower Corp. — Class A | 0.1 | % | ||
CenturyLink, Inc. | 0.1 | % | ||
Capital One Financial Corp. | 0.1 | % | ||
Top Ten Total | 3.0 | % | ||
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 |
Shares | Value | |||||||
COMMON STOCKS† - 4.6% | ||||||||
CONSUMER DISCRETIONARY - 1.1% | ||||||||
Ford Motor Co.* | 2,104 | $ | 20,346 | |||||
Las Vegas Sands Corp.* | 400 | 15,336 | ||||||
Wynn Resorts Ltd. | 67 | 7,710 | ||||||
Dollar General Corp.* | 190 | 7,174 | ||||||
Limited Brands, Inc. | 169 | 6,508 | ||||||
Macy’s, Inc. | 237 | 6,238 | ||||||
DISH Network Corp. — Class A* | 248 | 6,215 | ||||||
Liberty Global, Inc. — Class A* | 138 | 4,993 | ||||||
The Gap, Inc. | 303 | 4,921 | ||||||
Virgin Media, Inc. | 175 | 4,261 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 108 | 4,193 | ||||||
Expedia, Inc. | 151 | 3,888 | ||||||
AutoNation, Inc.* | 106 | 3,475 | ||||||
Sears Holdings Corp.* | 60 | 3,451 | ||||||
Netflix, Inc.* | 29 | 3,282 | ||||||
Sirius XM Radio, Inc.* | 2,111 | 3,188 | ||||||
JC Penney Company, Inc. | 119 | 3,187 | ||||||
Charter Communications, Inc. — Class A* | 62 | 2,904 | ||||||
Royal Caribbean Cruises Ltd. | 124 | 2,683 | ||||||
Wyndham Worldwide Corp. | 94 | 2,680 | ||||||
Cablevision Systems Corp. — Class A | 161 | 2,533 | ||||||
Lear Corp. | 59 | 2,531 | ||||||
MGM Resorts International* | 267 | 2,480 | ||||||
Melco Crown Entertainment Ltd. — Class Participation Certificate ADR* | 285 | 2,368 | ||||||
TRW Automotive Holdings Corp.* | 68 | 2,226 | ||||||
PVH Corp. | 37 | 2,155 | ||||||
Interpublic Group of Companies, Inc. | 266 | 1,915 | ||||||
GameStop Corp. — Class A* | 79 | 1,825 | ||||||
Sally Beauty Holdings, Inc.* | 103 | 1,710 | ||||||
Foot Locker, Inc. | 85 | 1,708 | ||||||
Mohawk Industries, Inc.* | 38 | 1,631 | ||||||
DR Horton, Inc. | 176 | 1,591 | ||||||
Penn National Gaming, Inc. | 44 | 1,465 | ||||||
Jarden Corp. | 51 | 1,441 | ||||||
Lennar Corp. — Class A | 101 | 1,368 | ||||||
Toll Brothers, Inc.* | 93 | 1,342 | ||||||
Goodyear Tire & Rubber Co.* | 133 | 1,342 | ||||||
Hanesbrands, Inc. | 53 | 1,326 | ||||||
Dillard’s, Inc. — Class A | 30 | 1,304 | ||||||
Gannett Company, Inc. | 132 | 1,258 | ||||||
Service Corporation International | 132 | 1,209 | ||||||
Cinemark Holdings, Inc. | 64 | 1,208 | ||||||
Visteon Corp.* | 28 | 1,204 | ||||||
HSN, Inc. | 33 | 1,093 | ||||||
Education Management Corp.* | 73 | 1,083 | ||||||
Wendy’s Co. | 232 | 1,065 | ||||||
Sotheby’s | 37 | 1,020 | ||||||
Regal Entertainment Group — Class A | 84 | 986 | ||||||
Brinker International, Inc. | 47 | 983 | ||||||
Rent-A-Center, Inc. | 35 | 961 | ||||||
Lamar Advertising Co. — Class A* | 51 | 869 | ||||||
Tenneco, Inc.* | 33 | 845 | ||||||
Pulte Group, Inc.* | 212 | 837 | ||||||
Dana Holding Corp.* | 79 | 829 | ||||||
Live Nation Entertainment, Inc.* | 100 | 801 | ||||||
Penske Automotive Group, Inc. | 50 | 800 | ||||||
Total Consumer Discretionary | 167,945 | |||||||
ENERGY - 0.8% | ||||||||
Anadarko Petroleum Corp. | 264 | 16,645 | ||||||
Chesapeake Energy Corp. | 334 | 8,534 | ||||||
Williams Companies, Inc. | 312 | 7,594 | ||||||
El Paso Corp. | 409 | 7,149 | ||||||
Southwestern Energy Co.* | 177 | 5,899 | ||||||
Peabody Energy Corp. | 146 | 4,946 | ||||||
Range Resources Corp. | 79 | 4,618 | ||||||
Continental Resources, Inc.* | 95 | 4,595 | ||||||
Consol Energy, Inc. | 122 | 4,139 | ||||||
Pioneer Natural Resources Co. | 59 | 3,880 | ||||||
Concho Resources, Inc.* | 54 | 3,842 | ||||||
Linn Energy LLC | 95 | 3,388 | ||||||
HollyFrontier Corp. | 113 | 2,963 | ||||||
Newfield Exploration Co.* | 71 | 2,818 | ||||||
Baytex Energy Corp. | 62 | 2,584 | ||||||
QEP Resources, Inc. | 94 | 2,545 | ||||||
Cimarex Energy Co. | 45 | 2,506 | ||||||
Denbury Resources, Inc.* | 212 | 2,438 | ||||||
Whiting Petroleum Corp.* | 62 | 2,175 | ||||||
Alpha Natural Resources, Inc.* | 122 | 2,158 | ||||||
SM Energy Co. | 33 | 2,001 | ||||||
Dresser-Rand Group, Inc.* | 43 | 1,743 | ||||||
Plains Exploration & Production Co. | 72 | 1,635 | ||||||
Arch Coal, Inc. | 111 | 1,618 | ||||||
Tesoro Corp. | 78 | 1,519 | ||||||
Brigham Exploration Co.* | 60 | 1,516 | ||||||
Cie Generale de Geophysique — Veritas ADR* | 81 | 1,427 | ||||||
Oil States International, Inc.* | 28 | 1,426 | ||||||
Precision Drilling Corp.* | 145 | 1,202 | ||||||
EXCO Resources, Inc. | 109 | 1,168 | ||||||
SandRidge Energy, Inc. | 210 | 1,168 | ||||||
Copano Energy LLC | 38 | 1,133 | ||||||
Superior Energy Services, Inc. | 43 | 1,128 | ||||||
Oasis Petroleum, Inc.* | 48 | 1,072 | ||||||
CVR Energy, Inc.* | 47 | 994 | ||||||
Berry Petroleum Co. — Class A | 28 | 991 | ||||||
SEACOR Holdings, Inc. | 12 | 962 | ||||||
Rosetta Resources, Inc.* | 27 | 924 | ||||||
Unit Corp.* | 25 | 923 |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 23 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | September 30, 2011 |
Shares | Value | |||||||
Bill Barrett Corp.* | 25 | $ | 906 | |||||
Teekay Corp. | 39 | 882 | ||||||
Bristow Group, Inc. | 20 | 849 | ||||||
McMoRan Exploration Co.* | 85 | 844 | ||||||
Forest Oil Corp.* | 58 | 835 | ||||||
Complete Production Services, Inc.* | 42 | 792 | ||||||
Key Energy Services, Inc.* | 78 | 740 | ||||||
Quicksilver Resources, Inc.* | 93 | 705 | ||||||
Western Refining, Inc.* | 48 | 598 | ||||||
W&T Offshore, Inc. | 39 | 537 | ||||||
Patriot Coal Corp.* | 47 | 398 | ||||||
Total Energy | 128,052 | |||||||
FINANCIALS - 0.6% | ||||||||
Royal Bank of Scotland Group plc ADR* | 3,067 | 21,868 | ||||||
Capital One Financial Corp. | 278 | 11,017 | ||||||
Discover Financial Services | 302 | 6,928 | ||||||
General Growth Properties, Inc. | 528 | 6,389 | ||||||
Weyerhaeuser Co. | 297 | 4,618 | ||||||
Host Hotels & Resorts, Inc. | 376 | 4,114 | ||||||
Unum Group | 172 | 3,605 | ||||||
CIT Group, Inc.* | 111 | 3,371 | ||||||
KeyCorp | 529 | 3,137 | ||||||
Leucadia National Corp. | 135 | 3,062 | ||||||
SL Green Realty Corp. | 46 | 2,675 | ||||||
CBRE Group, Inc. — Class A* | 176 | 2,369 | ||||||
Regions Financial Corp. | 684 | 2,278 | ||||||
DDR Corp. | 152 | 1,657 | ||||||
E*Trade Financial Corp.* | 156 | 1,421 | ||||||
Zions Bancorporation | 101 | 1,421 | ||||||
TFS Financial Corp.* | 171 | 1,390 | ||||||
American Capital Ltd.* | 196 | 1,337 | ||||||
CapitalSource, Inc. | 180 | 1,105 | ||||||
Forest City Enterprises, Inc. — Class A* | 96 | 1,023 | ||||||
Entertainment Properties Trust | 25 | 975 | ||||||
Credit Acceptance Corp.* | 14 | 901 | ||||||
Omega Healthcare Investors, Inc. | 56 | 892 | ||||||
First Citizens BancShares, Inc. — Class A | 6 | 861 | ||||||
First Horizon National Corp. | 144 | 858 | ||||||
MBIA, Inc.* | 109 | 792 | ||||||
CNO Financial Group, Inc.* | 140 | 757 | ||||||
Total Financials | 90,821 | |||||||
HEALTH CARE - 0.5% | ||||||||
Fresenius Medical Care AG & Co. KGaA ADR | 382 | 25,796 | ||||||
Boston Scientific Corp.* | 1,023 | 6,046 | ||||||
Valeant Pharmaceuticals International, Inc. | 157 | 5,828 | ||||||
Mylan, Inc.* | 246 | 4,182 | ||||||
Life Technologies Corp.* | 99 | 3,805 | ||||||
Elan Corp. plc ADR* | 326 | 3,433 | ||||||
DaVita, Inc.* | 53 | 3,322 | ||||||
Universal Health Services, Inc. — Class B | 75 | 2,550 | ||||||
Coventry Health Care, Inc.* | 82 | 2,362 | ||||||
Warner Chilcott plc — Class A* | 140 | 2,002 | ||||||
Endo Pharmaceuticals Holdings, Inc. | 65 | 1,819 | ||||||
Omnicare, Inc. | 65 | 1,653 | ||||||
Bio-Rad Laboratories, Inc. — Class A* | 16 | 1,452 | ||||||
Health Net, Inc.* | 50 | 1,185 | ||||||
Teleflex, Inc. | 22 | 1,183 | ||||||
Tenet Healthcare Corp.* | 270 | 1,115 | ||||||
LifePoint Hospitals, Inc.* | 29 | 1,063 | ||||||
Owens & Minor, Inc. | 35 | 997 | ||||||
Health Management Associates, Inc. — Class A* | 139 | 962 | ||||||
Alere, Inc.* | 47 | 924 | ||||||
Community Health Systems, Inc. | 52 | 865 | ||||||
HealthSouth Corp.* | 54 | 806 | ||||||
Centene Corp.* | 28 | 803 | ||||||
Total Health Care | 74,153 | |||||||
INDUSTRIALS - 0.4% | ||||||||
L-3 Communications Holdings, Inc. | 59 | 3,656 | ||||||
United Continental Holdings, Inc.* | 186 | 3,605 | ||||||
Iron Mountain, Inc. | 113 | 3,573 | ||||||
Delta Air Lines, Inc.* | 474 | 3,555 | ||||||
CNH Global N.V.* | 133 | 3,490 | ||||||
Verisk Analytics, Inc. — Class A* | 100 | 3,477 | ||||||
Kansas City Southern* | 61 | 3,047 | ||||||
Sensata Technologies Holding N.V.* | 95 | 2,514 | ||||||
TransDigm Group, Inc.* | 28 | 2,287 | ||||||
Hertz Global Holdings, Inc.* | 231 | 2,056 | ||||||
BE Aerospace, Inc. | 58 | 1,920 | ||||||
RR Donnelley & Sons Co. | 113 | 1,596 | ||||||
Owens Corning* | 69 | 1,496 | ||||||
Clean Harbors, Inc.* | 29 | 1,488 | ||||||
Wabtec Corp. | 27 | 1,427 | ||||||
Polypore International, Inc. | 25 | 1,413 | ||||||
Masco Corp. | 197 | 1,403 | ||||||
Spirit Aerosystems Holdings, Inc. — Class A* | 86 | 1,372 | ||||||
Corrections Corporation of America* | 60 | 1,361 | ||||||
TAM S.A. ADR | 87 | 1,355 | ||||||
Triumph Group, Inc. | 27 | 1,316 | ||||||
Navistar International Corp. | 40 | 1,285 | ||||||
SPX Corp. | 28 | 1,269 | ||||||
Hexcel Corp.* | 55 | 1,219 | ||||||
Covanta Holding Corp. | 80 | 1,215 | ||||||
Alliant Techsystems, Inc. | 19 | 1,036 | ||||||
Esterline Technologies Corp.* | 17 | 881 | ||||||
WESCO International, Inc.* | 26 | 872 |
24 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | September 30, 2011 |
Shares | Value | |||||||
Gol Linhas Aereas Inteligentes S.A. ADR | 150 | $ | 834 | |||||
Moog, Inc. — Class A* | 25 | 815 | ||||||
Oshkosh Corp.* | 51 | 803 | ||||||
General Cable Corp.* | 29 | 677 | ||||||
Terex Corp.* | 60 | 616 | ||||||
Swift Transportation Co.* | 77 | 496 | ||||||
Manitowoc Company, Inc. | 72 | 483 | ||||||
Total Industrials | 59,908 | |||||||
TELECOMMUNICATION SERVICES - 0.3% | ||||||||
American Tower Corp. — Class A* | 216 | 11,621 | ||||||
CenturyLink, Inc. | 334 | 11,062 | ||||||
Crown Castle International Corp.* | 159 | 6,467 | ||||||
Sprint Nextel Corp.* | 1,658 | 5,040 | ||||||
Frontier Communications Corp. | 559 | 3,416 | ||||||
Windstream Corp. | 284 | 3,311 | ||||||
NII Holdings, Inc.* | 95 | 2,560 | ||||||
SBA Communications Corp. — Class A* | 63 | 2,172 | ||||||
MetroPCS Communications, Inc.* | 197 | 1,716 | ||||||
Level 3 Communications, Inc.* | 932 | 1,389 | ||||||
tw telecom, Inc. — Class A* | 83 | 1,371 | ||||||
Clearwire Corp. — Class A* | 548 | 1,277 | ||||||
Global Crossing Ltd.* | 33 | 789 | ||||||
Total Telecommunication Services | 52,191 | |||||||
UTILITIES - 0.3% | ||||||||
Exelon Corp. | 366 | 15,595 | ||||||
FirstEnergy Corp. | 232 | 10,419 | ||||||
AES Corp.* | 435 | 4,246 | ||||||
Ameren Corp. | 134 | 3,989 | ||||||
Calpine Corp.* | 244 | 3,435 | ||||||
Northeast Utilities | 98 | 3,298 | ||||||
NRG Energy, Inc.* | 132 | 2,800 | ||||||
CMS Energy Corp. | 140 | 2,771 | ||||||
N.V. Energy, Inc. | 130 | 1,912 | ||||||
GenOn Energy, Inc.* | 417 | 1,159 | ||||||
Total Utilities | 49,624 | |||||||
MATERIALS - 0.3% | ||||||||
CF Industries Holdings, Inc. | 38 | 4,689 | ||||||
Ball Corp. | 93 | 2,885 | ||||||
Celanese Corp. — Class A | 86 | 2,798 | ||||||
Nalco Holding Co. | 77 | 2,693 | ||||||
Crown Holdings, Inc.* | 86 | 2,632 | ||||||
MeadWestvaco Corp. | 94 | 2,309 | ||||||
Vulcan Materials Co. | 72 | 1,984 | ||||||
Ashland, Inc. | 43 | 1,898 | ||||||
Rock-Tenn Co. — Class A | 38 | 1,850 | ||||||
United States Steel Corp. | 79 | 1,739 | ||||||
Scotts Miracle-Gro Co. — Class A | 36 | 1,606 | ||||||
Sealed Air Corp. | 89 | 1,486 | ||||||
Silgan Holdings, Inc. | 39 | 1,433 | ||||||
Rockwood Holdings, Inc.* | 42 | 1,415 | ||||||
Owens-Illinois, Inc. | 90 | 1,361 | ||||||
Huntsman Corp. | 132 | 1,276 | ||||||
Westlake Chemical Corp. | 36 | 1,234 | ||||||
NewMarket Corp. | 8 | 1,215 | ||||||
Compass Minerals International, Inc. | 18 | 1,202 | ||||||
Steel Dynamics, Inc. | 120 | 1,190 | ||||||
Greif, Inc. — Class A | 25 | 1,072 | ||||||
Methanex Corp. | 51 | 1,063 | ||||||
Solutia, Inc.* | 66 | 848 | ||||||
AbitibiBowater, Inc.* | 53 | 795 | ||||||
Olin Corp. | 44 | 792 | ||||||
Graphic Packaging Holding Co.* | 210 | 725 | ||||||
Total Materials | 44,190 | |||||||
INFORMATION TECHNOLOGY - 0.2% | ||||||||
Fidelity National Information Services, Inc. | 169 | 4,110 | ||||||
Alcatel-Lucent ADR* | 1,285 | 3,637 | ||||||
Seagate Technology plc | 236 | 2,426 | ||||||
Equinix, Inc.* | 26 | 2,310 | ||||||
Jabil Circuit, Inc. | 121 | 2,153 | ||||||
NXP Semiconductor N.V.* | 142 | 2,005 | ||||||
Solera Holdings, Inc. | 39 | 1,969 | ||||||
Advanced Micro Devices, Inc.* | 381 | 1,935 | ||||||
Brocade Communications Systems, Inc.* | 260 | 1,123 | ||||||
EchoStar Corp. — Class A* | 48 | 1,085 | ||||||
Anixter International, Inc. | 19 | 901 | ||||||
Viasat, Inc.* | 23 | 766 | ||||||
CoreLogic, Inc.* | 62 | 662 | ||||||
Total Information Technology | 25,082 | |||||||
CONSUMER STAPLES - 0.1% | ||||||||
Tyson Foods, Inc. — Class A | 211 | 3,663 | ||||||
Constellation Brands, Inc. — Class A* | 118 | 2,124 | ||||||
Smithfield Foods, Inc. | 92 | 1,794 | ||||||
TreeHouse Foods, Inc.* | 20 | 1,237 | ||||||
Dean Foods Co.* | 103 | 914 | ||||||
Darling International, Inc. | 63 | 793 | ||||||
SUPERVALU, Inc. | 116 | 772 | ||||||
Total Consumer Staples | 11,297 | |||||||
Total Common Stocks (Cost $899,422) | 703,263 | |||||||
EXCHANGE TRADED FUND†- 1.8% | ||||||||
iShares iBoxx $ High Yield Corporate Bond Fund | 3,200 | 264,736 | ||||||
Total Exchange Traded Fund (Cost $276,011) | 264,736 | |||||||
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 25 |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | September 30, 2011 |
Face | ||||||||
Amount | Value | |||||||
FEDERAL AGENCY DISCOUNT NOTES†† - 59.6% | ||||||||
Fannie Mae1 | ||||||||
0.10% due 12/14/11 | $ | 3,000,000 | $ | 2,999,880 | ||||
0.23% due 04/02/12 | 3,000,000 | 2,999,395 | ||||||
Total Fannie Mae | 5,999,275 | |||||||
Freddie Mac1 | ||||||||
0.22% due 01/18/12 | 3,000,000 | 2,999,823 | ||||||
Total Federal Agency Discount Notes (Cost $8,993,828) | 8,999,098 | |||||||
REPURCHASE AGREEMENTS††,2 - 12.8% | ||||||||
HSBC Group issued 09/30/11 at 0.00% due 10/03/11 | 1,044,528 | 1,044,528 | ||||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | 516,598 | 516,598 | ||||||
Mizuho Financial Group, Inc. issued 09/30/11 at 0.01% due 10/03/11 | 367,135 | 367,135 | ||||||
Total Repurchase Agreements (Cost $1,928,261) | 1,928,261 | |||||||
Total Investments - 78.8% (Cost $12,097,522) | $ | 11,895,358 | ||||||
Cash & Other Assets, Less Liabilities - 21.2% | 3,201,203 | |||||||
Total Net Assets - 100.0% | $ | 15,096,561 |
Unrealized | ||||||||
Units | Loss | |||||||
CORPORATE BOND INDEX SWAP AGREEMENT†† | ||||||||
Credit Suisse Capital LLC October 2011 iShares iBoxx High Yield Corporate Bond Fund Index Swap, Terminating 10/31/113 (Notional Value $7,595,510) | 91,811 | $ | (163,579 | ) | ||||
EQUITY INDEX SWAP AGREEMENT†† | ||||||||
Credit Suisse Capital LLC October 2011 Russell 2000 Index Swap, Terminating 10/31/114 (Notional Value $2,347,563) | 3,644 | (67,832 | ) | |||||
* | Non-income producing security. | |
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | 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. | |
2 | Repurchase Agreements — See Note 5. | |
3 | Total Return based on iShares iBoxx High Yield Corporate Bond Fund Index +/- financing at a variable rate. | |
4 | Total Return based on Russell 2000 Index +/- financing at a variable rate. | |
ADR — American Depositary Receipt | ||
plc — Public Limited Company |
26 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
September 30, 2011
Assets: | ||||
Investments, at value (cost $10,169,261) | $ | 9,967,097 | ||
Repurchase agreements, at value (cost $1,928,261) | 1,928,261 | |||
Segregated cash with broker | 3,556,376 | |||
Receivables: | ||||
Dividends | 344 | |||
Fund shares sold | 48 | |||
Total assets | 15,452,126 | |||
Liabilities: | ||||
Unrealized depreciation on swap agreements | 231,411 | |||
Payable for: | ||||
Fund shares redeemed | 57,710 | |||
Licensing fees | 37,922 | |||
Management fees | 11,591 | |||
Distribution and service fees | 3,929 | |||
Transfer agent and administrative fees | 3,220 | |||
Portfolio accounting fees | 1,288 | |||
Miscellaneous | 8,494 | |||
Total liabilities | 355,565 | |||
Net assets | $ | 15,096,561 | ||
Net assets consist of : | ||||
Paid in capital | $ | 16,902,135 | ||
Accumulated net investment loss | (169,394 | ) | ||
Accumulated net realized loss on investments | (1,202,605 | ) | ||
Net unrealized depreciation on investments | (433,575 | ) | ||
Net assets | $ | 15,096,561 | ||
A-Class: | ||||
Net assets | $ | 6,813,056 | ||
Capital shares outstanding | 287,658 | |||
Net asset value per share | $ | 23.68 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 24.86 | ||
C-Class: | ||||
Net assets | $ | 1,175,458 | ||
Capital shares outstanding | 50,176 | |||
Net asset value per share | $ | 23.42 | ||
H-Class: | ||||
Net assets | $ | 6,901,088 | ||
Capital shares outstanding | 291,365 | |||
Net asset value per share | $ | 23.68 | ||
Institutional Class: | ||||
Net assets | $ | 206,959 | ||
Capital shares outstanding | 8,709 | |||
Net asset value per share | $ | 23.76 | ||
Period Ended September 30, 2011
Investment Income : | ||||
Dividends (net of foreign withholding tax of $34) | $ | 13,111 | ||
Interest | 12,142 | |||
Total investment income | 25,253 | |||
Expenses: | ||||
Management fees | 90,971 | |||
Transfer agent and administrative fees | 25,270 | |||
Distribution and service fees: | ||||
A-Class | 11,832 | |||
C-Class | 7,273 | |||
H- Class | 11,449 | |||
Portfolio accounting fees | 10,108 | |||
Licensing fees | 30,163 | |||
Trustees’ fees* | 640 | |||
Prime broker interest expense | 275 | |||
Miscellaneous | 16,410 | |||
Total expenses | 204,391 | |||
Less expenses waived by Advisor | (9,744 | ) | ||
Net expenses | 194,647 | |||
Net investment loss | (169,394 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments | (150,584 | ) | ||
Swap agreements | (1,408,624 | ) | ||
Futures contracts | (11,236 | ) | ||
Securities sold short | 7,316 | |||
Net realized loss | (1,563,128 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (205,337 | ) | ||
Swap agreements | (401,079 | ) | ||
Net change in unrealized appreciation (depreciation) | (606,416 | ) | ||
Net realized and unrealized loss | (2,169,544 | ) | ||
Net decrease in net assets resulting from operations | $ | (2,338,938 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a) (19) of the 1940 Act. |
See Notes to Financial Statements | the RYDEX | SGI series funds semi- annual report | 27 |
STATEMENTS OF CHANGES IN NET ASSETS
Period Ended | ||||||||
September 30, | Period Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011a | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment loss | $ | (169,394 | ) | $ | (157,395 | ) | ||
Net realized gain (loss) on investments | (1,563,128 | ) | 1,757,786 | |||||
Net change in unrealized appreciation (depreciation) on investments | (606,416 | ) | 175,841 | |||||
Net increase (decrease) in net assets resulting from operations | (2,338,938 | ) | 1,773,232 | |||||
Distributions to shareholders from: | ||||||||
Net realized gains | ||||||||
A-Class | — | (585,261 | ) | |||||
C-Class | — | (53,531 | ) | |||||
H-Class | — | (238,566 | ) | |||||
Institutional Class | — | (984 | ) | |||||
Total distributions to shareholders | — | (878,342 | ) | |||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
A-Class | 8,862,424 | 23,804,628 | ||||||
C-Class | 405,712 | 1,566,171 | ||||||
H-Class | 11,203,764 | 10,028,018 | ||||||
Institutional Class | 199,860 | 66,975 | ||||||
Redemption fees collected | ||||||||
A-Class | — | 144 | ||||||
C-Class | — | — | b | |||||
H-Class | — | 26 | ||||||
Institutional Class | — | — | b | |||||
Distributions reinvested | ||||||||
A-Class | — | 547,724 | ||||||
C-Class | — | 38,503 | ||||||
H-Class | — | 222,004 | ||||||
Institutional Class | — | 984 | ||||||
Cost of shares redeemed | ||||||||
A-Class | (12,581,465 | ) | (13,391,287 | ) | ||||
C-Class | (401,983 | ) | (253,411 | ) | ||||
H-Class | (12,121,370 | ) | (1,616,324 | ) | ||||
Institutional Class | (30,269 | ) | (10,219 | ) | ||||
Net increase (decrease) from capital share transactions | (4,463,327 | ) | 21,003,936 | |||||
Net increase (decrease) in net assets | (6,802,265 | ) | 21,898,826 | |||||
Net assets: | ||||||||
Beginning of year | 21,898,826 | — | ||||||
End of year | $ | 15,096,561 | $ | 21,898,826 | ||||
Accumulated net investment loss at end of year | $ | (169,394 | ) | $ | — | |||
Capital share activity: | ||||||||
Shares sold | ||||||||
A-Class | 334,619 | 917,830 | ||||||
C-Class | 15,488 | 59,379 | ||||||
H-Class | 421,242 | 383,699 | ||||||
Institutional Class | 7,642 | 2,546 | ||||||
Shares issued from reinvestment of distributions | ||||||||
A-Class | — | 21,530 | ||||||
C-Class | — | 1,521 | ||||||
H-Class | — | 8,727 | ||||||
Institutional Class | — | 39 | ||||||
Shares redeemed | ||||||||
A-Class | (478,514 | ) | (507,807 | ) | ||||
C-Class | (16,426 | ) | (9,786 | ) | ||||
H-Class | (460,741 | ) | (61,562 | ) | ||||
Institutional Class | (1,130 | ) | (388 | ) | ||||
Net increase (decrease) in shares | (177,820 | ) | 815,728 | |||||
a | Since commencement of operations: June 30, 2010. | |
b | Redemption fees collected are less than $1.00. |
28 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FINANCIAL HIGHLIGHTS
Period Ended | Period Ended | |||||||
September 30, | March 31, | |||||||
A-Class | 2011a | 2011b | ||||||
Per Share Data | ||||||||
Net asset value, beginning of period | $ | 26.86 | $ | 25.00 | ||||
Income (loss) from investment operations: | ||||||||
Net investment lossc | (.21 | ) | (.33 | ) | ||||
Net gain (loss) on investments (realized and unrealized) | (2.97 | ) | 4.27 | |||||
Total from investment operations | (3.18 | ) | 3.94 | |||||
Less distributions from: | ||||||||
Net realized gains | — | (2.08 | ) | |||||
Total distributions | — | (2.08 | ) | |||||
Net asset value, end of period | $ | 23.68 | $ | 26.86 | ||||
Total Returnd | (11.84 | %) | 16.24 | % | ||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (in thousands) | $ | 6,813 | $ | 11,591 | ||||
Ratios to average net assets: | ||||||||
Net investment loss | (1.63 | %) | (1.65 | %) | ||||
Total expenses | 1.97 | % | 2.03 | % | ||||
Net expensese | 1.87 | % | 1.89 | % | ||||
Portfolio turnover rate | 351 | % | — |
Period Ended | Period Ended | |||||||
September 30, | March 31, | |||||||
C-Class | 2011a | 2011b | ||||||
Per Share Data | ||||||||
Net asset value, beginning of period | $ | 26.67 | $ | 25.00 | ||||
Income (loss) from investment operations: | ||||||||
Net investment lossc | (.31 | ) | (.48 | ) | ||||
Net gain (loss) on investments (realized and unrealized) | (2.94 | ) | 4.23 | |||||
Total from investment operations | (3.25 | ) | 3.75 | |||||
Less distributions from: | ||||||||
Net realized gains | — | (2.08 | ) | |||||
Total distributions | — | (2.08 | ) | |||||
Net asset value, end of period | $ | 23.42 | $ | 26.67 | ||||
Total Returnd | (12.19 | %) | 15.46 | % | ||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (in thousands) | $ | 1,175 | $ | 1,363 | ||||
Ratios to average net assets: | ||||||||
Net investment loss | (2.37 | %) | (2.42 | %) | ||||
Total expenses | 2.71 | % | 2.79 | % | ||||
Net expensese | 2.62 | % | 2.65 | % | ||||
Portfolio turnover rate | 351 | % | — |
FINANCIAL HIGHLIGHTS (concluded)
Period Ended | Period Ended | |||||||
September 30, | March 31, | |||||||
H-Class | 2011a | 2011b | ||||||
Per Share Data | ||||||||
Net asset value, beginning of period | $ | 26.86 | $ | 25.00 | ||||
Income (loss) from investment operations: | ||||||||
Net investment lossc | (.21 | ) | (.33 | ) | ||||
Net gain (loss) on investments (realized and unrealized) | (2.97 | ) | 4.27 | |||||
Total from investment operations | (3.18 | ) | 3.94 | |||||
Less distributions from: | ||||||||
Net realized gains | — | (2.08 | ) | |||||
Total distributions | — | (2.08 | ) | |||||
Net asset value, end of period | $ | 23.68 | $ | 26.86 | ||||
Total Returnd | (11.84 | %) | 16.24 | % | ||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (in thousands) | $ | 6,901 | $ | 8,886 | ||||
Ratios to average net assets: | ||||||||
Net investment loss | (1.62 | %) | (1.67 | %) | ||||
Total expenses | 1.97 | % | 2.04 | % | ||||
Net expensese | 1.87 | % | 1.90 | % | ||||
Portfolio turnover rate | 351 | % | — |
Period Ended | Period Ended | |||||||
September 30, | March 31, | |||||||
Institutional Class | 2011a | 2011b | ||||||
Per Share Data | ||||||||
Net asset value, beginning of period | $ | 26.91 | $ | 25.00 | ||||
Income (loss) from investment operations: | ||||||||
Net investment lossc | (.18 | ) | (.27 | ) | ||||
Net gain (loss) on investments (realized and unrealized) | (2.97 | ) | 4.26 | |||||
Total from investment operations | (3.15 | ) | 3.99 | |||||
Less distributions from: | ||||||||
Net realized gains | — | (2.08 | ) | |||||
Total distributions | — | (2.08 | ) | |||||
Net asset value, end of period | $ | 23.76 | $ | 26.91 | ||||
Total Returnd | (11.71 | %) | 16.45 | % | ||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (in thousands) | $ | 207 | $ | 59 | ||||
Ratios to average net assets: | ||||||||
Net investment loss | (1.37 | %) | (1.42 | %) | ||||
Total expenses | 1.67 | % | 1.79 | % | ||||
Net expensese | 1.60 | % | 1.65 | % | ||||
Portfolio turnover rate | 351 | % | — |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Since commencement of operations: June 30, 2010. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
c | Net investment loss per share was computed using average shares outstanding throughout the period. | |
d | Total return does not reflect the impact of any applicable sales charges and has not been annualized. | |
e | Net expense information reflects the expense ratios after expense waivers. |
FUND PROFILE (Unaudited) | September 30, 2011 |
OBJECTIVE: Seeks to achieve long-term capital appreciation.
![(TABLE LOGO)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366707.gif)
Inception Dates: | ||||
A-Class | June 30, 2010 | |||
C-Class | June 30, 2010 | |||
H-Class | June 30, 2010 | |||
Institutional Class | June 30, 2010 |
SCHEDULE OF INVESTMENTS (Unaudited) ALTERNATIVE STRATEGIES FUND | September 30, 2011 |
Face | ||||||||
Amount | Value | |||||||
REPURCHASE AGREEMENTS††,1 - 99.0% | ||||||||
HSBC Group issued 09/30/11 at 0.00% due 10/03/11 | $ | 1,867,121 | $ | 1,867,121 | ||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | 923,433 | 923,433 | ||||||
Mizuho Financial Group, Inc. issued 09/30/11 at 0.01% due 10/03/11 | 656,264 | 656,264 | ||||||
Total Repurchase Agreements (Cost $3,446,818) | 3,446,818 | |||||||
Total Investments - 99.0% (Cost $3,446,818) | $ | 3,446,818 | ||||||
Cash & Other Assets, Less Liabilities - 1.0% | 36,559 | |||||||
Total Net Assets - 100.0% | $ | 3,483,377 |
Unrealized | ||||||||
Contracts | Gain (Loss) | |||||||
FUTURES CONTRACTS PURCHASED† | ||||||||
December 2011 Russell 2000 Index Mini Futures Contracts (Aggregate Value of Contracts $64,060) | 1 | $ | (3,093 | ) | ||||
December 2011 S&P 500 Index Mini Futures Contracts (Aggregate Value of Contracts $450,800) | 8 | (10,111 | ) | |||||
December 2011 MSCI EAFE Index Mini Futures Contracts (Aggregate Value of Contracts $402,870) | 6 | (18,095 | ) | |||||
December 2011 MSCI Emerging Markets Index Mini Futures Contracts (Aggregate Value of Contracts $294,455) | 7 | (49,049 | ) | |||||
(Total Aggregate Value of Contracts $1,212,185) | $ | (80,348 | ) | |||||
CURRENCY FUTURES CONTRACTS SOLD SHORT† | ||||||||
December 2011 EURO Currency Futures Contracts (Aggregate Value of Contracts $334,775) | 2 | 6,345 | ||||||
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | Repurchase Agreements — See Note 5. |
32 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
September 30, 2011
Assets: | ||||
Repurchase agreements, at value (cost $3,446,818) | $ | 3,446,818 | ||
Segregated cash with broker | 123,450 | |||
Prepaid expenses | 505 | |||
Total assets | 3,570,773 | |||
Liabilities: | ||||
Payable for: | ||||
Variation margin | 41,540 | |||
Fund shares redeemed | 29,956 | |||
Licensing fees | 9,288 | |||
Management fees | 2,703 | |||
Distribution and service fees | 831 | |||
Transfer agent and administrative fees | 751 | |||
Portfolio accounting fees | 300 | |||
Miscellaneous | 2,027 | |||
Total liabilities | 87,396 | |||
Net assets | $ | 3,483,377 | ||
Net assets consist of: | ||||
Paid in capital | $ | 3,723,372 | ||
Accumulated net investment loss | (39,410 | ) | ||
Accumulated net realized loss on investments | (126,582 | ) | ||
Net unrealized depreciation on investments | (74,003 | ) | ||
Net assets | $ | 3,483,377 | ||
A-Class: | ||||
Net assets | $ | 2,178,855 | ||
Capital shares outstanding | 92,359 | |||
Net asset value per share | $ | 23.59 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 24.77 | ||
C-Class: | ||||
Net assets | $ | 137,645 | ||
Capital shares outstanding | 5,891 | |||
Net asset value per share | $ | 23.36 | ||
H-Class: | ||||
Net assets | $ | 1,138,476 | ||
Capital shares outstanding | 48,258 | |||
Net asset value per share | $ | 23.59 | ||
Institutional Class: | ||||
Net assets | $ | 28,401 | ||
Capital shares outstanding | 1,200 | |||
Net asset value per share | $ | 23.66 | ||
Period Ended September 30, 2011
Investment Income: | ||||
Interest | $ | 2,429 | ||
Total investment income | 2,429 | |||
Expenses: | ||||
Management fees | 19,697 | |||
Transfer agent and administrative fees | 5,471 | |||
Distribution and service fees: | ||||
A-Class | 3,511 | |||
C-Class | 468 | |||
H-Class | 1,817 | |||
Portfolio accounting fees | 2,189 | |||
Licensing fees | 8,754 | |||
Trustees’ fees* | 166 | |||
Miscellaneous | 3,526 | |||
Total expenses | 45,599 | |||
Less expenses waived by Advisor | (3,760 | ) | ||
Net expenses | 41,839 | |||
Net investment loss | (39,410 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Futures contracts | (146,700 | ) | ||
Net realized loss | (146,700 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (1,576 | ) | ||
Futures contracts | (129,943 | ) | ||
Net change in unrealized appreciation (depreciation) | (131,519 | ) | ||
Net realized and unrealized loss | (278,219 | ) | ||
Net decrease in net assets resulting from operations | $ | (317,629 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a) (19) of the 1940 Act. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 33 |
STATEMENTS OF CHANGES IN NET ASSETS
Period Ended | Period | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011a | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment loss | $ | (39,410 | ) | $ | (56,730 | ) | ||
Net realized gain (loss) on investments | (146,700 | ) | 310,930 | |||||
Net change in unrealized appreciation (depreciation) on investments | (131,519 | ) | 57,516 | |||||
Net increase (decrease) in net assets resulting from operations | (317,629 | ) | 311,716 | |||||
Distributions to shareholders from: | ||||||||
Net realized gains | ||||||||
A-Class | — | (138,451 | ) | |||||
C-Class | — | (2,119 | ) | |||||
H-Class | — | (67,622 | ) | |||||
Institutional Class | — | (496 | ) | |||||
Total distributions to shareholders | — | (208,688 | ) | |||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
A-Class | 2,452,914 | 4,899,753 | ||||||
C-Class | 101,903 | 96,599 | ||||||
H-Class | 1,356,693 | 2,713,303 | ||||||
Institutional Class | 19,627 | 10,000 | ||||||
Distributions reinvested | ||||||||
A-Class | — | 137,098 | ||||||
C-Class | — | 1,383 | ||||||
H-Class | — | 67,621 | ||||||
Institutional Class | — | 496 | ||||||
Cost of shares redeemed | ||||||||
A-Class | (3,575,022 | ) | (1,616,918 | ) | ||||
C-Class | (18,205 | ) | (32,330 | ) | ||||
H-Class | (1,902,980 | ) | (1,013,957 | ) | ||||
Institutional Class | — | — | ||||||
Net increase (decrease) from capital share transactions | (1,565,070 | ) | 5,263,048 | |||||
Net increase (decrease) in net assets | (1,882,699 | ) | 5,366,076 | |||||
Net assets: | ||||||||
Beginning of year | 5,366,076 | — | ||||||
End of year | $ | 3,483,377 | $ | 5,366,076 | ||||
Accumulated net investment loss at end of year | $ | (39,410 | ) | $ | — | |||
Capital share activity: | ||||||||
Shares sold | ||||||||
A-Class | 96,501 | 194,909 | ||||||
C-Class | 4,042 | 3,792 | ||||||
H-Class | 53,292 | 106,986 | ||||||
Institutional Class | 780 | 400 | ||||||
Shares issued from reinvestment of distributions | ||||||||
A-Class | — | 5,430 | ||||||
C-Class | — | 55 | ||||||
H-Class | — | 2,678 | ||||||
Institutional Class | — | 20 | ||||||
Shares redeemed | ||||||||
A-Class | (141,684 | ) | (62,797 | ) | ||||
C-Class | (721 | ) | (1,277 | ) | ||||
H-Class | (75,183 | ) | (39,515 | ) | ||||
Institutional Class | — | — | ||||||
Net increase (decrease) in shares | (62,973 | ) | 210,681 | |||||
a | Since commencement of operations: June 30, 2010. |
34 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FINANCIAL HIGHLIGHTS
Period Ended | Period Ended | |||||||
September 30, | March 31, | |||||||
A-Class | 2011a | 2011b | ||||||
Per Share Data | ||||||||
Net asset value, beginning of period | $ | 25.47 | $ | 25.00 | ||||
Income (loss) from investment operations: | ||||||||
Net investment lossc | (.22 | ) | (.32 | ) | ||||
Net gain (loss) on investments (realized and unrealized) | (1.66 | ) | 2.03 | |||||
Total from investment operations | (1.88 | ) | 1.71 | |||||
Less distributions from: | ||||||||
Net realized gains | — | (1.24 | ) | |||||
Total distributions | — | (1.24 | ) | |||||
Net asset value, end of period | $ | 23.59 | $ | 25.47 | ||||
Total Returnd | (7.38 | %) | 6.89 | % | ||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (in thousands) | $ | 2,179 | $ | 3,503 | ||||
Ratios to average net assets: | ||||||||
Net investment loss | (1.79 | %) | (1.63 | %) | ||||
Total expenses | 2.07 | % | 2.08 | % | ||||
Net expensese | 1.90 | % | 1.89 | % | ||||
Portfolio turnover rate | — | — |
Period Ended | Period Ended | |||||||
September 30, | March 31, | |||||||
C-Class | 2011a | 2011b | ||||||
Per Share Data | ||||||||
Net asset value, beginning of period | $ | 25.33 | $ | 25.00 | ||||
Income (loss) from investment operations: | ||||||||
Net investment lossc | (.32 | ) | (.46 | ) | ||||
Net gain (loss) on investments (realized and unrealized) | (1.65 | ) | 2.03 | |||||
Total from investment operations | (1.97 | ) | 1.57 | |||||
Less distributions from: | ||||||||
Net realized gains | — | (1.24 | ) | |||||
Total distributions | — | (1.24 | ) | |||||
Net asset value, end of period | $ | 23.36 | $ | 25.33 | ||||
Total Returnd | (7.78 | %) | 6.32 | % | ||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (in thousands) | $ | 138 | $ | 65 | ||||
Ratios to average net assets: | ||||||||
Net investment loss | (2.56 | %) | (2.38 | %) | ||||
Total expenses | 2.82 | % | 2.84 | % | ||||
Net expensese | 2.65 | % | 2.64 | % | ||||
Portfolio turnover rate | — | — |
FINANCIAL HIGHLIGHTS (concluded)
Period Ended | Period Ended | |||||||
September 30, | March 31, | |||||||
H-Class | 2011a | 2011b | ||||||
Per Share Data | ||||||||
Net asset value, beginning of period | $ | 25.47 | $ | 25.00 | ||||
Income (loss) from investment operations: | ||||||||
Net investment lossc | (.22 | ) | (.32 | ) | ||||
Net gain (loss) on investments (realized and unrealized) | (1.66 | ) | 2.03 | |||||
Total from investment operations | (1.88 | ) | 1.71 | |||||
Less distributions from: | ||||||||
Net realized gains | — | (1.24 | ) | |||||
Total distributions | — | (1.24 | ) | |||||
Net asset value, end of period | $ | 23.59 | $ | 25.47 | ||||
Total Returnd | (7.38 | %) | 6.89 | % | ||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (in thousands) | $ | 1,138 | $ | 1,787 | ||||
Ratios to average net assets: | ||||||||
Net investment loss | (1.78 | %) | (1.63 | %) | ||||
Total expenses | 2.07 | % | 2.08 | % | ||||
Net expensese | 1.90 | % | 1.89 | % | ||||
Portfolio turnover rate | — | — |
Period Ended | Period Ended | |||||||
September 30, | March 31, | |||||||
Institutional Class | 2011a | 2011b | ||||||
Per Share Data | ||||||||
Net asset value, beginning of period | $ | 25.52 | $ | 25.00 | ||||
Income (loss) from investment operations: | ||||||||
Net investment lossc | (.20 | ) | (.27 | ) | ||||
Net gain (loss) on investments (realized and unrealized) | (1.66 | ) | 2.03 | |||||
Total from investment operations | (1.86 | ) | 1.76 | |||||
Less distributions from: | ||||||||
Net realized gains | — | (1.24 | ) | |||||
Total distributions | — | (1.24 | ) | |||||
Net asset value, end of period | $ | 23.66 | $ | 25.52 | ||||
Total Returnd | (7.29 | %) | 7.09 | % | ||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (in thousands) | $ | 28 | $ | 11 | ||||
Ratios to average net assets: | ||||||||
Net investment loss | (1.58 | %) | (1.38 | %) | ||||
Total expenses | 1.82 | % | 1.83 | % | ||||
Net expensese | 1.65 | % | 1.64 | % | ||||
Portfolio turnover rate | — | — |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Since commencement of operations: June 30, 2010. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
c | Net investment loss per share was computed using average shares outstanding throughout the period. | |
d | Total return does not reflect the impact of any applicable sales charges and has not been annualized. | |
e | Net expense information reflects the expense ratios after expense waivers. |
FUND PROFILE (Unaudited) | September 30, 2011 |
![(TABLE LOGO)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366708.gif)
Inception Dates: | ||||
A-Class | June 30, 2010 | |||
C-Class | June 30, 2010 | |||
H-Class | June 30, 2010 | |||
Institutional Class | June 30, 2010 |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 |
Face | ||||||||
Amount | Value | |||||||
FEDERAL AGENCY DISCOUNT NOTE†† - 17.7% | ||||||||
Freddie Mac1 | ||||||||
0.10% due 12/14/11 | $ | 1,000,000 | $ | 999,960 | ||||
Total Federal Agency Discount Note (Cost $999,784) | 999,960 | |||||||
FEDERAL AGENCY NOTE†† - 17.6% | ||||||||
Federal Home Loan Bank2 0.13% due 05/15/12 | 1,000,000 | 999,169 | ||||||
Total Federal Agency Note (Cost $999,667) | 999,169 | |||||||
REPURCHASE AGREEMENTS††,3 - 33.6% | ||||||||
HSBC Group issued 09/30/11 at 0.00% due 10/03/11 | 1,031,232 | 1,031,232 | ||||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | 510,022 | 510,022 | ||||||
Mizuho Financial Group, Inc. issued 09/30/11 at 0.01% due 10/03/11 | 362,462 | 362,462 | ||||||
Total Repurchase Agreements (Cost $1,903,716) | 1,903,716 | |||||||
Total Long Investments - 68.9% (Cost $3,903,167) | $ | 3,902,845 | ||||||
Shares | Value | |||||||
EXCHANGE TRADED FUND SOLD SHORT† - (19.1)% | ||||||||
Consumer Discretionary Select Sector SPDR Fund | 31,000 | $ | (1,082,520 | ) | ||||
Total Exchange Traded Fund Sold Short (Proceeds $1,167,943) | (1,082,520 | ) | ||||||
Cash & Other Assets, Less Liabilities - 50.2% | 2,841,878 | |||||||
Total Net Assets - 100.0% | $ | 5,662,203 |
Unrealized | ||||||||
Contracts | Loss | |||||||
FUTURES CONTRACTS PURCHASED† | ||||||||
December 2011 NASDAQ-100 Index Mini Futures Contracts (Aggregate Value of Contracts $1,622,030) | 38 | $ | (25,551 | ) | ||||
December 2011 MSCI EAFE Index Mini Futures Contracts (Aggregate Value of Contracts $872,885) | 13 | (61,126 | ) | |||||
December 2011 Russell 2000 Index Mini Futures Contracts (Aggregate Value of Contracts $1,729,620) | 27 | (189,043 | ) | |||||
(Total Aggregate Value of Contracts $4,224,535) | $ | (275,720 | ) | |||||
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | 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. | |
2 | The issuer operates under a Congressional charter; its securities are neither issued nor guaranteed by the U.S. Government. | |
3 | Repurchase Agreements — See Note 5. |
38 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
September 30, 2011
Assets: | ||||
Investments, at value (cost $1,999,451) | $ | 1,999,129 | ||
Repurchase agreements, at value (cost $1,903,716) | 1,903,716 | |||
Segregated cash with broker | 3,033,471 | |||
Prepaid expenses | 572 | |||
Receivables: | ||||
Interest | 166 | |||
Total assets | 6,937,054 | |||
Liabilities: | ||||
Securities sold short, at value (proceeds $1,167,943) | 1,082,520 | |||
Payable for: | ||||
Variation margin | 134,370 | |||
Fund shares redeemed | 34,803 | |||
Management fees | 4,361 | |||
Distribution and service fees | 1,317 | |||
Transfer agent and administrative fees | 1,211 | |||
Portfolio accounting fees | 485 | |||
Miscellaneous | 15,784 | |||
Total liabilities | 1,274,851 | |||
Net Assets | $ | 5,662,203 | ||
Net assets consist of: | ||||
Paid in capital | $ | 6,002,034 | ||
Accumulated net investment loss | (77,173 | ) | ||
Accumulated net realized loss on investments | (72,039 | ) | ||
Net unrealized depreciation on investments | (190,619 | ) | ||
Net assets | $ | 5,662,203 | ||
A-Class: | ||||
Net assets | $ | 3,604,502 | ||
Capital shares outstanding | 146,197 | |||
Net asset value per share | $ | 24.65 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 25.88 | ||
C-Class: | ||||
Net assets | $ | 199,723 | ||
Capital shares outstanding | 8,177 | |||
Net asset value per share | $ | 24.42 | ||
H-Class: | ||||
Net assets | $ | 1,744,252 | ||
Capital shares outstanding | 70,746 | |||
Net asset value per share | $ | 24.65 | ||
Institutional Class: | ||||
Net assets | $ | 113,726 | ||
Capital shares outstanding | 4,598 | |||
Net asset value per share | $ | 24.73 | ||
Period Ended September 30, 2011
Investment income: | ||||
Dividends | $ | 5,045 | ||
Interest | 1,895 | |||
Total investment income | 6,940 | |||
Expenses: | ||||
Management fees | 31,811 | |||
Transfer agent and administrative fees | 8,836 | |||
Distribution and service fees: | ||||
A-Class | 5,595 | |||
C-Class | 973 | |||
H-Class | 2,917 | |||
Portfolio accounting fees | 3,535 | |||
Short sales dividend expense | 14,457 | |||
Licensing fees | 12,371 | |||
Prime broker interest expense | 1,954 | |||
Trustees’ fees* | 198 | |||
Miscellaneous | 5,750 | |||
Total expenses | 88,397 | |||
Less expenses waived by Advisor | (4,284 | ) | ||
Net expenses | 84,113 | |||
Net investment loss | (77,173 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments | (204,907 | ) | ||
Futures contracts | (154,335 | ) | ||
Securities sold short | 204,386 | |||
Net realized loss | (154,856 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (88,415 | ) | ||
Securities sold short | 140,231 | |||
Futures contracts | (334,126 | ) | ||
Net change in unrealized appreciation (depreciation) | (282,310 | ) | ||
Net realized and unrealized loss | (437,166 | ) | ||
Net decrease in net assets resulting from operations | $ | (514,339 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a) (19) of the 1940 Act. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 39 |
STATEMENTS OF CHANGES IN NET ASSETS
Period Ended | ||||||||
September 30, | Period Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011a | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment loss | $ | (77,173 | ) | $ | (48,229 | ) | ||
Net realized gain (loss) on investments | (154,856 | ) | 381,521 | |||||
Net change in unrealized appreciation (depreciation) on investments | (282,310 | ) | 91,691 | |||||
Net increase (decrease) in net assets resulting from operations | (514,339 | ) | 424,983 | |||||
Distributions to shareholders from: | ||||||||
Net realized gains | ||||||||
A-Class | — | (138,650 | ) | |||||
C-Class | — | (11,501 | ) | |||||
H-Class | — | (73,618 | ) | |||||
Institutional Class | — | (746 | ) | |||||
Total distributions to shareholders | — | (224,515 | ) | |||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
A-Class | 3,944,826 | 4,544,525 | ||||||
C-Class | 88,644 | 221,155 | ||||||
H-Class | 2,564,806 | 3,147,114 | ||||||
Institutional Class | 90,426 | 52,500 | ||||||
Distributions reinvested | ||||||||
A-Class | — | 138,650 | ||||||
C-Class | — | 11,501 | ||||||
H-Class | — | 73,616 | ||||||
Institutional Class | — | 746 | ||||||
Cost of shares redeemed | ||||||||
A-Class | (3,660,445 | ) | (1,168,664 | ) | ||||
C-Class | (64,169 | ) | (41,123 | ) | ||||
H-Class | (2,654,477 | ) | (1,285,677 | ) | ||||
Institutional Class | (27,880 | ) | — | |||||
Net increase from capital share transactions | 281,731 | 5,694,343 | ||||||
Net increase (decrease) in net assets | (232,608 | ) | 5,894,811 | |||||
Net assets: | ||||||||
Beginning of year | 5,894,811 | — | ||||||
End of year | $ | 5,662,203 | $ | 5,894,811 | ||||
Accumulated net investment loss at end of year | $ | (77,173 | ) | $ | — | |||
Capital share activity: | ||||||||
Shares sold | ||||||||
A-Class | 147,298 | 176,581 | ||||||
C-Class | 3,442 | 8,371 | ||||||
H-Class | 94,599 | 121,888 | ||||||
Institutional Class | 3,602 | 2,012 | ||||||
Shares issued from reinvestment of distributions | ||||||||
A-Class | — | 5,401 | ||||||
C-Class | — | 450 | ||||||
H-Class | — | 2,869 | ||||||
Institutional Class | — | 29 | ||||||
Shares redeemed | ||||||||
A-Class | (138,507 | ) | (44,576 | ) | ||||
C-Class | (2,485 | ) | (1,601 | ) | ||||
H-Class | (99,227 | ) | (49,383 | ) | ||||
Institutional Class | (1,045 | ) | — | |||||
Net increase in shares | 7,677 | 222,041 | ||||||
a | Since commencement of operations: June 30, 2010. |
40 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
FINANCIAL HIGHLIGHTS
Period Ended | Period Ended | |||||||
September 30, | March 31, | |||||||
A-Class | 2011a | 2011b | ||||||
Per Share Data | ||||||||
Net asset value, beginning of period | $ | 26.55 | $ | 25.00 | ||||
Income (loss) from investment operations: | ||||||||
Net investment lossc | (.29 | ) | (.36 | ) | ||||
Net gain (loss) on investments (realized and unrealized) | (1.61 | ) | 3.78 | |||||
Total from investment operations | (1.90 | ) | 3.42 | |||||
Less distributions from: | ||||||||
Net realized gains | — | (1.87 | ) | |||||
Total distributions | — | (1.87 | ) | |||||
Net asset value, end of period | $ | 24.65 | $ | 26.55 | ||||
Total Returnd | (7.16 | %) | 13.92 | % | ||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (in thousands) | $ | 3,605 | $ | 3,648 | ||||
Ratios to average net assets: | ||||||||
Net investment loss | (2.17 | %) | (1.86 | %) | ||||
Total expenses | 2.49 | % | 2.52 | % | ||||
Net expensese | 2.37 | % | 2.38 | % | ||||
Operating expensesf | 1.90 | % | 1.90 | % | ||||
Portfolio turnover rate | 188 | % | 142 | % |
Period Ended | Period Ended | |||||||
September 30, | March 31, | |||||||
C-Class | 2011a | 2011b | ||||||
Per Share Data | ||||||||
Net asset value, beginning of period | $ | 26.40 | $ | 25.00 | ||||
Income (loss) from investment operations: | ||||||||
Net investment lossc | (.38 | ) | (.49 | ) | ||||
Net gain (loss) on investments (realized and unrealized) | (1.60 | ) | 3.76 | |||||
Total from investment operations | (1.98 | ) | 3.27 | |||||
Less distributions from: | ||||||||
Net realized gains | — | (1.87 | ) | |||||
Total distributions | — | (1.87 | ) | |||||
Net asset value, end of period | $ | 24.42 | $ | 26.40 | ||||
Total Returnd | (7.50 | %) | 13.30 | % | ||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (in thousands) | $ | 200 | $ | 191 | ||||
Ratios to average net assets: | ||||||||
Net investment loss | (2.93 | %) | (2.48 | %) | ||||
Total expenses | 3.25 | % | 3.23 | % | ||||
Net expensese | 3.13 | % | 3.08 | % | ||||
Operating expensesf | 2.65 | % | 2.65 | % | ||||
Portfolio turnover rate | 188 | % | 142 | % |
FINANCIAL HIGHLIGHTS (concluded)
Period Ended | Period Ended | |||||||
September 30, | March 31, | |||||||
H-Class | 2011a | 2011b | ||||||
Per Share Data | ||||||||
Net asset value, beginning of period | $ | 26.55 | $ | 25.00 | ||||
Income (loss) from investment operations: | ||||||||
Net investment lossc | (.29 | ) | (.36 | ) | ||||
Net gain (loss) on investments (realized and unrealized) | (1.61 | ) | 3.78 | |||||
Total from investment operations | (1.90 | ) | 3.42 | |||||
Less distributions from: | ||||||||
Net realized gains | — | (1.87 | ) | |||||
Total distributions | — | (1.87 | ) | |||||
Net asset value, end of period | $ | 24.65 | $ | 26.55 | ||||
Total Returnd | (7.16 | %) | 13.92 | % | ||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (in thousands) | $ | 1,744 | $ | 2,001 | ||||
Ratios to average net assets: | ||||||||
Net investment loss | (2.15 | %) | (1.85 | %) | ||||
Total expenses | 2.47 | % | 2.50 | % | ||||
Net expensese | 2.34 | % | 2.36 | % | ||||
Operating expensesf | 1.90 | % | 1.89 | % | ||||
Portfolio turnover rate | 188 | % | 142 | % |
Period Ended | Period Ended | |||||||
September 30, | March 31, | |||||||
Institutional Class | 2011a | 2011b | ||||||
Per Share Data | ||||||||
Net asset value, beginning of period | $ | 26.60 | $ | 25.00 | ||||
Income (loss) from investment operations: | ||||||||
Net investment lossc | (.26 | ) | (.28 | ) | ||||
Net gain (loss) on investments (realized and unrealized) | (1.61 | ) | 3.75 | |||||
Total from investment operations | (1.87 | ) | 3.47 | |||||
Less distributions from: | ||||||||
Net realized gains | — | (1.87 | ) | |||||
Total distributions | — | (1.87 | ) | |||||
Net asset value, end of period | $ | 24.73 | $ | 26.60 | ||||
Total Returnd | (7.03 | %) | 14.12 | % | ||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (in thousands) | $ | 114 | $ | 54 | ||||
Ratios to average net assets: | ||||||||
Net investment loss | (1.99 | %) | (1.45 | %) | ||||
Total expenses | 2.27 | % | 2.33 | % | ||||
Net expensese | 2.15 | % | 2.19 | % | ||||
Operating expensesf | 1.65 | % | 1.65 | % | ||||
Portfolio turnover rate | 188 | % | 142 | % |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Since commencement of operations: June 30, 2010. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
c | Net investment loss per share was computed using average shares outstanding throughout the period. | |
d | Total return does not reflect the impact of any applicable sales charges and has not been annualized. | |
e | Net expense information reflects the expense ratios after expense waivers. | |
f | Operating expenses exclude interest and dividend expense from securities sold short. |
FUND PROFILE (Unaudited) | September 30, 2011 |
![(TABLE LOGO)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366709.gif)
Inception Dates: | ||||
A-Class | June 30, 2010 | |||
C-Class | June 30, 2010 | |||
H-Class | June 30, 2010 | |||
Institutional Class | June 30, 2010 |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 |
FACE | ||||||||
AMOUNT | VALUE | |||||||
FEDERAL AGENCY DISCOUNT NOTES†† - 88.3% | ||||||||
Freddie Mac1 | ||||||||
0.24% due 11/01/11 | $ | 10,000,000 | $ | 9,999,840 | ||||
0.22% due 12/01/11 | 10,000,000 | 9,999,670 | ||||||
0.22% due 01/18/12 | 10,000,000 | 9,999,410 | ||||||
0.23% due 03/14/12 | 10,000,000 | 9,998,640 | ||||||
Total Freddie Mac | 39,997,560 | |||||||
Fannie Mae1 | ||||||||
0.10% due 12/14/11 | 15,000,000 | 14,999,400 | ||||||
0.23% due 02/21/12 | 10,000,000 | 9,999,220 | ||||||
0.23% due 04/02/12 | 5,000,000 | 4,998,990 | ||||||
Total Fannie Mae | 29,997,610 | |||||||
Farmer Mac2 | ||||||||
0.20% due 05/11/12 | 15,000,000 | 14,995,395 | ||||||
0.33% due 12/23/11 | 5,000,000 | 4,999,775 | ||||||
Total Farmer Mac | 19,995,170 | |||||||
Federal Farm Credit Bank2 | ||||||||
0.26% due 03/08/12 | 15,000,000 | 14,998,035 | ||||||
Federal Home Loan Bank2 | ||||||||
0.20% due 02/13/12 | 10,000,000 | 9,999,260 | ||||||
Total Federal Agency Discount Notes (Cost $114,911,639) | 114,987,635 | |||||||
FEDERAL AGENCY NOTE†† - 11.5% | ||||||||
Federal Farm Credit Bank2 | ||||||||
0.24% due 06/20/12 | 15,000,000 | 14,996,790 | ||||||
Total Federal Agency Note (Cost $15,001,186) | 14,996,790 | |||||||
REPURCHASE AGREEMENTS††,3 - 0.0% | ||||||||
HSBC Group issued 09/30/11 at 0.00% due 10/03/11 | 282 | 282 | ||||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | 140 | 140 | ||||||
Mizuho Financial Group, Inc. issued 09/30/11 at 0.01% due 10/03/11 | 99 | 99 | ||||||
Total Repurchase Agreements (Cost $521) | 521 | |||||||
Total Investments - 99.8% (Cost $129,913,346) | $ | 129,984,946 | ||||||
Cash & Other Assets, Less Liabilities - 0.2% | 217,561 | |||||||
Total Net Assets - 100.0% | $ | 130,202,507 |
UNREALIZED | ||||||||
CONTRACTS | GAIN (LOSS) | |||||||
INTEREST RATE FUTURES CONTRACTS PURCHASED† | ||||||||
December 2011 Ultra Long U.S. Treasury Bond Futures Contracts (Aggregate Value of Contracts $21,322,750) | 134 | $ | 1,525,025 | |||||
December 2011 Ultra Long U.S. Treasury Bond Futures Contracts (Aggregate Value of Contracts $23,166,000) | 162 | 654,248 | ||||||
December 2011 U.S. Treasury 10 Year Note Futures Contracts (Aggregate Value of Contracts $69,423,250) | 533 | 231,887 | ||||||
December 2011 U.S. Treasury 5 Year Note Futures Contracts (Aggregate Value of Contracts $77,086,898) | 629 | (47,341 | ) | |||||
December 2011 U.S. Treasury 2 Year Note Futures Contracts (Aggregate Value of Contracts $94,046,750) | 427 | (77,213 | ) | |||||
(Total Aggregate Value of Contracts $285,045,648) | $ | 2,286,606 | ||||||
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | 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. | |
2 | The issuer operates under a Congressional charter; its securities are neither issued nor guaranteed by the U.S. Government. | |
3 | Repurchase Agreements — See Note 5. |
44 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
September 30, 2011
Assets: | ||||
Investments, at value (cost $129,912,825) | $ | 129,984,425 | ||
Repurchase agreements, at value (cost $521) | 521 | |||
Segregated cash with broker | 2,772,200 | |||
Receivables: | ||||
Variation margin | 668,703 | |||
Fund shares sold | 42,348 | |||
Interest | 10,100 | |||
Total assets | 133,478,297 | |||
Liabilities: | ||||
Overdraft due to custodian bank | 2,209,000 | |||
Payable for: | ||||
Fund shares redeemed | 848,515 | |||
Management fees | 83,120 | |||
Distribution and service fees | 30,438 | |||
Transfer agent and administrative fees | 27,707 | |||
Portfolio accounting fees | 11,082 | |||
Miscellaneous | 65,928 | |||
Total liabilities | 3,275,790 | |||
Net assets | $ | 130,202,507 | ||
Net assets consist of: | ||||
Paid in capital | $ | 142,790,695 | ||
Accumulated net investment loss | (1,056,132 | ) | ||
Accumulated net realized loss on investments | (13,890,262 | ) | ||
Net unrealized appreciation on investments | 2,358,206 | |||
Net assets | $ | 130,202,507 | ||
A-Class: | ||||
Net assets | $ | 39,590,902 | ||
Capital shares outstanding | 1,670,810 | |||
Net asset value per share | $ | 23.69 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 24.88 | ||
C-Class: | ||||
Net assets | $ | 17,472,298 | ||
Capital shares outstanding | 744,297 | |||
Net asset value per share | $ | 23.47 | ||
H-Class: | ||||
Net assets | $ | 34,975,807 | ||
Capital shares outstanding | 1,476,097 | |||
Net asset value per share | $ | 23.69 | ||
Institutional Class: | ||||
Net assets | $ | 38,163,500 | ||
Capital shares outstanding | 1,605,971 | |||
Net asset value per share | $ | 23.76 | ||
Investment Income: | ||||
Interest | $ | 147,313 | ||
Total investment income | 147,313 | |||
Expenses: | ||||
Management fees | 588,236 | |||
Transfer agent and administrative fees | 196,079 | |||
Distribution and service fees: | ||||
A-Class | 64,589 | |||
C-Class | 89,374 | |||
H-Class | 54,467 | |||
Portfolio accounting fees | 78,431 | |||
Trustees’ fees* | 4,666 | |||
Miscellaneous | 127,603 | |||
Total expenses | 1,203,445 | |||
Net investment loss | (1,056,132 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Futures contracts | (10,689,394 | ) | ||
Net realized loss | (10,689,394 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | 51,285 | |||
Futures contracts | 2,630,864 | |||
Net change in unrealized appreciation (depreciation) | 2,682,149 | |||
Net realized and unrealized loss | (8,007,245 | ) | ||
Net decrease in net assets resulting from operations | $ | (9,063,377 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a) (19) of the 1940 Act. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 45 |
STATEMENTS OF CHANGES IN NET ASSETS
Period Ended | ||||||||
September 30, | Period Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011a | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment loss | $ | (1,056,132 | ) | $ | (558,298 | ) | ||
Net realized loss on investments | (10,689,394 | ) | (2,608,946 | ) | ||||
Net change in unrealized appreciation (depreciation) on investments | 2,682,149 | (323,943 | ) | |||||
Net decrease in net assets resulting from operations | (9,063,377 | ) | (3,491,187 | ) | ||||
Distributions to shareholders from: | ||||||||
Net realized gains | ||||||||
A-Class | — | (170,618 | ) | |||||
C-Class | — | (60,418 | ) | |||||
H-Class | — | (213,112 | ) | |||||
Institutional Class | — | (58,988 | ) | |||||
Total distributions to shareholders | — | (503,136 | ) | |||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
A-Class | 18,505,535 | 60,601,738 | ||||||
C-Class | 6,750,071 | 17,451,313 | ||||||
H-Class | 21,681,580 | 60,389,752 | ||||||
Institutional Class | 16,730,317 | 38,029,920 | ||||||
Redemption fees collected | ||||||||
A-Class | — | 213 | ||||||
C-Class | — | 12 | ||||||
H-Class | — | 179 | ||||||
Institutional Class | — | — | b | |||||
Distributions reinvested | ||||||||
A-Class | — | 149,959 | ||||||
C-Class | — | 59,528 | ||||||
H-Class | — | 204,615 | ||||||
Institutional Class | — | 55,179 | ||||||
Cost of shares redeemed | ||||||||
A-Class | (27,731,665 | ) | (7,435,129 | ) | ||||
C-Class | (3,358,950 | ) | (1,951,006 | ) | ||||
H-Class | (31,373,507 | ) | (11,546,620 | ) | ||||
Institutional Class | (13,541,905 | ) | (410,922 | ) | ||||
Net increase (decrease) from capital share transactions | (12,338,524 | ) | 155,598,731 | |||||
Net increase (decrease) in net assets | (21,401,901 | ) | 151,604,408 | |||||
Net Assets: | ||||||||
Beginning of year | 151,604,408 | — | ||||||
End of year | $ | 130,202,507 | $ | 151,604,408 | ||||
Accumulated net investment loss at end of year | $ | (1,056,132 | ) | $ | — | |||
Capital share activity: | ||||||||
Shares sold | ||||||||
A-Class | 759,427 | 2,365,260 | ||||||
C-Class | 278,553 | 681,438 | ||||||
H-Class | 896,135 | 2,343,550 | ||||||
Institutional Class | 678,619 | 1,507,953 | ||||||
Shares issued from reinvestment of distributions | ||||||||
A-Class | — | 5,761 | ||||||
C-Class | — | 2,295 | ||||||
H-Class | — | 7,861 | ||||||
Institutional Class | — | 2,118 | ||||||
Shares redeemed | ||||||||
A-Class | (1,167,470 | ) | (292,168 | ) | ||||
C-Class | (141,734 | ) | (76,255 | ) | ||||
H-Class | (1,312,221 | ) | (459,228 | ) | ||||
Institutional Class | (565,853 | ) | (16,866 | ) | ||||
Net increase (decrease) in shares | (574,544 | ) | 6,071,719 | |||||
a | Since commencement of operations: June 30, 2010. | |
b | Redemption fees collected are less than a $1.00. |
46 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
Period Ended | Period Ended | |||||||
September 30, | March 31, | |||||||
A-Class | 2011a | 2011b | ||||||
Per Share Data | ||||||||
Net asset value, beginning of period | $ | 24.97 | $ | 25.00 | ||||
Income (loss) from investment operations: | ||||||||
Net investment lossc | (.16 | ) | (.26 | ) | ||||
Net gain (loss) on investments (realized and unrealized) | (1.12 | ) | .50 | |||||
Total from investment operations | (1.28 | ) | .24 | |||||
Less distributions from: | ||||||||
Net realized gains | — | (.27 | ) | |||||
Total distributions | — | (.27 | ) | |||||
Net asset value, end of period | $ | 23.69 | $ | 24.97 | ||||
Total Returnd | (5.13 | %) | 0.92 | % | ||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (in thousands) | $ | 39,591 | $ | 51,915 | ||||
Ratios to average net assets: | ||||||||
Net investment loss | (1.33 | %) | (1.35 | %) | ||||
Total expenses | 1.52 | % | 1.54 | % | ||||
Portfolio turnover rate | — | — |
Period Ended | Period Ended | |||||||
September 30, | March 31, | |||||||
C-Class | 2011a | 2011b | ||||||
Per Share Data | ||||||||
Net asset value, beginning of period | $ | 24.83 | $ | 25.00 | ||||
Income (loss) from investment operations: | ||||||||
Net investment lossc | (.25 | ) | (.40 | ) | ||||
Net gain (loss) on investments (realized and unrealized) | (1.11 | ) | .50 | |||||
Total from investment operations | (1.36 | ) | .10 | |||||
Less distributions from: | ||||||||
Net realized gains | — | (.27 | ) | |||||
Total distributions | — | (.27 | ) | |||||
Net asset value, end of period | $ | 23.47 | $ | 24.83 | ||||
Total Returnd | (5.48 | %) | 0.36 | % | ||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (in thousands) | $ | 17,472 | $ | 15,086 | ||||
Ratios to average net assets: | ||||||||
Net investment loss | (2.08 | %) | (2.12 | %) | ||||
Total expenses | 2.27 | % | 2.30 | % | ||||
Portfolio turnover rate | — | — |
Period Ended | Period Ended | |||||||
September 30, | March 31, | |||||||
H-Class | 2011a | 2011b | ||||||
Per Share Data | ||||||||
Net asset value, beginning of period | $ | 24.97 | $ | 25.00 | ||||
Income (loss) from investment operations: | ||||||||
Net investment lossc | (.16 | ) | (.26 | ) | ||||
Net gain (loss) on investments (realized and unrealized) | (1.12 | ) | .50 | |||||
Total from investment operations | (1.28 | ) | .24 | |||||
Less distributions from: | ||||||||
Net realized gains | — | (.27 | ) | |||||
Total distributions | — | (.27 | ) | |||||
Net asset value, end of period | $ | 23.69 | $ | 24.97 | ||||
Total Returnd | (5.13 | %) | 0.92 | % | ||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (in thousands) | $ | 34,976 | $ | 47,252 | ||||
Ratios to average net assets: | ||||||||
Net investment loss | (1.33 | %) | (1.36 | %) | ||||
Total expenses | 1.52 | % | 1.54 | % | ||||
Portfolio turnover rate | — | — |
Period Ended | Period Ended | |||||||
September 30, | March 31, | |||||||
Institutional Class | 2011a | 2011b | ||||||
Per Share Data | ||||||||
Net asset value, beginning of period | $ | 25.01 | $ | 25.00 | ||||
Income (loss) from investment operations: | ||||||||
Net investment lossc | (.13 | ) | (.21 | ) | ||||
Net gain (loss) on investments (realized and unrealized) | (1.12 | ) | .49 | |||||
Total from investment operations | (1.25 | ) | .28 | |||||
Less distributions from: | ||||||||
Net realized gains | — | (.27 | ) | |||||
Total distributions | — | (.27 | ) | |||||
Net asset value, end of period | $ | 23.76 | $ | 25.01 | ||||
Total Returnd | (5.00 | %) | 1.08 | % | ||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (in thousands) | $ | 38,164 | $ | 37,351 | ||||
Ratios to average net assets: | ||||||||
Net investment loss | (1.08 | %) | (1.13 | %) | ||||
Total expenses | 1.27 | % | 1.30 | % | ||||
Portfolio turnover rate | — | — |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Since commencement of operations: June 30, 2010. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
c | Net investment loss per share was computed using average shares outstanding throughout the period. | |
d | Total return does not reflect the impact of any applicable sales charges and has not been annualized. |
FUND PROFILE (Unaudited) | September 30, 2011 |
![(IMAGE)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366710.gif)
Inception Dates: | ||||
A-Class | October 29, 2010 | |||
C-Class | October 29, 2010 | |||
H-Class | October 29, 2010 |
Ten Largest Holdings | ||||
(% of Total Net Assets) | ||||
Taiwan Semiconductor Manufacturing Company Ltd. ADR | 2.9 | % | ||
China Mobile Ltd. ADR | 2.7 | % | ||
Petroleo Brasileiro S.A. Preferred ADR | 2.3 | % | ||
Vale S.A. Preferred ADR | 2.2 | % | ||
America Movil SAB de CV ADR | 2.2 | % | ||
Petroleo Brasileiro S.A. ADR | 1.9 | % | ||
Itau Unibanco Holding S.A. ADR | 1.8 | % | ||
Vale S.A. ADR | 1.6 | % | ||
Banco Bradesco S.A. ADR | 1.5 | % | ||
PetroChina Company Ltd. ADR | 1.3 | % | ||
Top Ten Total | 20.4 | % | ||
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 |
Shares | Value | |||||||
COMMON STOCKS† - 42.2% | ||||||||
ENERGY - 9.6% | ||||||||
Petroleo Brasileiro S.A. Preferred ADR | 2,966 | $ | 61,455 | |||||
Petroleo Brasileiro S.A. ADR | 2,297 | 51,568 | ||||||
PetroChina Company Ltd. ADR | 291 | 35,063 | ||||||
CNOOC Ltd. ADR | 207 | 33,182 | ||||||
Sasol Ltd. ADR | 688 | 27,933 | ||||||
China Petroleum & Chemical Corp. ADR | 231 | 22,130 | ||||||
Ecopetrol S.A. ADR | 282 | 11,362 | ||||||
Ultrapar Participacoes S.A. ADR | 568 | 8,991 | ||||||
Yanzhou Coal Mining Company Ltd. ADR | 270 | 5,697 | ||||||
Total Energy | 257,381 | |||||||
TELECOMMUNICATION SERVICES - 7.6% | ||||||||
China Mobile Ltd. ADR | 1,453 | 70,776 | ||||||
America Movil SAB de CV ADR | 2,683 | 59,241 | ||||||
Chunghwa Telecom Company Ltd. ADR | 527 | 17,391 | ||||||
China Unicom Hong Kong Ltd. ADR | 654 | 13,341 | ||||||
China Telecom Corporation Ltd. ADR | 191 | 11,821 | ||||||
Telekomunikasi Indonesia Tbk PT ADR | 339 | 11,211 | ||||||
Telecomunicacoes de Sao Paulo S.A. ADR | 400 | 10,580 | ||||||
Mobile Telesystems OJSC ADR | 712 | 8,757 | ||||||
Total Telecommunication Services | 203,118 | |||||||
MATERIALS - 7.5% | ||||||||
Vale S.A. Preferred ADR | 2,831 | 59,451 | ||||||
Vale S.A. ADR | 1,817 | 41,428 | ||||||
POSCO ADR | 370 | 28,124 | ||||||
AngloGold Ashanti Ltd. ADR | 521 | 21,548 | ||||||
Gold Fields Ltd. ADR | 924 | 14,156 | ||||||
Gerdau S.A. ADR | 1,233 | 8,791 | ||||||
Cia Siderurgica Nacional S.A. ADR | 1,097 | 8,710 | ||||||
Cia de Minas Buenaventura S.A. ADR | 219 | 8,265 | ||||||
Sociedad Quimica y Minera de Chile S.A. ADR | 123 | 5,881 | ||||||
Cemex SAB de CV ADR* | 1,415 | 4,471 | ||||||
Total Materials | 200,825 | |||||||
FINANCIALS - 7.5% | ||||||||
Itau Unibanco Holding S.A. ADR | 3,113 | 48,314 | ||||||
Banco Bradesco S.A. ADR | 2,665 | 39,415 | ||||||
China Life Insurance Company Ltd. ADR | 684 | 24,289 | ||||||
HDFC Bank Ltd. ADR | 777 | 22,649 | ||||||
Shinhan Financial Group Company Ltd. ADR | 306 | 20,943 | ||||||
ICICI Bank Ltd. ADR | 585 | 20,311 | ||||||
KB Financial Group, Inc. ADR | 530 | 17,363 | ||||||
Banco Santander Brasil S.A. ADR | 774 | 5,666 | ||||||
Total Financials | 198,950 | |||||||
INFORMATION TECHNOLOGY - 5.2% | ||||||||
Taiwan Semiconductor Manufacturing Company Ltd. ADR | 6,780 | 77,496 | ||||||
Infosys Ltd. ADR | 662 | 33,808 | ||||||
Baidu, Inc. ADR* | 187 | 19,992 | ||||||
United Microelectronics Corp. ADR | 3,583 | 6,844 | ||||||
Total Information Technology | 138,140 | |||||||
CONSUMER STAPLES - 2.8% | ||||||||
Cia de Bebidas das Americas ADR | 1,109 | 33,991 | ||||||
Fomento Economico Mexicano SAB de CV ADR | 259 | 16,788 | ||||||
BRF — Brasil Foods S.A. ADR | 920 | 16,128 | ||||||
Cia de Bebidas das Americas ADR | 326 | 7,980 | ||||||
Total Consumer Staples | 74,887 | |||||||
CONSUMER DISCRETIONARY - 1.0% | ||||||||
Grupo Televisa SAB ADR | 773 | 14,215 | ||||||
Tata Motors Ltd. ADR | 474 | 7,290 | ||||||
Ctrip.com International Ltd. ADR* | 198 | 6,368 | ||||||
Total Consumer Discretionary | 27,873 | |||||||
UTILITIES - 1.0% | ||||||||
Cia Energetica de Minas Gerais ADR | 530 | 7,865 | ||||||
Empresa Nacional de Electricidad S.A. ADR | 151 | 6,544 | ||||||
Korea Electric Power Corp. ADR | 721 | 6,129 | ||||||
Enersis S.A. ADR | 355 | 6,003 | ||||||
Total Utilities | 26,541 | |||||||
Total Common Stocks (Cost $1,208,007) | 1,127,715 | |||||||
face | ||||||||
amount | ||||||||
REPURCHASE AGREEMENTS††,1 - 40.8% | ||||||||
HSBC Group issued 09/30/11 at 0.00% due 10/03/11 | $ | 590,807 | 590,807 | |||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | 292,199 | 292,199 |
50 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | September 30, 2011 | |
EMERGING MARKETS 2x STRATEGY FUND |
Face | ||||||||
Amount | Value | |||||||
Mizuho Financial Group, Inc. issued 09/30/11 at 0.01% due 10/03/11 | $ | 207,659 | $ | 207,659 | ||||
Total Repurchase Agreements (Cost $1,090,665) | 1,090,665 | |||||||
Total Investments - 83.0% (Cost $2,298,672) | $ | 2,218,380 | ||||||
Cash & Other Assets, Less Liabilities - 17.0% | 453,480 | |||||||
Total Net Assets - 100.0% | $ | 2,671,860 |
Unrealized | ||||||||
Contracts | Loss | |||||||
FUTURES CONTRACTS PURCHASED† | ||||||||
December 2011 MSCI Emerging Markets Index Mini Futures Contracts (Aggregate Value of Contracts $2,313,575) | 55 | $ | (175,841 | ) |
Units | ||||||||
EQUITY INDEX SWAP AGREEMENTS†† | ||||||||
Goldman Sachs International October 2011 BNY Mellon Emerging Markets 50 ADR Index Swap, Terminating 10/27/112 (Notional Value $1,937,634) | 857 | $ | (42,837 | ) | ||||
![(IMAGE)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366711.gif)
* | Non-income producing security. | |
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | Repurchase Agreements — See Note 5. | |
2 | Total Return based on BNY Mellon Emerging Markets 50 ADR Index +/- financing at a variable rate. ADR — American Depositary Receipt |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 51 |
September 30, 2011
Assets: | ||||
Investments, at value (cost $1,208,007) | $ | 1,127,715 | ||
Repurchase agreements, at value (cost $1,090,665) | 1,090,665 | |||
Segregated cash with broker | 528,431 | |||
Receivable for swap settlement | 19,262 | |||
Cash | 365 | |||
Receivables: | ||||
Fund shares sold | 137,934 | |||
Dividends | 2,535 | |||
Total assets | 2,906,907 | |||
Liabilities: | ||||
Unrealized depreciation on swap agreements | 42,837 | |||
Payable for: | ||||
Variation margin | 126,225 | |||
Fund shares redeemed | 60,660 | |||
Management fees | 2,073 | |||
Distribution and service fees | 597 | |||
Transfer agent and administrative fees | 576 | |||
Portfolio accounting fees | 230 | |||
Miscellaneous | 1,849 | |||
Total liabilities | 235,047 | |||
Net Assets | $ | 2,671,860 | ||
Net Assets Consist of: | ||||
Paid in capital | $ | 4,259,619 | ||
Undistributed net investment income | 4,574 | |||
Accumulated net realized loss on investments | (1,293,363 | ) | ||
Net unrealized depreciation on investments | (298,970 | ) | ||
Net assets | $ | 2,671,860 | ||
A-Class: | ||||
Net assets | $ | 22,526 | ||
Capital shares outstanding | 1,613 | |||
Net asset value per share | $ | 13.96 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 14.66 | ||
C-Class: | ||||
Net assets | $ | 21,518 | ||
Capital shares outstanding | 1,540 | |||
Net asset value per share | $ | 13.97 | ||
H-Class: | ||||
Net assets | $ | 2,627,816 | ||
Capital shares outstanding | 187,836 | |||
Net asset value per share | $ | 13.99 | ||
Period Ended September 30, 2011
Investment Income: | ||||
Dividends (net of foreign withholding tax of $1,186) | $ | 37,182 | ||
Interest | 174 | |||
Total investment income | 37,356 | |||
Expenses: | ||||
Management fees | 16,401 | |||
Transfer agent and administrative fees | 4,556 | |||
Distribution and service fees: | ||||
A-Class | 131 | |||
C-Class | 1,958 | |||
H-Class | 3,935 | |||
Portfolio accounting fees | 1,822 | |||
Licensing fees | 2,597 | |||
Trustees’ fees* | 157 | |||
Miscellaneous | 3,093 | |||
Total expenses | 34,650 | |||
Less expenses waived by Advisor | (1,868 | ) | ||
Net expenses | 32,782 | |||
Net investment income | 4,574 | |||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments | (361,645 | ) | ||
Swap agreements | (1,041,834 | ) | ||
Futures contracts | 16,449 | |||
Net realized loss | (1,387,030 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (212,120 | ) | ||
Swap agreements | (273,326 | ) | ||
Futures contracts | (175,805 | ) | ||
Net change in unrealized appreciation (depreciation) | (661,251 | ) | ||
Net realized and unrealized loss | (2,048,281 | ) | ||
Net decrease in net assets resulting from operations | $ | (2,043,707 | ) | |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
52 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
STATEMENTS OF CHANGES IN NET ASSETS
Period Ended | ||||||||
September 30, | Period Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011a | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment income (loss) | $ | 4,574 | $ | (17,717 | ) | |||
Net realized gain (loss) on investments | (1,387,030 | ) | 108,807 | |||||
Net change in unrealized appreciation (depreciation) on investments | (661,251 | ) | 362,281 | |||||
Net increase (decrease) in net assets resulting from operations | (2,043,707 | ) | 453,371 | |||||
Distributions to Shareholders | — | — | ||||||
Capital Share Transactions: | ||||||||
Proceeds from sale of shares | ||||||||
A-Class | 1,430,938 | 941,826 | ||||||
C-Class | 35,243,362 | 11,122,536 | ||||||
H-Class | 59,732,654 | 43,838,990 | ||||||
Cost of shares redeemed | ||||||||
A-Class | (2,356,693 | ) | (14,982 | ) | ||||
C-Class | (35,731,124 | ) | (10,417,206 | ) | ||||
H-Class | (59,027,030 | ) | (40,501,075 | ) | ||||
Net increase (decrease) from capital share transactions | (707,893 | ) | 4,970,089 | |||||
Net increase (decrease) in net assets | (2,751,600 | ) | 5,423,460 | |||||
Net Assets: | ||||||||
Beginning of year | 5,423,460 | — | ||||||
End of year | $ | 2,671,860 | $ | 5,423,460 | ||||
Undistributed net investment income at end of year | $ | 4,574 | $ | — | ||||
Capital Share Activity: | ||||||||
Shares sold | ||||||||
A-Class | 54,042 | 37,422 | ||||||
C-Class | 1,468,804 | 437,312 | ||||||
H-Class | 2,687,390 | 1,719,799 | ||||||
Shares redeemed | ||||||||
A-Class | (89,233 | ) | (618 | ) | ||||
C-Class | (1,494,330 | ) | (410,246 | ) | ||||
H-Class | (2,637,107 | ) | (1,582,246 | ) | ||||
Net increase (decrease) in shares | (10,434 | ) | 201,423 | |||||
a | Since commencement of operations: October 29, 2010. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 53 |
FINANCIAL HIGHLIGHTS
Period Ended | Period Ended | |||||||
September 30, | March 31, | |||||||
A-Class | 2011a | 2011b | ||||||
Per Share Data | ||||||||
Net asset value, beginning of period | $ | 26.95 | $ | 25.00 | ||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss)c | .09 | (.13 | ) | |||||
Net gain (loss) on investments (realized and unrealized) | (13.08 | ) | 2.08 | |||||
Total from investment operations | (12.99 | ) | 1.95 | |||||
Net asset value, end of period | $ | 13.96 | $ | 26.95 | ||||
Total Returnd | (48.20 | %) | 7.80 | % | ||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (in thousands) | $ | 23 | $ | 992 | ||||
Ratios to average net assets: | ||||||||
Net investment income (loss) | 0.75 | % | (1.42 | %) | ||||
Total expenses | 1.82 | % | 1.85 | % | ||||
Net expensese | 1.72 | % | 1.73 | % | ||||
Portfolio turnover rate | 148 | % | 58 | % |
Period Ended | Period Ended | |||||||
September 30, | March 31, | |||||||
C-Class | 2011a | 2011b | ||||||
Per Share Data | ||||||||
Net asset value, beginning of period | $ | 26.83 | $ | 25.00 | ||||
Income (loss) from investment operations: | ||||||||
Net investment lossc | (.12 | ) | (.31 | ) | ||||
Net gain (loss) on investments (realized and unrealized) | (12.74 | ) | 2.14 | |||||
Total from investment operations | (12.86 | ) | 1.83 | |||||
Net asset value, end of period | $ | 13.97 | $ | 26.83 | ||||
Total Returnd | (47.93 | %) | 7.32 | % | ||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (in thousands) | $ | 22 | $ | 726 | ||||
Ratios to average net assets: | ||||||||
Net investment loss | (0.98 | %) | (1.98 | %) | ||||
Total expenses | 2.57 | % | 2.60 | % | ||||
Net expensese | 2.47 | % | 2.49 | % | ||||
Portfolio turnover rate | 148 | % | 58 | % |
FINANCIAL HIGHLIGHTS (concluded)
Period Ended | Period Ended | |||||||
September 30, | March 31, | |||||||
H-Class | 2011a | 2011b | ||||||
Per Share Data | ||||||||
Net asset value, beginning of period | $ | 26.94 | $ | 25.00 | ||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss)c | .04 | (.11 | ) | |||||
Net gain (loss) on investments (realized and unrealized) | (12.99 | ) | 2.05 | |||||
Total from investment operations | (12.95 | ) | 1.94 | |||||
Net asset value, end of period | $ | 13.99 | $ | 26.94 | ||||
Total Returnd | (48.07 | %) | 7.76 | % | ||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (in thousands) | $ | 2,628 | $ | 3,705 | ||||
Ratios to average net assets: | ||||||||
Net investment income (loss) | 0.39 | % | (1.05 | %) | ||||
Total expenses | 1.82 | % | 1.85 | % | ||||
Net expensese | 1.72 | % | 1.74 | % | ||||
Portfolio turnover rate | 148 | % | 58 | % |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Since commencement of operations: October 29, 2010. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
c | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | |
d | Total return does not reflect the impact of any applicable sales charges and has not been annualized. | |
e | Net expense information reflects the expense ratios after voluntary expense waivers. |
FUND PROFILE (Unaudited) | September 30, 2011 |
![(IMAGE)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366712.gif)
Inception Dates: | ||||
A-Class | October 29, 2010 | |||
C-Class | October 29, 2010 | |||
H-Class | October 29, 2010 |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 |
Face | ||||||||
Amount | Value | |||||||
REPURCHASE AGREEMENTS††,1 - 56.8% | ||||||||
HSBC Group issued 09/30/11 at 0.00% due 10/03/11 | $ | 924,551 | $ | 924,551 | ||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | 457,261 | 457,261 | ||||||
Mizuho Financial Group, Inc. issued 09/30/11 at 0.01% due 10/03/11 | 324,966 | 324,966 | ||||||
Total Repurchase Agreements (Cost $1,706,778) | 1,706,778 | |||||||
Total Investments - 56.8% (Cost $1,706,778) | $ | 1,706,778 | ||||||
Cash & Other Assets, Less Liabilities - 43.2% | 1,297,473 | |||||||
Total Net Assets — 100.0% | $ | 3,004,250 |
Unrealized | ||||||||
Contracts | Gain | |||||||
FUTURES CONTRACTS SOLD SHORT† | ||||||||
December 2011 MSCI Emerging Markets Index Mini Futures Contracts (Aggregate Value of Contracts $336,520) | 8 | $ | 10,896 | |||||
UNITS | ||||||||
EQUITY INDEX SWAP AGREEMENTS SOLD SHORT†† | ||||||||
Goldman Sachs International October 2011 BNY Mellon Emerging Markets 50 ADR Index Swap, Terminating 10/27/112 (Notional Value $5,910,233) | 2,615 | $ | 128,509 | |||||
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | Repurchase Agreements — See Note 5. | |
2 | Total Return based on BNY Mellon Emerging Markets 50 ADR Index +/- financing at a variable rate. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 57 |
September 30, 2011
Assets: | ||||
Repurchase agreements, at value (cost $1,706,778) | $ | 1,706,778 | ||
Segregated cash with broker | 1,185,643 | |||
Unrealized appreciation on swap agreements | 128,509 | |||
Receivable for swap settlement | 4,100 | |||
Receivables: | ||||
Fund shares sold | 1,572,199 | |||
Total assets | 4,597,229 | |||
Liabilities: | ||||
Payable for: | ||||
Fund shares redeemed | 1,581,324 | |||
Management fees | 2,630 | |||
Distribution and service fees | 1,199 | |||
Transfer agent and administrative fees | 730 | |||
Portfolio accounting fees | 292 | |||
Variation margin | 4,988 | |||
Miscellaneous | 1,816 | |||
Total liabilities | 1,592,979 | |||
Net Assets | $ | 3,004,250 | ||
Net Assets Consist of: | ||||
Paid in capital | $ | 2,669,786 | ||
Accumulated net investment loss | (30,616 | ) | ||
Accumulated net realized gain on investments | 225,675 | |||
Net unrealized appreciation on investments | 139,405 | |||
Net assets | $ | 3,004,250 | ||
A-Class: | ||||
Net assets | $ | 434,389 | ||
Capital shares outstanding | 13,978 | |||
Net asset value per share | $ | 31.08 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 32.63 | ||
C-Class: | ||||
Net assets | $ | 262,424 | ||
Capital shares outstanding | 8,225 | |||
Net asset value per share | $ | 31.90 | ||
H-Class: | ||||
Net assets | $ | 2,307,437 | ||
Capital shares outstanding | 74,237 | |||
Net asset value per share | $ | 31.08 | ||
Period Ended September 30, 2011
Investment Income: | ||||
Interest | $ | 342 | ||
Total investment income | 342 | |||
Expenses: | ||||
Management fees | 15,378 | |||
Transfer agent and administrative fees | 4,272 | |||
Distribution and service fees: | ||||
A-Class | 102 | |||
C-Class | 2,360 | |||
H-Class | 3,580 | |||
Portfolio accounting fees | 1,709 | |||
Licensing fees | 2,412 | |||
Trustees’ fees* | 115 | |||
Miscellaneous | 2,759 | |||
Total expenses | 32,687 | |||
Less expenses waived by Advisor | (1,729 | ) | ||
Net expenses | 30,958 | |||
Net investment loss | (30,616 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Swap agreements | 780,951 | |||
Futures contracts | (240,112 | ) | ||
Net realized gain | 540,839 | |||
Net change in unrealized appreciation (depreciation) on: | ||||
Swap agreements | 239,581 | |||
Futures contracts | 95,835 | |||
Net change in unrealized appreciation (depreciation) | 335,416 | |||
Net realized and unrealized gain | 876,255 | |||
Net increase in net assets resulting from operations | $ | 845,639 | ||
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
58 | the RYDEX | SGI series funds semi-annual report | See Notes to Financial Statements. |
STATEMENTS OF CHANGES IN NET ASSETS
Period Ended | ||||||||
September 30, | Period Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011a | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment loss | $ | (30,616 | ) | $ | (19,633 | ) | ||
Net realized gain (loss) on investments | 540,839 | (315,164 | ) | |||||
Net change in unrealized appreciation (depreciation) on investments | 335,416 | (196,011 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 845,639 | (530,808 | ) | |||||
Distributions to Shareholders | — | — | ||||||
Capital Share Transactions: | ||||||||
Proceeds from sale of shares | ||||||||
A-Class | 522,826 | 173,520 | ||||||
C-Class | 48,704,320 | 9,915,158 | ||||||
H-Class | 36,925,344 | 34,731,130 | ||||||
Cost of shares redeemed | ||||||||
A-Class | (183,268 | ) | (125,927 | ) | ||||
C-Class | (48,353,703 | ) | (9,852,057 | ) | ||||
H-Class | (38,398,406 | ) | (31,369,518 | ) | ||||
Net increase (decrease) from capital share transactions | (782,887 | ) | 3,472,306 | |||||
Net increase in net assets | 62,752 | 2,941,498 | ||||||
Net Assets: | ||||||||
Beginning of year | 2,941,498 | — | ||||||
End of year | $ | 3,004,250 | $ | 2,941,498 | ||||
Accumulated net investment loss at end of year | $ | (30,616 | ) | $ | — | |||
Capital Share Activity: | ||||||||
Shares sold | ||||||||
A-Class | 19,464 | 6,828 | ||||||
C-Class | 2,025,696 | 427,743 | ||||||
H-Class | 1,591,619 | 1,486,122 | ||||||
Shares redeemed | ||||||||
A-Class | (7,114 | ) | (5,200 | ) | ||||
C-Class | (2,018,165 | ) | (427,049 | ) | ||||
H-Class | (1,654,164 | ) | (1,349,340 | ) | ||||
Net increase (decrease) in shares | (42,664 | ) | 139,104 | |||||
a | Since commencement of operations: October 29, 2010. |
See Notes to Financial Statements. | the RYDEX | SGI series funds semi-annual report | 59 |
Period Ended | Period Ended | |||||||
September 30, | March 31, | |||||||
A-Class | 2011a | 2011b | ||||||
Per Share Data | ||||||||
Net asset value, beginning of period | $ | 21.15 | $ | 25.00 | ||||
Income (loss) from investment operations: | ||||||||
Net investment lossc | (.21 | ) | (.16 | ) | ||||
Net gain (loss) on investments (realized and unrealized) | 10.14 | (3.69 | ) | |||||
Total from investment operations | 9.93 | (3.85 | ) | |||||
Net asset value, end of period | $ | 31.08 | $ | 21.15 | ||||
Total Returnd | 46.95 | % | (15.40 | %) | ||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (in thousands) | $ | 434 | $ | 34 | ||||
Ratios to average net assets: | ||||||||
Net investment loss | (1.70 | %) | (1.61 | %) | ||||
Total expenses | 1.82 | % | 1.85 | % | ||||
Net expensese | 1.72 | % | 1.73 | % | ||||
Portfolio turnover rate | — | — |
Period Ended | Period Ended | |||||||
September 30, | March 31, | |||||||
C-Class | 2011a | 2011b | ||||||
Per Share Data | ||||||||
Net asset value, beginning of period | $ | 21.33 | $ | 25.00 | ||||
Income (loss) from investment operations: | ||||||||
Net investment lossc | (.29 | ) | (.25 | ) | ||||
Net gain (loss) on investments (realized and unrealized) | 10.86 | (3.42 | ) | |||||
Total from investment operations | 10.57 | (3.67 | ) | |||||
Net asset value, end of period | $ | 31.90 | $ | 21.33 | ||||
Total Returnd | 49.55 | % | (14.68 | %) | ||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (in thousands) | $ | 262 | $ | 15 | ||||
Ratios to average net assets: | ||||||||
Net investment loss | (2.44 | %) | (2.37 | %) | ||||
Total expenses | 2.56 | % | 2.57 | % | ||||
Net expensese | 2.45 | % | 2.46 | % | ||||
Portfolio turnover rate | — | — |
Period Ended | Period Ended | |||||||
September 30, | March 31, | |||||||
H-Class | 2011a | 2011b | ||||||
Per Share Data | ||||||||
Net asset value, beginning of period | $ | 21.15 | $ | 25.00 | ||||
Income (loss) from investment operations: | ||||||||
Net investment lossc | (.20 | ) | (.16 | ) | ||||
Net gain (loss) on investments (realized and unrealized) | 10.13 | (3.69 | ) | |||||
Total from investment operations | 9.93 | (3.85 | ) | |||||
Net asset value, end of period | $ | 31.08 | $ | 21.15 | ||||
Total Returnd | 46.95 | % | (15.40 | %) | ||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (in thousands) | $ | 2,307 | $ | 2,892 | ||||
Ratios to average net assets: | ||||||||
Net investment loss | (1.70 | %) | (1.63 | %) | ||||
Total expenses | 1.82 | % | 1.85 | % | ||||
Net expensese | 1.72 | % | 1.74 | % | ||||
Portfolio turnover rate | — | — |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Since commencement of operations: October 29, 2010. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
c | Net investment loss per share was computed using average shares outstanding throughout the period. | |
d | Total return does not reflect the impact of any applicable sales charges and has not been annualized. | |
e | Net expense information reflects the expense ratios after voluntary expense waivers. |
Fund | Index Exposure | Liquidity | ||
U.S Long Short Momentum Fund | x | x | ||
Alternative Strategies Allocation Fund | x | x | ||
Alternative Strategies Fund | x | x | ||
Long Short Equity Strategy Fund | x | x | ||
Long Short Interest Rate Strategy Fund | x | x | ||
Emerging Markets 2x Strategy Fund | x | x | ||
Inverse Emerging Markets 2x Strategy Fund | x | x |
Fund | Index Exposure | Liquidity | ||
Event Driven and Distressed Strategies Fund | x | x | ||
Emerging Markets 2x Strategy Fund | x | x | ||
Inverse Emerging Markets 2x Strategy Fund | x | x |
Management Fees | ||||
Fund | (as a % of Net Assets) | |||
U.S. Long Short Momentum Fund | 0.90 | % | ||
Alternative Strategies Allocation Fund | — | |||
Event Driven and Distressed Strategies Fund | 0.90 | % | ||
Alternative Strategies Fund | 0.90 | % | ||
Long Short Equity Strategy Fund | 0.90 | % | ||
Long Short Interest Rate Strategy Fund | 0.75 | % | ||
Emerging Markets 2x Strategy Fund | 0.90 | % | ||
Inverse Emerging Markets 2x Strategy Fund | 0.90 | % |
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). |
Level 1 | Level 1 | Level 2 | Level 2 | Level 3 | ||||||||||||||||||||
Investments | Other Financial | Investments | Other Financial | Investments | ||||||||||||||||||||
In Securities | Instruments* | In Securities | Instruments* | In Securities | Total | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
U.S. Long Short Momentum Fund | $ | 105,128,732 | $ | 1,040,299 | $ | 8,606,953 | $ | — | $ | — | $ | 114,775,984 | ||||||||||||
Alternative Strategies Allocation Fund | 16,069,902 | 23,792 | — | — | — | 16,093,694 | ||||||||||||||||||
Event Driven and Distressed Strategies Fund | 967,999 | — | 10,927,359 | — | — | 11,895,358 | ||||||||||||||||||
Alternative Strategies Fund | — | 6,345 | 3,446,818 | — | — | 3,453,163 | ||||||||||||||||||
Long Short Equity Strategy Fund | — | — | 3,902,845 | — | — | 3,902,845 | ||||||||||||||||||
Long Short Interest Rate Strategy Fund | — | 2,411,160 | 129,984,946 | — | — | 132,396,106 | ||||||||||||||||||
Emerging Markets 2x Strategy Fund | 1,127,715 | — | 1,090,665 | — | — | 2,218,380 | ||||||||||||||||||
Inverse Emerging Markets 2x Strategy Fund | — | 10,896 | 1,706,778 | 128,509 | — | 1,846,183 | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
U.S. Long Short Momentum Fund | — | — | — | — | — | — | ||||||||||||||||||
Alternative Strategies Allocation Fund | — | 31,771 | — | — | — | 31,771 | ||||||||||||||||||
Event Driven and Distressed Strategies Fund | — | — | — | 231,411 | — | 231,411 | ||||||||||||||||||
Alternative Strategies Fund | — | 80,348 | — | — | — | 80,348 | ||||||||||||||||||
Long Short Equity Strategy Fund | 1,082,520 | 275,720 | — | — | — | 1,358,240 | ||||||||||||||||||
Long Short Interest Rate Strategy Fund | — | 124,554 | — | — | — | 124,554 | ||||||||||||||||||
Emerging Markets 2x Strategy Fund | — | 175,841 | — | 42,837 | — | 218,678 | ||||||||||||||||||
Inverse Emerging Markets 2x Strategy Fund | — | — | — | — | — | — |
* | Other financial instruments may include futures contracts and/or swaps, which are reported as unrealized gain/loss at period end. |
Counterparty and Terms | ||||||||||||||||||||
of Agreement | Face Value | Repurchase Price | Collateral | Par Value | Fair Value | |||||||||||||||
HSBC Group | U.S. Treasury Bonds | |||||||||||||||||||
0.00% | 0.00% | |||||||||||||||||||
due 10/03/11 | $ | 930,000,000 | $ | 930,000,000 | 11/15/12 — 08/15/21 | $ | 1,009,143,300 | $ | 948,600,077 | |||||||||||
Credit Suisse Group | U.S. Treasury Notes | |||||||||||||||||||
0.00% | 3.50% — 3.63% | |||||||||||||||||||
due 10/03/11 | 484,054,341 | 484,054,341 | 08/15/19 —- 05/15/20 | 424,936,800 | 493,735,459 | |||||||||||||||
Mizuho Financial Group, Inc. | U.S. Treasury Notes | |||||||||||||||||||
0.01% | 0.63% —- 3.63% | |||||||||||||||||||
due 10/03/11 | 479,560,836 | 479,560,970 | 01/31/13 — 08/15/20 | 448,564,500 | 489,152,126 | |||||||||||||||
$ | 1,893,615,177 | $ | 1,893,615,311 | $ | 1,882,644,600 | $ | 1,931,487,662 | |||||||||||||
Approximate percentage of Fund’s | ||||||||
net assets on a daily basis | ||||||||
Fund | Long | Short | ||||||
U.S. Long Short Momentum Fund | — | 20 | % | |||||
Alternative Strategies Allocation Fund | 5 | % | 5 | % | ||||
Event Driven and Distressed Strategies Fund | 65 | % | — | |||||
Alternative Strategies Fund | 35 | % | 10 | % | ||||
Long Short Equity Strategy Fund | 75 | % | — | |||||
Long Short Interest Rate Strategy Fund | 220 | % | — | |||||
Emerging Markets 2x Strategy Fund | 160 | % | — | |||||
Inverse Emerging Markets 2x Strategy Fund | — | 210 | % |
Location on the Statements of Assets and Liabilities | ||||||
Derivative Investments Type | Asset Derivatives | Liability Derivatives | ||||
Equity/Interest Rate/Currency contracts | Variation Margin | Variation Margin | ||||
Unrealized appreciation on swap agreements | Unrealized depreciation on swap agreements | |||||
Corporate Bond contracts | Unrealized appreciation on swap agreements | Unrealized depreciation on swap agreements |
Asset Derivative Investments Value | ||||||||||||||||||||||||
Futures | Futures | Futures | Swaps | Swaps | Total Value at | |||||||||||||||||||
Equity | Interest Rate | Currency | Equity Index | Corporate Bond | September 30, | |||||||||||||||||||
Fund | Contracts* | Contracts* | Contracts* | Contracts | Contracts | 2011 | ||||||||||||||||||
U.S. Long Short Momentum Fund | $ | 1,040,299 | $ | — | $ | — | $ | — | $ | — | $ | 1,040,299 | ||||||||||||
Alternative Strategies Allocation Fund | 9,425 | — | 14,367 | — | — | 23,792 | ||||||||||||||||||
Event Driven and Distressed Strategies Fund | — | — | — | — | — | — | ||||||||||||||||||
Alternative Strategies Fund | — | — | 6,345 | — | — | 6,345 | ||||||||||||||||||
Long Short Equity Strategy Fund | — | — | — | — | — | — | ||||||||||||||||||
Long Short Interest Rate Strategy Fund | — | 2,411,160 | — | — | — | 2,411,160 | ||||||||||||||||||
Emerging Markets 2x Strategy Fund | — | — | — | — | — | — | ||||||||||||||||||
Inverse Emerging Markets 2x Strategy Fund | 10,896 | — | — | 128,509 | — | 139,405 | ||||||||||||||||||
Liability Derivative Investments Value | ||||||||||||||||||||||||
Futures | Futures | Futures | Swaps | Swaps | Total Value at | |||||||||||||||||||
Equity | Interest Rate | Currency | Equity Index | Corporate Bond | September 30, | |||||||||||||||||||
Fund | Contracts* | Contracts* | Contracts* | Contracts | Contracts | 2011 | ||||||||||||||||||
U.S. Long Short Momentum Fund | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Alternative Strategies Allocation Fund | 31,706 | 65 | — | — | — | 31,771 | ||||||||||||||||||
Event Driven and Distressed Strategies Fund | — | — | — | 67,832 | 163,579 | 231,411 | ||||||||||||||||||
Alternative Strategies Fund | 80,348 | — | — | — | — | 80,348 | ||||||||||||||||||
Long Short Equity Strategy Fund | 275,720 | — | — | — | — | 275,720 | ||||||||||||||||||
Long Short Interest Rate Strategy Fund | — | 124,554 | — | — | — | 124,554 | ||||||||||||||||||
Emerging Markets 2x Strategy Fund | 175,841 | — | — | 42,837 | — | 218,678 | ||||||||||||||||||
Inverse Emerging Markets 2x Strategy Fund | — | — | — | — | — | — | ||||||||||||||||||
* | 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. |
Derivative Investment Type | Location of Gain (Loss) on Derivatives | |
Equity/Interest Rate/Currency/Corporate Bond/ | Net realized gain (loss) on swap agreements | |
Credit Default Contracts | Net realized gain (loss) on futures contracts | |
Net change in net unrealized appreciation (depreciation) on swap agreements | ||
Net change in net unrealized appreciation (depreciation) on futures contracts |
Realized Gain (Loss) on Derivative Investments Recognized in the Statement of Operations | ||||||||||||||||||||||||||||
Futures | Futures | Futures | Swaps | Swaps | Swaps | |||||||||||||||||||||||
Equity | Interest Rate | Currency | Equity Index | Corporate Bond | Credit Default | |||||||||||||||||||||||
Fund | Contracts | Contracts | Contracts | Contracts | Contracts | Contracts | Total | |||||||||||||||||||||
U.S. Long Short Momentum Fund | $ | 72,845 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 72,845 | ||||||||||||||
Alternative Strategies | ||||||||||||||||||||||||||||
Allocation Fund | 99,377 | 35,200 | (3,347 | ) | — | — | — | 131,230 | ||||||||||||||||||||
Event Driven and Distressed Strategies Fund | (11,236 | ) | — | — | (689,239 | ) | (684,009 | ) | (35,376 | ) | (1,419,860 | ) | ||||||||||||||||
Alternative Strategies Fund | (176,323 | ) | — | 29,623 | — | — | — | (146,700 | ) | |||||||||||||||||||
Long Short Equity Strategy Fund | (154,335 | ) | — | — | — | — | — | (154,335 | ) | |||||||||||||||||||
Long Short Interest Rate Strategy Fund | — | (10,689,394 | ) | — | — | — | — | (10,689,394 | ) | |||||||||||||||||||
Emerging Markets 2x Strategy Fund | 16,449 | — | — | (1,041,834 | ) | — | — | (1,025,385 | ) | |||||||||||||||||||
Inverse Emerging Markets 2x Strategy Fund | (240,112 | ) | — | — | 780,951 | — | — | 540,839 | ||||||||||||||||||||
Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized in the Statement of Operations | ||||||||||||||||||||||||||
Futures | Futures | Futures | Swaps | Swaps | Swaps | |||||||||||||||||||||
Equity | Interest Rate | Currency | Equity Index | Corporate Bond | Credit Default | |||||||||||||||||||||
Fund | Contracts | Contracts | Contracts | Contracts | Contracts | Contracts | Total | |||||||||||||||||||
U.S. Long Short Momentum Fund | $ | 1,046,322 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,046,322 | ||||||||||||
Alternative Strategies Allocation Fund | (18,844 | ) | (65 | ) | 14,367 | — | — | — | (4,542 | ) | ||||||||||||||||
Event Driven and Distressed Strategies Fund | — | — | — | (225,472 | ) | (175,607 | ) | — | (401,079 | ) | ||||||||||||||||
Alternative Strategies Fund | (132,418 | ) | — | 2,475 | — | — | — | (129,943 | ) | |||||||||||||||||
Long Short Equity Strategy Fund | (334,126 | ) | — | — | — | — | — | (334,126 | ) | |||||||||||||||||
Long Short Interest Rate Strategy Fund | — | 2,630,864 | — | — | — | — | 2,630,864 | |||||||||||||||||||
Emerging Markets 2x Strategy Fund | (175,805 | ) | — | — | (273,326 | ) | — | — | (449,131 | ) | ||||||||||||||||
Inverse Emerging Markets 2x Strategy Fund | 95,835 | — | — | (239,581 | ) | — | — | 335,416 | ||||||||||||||||||
Tax Unrealized | Tax Unrealized | Net Unrealized | ||||||||||||||
Tax Cost | Gain | Loss | Gain (Loss) | |||||||||||||
U.S. Long Short Momentum Fund | $ | 115,200,957 | $ | 5,229,172 | $ | (6,727,751 | ) | $ | 1,498,579 | ) | ||||||
Alternative Strategies Allocation Fund | 16,078,037 | 219,426 | (905,762 | ) | (686,336 | ) | ||||||||||
Event Driven and Distressed Strategies Fund | 12,097,522 | 9,128 | (211,292 | ) | (202,164 | ) | ||||||||||
Alternative Strategies Fund | 3,446,818 | — | — | — | ||||||||||||
Long Short Equity Strategy Fund | 3,903,167 | 176 | (498 | ) | (322 | ) | ||||||||||
Long Short Interest Rate Strategy Fund | 129,913,346 | 75,996 | (4,396 | ) | 71,600 | |||||||||||
Emerging Markets 2x Strategy | 2,298,672 | — | (471,857 | ) | (471,857 | ) | ||||||||||
Inverse Emerging Markets 2x Strategy | 1,706,778 | — | — | — |
Purchases | Sales | |||||||
U.S. Long Short Momentum Fund | $ | 163,177,905 | $ | 191,093,033 | ||||
Alternative Strategies Allocation Fund | 9,445,306 | 12,523,491 | ||||||
Event Driven and Distressed Strategies Fund | 4,430,780 | 3,112,029 | ||||||
Alternative Strategies Fund | — | — | ||||||
Long Short Equity Strategy Fund | 529,589 | 2,595,268 | ||||||
Long Short Interest Rate Strategy Fund | — | — | ||||||
Emerging Markets 2x Strategy Fund | 2,977,296 | 4,294,754 | ||||||
Inverse Emerging Markets 2x Strategy Fund | — | — |
16th Floor
New York, NY 10022
(Headquarters)
805 King Farm Boulevard
Suite 600
Rockville, MD 20850
40 Corporate Woods
Suite 850
Overland Park, KS 66210
• | Nature, Extent and Quality of Services Provided by the Adviser. At the meeting of August 16-17, 2011, the Board reviewed the scope of services to be provided by the Adviser under the current investment advisory agreement, and, at the meetings of August 16-17, 2011 and September 14, 2011, noted that there would be no significant differences between the scope of services required to be provided by the Advisers under the current investment advisory agreement and the scope of services required to be provided by the Adviser under the new investment advisory agreement. The Board noted that the key investment and management personnel of the Adviser servicing the Funds is expected to remain the same following the Transaction. The Trustees also considered Guggenheim Capital’s representations to the Board that the Adviser would continue to provide investment and related services that were of materially the same quality and quantity as services provided to the Funds in the past, and that these services are appropriate in scope and extent in light of the Funds’ operations, the competitive landscape of the investment company business and investor needs. | ||
• | Fund Expenses and Performance of the Funds and the Adviser. At the meeting of August 16-17, 2011, the Board had reviewed statistical information prepared by the Adviser regarding the expense ratio components and performance of each Fund. Based on the representations made by Guggenheim Capital at the meeting that the Adviser would continue to operate following the closing of the Transaction in much the same manner as it currently operates, the Board concluded that the investment performance of the Adviser was not expected to be affected by the Transaction. | ||
• | Costs of Services Provided to the Funds and Profits Realized by the Adviser and its Affiliates. At the meeting of August 16-17, 2011, the Board had reviewed information about the profitability of the Funds to the Adviser based on the advisory fees payable under the current investment advisory agreement. At that meeting, the Board had also analyzed the Funds’ expenses, including the investment advisory fees paid to the Adviser. At the Board meeting, the Board considered the fact that the fee rates payable to each of the Adviser would be the same under each Fund’s new investment advisory agreements as they are under such Fund’s current agreements. With respect to anticipated profitability, the Board noted that it was too early to predict how the Transaction would affect the Adviser’s profitability with respect to the Funds, but noted that this matter would be given further consideration on an ongoing basis. | ||
• | Economies of Scale. In connection with its review of the Funds’ profitability analysis at the meeting of August 16-17, 2011, the Board reviewed information regarding economies of scale or other efficiencies that may result from increases in the Funds’ asset levels. The Trustees noted that the fees would not change under the new investment advisory agreement, and that no additional economies of scale would be directly realized as a result of the Transaction. They also noted that they will have the opportunity to again review the appropriateness of the fees payable to the Adviser under the new agreement when the renewal of the new agreement comes before the Board. | ||
• | Other Benefits to the Advisers and/or their Affiliates. In addition to evaluating the services provided by the Advisers, the Board had considered the nature, extent, quality and cost of the distribution services performed by the Funds’ Distributor under a separate agreement at the meeting of August 16-17, 2011. The Board reviewed information regarding potential economies of scale arising from the integration of the asset management businesses of Guggenheim Capital. The Board also considered the terms of the Transaction and the changes to the corporate ownership structure of the Adviser, noting that the Adviser would no longer be a subsidiary of Security Benefit Corporation. In this regard, the Board noted that, under the corporate structure after the Transaction, the Adviser would be more closely controlled by Guggenheim Capital, which could benefit Guggenheim Capital. The Board also noted that the costs associated with the Transaction would be borne by Guggenheim Capital (or its affiliates) and not the Funds. |
Length of Service | ||||||
Name, Position and | As Trustee | Number of | ||||
Year of Birth | (Year Began) | Funds Overseen | ||||
Corey A. Colehour | Rydex Series Funds — 1993 | 150 | ||||
Trustee (1945) | Rydex Variable Trust — 1998 | |||||
Rydex Dynamic Funds — 1999 | ||||||
Rydex ETF Trust — 2003 | ||||||
Principal Occupations During Past Five Years: Retired; Member of the Audit and Governance and Nominating Committees (1995 to present) | ||||||
J. Kenneth Dalton | Rydex Series Funds — 1995 | 150 | ||||
Trustee (1941) | Rydex Variable Trust — 1998 | |||||
Rydex Dynamic Funds — 1999 | ||||||
Rydex ETF Trust — 2003 | ||||||
Principal Occupations During Past Five Years: Retired; Member of the Governance and Nominating Committees (1995 to present); Chairman of the Audit Committee (1997 to present); Member of the Risk Oversight Committee (2010 to present) | ||||||
John O. Demaret | Rydex Series Funds — 1997 | 150 | ||||
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; Member of the Audit Committee (1997 to present); Member of the Risk Oversight Committee (2010 to present) | ||||||
Werner E. Keller | Rydex Series Funds — 2005 | 150 | ||||
Trustee, Vice Chairman | Rydex Variable Trust — 2005 | |||||
of the Board (1940) | Rydex Dynamic Funds — 2005 | |||||
Rydex ETF Trust — 2005 | ||||||
Principal Occupations During Past Five Years: Founder and President of Keller Partners, LLC (registered investment adviser) (2005 to present); Member of the Audit, Governance and Nominating Committees (2005 to present); Chairman and Member of the Risk Oversight Committee (2010 to present) | ||||||
Thomas F. Lydon, Jr. | Rydex Series Funds — 2005 | 150 | ||||
Trustee (1960) | Rydex Variable Trust — 2005 | |||||
Rydex Dynamic Funds — 2005 | ||||||
Rydex ETF Trust — 2005 | ||||||
Principal Occupations During Past Five Years: President, Global Trends Investments (1996 to present); Member of the Audit, Governance and Nominating Committees (2005 to present) | ||||||
Patrick T. McCarville | Rydex Series Funds — 1997 | 150 | ||||
Trustee (1942) | Rydex Variable Trust — 1998 | |||||
Rydex Dynamic Funds — 1999 | ||||||
Rydex ETF Trust — 2003 |
Length of Service | ||||||
Name, Position and | As Trustee | Number of | ||||
Year of Birth | (Year Began) | Funds Overseen | ||||
Roger Somers | Rydex Series Funds — 1993 | 150 | ||||
Trustee (1944) | Rydex Variable Trust — 1998 | |||||
Rydex Dynamic Funds — 1999 | ||||||
Rydex ETF Trust — 2003 |
Name, Position and | Principal Occupations | |
Year of Birth | During Past Five Years | |
Richard M. Goldman* President (1961) | Current: Senior Vice President, Security Benefit Corporation; CEO, Security Benefit Asset Management Holdings, LLC; CEO, President and Manager Representative, Security Investors, LLC; CEO and Manager, Rydex Holdings, LLC; CEO, President and Manager, Rydex Distributors, LLC; Manager, Rydex Fund Services, LLC; President and Trustee, Rydex Series Funds, Rydex ETF Trust, Rydex Dynamic Funds and Rydex Variable Trust Previous: Director, First Security Benefit Life Insurance Company (2007— 2010); President and Director, Security Global Investors (2010—2011); CEO and Director, Rydex Advisors, LLC and Rydex Advisor II, LLC (2010); Director, Security Distributors, Inc. (2007-2009); Managing Member, R M Goldman Partners, LLC (2006-2007) | |
Michael P. Byrum* Vice President (1970) | Current: President, Security Benefit Asset Management Holdings, LLC; Senior Vice President, Security Investors, LLC; President and Chief Investment Officer, Rydex Holdings, LLC; Director and Chairman of the Board, Advisor Research Center, Inc.; Manager, Rydex Specialized Products, LLC | |
Previous: Rydex Distributors, LLC (f/k/a Rydex Distributors, Inc.), Vice President (2009); Rydex Fund Services, LLC, Director (2009-2010), Secretary (2002-2010), Executive Vice President (2002-2006); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.), Director (2008-2010), Chief Investment Officer (2006-2010), President (2004-2010); Secretary (2002-2010); Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Director (2008-2010), Chief Investment Officer (2006-2010), President (2004-2010), Secretary (2002- 2010); Rydex Capital Partners, LLC, (President and Secretary 2003-2007); Rydex Capital Partners II, LLC, (2003-2007); Rydex Holdings, LLC (f/k/a Rydex Holdings, Inc.), Secretary 2005-2008), Executive Vice President (2005-2006); Advisor Research Center, Inc., Secretary (2006-2009), Executive Vice President (2006); Rydex Specialized Products, LLC, Secretary (2005-2008) |
Name, Position and | Principal Occupations | |
Year of Birth | During Past Five Years | |
Nikolaos Bonos* Vice President and Treasurer (1963) | Current: Senior Vice President, Security Investors, LLC; Chief Executive Officer and Manager, Rydex Specialized Products, LLC; Chief Executive Officer and President, Rydex Fund Services, LLC; Vice President, Rydex Holdings, LLC; Treasurer, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President, Security Benefit Asset Management Holdings, LLC Previous: Security Global Investors, LLC, Senior Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) Senior Vice President (2006-2011); Rydex Fund Services, LLC (f/k/a Rydex Fund Services, Inc.), Director (2009) and Senior Vice President (2003-2006); Rydex Specialized Products, LLC, Chief Financial Officer (2005-2009) | |
Joanna M. Haigney* Current: Chief Compliance Officer and Secretary (1966) | Chief Compliance Officer and Secretary, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President, Rydex Holdings, LLC; Vice President, Security Benefit Asset Management Holdings, LLC; Senior Vice President and Chief Compliance Officer, Security Investors, LLC | |
Previous: Security Global Investors, LLC, Senior Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Chief Compliance Officer and Senior Vice President (2010-2011); Rydex Capital Partners I, LLC and Rydex Capital Partners II, LLC, Chief Compliance Officer (2006-2007); Rydex Fund Services, LLC (f/k/a Rydex Fund Services, Inc.), Vice President (2001-2006) | ||
Keith A. Fletcher* Vice President (1958) | Current: Senior Vice President, Security Investors, LLC; Vice President, Rydex Holdings, LLC; Vice President, Rydex Specialized Products, LLC; Vice President, Rydex Distributors, LLC; Vice President, Rydex Fund Services, LLC; Vice President and Director, Advisor Research Center, Inc.; Vice President, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund | |
Previous: Security Global Investors, LLC, Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Vice President (2009-2011); Lyster Watson and Company, Managing Director (2007-2008); Fletcher Financial Group, Inc., Chief Executive Officer (2004-2007) |
Name, Position and | Principal Occupations | |
Year of Birth | During Past Five Years | |
Amy J. Lee* Vice President and Assistant Secretary (1960) | Current: Senior Vice President and Secretary, Security Investors, LLC; Secretary and Chief Compliance Officer, Security Distributors, Inc.; Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation; Associate General Counsel, First Security Benefit Life Insurance and Annuity of New York; Vice President and Secretary, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President and Secretary, Rydex Holdings, LLC Secretary, Advisor Research Center, Inc., Rydex Specialized Products, LLC, Rydex Distributors, LLC and Rydex Fund Services, LLC; Assistant Secretary, Security Benefit Clinic and Hospital | |
Previous: Security Global Investors, LLC, Senior Vice President and Secretary (2007-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Senior Vice President and Secretary (2010-2011); Brecek and Young Advisors, Inc., Director (2004-2008) | ||
Joseph M. Arruda* Assistant Treasurer (1966) | Current: Assistant Treasurer, SBL Fund, Security Equity Fund, Security Income Fund, Security Large Cap Value Fund, and Security Mid Cap Growth Fund; Vice President, Security Investors, LLC; Chief Financial Officer and Manager, Rydex Specialized Products, LLC Previous: Security Global Investors, LLC, Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Vice President (2004-2011) |
* | 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 Security Global Investors. |
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805 King Farm Boulevard, Suite 600
Rockville, MD 20850
www.rydex-sgi.com
800.820.0888
RSTF-SEMI-0911x0312
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SEPTEMBER 30, 2011 RYDEX SERIES TRUST SEMI-ANNUAL REPORT ASSET ALLOCATION FUNDS ALL-ASSET CONSERVATIVE STRATEGY FUND ALL-ASSET MODERATE STRATEGY FUND ALL-ASSET AGGRESSIVE STRATEGY FUND |
• | View online confirmations and statements at your convenience. |
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• | Access prospectuses, annual reports and semiannual reports online. |
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LETTER TO OUR SHAREHOLDERS | 2 | |||
ABOUT SHAREHOLDERS’ FUND EXPENSES | 4 | |||
ALL-ASSET CONSERVATIVE STRATEGY FUND | 6 | |||
ALL-ASSET MODERATE STRATEGY FUND | 13 | |||
ALL-ASSET AGGRESSIVE STRATEGY FUND | 20 | |||
NOTES TO FINANCIAL STATEMENTS | 27 | |||
OTHER INFORMATION | 33 | |||
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS | 37 | |||
RYDEX | SGI PRIVACY POLICIES | 41 |
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President & Chief Investment Officer
Beginning | Ending | Expenses | ||||||||||||||||||
Expense | Fund | Account Value | Account Value | Paid During | ||||||||||||||||
Ratio1 | Return | March 31, 2011 | September 30, 2011 | Period2 | ||||||||||||||||
Table 1. Based on actual Fund return3 | ||||||||||||||||||||
All-Asset Conservative Strategy Fund | ||||||||||||||||||||
A-Class | 0.00 | % | (7.12 | %) | $ | 1,000.00 | $ | 928.80 | $ | — | ||||||||||
C-Class | 0.75 | % | (7.49 | %) | 1,000.00 | 925.10 | 3.62 | |||||||||||||
H-Class | 0.00 | % | (7.12 | %) | 1,000.00 | 928.80 | — | |||||||||||||
All-Asset Moderate Strategy Fund | ||||||||||||||||||||
A-Class | 0.00 | % | (9.92 | %) | 1,000.00 | 900.80 | — | |||||||||||||
C-Class | 0.75 | % | (10.28 | %) | 1,000.00 | 897.20 | 3.57 | |||||||||||||
H-Class | 0.00 | % | (9.92 | %) | 1,000.00 | 900.80 | — | |||||||||||||
All-Asset Aggressive Strategy Fund | ||||||||||||||||||||
A-Class | 0.00 | % | (13.37 | %) | 1,000.00 | 866.30 | — | |||||||||||||
C-Class | 0.75 | % | (13.79 | %) | 1,000.00 | 862.10 | 3.50 | |||||||||||||
H-Class | 0.00 | % | (13.46 | %) | 1,000.00 | 865.40 | — | |||||||||||||
Table 2. Based on hypothetical 5% return (before expenses) | ||||||||||||||||||||
All-Asset Conservative Strategy Fund | ||||||||||||||||||||
A-Class | 0.00 | % | 5.00 | % | $ | 1,000.00 | $ | 1,025.07 | $ | — | ||||||||||
C-Class | 0.75 | % | 5.00 | % | 1,000.00 | 1,021.31 | 3.80 | |||||||||||||
H-Class | 0.00 | % | 5.00 | % | 1,000.00 | 1,025.07 | — | |||||||||||||
All-Asset Moderate Strategy Fund | ||||||||||||||||||||
A-Class | 0.00 | % | 5.00 | % | 1,000.00 | 1,025.07 | — | |||||||||||||
C-Class | 0.75 | % | 5.00 | % | 1,000.00 | 1,021.31 | 3.80 | |||||||||||||
H-Class | 0.00 | % | 5.00 | % | 1,000.00 | 1,025.07 | — | |||||||||||||
All-Asset Aggressive Strategy Fund | ||||||||||||||||||||
A-Class | 0.00 | % | 5.00 | % | 1,000.00 | 1,025.07 | — | |||||||||||||
C-Class | 0.75 | % | 5.00 | % | 1,000.00 | 1,021.31 | 3.80 | |||||||||||||
H-Class | 0.00 | % | 5.00 | % | 1,000.00 | 1,025.07 | — |
1 | Annualized and excludes expenses of the underlying funds in which the Funds invest. | |
2 | Expenses are equal to the Fund’s annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). | |
3 | Actual cumulative return at net asset value for the period March 31, 2011 to September 30, 2011. |
FUND PROFILE (Unaudited) | September 30, 2011 |
![(GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366605.gif)
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 Income Fund® — U.S. Intermediate Bond Fund — A Class | 20.1 | % | ||
RSF — U.S. Long Short Momentum Fund — A Class | 10.0 | % | ||
Security Income Fund® — High Yield Fund — A Class | 7.9 | % | ||
RSF — Multi-Hedge Strategies Fund — A Class | 7.0 | % | ||
RSF — Long Short Interest Rate Strategy Fund — A Class | 6.4 | % | ||
Security Large Cap Value Fund — A Class | 4.7 | % | ||
Security Equity Fund® — Large Cap Concentrated Growth Fund — A Class | 4.6 | % | ||
Security Equity Fund® — MSCI EAFE Equal Weight Fund — A Class | 4.1 | % | ||
RSF — Managed Futures Strategy Fund — A Class | 3.1 | % | ||
RSF — Event Driven and Distressed Strategies Fund — A Class | 2.2 | % | ||
Top Ten Total | 70.1 | % | ||
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 |
Shares | Value | |||||||
EXCHANGE TRADED FUNDS† — 0.8% | ||||||||
iShares Barclays Aggregate Bond Fund | 909 | $ | 100,090 | |||||
Total Exchange Traded Funds (Cost $99,986) | 100,090 | |||||||
MUTUAL FUNDS†,1 — 77.3% | ||||||||
Alternatives Funds — 32.2% | ||||||||
RSF — U.S. Long Short Momentum Fund — A Class* | 106,665 | 1,263,981 | ||||||
RSF — Multi-Hedge Strategies Fund — A Class* | 39,462 | 889,482 | ||||||
RSF — Long Short Interest Rate Strategy Fund — A Class* | 34,297 | 812,830 | ||||||
RSF — Managed Futures Strategy Fund — A Class* | 15,922 | 392,627 | ||||||
RSF — Event Driven and Distressed Strategies Fund — A Class* | 11,897 | 281,727 | ||||||
RSF — Long Short Equity Strategy Fund — A Class* | 7,664 | 189,006 | ||||||
RSF — Long/Short Commodities Strategy Fund — A Class | 5,248 | 129,615 | ||||||
RSF — Alternative Strategies Fund — A Class* | 5,336 | 125,873 | ||||||
Total Alternatives Funds | 4,085,141 | |||||||
Fixed Income Funds — 27.9% | ||||||||
Security Income Fund® — U.S. Intermediate Bond Fund — A Class | 145,676 | 2,539,127 | ||||||
Security Income Fund® — High Yield Fund — A Class | 90,809 | 1,007,076 | ||||||
Total Fixed Income Funds | 3,546,203 | |||||||
Domestic Equity Funds — 12.2% | ||||||||
Security Large Cap Value Fund — A Class | 24,192 | 594,646 | ||||||
Security Equity Fund® — Large Cap Concentrated Growth Fund — A Class | 79,089 | 585,262 | ||||||
Security Equity Fund® — Mid Cap Value Fund — A Class | 5,789 | 157,042 | ||||||
Security Mid Cap Growth Fund — A Class* | 5,381 | 154,260 | ||||||
Security Equity Fund® — Small Cap Value Fund — A Class* | 2,689 | 31,359 | ||||||
Security Equity Fund® — Small Cap Growth Fund — A Class* | 2,602 | 30,988 | ||||||
Total Domestic Equity Funds | 1,553,557 | |||||||
International Equity Funds — 4.1% | ||||||||
Security Equity Fund® — MSCI EAFE Equal Weight Fund — A Class | 53,768 | 521,553 | ||||||
Specialty Funds — 0.9% | ||||||||
RSF — Real Estate Fund — A Class | 4,854 | 118,579 | ||||||
Total Mutual Funds (Cost $9,387,807) | 9,825,033 | |||||||
Face | ||||||||
Amount | ||||||||
REPURCHASE AGREEMENT††,2 — 21.4% | ||||||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | $ | 2,718,917 | 2,718,917 | |||||
Total Repurchase Agreement (Cost $2,718,917) | 2,718,917 | |||||||
Total Investments — 99.5% (Cost $12,206,710) | $ | 12,644,040 | ||||||
Cash & Other Assets, Less Liabilities — 0.5% | 69,339 | |||||||
Total Net Assets — 100.0% | $ | 12,713,379 |
Unrealized | ||||||||
Contracts | Gain (Loss) | |||||||
INTEREST RATE FUTURES CONTRACTS PURCHASED† | ||||||||
December 2011 U.S. Treasury 5 Year Note Futures Contracts (Aggregate Value of Contracts $1,348,102) | 11 | $ | 1,101 | |||||
FUTURES CONTRACTS PURCHASED† | ||||||||
December 2011 Nikkei-225 Stock Average Index Futures Contracts (Aggregate Value of Contracts $85,850) | 2 | (2,453 | ) | |||||
October 2011 Hang Seng Index Futures Contracts (Aggregate Value of Contracts $109,779) | 1 | (13,726 | ) | |||||
December 2011 S&P 500 Index Mini Futures Contracts (Aggregate Value of Contracts $957,950) | 17 | (21,485 | ) | |||||
December 2011 MSCI EAFE Index Mini Futures Contracts (Aggregate Value of Contracts $537,160) | 8 | (27,470 | ) | |||||
(Total Aggregate Value of Contracts $1,690,739) | $ | (65,134 | ) | |||||
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | September 30, 2011 |
Unrealized | ||||||||
Contracts | Gain (Loss) | |||||||
CURRENCY FUTURES CONTRACTS SOLD SHORT† | ||||||||
December 2011 Canadian Dollar Futures Contracts (Aggregate Value of Contracts $95,240) | 1 | $ | 6,667 | |||||
December 2011 Australian Dollar Futures Contracts (Aggregate Value of Contracts $95,870) | 1 | 6,396 | ||||||
December 2011 British Pound Futures Contracts (Aggregate Value of Contracts $97,375) | 1 | 1,304 | ||||||
(Total Aggregate Value of Contracts $288,485) | $ | 14,367 | ||||||
FUTURES CONTRACTS SOLD SHORT† | ||||||||
December 2011 S&P/Toronto Stock Exchange 60 Index Futures Contracts (Aggregate Value of Contracts $126,660) | 1 | 6,005 | ||||||
December 2011 SPI 200 Index Futures Contracts (Aggregate Value of Contracts $97,054) | 1 | 2,067 | ||||||
December 2011 FTSE 100 Index Futures Contracts (Aggregate Value of Contracts $78,257) | 1 | 1,010 | ||||||
December 2011 Russell 2000 Index Mini Futures Contracts (Aggregate Value of Contracts $128,120) | 2 | 229 | ||||||
October 2011 CAC 40 Euro Futures Contracts (Aggregate Value of Contracts $79,041) | 2 | (3,112 | ) | |||||
(Total Aggregate Value of Contracts $509,132) | $ | 6,199 | ||||||
* | Non-income producing security. | |
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | A-Class shares of Affiliated Funds. | |
2 | Repurchase Agreement — See Note 5. | |
RSF — Rydex Series Funds |
Assets: | ||||
Investments in unaffiliated issuers, at value (cost $99,986) | $ | 100,090 | ||
Investments in affiliated issuers, at value (cost $9,387,807) | 9,825,033 | |||
Repurchase agreements, at value (cost $2,718,917) | 2,718,917 | |||
Segregated cash with broker | 194,492 | |||
Due from broker | 7,666 | |||
Receivables: | ||||
Fund shares sold | 1,102 | |||
Total assets | 12,847,300 | |||
Liabilities: | ||||
Foreign currency, at value (proceeds $7,669) | 7,675 | |||
Payable for: | ||||
Fund shares redeemed | 74,283 | |||
Variation margin | 47,393 | |||
Distribution and service fees | 4,570 | |||
Total liabilities | 133,921 | |||
Net assets | $ | 12,713,379 | ||
Net assets consist of: | ||||
Paid in capital | $ | 13,721,267 | ||
Undistributed net investment income | 238,023 | |||
Accumulated net realized loss on investments | (1,639,779 | ) | ||
Net unrealized appreciation on investments | 393,868 | |||
Net assets | $ | 12,713,379 | ||
A-Class: | ||||
Net assets | $ | 2,905,361 | ||
Capital shares outstanding | 289,327 | |||
Net asset value per share | $ | 10.04 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 10.54 | ||
C-Class: | ||||
Net assets | $ | 7,307,674 | ||
Capital shares outstanding | 758,275 | |||
Net asset value per share | $ | 9.64 | ||
H-Class: | ||||
Net assets | $ | 2,500,344 | ||
Capital shares outstanding | 248,796 | |||
Net asset value per share | $ | 10.05 | ||
Investment Income: | ||||
Dividends | $ | 86,501 | ||
Interest | 325 | |||
Total investment income | 86,826 | |||
Expenses: | ||||
Distribution and service fees: | ||||
C-Class | 30,752 | |||
Miscellaneous | 35 | |||
Total expenses | 30,787 | |||
Net investment income | 56,039 | |||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments in affiliated issuers | 207,588 | |||
Futures contracts | (83,726 | ) | ||
Foreign currency | 44 | |||
Net realized gain | 123,906 | |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments in unaffiliated issuers | 104 | |||
Investments in affiliated issuers | (1,141,130 | ) | ||
Futures contracts | (52,908 | ) | ||
Foreign currency | 6 | |||
Net change in unrealized appreciation (depreciation) | (1,193,928 | ) | ||
Net realized and unrealized loss | (1,070,022 | ) | ||
Net decrease in net assets resulting from operations | $ | (1,013,983 | ) | |
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (decrease) in net assets from operations: Net investment income | $ | 56,039 | $ | 144,331 | ||||
Net realized gain on investments | 123,906 | 743,525 | ||||||
Net change in unrealized appreciation (depreciation) on investments | (1,193,928 | ) | 179,072 | |||||
Net increase (decrease) in net assets resulting from operations | (1,013,983 | ) | 1,066,928 | |||||
Distributions to shareholders from: | ||||||||
Net investment income | ||||||||
A-Class | — | (17,209 | )a | |||||
C-Class | — | (62,122 | )a | |||||
H-Class | — | (18,378 | )a | |||||
Net realized gains | ||||||||
A-Class | — | (6,632 | )a | |||||
C-Class | — | (23,940 | )a | |||||
H-Class | — | (7,082 | )a | |||||
Total distributions to shareholders | — | (135,363 | ) | |||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
A-Class | 8,222,905 | 1,312,584 | ||||||
C-Class | 1,021,544 | 3,358,472 | ||||||
H-Class | 884,300 | 1,148,814 | ||||||
Redemption fees collected | ||||||||
A-Class | — | 297 | ||||||
C-Class | — | 1,002 | ||||||
H-Class | — | 420 | ||||||
Distributions reinvested | ||||||||
A-Class | — | 21,774 | ||||||
C-Class | — | 80,877 | ||||||
H-Class | — | 23,579 | ||||||
Cost of shares redeemed | ||||||||
A-Class | (8,016,742 | ) | (1,409,993 | ) | ||||
C-Class | (1,803,084 | ) | (4,789,006 | ) | ||||
H-Class | (748,364 | ) | (3,460,152 | ) | ||||
Net decrease from capital share transactions | (439,441 | ) | (3,711,332 | ) | ||||
Net decrease in net assets | (1,453,424 | ) | (2,779,767 | ) | ||||
Net assets: | ||||||||
Beginning of period | 14,166,803 | �� | 16,946,570 | |||||
End of period | $ | 12,713,379 | $ | 14,166,803 | ||||
Undistributed net investment income at end of period | $ | 238,023 | $ | 181,984 | ||||
Capital share activity: | ||||||||
Shares sold | ||||||||
A-Class | 772,217 | 126,661 | ||||||
C-Class | 101,311 | 340,674 | ||||||
H-Class | 82,304 | 110,639 | ||||||
Shares issued from reinvestment of distributions | ||||||||
A-Class | — | 2,066 | ||||||
C-Class | — | 7,952 | ||||||
H-Class | — | 2,235 | ||||||
Shares redeemed | ||||||||
A-Class | (752,571 | ) | (136,437 | ) | ||||
C-Class | (176,620 | ) | (479,619 | ) | ||||
H-Class | (70,821 | ) | (336,679 | ) | ||||
Net decrease in shares | (44,180 | ) | (362,508 | ) | ||||
a | For financial reporting purposes, certain distributions from net investment income for federal income tax purposes have been reclassified to distributions from realized gains. |
Period | Year | Year | Year | Year | Period | |||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007b | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.81 | $ | 10.11 | $ | 8.64 | $ | 10.74 | $ | 10.70 | $ | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment incomec | .06 | .14 | .12 | .28 | .26 | .20 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (.83 | ) | .65 | 1.52 | (2.08 | ) | .12 | .56 | ||||||||||||||||
Total from investment operations | (.77 | ) | .79 | 1.64 | (1.80 | ) | .38 | .76 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.07 | )g | (.16 | )g | (.14 | )g | (.22 | )g | (.09 | ) | |||||||||||||
Net realized gains | — | (.02 | )g | (.01 | )g | (.16 | )g | (.14 | )g | — | ||||||||||||||
Total distributions | — | (.09 | ) | (.17 | ) | (.30 | ) | (.36 | ) | (.09 | ) | |||||||||||||
Redemption fees collected | — | — | d | — | d | — | d | .02 | .03 | |||||||||||||||
Net asset value, end of period | $ | 10.04 | $ | 10.81 | $ | 10.11 | $ | 8.64 | $ | 10.74 | $ | 10.70 | ||||||||||||
Total Returne | (7.12 | %) | 7.86 | % | 19.02 | % | (17.05 | %) | 3.70 | % | 7.94 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 2,905 | $ | 2,915 | $ | 2,805 | $ | 2,274 | $ | 4,431 | $ | 782 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 1.17 | % | 1.39 | % | 1.27 | % | 2.84 | % | 2.39 | % | 2.47 | % | ||||||||||||
Total expensesf | — | h | — | — | — | 0.01 | % | 0.01 | % | |||||||||||||||
Portfolio turnover rate | 92 | % | 112 | % | 174 | % | 230 | % | 119 | % | 105 | % |
Period | Year | Year | Year | Year | Period | |||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007b | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.42 | $ | 9.82 | $ | 8.46 | $ | 10.60 | $ | 10.65 | $ | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment incomec | .03 | .07 | .05 | .28 | .17 | .08 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (.81 | ) | .62 | 1.48 | (2.12 | ) | .12 | .63 | ||||||||||||||||
Total from investment operations | (.78 | ) | .69 | 1.53 | (1.84 | ) | .29 | .71 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.07 | )g | (.16 | )g | (.14 | )g | (.22 | )g | (.09 | ) | |||||||||||||
Net realized gains | — | (.02 | )g | (.01 | )g | (.16 | )g | (.14 | )g | — | ||||||||||||||
Total distributions | — | (.09 | ) | (.17 | ) | (.30 | ) | (.36 | ) | (.09 | ) | |||||||||||||
Redemption fees collected | — | — | d | — | d | — | d | .02 | .03 | |||||||||||||||
Net asset value, end of period | $ | 9.64 | $ | 10.42 | $ | 9.82 | $ | 8.46 | $ | 10.60 | $ | 10.65 | ||||||||||||
Total Returne | (7.49 | %) | 7.07 | % | 18.12 | % | (17.65 | %) | 2.86 | % | 7.44 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 7,308 | $ | 8,683 | $ | 9,474 | $ | 5,107 | $ | 5,074 | $ | 2,804 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 0.50 | % | 0.66 | % | 0.58 | % | 2.87 | % | 1.53 | % | 1.05 | % | ||||||||||||
Total expensesf | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.76 | % | ||||||||||||
Portfolio turnover rate | 92 | % | 112 | % | 174 | % | 230 | % | 119 | % | 105 | % |
Period | Year | Year | Year | Year | Period | |||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
H-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007b | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.82 | $ | 10.12 | $ | 8.65 | $ | 10.75 | $ | 10.71 | $ | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment incomec | .07 | .14 | .12 | .31 | .25 | .15 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (.84 | ) | .65 | 1.52 | (2.11 | ) | .13 | .62 | ||||||||||||||||
Total from investment operations | (.77 | ) | .79 | 1.64 | (1.80 | ) | .38 | .77 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.07 | )g | (.16 | )g | (.14 | )g | (.22 | )g | (.09 | ) | |||||||||||||
Net realized gains | — | (.02 | )g | (.01 | )g | (.16 | )g | (.14 | )g | — | ||||||||||||||
Total distributions | — | (.09 | ) | (.17 | ) | (.30 | ) | (.36 | ) | (.09 | ) | |||||||||||||
Redemption fees collected | — | — | d | — | d | — | d | .02 | .03 | |||||||||||||||
Net asset value, end of period | $ | 10.05 | $ | 10.82 | $ | 10.12 | $ | 8.65 | $ | 10.75 | $ | 10.71 | ||||||||||||
Total Returne | (7.12 | %) | 7.85 | % | 19.00 | % | (17.03 | %) | 3.69 | % | 8.04 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 2,500 | $ | 2,568 | $ | 4,667 | $ | 3,022 | $ | 7,014 | $ | 3,634 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 1.26 | % | 1.33 | % | 1.28 | % | 3.14 | % | 2.28 | % | 1.93 | % | ||||||||||||
Total expensesf | — | h | — | — | — | 0.01 | % | 0.01 | % | |||||||||||||||
Portfolio turnover rate | 92 | % | 112 | % | 174 | % | 230 | % | 119 | % | 105 | % |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Since commencement of operations: June 30, 2006. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
c | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | |
d | Redemption fees collected are less than $0.01 per share. | |
e | Total return does not reflect the impact of any applicable sales charges and has not been annualized. | |
f | Does not include expenses of the underlying funds in which the Fund invests. | |
g | For financial reporting purposes, certain distributions from net investment income for federal income tax purposes have been reclassified to distributions from realized gains. | |
h | Less than 0.01%. |
FUND PROFILE (Unaudited) | September 30, 2011 |
![(GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366606.gif)
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 Income Fund® — U.S. Intermediate Bond Fund — A Class | 20.0 | % | ||
RSF — U.S. Long Short Momentum Fund — A Class | 10.6 | % | ||
Security Equity Fund® — MSCI EAFE Equal Weight Fund — A Class | 7.0 | % | ||
Security Large Cap Value Fund — A Class | 7.0 | % | ||
Security Equity Fund® — Large Cap Concentrated Growth Fund — A Class | 6.8 | % | ||
RSF — Long Short Interest Rate Strategy Fund — A Class | 5.9 | % | ||
RSF — Multi-Hedge Strategies Fund — A Class | 5.1 | % | ||
RSF — Managed Futures Strategy Fund — A Class | 2.6 | % | ||
RSF — Event Driven and Distressed Strategies Fund — A Class | 2.2 | % | ||
Security Mid Cap Growth Fund — A Class | 2.0 | % | ||
Top Ten Total | 69.2 | % | ||
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 |
Shares | Value | |||||||
EXCHANGE TRADED FUNDS† — 0.8% | ||||||||
iShares Barclays Aggregate Bond Fund | 1,817 | $ | 200,070 | |||||
Total Exchange Traded Funds (Cost $199,862) | 200,070 | |||||||
MUTUAL FUNDS†,1 — 80.1% | ||||||||
Alternatives Funds — 31.2% | ||||||||
RSF — U.S. Long Short Momentum Fund — A Class* | 211,355 | 2,504,553 | ||||||
RSF — Long Short Interest Rate Strategy Fund — A Class* | 58,743 | 1,392,208 | ||||||
RSF — Multi-Hedge Strategies Fund — A Class* | 53,415 | 1,203,982 | ||||||
RSF — Managed Futures Strategy Fund — A Class* | 24,906 | 614,171 | ||||||
RSF — Event Driven and Distressed Strategies Fund — A Class* | 21,687 | 513,543 | ||||||
RSF — Commodities Strategy Fund — A Class* | 21,983 | 337,226 | ||||||
RSF — Long/Short Commodities Strategy Fund — A Class | 12,176 | 300,759 | ||||||
RSF — Long Short Equity Strategy Fund — A Class* | 11,573 | 285,390 | ||||||
RSF — Alternative Strategies Fund — A Class* | 10,220 | 241,093 | ||||||
Total Alternatives Funds | 7,392,925 | |||||||
Fixed Income Funds — 21.5% | ||||||||
Security Income Fund® — U.S. Intermediate Bond Fund — A Class | 272,364 | 4,747,309 | ||||||
Security Income Fund® — High Yield Fund — A Class | 30,696 | 340,422 | ||||||
Total Fixed Income Funds | 5,087,731 | |||||||
Domestic Equity Funds — 18.8% | ||||||||
Security Large Cap Value Fund — A Class | 67,044 | 1,647,934 | ||||||
Security Equity Fund® — Large Cap Concentrated Growth Fund — A Class | 218,620 | 1,617,787 | ||||||
Security Mid Cap Growth Fund — A Class* | 16,381 | 469,635 | ||||||
Security Equity Fund® — Mid Cap Value Fund — A Class | 17,211 | 466,944 | ||||||
Security Equity Fund® — Small Cap Growth Fund — A Class* | 10,850 | 129,225 | ||||||
Security Equity Fund® — Small Cap Value Fund — A Class* | 11,050 | 128,844 | ||||||
Total Domestic Equity Funds | 4,460,369 | |||||||
International Equity Funds — 7.0% | ||||||||
Security Equity Fund® — MSCI EAFE Equal Weight Fund — A Class | 171,551 | 1,664,049 | ||||||
Specialty Funds — 1.6% | ||||||||
RSF — Real Estate Fund — A Class | 15,288 | 373,484 | ||||||
Total Mutual Funds (Cost $17,704,694) | 18,978,558 | |||||||
Face | ||||||||
Amount | ||||||||
REPURCHASE AGREEMENT††,2 — 17.5% | ||||||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | $ | 4,141,047 | 4,141,047 | |||||
Total Repurchase Agreement (Cost $4,141,047) | 4,141,047 | |||||||
Total Investments — 98.4% (Cost $22,045,604) | $ | 23,319,675 | ||||||
Cash & Other Assets, Less Liabilities — 1.6% | 373,953 | |||||||
Total Net Assets — 100.0% | $ | 23,693,628 |
Unrealized | ||||||||
Contracts | Gain (loss) | |||||||
INTEREST RATE FUTURES CONTRACTS PURCHASED† | ||||||||
December 2011 U.S. Treasury 5 Year Note Futures Contracts (Aggregate Value of Contracts $1,838,320) | 15 | $ | 1,369 | |||||
FUTURES CONTRACTS PURCHASED† | ||||||||
December 2011 DAX Index Futures Contracts (Aggregate Value of Contracts $181,911) | 1 | 12,737 | ||||||
December 2011 Nikkei-225 Stock Average Index Futures Contracts (Aggregate Value of Contracts $171,700) | 4 | (4,906 | ) | |||||
October 2011 Hang Seng Index Futures Contracts (Aggregate Value of Contracts $109,779) | 1 | (13,726 | ) | |||||
December 2011 MSCI EAFE Index Mini Futures Contracts (Aggregate Value of Contracts $1,275,755) | 19 | (65,731 | ) | |||||
December 2011 S&P 500 Index Mini Futures Contracts (Aggregate Value of Contracts $3,268,301) | 58 | (72,695 | ) | |||||
(Total Aggregate Value of Contracts $5,007,446) | $ | (144,321 | ) | |||||
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | September 30, 2011 |
Unrealized | ||||||||
Contracts | Gain (loss) | |||||||
CURRENCY FUTURES CONTRACTS SOLD SHORT† | ||||||||
December 2011 Canadian Dollar Futures Contracts (Aggregate Value of Contracts $190,480) | 2 | $ | 13,337 | |||||
December 2011 Australian Dollar Futures Contracts (Aggregate Value of Contracts $191,740) | 2 | 12,792 | ||||||
December 2011 British Pound Futures Contracts (Aggregate Value of Contracts $194,750) | 2 | 2,607 | ||||||
(Total Aggregate Value of Contracts $576,970) | $ | 28,736 | ||||||
FUTURES CONTRACTS SOLD SHORT† | ||||||||
December 2011 S&P/Toronto Stock Exchange 60 Index Futures Contracts (Aggregate Value of Contracts $253,321) | 2 | 11,306 | ||||||
December 2011 SPI 200 Index Futures Contracts (Aggregate Value of Contracts $194,107) | 2 | 4,133 | ||||||
December 2011 FTSE 100 Index Futures Contracts (Aggregate Value of Contracts $156,514) | 2 | 2,020 | ||||||
December 2011 Russell 2000 Index Mini Futures Contracts (Aggregate Value of Contracts $256,240) | 4 | 456 | ||||||
October 2011 CAC 40 Euro Futures Contracts (Aggregate Value of Contracts $197,602) | 5 | (7,779 | ) | |||||
(Total Aggregate Value of Contracts $1,057,784) | $ | 10,136 | ||||||
* | Non-income producing security. | |
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | A-Class shares of Affiliated Funds. | |
2 | Repurchase Agreement — See Note 5. | |
RSF — Rydex Series Funds |
Assets: | ||||
Investments in unaffiliated issuers, at value (cost $199,862) | $ | 200,070 | ||
Investments in affiliated issuers, at value (cost $17,704,694) | 18,978,558 | |||
Repurchase agreements, at value (cost $4,141,047) | 4,141,047 | |||
Foreign currency, at value (cost $10,477) | 10,275 | |||
Segregated cash with broker | 508,072 | |||
Receivables: | ||||
Fund shares sold | 22,040 | |||
Total assets | 23,860,062 | |||
Liabilities: | ||||
Due to broker | 10,612 | |||
Payable for: | ||||
Variation margin | 136,379 | |||
Fund shares redeemed | 10,882 | |||
Distribution and service fees | 8,561 | |||
Total liabilities | 166,434 | |||
Net assets | $ | 23,693,628 | ||
Net assets consist of: | ||||
Paid in capital | $ | 29,746,150 | ||
Undistributed net investment income | 277,092 | |||
Accumulated net realized loss on investments | (7,499,403 | ) | ||
Net unrealized appreciation on investments | 1,169,789 | |||
Net assets | $ | 23,693,628 | ||
A-Class: | ||||
Net assets | $ | 6,852,982 | ||
Capital shares outstanding | 711,534 | |||
Net asset value per share | $ | 9.63 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 10.11 | ||
C-Class: | ||||
Net assets | $ | 13,299,724 | ||
Capital shares outstanding | 1,437,742 | |||
Net asset value per share | $ | 9.25 | ||
H-Class: | ||||
Net assets | $ | 3,540,922 | ||
Capital shares outstanding | 367,568 | |||
Net asset value per share | $ | 9.63 | ||
Investment income: | ||||
Dividends | $ | 91,404 | ||
Interest | 548 | |||
Total investment income | 91,952 | |||
Expenses: | ||||
Distribution and service fees: | ||||
C-Class | 60,525 | |||
Total expenses | 60,525 | |||
Net investment income | 31,427 | |||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments in affiliated issuers | 730,455 | |||
Futures contracts | (412,255 | ) | ||
Foreign currency | (163 | ) | ||
Net realized gain | 318,037 | |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments in unaffiliated issuers | 208 | |||
Investments in affiliated issuers | (3,011,620 | ) | ||
Futures contracts | (155,499 | ) | ||
Foreign currency | (202 | ) | ||
Net change in unrealized appreciation (depreciation) | (3,167,113 | ) | ||
Net realized and unrealized loss | (2,849,076 | ) | ||
Net decrease in net assets resulting from operations | $ | (2,817,649 | ) | |
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (decrease) in net assets from operations: | ||||||||
Net investment income | $ | 31,427 | $ | 168,883 | ||||
Net realized gain on investments | 318,037 | 2,056,733 | ||||||
Net change in unrealized appreciation (depreciation) on investments | (3,167,113 | ) | 229,321 | |||||
Net increase (decrease) in net assets resulting from operations | (2,817,649 | ) | 2,454,937 | |||||
Distributions to shareholders from: | ||||||||
Net investment income | ||||||||
A-Class | — | (36,863 | )a | |||||
C-Class | — | (80,363 | )a | |||||
H-Class | — | (21,060 | )a | |||||
Net realized gains | ||||||||
A-Class | — | (20,468 | )a | |||||
C-Class | — | (44,621 | )a | |||||
H-Class | — | (11,693 | )a | |||||
Total distributions to shareholders | — | (215,068 | ) | |||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
A-Class | 619,384 | 2,264,995 | ||||||
C-Class | 954,328 | 4,762,262 | ||||||
H-Class | 1,031,945 | 1,666,855 | ||||||
Redemption fees collected | ||||||||
A-Class | — | 551 | ||||||
C-Class | — | 1,160 | ||||||
H-Class | — | 371 | ||||||
Distributions reinvested | ||||||||
A-Class | — | 53,429 | ||||||
C-Class | — | 117,251 | ||||||
H-Class | — | 32,009 | ||||||
Cost of shares redeemed | ||||||||
A-Class | (1,466,006 | ) | (4,409,898 | ) | ||||
C-Class | (3,843,607 | ) | (7,882,677 | ) | ||||
H-Class | (1,562,235 | ) | (5,242,983 | ) | ||||
Net decrease from capital share transactions | (4,266,191 | ) | (8,636,675 | ) | ||||
Net decrease in net assets | (7,083,840 | ) | (6,396,806 | ) | ||||
Net assets: | ||||||||
Beginning of period | 30,777,468 | 37,174,274 | ||||||
End of period | $ | 23,693,628 | $ | 30,777,468 | ||||
Undistributed net investment income at end of period | $ | 277,092 | $ | 245,665 | ||||
Capital share activity: | ||||||||
Shares sold | ||||||||
A-Class | 60,159 | 222,647 | ||||||
C-Class | 94,942 | 487,674 | ||||||
H-Class | 98,693 | 163,150 | ||||||
Shares issued from reinvestment of distributions | ||||||||
A-Class | — | 5,167 | ||||||
C-Class | — | 11,737 | ||||||
H-Class | — | 3,096 | ||||||
Shares redeemed | ||||||||
A-Class | (142,279 | ) | (441,339 | ) | ||||
C-Class | (385,693 | ) | (822,570 | ) | ||||
H-Class | (149,898 | ) | (525,938 | ) | ||||
Net decrease in shares | (424,076 | ) | (896,376 | ) | ||||
a | For financial reporting purposes, certain distributions from net investment income for federal tax purposes have been reclassified to distributions from realized gains. |
Period | ||||||||||||||||||||||||
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31 | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007b | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.69 | $ | 9.84 | $ | 7.93 | $ | 10.18 | $ | 10.56 | $ | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment incomec | .03 | .10 | .09 | .20 | .17 | .18 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (1.09 | ) | .82 | 1.99 | (2.31 | ) | (.24 | ) | .79 | |||||||||||||||
Total from investment operations | (1.06 | ) | .92 | 2.08 | (2.11 | ) | (.07 | ) | .97 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.05 | )h | (.17 | )h | (.02 | )h | (.12 | )h | (.10 | )h | |||||||||||||
Net realized gains | — | (.02 | )h | (.01 | )h | (.12 | )h | (.19 | )h | (.32 | )h | |||||||||||||
Total distributions | — | (.07 | ) | (.18 | ) | (.14 | ) | (.31 | ) | (.42 | ) | |||||||||||||
Redemption fees collected | — | — | d | .01 | — | d | — | d | .01 | |||||||||||||||
Net asset value, end of period | $ | 9.63 | $ | 10.69 | $ | 9.84 | $ | 7.93 | $ | 10.18 | $ | 10.56 | ||||||||||||
Total Returne | (9.92 | %) | 9.39 | % | 26.34 | % | (20.85 | %) | (0.75 | %) | 9.90 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 6,853 | $ | 8,485 | $ | 9,907 | $ | 7,907 | $ | 10,214 | $ | 9,719 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 0.65 | % | 0.95 | % | 0.94 | % | 2.14 | % | 1.58 | % | 2.26 | % | ||||||||||||
Total expensesf | — | — | — | — | 0.01 | % | — | |||||||||||||||||
Portfolio turnover rate | 43 | % | 93 | % | 170 | % | 220 | % | 125 | % | 66 | % |
Period | ||||||||||||||||||||||||
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31 | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007b | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.31 | $ | 9.56 | $ | 7.77 | $ | 10.05 | $ | 10.50 | $ | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)c | (—- | )g | .02 | .02 | .11 | .10 | .11 | |||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (1.06 | ) | .80 | 1.94 | (2.25 | ) | (.24 | ) | .80 | |||||||||||||||
Total from investment operations | (1.06 | ) | .82 | 1.96 | (2.14 | ) | (.14 | ) | .91 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.05 | )h | (.17 | )h | (.02 | )h | (.12 | )h | (.10 | )h | |||||||||||||
Net realized gains | — | (.02 | )h | (.01 | )h | (.12 | )h | (.19 | )h | (.32 | )h | |||||||||||||
Total distributions | — | (.07 | ) | (.18 | ) | (.14 | ) | (.31 | ) | (.42 | ) | |||||||||||||
Redemption fees collected | — | — | d | .01 | — | d | — | d | .01 | |||||||||||||||
Net asset value, end of period | $ | 9.25 | $ | 10.31 | $ | 9.56 | $ | 7.77 | $ | 10.05 | $ | 10.50 | ||||||||||||
Total Returne | (10.28 | %) | 8.62 | % | 25.33 | % | (21.42 | %) | (1.43 | %) | 9.29 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 13,300 | $ | 17,815 | $ | 19,607 | $ | 17,885 | $ | 30,282 | $ | 18,551 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (0.10 | %) | 0.21 | % | 0.17 | % | 1.22 | % | 0.90 | % | 1.34 | % | ||||||||||||
Total expensesf | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.76 | % | 0.75 | % | ||||||||||||
Portfolio turnover rate | 43 | % | 93 | % | 170 | % | 220 | % | 125 | % | 66 | % |
Period | ||||||||||||||||||||||||
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31 | |||||||||||||||||||
H-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007b | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.69 | $ | 9.84 | $ | 7.94 | $ | 10.18 | $ | 10.56 | $ | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment incomec | .03 | .09 | .08 | .16 | .13 | .18 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (1.09 | ) | .83 | 1.99 | (2.26 | ) | (.20 | ) | .79 | |||||||||||||||
Total from investment operations | (1.06 | ) | .92 | 2.07 | (2.10 | ) | (.07 | ) | .97 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.05 | )h | (.17 | )h | (.02 | )h | (.12 | )h | (.10 | )h | |||||||||||||
Net realized gains | — | (.02 | )h | (.01 | )h | (.12 | )h | (.19 | )h | (.32 | )h | |||||||||||||
Total distributions | — | (.07 | ) | (.18 | ) | (.14 | ) | (.31 | ) | (.42 | ) | |||||||||||||
Redemption fees collected | — | — | d | .01 | — | d | — | d | .01 | |||||||||||||||
Net asset value, end of period | $ | 9.63 | $ | 10.69 | $ | 9.84 | $ | 7.94 | $ | 10.18 | $ | 10.56 | ||||||||||||
Total Returne | (9.92 | %) | 9.39 | % | 26.18 | % | (20.75 | %) | (0.75 | %) | 9.90 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 3,541 | $ | 4,478 | $ | 7,660 | $ | 6,279 | $ | 11,359 | $ | 8,623 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 0.66 | % | 0.92 | % | 0.92 | % | 1.73 | % | 1.22 | % | 2.32 | % | ||||||||||||
Total expensesf | — | — | — | — | 0.01 | % | — | |||||||||||||||||
Portfolio turnover rate | 43 | % | 93 | % | 170 | % | 220 | % | 125 | % | 66 | % |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Since commencement of operations: June 30, 2006. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
c | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | |
d | Redemption fees collected are less than $0.01 per share. | |
e | Total return does not reflect the impact of any applicable sales charges and has not been annualized. | |
f | Does not include expenses of the underlying funds in which the Fund invests. | |
g | Net investment income (loss) is less than $0.01 per share. | |
h | For financial reporting purposes, certain distributions from net investment income for federal income tax purposes have been reclassified to distributions from realized gains. |
FUND PROFILE (Unaudited) | September 30, 2011 |
![(BAR CODE)](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366607.gif)
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 — U.S. Long Short Momentum Fund — A Class | 12.8 | % | ||
Security Large Cap Value Fund — A Class | 9.5 | % | ||
Security Equity Fund® — Large Cap Concentrated Growth Fund — A Class | 9.5 | % | ||
Security Income Fund ® — U.S. Intermediate Bond Fund — A Class | 9.4 | % | ||
Security Equity Fund® — MSCI EAFE Equal Weight Fund — A Class | 7.6 | % | ||
RSF — Long Short Interest Rate Strategy Fund — A Class | 5.4 | % | ||
RSF — Multi-Hedge Strategies Fund — A Class | 4.2 | % | ||
RSF — Managed Futures Strategy Fund — A Class | 3.9 | % | ||
Security Equity Fund® — Mid Cap Value Fund — A Class | 2.5 | % | ||
Security Mid Cap Growth Fund — A Class | 2.5 | % | ||
Top Ten Total | 67.3 | % | ||
“Ten Largest Holdings” exclude any temporary cash or derivative investments. | ||
RSF — Rydex Series Funds |
20 | the RYDEX|SGI series trust semi-annual report
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2011 |
Shares | Value | |||||||
EXCHANGE TRADED FUNDS† — 0.9% | ||||||||
iShares Barclays Aggregate Bond Fund | 909 | $ | 100,090 | |||||
Total Exchange Traded Funds (Cost $99,986) | 100,090 | |||||||
MUTUAL FUNDS†,1 — 80.2% | ||||||||
Alternatives Funds — 34.3% | ||||||||
RSF — U.S. Long Short Momentum Fund — A Class* | 118,872 | 1,408,636 | ||||||
RSF — Long Short Interest Rate Strategy Fund — A Class* | 24,720 | 585,869 | ||||||
RSF — Multi-Hedge Strategies Fund — A Class* | 20,229 | 455,958 | ||||||
RSF — Managed Futures Strategy Fund — A Class* | 17,104 | 421,783 | ||||||
RSF — Event Driven and Distressed Strategies Fund — A Class* | 11,332 | 268,350 | ||||||
RSF — Long/Short Commodities Strategy Fund — A Class | 7,375 | 182,168 | ||||||
RSF — Commodities Strategy Fund — A Class* | 11,136 | 170,829 | ||||||
RSF — Long Short Equity Strategy Fund — A Class* | 5,870 | 144,764 | ||||||
RSF — Alternative Strategies Fund — A Class* | 4,767 | 112,464 | ||||||
Total Alternatives Funds | 3,750,821 | |||||||
Domestic Equity Funds — 26.6% | ||||||||
Security Large Cap Value Fund — A Class | 42,852 | 1,053,291 | ||||||
Security Equity Fund® — Large Cap Concentrated Growth Fund — A Class | 140,516 | 1,039,818 | ||||||
Security Equity Fund® — Mid Cap Value Fund — A Class | 10,189 | 276,417 | ||||||
Security Mid Cap Growth Fund — A Class* | 9,614 | 275,628 | ||||||
Security Equity Fund® — Small Cap Growth Fund — A Class* | 11,012 | 131,155 | ||||||
Security Equity Fund® — Small Cap Value Fund — A Class* | 11,245 | 131,117 | ||||||
Total Domestic Equity Funds | 2,907,426 | |||||||
Fixed Income Funds — 9.5% | ||||||||
Security Income Fund® — U.S. Intermediate Bond Fund — A Class | 58,896 | 1,026,549 | ||||||
Security Income Fund® — High Yield Fund — A Class | 1,641 | 18,197 | ||||||
Total Fixed Income Funds | 1,044,746 | |||||||
International Equity Funds — 7.6% | ||||||||
Security Equity Fund® — MSCI EAFE Equal Weight Fund — A Class | 85,595 | 830,275 | ||||||
Specialty Funds — 2.2% | ||||||||
RSF — Real Estate Fund — A Class | 9,690 | 236,739 | ||||||
Total Mutual Funds (Cost $8,176,588) | 8,770,007 | |||||||
Face | ||||||||
Amount | ||||||||
REPURCHASE AGREEMENT††,2 — 17.4% | ||||||||
Credit Suisse Group issued 09/30/11 at 0.00% due 10/03/11 | $ | 1,897,045 | 1,897,045 | |||||
Total Repurchase Agreement (Cost $1,897,045) | 1,897,045 | |||||||
Total Investments — 98.5% (Cost $10,173,619) | $ | 10,767,142 | ||||||
Cash & Other Assets, Less Liabilities — 1.5% | 159,395 | |||||||
Total Net Assets — 100.0% | $ | 10,926,537 | ||||||
Unrealized | ||||||||
Contracts | Gain (Loss) | |||||||
INTEREST RATE FUTURES CONTRACTS PURCHASED† | ||||||||
December 2011 U.S. Treasury 5 Year Note Futures Contracts (Aggregate Value of Contracts $490,219) | 4 | $ | 269 | |||||
FUTURES CONTRACTS PURCHASED† | ||||||||
December 2011 DAX Index Futures Contracts (Aggregate Value of Contracts $181,911) | 1 | 12,737 | ||||||
December 2011 Nikkei-225 Stock Average Index Futures Contracts (Aggregate Value of Contracts $85,850) | 2 | (2,453 | ) | |||||
October 2011 Hang Seng Index Futures Contracts (Aggregate Value of Contracts $109,779) | 1 | (13,726 | ) | |||||
December 2011 MSCI EAFE Index Mini Futures Contracts (Aggregate Value of Contracts $671,450) | 10 | (27,986 | ) | |||||
December 2011 S&P 500 Index Mini Futures Contracts (Aggregate Value of Contracts $1,972,250) | 35 | (43,064 | ) | |||||
(Total Aggregate Value of Contracts $3,021,240) | $ | (74,492 | ) | |||||
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | September 30, 2011 |
Unrealized | ||||||||
Contracts | Gain (Loss) | |||||||
CURRENCY FUTURES CONTRACTS SOLD SHORT† | ||||||||
December 2011 Canadian Dollar Futures Contracts (Aggregate Value of Contracts $95,240) | 1 | $ | 6,667 | |||||
December 2011 Australian Dollar Futures Contracts (Aggregate Value of Contracts $95,870) | 1 | 6,396 | ||||||
December 2011 British Pound Futures Contracts (Aggregate Value of Contracts $97,375) | 1 | 1,304 | ||||||
(Total Aggregate Value of Contracts $288,485) | $ | 14,367 | ||||||
FUTURES CONTRACTS SOLD SHORT† | ||||||||
December 2011 S&P/Toronto Stock Exchange 60 Index Futures Contracts (Aggregate Value of Contracts $126,660) | 1 | 6,005 | ||||||
December 2011 SPI 200 Index Futures Contracts (Aggregate Value of Contracts $97,054) | 1 | 2,067 | ||||||
December 2011 FTSE 100 Index Futures Contracts (Aggregate Value of Contracts $78,257) | 1 | 1,010 | ||||||
December 2011 Russell 2000 Index Mini Futures Contracts (Aggregate Value of Contracts $128,120) | 2 | 229 | ||||||
October 2011 CAC 40 Euro Futures Contracts (Aggregate Value of Contracts $79,041) | 2 | (3,112 | ) | |||||
(Total Aggregate Value of Contracts $509,132) | $ | 6,199 | ||||||
* | Non-income producing security. | |
† | Value determined based on Level 1 inputs — See Note 4. | |
†† | Value determined based on Level 2 inputs — See Note 4. | |
1 | A-Class shares of Affiliated Funds. | |
2 | Repurchase Agreement — See Note 5. | |
RSF — Rydex Series Funds |
22 | the RYDEX|SGI series trust semi-annual report
STATEMENT OF ASSETS AND LIABILITIES (Unaudited) | ||||
September 30, 2011 | ||||
Assets: | ||||
Investments in unaffiliated issuers, at value (cost $99,986) | $ | 100,090 | ||
Investments in affiliated issuers, at value (cost $8,176,588) | 8,770,007 | |||
Repurchase agreements, at value (cost $1,897,045) | 1,897,045 | |||
Foreign currency, at value (cost $12,010) | 11,765 | |||
Segregated cash with broker | 281,870 | |||
Receivables: | ||||
Fund shares sold | 3,096 | |||
Total assets | 11,063,873 | |||
Liabilities: | ||||
Due to broker | 12,139 | |||
Payable for: | ||||
Variation margin | 82,009 | |||
Fund shares redeemed | 39,688 | |||
Distribution and service fees | 3,500 | |||
Total liabilities | 137,336 | |||
Net assets | $ | 10,926,537 | ||
Net assets consist of: | ||||
Paid in capital | $ | 13,791,802 | ||
Undistributed net investment income | 106,387 | |||
Accumulated net realized loss on investments | (3,511,255 | ) | ||
Net unrealized appreciation on investments | 539,603 | |||
Net assets | $ | 10,926,537 | ||
A-Class: | ||||
Net assets | $ | 3,567,543 | ||
Capital shares outstanding | 396,056 | |||
Net asset value per share | $ | 9.01 | ||
Maximum offering price per share (Net asset value divided by 95.25%) | $ | 9.46 | ||
C-Class: | ||||
Net assets | $ | 5,386,743 | ||
Capital shares outstanding | 623,883 | |||
Net asset value per share | $ | 8.63 | ||
H-Class: | ||||
Net assets | $ | 1,972,251 | ||
Capital shares outstanding | 219,023 | |||
Net asset value per share | $ | 9.00 | ||
STATEMENT OF OPERATIONS (Unaudited) | ||||
Period Ended September 30, 2011 | ||||
Investment Income: | ||||
Dividends | $ | 23,576 | ||
Interest | 305 | |||
Total investment income | 23,881 | |||
Expenses: | ||||
Distribution and service fees: | ||||
C-Class | 23,895 | |||
Total expenses | 23,895 | |||
Net investment loss | (14 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments in affiliated issuers | 574,555 | |||
Futures contracts | (342,190 | ) | ||
Foreign currency | (218 | ) | ||
Net realized gain | 232,147 | |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments in unaffiliated issuers | 104 | |||
Investments in affiliated issuers | (2,156,934 | ) | ||
Futures contracts | (93,056 | ) | ||
Foreign currency | (263 | ) | ||
Net change in unrealized appreciation (depreciation) | (2,250,149 | ) | ||
Net realized and unrealized loss | (2,018,002 | ) | ||
Net decrease in net assets resulting from operations | $ | (2,018,016 | ) | |
the RYDEX|SGI series trust semi-annual report | 23
Period Ended | Year | |||||||
September 30, | Ended | |||||||
2011 | March 31, | |||||||
(Unaudited) | 2011 | |||||||
Increase (decrease) in net assets from operations: | ||||||||
Net investment income (loss) | $ | (14 | ) | $ | 60,403 | |||
Net realized gain on investments | 232,147 | 824,966 | ||||||
Net change in unrealized appreciation (depreciation) on investments | (2,250,149 | ) | 915,300 | |||||
Net increase (decrease) in net assets resulting from operations | (2,018,016 | ) | 1,800,669 | |||||
Distributions to shareholders from: | ||||||||
Net investment income | ||||||||
A-Class | — | (4,100 | )a | |||||
C-Class | — | (4,071 | )a | |||||
H-Class | — | (1,726 | )a | |||||
Net realized gains | ||||||||
A-Class | — | (19,053 | )a | |||||
C-Class | — | (18,922 | )a | |||||
H-Class | — | (8,023 | )a | |||||
Total distributions to shareholders | — | (55,895 | ) | |||||
Capital share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
A-Class | 506,910 | 2,068,087 | ||||||
C-Class | 388,848 | 1,443,010 | ||||||
H-Class | 869,917 | 1,350,482 | ||||||
Redemption fees collected | ||||||||
A-Class | — | 121 | ||||||
C-Class | — | 128 | ||||||
H-Class | — | 62 | ||||||
Distributions reinvested | ||||||||
A-Class | — | 14,520 | ||||||
C-Class | — | 21,423 | ||||||
H-Class | — | 9,658 | ||||||
Cost of shares redeemed | ||||||||
A-Class | (3,310,222 | ) | (2,185,888 | ) | ||||
C-Class | (1,258,109 | ) | (2,074,277 | ) | ||||
H-Class | (1,464,176 | ) | (2,331,122 | ) | ||||
Net decrease from capital share transactions | (4,266,832 | ) | (1,683,796 | ) | ||||
Net increase (decrease) in net assets | (6,284,848 | ) | 60,978 | |||||
Net assets: | ||||||||
Beginning of period | 17,211,385 | 17,150,407 | ||||||
End of period | $ | 10,926,537 | $ | 17,211,385 | ||||
Undistributed net investment income at end of period | $ | 106,387 | $ | 106,401 | ||||
Capital share activity: | ||||||||
Shares sold | ||||||||
A-Class | 49,098 | 215,657 | ||||||
C-Class | 40,550 | 155,387 | ||||||
H-Class | 85,519 | 140,593 | ||||||
Shares issued from reinvestment of distributions | ||||||||
A-Class | — | 1,455 | ||||||
C-Class | — | 2,227 | ||||||
H-Class | — | 968 | ||||||
Shares redeemed | ||||||||
A-Class | (338,907 | ) | (226,325 | ) | ||||
C-Class | (129,655 | ) | (228,788 | ) | ||||
H-Class | (149,551 | ) | (249,441 | ) | ||||
Net decrease in shares | (442,946 | ) | (188,267 | ) | ||||
a | For financial reporting purposes, certain distributions from net investment income for federal tax purposes have been reclassified to distributions from realized gains. |
24 | the RYDEX|SGI series trust semi-annual report
Period | ||||||||||||||||||||||||
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31 | |||||||||||||||||||
A-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007b | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.40 | $ | 9.29 | $ | 6.98 | $ | 9.69 | $ | 10.28 | $ | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment incomec | .02 | .07 | .05 | .12 | .11 | .24 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (1.41 | ) | 1.07 | 2.37 | (2.60 | ) | (.48 | ) | .77 | |||||||||||||||
Total from investment operations | (1.39 | ) | 1.14 | 2.42 | (2.48 | ) | (.37 | ) | 1.01 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.01 | )g | (.10 | )g | (.22 | )g | (.06 | )g | (.10 | )g | |||||||||||||
Net realized gains | — | (.02 | )g | (.01 | )g | (.01 | )g | (.16 | )g | (.64 | )g | |||||||||||||
Total distributions | — | (.03 | ) | (.11 | ) | (.23 | ) | (.22 | ) | (.74 | ) | |||||||||||||
Redemption fees collected | — | — | d | — | d | — | d | — | d | .01 | ||||||||||||||
Net asset value, end of period | $ | 9.01 | $ | 10.40 | $ | 9.29 | $ | 6.98 | $ | 9.69 | $ | 10.28 | ||||||||||||
Total Returne | (13.37 | %) | 12.31 | % | 34.67 | % | (25.81 | )% | (3.77 | %) | 10.37 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 3,568 | $ | 7,134 | $ | 6,457 | $ | 5,389 | $ | 8,596 | $ | 13,854 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 0.31 | % | 0.70 | % | 0.55 | % | 1.40 | % | 1.01 | % | 3.11 | % | ||||||||||||
Total expensesf | — | — | — | 0.02 | % | 0.01 | % | — | ||||||||||||||||
Portfolio turnover rate | 44 | % | 97 | % | 185 | % | 278 | % | 120 | % | 92 | % |
Period | ||||||||||||||||||||||||
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31 | |||||||||||||||||||
C-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007b | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.01 | $ | 9.01 | $ | 6.82 | $ | 9.56 | $ | 10.22 | $ | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)c | (.02 | ) | (.01 | ) | (.02 | ) | .05 | .06 | (.03 | ) | ||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (1.36 | ) | 1.04 | 2.32 | (2.56 | ) | (.50 | ) | .98 | |||||||||||||||
Total from investment operations | (1.38 | ) | 1.03 | 2.30 | (2.51 | ) | (.44 | ) | .95 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.01 | )g | (.10 | )g | (.22 | )g | (.06 | )g | (.10 | )g | |||||||||||||
Net realized gains | — | (.02 | )g | (.01 | )g | (.01 | )g | (.16 | )g | (.64 | )g | |||||||||||||
Total distributions | — | (.03 | ) | (.11 | ) | (.23 | ) | (.22 | ) | (.74 | ) | |||||||||||||
Redemption fees collected | — | — | d | — | d | — | d | — | d | .01 | ||||||||||||||
Net asset value, end of period | $ | 8.63 | $ | 10.01 | $ | 9.01 | $ | 6.82 | $ | 9.56 | $ | 10.22 | ||||||||||||
Total Returne | (13.79 | %) | 11.47 | % | 33.72 | % | (26.48 | %) | (4.48 | %) | 9.76 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 5,387 | $ | 7,135 | $ | 7,063 | $ | 4,667 | $ | 6,178 | $ | 6,537 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (0.44 | %) | (0.09 | %) | (0.21 | %) | 0.59 | % | 0.60 | % | (0.34 | %) | ||||||||||||
Total expensesf | 0.75 | % | 0.75 | % | 0.75 | % | 0.77 | % | 0.76 | % | 0.75 | % | ||||||||||||
Portfolio turnover rate | 44 | % | 97 | % | 185 | % | 278 | % | 120 | % | 92 | % |
the RYDEX|SGI series trust semi-annual report | 25
Period | ||||||||||||||||||||||||
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Ended | |||||||||||||||||||
September 30, | March 31, | March 31, | March 31, | March 31, | March 31 | |||||||||||||||||||
H-Class | 2011a | 2011 | 2010 | 2009 | 2008 | 2007b | ||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.40 | $ | 9.29 | $ | 6.97 | $ | 9.69 | $ | 10.29 | $ | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment incomec | .02 | .06 | .04 | .11 | .08 | .15 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (1.42 | ) | 1.08 | 2.39 | (2.60 | ) | (.46 | ) | .87 | |||||||||||||||
Total from investment operations | (1.40 | ) | 1.14 | 2.43 | (2.49 | ) | (.38 | ) | 1.02 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (.01 | )g | (.10 | )g | (.22 | )g | (.06 | )g | (.10 | )g | |||||||||||||
Net realized gains | — | (.02 | )g | (.01 | )g | (.01 | )g | (.16 | )g | (.64 | )g | |||||||||||||
Total distributions | — | (.03 | ) | (.11 | ) | (.23 | ) | (.22 | ) | (.74 | ) | |||||||||||||
Redemption fees collected | — | — | d | — | d | — | d | — | d | .01 | ||||||||||||||
Net asset value, end of period | $ | 9.00 | $ | 10.40 | $ | 9.29 | $ | 6.97 | $ | 9.69 | $ | 10.29 | ||||||||||||
Total Returne | (13.46 | %) | 12.31 | % | 34.86 | % | (25.92 | %) | (3.87 | %) | 10.48 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,972 | $ | 2,943 | $ | 3,630 | $ | 3,240 | $ | 4,447 | $ | 6,486 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 0.31 | % | 0.66 | % | 0.53 | % | 1.22 | % | 0.80 | % | 1.94 | % | ||||||||||||
Total expensesf | — | — | — | 0.02 | % | 0.01 | % | — | ||||||||||||||||
Portfolio turnover rate | 44 | % | 97 | % | 185 | % | 278 | % | 120 | % | 92 | % |
a | Unaudited figures for the period ended September 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
b | Since commencement of operations: June 30, 2006. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized. | |
c | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | |
d | Redemption fees collected are less than $0.01 per share. | |
e | Total return does not reflect the impact of any applicable sales charges and has not been annualized. | |
f | Does not include expenses of the underlying funds in which the Fund invests. | |
g | For financial reporting purposes, certain distributions from net investment income for federal income tax purposes have been reclassified to distributions from realized gains. |
26 | the RYDEX|SGI series trust semi-annual report
the RYDEX|SGI series trust semi-annual report | 27
28 | the RYDEX|SGI series trust semi-annual report
Level 1 | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Investments | Other Financial | Investments | Investments | |||||||||||||||||
Fund | In Securities | Instruments* | In Securities | In Securities | Total | |||||||||||||||
Assets | ||||||||||||||||||||
All-Asset Conservative Strategy Fund | $ | 9,925,123 | $ | 24,779 | $ | 2,718,917 | �� | $ | — | $ | 12,668,819 | |||||||||
All-Asset Moderate Strategy Fund | 19,178,628 | 60,757 | 4,141,047 | — | 23,380,432 | |||||||||||||||
All-Asset Aggressive Strategy Fund | 8,870,097 | 36,684 | 1,897,045 | — | 10,803,826 | |||||||||||||||
Liabilities | ||||||||||||||||||||
All-Asset Conservative Strategy Fund | $ | — | $ | 68,246 | $ | — | $ | — | $ | 68,246 | ||||||||||
All-Asset Moderate Strategy Fund | — | 164,837 | — | — | 164,837 | |||||||||||||||
All-Asset Aggressive Strategy Fund | — | 90,341 | — | — | 90,341 |
* | Other financial instruments may include futures contracts, which are reported as unrealized gain/loss at period end. |
the RYDEX|SGI series trust semi-annual report | 29
Counterparty and Terms of | ||||||||||||||||||||
Agreement | Face Value | Repurchase Price | Collateral | Par Value | Fair Value | |||||||||||||||
Credit Suisse Group | U.S. Treasury Note | |||||||||||||||||||
0.00% | 3.50% - 3.63% | |||||||||||||||||||
due 10/03/11 | $ | 24,098,997 | $ | 24,098,997 | 08/15/19 - 05/15/20 | $ | 20,962,900 | $ | 24,580,994 | |||||||||||
$ | 24,098,997 | $ | 24,098,997 | $ | 20,962,900 | $ | 24,580,994 | |||||||||||||
Approximate percentage of Fund’s | ||||||||
net assets on a daily basis | ||||||||
Fund | Long | Short | ||||||
All-Asset Conservative Strategy Fund | 25 | % | 5 | % | ||||
All-Asset Moderate Strategy Fund | 30 | % | 5 | % | ||||
All-Asset Aggressive Strategy Fund | 30 | % | 5 | % |
Location on the Statements of Assets and Liabilities | ||||
Derivative Investments Type | Asset Derivatives | Liability Derivatives | ||
Equity/Interest Rate/Currency contracts | Variation margin | Variation margin |
Asset Derivative Investments Value | ||||||||||||||||
Futures | Futures | Futures | ||||||||||||||
Equity | Interest Rate | Currency | Total Value at | |||||||||||||
Fund | Contracts* | Contracts* | Contracts* | September 30, 2011 | ||||||||||||
| | | | | ||||||||||||||||
All-Asset Conservative Strategy Fund | $ | 9,311 | $ | 1,101 | $ | 14,367 | $ | 24,779 | ||||||||
All-Asset Moderate Strategy Fund | 30,652 | 1,369 | 28,736 | 60,757 | ||||||||||||
All-Asset Aggressive Strategy Fund | 22,048 | 269 | 14,367 | 36,684 | ||||||||||||
Liability Derivative Investments Value | ||||||||||||||||
Futures | Futures | Futures | ||||||||||||||
Equity | Interest Rate | Currency | Total Value at | |||||||||||||
Fund | Contracts* | Contracts* | Contracts* | September 30, 2011 | ||||||||||||
All-Asset Conservative Strategy Fund | $ | 68,246 | $ | — | $ | — | $ | 68,246 | ||||||||
All-Asset Moderate Strategy Fund | 164,837 | — | — | 164,837 | ||||||||||||
All-Asset Aggressive Strategy Fund | 90,341 | — | — | 90,341 |
* | Includes cumulative appreciation (depreciation) of futures contracts as reported on the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities. |
30 | the RYDEX|SGI series trust semi-annual report
Derivative Investment Types | Location of Gain (Loss) on Derivatives | |
Equity/Interest Rate/Currency contracts | Net realized gain (loss) on futures contracts | |
Net change in unrealized appreciation (depreciation) on futures contracts |
Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations | ||||||||||||||||||||||||
Futures | Futures | Futures | ||||||||||||||||||||||
Equity | Interest Rate | Currency | ||||||||||||||||||||||
Fund | Contracts | Contracts | Contracts | Total | ||||||||||||||||||||
All-Asset Conservative Strategy Fund | $ | (172,991 | ) | $ | 87,920 | $ | 1,345 | $ | (83,726 | ) | ||||||||||||||
All-Asset Moderate Strategy Fund | (520,358 | ) | 105,413 | 2,690 | (412,255 | ) | ||||||||||||||||||
All-Asset Aggressive Strategy Fund | (370,207 | ) | 26,672 | 1,345 | (342,190 | ) | ||||||||||||||||||
Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations | ||||||||||||||||||||||||
Futures | Futures | Futures | ||||||||||||||||||||||
Equity | Interest Rate | Currency | ||||||||||||||||||||||
Fund | Contracts | Contracts | Contracts | Total | ||||||||||||||||||||
All-Asset Conservative Strategy Fund | $ | (71,743 | ) | $ | 4,468 | $ | 14,367 | $ | (52,908 | ) | ||||||||||||||
All-Asset Moderate Strategy Fund | (188,836 | ) | 4,601 | 28,736 | (155,499 | ) | ||||||||||||||||||
All-Asset Aggressive Strategy Fund | (109,135 | ) | 1,712 | 14,367 | (93,056 | ) |
Tax | Tax | Net | ||||||||||||||
Tax | Unrealized | Unrealized | Unrealized | |||||||||||||
Fund | Cost | Gain | Loss | Gain | ||||||||||||
All-Asset Conservative Strategy Fund | $ | 9,550,262 | $ | 652,568 | $ | (277,706 | ) | $ | 374,862 | |||||||
All-Asset Moderate Strategy Fund | 18,267,359 | 1,332,466 | (421,197 | ) | 911,269 | |||||||||||
All-Asset Aggressive Strategy Fund | 8,541,189 | 542,592 | (213,683 | ) | 328,909 |
the RYDEX|SGI series trust semi-annual report | 31
Purchases | Sales | |||||||
All-Asset Conservative Strategy Fund | $ | 9,833,648 | $ | 9,897,160 | ||||
All-Asset Moderate Strategy Fund | 9,622,434 | 12,681,166 | ||||||
All-Asset Aggressive Strategy Fund | 5,368,710 | 8,850,147 |
32 | the RYDEX|SGI series trust semi-annual report
16th Floor
New York, NY 10022
(Headquarters)
805 King Farm Boulevard
Suite 600
Rockville, MD 20850
40 Corporate Woods
Suite 850
Overland Park, KS 66210
the RYDEX|SGI series trust semi-annual report | 33
34 | the RYDEX|SGI series trust semi-annual report
• | Nature, Extent and Quality of Services Provided by the Adviser. At the meeting of August 16-17, 2011, the Board reviewed the scope of services to be provided by the Adviser under the current investment advisory agreement and, at the meetings of August 16-17, 2011 and September 14, 2011, noted that there would be no significant differences between the scope of services required to be provided by the Adviser under the current investment advisory agreements and the scope of services required to be provided by the Adviser under the new investment advisory agreements. The Board noted that the key investment and management personnel of the Adviser servicing the Funds are expected to remain the same following the Transaction. The Trustees also considered Guggenheim Capital’s representations to the Board that the Adviser would continue to provide investment and related services that were of materially the same quality and quantity as services provided to the Funds in the past, and that these services are appropriate in scope and extent in light of the Funds’ operations, the competitive landscape of the investment company business and investor needs. | ||
• | Fund Expenses and Performance of the Funds and the Adviser. At the meeting of August 16-17, 2011, the Board had reviewed statistical information prepared by the Adviser regarding the expense ratio components and performance of each Fund. Based on the representations made by Guggenheim Capital at the meeting that the Adviser would continue to operate following the closing of the Transaction in much the same manner as it currently operates, the Board concluded that the investment performance of the Adviser was not expected to be affected by the Transaction. | ||
• | Costs of Services Provided to the Funds and Profits Realized by the Adviser and its Affiliates. At the meeting of August 16-17, 2011, the Board had reviewed information about the profitability of the Funds to the Adviser based on the advisory fees payable under the current investment advisory agreement. At that meeting, the Board had also analyzed the Funds’ expenses, including the investment advisory fees paid to the Adviser. At the Board meeting, the Board considered the fact that the fee rates payable to the Adviser would be the same under each Fund’s new investment advisory agreements as they are under such Fund’s current agreements. With respect to anticipated profitability, the Board noted that it was too early to predict how the Transaction would affect the Adviser’s profitability with respect to the Funds, but noted that this matter would be given further consideration on an ongoing basis. | ||
• | Economies of Scale. In connection with its review of the Funds’ profitability analysis at the meeting of August 16-17, 2011, the Board reviewed information regarding economies of scale or other efficiencies that may result from increases in the Funds’ asset levels. The Trustees noted that the fees would not change under the new investment advisory agreements, and that no additional economies of scale would be directly realized as a result of the Transaction. They also noted that they will have the opportunity to again review the appropriateness of the fees payable to the Adviser under the new agreements when the renewal of the new agreements comes before the Board. |
the RYDEX|SGI series trust semi-annual report | 35
• | Other Benefits to the Adviser and/or its Affiliates. In addition to evaluating the services provided by the Advisers, the Board had considered the nature, extent, quality and cost of the distribution services performed by the Funds’ Distributor under a separate agreement at the meeting of August 16-17, 2011. The Board reviewed information regarding potential economies of scale arising from the integration of the asset management businesses of Guggenheim Capital. The Board also considered the terms of the Transaction and the changes to the corporate ownership structure of the Adviser, noting that the Adviser would no longer be a subsidiary of Security Benefit Corporation. In this regard, the Board noted that, under the corporate structure after the Transaction, the Adviser would be more closely controlled by Guggenheim Capital, which could benefit Guggenheim Capital. The Board also noted that the costs associated with the Transaction would be borne by Guggenheim Capital (or its affiliates) and not the Funds. |
36 | the RYDEX|SGI series trust semi-annual report
Length of Service | ||||
Name, Position and | As Trustee | Number of | ||
Year of Birth | (Year Began) | Funds Overseen | ||
Corey A. Colehour | Rydex Series Funds — 1993 | 150 | ||
Trustee (1945) | Rydex Variable Trust — 1998 | |||
Rydex Dynamic Funds — 1999 | ||||
Rydex ETF Trust — 2003 |
J. Kenneth Dalton | Rydex Series Funds — 1995 | 150 | ||
Trustee (1941) | Rydex Variable Trust — 1998 | |||
Rydex Dynamic Funds — 1999 | ||||
Rydex ETF Trust — 2003 | ||||
Principal Occupations During Past Five Years: Retired; Member of the Governance and Nominating Committees (1995 to present); Chairman of the Audit Committee (1997 to present); Member of the Risk Oversight Committee (2010 to present) | ||||
John O. Demaret | Rydex Series Funds — 1997 | 150 | ||
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; Member of the Audit Committee (1997 to present); Member of the Risk Oversight Committee (2010 to present) | ||||
Werner E. Keller | Rydex Series Funds — 2005 | 150 | ||
Trustee, Vice Chairman | Rydex Variable Trust — 2005 | |||
of the Board (1940) | Rydex Dynamic Funds — 2005 | |||
Rydex ETF Trust — 2005 | ||||
Principal Occupations During Past Five Years: Founder and President of Keller Partners, LLC (registered investment adviser) (2005 to present); Member of the Audit, Governance and Nominating Committees (2005 to present); Chairman and Member of the Risk Oversight Committee (2010 to present) | ||||
Thomas F. Lydon, Jr. | Rydex Series Funds — 2005 | 150 | ||
Trustee (1960) | Rydex Variable Trust — 2005 | |||
Rydex Dynamic Funds — 2005 | ||||
Rydex ETF Trust — 2005 | ||||
Principal Occupations During Past Five Years: President, Global Trends Investments (1996 to present); Member of the Audit, Governance and Nominating Committees (2005 to present) | ||||
Patrick T. McCarville | Rydex Series Funds — 1997 | 150 | ||
Trustee (1942) | Rydex Variable Trust — 1998 | |||
Rydex Dynamic Funds — 1999 | ||||
Rydex ETF Trust — 2003 | ||||
Principal Occupations During Past Five Years: CEO, Par Industries, Inc., d/b/a Par Leasing (1977 to 2010); Chairman of the Governance and Nominating Committees (1997 to present); Member of the Audit Committee (1997 to present) | ||||
Roger Somers | Rydex Series Funds — 1993 | 150 | ||
Trustee (1944) | Rydex Variable Trust — 1998 | |||
Rydex Dynamic Funds — 1999 | ||||
Rydex ETF Trust — 2003 | ||||
Principal Occupations During Past Five Years: Founder and CEO of Arrow Limousine (1965 to present); Member of the Audit, Governance and Nominating Committees (1995 to present) |
the RYDEX|SGI series trust semi-annual report | 37
Name, Position and | Principal Occupations | |
Year of Birth | During Past Five Years | |
Richard M. Goldman* President (1961) | Current: Senior Vice President, Security Benefit Corporation; CEO, Security Benefit Asset Management Holdings, LLC; CEO, President and Manager Representative, Security Investors, LLC; CEO and Manager, Rydex Holdings, LLC; CEO, President and Manager, Rydex Distributors, LLC; Manager, Rydex Fund Services, LLC; President and Trustee, Rydex Series Funds, Rydex ETF Trust, Rydex Dynamic Funds and Rydex Variable Trust Previous: Director, First Security Benefit Life Insurance Company (2007—2010); President and Director, Security Global Investors (2010—2011); CEO and Director, Rydex Advisors, LLC and Rydex Advisor II, LLC (2010); Director, Security Distributors, Inc. (2007-2009); Managing Member, R M Goldman Partners, LLC (2006-2007) | |
Michael P. Byrum* Vice President (1970) | Current: President, Security Benefit Asset Management Holdings, LLC; Senior Vice President, Security Investors, LLC; President and Chief Investment Officer, Rydex Holdings, LLC; Director and Chairman of the Board, Advisor Research Center, Inc.; Manager, Rydex Specialized Products, LLC | |
Previous: Rydex Distributors, LLC (f/k/a Rydex Distributors, Inc.), Vice President (2009); Rydex Fund Services, LLC, Director (2009-2010),Secretary (2002- 2010), Executive Vice President (2002- 2006); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.), Director (2008-2010), Chief Investment Officer (2006-2010), President (2004-2010); Secretary (2002-2010); Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Director (2008-2010), Chief Investment Officer (2006-2010), President (2004-2010), Secretary (2002-2010); Rydex Capital Partners, LLC, (President and Secretary 2003-2007); Rydex Capital Partners II, LLC, (2003-2007); Rydex Holdings, LLC (f/k/a Rydex Holdings, Inc.), Secretary 2005-2008), Executive Vice President (2005-2006); Advisor Research Center, Inc., Secretary (2006-2009), Executive Vice President (2006); Rydex Specialized Products, LLC, Secretary (2005-2008) | ||
Nikolaos Bonos* Vice President and Treasurer (1963) | Current: Senior Vice President, Security Investors, LLC; Chief Executive Officer and Manager, Rydex Specialized Products, LLC; Chief Executive Officer and President, Rydex Fund Services, LLC; Vice President, Rydex Holdings, LLC; Treasurer, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President, Security Benefit Asset Management Holdings, LLC | |
Previous: Security Global Investors, LLC, Senior Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) Senior Vice President (2006-2011); Rydex Fund Services, LLC (f/k/a Rydex Fund Services, Inc.), Director (2009) and Senior Vice President (2003-2006); Rydex Specialized Products, LLC, Chief Financial Officer (2005-2009) |
38 | the RYDEX|SGI series trust semi-annual report
Name, Position and | Principal Occupations | |
Year of Birth | During Past Five Years | |
Joanna M. Haigney* Chief Compliance Officer and Secretary (1966) | Current: Chief Compliance Officer and Secretary, SBL Fund; Security Equity Chief Compliance Officer and Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President, Rydex Holdings, LLC; Vice President, Security Benefit Asset Management Holdings, LLC; Senior Vice President and Chief Compliance Officer, Security Investors, LLC | |
Previous: Security Global Investors, LLC, Senior Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Chief Compliance Officer and Senior Vice President (2010-2011); Rydex Capital Partners I, LLC and Rydex Capital Partners II, LLC, Chief Compliance Officer (2006-2007); Rydex Fund Services, LLC (f/k/a Rydex Fund Services, Inc.), Vice President (2001-2006) | ||
Keith A. Fletcher* Vice President (1958) | Current: Senior Vice President, Security Investors, LLC; Vice President, Rydex Holdings, LLC; Vice President, Rydex Specialized Products, LLC; Vice President, Rydex Distributors, LLC; Vice President, Rydex Fund Services, LLC; Vice President and Director, Advisor Research Center, Inc.; Vice President, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund | |
Previous: Security Global Investors, LLC, Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Vice President (2009-2011); Lyster Watson and Company, Managing Director (2007-2008); Fletcher Financial Group, Inc., Chief Executive Officer (2004-2007) | ||
Amy J. Lee* Vice President and Assistant Secretary (1960) | Current: Senior Vice President and Secretary, Security Investors, LLC; Secretary and Chief Compliance Officer, Security Distributors, Inc.; Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation; Associate General Counsel, First Security Benefit Life Insurance and Annuity of New York; Vice President and Secretary, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President and Secretary, Rydex Holdings, LLC Secretary, Advisor Research Center, Inc., Rydex Specialized Products, LLC, Rydex Distributors, LLC and Rydex Fund Services, LLC; Assistant Secretary, Security Benefit Clinic and Hospital | |
Previous: Security Global Investors, LLC, Senior Vice President and Secretary (2007- 2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Senior Vice President and Secretary (2010-2011); Brecek and Young Advisors, Inc., Director (2004-2008) |
the RYDEX|SGI series trust semi-annual report | 39
Name, Position and | Principal Occupations | |
Year of Birth | During Past Five Years | |
Joseph M. Arruda* Assistant Treasurer (1966) | Current: Assistant Treasurer, SBL Fund, Security Equity Fund, Security Income Fund, Security Large Cap Value Fund, and Security Mid Cap Growth Fund; Vice President, Security Investors, LLC; Chief Financial Officer and Manager, Rydex Specialized Products, LLC | |
Previous: Security Global Investors, LLC, Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Vice President (2004-2011) |
* | 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 Security Global Investors. |
40 | the RYDEX|SGI series trust semi-annual report
the RYDEX|SGI series trust semi-annual report | 41
![()](https://capedge.com/proxy/N-CSRS/0000950123-11-102621/w83669w8366608.gif)
805 King Farm Boulevard, Suite 600
Rockville, MD 20850
www.rydex-sgi.com
800.820.0888
RSEP-SEMI-0911x0312
(a) | The registrant’s President (principal executive officer) and Treasurer (principal financial officer) have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective as of that date in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely. | ||
(b) | The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
(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. |
By (Signature and Title)* | /s/ Richard M. Goldman |
By (Signature and Title)* | /s/ Richard M. Goldman | |||
Richard M. Goldman, President |
By (Signature and Title)* | /s/ Nikolaos Bonos |
* | Print the name and title of each signing officer under his or her signature. |