UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811- 08821
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Rydex Variable Trust
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(Exact name of registrant as specified in charter)
9601 Blackwell Road, Suite 500
Rockville, Maryland 20850
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(Address of principal executive offices) (Zip code)
Carl G. Verboncoeur
Rydex Variable Trust
9601 Blackwell Road, Suite 500
Rockville, Maryland 20850
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(Name and address of agent for service)
Registrant's telephone number, including area code: 1-301-296-5100
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Date of fiscal year end: December 31, 2003
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Date of reporting period: December 31, 2003
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Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
[GRAPHIC OMITTED]
9601 Blackwell Road
Suite 500
Rockville,MD 20850
800.820.0888
www.rydexfunds.com
THE RYDEX VARIABLE TRUST
Annual Report
December 31, 2003
Nova Fund
Ursa Fund
OTC Fund
Arktos Fund
Titan 500 Fund
Velocity 100 Fund
Medius Fund
Mekros Fund
U.S. Government Bond Fund
Juno Fund
Large-Cap Europe Fund
Large-Cap Japan Fund
Sector Rotation Fund
U.S. Government Money Market Fund
Banking Fund
Basic Materials Fund
Biotechnology Fund
Consumer Products Fund
Electronics Fund
Energy Fund
Energy Services Fund
Financial Services Fund
Health Care Fund
Internet Fund
Leisure Fund
Precious Metals Fund
Real Estate Fund
Retailing Fund
Technology Fund
Telecommunications Fund
Transportation Fund
Utilities Fund
[GRAPHIC OMITTED]
VA-ANN-1203
This report and the financial statements contained herein are submitted for the
general information of our shareholders. The report is not authorized for
distribution to prospective investors unless preceded or accompanied by an
effective prospectus.
Distributed by Rydex Distributors, Inc.
ANNUAL REPORT 1
TABLE OF CONTENTS
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LETTER TO OUR SHAREHOLDERS ........................................ 2
PERFORMANCE REPORTS ............................................... 4
SCHEDULES OF INVESTMENTS .......................................... 35
STATEMENTS OF ASSETS AND LIABILITIES .............................. 126
STATEMENTS OF OPERATIONS .......................................... 134
STATEMENTS OF CHANGES IN NET ASSETS ............................... 142
FINANCIAL HIGHLIGHTS .............................................. 158
NOTES TO FINANCIAL STATEMENTS ..................................... 194
INDEPENDENT AUDITORS' REPORT ...................................... 217
UNAUDITED TAX INFORMATION ......................................... 218
UNAUDITED INFORMATION ON BOARD OF TRUSTEES ........................ 220
2
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DEAR SHAREHOLDER:
The period January 1 through December 31, 2003 can be characterized by
remarkable resilience in the financial markets and cautious optimism on the
economy. Having started the period in a time of high geopolitical uncertainty
and weak economic activity, the markets returned double digit gains across the
board. Most notable in the rally was the solid outperformance of the technology
sector and small-capitalization stocks.
The year saw a dramatic rebound for the financial markets, with nearly all
indices showing substantial gains. Against this backdrop, Rydex Investments had
a stellar year, reaching $9.9 billion in assets under management, an increase of
over 65% from year-end 2002. Rydex is also ranked as the eighth fastest growing
fund company in the country by Financial Research Corporation (FRC) as of
November 30, 2003.
Investor interest in Rydex Series Juno Fund, which seeks total returns that
inversely correlate to the daily price movement of the U.S. Treasury Long Bond,
has continued to increase, with assets rising from $94 million to $998 million,
an increase of over 954% in 2003. (Rydex Series Juno Fund is part of the Rydex
Benchmark Funds and is reported on separately).
Rydex Sector Rotation Fund was a very strong performer in 2003, returning 29.97%
for the year ended December 31, 2003. This fund benefited from fast changing
market leadership among industries this year, as its strategy successfully
overweighted and underweighted approximately 62 different industries based on
price momentum trends.
Several Rydex sector funds had a stellar year. The following sector funds
outperformed the broad market during the year. Banking Fund (31.74%), Basic
Materials Fund (31.46%), Biotechnology Fund (42.11%), Electronics Fund (69.82%),
Financial Services Fund (28.92%), Health Care Fund (29.77%), Internet Fund
(64.39%), Leisure Fund (34.89%), Precious Metals Fund (40.90%), Retailing Fund
(35.27%), Technology Fund (61.32%), and Telecommunications Fund (33.68%).
This year, the mutual fund industry was rocked by revelations of trading abuses
by corporate executives and fund managers, as well as disclosure of special
deals for top customers. The charges and allegations as presented by New York
Attorney General Eliot Spitzer represent a serious breach of fiduciary duty and
are almost certain to bring regulatory changes to the industry. The term
"market-timing" has, unfortunately, taken
ANNUAL REPORT 3
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the connotation of illicit investor behavior. However, we believe that funds
designed to accommodate active trading can be an important tool in a tactical
asset allocation strategy provided trading activity is monitored and
shareholders are treated equally.
Times such as these can be challenging for investors. At Rydex, we acknowledge
and appreciate the trust you have placed in our firm's quality and integrity by
investing with us.
Sincerely,
/S/ CARL G. VERBONCOEUR
Carl G. Verboncoeur
Chief Executive Officer
4
NOVA FUND
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OBJECTIVE: To provide investment returns that correspond to 150% of the daily
price movement of the S&P 500 Index.
Inception: May 7, 1997
It was an excellent year for the S&P 500 Index. Though the index was down
slightly for the first quarter, it rallied strongly as the Middle-East conflict
began to clear up. The second quarter was the best quarter for the S&P since the
fourth quarter of 1998. Large-cap stocks underperformed small-caps for the year.
Technology stocks led the way. Other factors that helped the economy: continued
low interest rates, low inflation and signs of an economic recovery. Nova Fund
returned 39.19% for the year compared to its benchmark, the S&P 500 Index, which
returned 28.68%.
CUMULATIVE FUND PERFORMANCE: MAY 7, 1997 - DECEMBER 31, 2003
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[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
Date Variable Nova S&P 500 Index
5/7/1997 $10,000 $10,000
5/8/1997 10,060 10,057
5/9/1997 10,150 10,115
5/10/1997 10,150 10,115
5/11/1997 10,150 10,115
5/12/1997 10,350 10,273
5/13/1997 10,290 10,219
5/14/1997 10,320 10,257
5/15/1997 10,390 10,331
5/16/1997 10,220 10,184
5/17/1997 10,220 10,184
5/18/1997 10,220 10,184
5/19/1997 10,260 10,228
5/20/1997 10,400 10,332
5/21/1997 10,370 10,304
5/22/1997 10,320 10,259
5/23/1997 10,450 10,399
5/24/1997 10,450 10,399
5/25/1997 10,450 10,399
5/26/1997 10,450 10,399
5/27/1997 10,510 10,432
5/28/1997 10,490 10,403
5/29/1997 10,410 10,366
5/30/1997 10,500 10,418
5/31/1997 10,500 10,418
6/1/1997 10,500 10,418
6/2/1997 10,430 10,395
6/3/1997 10,380 10,384
6/4/1997 10,350 10,321
6/5/1997 10,410 10,363
6/6/1997 10,690 10,542
6/7/1997 10,690 10,542
6/8/1997 10,690 10,542
6/9/1997 10,750 10,603
6/10/1997 10,790 10,632
6/11/1997 10,820 10,687
6/12/1997 11,080 10,860
6/13/1997 11,210 10,980
6/14/1997 11,210 10,980
6/15/1997 11,210 10,980
6/16/1997 11,220 10,989
6/17/1997 11,210 10,995
6/18/1997 11,140 10,930
6/19/1997 11,280 11,040
6/20/1997 11,200 11,048
6/21/1997 11,200 11,048
6/22/1997 11,200 11,048
6/23/1997 10,820 10,802
6/24/1997 11,220 11,020
6/25/1997 11,080 10,930
6/26/1997 11,030 10,867
6/27/1997 11,090 10,911
6/28/1997 11,090 10,911
6/29/1997 11,090 10,911
6/30/1997 10,970 10,885
7/1/1997 11,160 10,959
7/2/1997 11,420 11,120
7/3/1997 11,640 11,279
7/4/1997 11,640 11,279
7/5/1997 11,640 11,279
7/6/1997 11,640 11,279
7/7/1997 11,520 11,221
7/8/1997 11,640 11,304
7/9/1997 11,470 11,167
7/10/1997 11,530 11,244
7/11/1997 11,580 11,281
7/12/1997 11,580 11,281
7/13/1997 11,580 11,281
7/14/1997 11,630 11,302
7/15/1997 11,710 11,393
7/16/1997 11,900 11,527
7/17/1997 11,820 11,466
7/18/1997 11,430 11,265
7/19/1997 11,430 11,265
7/20/1997 11,430 11,265
7/21/1997 11,460 11,236
7/22/1997 11,900 11,495
7/23/1997 11,880 11,527
7/24/1997 11,950 11,573
7/25/1997 11,950 11,555
7/26/1997 11,950 11,555
7/27/1997 11,950 11,555
7/28/1997 11,920 11,526
7/29/1997 11,980 11,599
7/30/1997 12,160 11,725
7/31/1997 12,180 11,751
8/1/1997 12,100 11,663
8/2/1997 12,100 11,663
8/3/1997 12,100 11,663
8/4/1997 12,140 11,702
8/5/1997 12,160 11,728
8/6/1997 12,270 11,827
8/7/1997 12,160 11,715
8/8/1997 11,790 11,498
8/9/1997 11,790 11,498
8/10/1997 11,790 11,498
8/11/1997 11,920 11,544
8/12/1997 11,670 11,415
8/13/1997 11,650 11,362
8/14/1997 11,670 11,397
8/15/1997 11,200 11,102
8/16/1997 11,200 11,102
8/17/1997 11,200 11,102
8/18/1997 11,530 11,247
8/19/1997 11,720 11,414
8/20/1997 11,960 11,580
8/21/1997 11,650 11,404
8/22/1997 11,640 11,386
8/23/1997 11,640 11,386
8/24/1997 11,640 11,386
8/25/1997 11,600 11,344
8/26/1997 11,330 11,256
8/27/1997 11,450 11,266
8/28/1997 11,200 11,144
8/29/1997 11,250 11,093
8/30/1997 11,250 11,093
8/31/1997 11,250 11,093
9/1/1997 11,250 11,093
9/2/1997 11,770 11,440
9/3/1997 11,680 11,446
9/4/1997 11,760 11,483
9/5/1997 11,720 11,462
9/6/1997 11,720 11,462
9/7/1997 11,720 11,462
9/8/1997 11,750 11,489
9/9/1997 11,780 11,519
9/10/1997 11,470 11,339
9/11/1997 11,360 11,263
9/12/1997 11,620 11,403
9/13/1997 11,620 11,403
9/14/1997 11,620 11,403
9/15/1997 11,570 11,354
9/16/1997 11,960 11,674
9/17/1997 11,960 11,642
9/18/1997 12,010 11,696
9/19/1997 11,990 11,735
9/20/1997 11,990 11,735
9/21/1997 11,990 11,735
9/22/1997 12,140 11,796
9/23/1997 12,060 11,753
9/24/1997 11,940 11,662
9/25/1997 11,810 11,581
9/26/1997 11,930 11,674
9/27/1997 11,930 11,674
9/28/1997 11,930 11,674
9/29/1997 12,090 11,775
9/30/1997 11,950 11,700
10/1/1997 12,110 11,802
10/2/1997 12,200 11,865
10/3/1997 12,290 11,921
10/4/1997 12,290 11,921
10/5/1997 12,290 11,921
10/6/1997 12,410 12,016
10/7/1997 12,550 12,145
10/8/1997 12,420 12,034
10/9/1997 12,360 11,994
10/10/1997 12,330 11,950
10/11/1997 12,330 11,950
10/12/1997 12,330 11,950
10/13/1997 12,320 11,964
10/14/1997 12,340 11,991
10/15/1997 12,280 11,935
10/16/1997 12,060 11,805
10/17/1997 11,890 11,669
10/18/1997 11,890 11,669
10/19/1997 11,890 11,669
10/20/1997 12,090 11,810
10/21/1997 12,390 12,016
10/22/1997 12,300 11,970
10/23/1997 11,990 11,750
10/24/1997 11,830 11,639
10/25/1997 11,830 11,639
10/26/1997 11,830 11,639
10/27/1997 10,730 10,840
10/28/1997 11,550 11,394
10/29/1997 11,570 11,363
10/30/1997 11,200 11,174
10/31/1997 11,500 11,309
11/1/1997 11,500 11,309
11/2/1997 11,500 11,309
11/3/1997 11,840 11,611
11/4/1997 11,780 11,633
11/5/1997 11,850 11,660
11/6/1997 11,780 11,602
11/7/1997 11,620 11,474
11/8/1997 11,620 11,474
11/9/1997 11,620 11,474
11/10/1997 11,540 11,396
11/11/1997 11,540 11,429
11/12/1997 11,260 11,211
11/13/1997 11,430 11,345
11/14/1997 11,630 11,490
11/15/1997 11,630 11,490
11/16/1997 11,630 11,490
11/17/1997 11,910 11,711
11/18/1997 11,800 11,614
11/19/1997 11,880 11,694
11/20/1997 12,110 11,873
11/21/1997 12,220 11,924
11/22/1997 12,220 11,924
11/23/1997 12,220 11,924
11/24/1997 11,930 11,721
11/25/1997 11,950 11,774
11/26/1997 12,000 11,786
11/27/1997 12,000 11,786
11/28/1997 12,010 11,833
11/29/1997 12,010 11,833
11/30/1997 12,010 11,833
12/1/1997 12,390 12,073
12/2/1997 12,320 12,035
12/3/1997 12,360 12,101
12/4/1997 12,350 12,056
12/5/1997 12,500 12,189
12/6/1997 12,500 12,189
12/7/1997 12,500 12,189
12/8/1997 12,460 12,172
12/9/1997 12,360 12,090
12/10/1997 12,230 12,017
12/11/1997 11,990 11,836
12/12/1997 11,990 11,817
12/13/1997 11,990 11,817
12/14/1997 11,990 11,817
12/15/1997 12,120 11,941
12/16/1997 12,210 11,999
12/17/1997 12,130 11,969
12/18/1997 11,960 11,842
12/19/1997 11,850 11,737
12/20/1997 11,850 11,737
12/21/1997 11,850 11,737
12/22/1997 11,940 11,823
12/23/1997 11,680 11,642
12/24/1997 11,630 11,563
12/25/1997 11,630 11,563
12/26/1997 11,680 11,610
12/27/1997 11,680 11,610
12/28/1997 11,680 11,610
12/29/1997 12,000 11,823
12/30/1997 12,210 12,041
12/31/1997 12,210 12,036
1/1/1998 12,210 12,036
1/2/1998 12,290 12,094
1/3/1998 12,290 12,094
1/4/1998 12,290 12,094
1/5/1998 12,330 12,119
1/6/1998 12,070 11,990
1/7/1998 12,120 11,961
1/8/1998 11,910 11,862
1/9/1998 11,410 11,511
1/10/1998 11,410 11,511
1/11/1998 11,410 11,511
1/12/1998 11,670 11,654
1/13/1998 11,890 11,814
1/14/1998 11,950 11,887
1/15/1998 11,820 11,798
1/16/1998 12,030 11,932
1/17/1998 12,030 11,932
1/18/1998 12,030 11,932
1/19/1998 12,030 11,932
1/20/1998 12,300 12,144
1/21/1998 12,140 12,048
1/22/1998 12,000 11,951
1/23/1998 11,960 11,884
1/24/1998 11,960 11,884
1/25/1998 11,960 11,884
1/26/1998 11,950 11,876
1/27/1998 12,120 12,026
1/28/1998 12,250 12,133
1/29/1998 12,330 12,234
1/30/1998 12,340 12,169
1/31/1998 12,340 12,169
2/1/1998 12,340 12,169
2/2/1998 12,610 12,430
2/3/1998 12,710 12,489
2/4/1998 12,690 12,502
2/5/1998 12,690 12,462
2/6/1998 12,840 12,575
2/7/1998 12,840 12,575
2/8/1998 12,840 12,575
2/9/1998 12,780 12,554
2/10/1998 12,940 12,657
2/11/1998 12,930 12,673
2/12/1998 12,980 12,725
2/13/1998 12,910 12,675
2/14/1998 12,910 12,675
2/15/1998 12,910 12,675
2/16/1998 12,910 12,675
2/17/1998 12,990 12,709
2/18/1998 13,120 12,828
2/19/1998 13,050 12,781
2/20/1998 13,160 12,855
2/21/1998 13,160 12,855
2/22/1998 13,160 12,855
2/23/1998 13,220 12,904
2/24/1998 13,100 12,810
2/25/1998 13,290 12,965
2/26/1998 13,400 13,038
2/27/1998 13,380 13,047
2/28/1998 13,380 13,047
3/1/1998 13,380 13,047
3/2/1998 13,370 13,027
3/3/1998 13,470 13,081
3/4/1998 13,340 13,025
3/5/1998 13,190 12,874
3/6/1998 13,500 13,132
3/7/1998 13,500 13,132
3/8/1998 13,500 13,132
3/9/1998 13,440 13,090
3/10/1998 13,620 13,239
3/11/1998 13,680 13,294
3/12/1998 13,750 13,314
3/13/1998 13,700 13,298
3/14/1998 13,700 13,298
3/15/1998 13,700 13,298
3/16/1998 13,870 13,431
3/17/1998 13,920 13,446
3/18/1998 13,970 13,509
3/19/1998 14,040 13,562
3/20/1998 14,190 13,680
3/21/1998 14,190 13,680
3/22/1998 14,190 13,680
3/23/1998 14,140 13,635
3/24/1998 14,280 13,761
3/25/1998 14,230 13,715
3/26/1998 14,180 13,701
3/27/1998 14,130 13,636
3/28/1998 14,130 13,636
3/29/1998 14,130 13,636
3/30/1998 14,100 13,613
3/31/1998 14,190 13,715
4/1/1998 14,310 13,796
4/2/1998 14,510 13,944
4/3/1998 14,580 13,978
4/4/1998 14,580 13,978
4/5/1998 14,580 13,978
4/6/1998 14,450 13,961
4/7/1998 14,320 13,818
4/8/1998 14,200 13,720
4/9/1998 14,340 13,833
4/10/1998 14,340 13,833
4/11/1998 14,340 13,833
4/12/1998 14,340 13,833
4/13/1998 14,300 13,821
4/14/1998 14,430 13,897
4/15/1998 14,480 13,941
4/16/1998 14,270 13,803
4/17/1998 14,520 13,984
4/18/1998 14,520 13,984
4/19/1998 14,520 13,984
4/20/1998 14,490 13,996
4/21/1998 14,600 14,033
4/22/1998 14,620 14,082
4/23/1998 14,450 13,946
4/24/1998 14,230 13,801
4/25/1998 14,230 13,801
4/26/1998 14,230 13,801
4/27/1998 13,920 13,534
4/28/1998 13,880 13,518
4/29/1998 13,970 13,639
4/30/1998 14,330 13,853
5/1/1998 14,530 13,968
5/2/1998 14,530 13,968
5/3/1998 14,530 13,968
5/4/1998 14,500 13,982
5/5/1998 14,340 13,900
5/6/1998 14,080 13,772
5/7/1998 13,900 13,650
5/8/1998 14,240 13,812
5/9/1998 14,240 13,812
5/10/1998 14,240 13,812
5/11/1998 14,180 13,800
5/12/1998 14,370 13,915
5/13/1998 14,410 13,956
5/14/1998 14,320 13,938
5/15/1998 14,190 13,831
5/16/1998 14,190 13,831
5/17/1998 14,190 13,831
5/18/1998 14,120 13,796
5/19/1998 14,260 13,842
5/20/1998 14,440 13,963
5/21/1998 14,320 13,908
5/22/1998 14,230 13,856
5/23/1998 14,230 13,856
5/24/1998 14,230 13,856
5/25/1998 14,230 13,856
5/26/1998 13,820 13,651
5/27/1998 13,900 13,630
5/28/1998 13,980 13,699
5/29/1998 13,780 13,615
5/30/1998 13,780 13,615
5/31/1998 13,780 13,615
6/1/1998 13,860 13,617
6/2/1998 13,870 13,645
6/3/1998 13,530 13,518
6/4/1998 13,910 13,669
6/5/1998 14,300 13,907
6/6/1998 14,300 13,907
6/7/1998 14,300 13,907
6/8/1998 14,280 13,931
6/9/1998 14,330 13,965
6/10/1998 14,210 13,889
6/11/1998 13,790 13,672
6/12/1998 13,970 13,725
6/13/1998 13,970 13,725
6/14/1998 13,970 13,725
6/15/1998 13,420 13,452
6/16/1998 13,700 13,585
6/17/1998 14,140 13,829
6/18/1998 14,070 13,820
6/19/1998 13,950 13,749
6/20/1998 13,950 13,749
6/21/1998 13,950 13,749
6/22/1998 14,040 13,781
6/23/1998 14,300 13,985
6/24/1998 14,610 14,152
6/25/1998 14,570 14,107
6/26/1998 14,660 14,159
6/27/1998 14,660 14,159
6/28/1998 14,660 14,159
6/29/1998 14,740 14,225
6/30/1998 14,570 14,168
7/1/1998 14,840 14,352
7/2/1998 14,870 14,326
7/3/1998 14,870 14,326
7/4/1998 14,870 14,326
7/5/1998 14,870 14,326
7/6/1998 15,100 14,464
7/7/1998 15,060 14,431
7/8/1998 15,210 14,581
7/9/1998 15,060 14,484
7/10/1998 15,170 14,556
7/11/1998 15,170 14,556
7/12/1998 15,170 14,556
7/13/1998 15,200 14,567
7/14/1998 15,440 14,722
7/15/1998 15,390 14,688
7/16/1998 15,550 14,803
7/17/1998 15,600 14,837
7/18/1998 15,600 14,837
7/19/1998 15,600 14,837
7/20/1998 15,600 14,804
7/21/1998 15,180 14,566
7/22/1998 15,160 14,555
7/23/1998 14,660 14,251
7/24/1998 14,680 14,264
7/25/1998 14,680 14,264
7/26/1998 14,680 14,264
7/27/1998 14,790 14,345
7/28/1998 14,430 14,132
7/29/1998 14,310 14,072
7/30/1998 14,650 14,296
7/31/1998 14,200 14,017
8/1/1998 14,200 14,017
8/2/1998 14,200 14,017
8/3/1998 14,090 13,915
8/4/1998 13,250 13,411
8/5/1998 13,530 13,529
8/6/1998 13,620 13,633
8/7/1998 13,650 13,631
8/8/1998 13,650 13,631
8/9/1998 13,650 13,631
8/10/1998 13,530 13,553
8/11/1998 13,200 13,378
8/12/1998 13,570 13,571
8/13/1998 13,270 13,455
8/14/1998 13,030 13,304
8/15/1998 13,030 13,304
8/16/1998 13,030 13,304
8/17/1998 13,450 13,566
8/18/1998 13,850 13,787
8/19/1998 13,770 13,748
8/20/1998 13,610 13,668
8/21/1998 13,460 13,539
8/22/1998 13,460 13,539
8/23/1998 13,460 13,539
8/24/1998 13,580 13,625
8/25/1998 13,610 13,684
8/26/1998 13,480 13,577
8/27/1998 12,490 13,057
8/28/1998 12,440 12,865
8/29/1998 12,440 12,865
8/30/1998 12,440 12,865
8/31/1998 11,000 11,991
9/1/1998 11,790 12,454
9/2/1998 11,640 12,410
9/3/1998 11,520 12,307
9/4/1998 11,370 12,203
9/5/1998 11,370 12,203
9/6/1998 11,370 12,203
9/7/1998 11,370 12,203
9/8/1998 12,270 12,825
9/9/1998 11,870 12,609
9/10/1998 11,260 12,284
9/11/1998 12,040 12,649
9/12/1998 12,040 12,649
9/13/1998 12,040 12,649
9/14/1998 12,350 12,911
9/15/1998 12,470 13,010
9/16/1998 12,670 13,109
9/17/1998 12,150 12,776
9/18/1998 12,180 12,792
9/19/1998 12,180 12,792
9/20/1998 12,180 12,792
9/21/1998 12,170 12,840
9/22/1998 12,330 12,912
9/23/1998 13,020 13,369
9/24/1998 12,580 13,076
9/25/1998 12,520 13,102
9/26/1998 12,520 13,102
9/27/1998 12,520 13,102
9/28/1998 12,750 13,155
9/29/1998 12,640 13,160
9/30/1998 12,070 12,759
10/1/1998 11,520 12,375
10/2/1998 11,850 12,579
10/3/1998 11,850 12,579
10/4/1998 11,850 12,579
10/5/1998 11,500 12,403
10/6/1998 11,510 12,354
10/7/1998 11,240 12,183
10/8/1998 11,070 12,042
10/9/1998 11,450 12,355
10/10/1998 11,450 12,355
10/11/1998 11,450 12,355
10/12/1998 11,690 12,522
10/13/1998 11,650 12,486
10/14/1998 11,800 12,621
10/15/1998 12,750 13,148
10/16/1998 12,790 13,260
10/17/1998 12,790 13,260
10/18/1998 12,790 13,260
10/19/1998 12,840 13,335
10/20/1998 12,930 13,355
10/21/1998 12,900 13,431
10/22/1998 13,150 13,538
10/23/1998 12,920 13,441
10/24/1998 12,920 13,441
10/25/1998 12,920 13,441
10/26/1998 13,040 13,461
10/27/1998 12,930 13,374
10/28/1998 12,860 13,411
10/29/1998 13,320 13,636
10/30/1998 13,480 13,797
10/31/1998 13,480 13,797
11/1/1998 13,480 13,797
11/2/1998 13,770 13,959
11/3/1998 13,640 13,950
11/4/1998 13,840 14,050
11/5/1998 14,140 14,242
11/6/1998 14,270 14,333
11/7/1998 14,270 14,333
11/8/1998 14,270 14,333
11/9/1998 14,060 14,200
11/10/1998 13,920 14,178
11/11/1998 13,870 14,086
11/12/1998 13,820 14,046
11/13/1998 14,000 14,148
11/14/1998 14,000 14,148
11/15/1998 14,000 14,148
11/16/1998 14,170 14,276
11/17/1998 14,190 14,319
11/18/1998 14,310 14,386
11/19/1998 14,480 14,489
11/20/1998 14,640 14,627
11/21/1998 14,640 14,627
11/22/1998 14,640 14,627
11/23/1998 15,140 14,937
11/24/1998 15,000 14,872
11/25/1998 14,990 14,922
11/26/1998 14,990 14,922
11/27/1998 15,140 14,994
11/28/1998 15,140 14,994
11/29/1998 15,140 14,994
11/30/1998 14,540 14,633
12/1/1998 14,770 14,780
12/2/1998 14,730 14,732
12/3/1998 14,360 14,467
12/4/1998 14,860 14,802
12/5/1998 14,860 14,802
12/6/1998 14,860 14,802
12/7/1998 15,000 14,940
12/8/1998 14,880 14,861
12/9/1998 14,930 14,889
12/10/1998 14,590 14,657
12/11/1998 14,540 14,678
12/12/1998 14,540 14,678
12/13/1998 14,540 14,678
12/14/1998 14,040 14,360
12/15/1998 14,530 14,633
12/16/1998 14,520 14,622
12/17/1998 14,850 14,850
12/18/1998 14,950 14,951
12/19/1998 14,950 14,951
12/20/1998 14,950 14,951
12/21/1998 15,280 15,138
12/22/1998 15,310 15,148
12/23/1998 15,830 15,462
12/24/1998 15,770 15,434
12/25/1998 15,770 15,434
12/26/1998 15,770 15,434
12/27/1998 15,770 15,434
12/28/1998 15,660 15,424
12/29/1998 16,060 15,634
12/30/1998 15,820 15,510
12/31/1998 15,880 15,476
1/1/1999 15,880 15,476
1/2/1999 15,880 15,476
1/3/1999 15,880 15,476
1/4/1999 15,800 15,462
1/5/1999 16,030 15,673
1/6/1999 16,550 16,023
1/7/1999 16,500 15,992
1/8/1999 16,680 16,059
1/9/1999 16,680 16,059
1/10/1999 16,680 16,059
1/11/1999 16,430 15,918
1/12/1999 15,980 15,611
1/13/1999 15,750 15,548
1/14/1999 15,360 15,268
1/15/1999 15,930 15,660
1/16/1999 15,930 15,660
1/17/1999 15,930 15,660
1/18/1999 15,930 15,660
1/19/1999 16,080 15,770
1/20/1999 16,290 15,829
1/21/1999 15,610 15,559
1/22/1999 15,630 15,433
1/23/1999 15,630 15,433
1/24/1999 15,630 15,433
1/25/1999 15,840 15,544
1/26/1999 16,260 15,775
1/27/1999 15,950 15,662
1/28/1999 16,270 15,943
1/29/1999 16,550 16,123
1/30/1999 16,550 16,123
1/31/1999 16,550 16,123
2/1/1999 16,410 16,039
2/2/1999 16,240 15,901
2/3/1999 16,500 16,030
2/4/1999 16,140 15,734
2/5/1999 15,810 15,620
2/6/1999 15,810 15,620
2/7/1999 15,810 15,620
2/8/1999 15,880 15,678
2/9/1999 15,350 15,330
2/10/1999 15,470 15,426
2/11/1999 16,170 15,812
2/12/1999 15,740 15,511
2/13/1999 15,740 15,511
2/14/1999 15,740 15,511
2/15/1999 15,740 15,511
2/16/1999 15,790 15,659
2/17/1999 15,560 15,436
2/18/1999 15,730 15,604
2/19/1999 15,830 15,629
2/20/1999 15,830 15,629
2/21/1999 15,830 15,629
2/22/1999 16,420 16,044
2/23/1999 16,440 16,032
2/24/1999 16,010 15,810
2/25/1999 15,780 15,706
2/26/1999 15,660 15,622
2/27/1999 15,660 15,622
2/28/1999 15,660 15,622
3/1/1999 15,730 15,595
3/2/1999 15,550 15,461
3/3/1999 15,640 15,492
3/4/1999 15,940 15,733
3/5/1999 16,510 16,097
3/6/1999 16,510 16,097
3/7/1999 16,510 16,097
3/8/1999 16,610 16,190
3/9/1999 16,540 16,153
3/10/1999 16,720 16,243
3/11/1999 17,020 16,383
3/12/1999 16,770 16,345
3/13/1999 16,770 16,345
3/14/1999 16,770 16,345
3/15/1999 17,070 16,505
3/16/1999 17,060 16,494
3/17/1999 16,920 16,387
3/18/1999 17,290 16,624
3/19/1999 16,880 16,406
3/20/1999 16,880 16,406
3/21/1999 16,880 16,406
3/22/1999 16,920 16,377
3/23/1999 16,180 15,937
3/24/1999 16,310 16,019
3/25/1999 16,780 16,289
3/26/1999 16,660 16,198
3/27/1999 16,660 16,198
3/28/1999 16,660 16,198
3/29/1999 17,090 16,546
3/30/1999 16,980 16,428
3/31/1999 16,600 16,247
4/1/1999 16,760 16,341
4/2/1999 16,760 16,341
4/3/1999 16,760 16,341
4/4/1999 16,760 16,341
4/5/1999 17,350 16,687
4/6/1999 17,280 16,647
4/7/1999 17,450 16,764
4/8/1999 17,800 16,980
4/9/1999 17,860 17,036
4/10/1999 17,860 17,036
4/11/1999 17,860 17,036
4/12/1999 18,110 17,166
4/13/1999 17,920 17,055
4/14/1999 17,460 16,785
4/15/1999 17,360 16,715
4/16/1999 17,240 16,666
4/17/1999 17,240 16,666
4/18/1999 17,240 16,666
4/19/1999 16,700 16,293
4/20/1999 16,990 16,504
4/21/1999 17,640 16,883
4/22/1999 18,070 17,170
4/23/1999 18,020 17,146
4/24/1999 18,020 17,146
4/25/1999 18,020 17,146
4/26/1999 18,100 17,186
4/27/1999 18,190 17,221
4/28/1999 17,910 17,072
4/29/1999 17,700 16,973
4/30/1999 17,480 16,876
5/1/1999 17,480 16,876
5/2/1999 17,480 16,876
5/3/1999 17,920 17,122
5/4/1999 17,530 16,836
5/5/1999 17,770 17,033
5/6/1999 17,540 16,842
5/7/1999 17,760 17,006
5/8/1999 17,760 17,006
5/9/1999 17,760 17,006
5/10/1999 17,640 16,951
5/11/1999 17,910 17,145
5/12/1999 18,120 17,255
5/13/1999 18,200 17,300
5/14/1999 17,580 16,924
5/15/1999 17,580 16,924
5/16/1999 17,580 16,924
5/17/1999 17,600 16,946
5/18/1999 17,520 16,869
5/19/1999 17,720 17,008
5/20/1999 17,600 16,941
5/21/1999 17,420 16,833
5/22/1999 17,420 16,833
5/23/1999 17,420 16,833
5/24/1999 16,970 16,534
5/25/1999 16,480 16,252
5/26/1999 16,860 16,512
5/27/1999 16,430 16,219
5/28/1999 16,770 16,478
5/29/1999 16,770 16,478
5/30/1999 16,770 16,478
5/31/1999 16,770 16,478
6/1/1999 16,680 16,382
6/2/1999 16,680 16,393
6/3/1999 16,810 16,453
6/4/1999 17,320 16,810
6/5/1999 17,320 16,810
6/6/1999 17,320 16,810
6/7/1999 17,420 16,896
6/8/1999 17,150 16,679
6/9/1999 17,120 16,697
6/10/1999 16,850 16,497
6/11/1999 16,660 16,384
6/12/1999 16,660 16,384
6/13/1999 16,660 16,384
6/14/1999 16,670 16,389
6/15/1999 16,840 16,480
6/16/1999 17,360 16,851
6/17/1999 17,580 16,972
6/18/1999 17,610 17,009
6/19/1999 17,610 17,009
6/20/1999 17,610 17,009
6/21/1999 17,720 17,088
6/22/1999 17,480 16,922
6/23/1999 17,360 16,886
6/24/1999 17,080 16,667
6/25/1999 17,080 16,661
6/26/1999 17,080 16,661
6/27/1999 17,080 16,661
6/28/1999 17,380 16,867
6/29/1999 17,700 17,122
6/30/1999 18,070 17,392
7/1/1999 18,340 17,497
7/2/1999 18,560 17,628
7/3/1999 18,560 17,628
7/4/1999 18,560 17,628
7/5/1999 18,560 17,628
7/6/1999 18,490 17,590
7/7/1999 18,590 17,692
7/8/1999 18,580 17,675
7/9/1999 18,730 17,787
7/10/1999 18,730 17,787
7/11/1999 18,730 17,787
7/12/1999 18,670 17,734
7/13/1999 18,560 17,665
7/14/1999 18,630 17,724
7/15/1999 18,870 17,869
7/16/1999 19,060 17,985
7/17/1999 19,060 17,985
7/18/1999 19,060 17,985
7/19/1999 18,850 17,844
7/20/1999 18,190 17,457
7/21/1999 18,210 17,486
7/22/1999 17,860 17,254
7/23/1999 17,780 17,202
7/24/1999 17,780 17,202
7/25/1999 17,780 17,202
7/26/1999 17,600 17,086
7/27/1999 17,900 17,277
7/28/1999 17,970 17,311
7/29/1999 17,490 17,005
7/30/1999 17,200 16,849
7/31/1999 17,200 16,849
8/1/1999 17,200 16,849
8/2/1999 17,210 16,841
8/3/1999 17,080 16,767
8/4/1999 16,720 16,556
8/5/1999 16,910 16,663
8/6/1999 16,650 16,496
8/7/1999 16,650 16,496
8/8/1999 16,650 16,496
8/9/1999 16,620 16,464
8/10/1999 16,310 16,257
8/11/1999 16,660 16,522
8/12/1999 16,610 16,474
8/13/1999 17,190 16,850
8/14/1999 17,190 16,850
8/15/1999 17,190 16,850
8/16/1999 17,270 16,889
8/17/1999 17,490 17,059
8/18/1999 17,250 16,917
8/19/1999 17,090 16,801
8/20/1999 17,310 16,966
8/21/1999 17,310 16,966
8/22/1999 17,310 16,966
8/23/1999 17,800 17,266
8/24/1999 17,850 17,308
8/25/1999 18,200 17,541
8/26/1999 17,830 17,290
8/27/1999 17,560 17,117
8/28/1999 17,560 17,117
8/29/1999 17,560 17,117
8/30/1999 17,050 16,811
8/31/1999 16,970 16,766
9/1/1999 17,200 16,905
9/2/1999 16,930 16,753
9/3/1999 17,730 17,238
9/4/1999 17,730 17,238
9/5/1999 17,730 17,238
9/6/1999 17,730 17,238
9/7/1999 17,560 17,153
9/8/1999 17,410 17,075
9/9/1999 17,458 17,120
9/10/1999 17,595 17,170
9/11/1999 17,595 17,170
9/12/1999 17,595 17,170
9/13/1999 17,437 17,079
9/14/1999 17,268 16,979
9/15/1999 16,889 16,747
9/16/1999 16,899 16,755
9/17/1999 17,226 16,970
9/18/1999 17,226 16,970
9/19/1999 17,226 16,970
9/20/1999 17,226 16,972
9/21/1999 16,657 16,617
9/22/1999 16,720 16,654
9/23/1999 16,108 16,272
9/24/1999 16,087 16,233
9/25/1999 16,087 16,233
9/26/1999 16,087 16,233
9/27/1999 16,193 16,309
9/28/1999 16,161 16,299
9/29/1999 15,898 16,124
9/30/1999 16,182 16,306
10/1/1999 16,182 16,308
10/2/1999 16,182 16,308
10/3/1999 16,182 16,308
10/4/1999 16,604 16,585
10/5/1999 16,572 16,545
10/6/1999 16,952 16,853
10/7/1999 16,857 16,755
10/8/1999 17,184 16,988
10/9/1999 17,184 16,988
10/10/1999 17,184 16,988
10/11/1999 17,163 16,978
10/12/1999 16,762 16,696
10/13/1999 16,130 16,348
10/14/1999 16,119 16,321
10/15/1999 15,455 15,863
10/16/1999 15,455 15,863
10/17/1999 15,455 15,863
10/18/1999 15,602 15,949
10/19/1999 15,718 16,040
10/20/1999 16,214 16,398
10/21/1999 16,140 16,325
10/22/1999 16,435 16,554
10/23/1999 16,435 16,554
10/24/1999 16,435 16,554
10/25/1999 16,309 16,452
10/26/1999 16,045 16,303
10/27/1999 16,372 16,493
10/28/1999 17,268 17,077
10/29/1999 17,669 17,338
10/30/1999 17,669 17,338
10/31/1999 17,669 17,338
11/1/1999 17,489 17,226
11/2/1999 17,310 17,145
11/3/1999 17,447 17,239
11/4/1999 17,605 17,337
11/5/1999 17,785 17,434
11/6/1999 17,785 17,434
11/7/1999 17,785 17,434
11/8/1999 17,901 17,522
11/9/1999 17,669 17,377
11/10/1999 17,827 17,483
11/11/1999 17,964 17,585
11/12/1999 18,280 17,772
11/13/1999 18,280 17,772
11/14/1999 18,280 17,772
11/15/1999 18,270 17,751
11/16/1999 18,797 18,078
11/17/1999 18,586 17,961
11/18/1999 18,818 18,144
11/19/1999 18,776 18,106
11/20/1999 18,776 18,106
11/21/1999 18,776 18,106
11/22/1999 18,755 18,093
11/23/1999 18,449 17,886
11/24/1999 18,670 18,045
11/25/1999 18,670 18,045
11/26/1999 18,617 18,040
11/27/1999 18,617 18,040
11/28/1999 18,617 18,040
11/29/1999 18,459 17,931
11/30/1999 18,069 17,690
12/1/1999 18,280 17,806
12/2/1999 18,491 17,951
12/3/1999 18,986 18,260
12/4/1999 18,986 18,260
12/5/1999 18,986 18,260
12/6/1999 18,744 18,133
12/7/1999 18,565 17,953
12/8/1999 18,364 17,888
12/9/1999 18,449 17,942
12/10/1999 18,617 18,056
12/11/1999 18,617 18,056
12/12/1999 18,617 18,056
12/13/1999 18,639 18,036
12/14/1999 18,375 17,882
12/15/1999 18,523 18,012
12/16/1999 18,660 18,083
12/17/1999 18,765 18,112
12/18/1999 18,765 18,112
12/19/1999 18,765 18,112
12/20/1999 18,617 18,075
12/21/1999 18,955 18,270
12/22/1999 18,986 18,307
12/23/1999 19,440 18,590
12/24/1999 19,440 18,590
12/25/1999 19,440 18,590
12/26/1999 19,440 18,590
12/27/1999 19,387 18,574
12/28/1999 19,450 18,582
12/29/1999 19,492 18,658
12/30/1999 19,471 18,671
12/31/1999 19,577 18,732
1/1/2000 19,577 18,732
1/2/2000 19,577 18,732
1/3/2000 19,261 18,554
1/4/2000 18,154 17,843
1/5/2000 18,217 17,879
1/6/2000 18,164 17,899
1/7/2000 19,008 18,384
1/8/2000 19,008 18,384
1/9/2000 19,008 18,384
1/10/2000 19,292 18,590
1/11/2000 18,923 18,348
1/12/2000 18,755 18,269
1/13/2000 19,102 18,491
1/14/2000 19,461 18,688
1/15/2000 19,461 18,688
1/16/2000 19,461 18,688
1/17/2000 19,461 18,688
1/18/2000 19,229 18,561
1/19/2000 19,261 18,571
1/20/2000 18,997 18,440
1/21/2000 18,955 18,386
1/22/2000 18,955 18,386
1/23/2000 18,955 18,386
1/24/2000 18,143 17,878
1/25/2000 18,301 17,986
1/26/2000 18,217 17,911
1/27/2000 18,122 17,842
1/28/2000 17,300 17,353
1/29/2000 17,300 17,353
1/30/2000 17,300 17,353
1/31/2000 17,911 17,791
2/1/2000 18,248 17,980
2/2/2000 18,217 17,980
2/3/2000 18,575 18,184
2/4/2000 18,565 18,177
2/5/2000 18,565 18,177
2/6/2000 18,565 18,177
2/7/2000 18,523 18,175
2/8/2000 18,881 18,400
2/9/2000 18,301 18,020
2/10/2000 18,354 18,086
2/11/2000 17,837 17,708
2/12/2000 17,837 17,708
2/13/2000 17,837 17,708
2/14/2000 17,890 17,745
2/15/2000 18,133 17,900
2/16/2000 17,806 17,720
2/17/2000 17,742 17,727
2/18/2000 17,057 17,189
2/19/2000 17,057 17,189
2/20/2000 17,057 17,189
2/21/2000 17,057 17,189
2/22/2000 17,089 17,267
2/23/2000 17,300 17,377
2/24/2000 17,089 17,285
2/25/2000 16,804 17,030
2/26/2000 16,804 17,030
2/27/2000 16,804 17,030
2/28/2000 17,005 17,220
2/29/2000 17,384 17,454
3/1/2000 17,605 17,621
3/2/2000 17,679 17,654
3/3/2000 18,196 18,005
3/4/2000 18,196 18,005
3/5/2000 18,196 18,005
3/6/2000 17,837 17,778
3/7/2000 17,142 17,323
3/8/2000 17,352 17,467
3/9/2000 18,006 17,914
3/10/2000 17,932 17,830
3/11/2000 17,932 17,830
3/12/2000 17,932 17,830
3/13/2000 17,669 17,685
3/14/2000 17,236 17,373
3/15/2000 17,816 17,795
3/16/2000 19,134 18,645
3/17/2000 19,261 18,722
3/18/2000 19,261 18,722
3/19/2000 19,261 18,722
3/20/2000 19,092 18,622
3/21/2000 19,809 19,098
3/22/2000 19,893 19,185
3/23/2000 20,473 19,527
3/24/2000 20,568 19,528
3/25/2000 20,568 19,528
3/26/2000 20,568 19,528
3/27/2000 20,325 19,482
3/28/2000 20,072 19,276
3/29/2000 20,136 19,289
3/30/2000 19,630 19,026
3/31/2000 19,893 19,162
4/1/2000 19,893 19,162
4/2/2000 19,893 19,162
4/3/2000 20,083 19,257
4/4/2000 19,872 19,113
4/5/2000 19,651 19,021
4/6/2000 19,914 19,203
4/7/2000 20,230 19,395
4/8/2000 20,230 19,395
4/9/2000 20,230 19,395
4/10/2000 19,988 19,243
4/11/2000 19,935 19,194
4/12/2000 19,134 18,768
4/13/2000 18,681 18,427
4/14/2000 16,920 17,353
4/15/2000 16,920 17,353
4/16/2000 16,920 17,353
4/17/2000 17,837 17,927
4/18/2000 18,607 18,442
4/19/2000 18,386 18,261
4/20/2000 18,491 18,352
4/21/2000 18,491 18,352
4/22/2000 18,491 18,352
4/23/2000 18,491 18,352
4/24/2000 18,375 18,292
4/25/2000 19,303 18,901
4/26/2000 18,986 18,692
4/27/2000 18,997 18,744
4/28/2000 18,797 18,585
4/29/2000 18,797 18,585
4/30/2000 18,797 18,585
5/1/2000 19,092 18,788
5/2/2000 18,660 18,507
5/3/2000 18,069 18,110
5/4/2000 17,964 18,040
5/5/2000 18,375 18,335
5/6/2000 18,375 18,335
5/7/2000 18,375 18,335
5/8/2000 18,206 18,228
5/9/2000 18,006 18,075
5/10/2000 17,426 17,707
5/11/2000 17,922 18,028
5/12/2000 18,185 18,197
5/13/2000 18,185 18,197
5/14/2000 18,185 18,197
5/15/2000 18,733 18,599
5/16/2000 19,018 18,775
5/17/2000 18,712 18,543
5/18/2000 18,470 18,408
5/19/2000 17,880 18,021
5/20/2000 17,880 18,021
5/21/2000 17,880 18,021
5/22/2000 17,742 17,941
5/23/2000 17,279 17,597
5/24/2000 17,711 17,921
5/25/2000 17,426 17,697
5/26/2000 17,352 17,653
5/27/2000 17,352 17,653
5/28/2000 17,352 17,653
5/29/2000 17,352 17,653
5/30/2000 18,175 18,224
5/31/2000 18,080 18,204
6/1/2000 18,617 18,566
6/2/2000 19,176 18,931
6/3/2000 19,176 18,931
6/4/2000 19,176 18,931
6/5/2000 19,018 18,807
6/6/2000 18,839 18,682
6/7/2000 19,081 18,858
6/8/2000 18,892 18,734
6/9/2000 18,828 18,673
6/10/2000 18,828 18,673
6/11/2000 18,828 18,673
6/12/2000 18,596 18,533
6/13/2000 19,029 18,836
6/14/2000 19,039 18,851
6/15/2000 19,145 18,956
6/16/2000 18,955 18,775
6/17/2000 18,955 18,775
6/18/2000 18,955 18,775
6/19/2000 19,324 19,051
6/20/2000 19,145 18,923
6/21/2000 19,145 18,964
6/22/2000 18,670 18,619
6/23/2000 18,449 18,481
6/24/2000 18,449 18,481
6/25/2000 18,449 18,481
6/26/2000 18,712 18,659
6/27/2000 18,639 18,598
6/28/2000 18,670 18,655
6/29/2000 18,396 18,496
6/30/2000 18,575 18,653
7/1/2000 18,575 18,653
7/2/2000 18,575 18,653
7/3/2000 18,934 18,845
7/4/2000 18,934 18,845
7/5/2000 18,480 18,550
7/6/2000 18,681 18,686
7/7/2000 19,113 18,971
7/8/2000 19,113 18,971
7/9/2000 19,113 18,971
7/10/2000 19,050 18,929
7/11/2000 19,145 18,997
7/12/2000 19,366 19,153
7/13/2000 19,429 19,191
7/14/2000 19,672 19,372
7/15/2000 19,672 19,372
7/16/2000 19,672 19,372
7/17/2000 19,682 19,379
7/18/2000 19,387 19,164
7/19/2000 19,166 19,014
7/20/2000 19,440 19,188
7/21/2000 19,102 18,991
7/22/2000 19,102 18,991
7/23/2000 19,102 18,991
7/24/2000 18,776 18,788
7/25/2000 18,944 18,919
7/26/2000 18,617 18,636
7/27/2000 18,501 18,602
7/28/2000 17,922 18,221
7/29/2000 17,922 18,221
7/30/2000 17,922 18,221
7/31/2000 18,038 18,361
8/1/2000 18,196 18,455
8/2/2000 18,291 18,464
8/3/2000 18,501 18,643
8/4/2000 18,681 18,779
8/5/2000 18,681 18,779
8/6/2000 18,681 18,779
8/7/2000 19,029 18,989
8/8/2000 19,092 19,036
8/9/2000 18,913 18,910
8/10/2000 18,670 18,750
8/11/2000 18,870 18,900
8/12/2000 18,870 18,900
8/13/2000 18,870 18,900
8/14/2000 19,250 19,154
8/15/2000 19,155 19,062
8/16/2000 19,018 19,006
8/17/2000 19,334 19,215
8/18/2000 19,261 19,159
8/19/2000 19,261 19,159
8/20/2000 19,261 19,159
8/21/2000 19,398 19,259
8/22/2000 19,387 19,242
8/23/2000 19,503 19,344
8/24/2000 19,556 19,374
8/25/2000 19,535 19,350
8/26/2000 19,535 19,350
8/27/2000 19,535 19,350
8/28/2000 19,682 19,449
8/29/2000 19,577 19,396
8/30/2000 19,398 19,308
8/31/2000 19,714 19,502
9/1/2000 19,788 19,542
9/2/2000 19,788 19,542
9/3/2000 19,788 19,542
9/4/2000 19,788 19,542
9/5/2000 19,514 19,366
9/6/2000 19,197 19,177
9/7/2000 19,398 19,309
9/8/2000 19,208 19,207
9/9/2000 19,208 19,207
9/10/2000 19,208 19,207
9/11/2000 19,123 19,140
9/12/2000 18,983 19,046
9/13/2000 19,050 19,088
9/14/2000 18,949 19,036
9/15/2000 18,657 18,843
9/16/2000 18,657 18,843
9/17/2000 18,657 18,843
9/18/2000 18,264 18,569
9/19/2000 18,523 18,767
9/20/2000 18,354 18,658
9/21/2000 18,332 18,629
9/22/2000 18,332 18,624
9/23/2000 18,332 18,624
9/24/2000 18,332 18,624
9/25/2000 18,141 18,500
9/26/2000 17,916 18,348
9/27/2000 17,871 18,342
9/28/2000 18,478 18,750
9/29/2000 18,051 18,472
9/30/2000 18,051 18,472
10/1/2000 18,051 18,472
10/2/2000 18,040 18,469
10/3/2000 17,781 18,343
10/4/2000 18,006 18,447
10/5/2000 18,051 18,476
10/6/2000 17,500 18,125
10/7/2000 17,500 18,125
10/8/2000 17,500 18,125
10/9/2000 17,377 18,035
10/10/2000 17,096 17,843
10/11/2000 16,635 17,555
10/12/2000 16,018 17,108
10/13/2000 16,804 17,679
10/14/2000 16,804 17,679
10/15/2000 16,804 17,679
10/16/2000 16,860 17,685
10/17/2000 16,377 17,367
10/18/2000 16,209 17,268
10/19/2000 17,062 17,868
10/20/2000 17,220 17,973
10/21/2000 17,220 17,973
10/22/2000 17,220 17,973
10/23/2000 17,242 17,958
10/24/2000 17,298 17,988
10/25/2000 16,613 17,561
10/26/2000 16,579 17,556
10/27/2000 16,939 17,751
10/28/2000 16,939 17,751
10/29/2000 16,939 17,751
10/30/2000 17,253 17,998
10/31/2000 17,781 18,394
11/1/2000 17,646 18,290
11/2/2000 17,804 18,383
11/3/2000 17,748 18,363
11/4/2000 17,748 18,363
11/5/2000 17,748 18,363
11/6/2000 17,860 18,434
11/7/2000 17,826 18,430
11/8/2000 17,366 18,141
11/9/2000 17,208 18,027
11/10/2000 16,579 17,587
11/11/2000 16,579 17,587
11/12/2000 16,579 17,587
11/13/2000 16,310 17,399
11/14/2000 16,916 17,808
11/15/2000 17,029 17,899
11/16/2000 16,692 17,674
11/17/2000 16,647 17,615
11/18/2000 16,647 17,615
11/19/2000 16,647 17,615
11/20/2000 16,141 17,292
11/21/2000 16,197 17,354
11/22/2000 15,748 17,033
11/23/2000 15,748 17,033
11/24/2000 16,096 17,283
11/25/2000 16,096 17,283
11/26/2000 16,096 17,283
11/27/2000 16,299 17,376
11/28/2000 15,995 17,212
11/29/2000 16,085 17,291
11/30/2000 15,535 16,944
12/1/2000 15,636 16,948
12/2/2000 15,636 16,948
12/3/2000 15,636 16,948
12/4/2000 15,816 17,073
12/5/2000 16,737 17,738
12/6/2000 16,254 17,418
12/7/2000 16,119 17,317
12/8/2000 16,602 17,656
12/9/2000 16,602 17,656
12/10/2000 16,602 17,656
12/11/2000 16,759 17,789
12/12/2000 16,635 17,673
12/13/2000 16,411 17,533
12/14/2000 16,018 17,287
12/15/2000 15,535 16,916
12/16/2000 15,535 16,916
12/17/2000 15,535 16,916
12/18/2000 15,714 17,053
12/19/2000 15,377 16,832
12/20/2000 14,659 16,306
12/21/2000 14,838 16,437
12/22/2000 15,434 16,838
12/23/2000 15,434 16,838
12/24/2000 15,434 16,838
12/25/2000 15,434 16,838
12/26/2000 15,613 16,957
12/27/2000 15,827 17,138
12/28/2000 15,894 17,207
12/29/2000 15,602 17,027
12/30/2000 15,602 17,027
12/31/2000 15,602 17,027
1/1/2001 15,602 17,027
1/2/2001 14,951 16,550
1/3/2001 16,141 17,381
1/4/2001 15,849 17,198
1/5/2001 15,198 16,747
1/6/2001 15,198 16,747
1/7/2001 15,198 16,747
1/8/2001 15,119 16,718
1/9/2001 15,175 16,782
1/10/2001 15,467 16,945
1/11/2001 15,636 17,120
1/12/2001 15,512 17,010
1/13/2001 15,512 17,010
1/14/2001 15,512 17,010
1/15/2001 15,512 17,010
1/16/2001 15,636 17,117
1/17/2001 15,703 17,155
1/18/2001 16,018 17,394
1/19/2001 15,917 17,324
1/20/2001 15,917 17,324
1/21/2001 15,917 17,324
1/22/2001 15,962 17,328
1/23/2001 16,209 17,554
1/24/2001 16,321 17,605
1/25/2001 16,197 17,517
1/26/2001 16,164 17,485
1/27/2001 16,164 17,485
1/28/2001 16,164 17,485
1/29/2001 16,287 17,605
1/30/2001 16,478 17,729
1/31/2001 16,366 17,631
2/1/2001 16,445 17,729
2/2/2001 15,995 17,419
2/3/2001 15,995 17,419
2/4/2001 15,995 17,419
2/5/2001 16,130 17,482
2/6/2001 16,063 17,456
2/7/2001 15,860 17,313
2/8/2001 15,703 17,206
2/9/2001 15,400 16,977
2/10/2001 15,400 16,977
2/11/2001 15,400 16,977
2/12/2001 15,669 17,178
2/13/2001 15,434 17,031
2/14/2001 15,434 16,997
2/15/2001 15,613 17,136
2/16/2001 15,130 16,812
2/17/2001 15,130 16,812
2/18/2001 15,130 16,812
2/19/2001 15,130 16,812
2/20/2001 14,748 16,521
2/21/2001 14,288 16,216
2/22/2001 14,265 16,185
2/23/2001 14,187 16,095
2/24/2001 14,187 16,095
2/25/2001 14,187 16,095
2/26/2001 14,569 16,377
2/27/2001 14,366 16,253
2/28/2001 14,030 16,023
3/1/2001 14,074 16,040
3/2/2001 13,928 15,949
3/3/2001 13,928 15,949
3/4/2001 13,928 15,949
3/5/2001 14,086 16,045
3/6/2001 14,333 16,206
3/7/2001 14,456 16,313
3/8/2001 14,468 16,351
3/9/2001 13,951 15,946
3/10/2001 13,951 15,946
3/11/2001 13,951 15,946
3/12/2001 12,962 15,257
3/13/2001 13,311 15,487
3/14/2001 12,760 15,087
3/15/2001 12,906 15,176
3/16/2001 12,502 14,878
3/17/2001 12,502 14,878
3/18/2001 12,502 14,878
3/19/2001 12,839 15,141
3/20/2001 12,345 14,776
3/21/2001 12,008 14,512
3/22/2001 11,929 14,453
3/23/2001 12,345 14,741
3/24/2001 12,345 14,741
3/25/2001 12,345 14,741
3/26/2001 12,592 14,907
3/27/2001 12,974 15,289
3/28/2001 12,468 14,917
3/29/2001 12,423 14,848
3/30/2001 12,592 15,008
3/31/2001 12,592 15,008
4/1/2001 12,592 15,008
4/2/2001 12,322 14,821
4/3/2001 11,716 14,311
4/4/2001 11,671 14,273
4/5/2001 12,468 14,896
4/6/2001 12,075 14,602
4/7/2001 12,075 14,602
4/8/2001 12,075 14,602
4/9/2001 12,266 14,721
4/10/2001 12,738 15,121
4/11/2001 12,693 15,089
4/12/2001 12,974 15,317
4/13/2001 12,974 15,317
4/14/2001 12,974 15,317
4/15/2001 12,974 15,317
4/16/2001 12,895 15,267
4/17/2001 13,086 15,424
4/18/2001 13,861 16,025
4/19/2001 14,153 16,226
4/20/2001 13,917 16,088
4/21/2001 13,917 16,088
4/22/2001 13,917 16,088
4/23/2001 13,591 15,847
4/24/2001 13,367 15,654
4/25/2001 13,693 15,904
4/26/2001 13,771 15,980
4/27/2001 14,063 16,220
4/28/2001 14,063 16,220
4/29/2001 14,063 16,220
4/30/2001 14,007 16,175
5/1/2001 14,299 16,394
5/2/2001 14,277 16,409
5/3/2001 13,996 16,167
5/4/2001 14,299 16,401
5/5/2001 14,299 16,401
5/6/2001 14,299 16,401
5/7/2001 14,232 16,361
5/8/2001 14,209 16,332
5/9/2001 14,108 16,261
5/10/2001 14,131 16,259
5/11/2001 13,951 16,137
5/12/2001 13,951 16,137
5/13/2001 13,951 16,137
5/14/2001 13,973 16,180
5/15/2001 14,007 16,187
5/16/2001 14,602 16,650
5/17/2001 14,670 16,696
5/18/2001 14,726 16,744
5/19/2001 14,726 16,744
5/20/2001 14,726 16,744
5/21/2001 15,085 17,014
5/22/2001 15,018 16,970
5/23/2001 14,670 16,707
5/24/2001 14,715 16,761
5/25/2001 14,456 16,563
5/26/2001 14,456 16,563
5/27/2001 14,456 16,563
5/28/2001 14,456 16,563
5/29/2001 14,310 16,435
5/30/2001 13,962 16,181
5/31/2001 14,074 16,283
6/1/2001 14,164 16,346
6/2/2001 14,164 16,346
6/3/2001 14,164 16,346
6/4/2001 14,265 16,430
6/5/2001 14,569 16,643
6/6/2001 14,310 16,470
6/7/2001 14,434 16,560
6/8/2001 14,232 16,405
6/9/2001 14,232 16,405
6/10/2001 14,232 16,405
6/11/2001 14,030 16,268
6/12/2001 14,063 16,287
6/13/2001 13,827 16,105
6/14/2001 13,423 15,824
6/15/2001 13,367 15,753
6/16/2001 13,367 15,753
6/17/2001 13,367 15,753
6/18/2001 13,254 15,676
6/19/2001 13,333 15,730
6/20/2001 13,524 15,868
6/21/2001 13,715 16,048
6/22/2001 13,502 15,897
6/23/2001 13,502 15,897
6/24/2001 13,502 15,897
6/25/2001 13,423 15,809
6/26/2001 13,378 15,785
6/27/2001 13,288 15,713
6/28/2001 13,535 15,910
6/29/2001 13,535 15,887
6/30/2001 13,535 15,887
7/1/2001 13,535 15,887
7/2/2001 13,704 16,046
7/3/2001 13,636 16,019
7/4/2001 13,636 16,019
7/5/2001 13,400 15,825
7/6/2001 12,917 15,456
7/7/2001 12,917 15,456
7/8/2001 12,917 15,456
7/9/2001 13,041 15,563
7/10/2001 12,771 15,340
7/11/2001 12,727 15,323
7/12/2001 13,210 15,687
7/13/2001 13,333 15,785
7/14/2001 13,333 15,785
7/15/2001 13,333 15,785
7/16/2001 13,131 15,613
7/17/2001 13,299 15,768
7/18/2001 13,198 15,682
7/19/2001 13,322 15,777
7/20/2001 13,232 15,723
7/21/2001 13,232 15,723
7/22/2001 13,232 15,723
7/23/2001 12,895 15,466
7/24/2001 12,581 15,214
7/25/2001 12,861 15,459
7/26/2001 13,108 15,621
7/27/2001 13,153 15,659
7/28/2001 13,153 15,659
7/29/2001 13,153 15,659
7/30/2001 13,131 15,643
7/31/2001 13,210 15,730
8/1/2001 13,311 15,793
8/2/2001 13,356 15,857
8/3/2001 13,277 15,776
8/4/2001 13,277 15,776
8/5/2001 13,277 15,776
8/6/2001 13,052 15,597
8/7/2001 13,108 15,648
8/8/2001 12,771 15,379
8/9/2001 12,771 15,381
8/10/2001 12,884 15,469
8/11/2001 12,884 15,469
8/12/2001 12,884 15,469
8/13/2001 12,884 15,485
8/14/2001 12,816 15,426
8/15/2001 12,659 15,316
8/16/2001 12,727 15,364
8/17/2001 12,412 15,108
8/18/2001 12,412 15,108
8/19/2001 12,412 15,108
8/20/2001 12,558 15,231
8/21/2001 12,322 15,047
8/22/2001 12,457 15,153
8/23/2001 12,390 15,111
8/24/2001 12,760 15,409
8/25/2001 12,760 15,409
8/26/2001 12,760 15,409
8/27/2001 12,659 15,334
8/28/2001 12,378 15,104
8/29/2001 12,176 14,939
8/30/2001 11,828 14,686
8/31/2001 11,940 14,745
9/1/2001 11,940 14,745
9/2/2001 11,940 14,745
9/3/2001 11,940 14,745
9/4/2001 11,884 14,737
9/5/2001 11,895 14,725
9/6/2001 11,480 14,395
9/7/2001 11,165 14,127
9/8/2001 11,165 14,127
9/9/2001 11,165 14,127
9/10/2001 11,289 14,215
9/11/2001 11,289 14,215
9/12/2001 11,289 14,215
9/13/2001 11,289 14,215
9/14/2001 11,289 14,215
9/15/2001 11,289 14,215
9/16/2001 11,289 14,215
9/17/2001 10,438 13,521
9/18/2001 10,356 13,442
9/19/2001 10,053 13,226
9/20/2001 9,613 12,816
9/21/2001 9,338 12,572
9/22/2001 9,338 12,572
9/23/2001 9,338 12,572
9/24/2001 9,860 13,062
9/25/2001 10,012 13,177
9/26/2001 9,943 13,113
9/27/2001 10,094 13,264
9/28/2001 10,424 13,555
9/29/2001 10,424 13,555
9/30/2001 10,424 13,555
10/1/2001 10,397 13,524
10/2/2001 10,562 13,690
10/3/2001 10,906 13,966
10/4/2001 10,837 13,931
10/5/2001 10,837 13,957
10/6/2001 10,837 13,957
10/7/2001 10,837 13,957
10/8/2001 10,754 13,841
10/9/2001 10,631 13,767
10/10/2001 11,016 14,084
10/11/2001 11,263 14,299
10/12/2001 11,194 14,224
10/13/2001 11,194 14,224
10/14/2001 11,194 14,224
10/15/2001 11,153 14,202
10/16/2001 11,263 14,300
10/17/2001 10,919 14,035
10/18/2001 10,837 13,925
10/19/2001 10,878 13,988
10/20/2001 10,878 13,988
10/21/2001 10,878 13,988
10/22/2001 11,126 14,202
10/23/2001 11,071 14,135
10/24/2001 11,043 14,141
10/25/2001 11,277 14,335
10/26/2001 11,332 14,394
10/27/2001 11,332 14,394
10/28/2001 11,332 14,394
10/29/2001 10,947 14,052
10/30/2001 10,644 13,812
10/31/2001 10,672 13,813
11/1/2001 11,016 14,132
11/2/2001 11,071 14,172
11/3/2001 11,071 14,172
11/4/2001 11,071 14,172
11/5/2001 11,291 14,377
11/6/2001 11,538 14,586
11/7/2001 11,497 14,551
11/8/2001 11,566 14,587
11/9/2001 11,580 14,610
11/10/2001 11,580 14,610
11/11/2001 11,580 14,610
11/12/2001 11,525 14,585
11/13/2001 11,868 14,858
11/14/2001 11,896 14,889
11/15/2001 11,896 14,902
11/16/2001 11,855 14,857
11/17/2001 11,855 14,857
11/18/2001 11,855 14,857
11/19/2001 12,047 15,019
11/20/2001 11,910 14,910
11/21/2001 11,813 14,837
11/22/2001 11,813 14,837
11/23/2001 12,006 15,011
11/24/2001 12,006 15,011
11/25/2001 12,006 15,011
11/26/2001 12,130 15,103
11/27/2001 12,006 15,000
11/28/2001 11,676 14,729
11/29/2001 11,855 14,883
11/30/2001 11,827 14,873
12/1/2001 11,827 14,873
12/2/2001 11,827 14,873
12/3/2001 11,676 14,748
12/4/2001 11,923 14,943
12/5/2001 12,350 15,281
12/6/2001 12,281 15,239
12/7/2001 12,130 15,125
12/8/2001 12,130 15,125
12/9/2001 12,130 15,125
12/10/2001 11,827 14,885
12/11/2001 11,786 14,844
12/12/2001 11,786 14,850
12/13/2001 11,483 14,619
12/14/2001 11,566 14,668
12/15/2001 11,566 14,668
12/16/2001 11,566 14,668
12/17/2001 11,731 14,816
12/18/2001 11,868 14,928
12/19/2001 11,965 15,015
12/20/2001 11,827 14,891
12/21/2001 11,896 14,956
12/22/2001 11,896 14,956
12/23/2001 11,896 14,956
12/24/2001 11,896 14,953
12/25/2001 11,896 14,953
12/26/2001 11,978 15,015
12/27/2001 12,088 15,121
12/28/2001 12,130 15,172
12/29/2001 12,130 15,172
12/30/2001 12,130 15,172
12/31/2001 11,923 15,003
1/1/2002 11,923 15,003
1/2/2002 12,033 15,091
1/3/2002 12,198 15,230
1/4/2002 12,308 15,325
1/5/2002 12,308 15,325
1/6/2002 12,308 15,325
1/7/2002 12,198 15,225
1/8/2002 12,130 15,175
1/9/2002 12,033 15,102
1/10/2002 12,061 15,121
1/11/2002 11,882 14,979
1/12/2002 11,882 14,979
1/13/2002 11,882 14,979
1/14/2002 11,772 14,885
1/15/2002 11,896 14,986
1/16/2002 11,607 14,744
1/17/2002 11,772 14,892
1/18/2002 11,593 14,745
1/19/2002 11,593 14,745
1/20/2002 11,593 14,745
1/21/2002 11,593 14,745
1/22/2002 11,470 14,636
1/23/2002 11,607 14,753
1/24/2002 11,662 14,804
1/25/2002 11,676 14,819
1/26/2002 11,676 14,819
1/27/2002 11,676 14,819
1/28/2002 11,676 14,817
1/29/2002 11,167 14,394
1/30/2002 11,360 14,565
1/31/2002 11,607 14,784
2/1/2002 11,511 14,679
2/2/2002 11,511 14,679
2/3/2002 11,511 14,679
2/4/2002 11,057 14,316
2/5/2002 11,002 14,259
2/6/2002 10,906 14,176
2/7/2002 10,851 14,135
2/8/2002 11,098 14,345
2/9/2002 11,098 14,345
2/10/2002 11,098 14,345
2/11/2002 11,346 14,551
2/12/2002 11,263 14,493
2/13/2002 11,442 14,642
2/14/2002 11,401 14,617
2/15/2002 11,222 14,456
2/16/2002 11,222 14,456
2/17/2002 11,222 14,456
2/18/2002 11,222 14,456
2/19/2002 10,892 14,184
2/20/2002 11,112 14,377
2/21/2002 10,837 14,154
2/22/2002 10,974 14,270
2/23/2002 10,974 14,270
2/24/2002 10,974 14,270
2/25/2002 11,277 14,527
2/26/2002 11,263 14,527
2/27/2002 11,277 14,540
2/28/2002 11,236 14,499
3/1/2002 11,607 14,827
3/2/2002 11,607 14,827
3/3/2002 11,607 14,827
3/4/2002 11,965 15,117
3/5/2002 11,855 15,016
3/6/2002 12,130 15,237
3/7/2002 12,061 15,169
3/8/2002 12,157 15,258
3/9/2002 12,157 15,258
3/10/2002 12,157 15,258
3/11/2002 12,226 15,309
3/12/2002 12,185 15,275
3/13/2002 11,992 15,128
3/14/2002 11,978 15,114
3/15/2002 12,198 15,286
3/16/2002 12,198 15,286
3/17/2002 12,198 15,286
3/18/2002 12,185 15,279
3/19/2002 12,267 15,341
3/20/2002 11,965 15,100
3/21/2002 11,992 15,123
3/22/2002 11,910 15,059
3/23/2002 11,910 15,059
3/24/2002 11,910 15,059
3/25/2002 11,648 14,838
3/26/2002 11,745 14,927
3/27/2002 11,827 15,007
3/28/2002 11,882 15,044
3/29/2002 11,882 15,044
3/30/2002 11,882 15,044
3/31/2002 11,882 15,044
4/1/2002 11,855 15,033
4/2/2002 11,717 14,905
4/3/2002 11,538 14,759
4/4/2002 11,552 14,771
4/5/2002 11,483 14,724
4/6/2002 11,483 14,724
4/7/2002 11,483 14,724
4/8/2002 11,538 14,761
4/9/2002 11,428 14,664
4/10/2002 11,621 14,831
4/11/2002 11,222 14,480
4/12/2002 11,305 14,576
4/13/2002 11,305 14,576
4/14/2002 11,305 14,576
4/15/2002 11,194 14,465
4/16/2002 11,580 14,804
4/17/2002 11,538 14,775
4/18/2002 11,497 14,754
4/19/2002 11,511 14,763
4/20/2002 11,511 14,763
4/21/2002 11,511 14,763
4/22/2002 11,249 14,535
4/23/2002 11,153 14,445
4/24/2002 11,029 14,343
4/25/2002 11,002 14,321
4/26/2002 10,768 14,124
4/27/2002 10,768 14,124
4/28/2002 10,768 14,124
4/29/2002 10,617 13,982
4/30/2002 10,782 14,132
5/1/2002 10,933 14,259
5/2/2002 10,906 14,236
5/3/2002 10,741 14,090
5/4/2002 10,741 14,090
5/5/2002 10,741 14,090
5/6/2002 10,424 13,818
5/7/2002 10,383 13,776
5/8/2002 10,961 14,295
5/9/2002 10,727 14,089
5/10/2002 10,466 13,853
5/11/2002 10,466 13,853
5/12/2002 10,466 13,853
5/13/2002 10,741 14,112
5/14/2002 11,084 14,411
5/15/2002 11,002 14,334
5/16/2002 11,098 14,428
5/17/2002 11,236 14,541
5/18/2002 11,236 14,541
5/19/2002 11,236 14,541
5/20/2002 11,016 14,348
5/21/2002 10,823 14,191
5/22/2002 10,919 14,272
5/23/2002 11,098 14,418
5/24/2002 10,892 14,244
5/25/2002 10,892 14,244
5/26/2002 10,892 14,244
5/27/2002 10,892 14,244
5/28/2002 10,754 14,122
5/29/2002 10,644 14,033
5/30/2002 10,603 13,995
5/31/2002 10,644 14,028
6/1/2002 10,644 14,028
6/2/2002 10,644 14,028
6/3/2002 10,204 13,681
6/4/2002 10,232 13,681
6/5/2002 10,369 13,807
6/6/2002 10,067 13,534
6/7/2002 10,053 13,513
6/8/2002 10,053 13,513
6/9/2002 10,053 13,513
6/10/2002 10,094 13,556
6/11/2002 9,833 13,330
6/12/2002 9,929 13,420
6/13/2002 9,750 13,280
6/14/2002 9,723 13,250
6/15/2002 9,723 13,250
6/16/2002 9,723 13,250
6/17/2002 10,149 13,630
6/18/2002 10,149 13,643
6/19/2002 9,888 13,418
6/20/2002 9,695 13,238
6/21/2002 9,448 13,013
6/22/2002 9,448 13,013
6/23/2002 9,448 13,013
6/24/2002 9,503 13,060
6/25/2002 9,255 12,842
6/26/2002 9,214 12,814
6/27/2002 9,448 13,040
6/28/2002 9,434 13,029
6/29/2002 9,434 13,029
6/30/2002 9,434 13,029
7/1/2002 9,118 12,750
7/2/2002 8,815 12,482
7/3/2002 8,898 12,560
7/4/2002 8,898 12,560
7/5/2002 9,407 13,022
7/6/2002 9,407 13,022
7/7/2002 9,407 13,022
7/8/2002 9,214 12,867
7/9/2002 8,870 12,550
7/10/2002 8,416 12,124
7/11/2002 8,513 12,216
7/12/2002 8,430 12,137
7/13/2002 8,430 12,137
7/14/2002 8,430 12,137
7/15/2002 8,375 12,091
7/16/2002 8,155 11,869
7/17/2002 8,196 11,936
7/18/2002 7,853 11,613
7/19/2002 7,385 11,168
7/20/2002 7,385 11,168
7/21/2002 7,385 11,168
7/22/2002 7,041 10,801
7/23/2002 6,766 10,509
7/24/2002 7,371 11,111
7/25/2002 7,303 11,049
7/26/2002 7,495 11,235
7/27/2002 7,495 11,235
7/28/2002 7,495 11,235
7/29/2002 8,100 11,844
7/30/2002 8,169 11,895
7/31/2002 8,279 12,013
8/1/2002 7,894 11,660
8/2/2002 7,605 11,391
8/3/2002 7,605 11,391
8/4/2002 7,605 11,391
8/5/2002 7,206 11,001
8/6/2002 7,550 11,330
8/7/2002 7,784 11,559
8/8/2002 8,169 11,937
8/9/2002 8,210 11,982
8/10/2002 8,210 11,982
8/11/2002 8,210 11,982
8/12/2002 8,128 11,918
8/13/2002 7,866 11,661
8/14/2002 8,348 12,131
8/15/2002 8,485 12,272
8/16/2002 8,472 12,254
8/17/2002 8,472 12,254
8/18/2002 8,472 12,254
8/19/2002 8,760 12,544
8/20/2002 8,595 12,369
8/21/2002 8,760 12,527
8/22/2002 8,953 12,704
8/23/2002 8,637 12,416
8/24/2002 8,637 12,416
8/25/2002 8,637 12,416
8/26/2002 8,733 12,509
8/27/2002 8,540 12,336
8/28/2002 8,320 12,115
8/29/2002 8,320 12,115
8/30/2002 8,279 12,092
8/31/2002 8,279 12,092
9/1/2002 8,279 12,092
9/2/2002 8,279 12,092
9/3/2002 7,770 11,590
9/4/2002 7,975 11,797
9/5/2002 7,797 11,609
9/6/2002 8,004 11,805
9/7/2002 8,004 11,805
9/8/2002 8,004 11,805
9/9/2002 8,122 11,925
9/10/2002 8,211 12,012
9/11/2002 8,196 12,012
9/12/2002 7,901 11,717
9/13/2002 7,915 11,756
9/14/2002 7,915 11,756
9/15/2002 7,915 11,756
9/16/2002 7,945 11,773
9/17/2002 7,693 11,541
9/18/2002 7,634 11,488
9/19/2002 7,294 11,143
9/20/2002 7,309 11,171
9/21/2002 7,309 11,171
9/22/2002 7,309 11,171
9/23/2002 7,161 11,016
9/24/2002 6,983 10,826
9/25/2002 7,235 11,098
9/26/2002 7,457 11,302
9/27/2002 7,072 10,938
9/28/2002 7,072 10,938
9/29/2002 7,072 10,938
9/30/2002 6,909 10,778
10/1/2002 7,353 11,209
10/2/2002 7,087 10,947
10/3/2002 6,954 10,829
10/4/2002 6,717 10,586
10/5/2002 6,717 10,586
10/6/2002 6,717 10,586
10/7/2002 6,525 10,384
10/8/2002 6,687 10,563
10/9/2002 6,406 10,276
10/10/2002 6,747 10,637
10/11/2002 7,146 11,052
10/12/2002 7,146 11,052
10/13/2002 7,146 11,052
10/14/2002 7,235 11,133
10/15/2002 7,753 11,660
10/16/2002 7,442 11,380
10/17/2002 7,708 11,634
10/18/2002 7,767 11,703
10/19/2002 7,767 11,703
10/20/2002 7,767 11,703
10/21/2002 7,989 11,906
10/22/2002 7,856 11,779
10/23/2002 7,945 11,858
10/24/2002 7,753 11,678
10/25/2002 7,945 11,879
10/26/2002 7,945 11,879
10/27/2002 7,945 11,879
10/28/2002 7,841 11,780
10/29/2002 7,738 11,674
10/30/2002 7,856 11,790
10/31/2002 7,782 11,727
11/1/2002 8,004 11,928
11/2/2002 8,004 11,928
11/3/2002 8,004 11,928
11/4/2002 8,078 12,026
11/5/2002 8,182 12,119
11/6/2002 8,300 12,233
11/7/2002 8,004 11,956
11/8/2002 7,901 11,852
11/9/2002 7,901 11,852
11/10/2002 7,901 11,852
11/11/2002 7,664 11,606
11/12/2002 7,753 11,696
11/13/2002 7,753 11,695
11/14/2002 8,034 11,984
11/15/2002 8,108 12,059
11/16/2002 8,108 12,059
11/17/2002 8,108 12,059
11/18/2002 7,975 11,934
11/19/2002 7,930 11,886
11/20/2002 8,152 12,118
11/21/2002 8,418 12,378
11/22/2002 8,374 12,336
11/23/2002 8,374 12,336
11/24/2002 8,374 12,336
11/25/2002 8,404 12,367
11/26/2002 8,137 12,110
11/27/2002 8,478 12,450
11/28/2002 8,478 12,450
11/29/2002 8,433 12,417
11/30/2002 8,433 12,417
12/1/2002 8,433 12,417
12/2/2002 8,404 12,393
12/3/2002 8,226 12,211
12/4/2002 8,182 12,173
12/5/2002 8,034 12,027
12/6/2002 8,108 12,103
12/7/2002 8,108 12,103
12/8/2002 8,108 12,103
12/9/2002 7,841 11,834
12/10/2002 8,019 12,000
12/11/2002 8,034 12,009
12/12/2002 7,975 11,965
12/13/2002 7,797 11,805
12/14/2002 7,797 11,805
12/15/2002 7,797 11,805
12/16/2002 8,078 12,083
12/17/2002 7,989 11,985
12/18/2002 7,812 11,828
12/19/2002 7,738 11,739
12/20/2002 7,871 11,892
12/21/2002 7,871 11,892
12/22/2002 7,871 11,892
12/23/2002 7,901 11,914
12/24/2002 7,841 11,849
12/25/2002 7,841 11,849
12/26/2002 7,797 11,811
12/27/2002 7,619 11,627
12/28/2002 7,619 11,627
12/29/2002 7,619 11,627
12/30/2002 7,664 11,680
12/31/2002 7,664 11,687
1/1/2003 7,664 11,687
1/2/2003 8,063 12,076
1/3/2003 8,049 12,071
1/4/2003 8,049 12,071
1/5/2003 8,049 12,071
1/6/2003 8,315 12,342
1/7/2003 8,241 12,262
1/8/2003 8,063 12,093
1/9/2003 8,300 12,328
1/10/2003 8,285 12,328
1/11/2003 8,285 12,328
1/12/2003 8,285 12,328
1/13/2003 8,270 12,311
1/14/2003 8,344 12,383
1/15/2003 8,182 12,206
1/16/2003 8,137 12,158
1/17/2003 7,960 11,988
1/18/2003 7,960 11,988
1/19/2003 7,960 11,988
1/20/2003 7,960 11,988
1/21/2003 7,767 11,800
1/22/2003 7,619 11,678
1/23/2003 7,738 11,797
1/24/2003 7,383 11,453
1/25/2003 7,383 11,453
1/26/2003 7,383 11,453
1/27/2003 7,220 11,267
1/28/2003 7,353 11,415
1/29/2003 7,427 11,494
1/30/2003 7,176 11,234
1/31/2003 7,309 11,381
2/1/2003 7,309 11,381
2/2/2003 7,309 11,381
2/3/2003 7,368 11,443
2/4/2003 7,220 11,282
2/5/2003 7,161 11,223
2/6/2003 7,102 11,154
2/7/2003 6,983 11,041
2/8/2003 6,983 11,041
2/9/2003 6,983 11,041
2/10/2003 7,072 11,125
2/11/2003 6,983 11,035
2/12/2003 6,850 10,899
2/13/2003 6,835 10,883
2/14/2003 7,042 11,117
2/15/2003 7,042 11,117
2/16/2003 7,042 11,117
2/17/2003 7,042 11,117
2/18/2003 7,250 11,335
2/19/2003 7,176 11,256
2/20/2003 7,072 11,150
2/21/2003 7,220 11,297
2/22/2003 7,220 11,297
2/23/2003 7,220 11,297
2/24/2003 7,013 11,090
2/25/2003 7,087 11,170
2/26/2003 6,954 11,028
2/27/2003 7,072 11,158
2/28/2003 7,116 11,210
3/1/2003 7,116 11,210
3/2/2003 7,116 11,210
3/3/2003 7,028 11,126
3/4/2003 6,865 10,955
3/5/2003 6,954 11,064
3/6/2003 6,865 10,961
3/7/2003 6,939 11,052
3/8/2003 6,939 11,052
3/9/2003 6,939 11,052
3/10/2003 6,673 10,767
3/11/2003 6,584 10,677
3/12/2003 6,628 10,728
3/13/2003 6,968 11,098
3/14/2003 6,968 11,116
3/15/2003 6,968 11,116
3/16/2003 6,968 11,116
3/17/2003 7,338 11,510
3/18/2003 7,398 11,560
3/19/2003 7,486 11,661
3/20/2003 7,501 11,684
3/21/2003 7,753 11,952
3/22/2003 7,753 11,952
3/23/2003 7,753 11,952
3/24/2003 7,353 11,531
3/25/2003 7,486 11,671
3/26/2003 7,412 11,608
3/27/2003 7,398 11,590
3/28/2003 7,338 11,524
3/29/2003 7,338 11,524
3/30/2003 7,338 11,524
3/31/2003 7,131 11,319
4/1/2003 7,279 11,457
4/2/2003 7,575 11,758
4/3/2003 7,501 11,699
4/4/2003 7,545 11,731
4/5/2003 7,545 11,731
4/6/2003 7,545 11,731
4/7/2003 7,560 11,746
4/8/2003 7,531 11,728
4/9/2003 7,368 11,565
4/10/2003 7,442 11,640
4/11/2003 7,398 11,597
4/12/2003 7,398 11,597
4/13/2003 7,398 11,597
4/14/2003 7,619 11,823
4/15/2003 7,693 11,898
4/16/2003 7,545 11,753
4/17/2003 7,723 11,936
4/18/2003 7,723 11,936
4/19/2003 7,723 11,936
4/20/2003 7,723 11,936
4/21/2003 7,693 11,915
4/22/2003 7,960 12,173
4/23/2003 8,049 12,276
4/24/2003 7,945 12,175
4/25/2003 7,782 12,006
4/26/2003 7,782 12,006
4/27/2003 7,782 12,006
4/28/2003 7,989 12,222
4/29/2003 8,034 12,263
4/30/2003 8,004 12,252
5/1/2003 8,019 12,245
5/2/2003 8,196 12,430
5/3/2003 8,196 12,430
5/4/2003 8,196 12,430
5/5/2003 8,152 12,383
5/6/2003 8,256 12,488
5/7/2003 8,196 12,426
5/8/2003 8,063 12,301
5/9/2003 8,241 12,480
5/10/2003 8,241 12,480
5/11/2003 8,241 12,480
5/12/2003 8,389 12,637
5/13/2003 8,359 12,601
5/14/2003 8,315 12,564
5/15/2003 8,418 12,664
5/16/2003 8,389 12,634
5/17/2003 8,389 12,634
5/18/2003 8,389 12,634
5/19/2003 8,078 12,319
5/20/2003 8,078 12,305
5/21/2003 8,137 12,356
5/22/2003 8,256 12,469
5/23/2003 8,270 12,487
5/24/2003 8,270 12,487
5/25/2003 8,270 12,487
5/26/2003 8,270 12,487
5/27/2003 8,522 12,732
5/28/2003 8,537 12,757
5/29/2003 8,478 12,710
5/30/2003 8,670 12,897
5/31/2003 8,670 12,897
6/1/2003 8,670 12,897
6/2/2003 8,714 12,943
6/3/2003 8,773 13,004
6/4/2003 8,966 13,205
6/5/2003 9,025 13,258
6/6/2003 8,995 13,227
6/7/2003 8,995 13,227
6/8/2003 8,995 13,227
6/9/2003 8,818 13,068
6/10/2003 8,936 13,188
6/11/2003 9,129 13,362
6/12/2003 9,143 13,376
6/13/2003 8,995 13,244
6/14/2003 8,995 13,244
6/15/2003 8,995 13,244
6/16/2003 9,306 13,540
6/17/2003 9,306 13,553
6/18/2003 9,276 13,533
6/19/2003 9,069 13,327
6/20/2003 9,069 13,340
6/21/2003 9,069 13,340
6/22/2003 9,069 13,340
6/23/2003 8,877 13,152
6/24/2003 8,907 13,176
6/25/2003 8,803 13,067
6/26/2003 8,951 13,213
6/27/2003 8,803 13,085
6/28/2003 8,803 13,085
6/29/2003 8,803 13,085
6/30/2003 8,788 13,062
7/1/2003 8,907 13,169
7/2/2003 9,055 13,322
7/3/2003 8,951 13,214
7/4/2003 8,951 13,214
7/5/2003 8,951 13,214
7/6/2003 8,951 13,214
7/7/2003 9,217 13,466
7/8/2003 9,247 13,516
7/9/2003 9,188 13,442
7/10/2003 8,981 13,261
7/11/2003 9,114 13,388
7/12/2003 9,114 13,388
7/13/2003 9,114 13,388
7/14/2003 9,188 13,465
7/15/2003 9,143 13,419
7/16/2003 9,040 13,334
7/17/2003 8,862 13,169
7/18/2003 9,025 13,325
7/19/2003 9,025 13,325
7/20/2003 9,025 13,325
7/21/2003 8,833 13,130
7/22/2003 8,951 13,255
7/23/2003 8,966 13,262
7/24/2003 8,862 13,168
7/25/2003 9,099 13,397
7/26/2003 9,099 13,397
7/27/2003 9,099 13,397
7/28/2003 9,069 13,368
7/29/2003 8,981 13,273
7/30/2003 8,951 13,251
7/31/2003 8,981 13,292
8/1/2003 8,833 13,156
8/2/2003 8,833 13,156
8/3/2003 8,833 13,156
8/4/2003 8,877 13,192
8/5/2003 8,626 12,959
8/6/2003 8,655 12,983
8/7/2003 8,744 13,078
8/8/2003 8,803 13,125
8/9/2003 8,803 13,125
8/10/2003 8,803 13,125
8/11/2003 8,833 13,168
8/12/2003 8,981 13,300
8/13/2003 8,892 13,220
8/14/2003 8,981 13,307
8/15/2003 8,981 13,311
8/16/2003 8,981 13,311
8/17/2003 8,981 13,311
8/18/2003 9,114 13,434
8/19/2003 9,158 13,469
8/20/2003 9,114 13,443
8/21/2003 9,158 13,483
8/22/2003 9,010 13,346
8/23/2003 9,010 13,346
8/24/2003 9,010 13,346
8/25/2003 9,010 13,355
8/26/2003 9,055 13,396
8/27/2003 9,069 13,399
8/28/2003 9,143 13,481
8/29/2003 9,232 13,551
8/30/2003 9,232 13,551
8/31/2003 9,232 13,551
9/1/2003 9,232 13,551
9/2/2003 9,410 13,739
9/3/2003 9,484 13,801
9/4/2003 9,513 13,824
9/5/2003 9,410 13,736
9/6/2003 9,410 13,736
9/7/2003 9,410 13,736
9/8/2003 9,558 13,875
9/9/2003 9,439 13,761
9/10/2003 9,262 13,597
9/11/2003 9,350 13,675
9/12/2003 9,380 13,705
9/13/2003 9,380 13,705
9/14/2003 9,380 13,705
9/15/2003 9,321 13,654
9/16/2003 9,528 13,850
9/17/2003 9,484 13,805
9/18/2003 9,691 13,988
9/19/2003 9,646 13,944
9/20/2003 9,646 13,944
9/21/2003 9,646 13,944
9/22/2003 9,439 13,763
9/23/2003 9,543 13,847
9/24/2003 9,262 13,582
9/25/2003 9,188 13,503
9/26/2003 9,099 13,419
9/27/2003 9,099 13,419
9/28/2003 9,099 13,419
9/29/2003 9,232 13,550
9/30/2003 9,084 13,407
10/1/2003 9,380 13,708
10/2/2003 9,424 13,737
10/3/2003 9,558 13,866
10/4/2003 9,558 13,866
10/5/2003 9,558 13,866
10/6/2003 9,617 13,927
10/7/2003 9,676 13,994
10/8/2003 9,602 13,925
10/9/2003 9,676 13,992
10/10/2003 9,676 13,984
10/11/2003 9,676 13,984
10/12/2003 9,676 13,984
10/13/2003 9,780 14,082
10/14/2003 9,839 14,138
10/15/2003 9,794 14,104
10/16/2003 9,854 14,149
10/17/2003 9,691 14,004
10/18/2003 9,691 14,004
10/19/2003 9,691 14,004
10/20/2003 9,765 14,076
10/21/2003 9,780 14,094
10/22/2003 9,558 13,885
10/23/2003 9,602 13,931
10/24/2003 9,528 13,865
10/25/2003 9,528 13,865
10/26/2003 9,528 13,865
10/27/2003 9,572 13,895
10/28/2003 9,780 14,106
10/29/2003 9,809 14,127
10/30/2003 9,794 14,115
10/31/2003 9,839 14,166
11/1/2003 9,839 14,166
11/2/2003 9,839 14,166
11/3/2003 9,957 14,278
11/4/2003 9,883 14,200
11/5/2003 9,868 14,184
11/6/2003 9,942 14,269
11/7/2003 9,883 14,206
11/8/2003 9,883 14,206
11/9/2003 9,883 14,206
11/10/2003 9,794 14,125
11/11/2003 9,780 14,118
11/12/2003 9,957 14,285
11/13/2003 9,957 14,283
11/14/2003 9,839 14,177
11/15/2003 9,839 14,177
11/16/2003 9,839 14,177
11/17/2003 9,735 14,086
11/18/2003 9,617 13,959
11/19/2003 9,735 14,072
11/20/2003 9,617 13,954
11/21/2003 9,632 13,977
11/22/2003 9,632 13,977
11/23/2003 9,632 13,977
11/24/2003 9,854 14,203
11/25/2003 9,898 14,229
11/26/2003 9,957 14,293
11/27/2003 9,957 14,293
11/28/2003 9,972 14,290
11/29/2003 9,972 14,290
11/30/2003 9,972 14,290
12/1/2003 10,120 14,452
12/2/2003 10,090 14,405
12/3/2003 10,061 14,383
12/4/2003 10,120 14,452
12/5/2003 9,987 14,341
12/6/2003 9,987 14,341
12/7/2003 9,987 14,341
12/8/2003 10,090 14,447
12/9/2003 9,957 14,324
12/10/2003 9,927 14,311
12/11/2003 10,120 14,477
12/12/2003 10,149 14,517
12/13/2003 10,149 14,517
12/14/2003 10,149 14,517
12/15/2003 10,061 14,435
12/16/2003 10,164 14,531
12/17/2003 10,194 14,551
12/18/2003 10,357 14,724
12/19/2003 10,342 14,718
12/20/2003 10,342 14,718
12/21/2003 10,342 14,718
12/22/2003 10,416 14,776
12/23/2003 10,460 14,817
12/24/2003 10,431 14,791
12/25/2003 10,431 14,791
12/26/2003 10,460 14,816
12/27/2003 10,460 14,816
12/28/2003 10,460 14,816
12/29/2003 10,652 15,005
12/30/2003 10,667 15,009
12/31/2003 10,667 15,040
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 12/31/03
- --------------------------------------------------------------------------------
SINCE
ONE FIVE INCEPTION
YEAR YEAR (05/07/97)
- --------------------------------------------------------------------------------
NOVA FUND 39.19% -7.65% 0.98%
S&P 500 INDEX 28.68% -0.57% 6.33%
- --------------------------------------------------------------------------------
THE RETURNS PRESENTED ABOVE DO NOT REFLECT THE EFFECTS OF TAXES. PAST
PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE S&P 500 INDEX IS AN UNMANAGED
STOCK INDEX AND, UNLIKE THE FUND, HAS NO MANAGEMENT FEES OR OTHER OPERATING
EXPENSES TO REDUCE ITS REPORTED RETURNS. RETURNS ARE HISTORICAL AND INCLUDE
CHANGES IN PRINCIPAL AND REINVESTED DIVIDENDS AND CAPITAL GAINS.
ANNUAL REPORT 5
URSA FUND
- --------------------------------------------------------------------------------
OBJECTIVE: To provide investment returns that correspond to 100% of the inverse
of the daily performance of the S&P 500 Index.
Inception: June 9, 1997
Last year was the first year since 1999 that the S&P 500 Index posted a gain.
While this was good news for long funds benchmarked to the index, it was bad
news for Ursa Fund, which seeks to provide investment results that inversely
correlate to the daily performance of the S&P 500 Index.
CUMULATIVE FUND PERFORMANCE: JUNE 9, 1997 - DECEMBER 31, 2003
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
Date Variable Ursa S&P 500 Index
6/9/1997 $10,000 $10,000
6/10/1997 9,968 10,027
6/11/1997 9,936 10,079
6/12/1997 9,754 10,242
6/13/1997 9,658 10,356
6/14/1997 9,658 10,356
6/15/1997 9,658 10,356
6/16/1997 9,658 10,364
6/17/1997 9,669 10,370
6/18/1997 9,701 10,308
6/19/1997 9,605 10,412
6/20/1997 9,669 10,420
6/21/1997 9,669 10,420
6/22/1997 9,669 10,420
6/23/1997 9,872 10,188
6/24/1997 9,658 10,393
6/25/1997 9,733 10,308
6/26/1997 9,765 10,249
6/27/1997 9,722 10,291
6/28/1997 9,722 10,291
6/29/1997 9,722 10,291
6/30/1997 9,786 10,266
7/1/1997 9,679 10,336
7/2/1997 9,519 10,488
7/3/1997 9,380 10,638
7/4/1997 9,380 10,638
7/5/1997 9,380 10,638
7/6/1997 9,380 10,638
7/7/1997 9,466 10,583
7/8/1997 9,370 10,661
7/9/1997 9,466 10,532
7/10/1997 9,423 10,604
7/11/1997 9,391 10,639
7/12/1997 9,391 10,639
7/13/1997 9,391 10,639
7/14/1997 9,359 10,659
7/15/1997 9,316 10,745
7/16/1997 9,188 10,871
7/17/1997 9,231 10,814
7/18/1997 9,444 10,625
7/19/1997 9,444 10,625
7/20/1997 9,444 10,625
7/21/1997 9,423 10,597
7/22/1997 9,177 10,841
7/23/1997 9,177 10,872
7/24/1997 9,135 10,915
7/25/1997 9,145 10,898
7/26/1997 9,145 10,898
7/27/1997 9,145 10,898
7/28/1997 9,145 10,870
7/29/1997 9,113 10,940
7/30/1997 9,006 11,058
7/31/1997 9,006 11,083
8/1/1997 9,038 11,000
8/2/1997 9,038 11,000
8/3/1997 9,038 11,000
8/4/1997 9,017 11,037
8/5/1997 9,006 11,061
8/6/1997 8,942 11,154
8/7/1997 9,006 11,049
8/8/1997 9,188 10,844
8/9/1997 9,188 10,844
8/10/1997 9,188 10,844
8/11/1997 9,113 10,887
8/12/1997 9,263 10,766
8/13/1997 9,284 10,716
8/14/1997 9,252 10,748
8/15/1997 9,530 10,470
8/16/1997 9,530 10,470
8/17/1997 9,530 10,470
8/18/1997 9,316 10,608
8/19/1997 9,199 10,765
8/20/1997 9,071 10,922
8/21/1997 9,231 10,756
8/22/1997 9,231 10,738
8/23/1997 9,231 10,738
8/24/1997 9,231 10,738
8/25/1997 9,252 10,699
8/26/1997 9,412 10,616
8/27/1997 9,359 10,625
8/28/1997 9,487 10,510
8/29/1997 9,444 10,462
8/30/1997 9,444 10,462
8/31/1997 9,444 10,462
9/1/1997 9,444 10,462
9/2/1997 9,145 10,789
9/3/1997 9,199 10,795
9/4/1997 9,135 10,830
9/5/1997 9,156 10,810
9/6/1997 9,156 10,810
9/7/1997 9,156 10,810
9/8/1997 9,124 10,836
9/9/1997 9,124 10,864
9/10/1997 9,316 10,694
9/11/1997 9,348 10,623
9/12/1997 9,209 10,755
9/13/1997 9,209 10,755
9/14/1997 9,209 10,755
9/15/1997 9,241 10,709
9/16/1997 9,006 11,010
9/17/1997 8,996 10,980
9/18/1997 8,974 11,030
9/19/1997 8,964 11,068
9/20/1997 8,964 11,068
9/21/1997 8,964 11,068
9/22/1997 8,910 11,126
9/23/1997 8,953 11,085
9/24/1997 9,017 10,998
9/25/1997 9,071 10,922
9/26/1997 9,006 11,011
9/27/1997 9,006 11,011
9/28/1997 9,006 11,011
9/29/1997 8,932 11,105
9/30/1997 9,028 11,035
10/1/1997 8,921 11,130
10/2/1997 8,868 11,190
10/3/1997 8,814 11,243
10/4/1997 8,814 11,243
10/5/1997 8,814 11,243
10/6/1997 8,761 11,333
10/7/1997 8,686 11,455
10/8/1997 8,750 11,350
10/9/1997 8,771 11,312
10/10/1997 8,782 11,271
10/11/1997 8,782 11,271
10/12/1997 8,782 11,271
10/13/1997 8,782 11,284
10/14/1997 8,771 11,309
10/15/1997 8,803 11,256
10/16/1997 8,932 11,134
10/17/1997 9,017 11,005
10/18/1997 9,017 11,005
10/19/1997 9,017 11,005
10/20/1997 8,900 11,139
10/21/1997 8,739 11,333
10/22/1997 8,793 11,290
10/23/1997 8,953 11,082
10/24/1997 9,049 10,977
10/25/1997 9,049 10,977
10/26/1997 9,049 10,977
10/27/1997 9,701 10,223
10/28/1997 9,135 10,746
10/29/1997 9,156 10,717
10/30/1997 9,338 10,539
10/31/1997 9,135 10,666
11/1/1997 9,135 10,666
11/2/1997 9,135 10,666
11/3/1997 8,900 10,951
11/4/1997 8,932 10,972
11/5/1997 8,900 10,996
11/6/1997 8,932 10,942
11/7/1997 9,028 10,822
11/8/1997 9,028 10,822
11/9/1997 9,028 10,822
11/10/1997 9,081 10,748
11/11/1997 9,071 10,779
11/12/1997 9,231 10,574
11/13/1997 9,113 10,700
11/14/1997 8,996 10,837
11/15/1997 8,996 10,837
11/16/1997 8,996 10,837
11/17/1997 8,835 11,045
11/18/1997 8,878 10,953
11/19/1997 8,835 11,029
11/20/1997 8,697 11,198
11/21/1997 8,643 11,246
11/22/1997 8,643 11,246
11/23/1997 8,643 11,246
11/24/1997 8,814 11,054
11/25/1997 8,793 11,104
11/26/1997 8,761 11,116
11/27/1997 8,761 11,116
11/28/1997 8,750 11,160
11/29/1997 8,750 11,160
11/30/1997 8,750 11,160
12/1/1997 8,536 11,387
12/2/1997 8,579 11,351
12/3/1997 8,547 11,413
12/4/1997 8,558 11,371
12/5/1997 8,462 11,496
12/6/1997 8,462 11,496
12/7/1997 8,462 11,496
12/8/1997 8,483 11,480
12/9/1997 8,526 11,403
12/10/1997 8,600 11,334
12/11/1997 8,750 11,163
12/12/1997 8,739 11,145
12/13/1997 8,739 11,145
12/14/1997 8,739 11,145
12/15/1997 8,665 11,262
12/16/1997 8,611 11,316
12/17/1997 8,654 11,288
12/18/1997 8,739 11,169
12/19/1997 8,835 11,069
12/20/1997 8,835 11,069
12/21/1997 8,835 11,069
12/22/1997 8,782 11,150
12/23/1997 8,932 10,980
12/24/1997 8,974 10,905
12/25/1997 8,974 10,905
12/26/1997 8,932 10,949
12/27/1997 8,932 10,949
12/28/1997 8,932 10,949
12/29/1997 8,750 11,151
12/30/1997 8,611 11,356
12/31/1997 8,622 11,352
1/1/1998 8,622 11,352
1/2/1998 8,579 11,406
1/3/1998 8,579 11,406
1/4/1998 8,579 11,406
1/5/1998 8,558 11,430
1/6/1998 8,697 11,308
1/7/1998 8,665 11,280
1/8/1998 8,761 11,188
1/9/1998 9,060 10,856
1/10/1998 9,060 10,856
1/11/1998 9,060 10,856
1/12/1998 8,889 10,991
1/13/1998 8,771 11,142
1/14/1998 8,729 11,211
1/15/1998 8,803 11,127
1/16/1998 8,675 11,253
1/17/1998 8,675 11,253
1/18/1998 8,675 11,253
1/19/1998 8,675 11,253
1/20/1998 8,536 11,453
1/21/1998 8,622 11,363
1/22/1998 8,697 11,272
1/23/1998 8,707 11,208
1/24/1998 8,707 11,208
1/25/1998 8,707 11,208
1/26/1998 8,718 11,201
1/27/1998 8,622 11,342
1/28/1998 8,547 11,443
1/29/1998 8,504 11,538
1/30/1998 8,504 11,477
1/31/1998 8,504 11,477
2/1/1998 8,504 11,477
2/2/1998 8,365 11,723
2/3/1998 8,301 11,779
2/4/1998 8,312 11,791
2/5/1998 8,312 11,753
2/6/1998 8,226 11,860
2/7/1998 8,226 11,860
2/8/1998 8,226 11,860
2/9/1998 8,259 11,841
2/10/1998 8,184 11,938
2/11/1998 8,184 11,952
2/12/1998 8,152 12,001
2/13/1998 8,194 11,954
2/14/1998 8,194 11,954
2/15/1998 8,194 11,954
2/16/1998 8,194 11,954
2/17/1998 8,152 11,986
2/18/1998 8,088 12,098
2/19/1998 8,130 12,054
2/20/1998 8,066 12,124
2/21/1998 8,066 12,124
2/22/1998 8,066 12,124
2/23/1998 8,045 12,170
2/24/1998 8,098 12,081
2/25/1998 8,002 12,228
2/26/1998 7,959 12,297
2/27/1998 7,959 12,305
2/28/1998 7,959 12,305
3/1/1998 7,959 12,305
3/2/1998 7,970 12,286
3/3/1998 7,927 12,337
3/4/1998 7,981 12,285
3/5/1998 8,045 12,142
3/6/1998 7,895 12,385
3/7/1998 7,895 12,385
3/8/1998 7,895 12,385
3/9/1998 7,917 12,346
3/10/1998 7,842 12,486
3/11/1998 7,821 12,538
3/12/1998 7,788 12,557
3/13/1998 7,821 12,542
3/14/1998 7,821 12,542
3/15/1998 7,821 12,542
3/16/1998 7,735 12,667
3/17/1998 7,714 12,681
3/18/1998 7,682 12,741
3/19/1998 7,660 12,791
3/20/1998 7,618 12,902
3/21/1998 7,618 12,902
3/22/1998 7,618 12,902
3/23/1998 7,639 12,860
3/24/1998 7,575 12,978
3/25/1998 7,596 12,935
3/26/1998 7,607 12,921
3/27/1998 7,639 12,861
3/28/1998 7,639 12,861
3/29/1998 7,639 12,861
3/30/1998 7,650 12,839
3/31/1998 7,618 12,935
4/1/1998 7,564 13,011
4/2/1998 7,479 13,151
4/3/1998 7,447 13,183
4/4/1998 7,447 13,183
4/5/1998 7,447 13,183
4/6/1998 7,500 13,168
4/7/1998 7,553 13,032
4/8/1998 7,596 12,940
4/9/1998 7,543 13,046
4/10/1998 7,543 13,046
4/11/1998 7,543 13,046
4/12/1998 7,543 13,046
4/13/1998 7,564 13,035
4/14/1998 7,511 13,106
4/15/1998 7,489 13,148
4/16/1998 7,575 13,018
4/17/1998 7,468 13,189
4/18/1998 7,468 13,189
4/19/1998 7,468 13,189
4/20/1998 7,479 13,200
4/21/1998 7,436 13,235
4/22/1998 7,425 13,281
4/23/1998 7,489 13,153
4/24/1998 7,585 13,016
4/25/1998 7,585 13,016
4/26/1998 7,585 13,016
4/27/1998 7,714 12,765
4/28/1998 7,724 12,749
4/29/1998 7,682 12,863
4/30/1998 7,543 13,065
5/1/1998 7,468 13,174
5/2/1998 7,468 13,174
5/3/1998 7,468 13,174
5/4/1998 7,479 13,187
5/5/1998 7,532 13,110
5/6/1998 7,628 12,989
5/7/1998 7,682 12,874
5/8/1998 7,564 13,027
5/9/1998 7,564 13,027
5/10/1998 7,564 13,027
5/11/1998 7,575 13,016
5/12/1998 7,511 13,124
5/13/1998 7,500 13,162
5/14/1998 7,532 13,145
5/15/1998 7,575 13,044
5/16/1998 7,575 13,044
5/17/1998 7,575 13,044
5/18/1998 7,607 13,011
5/19/1998 7,553 13,055
5/20/1998 7,489 13,169
5/21/1998 7,532 13,117
5/22/1998 7,564 13,068
5/23/1998 7,564 13,068
5/24/1998 7,564 13,068
5/25/1998 7,564 13,068
5/26/1998 7,692 12,875
5/27/1998 7,671 12,855
5/28/1998 7,639 12,920
5/29/1998 7,714 12,841
5/30/1998 7,714 12,841
5/31/1998 7,714 12,841
6/1/1998 7,682 12,843
6/2/1998 7,682 12,869
6/3/1998 7,799 12,749
6/4/1998 7,660 12,891
6/5/1998 7,521 13,116
6/6/1998 7,521 13,116
6/7/1998 7,521 13,116
6/8/1998 7,521 13,139
6/9/1998 7,511 13,171
6/10/1998 7,553 13,099
6/11/1998 7,692 12,894
6/12/1998 7,628 12,944
6/13/1998 7,628 12,944
6/14/1998 7,628 12,944
6/15/1998 7,821 12,687
6/16/1998 7,714 12,812
6/17/1998 7,553 13,043
6/18/1998 7,585 13,034
6/19/1998 7,628 12,967
6/20/1998 7,628 12,967
6/21/1998 7,628 12,967
6/22/1998 7,596 12,997
6/23/1998 7,511 13,189
6/24/1998 7,415 13,348
6/25/1998 7,425 13,305
6/26/1998 7,393 13,353
6/27/1998 7,393 13,353
6/28/1998 7,393 13,353
6/29/1998 7,372 13,416
6/30/1998 7,425 13,362
7/1/1998 7,340 13,536
7/2/1998 7,329 13,511
7/3/1998 7,329 13,511
7/4/1998 7,329 13,511
7/5/1998 7,329 13,511
7/6/1998 7,254 13,642
7/7/1998 7,276 13,610
7/8/1998 7,222 13,752
7/9/1998 7,265 13,660
7/10/1998 7,233 13,728
7/11/1998 7,233 13,728
7/12/1998 7,233 13,728
7/13/1998 7,233 13,739
7/14/1998 7,147 13,885
7/15/1998 7,169 13,852
7/16/1998 7,115 13,961
7/17/1998 7,115 13,993
7/18/1998 7,115 13,993
7/19/1998 7,115 13,993
7/20/1998 7,115 13,962
7/21/1998 7,233 13,738
7/22/1998 7,233 13,727
7/23/1998 7,372 13,441
7/24/1998 7,382 13,453
7/25/1998 7,382 13,453
7/26/1998 7,382 13,453
7/27/1998 7,340 13,529
7/28/1998 7,447 13,328
7/29/1998 7,489 13,272
7/30/1998 7,382 13,483
7/31/1998 7,532 13,220
8/1/1998 7,532 13,220
8/2/1998 7,532 13,220
8/3/1998 7,564 13,123
8/4/1998 7,853 12,648
8/5/1998 7,746 12,760
8/6/1998 7,724 12,858
8/7/1998 7,703 12,855
8/8/1998 7,703 12,855
8/9/1998 7,703 12,855
8/10/1998 7,746 12,782
8/11/1998 7,863 12,617
8/12/1998 7,724 12,799
8/13/1998 7,831 12,690
8/14/1998 7,927 12,547
8/15/1998 7,927 12,547
8/16/1998 7,927 12,547
8/17/1998 7,767 12,794
8/18/1998 7,618 13,003
8/19/1998 7,639 12,966
8/20/1998 7,682 12,891
8/21/1998 7,746 12,769
8/22/1998 7,746 12,769
8/23/1998 7,746 12,769
8/24/1998 7,692 12,850
8/25/1998 7,682 12,906
8/26/1998 7,724 12,805
8/27/1998 8,088 12,314
8/28/1998 8,120 12,134
8/29/1998 8,120 12,134
8/30/1998 8,120 12,134
8/31/1998 8,729 11,309
9/1/1998 8,312 11,746
9/2/1998 8,376 11,704
9/3/1998 8,440 11,607
9/4/1998 8,515 11,509
9/5/1998 8,515 11,509
9/6/1998 8,515 11,509
9/7/1998 8,515 11,509
9/8/1998 8,056 12,095
9/9/1998 8,248 11,892
9/10/1998 8,526 11,585
9/11/1998 8,141 11,930
9/12/1998 8,141 11,930
9/13/1998 8,141 11,930
9/14/1998 8,002 12,176
9/15/1998 7,959 12,270
9/16/1998 7,874 12,364
9/17/1998 8,088 12,050
9/18/1998 8,088 12,064
9/19/1998 8,088 12,064
9/20/1998 8,088 12,064
9/21/1998 8,088 12,109
9/22/1998 8,024 12,177
9/23/1998 7,724 12,609
9/24/1998 7,895 12,332
9/25/1998 7,917 12,357
9/26/1998 7,917 12,357
9/27/1998 7,917 12,357
9/28/1998 7,821 12,407
9/29/1998 7,863 12,411
9/30/1998 8,098 12,033
10/1/1998 8,344 11,671
10/2/1998 8,184 11,864
10/3/1998 8,184 11,864
10/4/1998 8,184 11,864
10/5/1998 8,333 11,697
10/6/1998 8,344 11,651
10/7/1998 8,472 11,490
10/8/1998 8,536 11,357
10/9/1998 8,344 11,652
10/10/1998 8,344 11,652
10/11/1998 8,344 11,652
10/12/1998 8,237 11,810
10/13/1998 8,259 11,776
10/14/1998 8,184 11,904
10/15/1998 7,756 12,400
10/16/1998 7,746 12,506
10/17/1998 7,746 12,506
10/18/1998 7,746 12,506
10/19/1998 7,724 12,577
10/20/1998 7,692 12,595
10/21/1998 7,703 12,667
10/22/1998 7,596 12,769
10/23/1998 7,692 12,676
10/24/1998 7,692 12,676
10/25/1998 7,692 12,676
10/26/1998 7,639 12,696
10/27/1998 7,682 12,613
10/28/1998 7,703 12,648
10/29/1998 7,521 12,861
10/30/1998 7,468 13,012
10/31/1998 7,468 13,012
11/1/1998 7,468 13,012
11/2/1998 7,350 13,165
11/3/1998 7,404 13,156
11/4/1998 7,329 13,251
11/5/1998 7,233 13,432
11/6/1998 7,190 13,518
11/7/1998 7,190 13,518
11/8/1998 7,190 13,518
11/9/1998 7,265 13,392
11/10/1998 7,308 13,372
11/11/1998 7,318 13,285
11/12/1998 7,340 13,248
11/13/1998 7,276 13,343
11/14/1998 7,276 13,343
11/15/1998 7,276 13,343
11/16/1998 7,222 13,464
11/17/1998 7,212 13,505
11/18/1998 7,169 13,568
11/19/1998 7,115 13,665
11/20/1998 7,062 13,795
11/21/1998 7,062 13,795
11/22/1998 7,062 13,795
11/23/1998 6,891 14,087
11/24/1998 6,944 14,027
11/25/1998 6,944 14,074
11/26/1998 6,944 14,074
11/27/1998 6,902 14,141
11/28/1998 6,902 14,141
11/29/1998 6,902 14,141
11/30/1998 7,094 13,801
12/1/1998 7,009 13,939
12/2/1998 7,051 13,895
12/3/1998 7,169 13,645
12/4/1998 6,987 13,960
12/5/1998 6,987 13,960
12/6/1998 6,987 13,960
12/7/1998 6,944 14,090
12/8/1998 6,987 14,016
12/9/1998 6,966 14,042
12/10/1998 7,073 13,824
12/11/1998 7,094 13,844
12/12/1998 7,094 13,844
12/13/1998 7,094 13,844
12/14/1998 7,254 13,544
12/15/1998 7,083 13,801
12/16/1998 7,094 13,791
12/17/1998 6,976 14,006
12/18/1998 6,976 14,101
12/19/1998 6,976 14,101
12/20/1998 6,976 14,101
12/21/1998 6,880 14,277
12/22/1998 6,848 14,286
12/23/1998 6,731 14,583
12/24/1998 6,763 14,556
12/25/1998 6,763 14,556
12/26/1998 6,763 14,556
12/27/1998 6,763 14,556
12/28/1998 6,784 14,547
12/29/1998 6,677 14,745
12/30/1998 6,731 14,628
12/31/1998 6,731 14,596
1/1/1999 6,731 14,596
1/2/1999 6,731 14,596
1/3/1999 6,731 14,596
1/4/1999 6,752 14,583
1/5/1999 6,688 14,782
1/6/1999 6,538 15,112
1/7/1999 6,560 15,082
1/8/1999 6,517 15,146
1/9/1999 6,517 15,146
1/10/1999 6,517 15,146
1/11/1999 6,592 15,013
1/12/1999 6,709 14,723
1/13/1999 6,763 14,663
1/14/1999 6,870 14,400
1/15/1999 6,688 14,769
1/16/1999 6,688 14,769
1/17/1999 6,688 14,769
1/18/1999 6,688 14,769
1/19/1999 6,603 14,873
1/20/1999 6,549 14,929
1/21/1999 6,731 14,674
1/22/1999 6,731 14,556
1/23/1999 6,731 14,556
1/24/1999 6,731 14,556
1/25/1999 6,667 14,660
1/26/1999 6,549 14,878
1/27/1999 6,624 14,771
1/28/1999 6,549 15,037
1/29/1999 6,453 15,206
1/30/1999 6,453 15,206
1/31/1999 6,453 15,206
2/1/1999 6,496 15,127
2/2/1999 6,549 14,997
2/3/1999 6,485 15,119
2/4/1999 6,571 14,840
2/5/1999 6,645 14,732
2/6/1999 6,645 14,732
2/7/1999 6,645 14,732
2/8/1999 6,624 14,786
2/9/1999 6,774 14,458
2/10/1999 6,731 14,549
2/11/1999 6,538 14,913
2/12/1999 6,677 14,629
2/13/1999 6,677 14,629
2/14/1999 6,677 14,629
2/15/1999 6,677 14,629
2/16/1999 6,645 14,768
2/17/1999 6,720 14,558
2/18/1999 6,667 14,717
2/19/1999 6,645 14,740
2/20/1999 6,645 14,740
2/21/1999 6,645 14,740
2/22/1999 6,485 15,132
2/23/1999 6,496 15,121
2/24/1999 6,603 14,911
2/25/1999 6,667 14,813
2/26/1999 6,699 14,734
2/27/1999 6,699 14,734
2/28/1999 6,699 14,734
3/1/1999 6,677 14,708
3/2/1999 6,741 14,582
3/3/1999 6,709 14,611
3/4/1999 6,613 14,838
3/5/1999 6,464 15,182
3/6/1999 6,464 15,182
3/7/1999 6,464 15,182
3/8/1999 6,432 15,269
3/9/1999 6,464 15,235
3/10/1999 6,410 15,319
3/11/1999 6,335 15,452
3/12/1999 6,421 15,415
3/13/1999 6,421 15,415
3/14/1999 6,421 15,415
3/15/1999 6,346 15,566
3/16/1999 6,346 15,556
3/17/1999 6,389 15,455
3/18/1999 6,282 15,678
3/19/1999 6,400 15,473
3/20/1999 6,400 15,473
3/21/1999 6,400 15,473
3/22/1999 6,389 15,446
3/23/1999 6,571 15,031
3/24/1999 6,538 15,108
3/25/1999 6,410 15,363
3/26/1999 6,442 15,277
3/27/1999 6,442 15,277
3/28/1999 6,442 15,277
3/29/1999 6,325 15,605
3/30/1999 6,335 15,494
3/31/1999 6,432 15,323
4/1/1999 6,378 15,411
4/2/1999 6,378 15,411
4/3/1999 6,378 15,411
4/4/1999 6,378 15,411
4/5/1999 6,229 15,738
4/6/1999 6,250 15,700
4/7/1999 6,207 15,810
4/8/1999 6,122 16,015
4/9/1999 6,122 16,067
4/10/1999 6,122 16,067
4/11/1999 6,122 16,067
4/12/1999 6,068 16,190
4/13/1999 6,111 16,085
4/14/1999 6,218 15,831
4/15/1999 6,239 15,764
4/16/1999 6,271 15,718
4/17/1999 6,271 15,718
4/18/1999 6,271 15,718
4/19/1999 6,400 15,367
4/20/1999 6,314 15,565
4/21/1999 6,175 15,923
4/22/1999 6,079 16,194
4/23/1999 6,090 16,171
4/24/1999 6,090 16,171
4/25/1999 6,090 16,171
4/26/1999 6,068 16,209
4/27/1999 6,047 16,241
4/28/1999 6,111 16,101
4/29/1999 6,154 16,008
4/30/1999 6,207 15,917
5/1/1999 6,207 15,917
5/2/1999 6,207 15,917
5/3/1999 6,100 16,148
5/4/1999 6,143 15,879
5/5/1999 6,111 16,065
5/6/1999 6,154 15,884
5/7/1999 6,111 16,038
5/8/1999 6,111 16,038
5/9/1999 6,111 16,038
5/10/1999 6,132 15,987
5/11/1999 6,068 16,170
5/12/1999 6,026 16,274
5/13/1999 5,983 16,316
5/14/1999 6,122 15,962
5/15/1999 6,122 15,962
5/16/1999 6,122 15,962
5/17/1999 6,111 15,983
5/18/1999 6,132 15,910
5/19/1999 6,079 16,041
5/20/1999 6,122 15,977
5/21/1999 6,165 15,875
5/22/1999 6,165 15,875
5/23/1999 6,165 15,875
5/24/1999 6,271 15,593
5/25/1999 6,389 15,328
5/26/1999 6,293 15,573
5/27/1999 6,400 15,297
5/28/1999 6,303 15,541
5/29/1999 6,303 15,541
5/30/1999 6,303 15,541
5/31/1999 6,303 15,541
6/1/1999 6,325 15,451
6/2/1999 6,335 15,460
6/3/1999 6,293 15,517
6/4/1999 6,165 15,854
6/5/1999 6,165 15,854
6/6/1999 6,165 15,854
6/7/1999 6,143 15,936
6/8/1999 6,207 15,731
6/9/1999 6,218 15,748
6/10/1999 6,282 15,559
6/11/1999 6,335 15,453
6/12/1999 6,335 15,453
6/13/1999 6,335 15,453
6/14/1999 6,325 15,457
6/15/1999 6,282 15,543
6/16/1999 6,154 15,893
6/17/1999 6,100 16,007
6/18/1999 6,090 16,042
6/19/1999 6,090 16,042
6/20/1999 6,090 16,042
6/21/1999 6,079 16,116
6/22/1999 6,132 15,959
6/23/1999 6,154 15,926
6/24/1999 6,229 15,719
6/25/1999 6,218 15,714
6/26/1999 6,218 15,714
6/27/1999 6,218 15,714
6/28/1999 6,154 15,908
6/29/1999 6,079 16,148
6/30/1999 5,994 16,403
7/1/1999 5,940 16,502
7/2/1999 5,897 16,625
7/3/1999 5,897 16,625
7/4/1999 5,897 16,625
7/5/1999 5,897 16,625
7/6/1999 5,908 16,590
7/7/1999 5,887 16,686
7/8/1999 5,887 16,670
7/9/1999 5,855 16,776
7/10/1999 5,855 16,776
7/11/1999 5,855 16,776
7/12/1999 5,876 16,726
7/13/1999 5,897 16,660
7/14/1999 5,876 16,716
7/15/1999 5,833 16,853
7/16/1999 5,801 16,962
7/17/1999 5,801 16,962
7/18/1999 5,801 16,962
7/19/1999 5,833 16,829
7/20/1999 5,972 16,464
7/21/1999 5,972 16,491
7/22/1999 6,047 16,272
7/23/1999 6,068 16,224
7/24/1999 6,068 16,224
7/25/1999 6,068 16,224
7/26/1999 6,111 16,114
7/27/1999 6,047 16,295
7/28/1999 6,026 16,327
7/29/1999 6,132 16,038
7/30/1999 6,207 15,891
7/31/1999 6,207 15,891
8/1/1999 6,207 15,891
8/2/1999 6,197 15,883
8/3/1999 6,229 15,813
8/4/1999 6,325 15,614
8/5/1999 6,271 15,715
8/6/1999 6,335 15,558
8/7/1999 6,335 15,558
8/8/1999 6,335 15,558
8/9/1999 6,346 15,528
8/10/1999 6,432 15,333
8/11/1999 6,335 15,582
8/12/1999 6,346 15,538
8/13/1999 6,207 15,892
8/14/1999 6,207 15,892
8/15/1999 6,207 15,892
8/16/1999 6,186 15,929
8/17/1999 6,132 16,089
8/18/1999 6,186 15,955
8/19/1999 6,229 15,845
8/20/1999 6,175 16,001
8/21/1999 6,175 16,001
8/22/1999 6,175 16,001
8/23/1999 6,058 16,284
8/24/1999 6,047 16,324
8/25/1999 5,962 16,544
8/26/1999 6,047 16,307
8/27/1999 6,111 16,144
8/28/1999 6,111 16,144
8/29/1999 6,111 16,144
8/30/1999 6,239 15,855
8/31/1999 6,250 15,812
9/1/1999 6,197 15,944
9/2/1999 6,261 15,800
9/3/1999 6,068 16,258
9/4/1999 6,068 16,258
9/5/1999 6,068 16,258
9/6/1999 6,068 16,258
9/7/1999 6,111 16,178
9/8/1999 6,143 16,104
9/9/1999 6,134 16,146
9/10/1999 6,112 16,194
9/11/1999 6,112 16,194
9/12/1999 6,112 16,194
9/13/1999 6,144 16,107
9/14/1999 6,187 16,014
9/15/1999 6,273 15,795
9/16/1999 6,273 15,802
9/17/1999 6,198 16,005
9/18/1999 6,198 16,005
9/19/1999 6,198 16,005
9/20/1999 6,198 16,007
9/21/1999 6,326 15,672
9/22/1999 6,315 15,707
9/23/1999 6,476 15,346
9/24/1999 6,476 15,310
9/25/1999 6,476 15,310
9/26/1999 6,476 15,310
9/27/1999 6,454 15,381
9/28/1999 6,465 15,372
9/29/1999 6,540 15,207
9/30/1999 6,465 15,379
10/1/1999 6,465 15,380
10/2/1999 6,465 15,380
10/3/1999 6,465 15,380
10/4/1999 6,347 15,642
10/5/1999 6,358 15,604
10/6/1999 6,262 15,895
10/7/1999 6,283 15,802
10/8/1999 6,209 16,022
10/9/1999 6,209 16,022
10/10/1999 6,209 16,022
10/11/1999 6,209 16,013
10/12/1999 6,315 15,747
10/13/1999 6,465 15,418
10/14/1999 6,476 15,393
10/15/1999 6,657 14,961
10/16/1999 6,657 14,961
10/17/1999 6,657 14,961
10/18/1999 6,615 15,042
10/19/1999 6,593 15,128
10/20/1999 6,444 15,466
10/21/1999 6,465 15,396
10/22/1999 6,380 15,613
10/23/1999 6,380 15,613
10/24/1999 6,380 15,613
10/25/1999 6,422 15,517
10/26/1999 6,486 15,376
10/27/1999 6,401 15,555
10/28/1999 6,177 16,106
10/29/1999 6,080 16,352
10/30/1999 6,080 16,352
10/31/1999 6,080 16,352
11/1/1999 6,123 16,246
11/2/1999 6,166 16,170
11/3/1999 6,134 16,259
11/4/1999 6,102 16,351
11/5/1999 6,059 16,443
11/6/1999 6,059 16,443
11/7/1999 6,059 16,443
11/8/1999 6,038 16,526
11/9/1999 6,091 16,389
11/10/1999 6,059 16,489
11/11/1999 6,027 16,585
11/12/1999 5,963 16,762
11/13/1999 5,963 16,762
11/14/1999 5,963 16,762
11/15/1999 5,963 16,741
11/16/1999 5,845 17,050
11/17/1999 5,899 16,940
11/18/1999 5,845 17,112
11/19/1999 5,856 17,077
11/20/1999 5,856 17,077
11/21/1999 5,856 17,077
11/22/1999 5,867 17,064
11/23/1999 5,931 16,869
11/24/1999 5,877 17,019
11/25/1999 5,877 17,019
11/26/1999 5,899 17,014
11/27/1999 5,899 17,014
11/28/1999 5,899 17,014
11/29/1999 5,931 16,911
11/30/1999 6,016 16,684
12/1/1999 5,963 16,794
12/2/1999 5,920 16,930
12/3/1999 5,824 17,221
12/4/1999 5,824 17,221
12/5/1999 5,824 17,221
12/6/1999 5,867 17,102
12/7/1999 5,909 16,932
12/8/1999 5,952 16,870
12/9/1999 5,941 16,921
12/10/1999 5,899 17,029
12/11/1999 5,899 17,029
12/12/1999 5,899 17,029
12/13/1999 5,899 17,010
12/14/1999 5,952 16,865
12/15/1999 5,920 16,988
12/16/1999 5,888 17,054
12/17/1999 5,877 17,082
12/18/1999 5,877 17,082
12/19/1999 5,877 17,082
12/20/1999 5,909 17,047
12/21/1999 5,835 17,231
12/22/1999 5,835 17,266
12/23/1999 5,738 17,533
12/24/1999 5,738 17,533
12/25/1999 5,738 17,533
12/26/1999 5,738 17,533
12/27/1999 5,760 17,518
12/28/1999 5,738 17,525
12/29/1999 5,738 17,597
12/30/1999 5,738 17,609
12/31/1999 5,717 17,667
1/1/2000 5,717 17,667
1/2/2000 5,717 17,667
1/3/2000 5,781 17,498
1/4/2000 5,995 16,828
1/5/2000 5,984 16,862
1/6/2000 5,984 16,881
1/7/2000 5,803 17,339
1/8/2000 5,803 17,339
1/9/2000 5,803 17,339
1/10/2000 5,749 17,533
1/11/2000 5,824 17,305
1/12/2000 5,867 17,230
1/13/2000 5,792 17,439
1/14/2000 5,717 17,625
1/15/2000 5,717 17,625
1/16/2000 5,717 17,625
1/17/2000 5,717 17,625
1/18/2000 5,770 17,505
1/19/2000 5,760 17,515
1/20/2000 5,813 17,391
1/21/2000 5,824 17,340
1/22/2000 5,824 17,340
1/23/2000 5,824 17,340
1/24/2000 5,995 16,861
1/25/2000 5,963 16,963
1/26/2000 5,984 16,892
1/27/2000 5,995 16,827
1/28/2000 6,177 16,367
1/29/2000 6,177 16,367
1/30/2000 6,177 16,367
1/31/2000 6,038 16,779
2/1/2000 5,963 16,958
2/2/2000 5,973 16,957
2/3/2000 5,899 17,150
2/4/2000 5,899 17,143
2/5/2000 5,899 17,143
2/6/2000 5,899 17,143
2/7/2000 5,909 17,142
2/8/2000 5,835 17,353
2/9/2000 5,963 16,996
2/10/2000 5,952 17,057
2/11/2000 6,070 16,701
2/12/2000 6,070 16,701
2/13/2000 6,070 16,701
2/14/2000 6,059 16,736
2/15/2000 6,006 16,882
2/16/2000 6,070 16,712
2/17/2000 6,091 16,719
2/18/2000 6,251 16,211
2/19/2000 6,251 16,211
2/20/2000 6,251 16,211
2/21/2000 6,251 16,211
2/22/2000 6,241 16,285
2/23/2000 6,198 16,389
2/24/2000 6,251 16,302
2/25/2000 6,315 16,061
2/26/2000 6,315 16,061
2/27/2000 6,315 16,061
2/28/2000 6,273 16,240
2/29/2000 6,177 16,462
3/1/2000 6,123 16,619
3/2/2000 6,102 16,650
3/3/2000 5,984 16,981
3/4/2000 5,984 16,981
3/5/2000 5,984 16,981
3/6/2000 6,070 16,767
3/7/2000 6,230 16,338
3/8/2000 6,177 16,473
3/9/2000 6,027 16,895
3/10/2000 6,038 16,816
3/11/2000 6,038 16,816
3/12/2000 6,038 16,816
3/13/2000 6,102 16,680
3/14/2000 6,198 16,385
3/15/2000 6,070 16,783
3/16/2000 5,749 17,585
3/17/2000 5,738 17,658
3/18/2000 5,738 17,658
3/19/2000 5,738 17,658
3/20/2000 5,760 17,563
3/21/2000 5,621 18,012
3/22/2000 5,610 18,094
3/23/2000 5,503 18,416
3/24/2000 5,493 18,418
3/25/2000 5,493 18,418
3/26/2000 5,493 18,418
3/27/2000 5,514 18,374
3/28/2000 5,578 18,180
3/29/2000 5,557 18,192
3/30/2000 5,653 17,944
3/31/2000 5,610 18,072
4/1/2000 5,610 18,072
4/2/2000 5,610 18,072
4/3/2000 5,578 18,161
4/4/2000 5,610 18,027
4/5/2000 5,653 17,939
4/6/2000 5,610 18,111
4/7/2000 5,546 18,292
4/8/2000 5,546 18,292
4/9/2000 5,546 18,292
4/10/2000 5,599 18,148
4/11/2000 5,610 18,102
4/12/2000 5,760 17,701
4/13/2000 5,856 17,379
4/14/2000 6,219 16,366
4/15/2000 6,219 16,366
4/16/2000 6,219 16,366
4/17/2000 6,006 16,908
4/18/2000 5,835 17,393
4/19/2000 5,877 17,223
4/20/2000 5,867 17,308
4/21/2000 5,867 17,308
4/22/2000 5,867 17,308
4/23/2000 5,867 17,308
4/24/2000 5,888 17,252
4/25/2000 5,685 17,826
4/26/2000 5,749 17,629
4/27/2000 5,738 17,678
4/28/2000 5,792 17,529
4/29/2000 5,792 17,529
4/30/2000 5,792 17,529
5/1/2000 5,728 17,719
5/2/2000 5,813 17,455
5/3/2000 5,931 17,080
5/4/2000 5,963 17,014
5/5/2000 5,867 17,292
5/6/2000 5,867 17,292
5/7/2000 5,867 17,292
5/8/2000 5,909 17,192
5/9/2000 5,952 17,047
5/10/2000 6,080 16,700
5/11/2000 5,963 17,003
5/12/2000 5,909 17,162
5/13/2000 5,909 17,162
5/14/2000 5,909 17,162
5/15/2000 5,792 17,541
5/16/2000 5,738 17,707
5/17/2000 5,803 17,488
5/18/2000 5,856 17,361
5/19/2000 5,984 16,996
5/20/2000 5,984 16,996
5/21/2000 5,984 16,996
5/22/2000 6,016 16,921
5/23/2000 6,123 16,597
5/24/2000 6,016 16,902
5/25/2000 6,080 16,691
5/26/2000 6,102 16,650
5/27/2000 6,102 16,650
5/28/2000 6,102 16,650
5/29/2000 6,102 16,650
5/30/2000 5,909 17,188
5/31/2000 5,941 17,169
6/1/2000 5,824 17,510
6/2/2000 5,706 17,854
6/3/2000 5,706 17,854
6/4/2000 5,706 17,854
6/5/2000 5,738 17,738
6/6/2000 5,781 17,620
6/7/2000 5,728 17,785
6/8/2000 5,770 17,668
6/9/2000 5,781 17,611
6/10/2000 5,781 17,611
6/11/2000 5,781 17,611
6/12/2000 5,835 17,479
6/13/2000 5,749 17,765
6/14/2000 5,738 17,779
6/15/2000 5,717 17,878
6/16/2000 5,760 17,707
6/17/2000 5,760 17,707
6/18/2000 5,760 17,707
6/19/2000 5,685 17,968
6/20/2000 5,728 17,847
6/21/2000 5,728 17,885
6/22/2000 5,824 17,560
6/23/2000 5,867 17,430
6/24/2000 5,867 17,430
6/25/2000 5,867 17,430
6/26/2000 5,813 17,598
6/27/2000 5,835 17,540
6/28/2000 5,824 17,594
6/29/2000 5,888 17,444
6/30/2000 5,856 17,592
7/1/2000 5,856 17,592
7/2/2000 5,856 17,592
7/3/2000 5,781 17,773
7/4/2000 5,781 17,773
7/5/2000 5,877 17,495
7/6/2000 5,835 17,623
7/7/2000 5,738 17,892
7/8/2000 5,738 17,892
7/9/2000 5,738 17,892
7/10/2000 5,749 17,853
7/11/2000 5,728 17,917
7/12/2000 5,685 18,064
7/13/2000 5,674 18,099
7/14/2000 5,632 18,270
7/15/2000 5,632 18,270
7/16/2000 5,632 18,270
7/17/2000 5,621 18,277
7/18/2000 5,685 18,074
7/19/2000 5,728 17,932
7/20/2000 5,674 18,097
7/21/2000 5,738 17,911
7/22/2000 5,738 17,911
7/23/2000 5,738 17,911
7/24/2000 5,813 17,720
7/25/2000 5,770 17,843
7/26/2000 5,845 17,576
7/27/2000 5,867 17,544
7/28/2000 5,995 17,185
7/29/2000 5,995 17,185
7/30/2000 5,995 17,185
7/31/2000 5,963 17,317
8/1/2000 5,931 17,405
8/2/2000 5,909 17,414
8/3/2000 5,867 17,583
8/4/2000 5,835 17,711
8/5/2000 5,835 17,711
8/6/2000 5,835 17,711
8/7/2000 5,770 17,909
8/8/2000 5,749 17,953
8/9/2000 5,792 17,834
8/10/2000 5,845 17,684
8/11/2000 5,803 17,825
8/12/2000 5,803 17,825
8/13/2000 5,803 17,825
8/14/2000 5,728 18,065
8/15/2000 5,749 17,978
8/16/2000 5,781 17,925
8/17/2000 5,717 18,122
8/18/2000 5,738 18,070
8/19/2000 5,738 18,070
8/20/2000 5,738 18,070
8/21/2000 5,706 18,164
8/22/2000 5,717 18,148
8/23/2000 5,696 18,244
8/24/2000 5,685 18,272
8/25/2000 5,696 18,250
8/26/2000 5,696 18,250
8/27/2000 5,696 18,250
8/28/2000 5,664 18,343
8/29/2000 5,685 18,293
8/30/2000 5,717 18,210
8/31/2000 5,664 18,393
9/1/2000 5,653 18,431
9/2/2000 5,653 18,431
9/3/2000 5,653 18,431
9/4/2000 5,653 18,431
9/5/2000 5,706 18,265
9/6/2000 5,770 18,087
9/7/2000 5,728 18,211
9/8/2000 5,770 18,114
9/9/2000 5,770 18,114
9/10/2000 5,770 18,114
9/11/2000 5,792 18,051
9/12/2000 5,818 17,963
9/13/2000 5,807 18,002
9/14/2000 5,829 17,954
9/15/2000 5,894 17,771
9/16/2000 5,894 17,771
9/17/2000 5,894 17,771
9/18/2000 5,981 17,513
9/19/2000 5,916 17,700
9/20/2000 5,959 17,597
9/21/2000 5,959 17,569
9/22/2000 5,970 17,565
9/23/2000 5,970 17,565
9/24/2000 5,970 17,565
9/25/2000 6,014 17,448
9/26/2000 6,057 17,305
9/27/2000 6,068 17,299
9/28/2000 5,937 17,684
9/29/2000 6,025 17,422
9/30/2000 6,025 17,422
10/1/2000 6,025 17,422
10/2/2000 6,036 17,418
10/3/2000 6,090 17,300
10/4/2000 6,046 17,398
10/5/2000 6,036 17,425
10/6/2000 6,166 17,094
10/7/2000 6,166 17,094
10/8/2000 6,166 17,094
10/9/2000 6,188 17,009
10/10/2000 6,264 16,828
10/11/2000 6,373 16,557
10/12/2000 6,526 16,135
10/13/2000 6,319 16,673
10/14/2000 6,319 16,673
10/15/2000 6,319 16,673
10/16/2000 6,308 16,679
10/17/2000 6,428 16,380
10/18/2000 6,471 16,286
10/19/2000 6,243 16,852
10/20/2000 6,210 16,951
10/21/2000 6,210 16,951
10/22/2000 6,210 16,951
10/23/2000 6,210 16,937
10/24/2000 6,199 16,965
10/25/2000 6,362 16,563
10/26/2000 6,373 16,557
10/27/2000 6,275 16,742
10/28/2000 6,275 16,742
10/29/2000 6,275 16,742
10/30/2000 6,199 16,975
10/31/2000 6,068 17,348
11/1/2000 6,101 17,250
11/2/2000 6,068 17,338
11/3/2000 6,079 17,318
11/4/2000 6,079 17,318
11/5/2000 6,079 17,318
11/6/2000 6,057 17,386
11/7/2000 6,068 17,382
11/8/2000 6,166 17,110
11/9/2000 6,210 17,001
11/10/2000 6,362 16,587
11/11/2000 6,362 16,587
11/12/2000 6,362 16,587
11/13/2000 6,439 16,409
11/14/2000 6,275 16,795
11/15/2000 6,253 16,881
11/16/2000 6,330 16,669
11/17/2000 6,351 16,614
11/18/2000 6,351 16,614
11/19/2000 6,351 16,614
11/20/2000 6,482 16,309
11/21/2000 6,460 16,368
11/22/2000 6,580 16,064
11/23/2000 6,580 16,064
11/24/2000 6,493 16,300
11/25/2000 6,493 16,300
11/26/2000 6,493 16,300
11/27/2000 6,439 16,388
11/28/2000 6,515 16,233
11/29/2000 6,493 16,308
11/30/2000 6,646 15,980
12/1/2000 6,624 15,984
12/2/2000 6,624 15,984
12/3/2000 6,624 15,984
12/4/2000 6,569 16,102
12/5/2000 6,319 16,729
12/6/2000 6,450 16,428
12/7/2000 6,482 16,332
12/8/2000 6,362 16,652
12/9/2000 6,362 16,652
12/10/2000 6,362 16,652
12/11/2000 6,319 16,778
12/12/2000 6,351 16,668
12/13/2000 6,406 16,535
12/14/2000 6,515 16,304
12/15/2000 6,657 15,954
12/16/2000 6,657 15,954
12/17/2000 6,657 15,954
12/18/2000 6,602 16,083
12/19/2000 6,700 15,875
12/20/2000 6,907 15,379
12/21/2000 6,853 15,502
12/22/2000 6,678 15,881
12/23/2000 6,678 15,881
12/24/2000 6,678 15,881
12/25/2000 6,678 15,881
12/26/2000 6,624 15,993
12/27/2000 6,558 16,163
12/28/2000 6,548 16,228
12/29/2000 6,635 16,059
12/30/2000 6,635 16,059
12/31/2000 6,635 16,059
1/1/2001 6,635 16,059
1/2/2001 6,809 15,608
1/3/2001 6,450 16,392
1/4/2001 6,548 16,220
1/5/2001 6,722 15,794
1/6/2001 6,722 15,794
1/7/2001 6,722 15,794
1/8/2001 6,744 15,767
1/9/2001 6,733 15,828
1/10/2001 6,646 15,981
1/11/2001 6,591 16,146
1/12/2001 6,635 16,043
1/13/2001 6,635 16,043
1/14/2001 6,635 16,043
1/15/2001 6,635 16,043
1/16/2001 6,602 16,144
1/17/2001 6,580 16,179
1/18/2001 6,493 16,404
1/19/2001 6,526 16,338
1/20/2001 6,526 16,338
1/21/2001 6,526 16,338
1/22/2001 6,515 16,343
1/23/2001 6,439 16,556
1/24/2001 6,417 16,603
1/25/2001 6,450 16,521
1/26/2001 6,460 16,491
1/27/2001 6,460 16,491
1/28/2001 6,460 16,491
1/29/2001 6,428 16,604
1/30/2001 6,384 16,721
1/31/2001 6,406 16,628
2/1/2001 6,395 16,721
2/2/2001 6,504 16,428
2/3/2001 6,504 16,428
2/4/2001 6,504 16,428
2/5/2001 6,471 16,488
2/6/2001 6,493 16,464
2/7/2001 6,537 16,329
2/8/2001 6,591 16,227
2/9/2001 6,678 16,011
2/10/2001 6,678 16,011
2/11/2001 6,678 16,011
2/12/2001 6,591 16,201
2/13/2001 6,657 16,062
2/14/2001 6,657 16,030
2/15/2001 6,613 16,162
2/16/2001 6,755 15,856
2/17/2001 6,755 15,856
2/18/2001 6,755 15,856
2/19/2001 6,755 15,856
2/20/2001 6,864 15,581
2/21/2001 7,016 15,294
2/22/2001 7,016 15,264
2/23/2001 7,060 15,180
2/24/2001 7,060 15,180
2/25/2001 7,060 15,180
2/26/2001 6,929 15,446
2/27/2001 6,994 15,329
2/28/2001 7,103 15,112
3/1/2001 7,092 15,128
3/2/2001 7,147 15,042
3/3/2001 7,147 15,042
3/4/2001 7,147 15,042
3/5/2001 7,092 15,133
3/6/2001 7,016 15,284
3/7/2001 6,972 15,386
3/8/2001 6,972 15,421
3/9/2001 7,147 15,039
3/10/2001 7,147 15,039
3/11/2001 7,147 15,039
3/12/2001 7,474 14,390
3/13/2001 7,343 14,606
3/14/2001 7,572 14,229
3/15/2001 7,495 14,313
3/16/2001 7,648 14,032
3/17/2001 7,648 14,032
3/18/2001 7,648 14,032
3/19/2001 7,506 14,279
3/20/2001 7,713 13,936
3/21/2001 7,844 13,687
3/22/2001 7,888 13,631
3/23/2001 7,702 13,903
3/24/2001 7,702 13,903
3/25/2001 7,702 13,903
3/26/2001 7,593 14,060
3/27/2001 7,441 14,419
3/28/2001 7,637 14,069
3/29/2001 7,648 14,004
3/30/2001 7,593 14,155
3/31/2001 7,593 14,155
4/1/2001 7,593 14,155
4/2/2001 7,702 13,978
4/3/2001 7,964 13,498
4/4/2001 7,975 13,461
4/5/2001 7,604 14,049
4/6/2001 7,768 13,772
4/7/2001 7,768 13,772
4/8/2001 7,768 13,772
4/9/2001 7,692 13,883
4/10/2001 7,485 14,261
4/11/2001 7,506 14,231
4/12/2001 7,397 14,446
4/13/2001 7,397 14,446
4/14/2001 7,397 14,446
4/15/2001 7,397 14,446
4/16/2001 7,430 14,399
4/17/2001 7,354 14,547
4/18/2001 7,060 15,114
4/19/2001 6,962 15,304
4/20/2001 7,049 15,173
4/21/2001 7,049 15,173
4/22/2001 7,049 15,173
4/23/2001 7,158 14,945
4/24/2001 7,234 14,764
4/25/2001 7,114 14,999
4/26/2001 7,092 15,071
4/27/2001 6,994 15,298
4/28/2001 6,994 15,298
4/29/2001 6,994 15,298
4/30/2001 7,016 15,255
5/1/2001 6,918 15,462
5/2/2001 6,929 15,476
5/3/2001 7,016 15,247
5/4/2001 6,918 15,468
5/5/2001 6,918 15,468
5/6/2001 6,918 15,468
5/7/2001 6,940 15,430
5/8/2001 6,951 15,403
5/9/2001 6,983 15,336
5/10/2001 6,972 15,334
5/11/2001 7,038 15,219
5/12/2001 7,038 15,219
5/13/2001 7,038 15,219
5/14/2001 7,027 15,260
5/15/2001 7,016 15,267
5/16/2001 6,820 15,703
5/17/2001 6,798 15,746
5/18/2001 6,787 15,792
5/19/2001 6,787 15,792
5/20/2001 6,787 15,792
5/21/2001 6,678 16,047
5/22/2001 6,700 16,005
5/23/2001 6,798 15,757
5/24/2001 6,787 15,808
5/25/2001 6,874 15,621
5/26/2001 6,874 15,621
5/27/2001 6,874 15,621
5/28/2001 6,918 15,621
5/29/2001 6,918 15,500
5/30/2001 7,027 15,261
5/31/2001 7,158 15,357
6/1/2001 7,016 15,416
6/2/2001 7,016 15,416
6/3/2001 7,016 15,416
6/4/2001 6,983 15,495
6/5/2001 6,885 15,697
6/6/2001 6,972 15,533
6/7/2001 6,929 15,618
6/8/2001 6,994 15,472
6/9/2001 6,994 15,472
6/10/2001 6,994 15,472
6/11/2001 7,060 15,342
6/12/2001 7,049 15,360
6/13/2001 7,136 15,190
6/14/2001 7,267 14,924
6/15/2001 7,288 14,857
6/16/2001 7,288 14,857
6/17/2001 7,288 14,857
6/18/2001 7,332 14,784
6/19/2001 7,299 14,835
6/20/2001 7,234 14,965
6/21/2001 7,158 15,135
6/22/2001 7,234 14,993
6/23/2001 7,234 14,993
6/24/2001 7,234 14,993
6/25/2001 7,267 14,910
6/26/2001 7,278 14,887
6/27/2001 7,321 14,820
6/28/2001 7,223 15,005
6/29/2001 7,234 14,983
6/30/2001 7,234 14,983
7/1/2001 7,234 14,983
7/2/2001 7,169 15,134
7/3/2001 7,201 15,108
7/4/2001 7,201 15,108
7/5/2001 7,278 14,925
7/6/2001 7,463 14,577
7/7/2001 7,463 14,577
7/8/2001 7,463 14,577
7/9/2001 7,408 14,678
7/10/2001 7,506 14,467
7/11/2001 7,528 14,452
7/12/2001 7,332 14,794
7/13/2001 7,288 14,887
7/14/2001 7,288 14,887
7/15/2001 7,288 14,887
7/16/2001 7,365 14,725
7/17/2001 7,299 14,872
7/18/2001 7,332 14,790
7/19/2001 7,288 14,880
7/20/2001 7,321 14,829
7/21/2001 7,321 14,829
7/22/2001 7,321 14,829
7/23/2001 7,452 14,586
7/24/2001 7,561 14,349
7/25/2001 7,452 14,580
7/26/2001 7,365 14,732
7/27/2001 7,343 14,769
7/28/2001 7,343 14,769
7/29/2001 7,343 14,769
7/30/2001 7,354 14,753
7/31/2001 7,332 14,836
8/1/2001 7,288 14,895
8/2/2001 7,278 14,956
8/3/2001 7,310 14,879
8/4/2001 7,310 14,879
8/5/2001 7,310 14,879
8/6/2001 7,386 14,710
8/7/2001 7,376 14,758
8/8/2001 7,495 14,505
8/9/2001 7,495 14,506
8/10/2001 7,452 14,589
8/11/2001 7,452 14,589
8/12/2001 7,452 14,589
8/13/2001 7,463 14,604
8/14/2001 7,485 14,549
8/15/2001 7,539 14,445
8/16/2001 7,517 14,490
8/17/2001 7,648 14,249
8/18/2001 7,648 14,249
8/19/2001 7,648 14,249
8/20/2001 7,583 14,365
8/21/2001 7,692 14,191
8/22/2001 7,615 14,291
8/23/2001 7,648 14,252
8/24/2001 7,495 14,532
8/25/2001 7,495 14,532
8/26/2001 7,495 14,532
8/27/2001 7,528 14,462
8/28/2001 7,637 14,245
8/29/2001 7,724 14,089
8/30/2001 7,866 13,851
8/31/2001 7,822 13,907
9/1/2001 7,822 13,907
9/2/2001 7,822 13,907
9/3/2001 7,822 13,907
9/4/2001 7,844 13,899
9/5/2001 7,844 13,887
9/6/2001 8,029 13,577
9/7/2001 8,171 13,324
9/8/2001 8,171 13,324
9/9/2001 8,171 13,324
9/10/2001 8,116 13,407
9/11/2001 8,116 13,407
9/12/2001 8,116 13,407
9/13/2001 8,116 13,407
9/14/2001 8,116 13,407
9/15/2001 8,116 13,407
9/16/2001 8,116 13,407
9/17/2001 8,539 12,752
9/18/2001 8,563 12,678
9/19/2001 8,745 12,474
9/20/2001 8,988 12,087
9/21/2001 9,170 11,857
9/22/2001 9,170 11,857
9/23/2001 9,170 11,857
9/24/2001 8,806 12,319
9/25/2001 8,709 12,427
9/26/2001 8,745 12,367
9/27/2001 8,660 12,509
9/28/2001 8,466 12,784
9/29/2001 8,466 12,784
9/30/2001 8,466 12,784
10/1/2001 8,478 12,755
10/2/2001 8,381 12,912
10/3/2001 8,199 13,171
10/4/2001 8,224 13,139
10/5/2001 8,236 13,163
10/6/2001 8,236 13,163
10/7/2001 8,236 13,163
10/8/2001 8,272 13,054
10/9/2001 8,333 12,984
10/10/2001 8,127 13,283
10/11/2001 8,005 13,486
10/12/2001 8,042 13,415
10/13/2001 8,042 13,415
10/14/2001 8,042 13,415
10/15/2001 8,066 13,394
10/16/2001 8,018 13,487
10/17/2001 8,175 13,237
10/18/2001 8,224 13,133
10/19/2001 8,199 13,193
10/20/2001 8,199 13,193
10/21/2001 8,199 13,193
10/22/2001 8,066 13,394
10/23/2001 8,102 13,332
10/24/2001 8,115 13,337
10/25/2001 7,993 13,520
10/26/2001 7,969 13,575
10/27/2001 7,969 13,575
10/28/2001 7,969 13,575
10/29/2001 8,151 13,253
10/30/2001 8,296 13,026
10/31/2001 8,284 13,028
11/1/2001 8,102 13,328
11/2/2001 8,078 13,367
11/3/2001 8,078 13,367
11/4/2001 8,078 13,367
11/5/2001 7,969 13,559
11/6/2001 7,860 13,756
11/7/2001 7,872 13,723
11/8/2001 7,848 13,758
11/9/2001 7,836 13,780
11/10/2001 7,836 13,780
11/11/2001 7,836 13,780
11/12/2001 7,860 13,755
11/13/2001 7,702 14,013
11/14/2001 7,690 14,042
11/15/2001 7,690 14,055
11/16/2001 7,714 14,012
11/17/2001 7,714 14,012
11/18/2001 7,714 14,012
11/19/2001 7,629 14,165
11/20/2001 7,678 14,062
11/21/2001 7,726 13,993
11/22/2001 7,726 13,993
11/23/2001 7,641 14,157
11/24/2001 7,641 14,157
11/25/2001 7,641 14,157
11/26/2001 7,593 14,244
11/27/2001 7,629 14,147
11/28/2001 7,775 13,891
11/29/2001 7,702 14,036
11/30/2001 7,714 14,027
12/1/2001 7,714 14,027
12/2/2001 7,714 14,027
12/3/2001 7,787 13,910
12/4/2001 7,666 14,093
12/5/2001 7,484 14,412
12/6/2001 7,520 14,373
12/7/2001 7,557 14,265
12/8/2001 7,557 14,265
12/9/2001 7,557 14,265
12/10/2001 7,678 14,038
12/11/2001 7,702 13,999
12/12/2001 7,702 14,006
12/13/2001 7,836 13,788
12/14/2001 7,799 13,834
12/15/2001 7,799 13,834
12/16/2001 7,799 13,834
12/17/2001 7,714 13,973
12/18/2001 7,654 14,079
12/19/2001 7,617 14,161
12/20/2001 7,666 14,044
12/21/2001 7,641 14,106
12/22/2001 7,641 14,106
12/23/2001 7,641 14,106
12/24/2001 7,641 14,103
12/25/2001 7,641 14,103
12/26/2001 7,605 14,161
12/27/2001 7,569 14,261
12/28/2001 7,544 14,309
12/29/2001 7,544 14,309
12/30/2001 7,544 14,309
12/31/2001 7,629 14,150
1/1/2002 7,629 14,150
1/2/2002 7,581 14,233
1/3/2002 7,508 14,364
1/4/2002 7,460 14,453
1/5/2002 7,460 14,453
1/6/2002 7,460 14,453
1/7/2002 7,508 14,359
1/8/2002 7,532 14,312
1/9/2002 7,581 14,244
1/10/2002 7,557 14,261
1/11/2002 7,641 14,127
1/12/2002 7,641 14,127
1/13/2002 7,641 14,127
1/14/2002 7,690 14,038
1/15/2002 7,629 14,134
1/16/2002 7,751 13,906
1/17/2002 7,678 14,045
1/18/2002 7,751 13,906
1/19/2002 7,751 13,906
1/20/2002 7,751 13,906
1/21/2002 7,751 13,906
1/22/2002 7,811 13,804
1/23/2002 7,751 13,914
1/24/2002 7,714 13,963
1/25/2002 7,714 13,976
1/26/2002 7,714 13,976
1/27/2002 7,714 13,976
1/28/2002 7,714 13,974
1/29/2002 7,945 13,575
1/30/2002 7,848 13,737
1/31/2002 7,739 13,943
2/1/2002 7,763 13,845
2/2/2002 7,763 13,845
2/3/2002 7,763 13,845
2/4/2002 7,969 13,502
2/5/2002 8,005 13,448
2/6/2002 8,042 13,369
2/7/2002 8,078 13,331
2/8/2002 7,945 13,529
2/9/2002 7,945 13,529
2/10/2002 7,945 13,529
2/11/2002 7,836 13,724
2/12/2002 7,872 13,669
2/13/2002 7,787 13,809
2/14/2002 7,811 13,786
2/15/2002 7,884 13,634
2/16/2002 7,884 13,634
2/17/2002 7,884 13,634
2/18/2002 7,884 13,634
2/19/2002 8,042 13,377
2/20/2002 7,920 13,559
2/21/2002 8,054 13,349
2/22/2002 7,993 13,459
2/23/2002 7,993 13,459
2/24/2002 7,993 13,459
2/25/2002 7,836 13,701
2/26/2002 7,848 13,701
2/27/2002 7,836 13,713
2/28/2002 7,848 13,675
3/1/2002 7,690 13,984
3/2/2002 7,690 13,984
3/3/2002 7,690 13,984
3/4/2002 7,532 14,257
3/5/2002 7,581 14,162
3/6/2002 7,472 14,370
3/7/2002 7,496 14,306
3/8/2002 7,460 14,390
3/9/2002 7,460 14,390
3/10/2002 7,460 14,390
3/11/2002 7,435 14,439
3/12/2002 7,447 14,406
3/13/2002 7,532 14,268
3/14/2002 7,544 14,255
3/15/2002 7,447 14,417
3/16/2002 7,447 14,417
3/17/2002 7,447 14,417
3/18/2002 7,460 14,410
3/19/2002 7,423 14,469
3/20/2002 7,544 14,241
3/21/2002 7,532 14,263
3/22/2002 7,569 14,203
3/23/2002 7,569 14,203
3/24/2002 7,569 14,203
3/25/2002 7,678 13,995
3/26/2002 7,641 14,078
3/27/2002 7,593 14,154
3/28/2002 7,581 14,189
3/29/2002 7,581 14,189
3/30/2002 7,581 14,189
3/31/2002 7,581 14,189
4/1/2002 7,593 14,178
4/2/2002 7,641 14,057
4/3/2002 7,726 13,919
4/4/2002 7,714 13,931
4/5/2002 7,739 13,887
4/6/2002 7,739 13,887
4/7/2002 7,739 13,887
4/8/2002 7,726 13,922
4/9/2002 7,775 13,830
4/10/2002 7,690 13,987
4/11/2002 7,860 13,656
4/12/2002 7,823 13,747
4/13/2002 7,823 13,747
4/14/2002 7,823 13,747
4/15/2002 7,872 13,642
4/16/2002 7,702 13,962
4/17/2002 7,702 13,934
4/18/2002 7,726 13,915
4/19/2002 7,714 13,923
4/20/2002 7,714 13,923
4/21/2002 7,714 13,923
4/22/2002 7,836 13,709
4/23/2002 7,884 13,624
4/24/2002 7,945 13,527
4/25/2002 7,957 13,507
4/26/2002 8,078 13,320
4/27/2002 8,078 13,320
4/28/2002 8,078 13,320
4/29/2002 8,151 13,186
4/30/2002 8,066 13,329
5/1/2002 7,981 13,448
5/2/2002 8,005 13,426
5/3/2002 8,078 13,289
5/4/2002 8,078 13,289
5/5/2002 8,078 13,289
5/6/2002 8,236 13,032
5/7/2002 8,272 12,993
5/8/2002 7,957 13,482
5/9/2002 8,066 13,288
5/10/2002 8,199 13,065
5/11/2002 8,199 13,065
5/12/2002 8,199 13,065
5/13/2002 8,054 13,309
5/14/2002 7,884 13,591
5/15/2002 7,920 13,518
5/16/2002 7,860 13,608
5/17/2002 7,811 13,715
5/18/2002 7,811 13,715
5/19/2002 7,811 13,715
5/20/2002 7,908 13,532
5/21/2002 8,005 13,384
5/22/2002 7,957 13,461
5/23/2002 7,872 13,598
5/24/2002 7,969 13,434
5/25/2002 7,969 13,434
5/26/2002 7,969 13,434
5/27/2002 7,969 13,434
5/28/2002 8,042 13,319
5/29/2002 8,090 13,235
5/30/2002 8,115 13,200
5/31/2002 8,090 13,230
6/1/2002 8,090 13,230
6/2/2002 8,090 13,230
6/3/2002 8,321 12,903
6/4/2002 8,296 12,903
6/5/2002 8,224 13,022
6/6/2002 8,381 12,765
6/7/2002 8,406 12,745
6/8/2002 8,406 12,745
6/9/2002 8,406 12,745
6/10/2002 8,369 12,785
6/11/2002 8,515 12,572
6/12/2002 8,454 12,657
6/13/2002 8,539 12,525
6/14/2002 8,551 12,496
6/15/2002 8,551 12,496
6/16/2002 8,551 12,496
6/17/2002 8,321 12,855
6/18/2002 8,309 12,867
6/19/2002 8,454 12,655
6/20/2002 8,563 12,486
6/21/2002 8,697 12,273
6/22/2002 8,697 12,273
6/23/2002 8,697 12,273
6/24/2002 8,660 12,317
6/25/2002 8,818 12,112
6/26/2002 8,830 12,085
6/27/2002 8,685 12,298
6/28/2002 8,697 12,288
6/29/2002 8,697 12,288
6/30/2002 8,697 12,288
7/1/2002 8,879 12,025
7/2/2002 9,073 11,772
7/3/2002 9,012 11,846
7/4/2002 9,012 11,846
7/5/2002 8,660 12,281
7/6/2002 8,660 12,281
7/7/2002 8,660 12,281
7/8/2002 8,782 12,135
7/9/2002 9,000 11,836
7/10/2002 9,315 11,435
7/11/2002 9,218 11,521
7/12/2002 9,291 11,447
7/13/2002 9,291 11,447
7/14/2002 9,291 11,447
7/15/2002 9,327 11,404
7/16/2002 9,485 11,194
7/17/2002 9,449 11,257
7/18/2002 9,740 10,953
7/19/2002 10,116 10,533
7/20/2002 10,116 10,533
7/21/2002 10,116 10,533
7/22/2002 10,419 10,186
7/23/2002 10,674 9,911
7/24/2002 10,067 10,479
7/25/2002 10,140 10,421
7/26/2002 9,970 10,596
7/27/2002 9,970 10,596
7/28/2002 9,970 10,596
7/29/2002 9,425 11,171
7/30/2002 9,388 11,219
7/31/2002 9,303 11,330
8/1/2002 9,606 10,997
8/2/2002 9,825 10,743
8/3/2002 9,825 10,743
8/4/2002 9,825 10,743
8/5/2002 10,164 10,375
8/6/2002 9,813 10,685
8/7/2002 9,606 10,901
8/8/2002 9,315 11,258
8/9/2002 9,279 11,300
8/10/2002 9,279 11,300
8/11/2002 9,279 11,300
8/12/2002 9,352 11,240
8/13/2002 9,558 10,998
8/14/2002 9,158 11,441
8/15/2002 9,049 11,575
8/16/2002 9,061 11,557
8/17/2002 9,061 11,557
8/18/2002 9,061 11,557
8/19/2002 8,842 11,831
8/20/2002 8,951 11,665
8/21/2002 8,842 11,815
8/22/2002 8,721 11,981
8/23/2002 8,927 11,710
8/24/2002 8,927 11,710
8/25/2002 8,927 11,710
8/26/2002 8,867 11,798
8/27/2002 8,988 11,635
8/28/2002 9,146 11,426
8/29/2002 9,146 11,426
8/30/2002 9,170 11,404
8/31/2002 9,170 11,404
9/1/2002 9,170 11,404
9/2/2002 9,170 11,404
9/3/2002 9,558 10,931
9/4/2002 9,391 11,126
9/5/2002 9,526 10,949
9/6/2002 9,366 11,134
9/7/2002 9,366 11,134
9/8/2002 9,366 11,134
9/9/2002 9,280 11,247
9/10/2002 9,195 11,329
9/11/2002 9,207 11,329
9/12/2002 9,428 11,051
9/13/2002 9,403 11,087
9/14/2002 9,403 11,087
9/15/2002 9,403 11,087
9/16/2002 9,379 11,104
9/17/2002 9,575 10,885
9/18/2002 9,624 10,835
9/19/2002 9,906 10,510
9/20/2002 9,893 10,535
9/21/2002 9,893 10,535
9/22/2002 9,893 10,535
9/23/2002 10,016 10,390
9/24/2002 10,188 10,210
9/25/2002 9,943 10,467
9/26/2002 9,734 10,659
9/27/2002 10,077 10,316
9/28/2002 10,077 10,316
9/29/2002 10,077 10,316
9/30/2002 10,237 10,165
10/1/2002 9,808 10,572
10/2/2002 10,041 10,325
10/3/2002 10,163 10,213
10/4/2002 10,372 9,984
10/5/2002 10,372 9,984
10/6/2002 10,372 9,984
10/7/2002 10,568 9,793
10/8/2002 10,396 9,963
10/9/2002 10,690 9,692
10/10/2002 10,298 10,032
10/11/2002 9,893 10,424
10/12/2002 9,893 10,424
10/13/2002 9,893 10,424
10/14/2002 9,820 10,500
10/15/2002 9,354 10,997
10/16/2002 9,587 10,733
10/17/2002 9,379 10,972
10/18/2002 9,330 11,037
10/19/2002 9,330 11,037
10/20/2002 9,330 11,037
10/21/2002 9,158 11,229
10/22/2002 9,256 11,109
10/23/2002 9,195 11,184
10/24/2002 9,342 11,014
10/25/2002 9,182 11,203
10/26/2002 9,182 11,203
10/27/2002 9,182 11,203
10/28/2002 9,244 11,110
10/29/2002 9,342 11,011
10/30/2002 9,256 11,119
10/31/2002 9,317 11,060
11/1/2002 9,121 11,250
11/2/2002 9,121 11,250
11/3/2002 9,121 11,250
11/4/2002 9,072 11,342
11/5/2002 8,986 11,430
11/6/2002 8,913 11,537
11/7/2002 9,121 11,276
11/8/2002 9,195 11,178
11/9/2002 9,195 11,178
11/10/2002 9,195 11,178
11/11/2002 9,391 10,946
11/12/2002 9,317 11,031
11/13/2002 9,317 11,030
11/14/2002 9,072 11,303
11/15/2002 9,035 11,373
11/16/2002 9,035 11,373
11/17/2002 9,035 11,373
11/18/2002 9,133 11,255
11/19/2002 9,146 11,210
11/20/2002 8,974 11,429
11/21/2002 8,778 11,674
11/22/2002 8,802 11,634
11/23/2002 8,802 11,634
11/24/2002 8,802 11,634
11/25/2002 8,790 11,664
11/26/2002 8,974 11,421
11/27/2002 8,729 11,742
11/28/2002 8,729 11,742
11/29/2002 8,766 11,711
11/30/2002 8,766 11,711
12/1/2002 8,766 11,711
12/2/2002 8,778 11,688
12/3/2002 8,900 11,516
12/4/2002 8,913 11,480
12/5/2002 9,035 11,343
12/6/2002 8,974 11,414
12/7/2002 8,974 11,414
12/8/2002 8,974 11,414
12/9/2002 9,182 11,161
12/10/2002 9,048 11,318
12/11/2002 9,048 11,326
12/12/2002 9,072 11,285
12/13/2002 9,207 11,133
12/14/2002 9,207 11,133
12/15/2002 9,207 11,133
12/16/2002 8,974 11,396
12/17/2002 9,048 11,303
12/18/2002 9,182 11,155
12/19/2002 9,231 11,072
12/20/2002 9,133 11,216
12/21/2002 9,133 11,216
12/22/2002 9,133 11,216
12/23/2002 9,097 11,236
12/24/2002 9,158 11,175
12/25/2002 9,158 11,175
12/26/2002 9,195 11,140
12/27/2002 9,330 10,966
12/28/2002 9,330 10,966
12/29/2002 9,330 10,966
12/30/2002 9,293 11,016
12/31/2002 9,280 11,023
1/1/2003 9,280 11,023
1/2/2003 8,962 11,390
1/3/2003 8,974 11,384
1/4/2003 8,974 11,384
1/5/2003 8,974 11,384
1/6/2003 8,778 11,640
1/7/2003 8,827 11,565
1/8/2003 8,962 11,405
1/9/2003 8,778 11,627
1/10/2003 8,778 11,627
1/11/2003 8,778 11,627
1/12/2003 8,778 11,627
1/13/2003 8,790 11,611
1/14/2003 8,741 11,679
1/15/2003 8,864 11,512
1/16/2003 8,888 11,467
1/17/2003 9,023 11,306
1/18/2003 9,023 11,306
1/19/2003 9,023 11,306
1/20/2003 9,023 11,306
1/21/2003 9,170 11,129
1/22/2003 9,280 11,014
1/23/2003 9,158 11,126
1/24/2003 9,452 10,801
1/25/2003 9,452 10,801
1/26/2003 9,452 10,801
1/27/2003 9,587 10,627
1/28/2003 9,477 10,765
1/29/2003 9,403 10,840
1/30/2003 9,612 10,595
1/31/2003 9,489 10,734
2/1/2003 9,489 10,734
2/2/2003 9,489 10,734
2/3/2003 9,440 10,792
2/4/2003 9,575 10,640
2/5/2003 9,624 10,584
2/6/2003 9,673 10,519
2/7/2003 9,795 10,413
2/8/2003 9,795 10,413
2/9/2003 9,795 10,413
2/10/2003 9,697 10,492
2/11/2003 9,783 10,408
2/12/2003 9,906 10,280
2/13/2003 9,918 10,265
2/14/2003 9,697 10,485
2/15/2003 9,697 10,485
2/16/2003 9,697 10,485
2/17/2003 9,697 10,485
2/18/2003 9,513 10,690
2/19/2003 9,587 10,616
2/20/2003 9,685 10,516
2/21/2003 9,538 10,655
2/22/2003 9,538 10,655
2/23/2003 9,538 10,655
2/24/2003 9,722 10,459
2/25/2003 9,661 10,534
2/26/2003 9,783 10,400
2/27/2003 9,661 10,524
2/28/2003 9,612 10,573
3/1/2003 9,612 10,573
3/2/2003 9,612 10,573
3/3/2003 9,697 10,493
3/4/2003 9,832 10,332
3/5/2003 9,746 10,434
3/6/2003 9,832 10,338
3/7/2003 9,759 10,423
3/8/2003 9,759 10,423
3/9/2003 9,759 10,423
3/10/2003 10,016 10,155
3/11/2003 10,090 10,070
3/12/2003 10,041 10,118
3/13/2003 9,685 10,467
3/14/2003 9,661 10,484
3/15/2003 9,661 10,484
3/16/2003 9,661 10,484
3/17/2003 9,330 10,856
3/18/2003 9,293 10,902
3/19/2003 9,207 10,998
3/20/2003 9,195 11,019
3/21/2003 8,986 11,272
3/22/2003 8,986 11,272
3/23/2003 8,986 11,272
3/24/2003 9,305 10,875
3/25/2003 9,182 11,008
3/26/2003 9,231 10,948
3/27/2003 9,244 10,931
3/28/2003 9,305 10,868
3/29/2003 9,305 10,868
3/30/2003 9,305 10,868
3/31/2003 9,477 10,676
4/1/2003 9,354 10,805
4/2/2003 9,097 11,089
4/3/2003 9,170 11,034
4/4/2003 9,133 11,064
4/5/2003 9,133 11,064
4/6/2003 9,133 11,064
4/7/2003 9,121 11,078
4/8/2003 9,146 11,061
4/9/2003 9,268 10,907
4/10/2003 9,207 10,978
4/11/2003 9,231 10,937
4/12/2003 9,231 10,937
4/13/2003 9,231 10,937
4/14/2003 9,060 11,151
4/15/2003 8,999 11,222
4/16/2003 9,121 11,085
4/17/2003 8,974 11,257
4/18/2003 8,974 11,257
4/19/2003 8,974 11,257
4/20/2003 8,974 11,257
4/21/2003 8,986 11,237
4/22/2003 8,778 11,481
4/23/2003 8,717 11,578
4/24/2003 8,790 11,482
4/25/2003 8,913 11,323
4/26/2003 8,913 11,323
4/27/2003 8,913 11,323
4/28/2003 8,741 11,527
4/29/2003 8,717 11,565
4/30/2003 8,753 11,555
5/1/2003 8,741 11,549
5/2/2003 8,606 11,723
5/3/2003 8,606 11,723
5/4/2003 8,606 11,723
5/5/2003 8,643 11,679
5/6/2003 8,557 11,777
5/7/2003 8,606 11,719
5/8/2003 8,704 11,602
5/9/2003 8,569 11,770
5/10/2003 8,569 11,770
5/11/2003 8,569 11,770
5/12/2003 8,459 11,918
5/13/2003 8,484 11,884
5/14/2003 8,508 11,849
5/15/2003 8,447 11,944
5/16/2003 8,471 11,915
5/17/2003 8,471 11,915
5/18/2003 8,471 11,915
5/19/2003 8,668 11,619
5/20/2003 8,680 11,606
5/21/2003 8,643 11,653
5/22/2003 8,557 11,760
5/23/2003 8,557 11,777
5/24/2003 8,557 11,777
5/25/2003 8,557 11,777
5/26/2003 8,557 11,777
5/27/2003 8,373 12,008
5/28/2003 8,373 12,031
5/29/2003 8,410 11,987
5/30/2003 8,263 12,164
5/31/2003 8,263 12,164
6/1/2003 8,263 12,164
6/2/2003 8,251 12,207
6/3/2003 8,202 12,265
6/4/2003 8,079 12,454
6/5/2003 8,055 12,504
6/6/2003 8,079 12,474
6/7/2003 8,079 12,474
6/8/2003 8,079 12,474
6/9/2003 8,165 12,325
6/10/2003 8,091 12,438
6/11/2003 7,981 12,602
6/12/2003 7,969 12,615
6/13/2003 8,055 12,490
6/14/2003 8,055 12,490
6/15/2003 8,055 12,490
6/16/2003 7,871 12,770
6/17/2003 7,871 12,782
6/18/2003 7,883 12,763
6/19/2003 8,005 12,569
6/20/2003 8,005 12,582
6/21/2003 8,005 12,582
6/22/2003 8,005 12,582
6/23/2003 8,116 12,404
6/24/2003 8,091 12,427
6/25/2003 8,165 12,324
6/26/2003 8,067 12,462
6/27/2003 8,165 12,341
6/28/2003 8,165 12,341
6/29/2003 8,165 12,341
6/30/2003 8,177 12,319
7/1/2003 8,104 12,420
7/2/2003 8,005 12,565
7/3/2003 8,067 12,463
7/4/2003 8,067 12,463
7/5/2003 8,067 12,463
7/6/2003 8,067 12,463
7/7/2003 7,920 12,700
7/8/2003 7,895 12,747
7/9/2003 7,932 12,677
7/10/2003 8,042 12,507
7/11/2003 7,969 12,627
7/12/2003 7,969 12,627
7/13/2003 7,969 12,627
7/14/2003 7,920 12,699
7/15/2003 7,944 12,656
7/16/2003 7,993 12,576
7/17/2003 8,104 12,421
7/18/2003 8,005 12,567
7/19/2003 8,005 12,567
7/20/2003 8,005 12,567
7/21/2003 8,116 12,384
7/22/2003 8,042 12,501
7/23/2003 8,030 12,508
7/24/2003 8,091 12,419
7/25/2003 7,944 12,635
7/26/2003 7,944 12,635
7/27/2003 7,944 12,635
7/28/2003 7,956 12,608
7/29/2003 8,018 12,518
7/30/2003 8,042 12,497
7/31/2003 8,018 12,536
8/1/2003 8,104 12,408
8/2/2003 8,104 12,408
8/3/2003 8,104 12,408
8/4/2003 8,079 12,441
8/5/2003 8,226 12,222
8/6/2003 8,214 12,245
8/7/2003 8,140 12,334
8/8/2003 8,116 12,378
8/9/2003 8,116 12,378
8/10/2003 8,116 12,378
8/11/2003 8,091 12,420
8/12/2003 8,005 12,543
8/13/2003 8,055 12,468
8/14/2003 8,005 12,550
8/15/2003 8,005 12,554
8/16/2003 8,005 12,554
8/17/2003 8,005 12,554
8/18/2003 7,932 12,670
8/19/2003 7,907 12,703
8/20/2003 7,932 12,678
8/21/2003 7,895 12,717
8/22/2003 7,981 12,587
8/23/2003 7,981 12,587
8/24/2003 7,981 12,587
8/25/2003 7,981 12,595
8/26/2003 7,956 12,634
8/27/2003 7,944 12,637
8/28/2003 7,907 12,714
8/29/2003 7,858 12,781
8/30/2003 7,858 12,781
8/31/2003 7,858 12,781
9/1/2003 7,858 12,781
9/2/2003 7,748 12,958
9/3/2003 7,724 13,016
9/4/2003 7,699 13,038
9/5/2003 7,760 12,955
9/6/2003 7,760 12,955
9/7/2003 7,760 12,955
9/8/2003 7,674 13,086
9/9/2003 7,736 12,978
9/10/2003 7,834 12,824
9/11/2003 7,785 12,898
9/12/2003 7,773 12,926
9/13/2003 7,773 12,926
9/14/2003 7,773 12,926
9/15/2003 7,797 12,878
9/16/2003 7,687 13,062
9/17/2003 7,711 13,020
9/18/2003 7,613 13,193
9/19/2003 7,638 13,151
9/20/2003 7,638 13,151
9/21/2003 7,638 13,151
9/22/2003 7,736 12,980
9/23/2003 7,687 13,059
9/24/2003 7,822 12,810
9/25/2003 7,871 12,735
9/26/2003 7,920 12,656
9/27/2003 7,920 12,656
9/28/2003 7,920 12,656
9/29/2003 7,858 12,780
9/30/2003 7,932 12,645
10/1/2003 7,760 12,928
10/2/2003 7,736 12,956
10/3/2003 7,662 13,078
10/4/2003 7,662 13,078
10/5/2003 7,662 13,078
10/6/2003 7,625 13,135
10/7/2003 7,589 13,198
10/8/2003 7,625 13,133
10/9/2003 7,601 13,196
10/10/2003 7,589 13,189
10/11/2003 7,589 13,189
10/12/2003 7,589 13,189
10/13/2003 7,540 13,281
10/14/2003 7,515 13,334
10/15/2003 7,527 13,302
10/16/2003 7,515 13,344
10/17/2003 7,589 13,208
10/18/2003 7,589 13,208
10/19/2003 7,589 13,208
10/20/2003 7,552 13,276
10/21/2003 7,540 13,293
10/22/2003 7,650 13,095
10/23/2003 7,625 13,138
10/24/2003 7,662 13,077
10/25/2003 7,662 13,077
10/26/2003 7,662 13,077
10/27/2003 7,650 13,105
10/28/2003 7,527 13,304
10/29/2003 7,515 13,323
10/30/2003 7,527 13,312
10/31/2003 7,503 13,360
11/1/2003 7,503 13,360
11/2/2003 7,503 13,360
11/3/2003 7,442 13,466
11/4/2003 7,478 13,393
11/5/2003 7,491 13,377
11/6/2003 7,454 13,457
11/7/2003 7,478 13,399
11/8/2003 7,478 13,399
11/9/2003 7,478 13,399
11/10/2003 7,527 13,322
11/11/2003 7,527 13,315
11/12/2003 7,442 13,473
11/13/2003 7,442 13,471
11/14/2003 7,503 13,371
11/15/2003 7,503 13,371
11/16/2003 7,503 13,371
11/17/2003 7,552 13,285
11/18/2003 7,613 13,165
11/19/2003 7,552 13,272
11/20/2003 7,625 13,160
11/21/2003 7,613 13,182
11/22/2003 7,613 13,182
11/23/2003 7,613 13,182
11/24/2003 7,491 13,396
11/25/2003 7,466 13,420
11/26/2003 7,442 13,481
11/27/2003 7,442 13,481
11/28/2003 7,429 13,478
11/29/2003 7,429 13,478
11/30/2003 7,429 13,478
12/1/2003 7,356 13,630
12/2/2003 7,380 13,586
12/3/2003 7,393 13,565
12/4/2003 7,356 13,630
12/5/2003 7,405 13,525
12/6/2003 7,405 13,525
12/7/2003 7,405 13,525
12/8/2003 7,356 13,625
12/9/2003 7,417 13,509
12/10/2003 7,429 13,497
12/11/2003 7,331 13,654
12/12/2003 7,307 13,691
12/13/2003 7,307 13,691
12/14/2003 7,307 13,691
12/15/2003 7,356 13,614
12/16/2003 7,307 13,704
12/17/2003 7,294 13,723
12/18/2003 7,221 13,887
12/19/2003 7,221 13,881
12/20/2003 7,221 13,881
12/21/2003 7,221 13,881
12/22/2003 7,196 13,935
12/23/2003 7,172 13,975
12/24/2003 7,184 13,949
12/25/2003 7,184 13,949
12/26/2003 7,160 13,973
12/27/2003 7,160 13,973
12/28/2003 7,160 13,973
12/29/2003 7,086 14,151
12/30/2003 7,086 14,155
12/31/2003 7,086 14,184
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 12/31/03
- --------------------------------------------------------------------------------
SINCE
ONE FIVE INCEPTION
YEAR YEAR (06/09/97)
- --------------------------------------------------------------------------------
URSA FUND -23.78% 1.03% -5.11%
S&P 500 INDEX 28.68% -0.57% 5.47%
- --------------------------------------------------------------------------------
THE RETURNS PRESENTED ABOVE DO NOT REFLECT THE EFFECTS OF TAXES. PAST
PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE S&P 500 INDEX IS AN UNMANAGED
STOCK INDEX AND, UNLIKE THE FUND, HAS NO MANAGEMENT FEES OR OTHER OPERATING
EXPENSES TO REDUCE ITS REPORTED RETURNS. RETURNS ARE HISTORICAL AND INCLUDE
CHANGES IN PRINCIPAL AND REINVESTED DIVIDENDS AND CAPITAL GAINS.
OTC FUND
- --------------------------------------------------------------------------------
OBJECTIVE: To provide investment returns that correspond to the daily
performance of the Nasdaq 100 Index.
Inception: May 7, 1997
After three-year bear market, investor optimism led to a market rebound in 2003.
The once-beleaguered technology sector, which generally contains high-beta
stocks, led the market recovery. Large-cap stocks and technology stocks
outperformed during the period. The Nasdaq 100 Index(R), which has exposure to
both, returned 49.13% for the year. Rydex OTC Fund returned 45.41% for the same
period.
CUMULATIVE FUND PERFORMANCE: MAY 7, 1997 - DECEMBER 31, 2003
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
Date Variable OTC Nasdaq 100 Index
5/7/1997 $10,000 $10,000
5/8/1997 10,110 10,111
5/9/1997 10,100 10,109
5/10/1997 10,100 10,109
5/11/1997 10,100 10,109
5/12/1997 10,160 10,169
5/13/1997 10,000 10,014
5/14/1997 9,980 10,007
5/15/1997 10,190 10,248
5/16/1997 10,020 10,066
5/17/1997 10,020 10,066
5/18/1997 10,020 10,066
5/19/1997 9,990 10,047
5/20/1997 10,320 10,361
5/21/1997 10,390 10,454
5/22/1997 10,350 10,405
5/23/1997 10,490 10,548
5/24/1997 10,490 10,548
5/25/1997 10,490 10,548
5/26/1997 10,490 10,548
5/27/1997 10,760 10,829
5/28/1997 10,730 10,807
5/29/1997 10,600 10,674
5/30/1997 10,480 10,545
5/31/1997 10,480 10,545
6/1/1997 10,480 10,545
6/2/1997 10,470 10,544
6/3/1997 10,150 10,226
6/4/1997 10,150 10,140
6/5/1997 10,200 10,235
6/6/1997 10,330 10,393
6/7/1997 10,330 10,393
6/8/1997 10,330 10,393
6/9/1997 10,420 10,498
6/10/1997 10,270 10,351
6/11/1997 10,360 10,437
6/12/1997 10,350 10,448
6/13/1997 10,520 10,606
6/14/1997 10,520 10,606
6/15/1997 10,520 10,606
6/16/1997 10,620 10,733
6/17/1997 10,740 10,881
6/18/1997 10,570 10,685
6/19/1997 10,670 10,799
6/20/1997 10,630 10,794
6/21/1997 10,630 10,794
6/22/1997 10,630 10,794
6/23/1997 10,500 10,658
6/24/1997 10,720 10,849
6/25/1997 10,650 10,769
6/26/1997 10,510 10,639
6/27/1997 10,460 10,591
6/28/1997 10,460 10,591
6/29/1997 10,460 10,591
6/30/1997 10,400 10,528
7/1/1997 10,350 10,486
7/2/1997 10,590 10,733
7/3/1997 10,720 10,850
7/4/1997 10,720 10,850
7/5/1997 10,720 10,850
7/6/1997 10,720 10,850
7/7/1997 10,750 10,899
7/8/1997 10,910 11,062
7/9/1997 10,950 11,110
7/10/1997 10,950 11,108
7/11/1997 10,990 11,170
7/12/1997 10,990 11,170
7/13/1997 10,990 11,170
7/14/1997 11,300 11,459
7/15/1997 11,500 11,647
7/16/1997 12,010 12,136
7/17/1997 11,920 12,042
7/18/1997 11,640 11,779
7/19/1997 11,640 11,779
7/20/1997 11,640 11,779
7/21/1997 11,510 11,641
7/22/1997 11,860 11,998
7/23/1997 11,850 12,010
7/24/1997 11,810 11,965
7/25/1997 11,770 11,937
7/26/1997 11,770 11,937
7/27/1997 11,770 11,937
7/28/1997 11,660 11,825
7/29/1997 11,780 11,965
7/30/1997 11,950 12,109
7/31/1997 12,010 12,175
8/1/1997 12,030 12,196
8/2/1997 12,030 12,196
8/3/1997 12,030 12,196
8/4/1997 12,190 12,363
8/5/1997 12,330 12,498
8/6/1997 12,370 12,558
8/7/1997 12,310 12,489
8/8/1997 12,080 12,263
8/9/1997 12,080 12,263
8/10/1997 12,080 12,263
8/11/1997 11,930 12,111
8/12/1997 11,820 11,996
8/13/1997 11,900 12,088
8/14/1997 11,960 12,137
8/15/1997 11,640 11,841
8/16/1997 11,640 11,841
8/17/1997 11,640 11,841
8/18/1997 11,810 11,983
8/19/1997 12,170 12,331
8/20/1997 12,430 12,593
8/21/1997 12,120 12,304
8/22/1997 12,040 12,218
8/23/1997 12,040 12,218
8/24/1997 12,040 12,218
8/25/1997 11,990 12,184
8/26/1997 11,800 12,023
8/27/1997 11,790 12,009
8/28/1997 11,550 11,774
8/29/1997 11,590 11,814
8/30/1997 11,590 11,814
8/31/1997 11,590 11,814
9/1/1997 11,590 11,814
9/2/1997 11,910 12,128
9/3/1997 11,870 12,103
9/4/1997 11,940 12,162
9/5/1997 11,990 12,220
9/6/1997 11,990 12,220
9/7/1997 11,990 12,220
9/8/1997 12,050 12,294
9/9/1997 12,160 12,392
9/10/1997 11,870 12,130
9/11/1997 11,900 12,153
9/12/1997 11,900 12,165
9/13/1997 11,900 12,165
9/14/1997 11,900 12,165
9/15/1997 11,610 11,881
9/16/1997 12,010 12,279
9/17/1997 11,920 12,193
9/18/1997 11,910 12,200
9/19/1997 12,020 12,303
9/20/1997 12,020 12,303
9/21/1997 12,020 12,303
9/22/1997 12,070 12,358
9/23/1997 12,200 12,483
9/24/1997 11,990 12,272
9/25/1997 11,880 12,169
9/26/1997 11,880 12,173
9/27/1997 11,880 12,173
9/28/1997 11,880 12,173
9/29/1997 12,000 12,304
9/30/1997 11,760 12,067
10/1/1997 11,820 12,120
10/2/1997 11,940 12,240
10/3/1997 12,060 12,367
10/4/1997 12,060 12,367
10/5/1997 12,060 12,367
10/6/1997 12,070 12,383
10/7/1997 12,240 12,546
10/8/1997 12,290 12,596
10/9/1997 12,320 12,628
10/10/1997 12,200 12,513
10/11/1997 12,200 12,513
10/12/1997 12,200 12,513
10/13/1997 12,230 12,543
10/14/1997 12,130 12,443
10/15/1997 11,990 12,308
10/16/1997 11,770 12,091
10/17/1997 11,510 11,824
10/18/1997 11,510 11,824
10/19/1997 11,510 11,824
10/20/1997 11,650 11,969
10/21/1997 11,900 12,214
10/22/1997 11,760 12,084
10/23/1997 11,510 11,819
10/24/1997 11,320 11,629
10/25/1997 11,320 11,629
10/26/1997 11,320 11,629
10/27/1997 10,490 10,765
10/28/1997 11,290 11,513
10/29/1997 11,100 11,325
10/30/1997 10,770 11,006
10/31/1997 11,000 11,214
11/1/1997 11,000 11,214
11/2/1997 11,000 11,214
11/3/1997 11,350 11,556
11/4/1997 11,300 11,522
11/5/1997 11,290 11,514
11/6/1997 11,140 11,374
11/7/1997 11,080 11,309
11/8/1997 11,080 11,309
11/9/1997 11,080 11,309
11/10/1997 10,890 11,125
11/11/1997 10,880 11,119
11/12/1997 10,530 10,780
11/13/1997 10,820 11,056
11/14/1997 11,070 11,304
11/15/1997 11,070 11,304
11/16/1997 11,070 11,304
11/17/1997 11,310 11,545
11/18/1997 11,160 11,397
11/19/1997 11,190 11,428
11/20/1997 11,450 11,685
11/21/1997 11,390 11,620
11/22/1997 11,390 11,620
11/23/1997 11,390 11,620
11/24/1997 11,090 11,330
11/25/1997 11,190 11,417
11/26/1997 11,240 11,485
11/27/1997 11,240 11,485
11/28/1997 11,310 11,554
11/29/1997 11,310 11,554
11/30/1997 11,310 11,554
12/1/1997 11,620 11,869
12/2/1997 11,330 11,571
12/3/1997 11,420 11,676
12/4/1997 11,320 11,578
12/5/1997 11,510 11,771
12/6/1997 11,510 11,771
12/7/1997 11,510 11,771
12/8/1997 11,660 11,910
12/9/1997 11,300 11,555
12/10/1997 11,120 11,363
12/11/1997 10,780 11,019
12/12/1997 10,520 10,761
12/13/1997 10,520 10,761
12/14/1997 10,520 10,761
12/15/1997 10,580 10,826
12/16/1997 10,730 10,968
12/17/1997 10,580 10,818
12/18/1997 10,400 10,633
12/19/1997 10,450 10,667
12/20/1997 10,450 10,667
12/21/1997 10,450 10,667
12/22/1997 10,510 10,731
12/23/1997 10,210 10,443
12/24/1997 10,090 10,327
12/25/1997 10,090 10,327
12/26/1997 10,260 10,493
12/27/1997 10,260 10,493
12/28/1997 10,260 10,493
12/29/1997 10,530 10,762
12/30/1997 10,750 10,981
12/31/1997 10,650 10,897
1/1/1998 10,650 10,897
1/2/1998 10,850 11,089
1/3/1998 10,850 11,089
1/4/1998 10,850 11,089
1/5/1998 10,950 11,190
1/6/1998 10,820 11,067
1/7/1998 10,660 10,901
1/8/1998 10,700 10,938
1/9/1998 10,290 10,516
1/10/1998 10,290 10,516
1/11/1998 10,290 10,516
1/12/1998 10,450 10,681
1/13/1998 10,710 10,944
1/14/1998 10,720 10,958
1/15/1998 10,710 10,949
1/16/1998 10,820 11,063
1/17/1998 10,820 11,063
1/18/1998 10,820 11,063
1/19/1998 10,820 11,063
1/20/1998 11,050 11,294
1/21/1998 11,040 11,290
1/22/1998 10,980 11,225
1/23/1998 11,020 11,267
1/24/1998 11,020 11,267
1/25/1998 11,020 11,267
1/26/1998 10,930 11,178
1/27/1998 11,160 11,391
1/28/1998 11,460 11,693
1/29/1998 11,520 11,757
1/30/1998 11,550 11,780
1/31/1998 11,550 11,780
2/1/1998 11,550 11,780
2/2/1998 11,870 12,109
2/3/1998 11,980 12,222
2/4/1998 12,130 12,367
2/5/1998 12,010 12,261
2/6/1998 12,230 12,475
2/7/1998 12,230 12,475
2/8/1998 12,230 12,475
2/9/1998 12,090 12,348
2/10/1998 12,280 12,535
2/11/1998 12,270 12,525
2/12/1998 12,340 12,591
2/13/1998 12,240 12,501
2/14/1998 12,240 12,501
2/15/1998 12,240 12,501
2/16/1998 12,240 12,501
2/17/1998 12,160 12,413
2/18/1998 12,290 12,546
2/19/1998 12,460 12,722
2/20/1998 12,500 12,755
2/21/1998 12,500 12,755
2/22/1998 12,500 12,755
2/23/1998 12,800 13,038
2/24/1998 12,650 12,894
2/25/1998 12,960 13,202
2/26/1998 13,040 13,274
2/27/1998 12,900 13,133
2/28/1998 12,900 13,133
3/1/1998 12,900 13,133
3/2/1998 12,710 12,951
3/3/1998 12,680 12,931
3/4/1998 12,730 12,976
3/5/1998 12,120 12,393
3/6/1998 12,520 12,792
3/7/1998 12,520 12,792
3/8/1998 12,520 12,792
3/9/1998 12,130 12,410
3/10/1998 12,350 12,632
3/11/1998 12,400 12,690
3/12/1998 12,500 12,794
3/13/1998 12,570 12,860
3/14/1998 12,570 12,860
3/15/1998 12,570 12,860
3/16/1998 12,690 12,980
3/17/1998 12,550 12,844
3/18/1998 12,640 12,945
3/19/1998 12,730 13,045
3/20/1998 12,550 12,861
3/21/1998 12,550 12,861
3/22/1998 12,550 12,861
3/23/1998 12,660 12,969
3/24/1998 12,870 13,174
3/25/1998 13,050 13,361
3/26/1998 13,100 13,395
3/27/1998 13,020 13,326
3/28/1998 13,020 13,326
3/29/1998 13,020 13,326
3/30/1998 12,960 13,271
3/31/1998 13,120 13,425
4/1/1998 13,200 13,510
4/2/1998 13,210 13,530
4/3/1998 13,250 13,568
4/4/1998 13,250 13,568
4/5/1998 13,250 13,568
4/6/1998 12,940 13,257
4/7/1998 12,680 13,001
4/8/1998 12,780 13,099
4/9/1998 12,840 13,164
4/10/1998 12,840 13,164
4/11/1998 12,840 13,164
4/12/1998 12,840 13,164
4/13/1998 12,910 13,230
4/14/1998 13,010 13,342
4/15/1998 13,210 13,542
4/16/1998 13,160 13,500
4/17/1998 13,200 13,541
4/18/1998 13,200 13,541
4/19/1998 13,200 13,541
4/20/1998 13,430 13,782
4/21/1998 13,620 13,964
4/22/1998 13,860 14,197
4/23/1998 13,500 13,842
4/24/1998 13,400 13,749
4/25/1998 13,400 13,749
4/26/1998 13,400 13,749
4/27/1998 13,080 13,418
4/28/1998 13,090 13,445
4/29/1998 13,270 13,633
4/30/1998 13,360 13,727
5/1/1998 13,390 13,764
5/2/1998 13,390 13,764
5/3/1998 13,390 13,764
5/4/1998 13,430 13,812
5/5/1998 13,340 13,717
5/6/1998 13,280 13,662
5/7/1998 13,070 13,447
5/8/1998 13,410 13,792
5/9/1998 13,410 13,792
5/10/1998 13,410 13,792
5/11/1998 13,240 13,612
5/12/1998 13,440 13,818
5/13/1998 13,510 13,891
5/14/1998 13,550 13,925
5/15/1998 13,380 13,742
5/16/1998 13,380 13,742
5/17/1998 13,380 13,742
5/18/1998 13,300 13,665
5/19/1998 13,440 13,809
5/20/1998 13,250 13,613
5/21/1998 13,100 13,458
5/22/1998 13,000 13,353
5/23/1998 13,000 13,353
5/24/1998 13,000 13,353
5/25/1998 13,000 13,353
5/26/1998 12,850 13,199
5/27/1998 12,950 13,302
5/28/1998 13,000 13,361
5/29/1998 12,740 13,110
5/30/1998 12,740 13,110
5/31/1998 12,740 13,110
6/1/1998 12,460 12,819
6/2/1998 12,700 13,056
6/3/1998 12,440 12,801
6/4/1998 12,790 13,145
6/5/1998 12,920 13,271
6/6/1998 12,920 13,271
6/7/1998 12,920 13,271
6/8/1998 12,910 13,275
6/9/1998 13,080 13,456
6/10/1998 12,820 13,190
6/11/1998 12,670 13,034
6/12/1998 12,700 13,055
6/13/1998 12,700 13,055
6/14/1998 12,700 13,055
6/15/1998 12,560 12,907
6/16/1998 12,980 13,317
6/17/1998 13,110 13,462
6/18/1998 13,150 13,498
6/19/1998 13,290 13,634
6/20/1998 13,290 13,634
6/21/1998 13,290 13,634
6/22/1998 13,560 13,901
6/23/1998 13,990 14,324
6/24/1998 14,290 14,640
6/25/1998 14,070 14,423
6/26/1998 14,170 14,528
6/27/1998 14,170 14,528
6/28/1998 14,170 14,528
6/29/1998 14,380 14,734
6/30/1998 14,360 14,708
7/1/1998 14,550 14,915
7/2/1998 14,290 14,655
7/3/1998 14,290 14,655
7/4/1998 14,290 14,655
7/5/1998 14,290 14,655
7/6/1998 14,390 14,766
7/7/1998 14,440 14,807
7/8/1998 14,790 15,153
7/9/1998 14,840 15,213
7/10/1998 14,930 15,299
7/11/1998 14,930 15,299
7/12/1998 14,930 15,299
7/13/1998 15,260 15,624
7/14/1998 15,240 15,597
7/15/1998 15,580 15,942
7/16/1998 15,610 15,976
7/17/1998 15,740 16,101
7/18/1998 15,740 16,101
7/19/1998 15,740 16,101
7/20/1998 15,760 16,122
7/21/1998 15,380 15,748
7/22/1998 15,380 15,734
7/23/1998 15,120 15,461
7/24/1998 15,150 15,492
7/25/1998 15,150 15,492
7/26/1998 15,150 15,492
7/27/1998 15,350 15,687
7/28/1998 14,970 15,323
7/29/1998 14,830 15,178
7/30/1998 15,300 15,640
7/31/1998 14,800 15,147
8/1/1998 14,800 15,147
8/2/1998 14,800 15,147
8/3/1998 14,720 15,050
8/4/1998 14,160 14,487
8/5/1998 14,300 14,626
8/6/1998 14,700 15,022
8/7/1998 14,660 15,002
8/8/1998 14,660 15,002
8/9/1998 14,660 15,002
8/10/1998 14,640 14,989
8/11/1998 14,290 14,629
8/12/1998 14,550 14,899
8/13/1998 14,380 14,720
8/14/1998 14,280 14,628
8/15/1998 14,280 14,628
8/16/1998 14,280 14,628
8/17/1998 14,700 15,043
8/18/1998 15,060 15,411
8/19/1998 15,030 15,378
8/20/1998 15,030 15,377
8/21/1998 14,770 15,120
8/22/1998 14,770 15,120
8/23/1998 14,770 15,120
8/24/1998 14,730 15,077
8/25/1998 14,930 15,269
8/26/1998 14,780 15,112
8/27/1998 14,100 14,432
8/28/1998 13,600 13,913
8/29/1998 13,600 13,913
8/30/1998 13,600 13,913
8/31/1998 12,240 12,541
9/1/1998 13,090 13,363
9/2/1998 13,150 13,433
9/3/1998 13,020 13,296
9/4/1998 12,970 13,257
9/5/1998 12,970 13,257
9/6/1998 12,970 13,257
9/7/1998 12,970 13,257
9/8/1998 13,840 14,149
9/9/1998 13,580 13,877
9/10/1998 13,290 13,587
9/11/1998 13,880 14,190
9/12/1998 13,880 14,190
9/13/1998 13,880 14,190
9/14/1998 14,070 14,388
9/15/1998 14,230 14,563
9/16/1998 14,310 14,643
9/17/1998 13,880 14,207
9/18/1998 13,970 14,305
9/19/1998 13,970 14,305
9/20/1998 13,970 14,305
9/21/1998 14,270 14,602
9/22/1998 14,360 14,695
9/23/1998 14,990 15,338
9/24/1998 14,570 14,918
9/25/1998 14,940 15,288
9/26/1998 14,940 15,288
9/27/1998 14,940 15,288
9/28/1998 14,870 15,213
9/29/1998 14,890 15,231
9/30/1998 14,470 14,798
10/1/1998 13,680 14,009
10/2/1998 13,700 14,038
10/3/1998 13,700 14,038
10/4/1998 13,700 14,038
10/5/1998 12,950 13,282
10/6/1998 12,700 13,031
10/7/1998 12,340 12,660
10/8/1998 12,110 12,415
10/9/1998 12,860 13,174
10/10/1998 12,860 13,174
10/11/1998 12,860 13,174
10/12/1998 13,340 13,675
10/13/1998 12,930 13,273
10/14/1998 13,250 13,590
10/15/1998 13,930 14,294
10/16/1998 13,860 14,230
10/17/1998 13,860 14,230
10/18/1998 13,860 14,230
10/19/1998 14,030 14,409
10/20/1998 13,730 14,113
10/21/1998 14,280 14,650
10/22/1998 14,530 14,904
10/23/1998 14,350 14,744
10/24/1998 14,350 14,744
10/25/1998 14,350 14,744
10/26/1998 14,660 15,055
10/27/1998 14,490 14,884
10/28/1998 14,770 15,177
10/29/1998 14,940 15,357
10/30/1998 14,980 15,403
10/31/1998 14,980 15,403
11/1/1998 14,980 15,403
11/2/1998 15,170 15,604
11/3/1998 14,980 15,416
11/4/1998 15,330 15,771
11/5/1998 15,430 15,860
11/6/1998 15,610 16,039
11/7/1998 15,610 16,039
11/8/1998 15,610 16,039
11/9/1998 15,710 16,141
11/10/1998 15,790 16,249
11/11/1998 15,850 16,285
11/12/1998 15,700 16,129
11/13/1998 15,680 16,114
11/14/1998 15,680 16,114
11/15/1998 15,680 16,114
11/16/1998 15,800 16,229
11/17/1998 16,050 16,481
11/18/1998 16,230 16,661
11/19/1998 16,470 16,909
11/20/1998 16,550 16,983
11/21/1998 16,550 16,983
11/22/1998 16,550 16,983
11/23/1998 17,040 17,476
11/24/1998 16,940 17,386
11/25/1998 17,130 17,580
11/26/1998 17,130 17,580
11/27/1998 17,460 17,909
11/28/1998 17,460 17,909
11/29/1998 17,460 17,909
11/30/1998 16,690 17,134
12/1/1998 17,520 17,955
12/2/1998 17,360 17,807
12/3/1998 16,860 17,308
12/4/1998 17,480 17,927
12/5/1998 17,480 17,927
12/6/1998 17,480 17,927
12/7/1998 17,990 18,442
12/8/1998 17,900 18,346
12/9/1998 18,090 18,536
12/10/1998 17,730 18,177
12/11/1998 17,980 18,422
12/12/1998 17,980 18,422
12/13/1998 17,980 18,422
12/14/1998 17,320 17,752
12/15/1998 17,860 18,298
12/16/1998 17,780 18,216
12/17/1998 18,140 18,583
12/18/1998 18,620 19,082
12/19/1998 18,620 19,082
12/20/1998 18,620 19,082
12/21/1998 19,200 19,657
12/22/1998 18,990 19,442
12/23/1998 19,570 20,005
12/24/1998 19,410 19,863
12/25/1998 19,410 19,863
12/26/1998 19,410 19,863
12/27/1998 19,410 19,863
12/28/1998 19,580 20,060
12/29/1998 19,570 20,053
12/30/1998 19,380 19,917
12/31/1998 19,570 20,192
1/1/1999 19,570 20,192
1/2/1999 19,570 20,192
1/3/1999 19,570 20,192
1/4/1999 19,790 20,395
1/5/1999 20,330 20,929
1/6/1999 20,990 21,600
1/7/1999 21,050 21,626
1/8/1999 21,130 21,706
1/9/1999 21,130 21,706
1/10/1999 21,130 21,706
1/11/1999 21,440 21,998
1/12/1999 20,770 21,333
1/13/1999 20,870 21,432
1/14/1999 20,410 20,964
1/15/1999 21,230 21,794
1/16/1999 21,230 21,794
1/17/1999 21,230 21,794
1/18/1999 21,230 21,794
1/19/1999 21,810 22,367
1/20/1999 21,820 22,367
1/21/1999 21,040 21,575
1/22/1999 21,060 21,602
1/23/1999 21,060 21,602
1/24/1999 21,060 21,602
1/25/1999 21,440 21,965
1/26/1999 22,160 22,680
1/27/1999 21,820 22,330
1/28/1999 22,630 23,146
1/29/1999 22,890 23,395
1/30/1999 22,890 23,395
1/31/1999 22,890 23,395
2/1/1999 22,930 23,436
2/2/1999 22,380 22,861
2/3/1999 22,800 23,315
2/4/1999 21,800 22,300
2/5/1999 21,380 21,872
2/6/1999 21,380 21,872
2/7/1999 21,380 21,872
2/8/1999 21,880 22,374
2/9/1999 20,810 21,285
2/10/1999 20,900 21,382
2/11/1999 22,000 22,487
2/12/1999 21,050 21,541
2/13/1999 21,050 21,541
2/14/1999 21,050 21,541
2/15/1999 21,050 21,541
2/16/1999 20,990 21,495
2/17/1999 20,330 20,801
2/18/1999 20,470 20,963
2/19/1999 20,740 21,246
2/20/1999 20,740 21,246
2/21/1999 20,740 21,246
2/22/1999 21,430 21,954
2/23/1999 21,800 22,306
2/24/1999 21,350 21,877
2/25/1999 21,210 21,714
2/26/1999 20,680 21,174
2/27/1999 20,680 21,174
2/28/1999 20,680 21,174
3/1/1999 20,800 21,311
3/2/1999 20,270 20,771
3/3/1999 20,410 20,894
3/4/1999 20,740 21,259
3/5/1999 21,140 21,665
3/6/1999 21,140 21,665
3/7/1999 21,140 21,665
3/8/1999 21,850 22,370
3/9/1999 21,780 22,310
3/10/1999 21,900 22,420
3/11/1999 21,960 22,477
3/12/1999 21,570 22,095
3/13/1999 21,570 22,095
3/14/1999 21,570 22,095
3/15/1999 22,130 22,660
3/16/1999 22,270 22,802
3/17/1999 22,180 22,705
3/18/1999 22,600 23,126
3/19/1999 22,070 22,586
3/20/1999 22,070 22,586
3/21/1999 22,070 22,586
3/22/1999 21,790 22,294
3/23/1999 21,080 21,570
3/24/1999 21,660 22,145
3/25/1999 22,430 22,913
3/26/1999 22,240 22,736
3/27/1999 22,240 22,736
3/28/1999 22,240 22,736
3/29/1999 23,060 23,587
3/30/1999 22,870 23,378
3/31/1999 22,630 23,166
4/1/1999 23,080 23,603
4/2/1999 23,080 23,603
4/3/1999 23,080 23,603
4/4/1999 23,080 23,603
4/5/1999 23,880 24,412
4/6/1999 23,890 24,403
4/7/1999 23,610 24,111
4/8/1999 23,950 24,468
4/9/1999 24,020 24,553
4/10/1999 24,020 24,553
4/11/1999 24,020 24,553
4/12/1999 23,850 24,407
4/13/1999 23,380 23,923
4/14/1999 22,580 23,136
4/15/1999 22,920 23,490
4/16/1999 22,370 22,947
4/17/1999 22,370 22,947
4/18/1999 22,370 22,947
4/19/1999 21,080 21,642
4/20/1999 21,770 22,329
4/21/1999 22,580 23,160
4/22/1999 23,430 24,014
4/23/1999 23,710 24,310
4/24/1999 23,710 24,310
4/25/1999 23,710 24,310
4/26/1999 24,260 24,863
4/27/1999 23,670 24,273
4/28/1999 23,050 23,651
4/29/1999 22,700 23,308
4/30/1999 22,880 23,496
5/1/1999 22,880 23,496
5/2/1999 22,880 23,496
5/3/1999 22,870 23,513
5/4/1999 22,430 23,069
5/5/1999 23,070 23,709
5/6/1999 22,250 22,861
5/7/1999 22,670 23,291
5/8/1999 22,670 23,291
5/9/1999 22,670 23,291
5/10/1999 22,850 23,478
5/11/1999 23,290 23,930
5/12/1999 23,740 24,390
5/13/1999 23,330 23,966
5/14/1999 22,770 23,372
5/15/1999 22,770 23,372
5/16/1999 22,770 23,372
5/17/1999 23,310 23,929
5/18/1999 23,130 23,748
5/19/1999 23,410 24,044
5/20/1999 22,900 23,535
5/21/1999 22,630 23,254
5/22/1999 22,630 23,254
5/23/1999 22,630 23,254
5/24/1999 22,060 22,662
5/25/1999 21,390 21,985
5/26/1999 21,970 22,579
5/27/1999 21,950 22,547
5/28/1999 22,370 22,983
5/29/1999 22,370 22,983
5/30/1999 22,370 22,983
5/31/1999 22,370 22,983
6/1/1999 21,680 22,280
6/2/1999 22,210 22,816
6/3/1999 21,730 22,330
6/4/1999 22,570 23,199
6/5/1999 22,570 23,199
6/6/1999 22,570 23,199
6/7/1999 23,040 23,675
6/8/1999 22,330 22,950
6/9/1999 22,870 23,486
6/10/1999 22,460 23,071
6/11/1999 22,070 22,681
6/12/1999 22,070 22,681
6/13/1999 22,070 22,681
6/14/1999 21,720 22,314
6/15/1999 22,030 22,636
6/16/1999 23,200 23,838
6/17/1999 23,460 24,095
6/18/1999 23,620 24,256
6/19/1999 23,620 24,256
6/20/1999 23,620 24,256
6/21/1999 24,300 24,951
6/22/1999 23,670 24,304
6/23/1999 23,980 24,628
6/24/1999 23,410 24,029
6/25/1999 23,420 24,039
6/26/1999 23,420 24,039
6/27/1999 23,420 24,039
6/28/1999 24,040 24,679
6/29/1999 24,450 25,076
6/30/1999 24,630 25,260
7/1/1999 24,900 25,541
7/2/1999 25,180 25,822
7/3/1999 25,180 25,822
7/4/1999 25,180 25,822
7/5/1999 25,180 25,822
7/6/1999 24,990 25,633
7/7/1999 25,080 25,743
7/8/1999 25,430 26,116
7/9/1999 25,630 26,318
7/10/1999 25,630 26,318
7/11/1999 25,630 26,318
7/12/1999 25,520 26,222
7/13/1999 25,400 26,106
7/14/1999 25,870 26,583
7/15/1999 25,980 26,717
7/16/1999 26,300 27,049
7/17/1999 26,300 27,049
7/18/1999 26,300 27,049
7/19/1999 25,940 26,666
7/20/1999 24,920 25,618
7/21/1999 25,290 25,995
7/22/1999 24,400 25,097
7/23/1999 24,620 25,318
7/24/1999 24,620 25,318
7/25/1999 24,620 25,318
7/26/1999 23,880 24,564
7/27/1999 24,690 25,392
7/28/1999 24,960 25,667
7/29/1999 24,210 24,889
7/30/1999 24,270 24,976
7/31/1999 24,270 24,976
8/1/1999 24,270 24,976
8/2/1999 24,200 24,908
8/3/1999 23,940 24,627
8/4/1999 23,570 24,243
8/5/1999 23,870 24,550
8/6/1999 23,660 24,329
8/7/1999 23,660 24,329
8/8/1999 23,660 24,329
8/9/1999 23,390 24,059
8/10/1999 23,140 23,797
8/11/1999 23,980 24,655
8/12/1999 23,690 24,353
8/13/1999 24,690 25,373
8/14/1999 24,690 25,373
8/15/1999 24,690 25,373
8/16/1999 24,760 25,439
8/17/1999 25,020 25,706
8/18/1999 24,820 25,487
8/19/1999 24,400 25,062
8/20/1999 24,780 25,461
8/21/1999 24,780 25,461
8/22/1999 24,780 25,461
8/23/1999 25,550 26,240
8/24/1999 25,760 26,448
8/25/1999 26,340 27,065
8/26/1999 25,880 26,585
8/27/1999 25,720 26,423
8/28/1999 25,720 26,423
8/29/1999 25,720 26,423
8/30/1999 25,330 26,031
8/31/1999 25,650 26,361
9/1/1999 25,740 26,450
9/2/1999 25,620 26,314
9/3/1999 26,830 27,569
9/4/1999 26,830 27,569
9/5/1999 26,830 27,569
9/6/1999 26,830 27,569
9/7/1999 26,670 27,405
9/8/1999 26,260 26,996
9/9/1999 26,808 27,555
9/10/1999 27,125 27,876
9/11/1999 27,125 27,876
9/12/1999 27,125 27,876
9/13/1999 26,573 27,309
9/14/1999 26,982 27,742
9/15/1999 26,348 27,089
9/16/1999 26,399 27,131
9/17/1999 27,146 27,901
9/18/1999 27,146 27,901
9/19/1999 27,146 27,901
9/20/1999 27,238 27,994
9/21/1999 26,471 27,206
9/22/1999 26,890 27,648
9/23/1999 25,704 26,429
9/24/1999 25,663 26,391
9/25/1999 25,663 26,391
9/26/1999 25,663 26,391
9/27/1999 25,939 26,687
9/28/1999 25,959 26,704
9/29/1999 25,642 26,382
9/30/1999 25,734 26,482
10/1/1999 25,704 26,444
10/2/1999 25,704 26,444
10/3/1999 25,704 26,444
10/4/1999 26,379 27,142
10/5/1999 26,419 27,182
10/6/1999 27,054 27,851
10/7/1999 27,043 27,847
10/8/1999 27,279 28,104
10/9/1999 27,279 28,104
10/10/1999 27,279 28,104
10/11/1999 27,534 28,363
10/12/1999 26,982 27,790
10/13/1999 26,194 26,994
10/14/1999 26,368 27,176
10/15/1999 25,632 26,437
10/16/1999 25,632 26,437
10/17/1999 25,632 26,437
10/18/1999 25,182 25,978
10/19/1999 25,182 25,980
10/20/1999 26,297 27,124
10/21/1999 26,419 27,244
10/22/1999 26,501 27,340
10/23/1999 26,501 27,340
10/24/1999 26,501 27,340
10/25/1999 26,481 27,321
10/26/1999 26,297 27,125
10/27/1999 26,205 27,027
10/28/1999 27,084 27,934
10/29/1999 28,107 29,007
10/30/1999 28,107 29,007
10/31/1999 28,107 29,007
11/1/1999 27,903 28,775
11/2/1999 28,025 28,892
11/3/1999 28,506 29,395
11/4/1999 28,823 29,729
11/5/1999 29,386 30,307
11/6/1999 29,386 30,307
11/7/1999 29,386 30,307
11/8/1999 29,713 30,643
11/9/1999 29,478 30,394
11/10/1999 29,836 30,768
11/11/1999 30,388 31,342
11/12/1999 30,797 31,772
11/13/1999 30,797 31,772
11/14/1999 30,797 31,772
11/15/1999 30,654 31,629
11/16/1999 31,349 32,334
11/17/1999 31,043 32,023
11/18/1999 32,014 33,032
11/19/1999 32,280 33,311
11/20/1999 32,280 33,311
11/21/1999 32,280 33,311
11/22/1999 32,495 33,540
11/23/1999 31,963 32,992
11/24/1999 33,109 34,188
11/25/1999 33,109 34,188
11/26/1999 33,201 34,277
11/27/1999 33,201 34,277
11/28/1999 33,201 34,277
11/29/1999 32,628 33,689
11/30/1999 31,626 32,628
12/1/1999 31,943 32,964
12/2/1999 33,109 34,187
12/3/1999 33,784 34,890
12/4/1999 33,784 34,890
12/5/1999 33,784 34,890
12/6/1999 33,988 35,096
12/7/1999 34,121 35,249
12/8/1999 33,702 34,799
12/9/1999 33,733 34,836
12/10/1999 34,111 35,230
12/11/1999 34,111 35,230
12/12/1999 34,111 35,230
12/13/1999 34,520 35,660
12/14/1999 33,722 34,834
12/15/1999 34,479 35,625
12/16/1999 35,471 36,649
12/17/1999 35,737 36,952
12/18/1999 35,737 36,952
12/19/1999 35,737 36,952
12/20/1999 36,065 37,283
12/21/1999 37,517 38,807
12/22/1999 37,865 39,178
12/23/1999 38,161 39,486
12/24/1999 38,161 39,486
12/25/1999 38,161 39,486
12/26/1999 38,161 39,486
12/27/1999 38,254 39,576
12/28/1999 38,049 39,362
12/29/1999 39,205 40,579
12/30/1999 39,143 40,513
12/31/1999 39,399 40,779
1/1/2000 39,399 40,779
1/2/2000 39,399 40,779
1/3/2000 40,279 41,688
1/4/2000 37,701 39,001
1/5/2000 37,292 38,573
1/6/2000 35,543 36,742
1/7/2000 37,538 38,819
1/8/2000 37,538 38,819
1/9/2000 37,538 38,819
1/10/2000 39,512 40,884
1/11/2000 37,671 38,981
1/12/2000 36,955 38,253
1/13/2000 38,346 39,726
1/14/2000 39,338 40,745
1/15/2000 39,338 40,745
1/16/2000 39,338 40,745
1/17/2000 39,338 40,745
1/18/2000 39,880 41,328
1/19/2000 40,228 41,692
1/20/2000 40,759 42,251
1/21/2000 40,841 42,342
1/22/2000 40,841 42,342
1/23/2000 40,841 42,342
1/24/2000 38,837 40,263
1/25/2000 39,880 41,343
1/26/2000 38,438 39,826
1/27/2000 38,131 39,517
1/28/2000 36,597 37,901
1/29/2000 36,597 37,901
1/30/2000 36,597 37,901
1/31/2000 37,896 39,263
2/1/2000 39,287 40,712
2/2/2000 39,532 40,962
2/3/2000 40,862 42,355
2/4/2000 41,107 42,610
2/5/2000 41,107 42,610
2/6/2000 41,107 42,610
2/7/2000 41,721 43,259
2/8/2000 43,112 44,684
2/9/2000 42,110 43,645
2/10/2000 43,398 44,982
2/11/2000 42,120 43,650
2/12/2000 42,120 43,650
2/13/2000 42,120 43,650
2/14/2000 42,294 43,839
2/15/2000 42,396 43,959
2/16/2000 42,406 43,970
2/17/2000 43,736 45,371
2/18/2000 42,048 43,615
2/19/2000 42,048 43,615
2/20/2000 42,048 43,615
2/21/2000 42,048 43,615
2/22/2000 42,079 43,652
2/23/2000 44,206 45,863
2/24/2000 45,086 46,775
2/25/2000 44,288 45,956
2/26/2000 44,288 45,956
2/27/2000 44,288 45,956
2/28/2000 44,104 45,775
2/29/2000 45,199 46,928
3/1/2000 45,638 47,390
3/2/2000 44,851 46,568
3/3/2000 47,040 48,863
3/4/2000 47,040 48,863
3/5/2000 47,040 48,863
3/6/2000 47,193 49,020
3/7/2000 46,487 48,290
3/8/2000 47,040 48,894
3/9/2000 48,512 50,440
3/10/2000 48,512 50,450
3/11/2000 48,512 50,450
3/12/2000 48,512 50,450
3/13/2000 46,835 48,686
3/14/2000 44,728 46,488
3/15/2000 43,695 45,423
3/16/2000 46,058 47,878
3/17/2000 46,958 48,836
3/18/2000 46,958 48,836
3/19/2000 46,958 48,836
3/20/2000 45,086 46,864
3/21/2000 47,070 48,934
3/22/2000 48,615 50,556
3/23/2000 49,300 51,257
3/24/2000 49,617 51,598
3/25/2000 49,617 51,598
3/26/2000 49,617 51,598
3/27/2000 49,750 51,743
3/28/2000 48,472 50,408
3/29/2000 46,682 48,544
3/30/2000 44,953 46,744
3/31/2000 46,497 48,367
4/1/2000 46,497 48,367
4/2/2000 46,497 48,367
4/3/2000 43,122 44,839
4/4/2000 42,672 44,368
4/5/2000 42,611 44,325
4/6/2000 43,214 44,946
4/7/2000 45,352 47,198
4/8/2000 45,352 47,198
4/9/2000 45,352 47,198
4/10/2000 42,273 43,973
4/11/2000 41,322 42,993
4/12/2000 38,417 39,963
4/13/2000 37,578 39,085
4/14/2000 33,937 35,256
4/15/2000 33,937 35,256
4/16/2000 33,937 35,256
4/17/2000 37,323 38,817
4/18/2000 39,276 40,866
4/19/2000 37,896 39,407
4/20/2000 37,067 38,551
4/21/2000 37,067 38,551
4/22/2000 37,067 38,551
4/23/2000 37,067 38,551
4/24/2000 35,471 36,882
4/25/2000 38,294 39,830
4/26/2000 37,088 38,556
4/27/2000 39,062 40,611
4/28/2000 39,911 41,497
4/29/2000 39,911 41,497
4/30/2000 39,911 41,497
5/1/2000 40,504 42,121
5/2/2000 38,366 39,893
5/3/2000 37,640 39,177
5/4/2000 37,732 39,271
5/5/2000 38,970 40,565
5/6/2000 38,970 40,565
5/7/2000 38,970 40,565
5/8/2000 37,210 38,731
5/9/2000 36,402 37,891
5/10/2000 34,285 35,686
5/11/2000 35,727 37,191
5/12/2000 35,983 37,462
5/13/2000 35,983 37,462
5/14/2000 35,983 37,462
5/15/2000 37,108 38,626
5/16/2000 38,519 40,108
5/17/2000 37,507 39,048
5/18/2000 36,198 37,683
5/19/2000 34,449 35,861
5/20/2000 34,449 35,861
5/21/2000 34,449 35,861
5/22/2000 34,490 35,905
5/23/2000 31,953 33,252
5/24/2000 33,600 34,977
5/25/2000 32,751 34,086
5/26/2000 32,761 34,110
5/27/2000 32,761 34,110
5/28/2000 32,761 34,110
5/29/2000 32,761 34,110
5/30/2000 36,054 37,548
5/31/2000 35,103 36,558
6/1/2000 37,149 38,702
6/2/2000 39,645 41,305
6/3/2000 39,645 41,305
6/4/2000 39,645 41,305
6/5/2000 39,368 41,026
6/6/2000 38,489 40,102
6/7/2000 39,440 41,089
6/8/2000 39,133 40,773
6/9/2000 39,685 41,355
6/10/2000 39,685 41,355
6/11/2000 39,685 41,355
6/12/2000 38,397 40,015
6/13/2000 39,737 41,416
6/14/2000 38,806 40,445
6/15/2000 39,583 41,265
6/16/2000 39,951 41,653
6/17/2000 39,951 41,653
6/18/2000 39,951 41,653
6/19/2000 41,496 43,263
6/20/2000 41,496 43,264
6/21/2000 41,874 43,662
6/22/2000 40,125 41,838
6/23/2000 38,867 40,531
6/24/2000 38,867 40,531
6/25/2000 38,867 40,531
6/26/2000 39,778 41,478
6/27/2000 39,010 40,682
6/28/2000 39,767 41,474
6/29/2000 38,652 40,317
6/30/2000 39,685 41,394
7/1/2000 39,685 41,394
7/2/2000 39,685 41,394
7/3/2000 40,115 41,845
7/4/2000 40,115 41,845
7/5/2000 38,479 40,141
7/6/2000 39,982 41,721
7/7/2000 40,483 42,246
7/8/2000 40,483 42,246
7/9/2000 40,483 42,246
7/10/2000 39,747 41,487
7/11/2000 39,450 41,182
7/12/2000 41,097 42,905
7/13/2000 41,680 43,515
7/14/2000 42,570 44,445
7/15/2000 42,570 44,445
7/16/2000 42,570 44,445
7/17/2000 42,805 44,673
7/18/2000 41,721 43,563
7/19/2000 40,483 42,276
7/20/2000 42,079 43,942
7/21/2000 41,169 42,988
7/22/2000 41,169 42,988
7/23/2000 41,169 42,988
7/24/2000 39,911 41,689
7/25/2000 40,698 42,512
7/26/2000 40,207 41,993
7/27/2000 38,755 40,491
7/28/2000 36,586 38,243
7/29/2000 36,586 38,243
7/30/2000 36,586 38,243
7/31/2000 37,967 39,696
8/1/2000 37,026 38,726
8/2/2000 36,689 38,387
8/3/2000 38,110 39,851
8/4/2000 38,049 39,798
8/5/2000 38,049 39,798
8/6/2000 38,049 39,798
8/7/2000 39,010 40,807
8/8/2000 38,765 40,543
8/9/2000 38,837 40,616
8/10/2000 37,814 39,540
8/11/2000 38,325 40,083
8/12/2000 38,325 40,083
8/13/2000 38,325 40,083
8/14/2000 39,113 40,908
8/15/2000 39,154 40,941
8/16/2000 39,133 40,926
8/17/2000 40,289 42,129
8/18/2000 40,043 41,875
8/19/2000 40,043 41,875
8/20/2000 40,043 41,875
8/21/2000 40,258 42,096
8/22/2000 40,258 42,099
8/23/2000 40,984 42,858
8/24/2000 41,537 43,437
8/25/2000 41,342 43,236
8/26/2000 41,342 43,236
8/27/2000 41,342 43,236
8/28/2000 41,578 43,489
8/29/2000 41,547 43,463
8/30/2000 41,721 43,648
8/31/2000 42,866 44,845
9/1/2000 43,081 45,084
9/2/2000 43,081 45,084
9/3/2000 43,081 45,084
9/4/2000 43,081 45,084
9/5/2000 41,885 43,849
9/6/2000 40,309 42,206
9/7/2000 41,527 43,479
9/8/2000 40,054 41,940
9/9/2000 40,054 41,940
9/10/2000 40,054 41,940
9/11/2000 38,929 40,767
9/12/2000 38,510 40,328
9/13/2000 39,289 41,152
9/14/2000 39,246 41,104
9/15/2000 38,606 40,432
9/16/2000 38,606 40,432
9/17/2000 38,606 40,432
9/18/2000 37,646 39,434
9/19/2000 39,449 41,313
9/20/2000 39,811 41,687
9/21/2000 39,043 40,892
9/22/2000 38,862 40,706
9/23/2000 38,862 40,706
9/24/2000 38,862 40,706
9/25/2000 38,030 39,836
9/26/2000 37,614 39,401
9/27/2000 37,496 39,284
9/28/2000 39,118 40,969
9/29/2000 37,486 39,270
9/30/2000 37,486 39,270
10/1/2000 37,486 39,270
10/2/2000 36,291 38,031
10/3/2000 35,182 36,880
10/4/2000 36,248 37,980
10/5/2000 35,918 37,661
10/6/2000 34,723 36,425
10/7/2000 34,723 36,425
10/8/2000 34,723 36,425
10/9/2000 34,798 36,501
10/10/2000 33,400 35,065
10/11/2000 32,472 34,100
10/12/2000 31,459 33,043
10/13/2000 34,371 36,049
10/14/2000 34,371 36,049
10/15/2000 34,371 36,049
10/16/2000 34,072 35,738
10/17/2000 33,251 34,888
10/18/2000 32,899 34,526
10/19/2000 35,715 37,426
10/20/2000 36,280 38,016
10/21/2000 36,280 38,016
10/22/2000 36,280 38,016
10/23/2000 35,918 37,635
10/24/2000 35,182 36,879
10/25/2000 32,557 34,177
10/26/2000 33,187 34,832
10/27/2000 33,272 34,921
10/28/2000 33,272 34,921
10/29/2000 33,272 34,921
10/30/2000 32,259 33,886
10/31/2000 34,382 36,099
11/1/2000 33,784 35,472
11/2/2000 34,648 36,387
11/3/2000 34,798 36,534
11/4/2000 34,798 36,534
11/5/2000 34,798 36,534
11/6/2000 34,467 36,189
11/7/2000 34,350 36,069
11/8/2000 32,003 33,644
11/9/2000 31,981 33,622
11/10/2000 30,200 31,787
11/11/2000 30,200 31,787
11/12/2000 30,200 31,787
11/13/2000 29,624 31,197
11/14/2000 31,789 33,428
11/15/2000 32,184 33,838
11/16/2000 30,563 32,171
11/17/2000 30,659 32,277
11/18/2000 30,659 32,277
11/19/2000 30,659 32,277
11/20/2000 29,133 30,711
11/21/2000 29,069 30,646
11/22/2000 27,810 29,345
11/23/2000 27,810 29,345
11/24/2000 29,528 31,125
11/25/2000 29,528 31,125
11/26/2000 29,528 31,125
11/27/2000 28,877 30,457
11/28/2000 27,309 28,827
11/29/2000 27,117 28,626
11/30/2000 26,072 27,567
12/1/2000 26,530 28,042
12/2/2000 26,530 28,042
12/3/2000 26,530 28,042
12/4/2000 26,584 28,093
12/5/2000 29,762 31,376
12/6/2000 28,600 30,175
12/7/2000 28,354 29,914
12/8/2000 30,200 31,843
12/9/2000 30,200 31,843
12/10/2000 30,200 31,843
12/11/2000 31,043 32,696
12/12/2000 29,869 31,490
12/13/2000 28,653 30,232
12/14/2000 27,490 29,027
12/15/2000 26,541 28,039
12/16/2000 26,541 28,039
12/17/2000 26,541 28,039
12/18/2000 26,477 27,969
12/19/2000 24,941 26,391
12/20/2000 22,946 24,309
12/21/2000 23,117 24,469
12/22/2000 25,367 26,794
12/23/2000 25,367 26,794
12/24/2000 25,367 26,794
12/25/2000 25,367 26,794
12/26/2000 25,037 26,446
12/27/2000 25,613 27,057
12/28/2000 25,655 27,106
12/29/2000 24,354 25,754
12/30/2000 24,354 25,754
12/31/2000 24,354 25,754
1/1/2001 24,354 25,754
1/2/2001 22,093 23,412
1/3/2001 26,306 27,807
1/4/2001 25,591 27,056
1/5/2001 23,543 24,942
1/6/2001 23,543 24,942
1/7/2001 23,543 24,942
1/8/2001 23,682 25,092
1/9/2001 23,991 25,421
1/10/2001 25,069 26,546
1/11/2001 26,242 27,762
1/12/2001 26,040 27,562
1/13/2001 26,040 27,562
1/14/2001 26,040 27,562
1/15/2001 26,040 27,562
1/16/2001 25,655 27,173
1/17/2001 26,584 28,140
1/18/2001 27,768 29,370
1/19/2001 27,618 29,207
1/20/2001 27,618 29,207
1/21/2001 27,618 29,207
1/22/2001 27,480 29,069
1/23/2001 28,397 30,025
1/24/2001 28,354 29,985
1/25/2001 26,957 28,549
1/26/2001 27,341 28,944
1/27/2001 27,341 28,944
1/28/2001 27,341 28,944
1/29/2001 28,002 29,634
1/30/2001 27,906 29,542
1/31/2001 26,925 28,518
2/1/2001 27,085 28,674
2/2/2001 25,634 27,189
2/3/2001 25,634 27,189
2/4/2001 25,634 27,189
2/5/2001 25,591 27,135
2/6/2001 25,655 27,201
2/7/2001 24,973 26,501
2/8/2001 24,365 25,908
2/9/2001 23,373 24,875
2/10/2001 23,373 24,875
2/11/2001 23,373 24,875
2/12/2001 23,618 25,151
2/13/2001 22,775 24,288
2/14/2001 23,853 25,359
2/15/2001 24,546 26,077
2/16/2001 22,850 24,333
2/17/2001 22,850 24,333
2/18/2001 22,850 24,333
2/19/2001 22,850 24,333
2/20/2001 21,602 23,042
2/21/2001 21,218 22,640
2/22/2001 20,930 22,353
2/23/2001 21,186 22,613
2/24/2001 21,186 22,613
2/25/2001 21,186 22,613
2/26/2001 21,612 23,070
2/27/2001 20,204 21,606
2/28/2001 19,618 20,988
3/1/2001 20,258 21,644
3/2/2001 19,340 20,691
3/3/2001 19,340 20,691
3/4/2001 19,340 20,691
3/5/2001 19,714 21,080
3/6/2001 20,332 21,735
3/7/2001 20,546 21,955
3/8/2001 19,948 21,316
3/9/2001 18,615 19,940
3/10/2001 18,615 19,940
3/11/2001 18,615 19,940
3/12/2001 17,239 18,484
3/13/2001 18,380 19,683
3/14/2001 17,932 19,192
3/15/2001 17,420 18,674
3/16/2001 16,897 18,119
3/17/2001 16,897 18,119
3/18/2001 16,897 18,119
3/19/2001 17,761 19,032
3/20/2001 16,545 17,756
3/21/2001 16,439 17,652
3/22/2001 17,463 18,717
3/23/2001 17,484 18,752
3/24/2001 17,484 18,752
3/25/2001 17,484 18,752
3/26/2001 17,185 18,443
3/27/2001 17,793 19,089
3/28/2001 16,396 17,621
3/29/2001 15,991 17,191
3/30/2001 16,087 17,303
3/31/2001 16,087 17,303
4/1/2001 16,087 17,303
4/2/2001 15,500 16,679
4/3/2001 14,273 15,387
4/4/2001 13,985 15,076
4/5/2001 15,532 16,707
4/6/2001 14,796 15,927
4/7/2001 14,796 15,927
4/8/2001 14,796 15,927
4/9/2001 15,127 16,290
4/10/2001 16,353 17,573
4/11/2001 16,855 18,118
4/12/2001 17,548 18,854
4/13/2001 17,548 18,854
4/14/2001 17,548 18,854
4/15/2001 17,548 18,854
4/16/2001 16,887 18,149
4/17/2001 17,111 18,383
4/18/2001 18,775 20,135
4/19/2001 20,076 21,482
4/20/2001 19,863 21,265
4/21/2001 19,863 21,265
4/22/2001 19,863 21,265
4/23/2001 18,594 19,927
4/24/2001 18,071 19,381
4/25/2001 18,615 19,954
4/26/2001 18,071 19,393
4/27/2001 18,572 19,912
4/28/2001 18,572 19,912
4/29/2001 18,572 19,912
4/30/2001 19,031 20,403
5/1/2001 19,703 21,105
5/2/2001 20,151 21,583
5/3/2001 19,266 20,652
5/4/2001 19,746 21,158
5/5/2001 19,746 21,158
5/6/2001 19,746 21,158
5/7/2001 19,447 20,846
5/8/2001 19,799 21,218
5/9/2001 19,244 20,642
5/10/2001 18,850 20,218
5/11/2001 18,668 20,030
5/12/2001 18,668 20,030
5/13/2001 18,668 20,030
5/14/2001 18,391 19,742
5/15/2001 18,412 19,761
5/16/2001 19,479 20,890
5/17/2001 19,756 21,173
5/18/2001 19,778 21,201
5/19/2001 19,778 21,201
5/20/2001 19,778 21,201
5/21/2001 21,079 22,574
5/22/2001 20,983 22,468
5/23/2001 20,087 21,529
5/24/2001 20,567 22,033
5/25/2001 20,119 21,564
5/26/2001 20,119 21,564
5/27/2001 20,119 21,564
5/28/2001 20,119 21,564
5/29/2001 19,202 20,605
5/30/2001 18,220 19,565
5/31/2001 18,391 19,795
6/1/2001 18,828 20,245
6/2/2001 18,828 20,245
6/3/2001 18,828 20,245
6/4/2001 18,807 20,224
6/5/2001 19,714 21,159
6/6/2001 19,500 20,938
6/7/2001 20,130 21,592
6/8/2001 19,415 20,855
6/9/2001 19,415 20,855
6/10/2001 19,415 20,855
6/11/2001 18,892 20,308
6/12/2001 18,946 20,369
6/13/2001 18,284 19,689
6/14/2001 17,441 18,822
6/15/2001 17,335 18,713
6/16/2001 17,335 18,713
6/17/2001 17,335 18,713
6/18/2001 16,961 18,328
6/19/2001 17,068 18,432
6/20/2001 17,548 18,934
6/21/2001 17,868 19,260
6/22/2001 17,612 18,999
6/23/2001 17,612 18,999
6/24/2001 17,612 18,999
6/25/2001 17,783 19,179
6/26/2001 17,868 19,264
6/27/2001 17,911 19,313
6/28/2001 18,476 19,895
6/29/2001 18,700 20,128
6/30/2001 18,700 20,128
7/1/2001 18,700 20,128
7/2/2001 18,658 20,094
7/3/2001 18,583 20,040
7/4/2001 18,583 20,040
7/5/2001 17,847 19,257
7/6/2001 16,972 18,351
7/7/2001 16,972 18,351
7/8/2001 16,972 18,351
7/9/2001 17,271 18,664
7/10/2001 16,503 17,871
7/11/2001 16,684 18,054
7/12/2001 17,836 19,248
7/13/2001 17,836 19,259
7/14/2001 17,836 19,259
7/15/2001 17,836 19,259
7/16/2001 17,143 18,540
7/17/2001 17,612 19,022
7/18/2001 16,940 18,332
7/19/2001 17,249 18,651
7/20/2001 17,047 18,438
7/21/2001 17,047 18,438
7/22/2001 17,047 18,438
7/23/2001 16,545 17,926
7/24/2001 16,279 17,650
7/25/2001 16,524 17,903
7/26/2001 17,004 18,404
7/27/2001 17,111 18,512
7/28/2001 17,111 18,512
7/29/2001 17,111 18,512
7/30/2001 16,972 18,367
7/31/2001 17,111 18,516
8/1/2001 17,591 19,021
8/2/2001 17,825 19,262
8/3/2001 17,559 18,981
8/4/2001 17,559 18,981
8/5/2001 17,559 18,981
8/6/2001 17,313 18,728
8/7/2001 17,239 18,657
8/8/2001 16,492 17,885
8/9/2001 16,524 17,915
8/10/2001 16,396 17,789
8/11/2001 16,396 17,789
8/12/2001 16,396 17,789
8/13/2001 16,780 18,183
8/14/2001 16,535 17,926
8/15/2001 15,916 17,289
8/16/2001 16,023 17,399
8/17/2001 15,319 16,679
8/18/2001 15,319 16,679
8/19/2001 15,319 16,679
8/20/2001 15,532 16,893
8/21/2001 14,956 16,285
8/22/2001 15,319 16,666
8/23/2001 15,127 16,464
8/24/2001 15,991 17,373
8/25/2001 15,991 17,373
8/26/2001 15,991 17,373
8/27/2001 15,980 17,358
8/28/2001 15,436 16,786
8/29/2001 15,148 16,494
8/30/2001 14,668 15,990
8/31/2001 14,828 16,164
9/1/2001 14,828 16,164
9/2/2001 14,828 16,164
9/3/2001 14,828 16,164
9/4/2001 14,359 15,662
9/5/2001 14,273 15,565
9/6/2001 13,718 14,976
9/7/2001 13,644 14,894
9/8/2001 13,644 14,894
9/9/2001 13,644 14,894
9/10/2001 13,750 15,017
9/11/2001 13,750 15,017
9/12/2001 13,750 15,017
9/13/2001 13,750 15,017
9/14/2001 13,750 15,017
9/15/2001 13,750 15,017
9/16/2001 13,750 15,017
9/17/2001 12,609 13,777
9/18/2001 12,332 13,469
9/19/2001 12,161 13,288
9/20/2001 11,734 12,827
9/21/2001 11,340 12,394
9/22/2001 11,340 12,394
9/23/2001 11,340 12,394
9/24/2001 11,980 13,099
9/25/2001 11,958 13,063
9/26/2001 11,510 12,576
9/27/2001 11,510 12,585
9/28/2001 11,756 12,850
9/29/2001 11,756 12,850
9/30/2001 11,756 12,850
10/1/2001 11,585 12,661
10/2/2001 11,660 12,751
10/3/2001 12,566 13,741
10/4/2001 12,684 13,865
10/5/2001 12,790 13,986
10/6/2001 12,790 13,986
10/7/2001 12,790 13,986
10/8/2001 12,876 14,073
10/9/2001 12,524 13,688
10/10/2001 13,121 14,349
10/11/2001 13,985 15,286
10/12/2001 14,017 15,329
10/13/2001 14,017 15,329
10/14/2001 14,017 15,329
10/15/2001 13,868 15,165
10/16/2001 14,124 15,450
10/17/2001 13,228 14,460
10/18/2001 13,377 14,631
10/19/2001 13,548 14,821
10/20/2001 13,548 14,821
10/21/2001 13,548 14,821
10/22/2001 13,910 15,211
10/23/2001 13,921 15,222
10/24/2001 14,327 15,669
10/25/2001 14,871 16,267
10/26/2001 14,625 16,001
10/27/2001 14,625 16,001
10/28/2001 14,625 16,001
10/29/2001 13,814 15,118
10/30/2001 13,494 14,762
10/31/2001 13,718 15,010
11/1/2001 14,316 15,663
11/2/2001 14,327 15,681
11/3/2001 14,327 15,681
11/4/2001 14,327 15,681
11/5/2001 14,881 16,279
11/6/2001 15,308 16,751
11/7/2001 15,319 16,768
11/8/2001 15,180 16,614
11/9/2001 15,223 16,662
11/10/2001 15,223 16,662
11/11/2001 15,223 16,662
11/12/2001 15,361 16,813
11/13/2001 15,884 17,385
11/14/2001 15,937 17,442
11/15/2001 15,895 17,405
11/16/2001 15,895 17,400
11/17/2001 15,895 17,400
11/18/2001 15,895 17,400
11/19/2001 16,247 17,790
11/20/2001 15,564 17,044
11/21/2001 15,585 17,069
11/22/2001 15,585 17,069
11/23/2001 15,841 17,349
11/24/2001 15,841 17,349
11/25/2001 15,841 17,349
11/26/2001 16,268 17,813
11/27/2001 16,172 17,705
11/28/2001 15,639 17,124
11/29/2001 16,055 17,589
11/30/2001 16,023 17,553
12/1/2001 16,023 17,553
12/2/2001 16,023 17,553
12/3/2001 15,735 17,240
12/4/2001 16,407 17,974
12/5/2001 17,271 18,927
12/6/2001 17,249 18,894
12/7/2001 16,801 18,410
12/8/2001 16,801 18,410
12/9/2001 16,801 18,410
12/10/2001 16,503 18,096
12/11/2001 16,652 18,271
12/12/2001 16,727 18,366
12/13/2001 16,065 17,618
12/14/2001 16,119 17,659
12/15/2001 16,119 17,659
12/16/2001 16,119 17,659
12/17/2001 16,460 18,040
12/18/2001 16,641 18,231
12/19/2001 16,343 17,912
12/20/2001 15,628 17,128
12/21/2001 15,831 17,358
12/22/2001 15,831 17,358
12/23/2001 15,831 17,358
12/24/2001 15,820 17,347
12/25/2001 15,820 17,347
12/26/2001 15,937 17,496
12/27/2001 16,087 17,668
12/28/2001 16,225 17,829
12/29/2001 16,225 17,829
12/30/2001 16,225 17,829
12/31/2001 15,788 17,344
1/1/2002 15,788 17,344
1/2/2002 16,108 17,711
1/3/2002 16,673 18,330
1/4/2002 16,759 18,422
1/5/2002 16,759 18,422
1/6/2002 16,759 18,422
1/7/2002 16,492 18,145
1/8/2002 16,663 18,329
1/9/2002 16,535 18,188
1/10/2002 16,567 18,220
1/11/2002 16,343 17,973
1/12/2002 16,343 17,973
1/13/2002 16,343 17,973
1/14/2002 16,033 17,638
1/15/2002 16,119 17,734
1/16/2002 15,585 17,146
1/17/2002 16,023 17,622
1/18/2002 15,479 17,027
1/19/2002 15,479 17,027
1/20/2002 15,479 17,027
1/21/2002 15,479 17,027
1/22/2002 15,009 16,517
1/23/2002 15,489 17,038
1/24/2002 15,639 17,213
1/25/2002 15,564 17,138
1/26/2002 15,564 17,138
1/27/2002 15,564 17,138
1/28/2002 15,628 17,210
1/29/2002 15,169 16,710
1/30/2002 15,372 16,925
1/31/2002 15,479 17,049
2/1/2002 15,255 16,807
2/2/2002 15,255 16,807
2/3/2002 15,255 16,807
2/4/2002 14,764 16,268
2/5/2002 14,604 16,089
2/6/2002 14,444 15,903
2/7/2002 14,113 15,550
2/8/2002 14,497 15,971
2/9/2002 14,497 15,971
2/10/2002 14,497 15,971
2/11/2002 14,753 16,251
2/12/2002 14,615 16,109
2/13/2002 14,839 16,351
2/14/2002 14,711 16,219
2/15/2002 14,327 15,801
2/16/2002 14,327 15,801
2/17/2002 14,327 15,801
2/18/2002 14,327 15,801
2/19/2002 13,825 15,257
2/20/2002 14,039 15,488
2/21/2002 13,441 14,828
2/22/2002 13,516 14,915
2/23/2002 13,516 14,915
2/24/2002 13,516 14,915
2/25/2002 14,028 15,485
2/26/2002 13,964 15,410
2/27/2002 13,750 15,161
2/28/2002 13,558 14,949
3/1/2002 14,327 15,787
3/2/2002 14,327 15,787
3/3/2002 14,327 15,787
3/4/2002 14,924 16,439
3/5/2002 14,967 16,485
3/6/2002 15,180 16,716
3/7/2002 15,063 16,572
3/8/2002 15,543 17,103
3/9/2002 15,543 17,103
3/10/2002 15,543 17,103
3/11/2002 15,532 17,089
3/12/2002 15,201 16,723
3/13/2002 14,849 16,346
3/14/2002 14,753 16,246
3/15/2002 14,945 16,447
3/16/2002 14,945 16,447
3/17/2002 14,945 16,447
3/18/2002 15,041 16,562
3/19/2002 15,020 16,548
3/20/2002 14,476 15,958
3/21/2002 14,849 16,376
3/22/2002 14,668 16,168
3/23/2002 14,668 16,168
3/24/2002 14,668 16,168
3/25/2002 14,231 15,701
3/26/2002 14,348 15,832
3/27/2002 14,305 15,799
3/28/2002 14,476 15,978
3/29/2002 14,476 15,978
3/30/2002 14,476 15,978
3/31/2002 14,476 15,978
4/1/2002 14,732 16,261
4/2/2002 14,049 15,512
4/3/2002 13,889 15,334
4/4/2002 13,921 15,364
4/5/2002 13,708 15,141
4/6/2002 13,708 15,141
4/7/2002 13,708 15,141
4/8/2002 13,868 15,320
4/9/2002 13,388 14,796
4/10/2002 13,558 14,993
4/11/2002 13,174 14,569
4/12/2002 13,441 14,868
4/13/2002 13,441 14,868
4/14/2002 13,441 14,868
4/15/2002 13,473 14,903
4/16/2002 14,060 15,550
4/17/2002 13,964 15,438
4/18/2002 13,878 15,352
4/19/2002 13,772 15,232
4/20/2002 13,772 15,232
4/21/2002 13,772 15,232
4/22/2002 13,420 14,845
4/23/2002 13,132 14,548
4/24/2002 12,929 14,323
4/25/2002 12,950 14,323
4/26/2002 12,428 13,757
4/27/2002 12,428 13,757
4/28/2002 12,428 13,757
4/29/2002 12,396 13,712
4/30/2002 12,673 14,045
5/1/2002 12,598 13,939
5/2/2002 12,182 13,477
5/3/2002 11,841 13,096
5/4/2002 11,841 13,096
5/5/2002 11,841 13,096
5/6/2002 11,542 12,770
5/7/2002 11,521 12,749
5/8/2002 12,748 14,104
5/9/2002 12,332 13,642
5/10/2002 11,809 13,074
5/11/2002 11,809 13,074
5/12/2002 11,809 13,074
5/13/2002 12,332 13,654
5/14/2002 12,961 14,358
5/15/2002 13,014 14,419
5/16/2002 13,057 14,472
5/17/2002 13,164 14,581
5/18/2002 13,164 14,581
5/19/2002 13,164 14,581
5/20/2002 12,833 14,212
5/21/2002 12,460 13,812
5/22/2002 12,545 13,907
5/23/2002 12,780 14,152
5/24/2002 12,449 13,781
5/25/2002 12,449 13,781
5/26/2002 12,449 13,781
5/27/2002 12,449 13,781
5/28/2002 12,364 13,691
5/29/2002 12,097 13,403
5/30/2002 12,193 13,504
5/31/2002 12,001 13,289
6/1/2002 12,001 13,289
6/2/2002 12,001 13,289
6/3/2002 11,510 12,748
6/4/2002 11,702 12,964
6/5/2002 11,862 13,149
6/6/2002 11,478 12,732
6/7/2002 11,297 12,540
6/8/2002 11,297 12,540
6/9/2002 11,297 12,540
6/10/2002 11,254 12,490
6/11/2002 10,902 12,108
6/12/2002 11,126 12,354
6/13/2002 10,966 12,170
6/14/2002 10,988 12,203
6/15/2002 10,988 12,203
6/16/2002 10,988 12,203
6/17/2002 11,393 12,647
6/18/2002 11,276 12,521
6/19/2002 10,870 12,071
6/20/2002 10,529 11,685
6/21/2002 10,252 11,390
6/22/2002 10,252 11,390
6/23/2002 10,252 11,390
6/24/2002 10,476 11,632
6/25/2002 10,134 11,248
6/26/2002 10,156 11,297
6/27/2002 10,390 11,555
6/28/2002 10,401 11,563
6/29/2002 10,401 11,563
6/30/2002 10,401 11,563
7/1/2002 9,889 10,978
7/2/2002 9,558 10,598
7/3/2002 9,867 10,950
7/4/2002 9,867 10,950
7/5/2002 10,518 11,668
7/6/2002 10,518 11,668
7/7/2002 10,518 11,668
7/8/2002 10,060 11,156
7/9/2002 9,814 10,891
7/10/2002 9,505 10,548
7/11/2002 9,899 10,976
7/12/2002 9,921 11,007
7/13/2002 9,921 11,007
7/14/2002 9,921 11,007
7/15/2002 10,124 11,229
7/16/2002 10,038 11,122
7/17/2002 10,209 11,314
7/18/2002 9,867 10,939
7/19/2002 9,579 10,618
7/20/2002 9,579 10,618
7/21/2002 9,579 10,618
7/22/2002 9,313 10,328
7/23/2002 8,897 9,863
7/24/2002 9,430 10,465
7/25/2002 8,865 9,837
7/26/2002 9,025 10,018
7/27/2002 9,025 10,018
7/28/2002 9,025 10,018
7/29/2002 9,611 10,669
7/30/2002 9,718 10,782
7/31/2002 9,537 10,581
8/1/2002 9,057 10,048
8/2/2002 8,843 9,816
8/3/2002 8,843 9,816
8/4/2002 8,843 9,816
8/5/2002 8,502 9,426
8/6/2002 8,939 9,919
8/7/2002 9,110 10,108
8/8/2002 9,387 10,418
8/9/2002 9,291 10,309
8/10/2002 9,291 10,309
8/11/2002 9,291 10,309
8/12/2002 9,313 10,327
8/13/2002 9,003 9,982
8/14/2002 9,601 10,655
8/15/2002 9,718 10,789
8/16/2002 9,857 10,955
8/17/2002 9,857 10,955
8/18/2002 9,857 10,955
8/19/2002 10,156 11,283
8/20/2002 9,985 11,086
8/21/2002 10,262 11,388
8/22/2002 10,401 11,537
8/23/2002 10,006 11,113
8/24/2002 10,006 11,113
8/25/2002 10,006 11,113
8/26/2002 10,070 11,183
8/27/2002 9,643 10,717
8/28/2002 9,355 10,391
8/29/2002 9,515 10,577
8/30/2002 9,323 10,364
8/31/2002 9,323 10,364
9/1/2002 9,323 10,364
9/2/2002 9,323 10,364
9/3/2002 8,907 9,894
9/4/2002 9,110 10,129
9/5/2002 8,737 9,710
9/6/2002 9,121 10,143
9/7/2002 9,121 10,143
9/8/2002 9,121 10,143
9/9/2002 9,217 10,253
9/10/2002 9,366 10,423
9/11/2002 9,355 10,409
9/12/2002 9,035 10,063
9/13/2002 9,121 10,160
9/14/2002 9,121 10,160
9/15/2002 9,121 10,160
9/16/2002 8,971 9,991
9/17/2002 8,854 9,871
9/18/2002 8,833 9,845
9/19/2002 8,534 9,523
9/20/2002 8,598 9,586
9/21/2002 8,598 9,586
9/22/2002 8,598 9,586
9/23/2002 8,310 9,272
9/24/2002 8,310 9,278
9/25/2002 8,673 9,683
9/26/2002 8,609 9,609
9/27/2002 8,481 9,462
9/28/2002 8,481 9,462
9/29/2002 8,481 9,462
9/30/2002 8,203 9,156
10/1/2002 8,587 9,575
10/2/2002 8,385 9,343
10/3/2002 8,225 9,164
10/4/2002 8,043 8,968
10/5/2002 8,043 8,968
10/6/2002 8,043 8,968
10/7/2002 7,937 8,849
10/8/2002 8,011 8,925
10/9/2002 7,969 8,880
10/10/2002 8,385 9,344
10/11/2002 8,790 9,795
10/12/2002 8,790 9,795
10/13/2002 8,790 9,795
10/14/2002 8,875 9,906
10/15/2002 9,377 10,453
10/16/2002 8,971 10,010
10/17/2002 9,323 10,394
10/18/2002 9,430 10,516
10/19/2002 9,430 10,516
10/20/2002 9,430 10,516
10/21/2002 9,665 10,771
10/22/2002 9,505 10,601
10/23/2002 9,761 10,881
10/24/2002 9,526 10,612
10/25/2002 9,814 10,949
10/26/2002 9,814 10,949
10/27/2002 9,814 10,949
10/28/2002 9,654 10,773
10/29/2002 9,473 10,567
10/30/2002 9,718 10,845
10/31/2002 9,750 10,883
11/1/2002 10,038 11,208
11/2/2002 10,038 11,208
11/3/2002 10,038 11,208
11/4/2002 10,326 11,515
11/5/2002 10,358 11,552
11/6/2002 10,508 11,722
11/7/2002 10,102 11,282
11/8/2002 9,921 11,090
11/9/2002 9,921 11,090
11/10/2002 9,921 11,090
11/11/2002 9,579 10,695
11/12/2002 9,878 11,019
11/13/2002 9,974 11,129
11/14/2002 10,422 11,634
11/15/2002 10,454 11,672
11/16/2002 10,454 11,672
11/17/2002 10,454 11,672
11/18/2002 10,294 11,495
11/19/2002 10,124 11,284
11/20/2002 10,561 11,774
11/21/2002 11,041 12,297
11/22/2002 11,009 12,274
11/23/2002 11,009 12,274
11/24/2002 11,009 12,274
11/25/2002 11,105 12,395
11/26/2002 10,710 11,960
11/27/2002 11,094 12,380
11/28/2002 11,094 12,380
11/29/2002 10,998 12,275
11/30/2002 10,998 12,275
12/1/2002 10,998 12,275
12/2/2002 11,030 12,323
12/3/2002 10,721 11,975
12/4/2002 10,529 11,762
12/5/2002 10,380 11,582
12/6/2002 10,497 11,724
12/7/2002 10,497 11,724
12/8/2002 10,497 11,724
12/9/2002 9,996 11,161
12/10/2002 10,177 11,362
12/11/2002 10,209 11,398
12/12/2002 10,230 11,437
12/13/2002 9,899 11,062
12/14/2002 9,899 11,062
12/15/2002 9,899 11,062
12/16/2002 10,252 11,465
12/17/2002 10,252 11,438
12/18/2002 9,974 11,149
12/19/2002 9,899 11,065
12/20/2002 9,964 11,151
12/21/2002 9,964 11,151
12/22/2002 9,964 11,151
12/23/2002 10,145 11,353
12/24/2002 10,049 11,254
12/25/2002 10,049 11,254
12/26/2002 9,985 11,179
12/27/2002 9,793 10,974
12/28/2002 9,793 10,974
12/29/2002 9,793 10,974
12/30/2002 9,718 10,887
12/31/2002 9,654 10,826
1/1/2003 9,654 10,826
1/2/2003 10,092 11,304
1/3/2003 10,134 11,346
1/4/2003 10,134 11,346
1/5/2003 10,134 11,346
1/6/2003 10,422 11,674
1/7/2003 10,518 11,788
1/8/2003 10,230 11,466
1/9/2003 10,550 11,834
1/10/2003 10,668 11,959
1/11/2003 10,668 11,959
1/12/2003 10,668 11,959
1/13/2003 10,625 11,911
1/14/2003 10,732 12,041
1/15/2003 10,529 11,807
1/16/2003 10,412 11,674
1/17/2003 9,974 11,191
1/18/2003 9,974 11,191
1/19/2003 9,974 11,191
1/20/2003 9,974 11,191
1/21/2003 9,889 11,096
1/22/2003 9,878 11,070
1/23/2003 10,124 11,357
1/24/2003 9,761 10,956
1/25/2003 9,761 10,956
1/26/2003 9,761 10,956
1/27/2003 9,665 10,849
1/28/2003 9,803 11,014
1/29/2003 9,953 11,180
1/30/2003 9,643 10,839
1/31/2003 9,622 10,812
2/1/2003 9,622 10,812
2/2/2003 9,622 10,812
2/3/2003 9,654 10,856
2/4/2003 9,505 10,687
2/5/2003 9,483 10,657
2/6/2003 9,494 10,674
2/7/2003 9,355 10,526
2/8/2003 9,355 10,526
2/9/2003 9,355 10,526
2/10/2003 9,483 10,668
2/11/2003 9,494 10,686
2/12/2003 9,355 10,523
2/13/2003 9,302 10,469
2/14/2003 9,601 10,801
2/15/2003 9,601 10,801
2/16/2003 9,601 10,801
2/17/2003 9,601 10,801
2/18/2003 9,921 11,162
2/19/2003 9,846 11,063
2/20/2003 9,803 11,014
2/21/2003 9,942 11,173
2/22/2003 9,942 11,173
2/23/2003 9,942 11,173
2/24/2003 9,729 10,940
2/25/2003 9,771 10,990
2/26/2003 9,526 10,718
2/27/2003 9,729 10,941
2/28/2003 9,867 11,105
3/1/2003 9,867 11,105
3/2/2003 9,867 11,105
3/3/2003 9,686 10,900
3/4/2003 9,611 10,811
3/5/2003 9,675 10,891
3/6/2003 9,611 10,822
3/7/2003 9,633 10,853
3/8/2003 9,633 10,853
3/9/2003 9,633 10,853
3/10/2003 9,419 10,605
3/11/2003 9,366 10,545
3/12/2003 9,473 10,674
3/13/2003 10,060 11,326
3/14/2003 10,060 11,333
3/15/2003 10,060 11,333
3/16/2003 10,060 11,333
3/17/2003 10,518 11,845
3/18/2003 10,572 11,902
3/19/2003 10,497 11,823
3/20/2003 10,550 11,880
3/21/2003 10,678 12,022
3/22/2003 10,678 12,022
3/23/2003 10,678 12,022
3/24/2003 10,241 11,516
3/25/2003 10,433 11,730
3/26/2003 10,422 11,727
3/27/2003 10,380 11,679
3/28/2003 10,241 11,512
3/29/2003 10,241 11,512
3/30/2003 10,241 11,512
3/31/2003 9,964 11,203
4/1/2003 9,996 11,247
4/2/2003 10,401 11,696
4/3/2003 10,401 11,703
4/4/2003 10,273 11,556
4/5/2003 10,273 11,556
4/6/2003 10,273 11,556
4/7/2003 10,294 11,584
4/8/2003 10,220 11,507
4/9/2003 9,996 11,257
4/10/2003 10,092 11,362
4/11/2003 10,028 11,286
4/12/2003 10,028 11,286
4/13/2003 10,028 11,286
4/14/2003 10,241 11,529
4/15/2003 10,284 11,582
4/16/2003 10,305 11,602
4/17/2003 10,582 11,917
4/18/2003 10,582 11,917
4/19/2003 10,582 11,917
4/20/2003 10,582 11,917
4/21/2003 10,561 11,889
4/22/2003 10,764 12,125
4/23/2003 10,870 12,240
4/24/2003 10,817 12,187
4/25/2003 10,572 11,913
4/26/2003 10,572 11,913
4/27/2003 10,572 11,913
4/28/2003 10,806 12,176
4/29/2003 10,892 12,282
4/30/2003 10,785 12,164
5/1/2003 10,860 12,243
5/2/2003 11,073 12,499
5/3/2003 11,073 12,499
5/4/2003 11,073 12,499
5/5/2003 11,084 12,497
5/6/2003 11,233 12,678
5/7/2003 11,073 12,492
5/8/2003 10,913 12,304
5/9/2003 11,158 12,577
5/10/2003 11,158 12,577
5/11/2003 11,158 12,577
5/12/2003 11,318 12,762
5/13/2003 11,276 12,713
5/14/2003 11,201 12,627
5/15/2003 11,350 12,790
5/16/2003 11,265 12,697
5/17/2003 11,265 12,697
5/18/2003 11,265 12,697
5/19/2003 10,860 12,235
5/20/2003 10,860 12,239
5/21/2003 10,870 12,248
5/22/2003 11,041 12,444
5/23/2003 11,030 12,428
5/24/2003 11,030 12,428
5/25/2003 11,030 12,428
5/26/2003 11,030 12,428
5/27/2003 11,436 12,896
5/28/2003 11,446 12,904
5/29/2003 11,532 12,998
5/30/2003 11,692 13,174
5/31/2003 11,692 13,174
6/1/2003 11,692 13,174
6/2/2003 11,564 13,034
6/3/2003 11,692 13,182
6/4/2003 11,948 13,470
6/5/2003 12,001 13,546
6/6/2003 11,798 13,342
6/7/2003 11,798 13,342
6/8/2003 11,798 13,342
6/9/2003 11,638 13,149
6/10/2003 11,809 13,340
6/11/2003 11,969 13,508
6/12/2003 11,980 13,520
6/13/2003 11,724 13,241
6/14/2003 11,724 13,241
6/15/2003 11,724 13,241
6/16/2003 12,086 13,655
6/17/2003 12,065 13,633
6/18/2003 12,140 13,724
6/19/2003 11,937 13,482
6/20/2003 11,905 13,452
6/21/2003 11,905 13,452
6/22/2003 11,905 13,452
6/23/2003 11,681 13,199
6/24/2003 11,596 13,106
6/25/2003 11,564 13,070
6/26/2003 11,809 13,359
6/27/2003 11,713 13,255
6/28/2003 11,713 13,255
6/29/2003 11,713 13,255
6/30/2003 11,670 13,216
7/1/2003 11,830 13,389
7/2/2003 12,108 13,701
7/3/2003 11,958 13,542
7/4/2003 11,958 13,542
7/5/2003 11,958 13,542
7/6/2003 11,958 13,542
7/7/2003 12,449 14,098
7/8/2003 12,598 14,279
7/9/2003 12,566 14,244
7/10/2003 12,310 13,953
7/11/2003 12,417 14,084
7/12/2003 12,417 14,084
7/13/2003 12,417 14,084
7/14/2003 12,556 14,251
7/15/2003 12,534 14,237
7/16/2003 12,513 14,209
7/17/2003 12,161 13,813
7/18/2003 12,204 13,856
7/19/2003 12,204 13,856
7/20/2003 12,204 13,856
7/21/2003 12,033 13,646
7/22/2003 12,182 13,831
7/23/2003 12,300 13,951
7/24/2003 12,150 13,789
7/25/2003 12,385 14,059
7/26/2003 12,385 14,059
7/27/2003 12,385 14,059
7/28/2003 12,406 14,083
7/29/2003 12,342 14,024
7/30/2003 12,236 13,899
7/31/2003 12,364 14,044
8/1/2003 12,246 13,905
8/2/2003 12,246 13,905
8/3/2003 12,246 13,905
8/4/2003 12,268 13,939
8/5/2003 11,905 13,524
8/6/2003 11,756 13,364
8/7/2003 11,777 13,386
8/8/2003 11,670 13,278
8/9/2003 11,670 13,278
8/10/2003 11,670 13,278
8/11/2003 11,830 13,452
8/12/2003 12,001 13,645
8/13/2003 12,001 13,642
8/14/2003 12,118 13,768
8/15/2003 12,129 13,787
8/16/2003 12,129 13,787
8/17/2003 12,129 13,787
8/18/2003 12,438 14,130
8/19/2003 12,566 14,294
8/20/2003 12,577 14,294
8/21/2003 12,716 14,459
8/22/2003 12,620 14,347
8/23/2003 12,620 14,347
8/24/2003 12,620 14,347
8/25/2003 12,641 14,370
8/26/2003 12,662 14,397
8/27/2003 12,758 14,506
8/28/2003 12,886 14,653
8/29/2003 12,972 14,751
8/30/2003 12,972 14,751
8/31/2003 12,972 14,751
9/1/2003 12,972 14,751
9/2/2003 13,142 14,969
9/3/2003 13,100 14,959
9/4/2003 13,228 15,103
9/5/2003 13,121 14,978
9/6/2003 13,121 14,978
9/7/2003 13,121 14,978
9/8/2003 13,345 15,251
9/9/2003 13,185 15,073
9/10/2003 12,812 14,652
9/11/2003 12,982 14,856
9/12/2003 13,057 14,931
9/13/2003 13,057 14,931
9/14/2003 13,057 14,931
9/15/2003 12,961 14,823
9/16/2003 13,292 15,208
9/17/2003 13,238 15,142
9/18/2003 13,452 15,399
9/19/2003 13,377 15,312
9/20/2003 13,377 15,312
9/21/2003 13,377 15,312
9/22/2003 13,121 15,027
9/23/2003 13,324 15,267
9/24/2003 12,854 14,733
9/25/2003 12,726 14,581
9/26/2003 12,577 14,400
9/27/2003 12,577 14,400
9/28/2003 12,577 14,400
9/29/2003 12,812 14,688
9/30/2003 12,513 14,338
10/1/2003 12,812 14,686
10/2/2003 12,822 14,705
10/3/2003 13,185 15,126
10/4/2003 13,185 15,126
10/5/2003 13,185 15,126
10/6/2003 13,238 15,196
10/7/2003 13,345 15,315
10/8/2003 13,249 15,204
10/9/2003 13,366 15,364
10/10/2003 13,452 15,451
10/11/2003 13,452 15,451
10/12/2003 13,452 15,451
10/13/2003 13,548 15,559
10/14/2003 13,612 15,624
10/15/2003 13,569 15,591
10/16/2003 13,665 15,691
10/17/2003 13,356 15,331
10/18/2003 13,356 15,331
10/19/2003 13,356 15,331
10/20/2003 13,494 15,500
10/21/2003 13,633 15,641
10/22/2003 13,292 15,259
10/23/2003 13,206 15,156
10/24/2003 13,132 15,074
10/25/2003 13,132 15,074
10/26/2003 13,132 15,074
10/27/2003 13,206 15,149
10/28/2003 13,622 15,617
10/29/2003 13,612 15,616
10/30/2003 13,590 15,588
10/31/2003 13,569 15,577
11/1/2003 13,569 15,577
11/2/2003 13,569 15,577
11/3/2003 13,804 15,872
11/4/2003 13,676 15,720
11/5/2003 13,676 15,722
11/6/2003 13,782 15,853
11/7/2003 13,750 15,801
11/8/2003 13,750 15,801
11/9/2003 13,750 15,801
11/10/2003 13,537 15,558
11/11/2003 13,484 15,503
11/12/2003 13,814 15,876
11/13/2003 13,772 15,836
11/14/2003 13,473 15,480
11/15/2003 13,473 15,480
11/16/2003 13,473 15,480
11/17/2003 13,345 15,328
11/18/2003 13,068 15,009
11/19/2003 13,206 15,165
11/20/2003 13,057 14,996
11/21/2003 13,153 15,104
11/22/2003 13,153 15,104
11/23/2003 13,153 15,104
11/24/2003 13,601 15,610
11/25/2003 13,526 15,522
11/26/2003 13,601 15,618
11/27/2003 13,601 15,618
11/28/2003 13,644 15,664
11/29/2003 13,644 15,664
11/30/2003 13,644 15,664
12/1/2003 13,868 15,915
12/2/2003 13,718 15,748
12/3/2003 13,612 15,615
12/4/2003 13,729 15,753
12/5/2003 13,484 15,473
12/6/2003 13,484 15,473
12/7/2003 13,484 15,473
12/8/2003 13,569 15,596
12/9/2003 13,249 15,217
12/10/2003 13,302 15,276
12/11/2003 13,569 15,584
12/12/2003 13,580 15,587
12/13/2003 13,580 15,587
12/14/2003 13,580 15,587
12/15/2003 13,366 15,362
12/16/2003 13,430 15,433
12/17/2003 13,398 15,397
12/18/2003 13,697 15,742
12/19/2003 13,644 15,685
12/20/2003 13,644 15,685
12/21/2003 13,644 15,685
12/22/2003 13,697 15,746
12/23/2003 13,868 15,927
12/24/2003 13,814 15,872
12/25/2003 13,814 15,872
12/26/2003 13,825 15,880
12/27/2003 13,825 15,880
12/28/2003 13,825 15,880
12/29/2003 14,081 16,171
12/30/2003 14,071 16,167
12/31/2003 14,039 16,144
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 12/31/03
- --------------------------------------------------------------------------------
SINCE
ONE FIVE INCEPTION
YEAR YEAR (05/07/97)
- --------------------------------------------------------------------------------
OTC FUND 45.41% -6.43% 5.23%
NASDAQ 100 INDEX 49.13% -4.37% 7.47%
- --------------------------------------------------------------------------------
THE RETURNS PRESENTED ABOVE DO NOT REFLECT THE EFFECTS OF TAXES. PAST
PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE NASDAQ 100 INDEX IS AN
UNMANAGED STOCK INDEX AND, UNLIKE THE FUND, HAS NO MANAGEMENT FEES OR OTHER
OPERATING EXPENSES TO REDUCE ITS REPORTED RETURNS. RETURNS ARE HISTORICAL AND
INCLUDE CHANGES IN PRINCIPAL AND REINVESTED DIVIDENDS AND CAPITAL GAINS.
ANNUAL REPORT 7
ARKTOS FUND
- --------------------------------------------------------------------------------
OBJECTIVE: To provide investment returns that correspond to the inverse of the
daily performance of the Nasdaq 100 Index.
Inception: May 21, 2001
Bear funds had a good run from January to March 2003. After the Iraq war, as the
technology sector led the market recovery, funds like Rydex Arktos Fund--which
seeks to provide investment returns that inversely correlate to the daily
performance of the tech-heavy Nasdaq 100 Index, lost early gains quickly. While
the fund isn't designed to perform well in an uptrending market, it may be
considered as a hedge for investors worrying about current technology stocks
valuation.
Rydex Arktos Fund posted a -37.37% total return for the year ended December 31,
2003. The Nasdaq 100 Index returned 49.13% for the year.
CUMULATIVE FUND PERFORMANCE: MAY 21, 2001 - DECEMBER 31, 2003
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
Date Variable Arktos Nasdaq 100 Index
5/21/2001 $10,000 $10,000
5/22/2001 10,036 9,953
5/23/2001 10,236 9,537
5/24/2001 10,012 9,760
5/25/2001 10,224 9,553
5/26/2001 10,224 9,553
5/27/2001 10,224 9,553
5/28/2001 10,668 9,553
5/29/2001 10,668 9,128
5/30/2001 11,560 8,667
5/31/2001 11,420 8,769
6/1/2001 11,120 8,969
6/2/2001 11,120 8,969
6/3/2001 11,120 8,969
6/4/2001 11,180 8,959
6/5/2001 10,648 9,373
6/6/2001 10,768 9,276
6/7/2001 10,464 9,565
6/8/2001 10,812 9,238
6/9/2001 10,812 9,238
6/10/2001 10,812 9,238
6/11/2001 11,092 8,996
6/12/2001 11,072 9,023
6/13/2001 11,456 8,722
6/14/2001 11,948 8,338
6/15/2001 11,992 8,290
6/16/2001 11,992 8,290
6/17/2001 11,992 8,290
6/18/2001 12,252 8,119
6/19/2001 12,172 8,165
6/20/2001 11,852 8,387
6/21/2001 11,652 8,532
6/22/2001 11,796 8,416
6/23/2001 11,796 8,416
6/24/2001 11,796 8,416
6/25/2001 11,692 8,496
6/26/2001 11,664 8,534
6/27/2001 11,636 8,555
6/28/2001 11,292 8,813
6/29/2001 11,132 8,917
6/30/2001 11,132 8,917
7/1/2001 11,132 8,917
7/2/2001 11,184 8,901
7/3/2001 11,216 8,878
7/4/2001 11,216 8,878
7/5/2001 11,656 8,531
7/6/2001 12,208 8,129
7/7/2001 12,208 8,129
7/8/2001 12,208 8,129
7/9/2001 11,976 8,268
7/10/2001 12,496 7,917
7/11/2001 12,376 7,998
7/12/2001 11,552 8,527
7/13/2001 11,564 8,531
7/14/2001 11,564 8,531
7/15/2001 11,564 8,531
7/16/2001 11,992 8,213
7/17/2001 11,688 8,426
7/18/2001 12,104 8,121
7/19/2001 11,908 8,262
7/20/2001 12,036 8,168
7/21/2001 12,036 8,168
7/22/2001 12,036 8,168
7/23/2001 12,376 7,941
7/24/2001 12,548 7,819
7/25/2001 12,396 7,931
7/26/2001 12,052 8,153
7/27/2001 11,956 8,200
7/28/2001 11,956 8,200
7/29/2001 11,956 8,200
7/30/2001 12,040 8,136
7/31/2001 11,996 8,203
8/1/2001 11,664 8,426
8/2/2001 11,488 8,533
8/3/2001 11,660 8,409
8/4/2001 11,660 8,409
8/5/2001 11,660 8,409
8/6/2001 11,828 8,296
8/7/2001 11,872 8,265
8/8/2001 12,392 7,923
8/9/2001 12,348 7,936
8/10/2001 12,440 7,880
8/11/2001 12,440 7,880
8/12/2001 12,440 7,880
8/13/2001 12,164 8,055
8/14/2001 12,356 7,941
8/15/2001 12,804 7,659
8/16/2001 12,728 7,707
8/17/2001 13,252 7,389
8/18/2001 13,252 7,389
8/19/2001 13,252 7,389
8/20/2001 13,088 7,483
8/21/2001 13,568 7,214
8/22/2001 13,256 7,383
8/23/2001 13,404 7,293
8/24/2001 12,680 7,696
8/25/2001 12,680 7,696
8/26/2001 12,680 7,696
8/27/2001 12,688 7,690
8/28/2001 13,068 7,436
8/29/2001 13,340 7,307
8/30/2001 13,760 7,083
8/31/2001 13,576 7,160
9/1/2001 13,576 7,160
9/2/2001 13,576 7,160
9/3/2001 13,576 7,160
9/4/2001 14,024 6,938
9/5/2001 14,096 6,895
9/6/2001 14,644 6,634
9/7/2001 14,712 6,598
9/8/2001 14,712 6,598
9/9/2001 14,712 6,598
9/10/2001 14,608 6,652
9/11/2001 14,608 6,652
9/12/2001 14,608 6,652
9/13/2001 14,608 6,652
9/14/2001 14,608 6,652
9/15/2001 14,608 6,652
9/16/2001 14,608 6,652
9/17/2001 15,840 6,103
9/18/2001 16,156 5,966
9/19/2001 16,436 5,886
9/20/2001 17,048 5,682
9/21/2001 17,540 5,491
9/22/2001 17,540 5,491
9/23/2001 17,540 5,491
9/24/2001 16,580 5,803
9/25/2001 16,608 5,787
9/26/2001 17,216 5,571
9/27/2001 17,184 5,575
9/28/2001 16,868 5,692
9/29/2001 16,868 5,692
9/30/2001 16,868 5,692
10/1/2001 17,124 5,609
10/2/2001 17,000 5,648
10/3/2001 15,632 6,087
10/4/2001 15,520 6,142
10/5/2001 15,372 6,196
10/6/2001 15,372 6,196
10/7/2001 15,372 6,196
10/8/2001 15,276 6,234
10/9/2001 15,704 6,063
10/10/2001 14,920 6,356
10/11/2001 13,980 6,771
10/12/2001 13,968 6,791
10/13/2001 13,968 6,791
10/14/2001 13,968 6,791
10/15/2001 14,076 6,718
10/16/2001 13,856 6,844
10/17/2001 14,672 6,406
10/18/2001 14,496 6,481
10/19/2001 14,296 6,565
10/20/2001 14,296 6,565
10/21/2001 14,296 6,565
10/22/2001 13,916 6,738
10/23/2001 13,860 6,743
10/24/2001 13,504 6,941
10/25/2001 12,988 7,206
10/26/2001 13,152 7,088
10/27/2001 13,152 7,088
10/28/2001 13,152 7,088
10/29/2001 13,892 6,697
10/30/2001 14,220 6,539
10/31/2001 13,972 6,649
11/1/2001 13,340 6,938
11/2/2001 13,340 6,946
11/3/2001 13,340 6,946
11/4/2001 13,340 6,946
11/5/2001 12,820 7,212
11/6/2001 12,452 7,420
11/7/2001 12,460 7,428
11/8/2001 12,540 7,360
11/9/2001 12,556 7,381
11/10/2001 12,556 7,381
11/11/2001 12,556 7,381
11/12/2001 12,432 7,448
11/13/2001 11,988 7,701
11/14/2001 11,944 7,726
11/15/2001 11,964 7,710
11/16/2001 11,980 7,708
11/17/2001 11,980 7,708
11/18/2001 11,980 7,708
11/19/2001 11,704 7,881
11/20/2001 12,212 7,550
11/21/2001 12,200 7,561
11/22/2001 12,200 7,561
11/23/2001 12,024 7,685
11/24/2001 12,024 7,685
11/25/2001 12,024 7,685
11/26/2001 11,668 7,891
11/27/2001 11,720 7,843
11/28/2001 12,148 7,586
11/29/2001 11,824 7,792
11/30/2001 11,852 7,776
12/1/2001 11,852 7,776
12/2/2001 11,852 7,776
12/3/2001 12,064 7,637
12/4/2001 11,548 7,962
12/5/2001 10,916 8,384
12/6/2001 10,920 8,370
12/7/2001 11,188 8,155
12/8/2001 11,188 8,155
12/9/2001 11,188 8,155
12/10/2001 11,380 8,016
12/11/2001 11,272 8,094
12/12/2001 11,212 8,136
12/13/2001 11,668 7,805
12/14/2001 11,632 7,823
12/15/2001 11,632 7,823
12/16/2001 11,632 7,823
12/17/2001 11,388 7,992
12/18/2001 11,260 8,076
12/19/2001 11,460 7,935
12/20/2001 11,956 7,587
12/21/2001 11,792 7,689
12/22/2001 11,792 7,689
12/23/2001 11,792 7,689
12/24/2001 11,796 7,685
12/25/2001 11,796 7,685
12/26/2001 11,692 7,751
12/27/2001 11,584 7,827
12/28/2001 11,476 7,898
12/29/2001 11,476 7,898
12/30/2001 11,476 7,898
12/31/2001 11,792 7,683
1/1/2002 11,792 7,683
1/2/2002 11,544 7,846
1/3/2002 11,124 8,120
1/4/2002 11,068 8,161
1/5/2002 11,068 8,161
1/6/2002 11,068 8,161
1/7/2002 11,232 8,038
1/8/2002 11,116 8,120
1/9/2002 11,216 8,057
1/10/2002 11,184 8,071
1/11/2002 11,340 7,962
1/12/2002 11,340 7,962
1/13/2002 11,340 7,962
1/14/2002 11,552 7,814
1/15/2002 11,484 7,856
1/16/2002 11,864 7,595
1/17/2002 11,524 7,807
1/18/2002 11,920 7,543
1/19/2002 11,920 7,543
1/20/2002 11,920 7,543
1/21/2002 11,920 7,543
1/22/2002 12,276 7,317
1/23/2002 11,904 7,548
1/24/2002 11,776 7,625
1/25/2002 11,820 7,592
1/26/2002 11,820 7,592
1/27/2002 11,820 7,592
1/28/2002 11,772 7,624
1/29/2002 12,136 7,402
1/30/2002 11,976 7,498
1/31/2002 11,888 7,552
2/1/2002 12,056 7,445
2/2/2002 12,056 7,445
2/3/2002 12,056 7,445
2/4/2002 12,440 7,207
2/5/2002 12,576 7,127
2/6/2002 12,716 7,045
2/7/2002 13,000 6,888
2/8/2002 12,652 7,075
2/9/2002 12,652 7,075
2/10/2002 12,652 7,075
2/11/2002 12,428 7,199
2/12/2002 12,536 7,136
2/13/2002 12,352 7,243
2/14/2002 12,448 7,185
2/15/2002 12,768 7,000
2/16/2002 12,768 7,000
2/17/2002 12,768 7,000
2/18/2002 12,768 7,000
2/19/2002 13,212 6,759
2/20/2002 13,016 6,861
2/21/2002 13,572 6,569
2/22/2002 13,496 6,607
2/23/2002 13,496 6,607
2/24/2002 13,496 6,607
2/25/2002 12,972 6,860
2/26/2002 13,036 6,827
2/27/2002 13,248 6,716
2/28/2002 13,432 6,622
3/1/2002 12,684 6,993
3/2/2002 12,684 6,993
3/3/2002 12,684 6,993
3/4/2002 12,148 7,282
3/5/2002 12,116 7,303
3/6/2002 11,944 7,405
3/7/2002 12,044 7,341
3/8/2002 11,660 7,576
3/9/2002 11,660 7,576
3/10/2002 11,660 7,576
3/11/2002 11,672 7,570
3/12/2002 11,920 7,408
3/13/2002 12,184 7,241
3/14/2002 12,260 7,197
3/15/2002 12,108 7,286
3/16/2002 12,108 7,286
3/17/2002 12,108 7,286
3/18/2002 12,024 7,337
3/19/2002 12,036 7,331
3/20/2002 12,468 7,069
3/21/2002 12,140 7,254
3/22/2002 12,296 7,162
3/23/2002 12,296 7,162
3/24/2002 12,296 7,162
3/25/2002 12,652 6,955
3/26/2002 12,552 7,013
3/27/2002 12,576 6,999
3/28/2002 12,436 7,078
3/29/2002 12,436 7,078
3/30/2002 12,436 7,078
3/31/2002 12,436 7,078
4/1/2002 12,216 7,203
4/2/2002 12,780 6,872
4/3/2002 12,928 6,793
4/4/2002 12,904 6,806
4/5/2002 13,092 6,707
4/6/2002 13,092 6,707
4/7/2002 13,092 6,707
4/8/2002 12,940 6,787
4/9/2002 13,380 6,554
4/10/2002 13,200 6,642
4/11/2002 13,568 6,454
4/12/2002 13,296 6,586
4/13/2002 13,296 6,586
4/14/2002 13,296 6,586
4/15/2002 13,264 6,602
4/16/2002 12,696 6,889
4/17/2002 12,784 6,839
4/18/2002 12,860 6,801
4/19/2002 12,956 6,748
4/20/2002 12,956 6,748
4/21/2002 12,956 6,748
4/22/2002 13,296 6,576
4/23/2002 13,564 6,445
4/24/2002 13,772 6,345
4/25/2002 13,772 6,345
4/26/2002 14,316 6,094
4/27/2002 14,316 6,094
4/28/2002 14,316 6,094
4/29/2002 14,364 6,074
4/30/2002 14,028 6,222
5/1/2002 14,124 6,175
5/2/2002 14,592 5,970
5/3/2002 15,004 5,801
5/4/2002 15,004 5,801
5/5/2002 15,004 5,801
5/6/2002 15,380 5,657
5/7/2002 15,408 5,648
5/8/2002 13,772 6,248
5/9/2002 14,216 6,043
5/10/2002 14,816 5,792
5/11/2002 14,816 5,792
5/12/2002 14,816 5,792
5/13/2002 14,164 6,049
5/14/2002 13,432 6,361
5/15/2002 13,372 6,387
5/16/2002 13,324 6,411
5/17/2002 13,224 6,459
5/18/2002 13,224 6,459
5/19/2002 13,224 6,459
5/20/2002 13,560 6,296
5/21/2002 13,940 6,119
5/22/2002 13,844 6,161
5/23/2002 13,600 6,269
5/24/2002 13,960 6,105
5/25/2002 13,960 6,105
5/26/2002 13,960 6,105
5/27/2002 13,960 6,105
5/28/2002 14,052 6,065
5/29/2002 14,352 5,937
5/30/2002 14,244 5,982
5/31/2002 14,472 5,887
6/1/2002 14,472 5,887
6/2/2002 14,472 5,887
6/3/2002 15,060 5,647
6/4/2002 14,804 5,743
6/5/2002 14,596 5,825
6/6/2002 15,056 5,640
6/7/2002 15,288 5,555
6/8/2002 15,288 5,555
6/9/2002 15,288 5,555
6/10/2002 15,352 5,533
6/11/2002 15,820 5,364
6/12/2002 15,496 5,473
6/13/2002 15,728 5,391
6/14/2002 15,688 5,406
6/15/2002 15,688 5,406
6/16/2002 15,688 5,406
6/17/2002 15,108 5,602
6/18/2002 15,260 5,547
6/19/2002 15,804 5,347
6/20/2002 16,312 5,176
6/21/2002 16,728 5,046
6/22/2002 16,728 5,046
6/23/2002 16,728 5,046
6/24/2002 16,368 5,153
6/25/2002 16,900 4,983
6/26/2002 16,828 5,005
6/27/2002 16,444 5,119
6/28/2002 16,440 5,122
6/29/2002 16,440 5,122
6/30/2002 16,440 5,122
7/1/2002 17,280 4,863
7/2/2002 17,876 4,695
7/3/2002 17,284 4,851
7/4/2002 17,284 4,851
7/5/2002 16,152 5,169
7/6/2002 16,152 5,169
7/7/2002 16,152 5,169
7/8/2002 16,856 4,942
7/9/2002 17,260 4,824
7/10/2002 17,804 4,672
7/11/2002 17,088 4,862
7/12/2002 17,044 4,876
7/13/2002 17,044 4,876
7/14/2002 17,044 4,876
7/15/2002 16,696 4,974
7/16/2002 16,856 4,927
7/17/2002 16,564 5,012
7/18/2002 17,116 4,846
7/19/2002 17,624 4,704
7/20/2002 17,624 4,704
7/21/2002 17,624 4,704
7/22/2002 18,108 4,575
7/23/2002 18,900 4,369
7/24/2002 17,772 4,636
7/25/2002 18,832 4,358
7/26/2002 18,480 4,438
7/27/2002 18,480 4,438
7/28/2002 18,480 4,438
7/29/2002 17,288 4,726
7/30/2002 17,096 4,776
7/31/2002 17,404 4,687
8/1/2002 18,284 4,451
8/2/2002 18,724 4,348
8/3/2002 18,724 4,348
8/4/2002 18,724 4,348
8/5/2002 19,468 4,176
8/6/2002 18,444 4,394
8/7/2002 18,084 4,478
8/8/2002 17,536 4,615
8/9/2002 17,724 4,567
8/10/2002 17,724 4,567
8/11/2002 17,724 4,567
8/12/2002 17,692 4,575
8/13/2002 18,288 4,422
8/14/2002 17,060 4,720
8/15/2002 16,848 4,779
8/16/2002 16,588 4,853
8/17/2002 16,588 4,853
8/18/2002 16,588 4,853
8/19/2002 16,088 4,998
8/20/2002 16,372 4,911
8/21/2002 15,928 5,045
8/22/2002 15,720 5,111
8/23/2002 16,300 4,923
8/24/2002 16,300 4,923
8/25/2002 16,300 4,923
8/26/2002 16,200 4,954
8/27/2002 16,876 4,748
8/28/2002 17,392 4,603
8/29/2002 17,084 4,686
8/30/2002 17,428 4,591
8/31/2002 17,428 4,591
9/1/2002 17,428 4,591
9/2/2002 17,428 4,591
9/3/2002 18,224 4,383
9/4/2002 17,792 4,487
9/5/2002 18,528 4,302
9/6/2002 17,703 4,493
9/7/2002 17,703 4,493
9/8/2002 17,703 4,493
9/9/2002 17,513 4,542
9/10/2002 17,214 4,617
9/11/2002 17,238 4,611
9/12/2002 17,813 4,458
9/13/2002 17,639 4,501
9/14/2002 17,639 4,501
9/15/2002 17,639 4,501
9/16/2002 17,934 4,426
9/17/2002 18,152 4,373
9/18/2002 18,201 4,361
9/19/2002 18,795 4,219
9/20/2002 18,674 4,246
9/21/2002 18,674 4,246
9/22/2002 18,674 4,246
9/23/2002 19,284 4,107
9/24/2002 19,276 4,110
9/25/2002 18,435 4,290
9/26/2002 18,577 4,257
9/27/2002 18,868 4,192
9/28/2002 18,868 4,192
9/29/2002 18,868 4,192
9/30/2002 19,478 4,056
10/1/2002 18,585 4,242
10/2/2002 19,029 4,139
10/3/2002 19,397 4,059
10/4/2002 19,814 3,973
10/5/2002 19,814 3,973
10/6/2002 19,814 3,973
10/7/2002 20,072 3,920
10/8/2002 19,903 3,954
10/9/2002 20,008 3,934
10/10/2002 18,965 4,139
10/11/2002 18,051 4,339
10/12/2002 18,051 4,339
10/13/2002 18,051 4,339
10/14/2002 17,841 4,388
10/15/2002 16,858 4,630
10/16/2002 17,574 4,434
10/17/2002 16,895 4,604
10/18/2002 16,701 4,658
10/19/2002 16,701 4,658
10/20/2002 16,701 4,658
10/21/2002 16,296 4,771
10/22/2002 16,555 4,696
10/23/2002 16,115 4,820
10/24/2002 16,515 4,701
10/25/2002 15,993 4,850
10/26/2002 15,993 4,850
10/27/2002 15,993 4,850
10/28/2002 16,248 4,772
10/29/2002 16,563 4,681
10/30/2002 16,127 4,804
10/31/2002 16,074 4,821
11/1/2002 15,593 4,965
11/2/2002 15,593 4,965
11/3/2002 15,593 4,965
11/4/2002 15,156 5,101
11/5/2002 15,116 5,118
11/6/2002 14,894 5,193
11/7/2002 15,443 4,998
11/8/2002 15,706 4,913
11/9/2002 15,706 4,913
11/10/2002 15,706 4,913
11/11/2002 16,276 4,738
11/12/2002 15,783 4,881
11/13/2002 15,621 4,930
11/14/2002 14,914 5,154
11/15/2002 14,861 5,171
11/16/2002 14,861 5,171
11/17/2002 14,861 5,171
11/18/2002 15,084 5,092
11/19/2002 15,363 4,998
11/20/2002 14,696 5,216
11/21/2002 14,045 5,448
11/22/2002 14,073 5,437
11/23/2002 14,073 5,437
11/24/2002 14,073 5,437
11/25/2002 13,931 5,491
11/26/2002 14,421 5,298
11/27/2002 13,911 5,484
11/28/2002 13,911 5,484
11/29/2002 14,033 5,438
11/30/2002 14,033 5,438
12/1/2002 14,033 5,438
12/2/2002 13,976 5,459
12/3/2002 14,368 5,305
12/4/2002 14,627 5,210
12/5/2002 14,857 5,131
12/6/2002 14,667 5,193
12/7/2002 14,667 5,193
12/8/2002 14,667 5,193
12/9/2002 15,371 4,944
12/10/2002 15,104 5,033
12/11/2002 15,051 5,049
12/12/2002 15,003 5,067
12/13/2002 15,488 4,901
12/14/2002 15,488 4,901
12/15/2002 15,488 4,901
12/16/2002 14,934 5,079
12/17/2002 14,966 5,067
12/18/2002 15,338 4,939
12/19/2002 15,452 4,901
12/20/2002 15,330 4,940
12/21/2002 15,330 4,940
12/22/2002 15,330 4,940
12/23/2002 15,055 5,029
12/24/2002 15,185 4,985
12/25/2002 15,185 4,985
12/26/2002 15,286 4,952
12/27/2002 15,569 4,862
12/28/2002 15,569 4,862
12/29/2002 15,569 4,862
12/30/2002 15,694 4,823
12/31/2002 15,783 4,796
1/1/2003 15,783 4,796
1/2/2003 15,084 5,008
1/3/2003 15,027 5,026
1/4/2003 15,027 5,026
1/5/2003 15,027 5,026
1/6/2003 14,538 5,172
1/7/2003 14,388 5,222
1/8/2003 14,784 5,079
1/9/2003 14,307 5,243
1/10/2003 14,158 5,298
1/11/2003 14,158 5,298
1/12/2003 14,158 5,298
1/13/2003 14,214 5,276
1/14/2003 14,061 5,334
1/15/2003 14,336 5,231
1/16/2003 14,497 5,171
1/17/2003 15,100 4,958
1/18/2003 15,100 4,958
1/19/2003 15,100 4,958
1/20/2003 15,100 4,958
1/21/2003 15,229 4,916
1/22/2003 15,262 4,904
1/23/2003 14,886 5,031
1/24/2003 15,407 4,853
1/25/2003 15,407 4,853
1/26/2003 15,407 4,853
1/27/2003 15,553 4,806
1/28/2003 15,322 4,879
1/29/2003 15,088 4,953
1/30/2003 15,545 4,801
1/31/2003 15,589 4,789
2/1/2003 15,589 4,789
2/2/2003 15,589 4,789
2/3/2003 15,524 4,809
2/4/2003 15,763 4,734
2/5/2003 15,807 4,721
2/6/2003 15,779 4,729
2/7/2003 16,001 4,663
2/8/2003 16,001 4,663
2/9/2003 16,001 4,663
2/10/2003 15,783 4,726
2/11/2003 15,759 4,734
2/12/2003 16,001 4,661
2/13/2003 16,078 4,638
2/14/2003 15,573 4,785
2/15/2003 15,573 4,785
2/16/2003 15,573 4,785
2/17/2003 15,573 4,785
2/18/2003 15,055 4,945
2/19/2003 15,181 4,901
2/20/2003 15,249 4,879
2/21/2003 15,031 4,950
2/22/2003 15,031 4,950
2/23/2003 15,031 4,950
2/24/2003 15,342 4,846
2/25/2003 15,274 4,868
2/26/2003 15,650 4,748
2/27/2003 15,322 4,847
2/28/2003 15,092 4,919
3/1/2003 15,092 4,919
3/2/2003 15,092 4,919
3/3/2003 15,371 4,828
3/4/2003 15,496 4,789
3/5/2003 15,383 4,824
3/6/2003 15,480 4,794
3/7/2003 15,435 4,808
3/8/2003 15,435 4,808
3/9/2003 15,435 4,808
3/10/2003 15,787 4,698
3/11/2003 15,876 4,671
3/12/2003 15,682 4,728
3/13/2003 14,728 5,017
3/14/2003 14,716 5,020
3/15/2003 14,716 5,020
3/16/2003 14,716 5,020
3/17/2003 14,053 5,247
3/18/2003 13,984 5,272
3/19/2003 14,077 5,237
3/20/2003 14,008 5,263
3/21/2003 13,851 5,326
3/22/2003 13,851 5,326
3/23/2003 13,851 5,326
3/24/2003 14,425 5,101
3/25/2003 14,158 5,196
3/26/2003 14,150 5,195
3/27/2003 14,214 5,174
3/28/2003 14,417 5,100
3/29/2003 14,417 5,100
3/30/2003 14,417 5,100
3/31/2003 14,797 4,963
4/1/2003 14,740 4,982
4/2/2003 14,150 5,181
4/3/2003 14,138 5,184
4/4/2003 14,320 5,119
4/5/2003 14,320 5,119
4/6/2003 14,320 5,119
4/7/2003 14,283 5,132
4/8/2003 14,380 5,098
4/9/2003 14,691 4,987
4/10/2003 14,554 5,033
4/11/2003 14,655 4,999
4/12/2003 14,655 4,999
4/13/2003 14,655 4,999
4/14/2003 14,332 5,107
4/15/2003 14,267 5,131
4/16/2003 14,243 5,139
4/17/2003 13,859 5,279
4/18/2003 13,859 5,279
4/19/2003 13,859 5,279
4/20/2003 13,859 5,279
4/21/2003 13,891 5,267
4/22/2003 13,616 5,371
4/23/2003 13,487 5,422
4/24/2003 13,543 5,399
4/25/2003 13,851 5,277
4/26/2003 13,851 5,277
4/27/2003 13,851 5,277
4/28/2003 13,543 5,394
4/29/2003 13,426 5,441
4/30/2003 13,555 5,389
5/1/2003 13,467 5,424
5/2/2003 13,184 5,537
5/3/2003 13,184 5,537
5/4/2003 13,184 5,537
5/5/2003 13,188 5,536
5/6/2003 12,998 5,616
5/7/2003 13,188 5,534
5/8/2003 13,386 5,451
5/9/2003 13,091 5,571
5/10/2003 13,091 5,571
5/11/2003 13,091 5,571
5/12/2003 12,901 5,654
5/13/2003 12,949 5,632
5/14/2003 13,034 5,594
5/15/2003 12,868 5,666
5/16/2003 12,961 5,625
5/17/2003 12,961 5,625
5/18/2003 12,961 5,625
5/19/2003 13,442 5,420
5/20/2003 13,438 5,422
5/21/2003 13,426 5,426
5/22/2003 13,216 5,512
5/23/2003 13,232 5,506
5/24/2003 13,232 5,506
5/25/2003 13,232 5,506
5/26/2003 13,232 5,506
5/27/2003 12,735 5,713
5/28/2003 12,723 5,716
5/29/2003 12,630 5,758
5/30/2003 12,460 5,836
5/31/2003 12,460 5,836
6/1/2003 12,460 5,836
6/2/2003 12,593 5,774
6/3/2003 12,452 5,839
6/4/2003 12,181 5,967
6/5/2003 12,112 6,001
6/6/2003 12,298 5,910
6/7/2003 12,298 5,910
6/8/2003 12,298 5,910
6/9/2003 12,476 5,825
6/10/2003 12,294 5,910
6/11/2003 12,145 5,984
6/12/2003 12,136 5,989
6/13/2003 12,387 5,865
6/14/2003 12,387 5,865
6/15/2003 12,387 5,865
6/16/2003 12,003 6,049
6/17/2003 12,019 6,039
6/18/2003 11,946 6,080
6/19/2003 12,161 5,973
6/20/2003 12,185 5,959
6/21/2003 12,185 5,959
6/22/2003 12,185 5,959
6/23/2003 12,415 5,847
6/24/2003 12,508 5,806
6/25/2003 12,541 5,790
6/26/2003 12,254 5,918
6/27/2003 12,351 5,872
6/28/2003 12,351 5,872
6/29/2003 12,351 5,872
6/30/2003 12,387 5,855
7/1/2003 12,229 5,931
7/2/2003 11,946 6,069
7/3/2003 12,084 5,999
7/4/2003 12,084 5,999
7/5/2003 12,084 5,999
7/6/2003 12,084 5,999
7/7/2003 11,587 6,245
7/8/2003 11,441 6,326
7/9/2003 11,469 6,310
7/10/2003 11,704 6,181
7/11/2003 11,595 6,239
7/12/2003 11,595 6,239
7/13/2003 11,595 6,239
7/14/2003 11,461 6,313
7/15/2003 11,469 6,307
7/16/2003 11,490 6,295
7/17/2003 11,809 6,119
7/18/2003 11,773 6,138
7/19/2003 11,773 6,138
7/20/2003 11,773 6,138
7/21/2003 11,950 6,045
7/22/2003 11,789 6,127
7/23/2003 11,688 6,180
7/24/2003 11,821 6,108
7/25/2003 11,591 6,228
7/26/2003 11,591 6,228
7/27/2003 11,591 6,228
7/28/2003 11,570 6,239
7/29/2003 11,623 6,213
7/30/2003 11,716 6,157
7/31/2003 11,603 6,221
8/1/2003 11,716 6,160
8/2/2003 11,716 6,160
8/3/2003 11,716 6,160
8/4/2003 11,692 6,175
8/5/2003 12,035 5,991
8/6/2003 12,181 5,920
8/7/2003 12,157 5,930
8/8/2003 12,258 5,882
8/9/2003 12,258 5,882
8/10/2003 12,258 5,882
8/11/2003 12,096 5,959
8/12/2003 11,922 6,045
8/13/2003 11,926 6,043
8/14/2003 11,813 6,099
8/15/2003 11,801 6,108
8/16/2003 11,801 6,108
8/17/2003 11,801 6,108
8/18/2003 11,506 6,260
8/19/2003 11,372 6,332
8/20/2003 11,372 6,332
8/21/2003 11,239 6,405
8/22/2003 11,324 6,356
8/23/2003 11,324 6,356
8/24/2003 11,324 6,356
8/25/2003 11,308 6,366
8/26/2003 11,287 6,378
8/27/2003 11,199 6,426
8/28/2003 11,085 6,491
8/29/2003 11,013 6,534
8/30/2003 11,013 6,534
8/31/2003 11,013 6,534
9/1/2003 11,013 6,534
9/2/2003 10,851 6,631
9/3/2003 10,859 6,627
9/4/2003 10,750 6,691
9/5/2003 10,841 6,635
9/6/2003 10,841 6,635
9/7/2003 10,841 6,635
9/8/2003 10,644 6,756
9/9/2003 10,768 6,677
9/10/2003 11,067 6,491
9/11/2003 10,919 6,581
9/12/2003 10,862 6,614
9/13/2003 10,862 6,614
9/14/2003 10,862 6,614
9/15/2003 10,940 6,566
9/16/2003 10,657 6,737
9/17/2003 10,706 6,708
9/18/2003 10,525 6,821
9/19/2003 10,583 6,783
9/20/2003 10,583 6,783
9/21/2003 10,583 6,783
9/22/2003 10,780 6,657
9/23/2003 10,608 6,763
9/24/2003 10,973 6,527
9/25/2003 11,088 6,459
9/26/2003 11,223 6,379
9/27/2003 11,223 6,379
9/28/2003 11,223 6,379
9/29/2003 11,001 6,507
9/30/2003 11,264 6,352
10/1/2003 11,001 6,506
10/2/2003 10,985 6,514
10/3/2003 10,669 6,701
10/4/2003 10,669 6,701
10/5/2003 10,669 6,701
10/6/2003 10,620 6,732
10/7/2003 10,538 6,785
10/8/2003 10,612 6,735
10/9/2003 10,505 6,806
10/10/2003 10,443 6,845
10/11/2003 10,443 6,845
10/12/2003 10,443 6,845
10/13/2003 10,370 6,893
10/14/2003 10,329 6,921
10/15/2003 10,345 6,906
10/16/2003 10,279 6,951
10/17/2003 10,513 6,792
10/18/2003 10,513 6,792
10/19/2003 10,513 6,792
10/20/2003 10,398 6,866
10/21/2003 10,300 6,929
10/22/2003 10,550 6,759
10/23/2003 10,620 6,714
10/24/2003 10,681 6,678
10/25/2003 10,681 6,678
10/26/2003 10,681 6,678
10/27/2003 10,628 6,711
10/28/2003 10,300 6,918
10/29/2003 10,300 6,918
10/30/2003 10,316 6,905
10/31/2003 10,324 6,901
11/1/2003 10,324 6,901
11/2/2003 10,324 6,901
11/3/2003 10,119 7,031
11/4/2003 10,214 6,964
11/5/2003 10,210 6,965
11/6/2003 10,136 7,023
11/7/2003 10,160 7,000
11/8/2003 10,160 7,000
11/9/2003 10,160 7,000
11/10/2003 10,316 6,892
11/11/2003 10,357 6,868
11/12/2003 10,107 7,033
11/13/2003 10,136 7,015
11/14/2003 10,365 6,857
11/15/2003 10,365 6,857
11/16/2003 10,365 6,857
11/17/2003 10,468 6,790
11/18/2003 10,686 6,649
11/19/2003 10,575 6,718
11/20/2003 10,694 6,643
11/21/2003 10,620 6,691
11/22/2003 10,620 6,691
11/23/2003 10,620 6,691
11/24/2003 10,263 6,915
11/25/2003 10,320 6,876
11/26/2003 10,259 6,919
11/27/2003 10,259 6,919
11/28/2003 10,226 6,939
11/29/2003 10,226 6,939
11/30/2003 10,226 6,939
12/1/2003 10,066 7,050
12/2/2003 10,173 6,976
12/3/2003 10,255 6,917
12/4/2003 10,164 6,979
12/5/2003 10,337 6,854
12/6/2003 10,337 6,854
12/7/2003 10,337 6,854
12/8/2003 10,259 6,909
12/9/2003 10,509 6,741
12/10/2003 10,472 6,767
12/11/2003 10,251 6,903
12/12/2003 10,251 6,905
12/13/2003 10,251 6,905
12/14/2003 10,251 6,905
12/15/2003 10,398 6,805
12/16/2003 10,349 6,837
12/17/2003 10,374 6,821
12/18/2003 10,136 6,973
12/19/2003 10,173 6,948
12/20/2003 10,173 6,948
12/21/2003 10,173 6,948
12/22/2003 10,132 6,975
12/23/2003 10,021 7,055
12/24/2003 10,049 7,031
12/25/2003 10,049 7,031
12/26/2003 10,045 7,034
12/27/2003 10,045 7,034
12/28/2003 10,045 7,034
12/29/2003 9,865 7,164
12/30/2003 9,865 7,162
12/31/2003 9,885 7,152
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 12/31/03
- --------------------------------------------------------------------------------
SINCE
ONE INCEPTION
YEAR (05/21/01)
- --------------------------------------------------------------------------------
ARKTOS FUND -37.37% -0.44%
NASDAQ 100 INDEX 49.13% -12.04%
- --------------------------------------------------------------------------------
THE RETURNS PRESENTED ABOVE DO NOT REFLECT THE EFFECTS OF TAXES. PAST
PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE NASDAQ 100 INDEX IS AN
UNMANAGED STOCK INDEX AND, UNLIKE THE FUND, HAS NO MANAGEMENT FEES OR OTHER
OPERATING EXPENSES TO REDUCE ITS REPORTED RETURNS. RETURNS ARE HISTORICAL AND
INCLUDE CHANGES IN PRINCIPAL AND REINVESTED DIVIDENDS AND CAPITAL GAINS.
TITAN 500 FUND
- --------------------------------------------------------------------------------
OBJECTIVE: To provide investment returns that correspond to 200% of the daily
price movement of the S&P 500 Index.
Inception: October 1, 2001
In 2003, the S&P 500 posted a gain for the first year since 1999. Continued low
interest rates, low inflation and signs of economic recovery--including optimism
for future corporate spending--helped drive the index's rally. Technology
stocks, especially Internet-related stocks, led the way. This was all good news
to investors in Titan 500 Fund, which seeks to provide investment results that
correspond to 200% of the daily performance of the S&P 500 Index. The fund
returned 54.94% for the year versus 28.68% for the S&P 500.
CUMULATIVE FUND PERFORMANCE: OCTOBER 1, 2001 - DECEMBER 31, 2003
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
Date Variable Titan S&P 500 Index
10/1/2001 $10,000 $10,000
10/2/2001 10,224 10,122
10/3/2001 10,676 10,326
10/4/2001 10,596 10,301
10/5/2001 10,584 10,320
10/6/2001 10,584 10,320
10/7/2001 10,584 10,320
10/8/2001 10,472 10,234
10/9/2001 10,316 10,180
10/10/2001 10,832 10,413
10/11/2001 11,160 10,572
10/12/2001 11,064 10,517
10/13/2001 11,064 10,517
10/14/2001 11,064 10,517
10/15/2001 11,000 10,501
10/16/2001 11,144 10,574
10/17/2001 10,704 10,377
10/18/2001 10,592 10,296
10/19/2001 10,596 10,343
10/20/2001 10,596 10,343
10/21/2001 10,596 10,343
10/22/2001 10,952 10,501
10/23/2001 10,892 10,452
10/24/2001 10,840 10,456
10/25/2001 11,136 10,599
10/26/2001 11,212 10,643
10/27/2001 11,212 10,643
10/28/2001 11,212 10,643
10/29/2001 10,688 10,390
10/30/2001 10,316 10,212
10/31/2001 10,356 10,213
11/1/2001 10,776 10,449
11/2/2001 10,844 10,479
11/3/2001 10,844 10,479
11/4/2001 10,844 10,479
11/5/2001 11,132 10,630
11/6/2001 11,444 10,785
11/7/2001 11,400 10,759
11/8/2001 11,484 10,786
11/9/2001 11,516 10,803
11/10/2001 11,516 10,803
11/11/2001 11,516 10,803
11/12/2001 11,448 10,784
11/13/2001 11,900 10,986
11/14/2001 11,948 11,009
11/15/2001 11,952 11,019
11/16/2001 11,880 10,985
11/17/2001 11,880 10,985
11/18/2001 11,880 10,985
11/19/2001 12,144 11,105
11/20/2001 11,960 11,024
11/21/2001 11,804 10,970
11/22/2001 11,804 10,970
11/23/2001 12,092 11,099
11/24/2001 12,092 11,099
11/25/2001 12,092 11,099
11/26/2001 12,256 11,167
11/27/2001 12,100 11,091
11/28/2001 11,616 10,890
11/29/2001 11,868 11,004
11/30/2001 11,824 10,997
12/1/2001 11,824 10,997
12/2/2001 11,824 10,997
12/3/2001 11,604 10,905
12/4/2001 11,976 11,049
12/5/2001 12,572 11,299
12/6/2001 12,464 11,268
12/7/2001 12,276 11,183
12/8/2001 12,276 11,183
12/9/2001 12,276 11,183
12/10/2001 11,856 11,006
12/11/2001 11,792 10,975
12/12/2001 11,800 10,980
12/13/2001 11,352 10,810
12/14/2001 11,472 10,845
12/15/2001 11,472 10,845
12/16/2001 11,472 10,845
12/17/2001 11,744 10,955
12/18/2001 11,924 11,037
12/19/2001 12,016 11,102
12/20/2001 11,860 11,011
12/21/2001 11,912 11,059
12/22/2001 11,912 11,059
12/23/2001 11,912 11,059
12/24/2001 11,928 11,056
12/25/2001 11,928 11,056
12/26/2001 12,044 11,102
12/27/2001 12,168 11,180
12/28/2001 12,224 11,218
12/29/2001 12,224 11,218
12/30/2001 12,224 11,218
12/31/2001 11,948 11,093
1/1/2002 11,948 11,093
1/2/2002 12,108 11,159
1/3/2002 12,332 11,261
1/4/2002 12,476 11,331
1/5/2002 12,476 11,331
1/6/2002 12,476 11,331
1/7/2002 12,332 11,257
1/8/2002 12,248 11,220
1/9/2002 12,100 11,167
1/10/2002 12,156 11,181
1/11/2002 11,900 11,075
1/12/2002 11,900 11,075
1/13/2002 11,900 11,075
1/14/2002 11,760 11,006
1/15/2002 11,908 11,081
1/16/2002 11,552 10,902
1/17/2002 11,756 11,011
1/18/2002 11,528 10,902
1/19/2002 11,528 10,902
1/20/2002 11,528 10,902
1/21/2002 11,528 10,902
1/22/2002 11,372 10,822
1/23/2002 11,540 10,908
1/24/2002 11,624 10,946
1/25/2002 11,624 10,957
1/26/2002 11,624 10,957
1/27/2002 11,624 10,957
1/28/2002 11,648 10,955
1/29/2002 10,928 10,643
1/30/2002 11,204 10,769
1/31/2002 11,496 10,931
2/1/2002 11,392 10,854
2/2/2002 11,392 10,854
2/3/2002 11,392 10,854
2/4/2002 10,808 10,586
2/5/2002 10,732 10,543
2/6/2002 10,620 10,481
2/7/2002 10,544 10,451
2/8/2002 10,852 10,606
2/9/2002 10,852 10,606
2/10/2002 10,852 10,606
2/11/2002 11,160 10,759
2/12/2002 11,064 10,716
2/13/2002 11,288 10,826
2/14/2002 11,220 10,808
2/15/2002 11,016 10,689
2/16/2002 11,016 10,689
2/17/2002 11,016 10,689
2/18/2002 11,016 10,689
2/19/2002 10,584 10,488
2/20/2002 10,908 10,630
2/21/2002 10,552 10,465
2/22/2002 10,700 10,551
2/23/2002 10,700 10,551
2/24/2002 10,700 10,551
2/25/2002 11,116 10,741
2/26/2002 11,068 10,742
2/27/2002 11,112 10,751
2/28/2002 11,048 10,721
3/1/2002 11,544 10,963
3/2/2002 11,544 10,963
3/3/2002 11,544 10,963
3/4/2002 11,988 11,177
3/5/2002 11,828 11,103
3/6/2002 12,172 11,266
3/7/2002 12,056 11,216
3/8/2002 12,160 11,281
3/9/2002 12,160 11,281
3/10/2002 12,160 11,281
3/11/2002 12,264 11,320
3/12/2002 12,228 11,294
3/13/2002 11,952 11,186
3/14/2002 11,940 11,176
3/15/2002 12,220 11,303
3/16/2002 12,220 11,303
3/17/2002 12,220 11,303
3/18/2002 12,208 11,297
3/19/2002 12,300 11,343
3/20/2002 11,904 11,165
3/21/2002 11,924 11,182
3/22/2002 11,832 11,135
3/23/2002 11,832 11,135
3/24/2002 11,832 11,135
3/25/2002 11,472 10,971
3/26/2002 11,600 11,037
3/27/2002 11,720 11,096
3/28/2002 11,724 11,124
3/29/2002 11,724 11,124
3/30/2002 11,724 11,124
3/31/2002 11,724 11,124
4/1/2002 11,700 11,116
4/2/2002 11,528 11,021
4/3/2002 11,300 10,912
4/4/2002 11,312 10,922
4/5/2002 11,236 10,887
4/6/2002 11,236 10,887
4/7/2002 11,236 10,887
4/8/2002 11,292 10,914
4/9/2002 11,128 10,842
4/10/2002 11,376 10,966
4/11/2002 10,868 10,706
4/12/2002 10,960 10,777
4/13/2002 10,960 10,777
4/14/2002 10,960 10,777
4/15/2002 10,828 10,695
4/16/2002 11,308 10,946
4/17/2002 11,296 10,924
4/18/2002 11,224 10,909
4/19/2002 11,248 10,916
4/20/2002 11,248 10,916
4/21/2002 11,248 10,916
4/22/2002 10,900 10,747
4/23/2002 10,744 10,681
4/24/2002 10,592 10,605
4/25/2002 10,548 10,589
4/26/2002 10,252 10,443
4/27/2002 10,252 10,443
4/28/2002 10,252 10,443
4/29/2002 10,072 10,338
4/30/2002 10,276 10,449
5/1/2002 10,472 10,543
5/2/2002 10,408 10,526
5/3/2002 10,200 10,418
5/4/2002 10,200 10,418
5/5/2002 10,200 10,418
5/6/2002 9,800 10,217
5/7/2002 9,724 10,186
5/8/2002 10,460 10,569
5/9/2002 10,160 10,418
5/10/2002 9,820 10,243
5/11/2002 9,820 10,243
5/12/2002 9,820 10,243
5/13/2002 10,172 10,434
5/14/2002 10,600 10,655
5/15/2002 10,496 10,598
5/16/2002 10,644 10,668
5/17/2002 10,788 10,752
5/18/2002 10,788 10,752
5/19/2002 10,788 10,752
5/20/2002 10,500 10,609
5/21/2002 10,260 10,493
5/22/2002 10,380 10,553
5/23/2002 10,588 10,660
5/24/2002 10,328 10,532
5/25/2002 10,328 10,532
5/26/2002 10,328 10,532
5/27/2002 10,328 10,532
5/28/2002 10,160 10,442
5/29/2002 10,032 10,376
5/30/2002 9,980 10,348
5/31/2002 10,020 10,372
6/1/2002 10,020 10,372
6/2/2002 10,020 10,372
6/3/2002 9,456 10,115
6/4/2002 9,512 10,115
6/5/2002 9,680 10,209
6/6/2002 9,304 10,007
6/7/2002 9,268 9,992
6/8/2002 9,268 9,992
6/9/2002 9,268 9,992
6/10/2002 9,324 10,023
6/11/2002 9,016 9,856
6/12/2002 9,108 9,923
6/13/2002 8,924 9,819
6/14/2002 8,796 9,797
6/15/2002 8,796 9,797
6/16/2002 8,796 9,797
6/17/2002 9,296 10,078
6/18/2002 9,308 10,088
6/19/2002 8,992 9,922
6/20/2002 8,756 9,788
6/21/2002 8,488 9,622
6/22/2002 8,488 9,622
6/23/2002 8,488 9,622
6/24/2002 8,548 9,657
6/25/2002 8,228 9,495
6/26/2002 8,200 9,475
6/27/2002 8,468 9,642
6/28/2002 8,432 9,633
6/29/2002 8,432 9,633
6/30/2002 8,432 9,633
7/1/2002 8,080 9,427
7/2/2002 7,736 9,229
7/3/2002 7,844 9,287
7/4/2002 7,844 9,287
7/5/2002 8,448 9,628
7/6/2002 8,448 9,628
7/7/2002 8,448 9,628
7/8/2002 8,204 9,514
7/9/2002 7,812 9,279
7/10/2002 7,260 8,964
7/11/2002 7,412 9,032
7/12/2002 7,300 8,974
7/13/2002 7,300 8,974
7/14/2002 7,300 8,974
7/15/2002 7,236 8,940
7/16/2002 6,992 8,776
7/17/2002 7,068 8,825
7/18/2002 6,640 8,587
7/19/2002 6,132 8,258
7/20/2002 6,132 8,258
7/21/2002 6,132 8,258
7/22/2002 5,784 7,986
7/23/2002 5,496 7,770
7/24/2002 6,124 8,216
7/25/2002 6,044 8,170
7/26/2002 6,244 8,307
7/27/2002 6,244 8,307
7/28/2002 6,244 8,307
7/29/2002 6,920 8,758
7/30/2002 6,976 8,795
7/31/2002 7,084 8,883
8/1/2002 6,652 8,621
8/2/2002 6,344 8,422
8/3/2002 6,344 8,422
8/4/2002 6,344 8,422
8/5/2002 5,948 8,134
8/6/2002 6,324 8,377
8/7/2002 6,584 8,546
8/8/2002 6,984 8,826
8/9/2002 7,036 8,859
8/10/2002 7,036 8,859
8/11/2002 7,036 8,859
8/12/2002 6,932 8,812
8/13/2002 6,632 8,622
8/14/2002 7,180 8,970
8/15/2002 7,344 9,074
8/16/2002 7,320 9,061
8/17/2002 7,320 9,061
8/18/2002 7,320 9,061
8/19/2002 7,672 9,275
8/20/2002 7,476 9,145
8/21/2002 7,668 9,263
8/22/2002 7,872 9,393
8/23/2002 7,488 9,180
8/24/2002 7,488 9,180
8/25/2002 7,488 9,180
8/26/2002 7,600 9,249
8/27/2002 7,384 9,121
8/28/2002 7,128 8,957
8/29/2002 7,132 8,957
8/30/2002 7,092 8,941
8/31/2002 7,092 8,941
9/1/2002 7,092 8,941
9/2/2002 7,092 8,941
9/3/2002 6,500 8,570
9/4/2002 6,732 8,723
9/5/2002 6,536 8,584
9/6/2002 6,744 8,729
9/7/2002 6,744 8,729
9/8/2002 6,744 8,729
9/9/2002 6,880 8,817
9/10/2002 7,013 8,882
9/11/2002 6,989 8,882
9/12/2002 6,660 8,664
9/13/2002 6,692 8,692
9/14/2002 6,692 8,692
9/15/2002 6,692 8,692
9/16/2002 6,728 8,705
9/17/2002 6,443 8,533
9/18/2002 6,375 8,494
9/19/2002 6,018 8,239
9/20/2002 6,014 8,260
9/21/2002 6,014 8,260
9/22/2002 6,014 8,260
9/23/2002 5,858 8,145
9/24/2002 5,658 8,005
9/25/2002 5,930 8,206
9/26/2002 6,183 8,357
9/27/2002 5,750 8,087
9/28/2002 5,750 8,087
9/29/2002 5,750 8,087
9/30/2002 5,577 7,969
10/1/2002 6,046 8,288
10/2/2002 5,750 8,094
10/3/2002 5,609 8,007
10/4/2002 5,385 7,827
10/5/2002 5,385 7,827
10/6/2002 5,385 7,827
10/7/2002 5,196 7,678
10/8/2002 5,361 7,811
10/9/2002 5,056 7,598
10/10/2002 5,425 7,865
10/11/2002 5,886 8,172
10/12/2002 5,886 8,172
10/13/2002 5,886 8,172
10/14/2002 5,978 8,232
10/15/2002 6,536 8,621
10/16/2002 6,211 8,414
10/17/2002 6,475 8,602
10/18/2002 6,544 8,653
10/19/2002 6,544 8,653
10/20/2002 6,544 8,653
10/21/2002 6,788 8,803
10/22/2002 6,644 8,709
10/23/2002 6,736 8,768
10/24/2002 6,524 8,635
10/25/2002 6,748 8,783
10/26/2002 6,748 8,783
10/27/2002 6,748 8,783
10/28/2002 6,644 8,710
10/29/2002 6,516 8,632
10/30/2002 6,636 8,717
10/31/2002 6,544 8,671
11/1/2002 6,808 8,819
11/2/2002 6,808 8,819
11/3/2002 6,808 8,819
11/4/2002 6,896 8,892
11/5/2002 7,053 8,961
11/6/2002 7,185 9,045
11/7/2002 6,840 8,840
11/8/2002 6,728 8,763
11/9/2002 6,728 8,763
11/10/2002 6,728 8,763
11/11/2002 6,447 8,582
11/12/2002 6,552 8,648
11/13/2002 6,548 8,647
11/14/2002 6,880 8,861
11/15/2002 6,941 8,916
11/16/2002 6,941 8,916
11/17/2002 6,941 8,916
11/18/2002 6,800 8,824
11/19/2002 6,768 8,788
11/20/2002 7,033 8,960
11/21/2002 7,334 9,153
11/22/2002 7,277 9,121
11/23/2002 7,277 9,121
11/24/2002 7,277 9,121
11/25/2002 7,305 9,144
11/26/2002 6,997 8,954
11/27/2002 7,382 9,205
11/28/2002 7,382 9,205
11/29/2002 7,317 9,181
11/30/2002 7,317 9,181
12/1/2002 7,317 9,181
12/2/2002 7,297 9,164
12/3/2002 7,101 9,029
12/4/2002 7,073 9,000
12/5/2002 6,880 8,893
12/6/2002 6,973 8,949
12/7/2002 6,973 8,949
12/8/2002 6,973 8,949
12/9/2002 6,648 8,750
12/10/2002 6,844 8,873
12/11/2002 6,828 8,880
12/12/2002 6,776 8,847
12/13/2002 6,588 8,728
12/14/2002 6,588 8,728
12/15/2002 6,588 8,728
12/16/2002 6,925 8,934
12/17/2002 6,808 8,861
12/18/2002 6,612 8,746
12/19/2002 6,532 8,680
12/20/2002 6,680 8,793
12/21/2002 6,680 8,793
12/22/2002 6,680 8,793
12/23/2002 6,720 8,809
12/24/2002 6,636 8,761
12/25/2002 6,636 8,761
12/26/2002 6,584 8,733
12/27/2002 6,379 8,597
12/28/2002 6,379 8,597
12/29/2002 6,379 8,597
12/30/2002 6,439 8,636
12/31/2002 6,451 8,642
1/1/2003 6,451 8,642
1/2/2003 6,888 8,929
1/3/2003 6,880 8,925
1/4/2003 6,880 8,925
1/5/2003 6,880 8,925
1/6/2003 7,169 9,126
1/7/2003 7,081 9,066
1/8/2003 6,864 8,942
1/9/2003 7,125 9,115
1/10/2003 7,117 9,115
1/11/2003 7,117 9,115
1/12/2003 7,117 9,115
1/13/2003 7,109 9,103
1/14/2003 7,185 9,156
1/15/2003 6,985 9,025
1/16/2003 6,933 8,990
1/17/2003 6,740 8,864
1/18/2003 6,740 8,864
1/19/2003 6,740 8,864
1/20/2003 6,740 8,864
1/21/2003 6,520 8,725
1/22/2003 6,367 8,635
1/23/2003 6,516 8,723
1/24/2003 6,119 8,468
1/25/2003 6,119 8,468
1/26/2003 6,119 8,468
1/27/2003 5,934 8,331
1/28/2003 6,074 8,440
1/29/2003 6,179 8,499
1/30/2003 5,890 8,306
1/31/2003 6,042 8,415
2/1/2003 6,042 8,415
2/2/2003 6,042 8,415
2/3/2003 6,099 8,461
2/4/2003 5,934 8,342
2/5/2003 5,862 8,298
2/6/2003 5,802 8,247
2/7/2003 5,662 8,164
2/8/2003 5,662 8,164
2/9/2003 5,662 8,164
2/10/2003 5,762 8,226
2/11/2003 5,662 8,160
2/12/2003 5,517 8,059
2/13/2003 5,509 8,047
2/14/2003 5,746 8,220
2/15/2003 5,746 8,220
2/16/2003 5,746 8,220
2/17/2003 5,746 8,220
2/18/2003 5,974 8,381
2/19/2003 5,890 8,323
2/20/2003 5,770 8,244
2/21/2003 5,938 8,353
2/22/2003 5,938 8,353
2/23/2003 5,938 8,353
2/24/2003 5,702 8,200
2/25/2003 5,782 8,259
2/26/2003 5,621 8,154
2/27/2003 5,758 8,251
2/28/2003 5,822 8,289
3/1/2003 5,822 8,289
3/2/2003 5,822 8,289
3/3/2003 5,726 8,227
3/4/2003 5,557 8,100
3/5/2003 5,658 8,180
3/6/2003 5,549 8,105
3/7/2003 5,633 8,172
3/8/2003 5,633 8,172
3/9/2003 5,633 8,172
3/10/2003 5,341 7,961
3/11/2003 5,257 7,895
3/12/2003 5,309 7,932
3/13/2003 5,686 8,206
3/14/2003 5,706 8,219
3/15/2003 5,706 8,219
3/16/2003 5,706 8,219
3/17/2003 6,099 8,511
3/18/2003 6,147 8,547
3/19/2003 6,259 8,622
3/20/2003 6,275 8,639
3/21/2003 6,560 8,837
3/22/2003 6,560 8,837
3/23/2003 6,560 8,837
3/24/2003 6,103 8,526
3/25/2003 6,259 8,630
3/26/2003 6,183 8,583
3/27/2003 6,171 8,570
3/28/2003 6,091 8,521
3/29/2003 6,091 8,521
3/30/2003 6,091 8,521
3/31/2003 5,866 8,369
4/1/2003 6,018 8,471
4/2/2003 6,343 8,694
4/3/2003 6,255 8,650
4/4/2003 6,303 8,674
4/5/2003 6,303 8,674
4/6/2003 6,303 8,674
4/7/2003 6,323 8,685
4/8/2003 6,287 8,672
4/9/2003 6,107 8,551
4/10/2003 6,199 8,606
4/11/2003 6,159 8,575
4/12/2003 6,159 8,575
4/13/2003 6,159 8,575
4/14/2003 6,391 8,742
4/15/2003 6,479 8,798
4/16/2003 6,295 8,690
4/17/2003 6,500 8,825
4/18/2003 6,500 8,825
4/19/2003 6,500 8,825
4/20/2003 6,500 8,825
4/21/2003 6,479 8,810
4/22/2003 6,772 9,001
4/23/2003 6,876 9,077
4/24/2003 6,764 9,002
4/25/2003 6,572 8,877
4/26/2003 6,572 8,877
4/27/2003 6,572 8,877
4/28/2003 6,824 9,037
4/29/2003 6,864 9,067
4/30/2003 6,812 9,059
5/1/2003 6,824 9,054
5/2/2003 7,037 9,190
5/3/2003 7,037 9,190
5/4/2003 7,037 9,190
5/5/2003 6,977 9,156
5/6/2003 7,109 9,233
5/7/2003 7,029 9,188
5/8/2003 6,880 9,095
5/9/2003 7,085 9,227
5/10/2003 7,085 9,227
5/11/2003 7,085 9,227
5/12/2003 7,269 9,343
5/13/2003 7,229 9,317
5/14/2003 7,185 9,290
5/15/2003 7,293 9,364
5/16/2003 7,253 9,341
5/17/2003 7,253 9,341
5/18/2003 7,253 9,341
5/19/2003 6,892 9,109
5/20/2003 6,876 9,099
5/21/2003 6,933 9,136
5/22/2003 7,065 9,220
5/23/2003 7,073 9,233
5/24/2003 7,073 9,233
5/25/2003 7,073 9,233
5/26/2003 7,073 9,233
5/27/2003 7,362 9,414
5/28/2003 7,382 9,432
5/29/2003 7,309 9,398
5/30/2003 7,558 9,536
5/31/2003 7,558 9,536
6/1/2003 7,558 9,536
6/2/2003 7,594 9,570
6/3/2003 7,674 9,615
6/4/2003 7,899 9,763
6/5/2003 7,959 9,803
6/6/2003 7,911 9,780
6/7/2003 7,911 9,780
6/8/2003 7,911 9,780
6/9/2003 7,734 9,663
6/10/2003 7,879 9,751
6/11/2003 8,083 9,880
6/12/2003 8,111 9,890
6/13/2003 7,931 9,792
6/14/2003 7,931 9,792
6/15/2003 7,931 9,792
6/16/2003 8,284 10,012
6/17/2003 8,292 10,021
6/18/2003 8,268 10,006
6/19/2003 8,015 9,854
6/20/2003 8,023 9,864
6/21/2003 8,023 9,864
6/22/2003 8,023 9,864
6/23/2003 7,807 9,725
6/24/2003 7,847 9,743
6/25/2003 7,718 9,662
6/26/2003 7,895 9,770
6/27/2003 7,726 9,675
6/28/2003 7,726 9,675
6/29/2003 7,726 9,675
6/30/2003 7,698 9,658
7/1/2003 7,827 9,737
7/2/2003 8,003 9,851
7/3/2003 7,883 9,771
7/4/2003 7,883 9,771
7/5/2003 7,883 9,771
7/6/2003 7,883 9,771
7/7/2003 8,180 9,956
7/8/2003 8,236 9,994
7/9/2003 8,151 9,939
7/10/2003 7,923 9,805
7/11/2003 8,067 9,899
7/12/2003 8,067 9,899
7/13/2003 8,067 9,899
7/14/2003 8,172 9,956
7/15/2003 8,111 9,922
7/16/2003 8,007 9,859
7/17/2003 7,799 9,737
7/18/2003 7,971 9,852
7/19/2003 7,971 9,852
7/20/2003 7,971 9,852
7/21/2003 7,759 9,708
7/22/2003 7,899 9,801
7/23/2003 7,915 9,806
7/24/2003 7,795 9,736
7/25/2003 8,071 9,906
7/26/2003 8,071 9,906
7/27/2003 8,071 9,906
7/28/2003 8,039 9,885
7/29/2003 7,919 9,814
7/30/2003 7,879 9,798
7/31/2003 7,923 9,828
8/1/2003 7,767 9,727
8/2/2003 7,767 9,727
8/3/2003 7,767 9,727
8/4/2003 7,815 9,754
8/5/2003 7,518 9,582
8/6/2003 7,558 9,600
8/7/2003 7,678 9,670
8/8/2003 7,734 9,704
8/9/2003 7,734 9,704
8/10/2003 7,734 9,704
8/11/2003 7,779 9,737
8/12/2003 7,935 9,834
8/13/2003 7,835 9,775
8/14/2003 7,935 9,839
8/15/2003 7,935 9,842
8/16/2003 7,935 9,842
8/17/2003 7,935 9,842
8/18/2003 8,095 9,933
8/19/2003 8,143 9,959
8/20/2003 8,087 9,940
8/21/2003 8,151 9,970
8/22/2003 7,967 9,868
8/23/2003 7,967 9,868
8/24/2003 7,967 9,868
8/25/2003 7,975 9,874
8/26/2003 8,031 9,905
8/27/2003 8,043 9,907
8/28/2003 8,139 9,968
8/29/2003 8,236 10,020
8/30/2003 8,236 10,020
8/31/2003 8,236 10,020
9/1/2003 8,236 10,020
9/2/2003 8,448 10,159
9/3/2003 8,520 10,204
9/4/2003 8,552 10,222
9/5/2003 8,432 10,156
9/6/2003 8,432 10,156
9/7/2003 8,432 10,156
9/8/2003 8,613 10,259
9/9/2003 8,476 10,175
9/10/2003 8,280 10,054
9/11/2003 8,368 10,112
9/12/2003 8,400 10,134
9/13/2003 8,400 10,134
9/14/2003 8,400 10,134
9/15/2003 8,340 10,096
9/16/2003 8,568 10,240
9/17/2003 8,512 10,207
9/18/2003 8,741 10,343
9/19/2003 8,681 10,310
9/20/2003 8,681 10,310
9/21/2003 8,681 10,310
9/22/2003 8,444 10,176
9/23/2003 8,548 10,238
9/24/2003 8,236 10,043
9/25/2003 8,131 9,984
9/26/2003 8,031 9,922
9/27/2003 8,031 9,922
9/28/2003 8,031 9,922
9/29/2003 8,172 10,019
9/30/2003 8,007 9,913
10/1/2003 8,376 10,136
10/2/2003 8,432 10,157
10/3/2003 8,580 10,253
10/4/2003 8,580 10,253
10/5/2003 8,580 10,253
10/6/2003 8,657 10,298
10/7/2003 8,733 10,347
10/8/2003 8,653 10,296
10/9/2003 8,729 10,346
10/10/2003 8,737 10,340
10/11/2003 8,737 10,340
10/12/2003 8,737 10,340
10/13/2003 8,853 10,412
10/14/2003 8,921 10,453
10/15/2003 8,877 10,428
10/16/2003 8,929 10,462
10/17/2003 8,741 10,355
10/18/2003 8,741 10,355
10/19/2003 8,741 10,355
10/20/2003 8,825 10,408
10/21/2003 8,857 10,421
10/22/2003 8,593 10,266
10/23/2003 8,645 10,300
10/24/2003 8,564 10,252
10/25/2003 8,564 10,252
10/26/2003 8,564 10,252
10/27/2003 8,601 10,274
10/28/2003 8,861 10,430
10/29/2003 8,893 10,445
10/30/2003 8,869 10,436
10/31/2003 8,921 10,474
11/1/2003 8,921 10,474
11/2/2003 8,921 10,474
11/3/2003 9,074 10,557
11/4/2003 8,981 10,500
11/5/2003 8,957 10,487
11/6/2003 9,058 10,550
11/7/2003 8,985 10,504
11/8/2003 8,985 10,504
11/9/2003 8,985 10,504
11/10/2003 8,873 10,444
11/11/2003 8,853 10,439
11/12/2003 9,082 10,562
11/13/2003 9,074 10,561
11/14/2003 8,933 10,482
11/15/2003 8,933 10,482
11/16/2003 8,933 10,482
11/17/2003 8,837 10,416
11/18/2003 8,705 10,321
11/19/2003 8,861 10,405
11/20/2003 8,697 10,317
11/21/2003 8,721 10,334
11/22/2003 8,721 10,334
11/23/2003 8,721 10,334
11/24/2003 9,005 10,502
11/25/2003 9,054 10,521
11/26/2003 9,122 10,569
11/27/2003 9,122 10,569
11/28/2003 9,142 10,566
11/29/2003 9,142 10,566
11/30/2003 9,142 10,566
12/1/2003 9,326 10,686
12/2/2003 9,278 10,651
12/3/2003 9,242 10,635
12/4/2003 9,318 10,685
12/5/2003 9,166 10,604
12/6/2003 9,166 10,604
12/7/2003 9,166 10,604
12/8/2003 9,286 10,682
12/9/2003 9,118 10,591
12/10/2003 9,102 10,582
12/11/2003 9,322 10,704
12/12/2003 9,370 10,734
12/13/2003 9,370 10,734
12/14/2003 9,370 10,734
12/15/2003 9,266 10,673
12/16/2003 9,378 10,744
12/17/2003 9,410 10,759
12/18/2003 9,623 10,887
12/19/2003 9,611 10,882
12/20/2003 9,611 10,882
12/21/2003 9,611 10,882
12/22/2003 9,687 10,925
12/23/2003 9,751 10,956
12/24/2003 9,715 10,936
12/25/2003 9,715 10,936
12/26/2003 9,751 10,955
12/27/2003 9,751 10,955
12/28/2003 9,751 10,955
12/29/2003 9,992 11,094
12/30/2003 9,996 11,097
12/31/2003 9,996 11,120
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 12/31/03
- --------------------------------------------------------------------------------
SINCE
ONE INCEPTION
YEAR (10/01/01)
- --------------------------------------------------------------------------------
TITAN 500 FUND 54.94% -0.02%
S&P 500 INDEX 28.68% 4.83%
- --------------------------------------------------------------------------------
THE RETURNS PRESENTED ABOVE DO NOT REFLECT THE EFFECTS OF TAXES. PAST
PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE S&P 500 INDEX IS AN UNMANAGED
STOCK INDEX AND, UNLIKE THE FUND, HAS NO MANAGEMENT FEES OR OTHER OPERATING
EXPENSES TO REDUCE ITS REPORTED RETURNS. RETURNS ARE HISTORICAL AND INCLUDE
CHANGES IN PRINCIPAL AND REINVESTED DIVIDENDS AND CAPITAL GAINS.
ANNUAL REPORT 9
VELOCITY 100 FUND
- --------------------------------------------------------------------------------
OBJECTIVE: To provide investment returns that correspond to 200% of the daily
performance of the Nasdaq 100 Index.
Inception: October 1, 2001
With more optimism in the market over the economy, technology stocks--which were
beaten down heavily in the previous years--led the market recovery. After a
three-year bear market, high-beta technology stocks performed well. Further,
leveraged funds like Rydex Velocity 100 Fund, which seeks to provide investment
results that correspond to 200% of the daily performance of the Nasdaq 100
Index, fared even better. Rydex Velocity 100 Fund gained 98.63% during the
period, compared to the Nasdaq 100's 49.13% return.
CUMULATIVE FUND PERFORMANCE: OCTOBER 1, 2001 - DECEMBER 31, 2003
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
Date Variable Velocity Nasdaq 100 Index
10/1/2001 $10,000 $10,000
10/2/2001 10,124 10,070
10/3/2001 11,724 10,852
10/4/2001 11,888 10,950
10/5/2001 12,108 11,046
10/6/2001 12,108 11,046
10/7/2001 12,108 11,046
10/8/2001 12,264 11,115
10/9/2001 11,468 10,810
10/10/2001 12,716 11,332
10/11/2001 14,448 12,072
10/12/2001 14,464 12,107
10/13/2001 14,464 12,107
10/14/2001 14,464 12,107
10/15/2001 14,000 11,977
10/16/2001 14,452 12,202
10/17/2001 12,612 11,420
10/18/2001 12,612 11,555
10/19/2001 12,936 11,705
10/20/2001 12,936 11,705
10/21/2001 12,936 11,705
10/22/2001 13,600 12,013
10/23/2001 13,684 12,022
10/24/2001 14,428 12,375
10/25/2001 15,384 12,847
10/26/2001 15,220 12,637
10/27/2001 15,220 12,637
10/28/2001 15,220 12,637
10/29/2001 13,268 11,940
10/30/2001 12,708 11,659
10/31/2001 12,912 11,854
11/1/2001 14,012 12,370
11/2/2001 13,960 12,384
11/3/2001 13,960 12,384
11/4/2001 13,960 12,384
11/5/2001 15,136 12,857
11/6/2001 16,056 13,230
11/7/2001 16,000 13,243
11/8/2001 15,824 13,121
11/9/2001 15,752 13,159
11/10/2001 15,752 13,159
11/11/2001 15,752 13,159
11/12/2001 16,088 13,279
11/13/2001 17,128 13,730
11/14/2001 17,212 13,775
11/15/2001 17,088 13,746
11/16/2001 17,112 13,742
11/17/2001 17,112 13,742
11/18/2001 17,112 13,742
11/19/2001 17,852 14,050
11/20/2001 16,284 13,461
11/21/2001 16,292 13,481
11/22/2001 16,292 13,481
11/23/2001 16,784 13,702
11/24/2001 16,784 13,702
11/25/2001 16,784 13,702
11/26/2001 17,728 14,068
11/27/2001 17,576 13,983
11/28/2001 16,308 13,524
11/29/2001 17,216 13,892
11/30/2001 17,148 13,863
12/1/2001 17,148 13,863
12/2/2001 17,148 13,863
12/3/2001 16,548 13,616
12/4/2001 17,972 14,195
12/5/2001 19,784 14,948
12/6/2001 19,720 14,922
12/7/2001 18,740 14,539
12/8/2001 18,740 14,539
12/9/2001 18,740 14,539
12/10/2001 18,052 14,292
12/11/2001 18,292 14,430
12/12/2001 18,488 14,505
12/13/2001 17,004 13,914
12/14/2001 17,152 13,947
12/15/2001 17,152 13,947
12/16/2001 17,152 13,947
12/17/2001 17,832 14,248
12/18/2001 18,132 14,399
12/19/2001 17,388 14,147
12/20/2001 15,880 13,527
12/21/2001 15,652 13,709
12/22/2001 15,652 13,709
12/23/2001 15,652 13,709
12/24/2001 15,596 13,701
12/25/2001 15,596 13,701
12/26/2001 15,896 13,818
12/27/2001 16,208 13,954
12/28/2001 16,492 14,081
12/29/2001 16,492 14,081
12/30/2001 16,492 14,081
12/31/2001 15,588 13,698
1/1/2002 15,588 13,698
1/2/2002 16,304 13,988
1/3/2002 17,532 14,477
1/4/2002 17,648 14,549
1/5/2002 17,648 14,549
1/6/2002 17,648 14,549
1/7/2002 17,100 14,330
1/8/2002 17,416 14,476
1/9/2002 17,160 14,365
1/10/2002 17,272 14,390
1/11/2002 16,748 14,194
1/12/2002 16,748 14,194
1/13/2002 16,748 14,194
1/14/2002 16,116 13,930
1/15/2002 16,292 14,006
1/16/2002 15,212 13,541
1/17/2002 16,044 13,918
1/18/2002 14,972 13,448
1/19/2002 14,972 13,448
1/20/2002 14,972 13,448
1/21/2002 14,972 13,448
1/22/2002 14,036 13,045
1/23/2002 14,900 13,456
1/24/2002 15,196 13,595
1/25/2002 15,060 13,535
1/26/2002 15,060 13,535
1/27/2002 15,060 13,535
1/28/2002 15,200 13,592
1/29/2002 14,304 13,197
1/30/2002 14,664 13,367
1/31/2002 14,860 13,465
2/1/2002 14,456 13,274
2/2/2002 14,456 13,274
2/3/2002 14,456 13,274
2/4/2002 13,492 12,848
2/5/2002 13,192 12,706
2/6/2002 12,912 12,560
2/7/2002 12,312 12,281
2/8/2002 12,960 12,614
2/9/2002 12,960 12,614
2/10/2002 12,960 12,614
2/11/2002 13,416 12,835
2/12/2002 13,180 12,723
2/13/2002 13,540 12,914
2/14/2002 13,324 12,809
2/15/2002 12,648 12,479
2/16/2002 12,648 12,479
2/17/2002 12,648 12,479
2/18/2002 12,648 12,479
2/19/2002 11,772 12,050
2/20/2002 12,132 12,232
2/21/2002 11,096 11,711
2/22/2002 11,188 11,780
2/23/2002 11,188 11,780
2/24/2002 11,188 11,780
2/25/2002 12,040 12,230
2/26/2002 11,888 12,171
2/27/2002 11,520 11,973
2/28/2002 11,212 11,806
3/1/2002 12,460 12,468
3/2/2002 12,460 12,468
3/3/2002 12,460 12,468
3/4/2002 13,444 12,983
3/5/2002 13,504 13,020
3/6/2002 13,852 13,202
3/7/2002 13,608 13,088
3/8/2002 14,472 13,508
3/9/2002 14,472 13,508
3/10/2002 14,472 13,508
3/11/2002 14,448 13,496
3/12/2002 13,828 13,207
3/13/2002 13,200 12,910
3/14/2002 13,032 12,831
3/15/2002 13,344 12,989
3/16/2002 13,344 12,989
3/17/2002 13,344 12,989
3/18/2002 13,536 13,080
3/19/2002 13,512 13,070
3/20/2002 12,540 12,604
3/21/2002 13,192 12,933
3/22/2002 12,852 12,769
3/23/2002 12,852 12,769
3/24/2002 12,852 12,769
3/25/2002 12,112 12,400
3/26/2002 12,316 12,504
3/27/2002 12,260 12,478
3/28/2002 12,532 12,619
3/29/2002 12,532 12,619
3/30/2002 12,532 12,619
3/31/2002 12,532 12,619
4/1/2002 12,976 12,842
4/2/2002 11,784 12,251
4/3/2002 11,512 12,110
4/4/2002 11,556 12,134
4/5/2002 11,216 11,958
4/6/2002 11,216 11,958
4/7/2002 11,216 11,958
4/8/2002 11,484 12,099
4/9/2002 10,700 11,685
4/10/2002 10,988 11,842
4/11/2002 10,364 11,506
4/12/2002 10,780 11,742
4/13/2002 10,780 11,742
4/14/2002 10,780 11,742
4/15/2002 10,832 11,770
4/16/2002 11,768 12,281
4/17/2002 11,604 12,193
4/18/2002 11,468 12,125
4/19/2002 11,288 12,030
4/20/2002 11,288 12,030
4/21/2002 11,288 12,030
4/22/2002 10,700 11,725
4/23/2002 10,268 11,490
4/24/2002 9,948 11,312
4/25/2002 9,948 11,312
4/26/2002 9,156 10,865
4/27/2002 9,156 10,865
4/28/2002 9,156 10,865
4/29/2002 9,096 10,829
4/30/2002 9,540 11,093
5/1/2002 9,392 11,009
5/2/2002 8,768 10,644
5/3/2002 8,268 10,343
5/4/2002 8,268 10,343
5/5/2002 8,268 10,343
5/6/2002 7,860 10,086
5/7/2002 7,832 10,069
5/8/2002 9,500 11,139
5/9/2002 8,872 10,774
5/10/2002 8,132 10,326
5/11/2002 8,132 10,326
5/12/2002 8,132 10,326
5/13/2002 8,856 10,784
5/14/2002 9,784 11,340
5/15/2002 9,864 11,388
5/16/2002 9,940 11,429
5/17/2002 10,084 11,516
5/18/2002 10,084 11,516
5/19/2002 10,084 11,516
5/20/2002 9,572 11,224
5/21/2002 9,040 10,909
5/22/2002 9,164 10,984
5/23/2002 9,488 11,177
5/24/2002 8,984 10,884
5/25/2002 8,984 10,884
5/26/2002 8,984 10,884
5/27/2002 8,984 10,884
5/28/2002 8,868 10,813
5/29/2002 8,492 10,585
5/30/2002 8,624 10,666
5/31/2002 8,340 10,496
6/1/2002 8,340 10,496
6/2/2002 8,340 10,496
6/3/2002 7,664 10,068
6/4/2002 7,924 10,239
6/5/2002 8,140 10,385
6/6/2002 7,624 10,055
6/7/2002 7,388 9,904
6/8/2002 7,388 9,904
6/9/2002 7,388 9,904
6/10/2002 7,328 9,864
6/11/2002 6,880 9,563
6/12/2002 7,160 9,757
6/13/2002 6,948 9,611
6/14/2002 6,984 9,638
6/15/2002 6,984 9,638
6/16/2002 6,984 9,638
6/17/2002 7,488 9,988
6/18/2002 7,336 9,889
6/19/2002 6,812 9,533
6/20/2002 6,376 9,228
6/21/2002 6,052 8,995
6/22/2002 6,052 8,995
6/23/2002 6,052 8,995
6/24/2002 6,304 9,187
6/25/2002 5,884 8,884
6/26/2002 5,936 8,922
6/27/2002 6,204 9,126
6/28/2002 6,208 9,133
6/29/2002 6,208 9,133
6/30/2002 6,208 9,133
7/1/2002 5,580 8,670
7/2/2002 5,200 8,370
7/3/2002 5,540 8,648
7/4/2002 5,540 8,648
7/5/2002 6,268 9,215
7/6/2002 6,268 9,215
7/7/2002 6,268 9,215
7/8/2002 5,720 8,810
7/9/2002 5,448 8,601
7/10/2002 5,108 8,330
7/11/2002 5,520 8,669
7/12/2002 5,556 8,693
7/13/2002 5,556 8,693
7/14/2002 5,556 8,693
7/15/2002 5,780 8,869
7/16/2002 5,668 8,784
7/17/2002 5,860 8,936
7/18/2002 5,476 8,639
7/19/2002 5,148 8,386
7/20/2002 5,148 8,386
7/21/2002 5,148 8,386
7/22/2002 4,868 8,157
7/23/2002 4,432 7,790
7/24/2002 4,980 8,265
7/25/2002 4,380 7,769
7/26/2002 4,540 7,912
7/27/2002 4,540 7,912
7/28/2002 4,540 7,912
7/29/2002 5,128 8,427
7/30/2002 5,236 8,515
7/31/2002 5,040 8,357
8/1/2002 4,536 7,935
8/2/2002 4,324 7,752
8/3/2002 4,324 7,752
8/4/2002 4,324 7,752
8/5/2002 3,980 7,445
8/6/2002 4,384 7,834
8/7/2002 4,564 7,983
8/8/2002 4,848 8,228
8/9/2002 4,744 8,142
8/10/2002 4,744 8,142
8/11/2002 4,744 8,142
8/12/2002 4,756 8,156
8/13/2002 4,440 7,884
8/14/2002 5,036 8,415
8/15/2002 5,160 8,521
8/16/2002 5,316 8,652
8/17/2002 5,316 8,652
8/18/2002 5,316 8,652
8/19/2002 5,636 8,911
8/20/2002 5,440 8,756
8/21/2002 5,728 8,994
8/22/2002 5,884 9,112
8/23/2002 5,448 8,777
8/24/2002 5,448 8,777
8/25/2002 5,448 8,777
8/26/2002 5,512 8,832
8/27/2002 5,052 8,464
8/28/2002 4,744 8,207
8/29/2002 4,912 8,354
8/30/2002 4,708 8,186
8/31/2002 4,708 8,186
9/1/2002 4,708 8,186
9/2/2002 4,708 8,186
9/3/2002 4,288 7,814
9/4/2002 4,484 8,000
9/5/2002 4,108 7,669
9/6/2002 4,468 8,010
9/7/2002 4,468 8,010
9/8/2002 4,468 8,010
9/9/2002 4,564 8,097
9/10/2002 4,712 8,232
9/11/2002 4,700 8,220
9/12/2002 4,388 7,948
9/13/2002 4,472 8,024
9/14/2002 4,472 8,024
9/15/2002 4,472 8,024
9/16/2002 4,316 7,891
9/17/2002 4,212 7,796
9/18/2002 4,188 7,776
9/19/2002 3,916 7,521
9/20/2002 3,960 7,571
9/21/2002 3,960 7,571
9/22/2002 3,960 7,571
9/23/2002 3,704 7,323
9/24/2002 3,700 7,328
9/25/2002 4,020 7,648
9/26/2002 3,956 7,589
9/27/2002 3,832 7,473
9/28/2002 3,832 7,473
9/29/2002 3,832 7,473
9/30/2002 3,584 7,231
10/1/2002 3,908 7,562
10/2/2002 3,724 7,379
10/3/2002 3,576 7,237
10/4/2002 3,424 7,083
10/5/2002 3,424 7,083
10/6/2002 3,424 7,083
10/7/2002 3,336 6,989
10/8/2002 3,392 7,049
10/9/2002 3,356 7,013
10/10/2002 3,704 7,379
10/11/2002 4,080 7,736
10/12/2002 4,080 7,736
10/13/2002 4,080 7,736
10/14/2002 4,172 7,824
10/15/2002 4,636 8,255
10/16/2002 4,212 7,905
10/17/2002 4,584 8,209
10/18/2002 4,692 8,305
10/19/2002 4,692 8,305
10/20/2002 4,692 8,305
10/21/2002 4,920 8,507
10/22/2002 4,760 8,372
10/23/2002 5,012 8,593
10/24/2002 4,764 8,381
10/25/2002 5,064 8,647
10/26/2002 5,064 8,647
10/27/2002 5,064 8,647
10/28/2002 4,896 8,508
10/29/2002 4,704 8,346
10/30/2002 4,952 8,565
10/31/2002 4,984 8,595
11/1/2002 5,280 8,852
11/2/2002 5,280 8,852
11/3/2002 5,280 8,852
11/4/2002 5,576 9,094
11/5/2002 5,620 9,124
11/6/2002 5,772 9,258
11/7/2002 5,340 8,910
11/8/2002 5,156 8,759
11/9/2002 5,156 8,759
11/10/2002 5,156 8,759
11/11/2002 4,792 8,447
11/12/2002 5,076 8,703
11/13/2002 5,168 8,790
11/14/2002 5,640 9,188
11/15/2002 5,668 9,218
11/16/2002 5,668 9,218
11/17/2002 5,668 9,218
11/18/2002 5,496 9,079
11/19/2002 5,288 8,911
11/20/2002 5,744 9,299
11/21/2002 6,260 9,712
11/22/2002 6,236 9,694
11/23/2002 6,236 9,694
11/24/2002 6,236 9,694
11/25/2002 6,360 9,790
11/26/2002 5,908 9,446
11/27/2002 6,312 9,778
11/28/2002 6,312 9,778
11/29/2002 6,208 9,694
11/30/2002 6,208 9,694
12/1/2002 6,208 9,694
12/2/2002 6,248 9,732
12/3/2002 5,900 9,457
12/4/2002 5,692 9,289
12/5/2002 5,516 9,147
12/6/2002 5,652 9,259
12/7/2002 5,652 9,259
12/8/2002 5,652 9,259
12/9/2002 5,112 8,815
12/10/2002 5,300 8,973
12/11/2002 5,336 9,002
12/12/2002 5,368 9,033
12/13/2002 5,016 8,737
12/14/2002 5,016 8,737
12/15/2002 5,016 8,737
12/16/2002 5,372 9,055
12/17/2002 5,352 9,034
12/18/2002 5,064 8,805
12/19/2002 4,988 8,739
12/20/2002 5,064 8,807
12/21/2002 5,064 8,807
12/22/2002 5,064 8,807
12/23/2002 5,244 8,967
12/24/2002 5,152 8,888
12/25/2002 5,152 8,888
12/26/2002 5,084 8,829
12/27/2002 4,892 8,667
12/28/2002 4,892 8,667
12/29/2002 4,892 8,667
12/30/2002 4,816 8,598
12/31/2002 4,760 8,550
1/1/2003 4,760 8,550
1/2/2003 5,180 8,928
1/3/2003 5,216 8,961
1/4/2003 5,216 8,961
1/5/2003 5,216 8,961
1/6/2003 5,528 9,220
1/7/2003 5,636 9,310
1/8/2003 5,324 9,055
1/9/2003 5,660 9,347
1/10/2003 5,780 9,445
1/11/2003 5,780 9,445
1/12/2003 5,780 9,445
1/13/2003 5,732 9,407
1/14/2003 5,860 9,510
1/15/2003 5,632 9,325
1/16/2003 5,504 9,220
1/17/2003 5,052 8,839
1/18/2003 5,052 8,839
1/19/2003 5,052 8,839
1/20/2003 5,052 8,839
1/21/2003 4,964 8,764
1/22/2003 4,944 8,743
1/23/2003 5,196 8,970
1/24/2003 4,824 8,653
1/25/2003 4,824 8,653
1/26/2003 4,824 8,653
1/27/2003 4,724 8,568
1/28/2003 4,864 8,698
1/29/2003 5,012 8,830
1/30/2003 4,700 8,560
1/31/2003 4,676 8,539
2/1/2003 4,676 8,539
2/2/2003 4,676 8,539
2/3/2003 4,716 8,574
2/4/2003 4,568 8,440
2/5/2003 4,540 8,416
2/6/2003 4,556 8,430
2/7/2003 4,424 8,313
2/8/2003 4,424 8,313
2/9/2003 4,424 8,313
2/10/2003 4,548 8,425
2/11/2003 4,556 8,439
2/12/2003 4,420 8,311
2/13/2003 4,376 8,268
2/14/2003 4,652 8,530
2/15/2003 4,652 8,530
2/16/2003 4,652 8,530
2/17/2003 4,652 8,530
2/18/2003 4,964 8,816
2/19/2003 4,880 8,737
2/20/2003 4,836 8,699
2/21/2003 4,976 8,824
2/22/2003 4,976 8,824
2/23/2003 4,976 8,824
2/24/2003 4,768 8,640
2/25/2003 4,812 8,680
2/26/2003 4,572 8,465
2/27/2003 4,756 8,641
2/28/2003 4,896 8,771
3/1/2003 4,896 8,771
3/2/2003 4,896 8,771
3/3/2003 4,712 8,608
3/4/2003 4,636 8,538
3/5/2003 4,708 8,601
3/6/2003 4,644 8,547
3/7/2003 4,672 8,572
3/8/2003 4,672 8,572
3/9/2003 4,672 8,572
3/10/2003 4,460 8,376
3/11/2003 4,408 8,328
3/12/2003 4,516 8,430
3/13/2003 5,068 8,945
3/14/2003 5,072 8,950
3/15/2003 5,072 8,950
3/16/2003 5,072 8,950
3/17/2003 5,528 9,355
3/18/2003 5,584 9,400
3/19/2003 5,512 9,337
3/20/2003 5,564 9,383
3/21/2003 5,688 9,495
3/22/2003 5,688 9,495
3/23/2003 5,688 9,495
3/24/2003 5,224 9,095
3/25/2003 5,416 9,264
3/26/2003 5,416 9,262
3/27/2003 5,368 9,224
3/28/2003 5,212 9,092
3/29/2003 5,212 9,092
3/30/2003 5,212 9,092
3/31/2003 4,940 8,848
4/1/2003 4,972 8,883
4/2/2003 5,372 9,237
4/3/2003 5,376 9,242
4/4/2003 5,240 9,126
4/5/2003 5,240 9,126
4/6/2003 5,240 9,126
4/7/2003 5,268 9,149
4/8/2003 5,196 9,088
4/9/2003 4,968 8,890
4/10/2003 5,064 8,974
4/11/2003 4,992 8,913
4/12/2003 4,992 8,913
4/13/2003 4,992 8,913
4/14/2003 5,208 9,106
4/15/2003 5,252 9,147
4/16/2003 5,268 9,163
4/17/2003 5,540 9,412
4/18/2003 5,540 9,412
4/19/2003 5,540 9,412
4/20/2003 5,540 9,412
4/21/2003 5,516 9,390
4/22/2003 5,736 9,576
4/23/2003 5,848 9,667
4/24/2003 5,796 9,625
4/25/2003 5,536 9,409
4/26/2003 5,536 9,409
4/27/2003 5,536 9,409
4/28/2003 5,772 9,617
4/29/2003 5,876 9,700
4/30/2003 5,764 9,607
5/1/2003 5,836 9,669
5/2/2003 6,064 9,872
5/3/2003 6,064 9,872
5/4/2003 6,064 9,872
5/5/2003 6,060 9,870
5/6/2003 6,232 10,013
5/7/2003 6,052 9,866
5/8/2003 5,872 9,718
5/9/2003 6,124 9,933
5/10/2003 6,124 9,933
5/11/2003 6,124 9,933
5/12/2003 6,304 10,079
5/13/2003 6,256 10,041
5/14/2003 6,172 9,973
5/15/2003 6,332 10,101
5/16/2003 6,236 10,028
5/17/2003 6,236 10,028
5/18/2003 6,236 10,028
5/19/2003 5,788 9,663
5/20/2003 5,788 9,666
5/21/2003 5,796 9,673
5/22/2003 5,976 9,828
5/23/2003 5,956 9,816
5/24/2003 5,956 9,816
5/25/2003 5,956 9,816
5/26/2003 5,956 9,816
5/27/2003 6,404 10,185
5/28/2003 6,424 10,191
5/29/2003 6,500 10,265
5/30/2003 6,680 10,405
5/31/2003 6,680 10,405
6/1/2003 6,680 10,405
6/2/2003 6,544 10,294
6/3/2003 6,696 10,411
6/4/2003 6,980 10,638
6/5/2003 7,056 10,699
6/6/2003 6,836 10,537
6/7/2003 6,836 10,537
6/8/2003 6,836 10,537
6/9/2003 6,644 10,385
6/10/2003 6,840 10,536
6/11/2003 7,012 10,668
6/12/2003 7,024 10,678
6/13/2003 6,732 10,457
6/14/2003 6,732 10,457
6/15/2003 6,732 10,457
6/16/2003 7,144 10,784
6/17/2003 7,120 10,767
6/18/2003 7,220 10,839
6/19/2003 6,960 10,648
6/20/2003 6,932 10,624
6/21/2003 6,932 10,624
6/22/2003 6,932 10,624
6/23/2003 6,668 10,425
6/24/2003 6,576 10,351
6/25/2003 6,536 10,323
6/26/2003 6,824 10,551
6/27/2003 6,716 10,469
6/28/2003 6,716 10,469
6/29/2003 6,716 10,469
6/30/2003 6,676 10,438
7/1/2003 6,844 10,574
7/2/2003 7,160 10,821
7/3/2003 6,992 10,695
7/4/2003 6,992 10,695
7/5/2003 6,992 10,695
7/6/2003 6,992 10,695
7/7/2003 7,568 11,134
7/8/2003 7,756 11,278
7/9/2003 7,716 11,250
7/10/2003 7,400 11,019
7/11/2003 7,532 11,123
7/12/2003 7,532 11,123
7/13/2003 7,532 11,123
7/14/2003 7,680 11,255
7/15/2003 7,652 11,244
7/16/2003 7,624 11,222
7/17/2003 7,184 10,909
7/18/2003 7,224 10,944
7/19/2003 7,224 10,944
7/20/2003 7,224 10,944
7/21/2003 7,008 10,777
7/22/2003 7,204 10,924
7/23/2003 7,324 11,018
7/24/2003 7,156 10,890
7/25/2003 7,436 11,103
7/26/2003 7,436 11,103
7/27/2003 7,436 11,103
7/28/2003 7,468 11,123
7/29/2003 7,408 11,076
7/30/2003 7,284 10,977
7/31/2003 7,432 11,092
8/1/2003 7,272 10,982
8/2/2003 7,272 10,982
8/3/2003 7,272 10,982
8/4/2003 7,304 11,008
8/5/2003 6,876 10,681
8/6/2003 6,712 10,555
8/7/2003 6,736 10,572
8/8/2003 6,628 10,486
8/9/2003 6,628 10,486
8/10/2003 6,628 10,486
8/11/2003 6,800 10,624
8/12/2003 6,992 10,777
8/13/2003 6,980 10,774
8/14/2003 7,116 10,874
8/15/2003 7,124 10,889
8/16/2003 7,124 10,889
8/17/2003 7,124 10,889
8/18/2003 7,480 11,160
8/19/2003 7,656 11,289
8/20/2003 7,648 11,289
8/21/2003 7,832 11,419
8/22/2003 7,712 11,331
8/23/2003 7,712 11,331
8/24/2003 7,712 11,331
8/25/2003 7,732 11,349
8/26/2003 7,760 11,370
8/27/2003 7,880 11,456
8/28/2003 8,036 11,573
8/29/2003 8,140 11,650
8/30/2003 8,140 11,650
8/31/2003 8,140 11,650
9/1/2003 8,140 11,650
9/2/2003 8,384 11,822
9/3/2003 8,368 11,815
9/4/2003 8,536 11,928
9/5/2003 8,388 11,829
9/6/2003 8,388 11,829
9/7/2003 8,388 11,829
9/8/2003 8,696 12,045
9/9/2003 8,496 11,905
9/10/2003 8,016 11,572
9/11/2003 8,232 11,733
9/12/2003 8,316 11,792
9/13/2003 8,316 11,792
9/14/2003 8,316 11,792
9/15/2003 8,192 11,707
9/16/2003 8,616 12,011
9/17/2003 8,540 11,959
9/18/2003 8,820 12,162
9/19/2003 8,720 12,093
9/20/2003 8,720 12,093
9/21/2003 8,720 12,093
9/22/2003 8,384 11,868
9/23/2003 8,644 12,057
9/24/2003 8,044 11,636
9/25/2003 7,880 11,515
9/26/2003 7,688 11,373
9/27/2003 7,688 11,373
9/28/2003 7,688 11,373
9/29/2003 7,988 11,600
9/30/2003 7,612 11,324
10/1/2003 7,976 11,599
10/2/2003 7,996 11,614
10/3/2003 8,452 11,946
10/4/2003 8,452 11,946
10/5/2003 8,452 11,946
10/6/2003 8,524 12,001
10/7/2003 8,656 12,096
10/8/2003 8,532 12,008
10/9/2003 8,704 12,134
10/10/2003 8,804 12,203
10/11/2003 8,804 12,203
10/12/2003 8,804 12,203
10/13/2003 8,928 12,288
10/14/2003 9,004 12,340
10/15/2003 8,968 12,313
10/16/2003 9,084 12,392
10/17/2003 8,668 12,108
10/18/2003 8,668 12,108
10/19/2003 8,668 12,108
10/20/2003 8,856 12,241
10/21/2003 9,020 12,353
10/22/2003 8,584 12,051
10/23/2003 8,464 11,970
10/24/2003 8,372 11,905
10/25/2003 8,372 11,905
10/26/2003 8,372 11,905
10/27/2003 8,452 11,964
10/28/2003 8,976 12,334
10/29/2003 8,972 12,333
10/30/2003 8,940 12,311
10/31/2003 8,920 12,303
11/1/2003 8,920 12,303
11/2/2003 8,920 12,303
11/3/2003 9,236 12,535
11/4/2003 9,056 12,416
11/5/2003 9,064 12,417
11/6/2003 9,192 12,520
11/7/2003 9,152 12,479
11/8/2003 9,152 12,479
11/9/2003 9,152 12,479
11/10/2003 8,864 12,287
11/11/2003 8,796 12,244
11/12/2003 9,232 12,538
11/13/2003 9,184 12,507
11/14/2003 8,776 12,226
11/15/2003 8,776 12,226
11/16/2003 8,776 12,226
11/17/2003 8,600 12,106
11/18/2003 8,252 11,854
11/19/2003 8,424 11,977
11/20/2003 8,232 11,843
11/21/2003 8,348 11,929
11/22/2003 8,348 11,929
11/23/2003 8,348 11,929
11/24/2003 8,908 12,328
11/25/2003 8,820 12,259
11/26/2003 8,924 12,335
11/27/2003 8,924 12,335
11/28/2003 8,976 12,371
11/29/2003 8,976 12,371
11/30/2003 8,976 12,371
12/1/2003 9,264 12,569
12/2/2003 9,072 12,437
12/3/2003 8,920 12,332
12/4/2003 9,080 12,442
12/5/2003 8,732 12,220
12/6/2003 8,732 12,220
12/7/2003 8,732 12,220
12/8/2003 8,868 12,317
12/9/2003 8,436 12,018
12/10/2003 8,504 12,065
12/11/2003 8,844 12,308
12/12/2003 8,848 12,310
12/13/2003 8,848 12,310
12/14/2003 8,848 12,310
12/15/2003 8,588 12,133
12/16/2003 8,668 12,189
12/17/2003 8,628 12,160
12/18/2003 9,016 12,432
12/19/2003 8,948 12,388
12/20/2003 8,948 12,388
12/21/2003 8,948 12,388
12/22/2003 9,020 12,436
12/23/2003 9,224 12,579
12/24/2003 9,164 12,536
12/25/2003 9,164 12,536
12/26/2003 9,168 12,541
12/27/2003 9,168 12,541
12/28/2003 9,168 12,541
12/29/2003 9,500 12,772
12/30/2003 9,492 12,769
12/31/2003 9,455 12,750
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 12/31/03
- --------------------------------------------------------------------------------
SINCE
ONE INCEPTION
YEAR (10/01/01)
- --------------------------------------------------------------------------------
VELOCITY 100 FUND 98.63% -2.46%
NASDAQ 100 INDEX 49.13% 11.41%
- --------------------------------------------------------------------------------
THE RETURNS PRESENTED ABOVE DO NOT REFLECT THE EFFECTS OF TAXES. PAST
PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE NASDAQ 100 INDEX IS AN
UNMANAGED STOCK INDEX AND, UNLIKE THE FUND, HAS NO MANAGEMENT FEES OR OTHER
OPERATING EXPENSES TO REDUCE ITS REPORTED RETURNS. RETURNS ARE HISTORICAL AND
INCLUDE CHANGES IN PRINCIPAL AND REINVESTED DIVIDENDS AND CAPITAL GAINS.
10
MEDIUS FUND
- --------------------------------------------------------------------------------
OBJECTIVE: To provide investment returns that correspond to 150% of the daily
performance movement of the S&P MidCap 400 Index.
Inception: October 1, 2001
Mid-caps outperformed large-caps for the year. Medius Fund, which seeks to
provide investment results that correlate to the performance of the S&P MidCap
400 Index, returned 52.43% for the year. This is due in part to an improved
economy and strong performance by technology stocks.
CUMULATIVE FUND PERFORMANCE: OCTOBER 1, 2001 - DECEMBER 31, 2003
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
Variable Medius S&P 400 Index
Date
10/1/2001 $10,000 $10,000
10/2/2001 10,232 10,127
10/3/2001 10,608 10,427
10/4/2001 10,636 10,475
10/5/2001 10,544 10,410
10/6/2001 10,544 10,410
10/7/2001 10,544 10,410
10/8/2001 10,432 10,316
10/9/2001 10,432 10,316
10/10/2001 10,828 10,600
10/11/2001 11,196 10,834
10/12/2001 11,060 10,738
10/13/2001 11,060 10,738
10/14/2001 11,060 10,738
10/15/2001 11,020 10,709
10/16/2001 11,144 10,828
10/17/2001 10,684 10,545
10/18/2001 10,580 10,452
10/19/2001 10,788 10,584
10/20/2001 10,788 10,584
10/21/2001 10,788 10,584
10/22/2001 11,028 10,751
10/23/2001 10,988 10,724
10/24/2001 11,040 10,746
10/25/2001 11,356 10,932
10/26/2001 11,448 11,015
10/27/2001 11,448 11,015
10/28/2001 11,448 11,015
10/29/2001 11,080 10,779
10/30/2001 10,788 10,578
10/31/2001 10,848 10,633
11/1/2001 11,168 10,815
11/2/2001 11,192 10,845
11/3/2001 11,192 10,845
11/4/2001 11,192 10,845
11/5/2001 11,440 10,987
11/6/2001 11,660 11,131
11/7/2001 11,640 11,138
11/8/2001 11,524 11,073
11/9/2001 11,496 11,077
11/10/2001 11,496 11,077
11/11/2001 11,496 11,077
11/12/2001 11,568 11,120
11/13/2001 11,872 11,326
11/14/2001 11,876 11,335
11/15/2001 11,764 11,253
11/16/2001 11,748 11,266
11/17/2001 11,748 11,266
11/18/2001 11,748 11,266
11/19/2001 11,932 11,414
11/20/2001 11,792 11,330
11/21/2001 11,712 11,286
11/22/2001 11,712 11,286
11/23/2001 11,896 11,411
11/24/2001 11,896 11,411
11/25/2001 11,896 11,411
11/26/2001 12,100 11,541
11/27/2001 12,068 11,537
11/28/2001 11,808 11,358
11/29/2001 12,104 11,527
11/30/2001 11,920 11,424
12/1/2001 11,920 11,424
12/2/2001 11,920 11,424
12/3/2001 11,824 11,363
12/4/2001 12,144 11,582
12/5/2001 12,616 11,901
12/6/2001 12,592 11,944
12/7/2001 12,504 11,892
12/8/2001 12,504 11,892
12/9/2001 12,504 11,892
12/10/2001 12,272 11,720
12/11/2001 12,304 11,735
12/12/2001 12,280 11,702
12/13/2001 12,024 11,524
12/14/2001 12,184 11,618
12/15/2001 12,184 11,618
12/16/2001 12,184 11,618
12/17/2001 12,332 11,739
12/18/2001 12,532 11,883
12/19/2001 12,512 11,862
12/20/2001 12,308 11,722
12/21/2001 12,444 11,857
12/22/2001 12,444 11,857
12/23/2001 12,444 11,857
12/24/2001 12,532 11,901
12/25/2001 12,532 11,901
12/26/2001 12,688 12,004
12/27/2001 12,764 12,058
12/28/2001 12,894 12,161
12/29/2001 12,894 12,161
12/30/2001 12,894 12,161
12/31/2001 12,667 12,015
1/1/2002 12,667 12,015
1/2/2002 12,590 11,972
1/3/2002 12,760 12,092
1/4/2002 12,951 12,245
1/5/2002 12,951 12,245
1/6/2002 12,951 12,245
1/7/2002 12,817 12,128
1/8/2002 12,801 12,123
1/9/2002 12,772 12,126
1/10/2002 12,841 12,140
1/11/2002 12,642 12,015
1/12/2002 12,642 12,015
1/13/2002 12,642 12,015
1/14/2002 12,370 11,837
1/15/2002 12,496 11,914
1/16/2002 12,188 11,723
1/17/2002 12,464 11,879
1/18/2002 12,306 11,757
1/19/2002 12,306 11,757
1/20/2002 12,306 11,757
1/21/2002 12,306 11,757
1/22/2002 12,192 11,666
1/23/2002 12,439 11,858
1/24/2002 12,598 11,950
1/25/2002 12,642 12,000
1/26/2002 12,642 12,000
1/27/2002 12,642 12,000
1/28/2002 12,695 12,004
1/29/2002 12,306 11,772
1/30/2002 12,517 11,915
1/31/2002 12,569 11,952
2/1/2002 12,545 11,928
2/2/2002 12,545 11,928
2/3/2002 12,545 11,928
2/4/2002 12,135 11,671
2/5/2002 12,147 11,657
2/6/2002 11,981 11,570
2/7/2002 11,859 11,476
2/8/2002 12,245 11,725
2/9/2002 12,245 11,725
2/10/2002 12,245 11,725
2/11/2002 12,517 11,900
2/12/2002 12,496 11,853
2/13/2002 12,659 11,976
2/14/2002 12,634 11,943
2/15/2002 12,460 11,839
2/16/2002 12,460 11,839
2/17/2002 12,460 11,839
2/18/2002 12,460 11,839
2/19/2002 12,119 11,622
2/20/2002 12,423 11,788
2/21/2002 12,184 11,643
2/22/2002 12,334 11,752
2/23/2002 12,334 11,752
2/24/2002 12,334 11,752
2/25/2002 12,610 11,912
2/26/2002 12,732 11,978
2/27/2002 12,768 12,028
2/28/2002 12,618 11,967
3/1/2002 13,044 12,205
3/2/2002 13,044 12,205
3/3/2002 13,044 12,205
3/4/2002 13,511 12,523
3/5/2002 13,454 12,502
3/6/2002 13,767 12,674
3/7/2002 13,673 12,626
3/8/2002 13,799 12,736
3/9/2002 13,799 12,736
3/10/2002 13,799 12,736
3/11/2002 13,787 12,737
3/12/2002 13,710 12,687
3/13/2002 13,629 12,615
3/14/2002 13,653 12,629
3/15/2002 13,844 12,736
3/16/2002 13,844 12,736
3/17/2002 13,844 12,736
3/18/2002 13,994 12,836
3/19/2002 13,998 12,858
3/20/2002 13,759 12,707
3/21/2002 13,888 12,788
3/22/2002 13,754 12,695
3/23/2002 13,754 12,695
3/24/2002 13,754 12,695
3/25/2002 13,422 12,500
3/26/2002 13,669 12,633
3/27/2002 13,872 12,778
3/28/2002 13,876 12,822
3/29/2002 13,876 12,822
3/30/2002 13,876 12,822
3/31/2002 13,876 12,822
4/1/2002 13,905 12,819
4/2/2002 13,694 12,698
4/3/2002 13,458 12,521
4/4/2002 13,535 12,567
4/5/2002 13,539 12,569
4/6/2002 13,539 12,569
4/7/2002 13,539 12,569
4/8/2002 13,763 12,718
4/9/2002 13,710 12,683
4/10/2002 14,087 12,893
4/11/2002 13,799 12,713
4/12/2002 14,006 12,850
4/13/2002 14,006 12,850
4/14/2002 14,006 12,850
4/15/2002 14,006 12,841
4/16/2002 14,306 13,045
4/17/2002 14,319 13,043
4/18/2002 14,221 12,997
4/19/2002 14,306 13,035
4/20/2002 14,306 13,035
4/21/2002 14,306 13,035
4/22/2002 13,990 12,856
4/23/2002 13,986 12,840
4/24/2002 13,791 12,733
4/25/2002 13,868 12,766
4/26/2002 13,596 12,617
4/27/2002 13,596 12,617
4/28/2002 13,596 12,617
4/29/2002 13,527 12,547
4/30/2002 13,860 12,762
5/1/2002 13,925 12,806
5/2/2002 13,852 12,774
5/3/2002 13,681 12,690
5/4/2002 13,681 12,690
5/5/2002 13,681 12,690
5/6/2002 13,418 12,503
5/7/2002 13,393 12,465
5/8/2002 13,966 12,802
5/9/2002 13,661 12,620
5/10/2002 13,446 12,495
5/11/2002 13,446 12,495
5/12/2002 13,446 12,495
5/13/2002 13,694 12,667
5/14/2002 14,217 12,965
5/15/2002 14,132 12,920
5/16/2002 14,035 12,864
5/17/2002 14,181 12,938
5/18/2002 14,181 12,938
5/19/2002 14,181 12,938
5/20/2002 13,941 12,791
5/21/2002 13,669 12,616
5/22/2002 13,677 12,615
5/23/2002 13,961 12,789
5/24/2002 13,750 12,675
5/25/2002 13,750 12,675
5/26/2002 13,750 12,675
5/27/2002 13,750 12,675
5/28/2002 13,645 12,547
5/29/2002 13,515 12,526
5/30/2002 13,519 12,521
5/31/2002 13,519 12,547
6/1/2002 13,519 12,547
6/2/2002 13,519 12,547
6/3/2002 13,012 12,232
6/4/2002 12,894 12,141
6/5/2002 12,987 12,216
6/6/2002 12,638 11,983
6/7/2002 12,801 12,092
6/8/2002 12,801 12,092
6/9/2002 12,801 12,092
6/10/2002 12,841 12,103
6/11/2002 12,379 11,851
6/12/2002 12,395 11,842
6/13/2002 12,216 11,690
6/14/2002 12,301 11,769
6/15/2002 12,301 11,769
6/16/2002 12,301 11,769
6/17/2002 12,801 12,092
6/18/2002 12,813 12,090
6/19/2002 12,594 11,944
6/20/2002 12,379 11,796
6/21/2002 12,090 11,660
6/22/2002 12,090 11,660
6/23/2002 12,090 11,660
6/24/2002 11,973 11,584
6/25/2002 11,709 11,400
6/26/2002 11,664 11,396
6/27/2002 11,843 11,497
6/28/2002 12,017 11,629
6/29/2002 12,017 11,629
6/30/2002 12,017 11,629
7/1/2002 11,579 11,351
7/2/2002 11,072 11,016
7/3/2002 11,060 10,982
7/4/2002 11,060 10,982
7/5/2002 11,607 11,369
7/6/2002 11,607 11,369
7/7/2002 11,607 11,369
7/8/2002 11,295 11,175
7/9/2002 10,946 10,919
7/10/2002 10,471 10,628
7/11/2002 10,544 10,639
7/12/2002 10,443 10,569
7/13/2002 10,443 10,569
7/14/2002 10,443 10,569
7/15/2002 10,349 10,488
7/16/2002 10,345 10,479
7/17/2002 10,483 10,542
7/18/2002 10,069 10,258
7/19/2002 9,684 10,017
7/20/2002 9,684 10,017
7/21/2002 9,684 10,017
7/22/2002 9,213 9,684
7/23/2002 8,827 9,398
7/24/2002 9,461 9,841
7/25/2002 9,396 9,815
7/26/2002 9,525 9,896
7/27/2002 9,525 9,896
7/28/2002 9,525 9,896
7/29/2002 10,264 10,435
7/30/2002 10,386 10,517
7/31/2002 10,374 10,502
8/1/2002 10,021 10,270
8/2/2002 9,574 9,970
8/3/2002 9,574 9,970
8/4/2002 9,574 9,970
8/5/2002 9,156 9,678
8/6/2002 9,635 10,008
8/7/2002 9,805 10,113
8/8/2002 10,142 10,349
8/9/2002 10,171 10,380
8/10/2002 10,171 10,380
8/11/2002 10,171 10,380
8/12/2002 10,138 10,385
8/13/2002 9,785 10,147
8/14/2002 10,268 10,477
8/15/2002 10,495 10,644
8/16/2002 10,617 10,707
8/17/2002 10,617 10,707
8/18/2002 10,617 10,707
8/19/2002 10,836 10,877
8/20/2002 10,637 10,759
8/21/2002 10,885 10,954
8/22/2002 11,072 11,066
8/23/2002 10,694 10,809
8/24/2002 10,694 10,809
8/25/2002 10,694 10,809
8/26/2002 10,885 10,963
8/27/2002 10,512 10,723
8/28/2002 10,232 10,505
8/29/2002 10,382 10,615
8/30/2002 10,297 10,555
8/31/2002 10,297 10,555
9/1/2002 10,297 10,555
9/2/2002 10,297 10,555
9/3/2002 9,838 10,232
9/4/2002 10,115 10,435
9/5/2002 9,814 10,229
9/6/2002 10,223 10,514
9/7/2002 10,223 10,514
9/8/2002 10,223 10,514
9/9/2002 10,277 10,577
9/10/2002 10,320 10,606
9/11/2002 10,341 10,608
9/12/2002 9,921 10,343
9/13/2002 10,034 10,421
9/14/2002 10,034 10,421
9/15/2002 10,034 10,421
9/16/2002 9,943 10,371
9/17/2002 9,690 10,176
9/18/2002 9,657 10,145
9/19/2002 9,216 9,847
9/20/2002 9,237 9,875
9/21/2002 9,237 9,875
9/22/2002 9,237 9,875
9/23/2002 9,043 9,712
9/24/2002 8,855 9,591
9/25/2002 9,227 9,859
9/26/2002 9,507 10,037
9/27/2002 9,130 9,791
9/28/2002 9,130 9,791
9/29/2002 9,130 9,791
9/30/2002 8,973 9,705
10/1/2002 9,350 9,919
10/2/2002 8,957 9,645
10/3/2002 8,736 9,519
10/4/2002 8,376 9,269
10/5/2002 8,376 9,269
10/6/2002 8,376 9,269
10/7/2002 8,095 9,048
10/8/2002 8,300 9,181
10/9/2002 7,875 8,885
10/10/2002 8,386 9,262
10/11/2002 8,774 9,558
10/12/2002 8,774 9,558
10/13/2002 8,774 9,558
10/14/2002 8,973 9,678
10/15/2002 9,485 10,068
10/16/2002 9,087 9,757
10/17/2002 9,512 10,072
10/18/2002 9,507 10,081
10/19/2002 9,507 10,081
10/20/2002 9,507 10,081
10/21/2002 9,776 10,265
10/22/2002 9,496 10,075
10/23/2002 9,674 10,211
10/24/2002 9,431 10,055
10/25/2002 9,679 10,217
10/26/2002 9,679 10,217
10/27/2002 9,679 10,217
10/28/2002 9,485 10,094
10/29/2002 9,350 9,999
10/30/2002 9,544 10,135
10/31/2002 9,512 10,125
11/1/2002 9,781 10,327
11/2/2002 9,781 10,327
11/3/2002 9,781 10,327
11/4/2002 9,830 10,344
11/5/2002 9,857 10,353
11/6/2002 10,018 10,473
11/7/2002 9,679 10,254
11/8/2002 9,501 10,112
11/9/2002 9,501 10,112
11/10/2002 9,501 10,112
11/11/2002 9,232 9,898
11/12/2002 9,377 9,996
11/13/2002 9,383 9,993
11/14/2002 9,684 10,231
11/15/2002 9,808 10,335
11/16/2002 9,808 10,335
11/17/2002 9,808 10,335
11/18/2002 9,695 10,258
11/19/2002 9,571 10,156
11/20/2002 9,873 10,370
11/21/2002 10,207 10,603
11/22/2002 10,245 10,616
11/23/2002 10,245 10,616
11/24/2002 10,245 10,616
11/25/2002 10,304 10,676
11/26/2002 9,959 10,456
11/27/2002 10,385 10,757
11/28/2002 10,385 10,757
11/29/2002 10,315 10,711
11/30/2002 10,315 10,711
12/1/2002 10,315 10,711
12/2/2002 10,385 10,760
12/3/2002 10,142 10,582
12/4/2002 10,051 10,529
12/5/2002 9,959 10,468
12/6/2002 10,024 10,511
12/7/2002 10,024 10,511
12/8/2002 10,024 10,511
12/9/2002 9,641 10,251
12/10/2002 9,905 10,396
12/11/2002 9,948 10,449
12/12/2002 9,943 10,452
12/13/2002 9,733 10,296
12/14/2002 9,733 10,296
12/15/2002 9,733 10,296
12/16/2002 10,029 10,501
12/17/2002 9,911 10,411
12/18/2002 9,717 10,273
12/19/2002 9,679 10,242
12/20/2002 9,841 10,369
12/21/2002 9,841 10,369
12/22/2002 9,841 10,369
12/23/2002 9,900 10,394
12/24/2002 9,803 10,339
12/25/2002 9,803 10,339
12/26/2002 9,830 10,364
12/27/2002 9,614 10,212
12/28/2002 9,614 10,212
12/29/2002 9,614 10,212
12/30/2002 9,631 10,216
12/31/2002 9,571 10,271
1/1/2003 9,571 10,271
1/2/2003 10,008 10,552
1/3/2003 9,921 10,500
1/4/2003 9,921 10,500
1/5/2003 9,921 10,500
1/6/2003 10,164 10,674
1/7/2003 10,034 10,565
1/8/2003 9,771 10,410
1/9/2003 10,018 10,590
1/10/2003 10,056 10,600
1/11/2003 10,056 10,600
1/12/2003 10,056 10,600
1/13/2003 9,964 10,555
1/14/2003 10,024 10,589
1/15/2003 9,921 10,509
1/16/2003 9,916 10,501
1/17/2003 9,674 10,341
1/18/2003 9,674 10,341
1/19/2003 9,674 10,341
1/20/2003 9,674 10,341
1/21/2003 9,469 10,195
1/22/2003 9,361 10,119
1/23/2003 9,507 10,213
1/24/2003 9,189 9,996
1/25/2003 9,189 9,996
1/26/2003 9,189 9,996
1/27/2003 8,925 9,813
1/28/2003 9,081 9,916
1/29/2003 9,151 9,975
1/30/2003 8,936 9,822
1/31/2003 9,157 9,971
2/1/2003 9,157 9,971
2/2/2003 9,157 9,971
2/3/2003 9,146 9,962
2/4/2003 9,022 9,874
2/5/2003 8,952 9,838
2/6/2003 8,855 9,768
2/7/2003 8,709 9,652
2/8/2003 8,709 9,652
2/9/2003 8,709 9,652
2/10/2003 8,806 9,720
2/11/2003 8,747 9,680
2/12/2003 8,516 9,514
2/13/2003 8,424 9,451
2/14/2003 8,559 9,536
2/15/2003 8,559 9,536
2/16/2003 8,559 9,536
2/17/2003 8,559 9,536
2/18/2003 8,866 9,762
2/19/2003 8,747 9,673
2/20/2003 8,726 9,658
2/21/2003 8,936 9,796
2/22/2003 8,936 9,796
2/23/2003 8,936 9,796
2/24/2003 8,693 9,628
2/25/2003 8,801 9,705
2/26/2003 8,645 9,610
2/27/2003 8,774 9,700
2/28/2003 8,806 9,733
3/1/2003 8,806 9,733
3/2/2003 8,806 9,733
3/3/2003 8,742 9,683
3/4/2003 8,559 9,555
3/5/2003 8,526 9,541
3/6/2003 8,440 9,488
3/7/2003 8,483 9,544
3/8/2003 8,483 9,544
3/9/2003 8,483 9,544
3/10/2003 8,225 9,354
3/11/2003 8,085 9,252
3/12/2003 8,063 9,230
3/13/2003 8,440 9,521
3/14/2003 8,446 9,520
3/15/2003 8,446 9,520
3/16/2003 8,446 9,520
3/17/2003 8,850 9,813
3/18/2003 8,920 9,883
3/19/2003 8,893 9,873
3/20/2003 9,027 9,967
3/21/2003 9,275 10,149
3/22/2003 9,275 10,149
3/23/2003 9,275 10,149
3/24/2003 8,839 9,831
3/25/2003 9,027 9,965
3/26/2003 8,946 9,911
3/27/2003 8,979 9,914
3/28/2003 8,979 9,927
3/29/2003 8,979 9,927
3/30/2003 8,979 9,927
3/31/2003 8,823 9,815
4/1/2003 8,930 9,888
4/2/2003 9,221 10,107
4/3/2003 9,097 10,026
4/4/2003 9,043 9,994
4/5/2003 9,043 9,994
4/6/2003 9,043 9,994
4/7/2003 9,070 10,016
4/8/2003 8,973 9,944
4/9/2003 8,866 9,864
4/10/2003 8,914 9,899
4/11/2003 8,860 9,876
4/12/2003 8,860 9,876
4/13/2003 8,860 9,876
4/14/2003 9,097 10,031
4/15/2003 9,189 10,090
4/16/2003 9,043 9,994
4/17/2003 9,227 10,137
4/18/2003 9,227 10,137
4/19/2003 9,227 10,137
4/20/2003 9,227 10,137
4/21/2003 9,259 10,169
4/22/2003 9,517 10,349
4/23/2003 9,674 10,452
4/24/2003 9,587 10,380
4/25/2003 9,442 10,278
4/26/2003 9,442 10,278
4/27/2003 9,442 10,278
4/28/2003 9,668 10,443
4/29/2003 9,701 10,477
4/30/2003 9,749 10,528
5/1/2003 9,749 10,504
5/2/2003 10,013 10,697
5/3/2003 10,013 10,697
5/4/2003 10,013 10,697
5/5/2003 10,051 10,735
5/6/2003 10,121 10,787
5/7/2003 10,078 10,749
5/8/2003 9,991 10,665
5/9/2003 10,180 10,795
5/10/2003 10,180 10,795
5/11/2003 10,180 10,795
5/12/2003 10,347 10,919
5/13/2003 10,347 10,906
5/14/2003 10,352 10,912
5/15/2003 10,422 10,950
5/16/2003 10,298 10,863
5/17/2003 10,298 10,863
5/18/2003 10,298 10,863
5/19/2003 9,997 10,666
5/20/2003 9,991 10,659
5/21/2003 10,104 10,738
5/22/2003 10,245 10,827
5/23/2003 10,368 10,918
5/24/2003 10,368 10,918
5/25/2003 10,368 10,918
5/26/2003 10,368 10,918
5/27/2003 10,648 11,123
5/28/2003 10,692 11,147
5/29/2003 10,675 11,136
5/30/2003 11,074 11,401
5/31/2003 11,074 11,401
6/1/2003 11,074 11,401
6/2/2003 11,133 11,445
6/3/2003 11,101 11,418
6/4/2003 11,354 11,592
6/5/2003 11,494 11,698
6/6/2003 11,403 11,632
6/7/2003 11,403 11,632
6/8/2003 11,403 11,632
6/9/2003 11,096 11,413
6/10/2003 11,289 11,541
6/11/2003 11,510 11,711
6/12/2003 11,586 11,740
6/13/2003 11,365 11,594
6/14/2003 11,365 11,594
6/15/2003 11,365 11,594
6/16/2003 11,688 11,817
6/17/2003 11,693 11,815
6/18/2003 11,629 11,781
6/19/2003 11,429 11,642
6/20/2003 11,408 11,643
6/21/2003 11,408 11,643
6/22/2003 11,408 11,643
6/23/2003 11,133 11,451
6/24/2003 11,149 11,464
6/25/2003 11,193 11,512
6/26/2003 11,354 11,613
6/27/2003 11,311 11,595
6/28/2003 11,311 11,595
6/29/2003 11,311 11,595
6/30/2003 11,241 11,546
7/1/2003 11,349 11,610
7/2/2003 11,564 11,764
7/3/2003 11,500 11,723
7/4/2003 11,500 11,723
7/5/2003 11,500 11,723
7/6/2003 11,500 11,723
7/7/2003 11,763 11,897
7/8/2003 11,914 11,997
7/9/2003 11,952 12,021
7/10/2003 11,650 11,834
7/11/2003 11,844 11,947
7/12/2003 11,844 11,947
7/13/2003 11,844 11,947
7/14/2003 12,033 12,082
7/15/2003 11,968 12,026
7/16/2003 11,823 11,939
7/17/2003 11,505 11,737
7/18/2003 11,693 11,882
7/19/2003 11,693 11,882
7/20/2003 11,693 11,882
7/21/2003 11,483 11,740
7/22/2003 11,618 11,835
7/23/2003 11,629 11,849
7/24/2003 11,526 11,780
7/25/2003 11,677 11,872
7/26/2003 11,677 11,872
7/27/2003 11,677 11,872
7/28/2003 11,774 11,946
7/29/2003 11,763 11,934
7/30/2003 11,769 11,940
7/31/2003 11,769 11,956
8/1/2003 11,613 11,815
8/2/2003 11,613 11,815
8/3/2003 11,613 11,815
8/4/2003 11,580 11,798
8/5/2003 11,300 11,625
8/6/2003 11,241 11,579
8/7/2003 11,273 11,606
8/8/2003 11,333 11,646
8/9/2003 11,333 11,646
8/10/2003 11,333 11,646
8/11/2003 11,440 11,718
8/12/2003 11,661 11,872
8/13/2003 11,623 11,854
8/14/2003 11,726 11,917
8/15/2003 11,812 11,976
8/16/2003 11,812 11,976
8/17/2003 11,812 11,976
8/18/2003 12,017 12,127
8/19/2003 12,146 12,219
8/20/2003 12,157 12,230
8/21/2003 12,404 12,380
8/22/2003 12,189 12,230
8/23/2003 12,189 12,230
8/24/2003 12,189 12,230
8/25/2003 12,103 12,181
8/26/2003 12,135 12,199
8/27/2003 12,221 12,265
8/28/2003 12,421 12,405
8/29/2003 12,539 12,498
8/30/2003 12,539 12,498
8/31/2003 12,539 12,498
9/1/2003 12,539 12,498
9/2/2003 12,776 12,626
9/3/2003 12,830 12,665
9/4/2003 12,868 12,697
9/5/2003 12,738 12,614
9/6/2003 12,738 12,614
9/7/2003 12,738 12,614
9/8/2003 12,954 12,765
9/9/2003 12,835 12,665
9/10/2003 12,453 12,405
9/11/2003 12,571 12,496
9/12/2003 12,658 12,550
9/13/2003 12,658 12,550
9/14/2003 12,658 12,550
9/15/2003 12,620 12,537
9/16/2003 12,857 12,690
9/17/2003 12,808 12,655
9/18/2003 13,056 12,810
9/19/2003 13,045 12,824
9/20/2003 13,045 12,824
9/21/2003 13,045 12,824
9/22/2003 12,857 12,680
9/23/2003 12,986 12,762
9/24/2003 12,674 12,561
9/25/2003 12,447 12,406
9/26/2003 12,221 12,258
9/27/2003 12,221 12,258
9/28/2003 12,221 12,258
9/29/2003 12,426 12,397
9/30/2003 12,297 12,306
10/1/2003 12,690 12,573
10/2/2003 12,787 12,629
10/3/2003 13,051 12,795
10/4/2003 13,051 12,795
10/5/2003 13,051 12,795
10/6/2003 13,099 12,850
10/7/2003 13,212 12,925
10/8/2003 13,132 12,886
10/9/2003 13,223 12,956
10/10/2003 13,245 12,959
10/11/2003 13,245 12,959
10/12/2003 13,245 12,959
10/13/2003 13,476 13,107
10/14/2003 13,525 13,142
10/15/2003 13,358 13,042
10/16/2003 13,471 13,108
10/17/2003 13,180 12,929
10/18/2003 13,180 12,929
10/19/2003 13,180 12,929
10/20/2003 13,266 12,978
10/21/2003 13,358 13,043
10/22/2003 13,072 12,855
10/23/2003 13,045 12,857
10/24/2003 13,013 12,838
10/25/2003 13,013 12,838
10/26/2003 13,013 12,838
10/27/2003 13,196 12,955
10/28/2003 13,541 13,146
10/29/2003 13,616 13,210
10/30/2003 13,611 13,209
10/31/2003 13,659 13,237
11/1/2003 13,659 13,237
11/2/2003 13,659 13,237
11/3/2003 13,896 13,394
11/4/2003 13,853 13,366
11/5/2003 13,913 13,413
11/6/2003 14,106 13,526
11/7/2003 14,063 13,514
11/8/2003 14,063 13,514
11/9/2003 14,063 13,514
11/10/2003 13,799 13,349
11/11/2003 13,702 13,315
11/12/2003 14,106 13,561
11/13/2003 14,155 13,592
11/14/2003 13,950 13,454
11/15/2003 13,950 13,454
11/16/2003 13,950 13,454
11/17/2003 13,778 13,349
11/18/2003 13,562 13,211
11/19/2003 13,649 13,265
11/20/2003 13,525 13,194
11/21/2003 13,616 13,244
11/22/2003 13,616 13,244
11/23/2003 13,616 13,244
11/24/2003 14,031 13,520
11/25/2003 14,176 13,610
11/26/2003 14,257 13,657
11/27/2003 14,257 13,657
11/28/2003 14,316 13,698
11/29/2003 14,316 13,698
11/30/2003 14,316 13,698
12/1/2003 14,607 13,912
12/2/2003 14,570 13,884
12/3/2003 14,365 13,754
12/4/2003 14,279 13,706
12/5/2003 14,090 13,586
12/6/2003 14,090 13,586
12/7/2003 14,090 13,586
12/8/2003 14,268 13,694
12/9/2003 13,972 13,511
12/10/2003 13,805 13,419
12/11/2003 14,171 13,645
12/12/2003 14,214 13,678
12/13/2003 14,214 13,678
12/14/2003 14,214 13,678
12/15/2003 13,934 13,501
12/16/2003 13,966 13,505
12/17/2003 14,036 13,541
12/18/2003 14,333 13,745
12/19/2003 14,284 13,733
12/20/2003 14,284 13,733
12/21/2003 14,284 13,733
12/22/2003 14,430 13,797
12/23/2003 14,489 13,847
12/24/2003 14,457 13,828
12/25/2003 14,457 13,828
12/26/2003 14,467 13,841
12/27/2003 14,467 13,841
12/28/2003 14,467 13,841
12/29/2003 14,747 14,008
12/30/2003 14,747 14,013
12/31/2003 14,589 13,929
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 12/31/03
- --------------------------------------------------------------------------------
SINCE
ONE INCEPTION
YEAR (10/01/01)
- --------------------------------------------------------------------------------
MEDIUS FUND 52.43% 18.28%
S&P MIDCAP 400 INDEX 35.62% 15.87%
- --------------------------------------------------------------------------------
THE RETURNS PRESENTED ABOVE DO NOT REFLECT THE EFFECTS OF TAXES. PAST
PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE S&P MIDCAP 400 INDEX IS AN
UNMANAGED STOCK INDEX AND, UNLIKE THE FUND, HAS NO MANAGEMENT FEES OR OTHER
OPERATING EXPENSES TO REDUCE ITS REPORTED RETURNS. RETURNS ARE HISTORICAL AND
INCLUDE CHANGES IN PRINCIPAL AND REINVESTED DIVIDENDS AND CAPITAL GAINS.
ANNUAL REPORT 11
MEKROS FUND
- --------------------------------------------------------------------------------
OBJECTIVE: To provide investment returns that correspond to 150% of the daily
performance movement of the Russell 2000 Index.
Inception: October 1, 2001
Small-cap stocks outperformed their large counterparts in all sectors of the
economy. Rydex Mekros Fund, which seeks to provide investment results that
correlate to the performance of the Russell 2000(R) Index, returned 64.28% for
the year ended December 31, 2003. The Russell 2000 posted a 47.26% gain for the
same period.
CUMULATIVE FUND PERFORMANCE: OCTOBER 1, 2001 - DECEMBER 31, 2003
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
Date Variable Mekros Russell 2000 Index
10/1/2001 $10,000 $10,000
10/2/2001 10,116 10,106
10/3/2001 10,588 10,394
10/4/2001 10,672 10,491
10/5/2001 10,612 10,439
10/6/2001 10,612 10,439
10/7/2001 10,612 10,439
10/8/2001 10,496 10,369
10/9/2001 10,448 10,282
10/10/2001 10,896 10,609
10/11/2001 11,240 10,845
10/12/2001 11,160 10,784
10/13/2001 11,160 10,784
10/14/2001 11,160 10,784
10/15/2001 11,160 10,822
10/16/2001 11,328 10,934
10/17/2001 10,916 10,682
10/18/2001 10,812 10,596
10/19/2001 10,992 10,713
10/20/2001 10,992 10,713
10/21/2001 10,992 10,713
10/22/2001 11,172 10,834
10/23/2001 11,024 10,755
10/24/2001 11,072 10,762
10/25/2001 11,380 10,972
10/26/2001 11,444 11,039
10/27/2001 11,444 11,039
10/28/2001 11,444 11,039
10/29/2001 11,096 10,808
10/30/2001 10,856 10,644
10/31/2001 11,036 10,779
11/1/2001 11,320 10,948
11/2/2001 11,240 10,903
11/3/2001 11,240 10,903
11/4/2001 11,240 10,903
11/5/2001 11,360 11,016
11/6/2001 11,592 11,148
11/7/2001 11,456 11,100
11/8/2001 11,404 11,056
11/9/2001 11,412 11,034
11/10/2001 11,412 11,034
11/11/2001 11,412 11,034
11/12/2001 11,524 11,092
11/13/2001 11,788 11,292
11/14/2001 11,924 11,406
11/15/2001 11,812 11,321
11/16/2001 11,888 11,369
11/17/2001 11,888 11,369
11/18/2001 11,888 11,369
11/19/2001 12,088 11,531
11/20/2001 11,960 11,436
11/21/2001 11,824 11,396
11/22/2001 11,824 11,396
11/23/2001 12,056 11,550
11/24/2001 12,056 11,550
11/25/2001 12,056 11,550
11/26/2001 12,124 11,620
11/27/2001 12,088 11,608
11/28/2001 11,792 11,433
11/29/2001 12,208 11,677
11/30/2001 12,112 11,613
12/1/2001 12,112 11,613
12/2/2001 12,112 11,613
12/3/2001 12,004 11,518
12/4/2001 12,408 11,791
12/5/2001 12,884 12,084
12/6/2001 12,984 12,156
12/7/2001 12,888 12,130
12/8/2001 12,888 12,130
12/9/2001 12,888 12,130
12/10/2001 12,624 11,954
12/11/2001 12,664 11,969
12/12/2001 12,728 11,986
12/13/2001 12,464 11,819
12/14/2001 12,588 11,886
12/15/2001 12,588 11,886
12/16/2001 12,588 11,886
12/17/2001 12,876 12,104
12/18/2001 13,048 12,244
12/19/2001 12,900 12,159
12/20/2001 12,612 11,957
12/21/2001 13,004 12,208
12/22/2001 13,004 12,208
12/23/2001 13,004 12,208
12/24/2001 13,028 12,253
12/25/2001 13,028 12,253
12/26/2001 13,184 12,366
12/27/2001 13,224 12,432
12/28/2001 13,208 12,459
12/29/2001 13,208 12,459
12/30/2001 13,208 12,459
12/31/2001 12,897 12,330
1/1/2002 12,897 12,330
1/2/2002 12,844 12,297
1/3/2002 13,168 12,508
1/4/2002 13,394 12,602
1/5/2002 13,394 12,602
1/6/2002 13,394 12,602
1/7/2002 13,196 12,448
1/8/2002 13,370 12,567
1/9/2002 13,216 12,488
1/10/2002 13,269 12,503
1/11/2002 13,018 12,369
1/12/2002 13,018 12,369
1/13/2002 13,018 12,369
1/14/2002 12,707 12,194
1/15/2002 12,824 12,244
1/16/2002 12,440 12,029
1/17/2002 12,707 12,180
1/18/2002 12,379 11,977
1/19/2002 12,379 11,977
1/20/2002 12,379 11,977
1/21/2002 12,379 11,977
1/22/2002 12,161 11,852
1/23/2002 12,533 12,056
1/24/2002 12,590 12,113
1/25/2002 12,565 12,104
1/26/2002 12,565 12,104
1/27/2002 12,565 12,104
1/28/2002 12,691 12,153
1/29/2002 12,384 11,969
1/30/2002 12,622 12,116
1/31/2002 12,711 12,202
2/1/2002 12,606 12,125
2/2/2002 12,606 12,125
2/3/2002 12,606 12,125
2/4/2002 12,206 11,874
2/5/2002 12,181 11,842
2/6/2002 11,919 11,681
2/7/2002 11,733 11,581
2/8/2002 12,080 11,790
2/9/2002 12,080 11,790
2/10/2002 12,080 11,790
2/11/2002 12,270 11,908
2/12/2002 12,287 11,926
2/13/2002 12,468 12,038
2/14/2002 12,278 11,897
2/15/2002 12,202 11,859
2/16/2002 12,202 11,859
2/17/2002 12,202 11,859
2/18/2002 12,202 11,859
2/19/2002 11,830 11,625
2/20/2002 12,129 11,811
2/21/2002 11,806 11,588
2/22/2002 12,076 11,756
2/23/2002 12,076 11,756
2/24/2002 12,076 11,756
2/25/2002 12,218 11,835
2/26/2002 12,323 11,914
2/27/2002 12,384 11,949
2/28/2002 12,214 11,868
3/1/2002 12,590 12,094
3/2/2002 12,590 12,094
3/3/2002 12,590 12,094
3/4/2002 12,990 12,339
3/5/2002 12,970 12,328
3/6/2002 13,273 12,512
3/7/2002 13,273 12,516
3/8/2002 13,451 12,641
3/9/2002 13,451 12,641
3/10/2002 13,451 12,641
3/11/2002 13,495 12,664
3/12/2002 13,414 12,618
3/13/2002 13,293 12,533
3/14/2002 13,382 12,592
3/15/2002 13,442 12,627
3/16/2002 13,442 12,627
3/17/2002 13,442 12,627
3/18/2002 13,600 12,720
3/19/2002 13,697 12,769
3/20/2002 13,475 12,626
3/21/2002 13,750 12,788
3/22/2002 13,604 12,712
3/23/2002 13,604 12,712
3/24/2002 13,604 12,712
3/25/2002 13,374 12,560
3/26/2002 13,612 12,699
3/27/2002 13,758 12,805
3/28/2002 13,709 12,821
3/29/2002 13,709 12,821
3/30/2002 13,709 12,821
3/31/2002 13,709 12,821
4/1/2002 13,693 12,772
4/2/2002 13,564 12,670
4/3/2002 13,446 12,574
4/4/2002 13,519 12,619
4/5/2002 13,438 12,603
4/6/2002 13,438 12,603
4/7/2002 13,438 12,603
4/8/2002 13,689 12,737
4/9/2002 13,661 12,737
4/10/2002 14,053 12,948
4/11/2002 13,742 12,757
4/12/2002 14,324 13,054
4/13/2002 14,324 13,054
4/14/2002 14,324 13,054
4/15/2002 14,194 12,985
4/16/2002 14,663 13,244
4/17/2002 14,505 13,139
4/18/2002 14,485 13,134
4/19/2002 14,429 13,105
4/20/2002 14,429 13,105
4/21/2002 14,429 13,105
4/22/2002 14,202 12,941
4/23/2002 14,194 12,924
4/24/2002 14,041 12,850
4/25/2002 14,117 12,889
4/26/2002 13,786 12,704
4/27/2002 13,786 12,704
4/28/2002 13,786 12,704
4/29/2002 13,814 12,681
4/30/2002 14,214 12,938
5/1/2002 14,243 12,943
5/2/2002 14,319 13,008
5/3/2002 14,275 12,983
5/4/2002 14,275 12,983
5/5/2002 14,275 12,983
5/6/2002 13,855 12,744
5/7/2002 13,689 12,645
5/8/2002 14,130 12,920
5/9/2002 13,746 12,708
5/10/2002 13,358 12,489
5/11/2002 13,358 12,489
5/12/2002 13,358 12,489
5/13/2002 13,645 12,667
5/14/2002 14,154 12,972
5/15/2002 14,174 13,019
5/16/2002 13,887 12,864
5/17/2002 13,964 12,903
5/18/2002 13,964 12,903
5/19/2002 13,964 12,903
5/20/2002 13,705 12,757
5/21/2002 13,386 12,562
5/22/2002 13,333 12,524
5/23/2002 13,673 12,710
5/24/2002 13,382 12,517
5/25/2002 13,382 12,517
5/26/2002 13,382 12,517
5/27/2002 13,382 12,517
5/28/2002 13,293 12,486
5/29/2002 13,095 12,366
5/30/2002 13,123 12,373
5/31/2002 13,067 12,364
6/1/2002 13,067 12,364
6/2/2002 13,067 12,364
6/3/2002 12,590 12,031
6/4/2002 12,590 12,015
6/5/2002 12,622 12,049
6/6/2002 12,230 11,802
6/7/2002 12,436 11,935
6/8/2002 12,436 11,935
6/9/2002 12,436 11,935
6/10/2002 12,363 11,905
6/11/2002 12,117 11,740
6/12/2002 12,121 11,748
6/13/2002 11,854 11,570
6/14/2002 11,971 11,649
6/15/2002 11,971 11,649
6/16/2002 11,971 11,649
6/17/2002 12,420 11,946
6/18/2002 12,367 11,920
6/19/2002 12,105 11,748
6/20/2002 12,016 11,681
6/21/2002 12,056 11,702
6/22/2002 12,056 11,702
6/23/2002 12,056 11,702
6/24/2002 11,935 11,652
6/25/2002 11,696 11,484
6/26/2002 11,725 11,504
6/27/2002 11,939 11,651
6/28/2002 12,068 11,750
6/29/2002 12,068 11,750
6/30/2002 12,068 11,750
7/1/2002 11,632 11,372
7/2/2002 11,054 10,995
7/3/2002 10,924 10,909
7/4/2002 10,924 10,909
7/5/2002 11,353 11,201
7/6/2002 11,353 11,201
7/7/2002 11,353 11,201
7/8/2002 11,123 11,015
7/9/2002 10,977 10,905
7/10/2002 10,581 10,664
7/11/2002 10,435 10,587
7/12/2002 10,282 10,500
7/13/2002 10,282 10,500
7/14/2002 10,282 10,500
7/15/2002 10,112 10,394
7/16/2002 10,015 10,348
7/17/2002 10,108 10,410
7/18/2002 9,619 10,080
7/19/2002 9,150 9,813
7/20/2002 9,150 9,813
7/21/2002 9,150 9,813
7/22/2002 8,924 9,647
7/23/2002 8,318 9,249
7/24/2002 8,835 9,620
7/25/2002 8,944 9,609
7/26/2002 9,065 9,714
7/27/2002 9,065 9,714
7/28/2002 9,065 9,714
7/29/2002 9,740 10,188
7/30/2002 9,765 10,191
7/31/2002 9,482 9,976
8/1/2002 9,397 9,895
8/2/2002 8,892 9,571
8/3/2002 8,892 9,571
8/4/2002 8,892 9,571
8/5/2002 8,613 9,333
8/6/2002 9,094 9,682
8/7/2002 9,195 9,751
8/8/2002 9,425 9,914
8/9/2002 9,356 9,878
8/10/2002 9,356 9,878
8/11/2002 9,356 9,878
8/12/2002 9,340 9,881
8/13/2002 8,900 9,608
8/14/2002 9,377 9,905
8/15/2002 9,413 9,939
8/16/2002 9,599 10,073
8/17/2002 9,599 10,073
8/18/2002 9,599 10,073
8/19/2002 9,821 10,208
8/20/2002 9,676 10,121
8/21/2002 9,971 10,349
8/22/2002 10,088 10,423
8/23/2002 9,736 10,180
8/24/2002 9,736 10,180
8/25/2002 9,736 10,180
8/26/2002 10,011 10,374
8/27/2002 9,684 10,112
8/28/2002 9,373 9,909
8/29/2002 9,506 10,037
8/30/2002 9,433 9,950
8/31/2002 9,433 9,950
9/1/2002 9,433 9,950
9/2/2002 9,433 9,950
9/3/2002 9,005 9,649
9/4/2002 9,410 9,921
9/5/2002 9,083 9,700
9/6/2002 9,472 9,968
9/7/2002 9,472 9,968
9/8/2002 9,472 9,968
9/9/2002 9,439 9,991
9/10/2002 9,559 10,035
9/11/2002 9,493 10,016
9/12/2002 9,257 9,872
9/13/2002 9,398 9,932
9/14/2002 9,398 9,932
9/15/2002 9,398 9,932
9/16/2002 9,253 9,834
9/17/2002 9,025 9,660
9/18/2002 8,884 9,596
9/19/2002 8,503 9,310
9/20/2002 8,603 9,355
9/21/2002 8,603 9,355
9/22/2002 8,603 9,355
9/23/2002 8,354 9,136
9/24/2002 8,251 9,083
9/25/2002 8,545 9,302
9/26/2002 8,772 9,449
9/27/2002 8,387 9,223
9/28/2002 8,387 9,223
9/29/2002 8,387 9,223
9/30/2002 8,387 9,236
10/1/2002 8,706 9,384
10/2/2002 8,458 9,184
10/3/2002 8,329 9,098
10/4/2002 7,924 8,872
10/5/2002 7,924 8,872
10/6/2002 7,924 8,872
10/7/2002 7,464 8,625
10/8/2002 7,522 8,678
10/9/2002 7,017 8,340
10/10/2002 7,270 8,574
10/11/2002 7,535 8,797
10/12/2002 7,535 8,797
10/13/2002 7,535 8,797
10/14/2002 7,539 8,838
10/15/2002 8,023 9,195
10/16/2002 7,680 8,949
10/17/2002 7,998 9,248
10/18/2002 7,969 9,269
10/19/2002 7,969 9,269
10/20/2002 7,969 9,269
10/21/2002 8,143 9,403
10/22/2002 7,978 9,251
10/23/2002 8,230 9,412
10/24/2002 8,102 9,337
10/25/2002 8,238 9,506
10/26/2002 8,238 9,506
10/27/2002 8,238 9,506
10/28/2002 8,085 9,414
10/29/2002 8,085 9,406
10/30/2002 8,272 9,548
10/31/2002 8,284 9,532
11/1/2002 8,553 9,786
11/2/2002 8,553 9,786
11/3/2002 8,553 9,786
11/4/2002 8,594 9,876
11/5/2002 8,574 9,854
11/6/2002 8,830 10,025
11/7/2002 8,474 9,781
11/8/2002 8,292 9,675
11/9/2002 8,292 9,675
11/10/2002 8,292 9,675
11/11/2002 8,019 9,423
11/12/2002 8,230 9,565
11/13/2002 8,296 9,604
11/14/2002 8,623 9,864
11/15/2002 8,565 9,856
11/16/2002 8,565 9,856
11/17/2002 8,565 9,856
11/18/2002 8,433 9,770
11/19/2002 8,334 9,693
11/20/2002 8,644 9,925
11/21/2002 8,909 10,158
11/22/2002 8,963 10,217
11/23/2002 8,963 10,217
11/24/2002 8,963 10,217
11/25/2002 9,058 10,341
11/26/2002 8,868 10,176
11/27/2002 9,261 10,481
11/28/2002 9,261 10,481
11/29/2002 9,079 10,382
11/30/2002 9,079 10,382
12/1/2002 9,079 10,382
12/2/2002 9,153 10,438
12/3/2002 8,909 10,241
12/4/2002 8,843 10,158
12/5/2002 8,710 10,080
12/6/2002 8,810 10,138
12/7/2002 8,810 10,138
12/8/2002 8,810 10,138
12/9/2002 8,458 9,872
12/10/2002 8,752 10,056
12/11/2002 8,665 10,068
12/12/2002 8,739 10,107
12/13/2002 8,458 9,919
12/14/2002 8,458 9,919
12/15/2002 8,458 9,919
12/16/2002 8,706 10,096
12/17/2002 8,594 10,003
12/18/2002 8,350 9,817
12/19/2002 8,379 9,803
12/20/2002 8,503 9,893
12/21/2002 8,503 9,893
12/22/2002 8,503 9,893
12/23/2002 8,590 9,964
12/24/2002 8,524 9,925
12/25/2002 8,524 9,925
12/26/2002 8,553 9,958
12/27/2002 8,387 9,829
12/28/2002 8,387 9,829
12/29/2002 8,387 9,829
12/30/2002 8,334 9,782
12/31/2002 8,325 9,804
1/1/2003 8,325 9,804
1/2/2003 8,640 10,047
1/3/2003 8,565 9,989
1/4/2003 8,565 9,989
1/5/2003 8,565 9,989
1/6/2003 8,801 10,160
1/7/2003 8,694 10,082
1/8/2003 8,541 9,958
1/9/2003 8,764 10,134
1/10/2003 8,772 10,148
1/11/2003 8,772 10,148
1/12/2003 8,772 10,148
1/13/2003 8,756 10,142
1/14/2003 8,839 10,200
1/15/2003 8,719 10,126
1/16/2003 8,677 10,110
1/17/2003 8,429 9,936
1/18/2003 8,429 9,936
1/19/2003 8,429 9,936
1/20/2003 8,429 9,936
1/21/2003 8,259 9,811
1/22/2003 8,151 9,743
1/23/2003 8,263 9,824
1/24/2003 7,994 9,604
1/25/2003 7,994 9,604
1/26/2003 7,994 9,604
1/27/2003 7,775 9,438
1/28/2003 7,932 9,556
1/29/2003 7,973 9,600
1/30/2003 7,742 9,416
1/31/2003 7,862 9,533
2/1/2003 7,862 9,533
2/2/2003 7,862 9,533
2/3/2003 7,816 9,484
2/4/2003 7,758 9,445
2/5/2003 7,704 9,401
2/6/2003 7,622 9,344
2/7/2003 7,415 9,192
2/8/2003 7,415 9,192
2/9/2003 7,415 9,192
2/10/2003 7,514 9,277
2/11/2003 7,444 9,222
2/12/2003 7,328 9,108
2/13/2003 7,299 9,093
2/14/2003 7,402 9,189
2/15/2003 7,402 9,189
2/16/2003 7,402 9,189
2/17/2003 7,402 9,189
2/18/2003 7,593 9,343
2/19/2003 7,464 9,235
2/20/2003 7,439 9,221
2/21/2003 7,564 9,340
2/22/2003 7,564 9,340
2/23/2003 7,564 9,340
2/24/2003 7,357 9,183
2/25/2003 7,460 9,259
2/26/2003 7,369 9,178
2/27/2003 7,448 9,268
2/28/2003 7,419 9,245
3/1/2003 7,419 9,245
3/2/2003 7,419 9,245
3/3/2003 7,386 9,214
3/4/2003 7,290 9,142
3/5/2003 7,307 9,144
3/6/2003 7,203 9,075
3/7/2003 7,212 9,085
3/8/2003 7,212 9,085
3/9/2003 7,212 9,085
3/10/2003 7,042 8,927
3/11/2003 7,001 8,902
3/12/2003 6,988 8,876
3/13/2003 7,274 9,121
3/14/2003 7,228 9,094
3/15/2003 7,228 9,094
3/16/2003 7,228 9,094
3/17/2003 7,489 9,377
3/18/2003 7,634 9,444
3/19/2003 7,646 9,457
3/20/2003 7,713 9,508
3/21/2003 7,891 9,656
3/22/2003 7,891 9,656
3/23/2003 7,891 9,656
3/24/2003 7,584 9,425
3/25/2003 7,733 9,543
3/26/2003 7,605 9,451
3/27/2003 7,651 9,490
3/28/2003 7,622 9,470
3/29/2003 7,622 9,470
3/30/2003 7,622 9,470
3/31/2003 7,464 9,364
4/1/2003 7,593 9,471
4/2/2003 7,829 9,667
4/3/2003 7,791 9,639
4/4/2003 7,742 9,590
4/5/2003 7,742 9,590
4/6/2003 7,742 9,590
4/7/2003 7,820 9,674
4/8/2003 7,775 9,626
4/9/2003 7,700 9,565
4/10/2003 7,717 9,576
4/11/2003 7,667 9,541
4/12/2003 7,667 9,541
4/13/2003 7,667 9,541
4/14/2003 7,870 9,704
4/15/2003 7,949 9,756
4/16/2003 7,866 9,708
4/17/2003 8,052 9,861
4/18/2003 8,052 9,861
4/19/2003 8,052 9,861
4/20/2003 8,052 9,861
4/21/2003 8,114 9,903
4/22/2003 8,313 10,054
4/23/2003 8,429 10,152
4/24/2003 8,350 10,082
4/25/2003 8,209 9,986
4/26/2003 8,209 9,986
4/27/2003 8,209 9,986
4/28/2003 8,441 10,160
4/29/2003 8,487 10,176
4/30/2003 8,565 10,252
5/1/2003 8,578 10,256
5/2/2003 8,859 10,484
5/3/2003 8,859 10,484
5/4/2003 8,859 10,484
5/5/2003 8,942 10,539
5/6/2003 9,033 10,615
5/7/2003 8,950 10,551
5/8/2003 8,855 10,486
5/9/2003 9,058 10,637
5/10/2003 9,058 10,637
5/11/2003 9,058 10,637
5/12/2003 9,203 10,757
5/13/2003 9,257 10,784
5/14/2003 9,261 10,791
5/15/2003 9,348 10,859
5/16/2003 9,120 10,670
5/17/2003 9,120 10,670
5/18/2003 9,120 10,670
5/19/2003 8,888 10,506
5/20/2003 8,897 10,525
5/21/2003 8,971 10,569
5/22/2003 9,108 10,682
5/23/2003 9,207 10,767
5/24/2003 9,207 10,767
5/25/2003 9,207 10,767
5/26/2003 9,207 10,767
5/27/2003 9,526 11,007
5/28/2003 9,617 11,080
5/29/2003 9,692 11,136
5/30/2003 9,977 11,352
5/31/2003 9,977 11,352
6/1/2003 9,977 11,352
6/2/2003 10,031 11,394
6/3/2003 10,089 11,426
6/4/2003 10,346 11,616
6/5/2003 10,528 11,757
6/6/2003 10,428 11,687
6/7/2003 10,428 11,687
6/8/2003 10,428 11,687
6/9/2003 10,101 11,452
6/10/2003 10,292 11,612
6/11/2003 10,433 11,730
6/12/2003 10,470 11,764
6/13/2003 10,238 11,583
6/14/2003 10,238 11,583
6/15/2003 10,238 11,583
6/16/2003 10,491 11,783
6/17/2003 10,515 11,797
6/18/2003 10,503 11,784
6/19/2003 10,267 11,600
6/20/2003 10,213 11,580
6/21/2003 10,213 11,580
6/22/2003 10,213 11,580
6/23/2003 9,832 11,319
6/24/2003 9,865 11,358
6/25/2003 9,932 11,418
6/26/2003 10,151 11,596
6/27/2003 10,122 11,567
6/28/2003 10,122 11,567
6/29/2003 10,122 11,567
6/30/2003 10,072 11,567
7/1/2003 10,143 11,579
7/2/2003 10,474 11,831
7/3/2003 10,379 11,766
7/4/2003 10,379 11,766
7/5/2003 10,379 11,766
7/6/2003 10,379 11,766
7/7/2003 10,669 12,007
7/8/2003 10,958 12,220
7/9/2003 11,041 12,298
7/10/2003 10,755 12,094
7/11/2003 10,934 12,217
7/12/2003 10,934 12,217
7/13/2003 10,934 12,217
7/14/2003 11,087 12,352
7/15/2003 11,025 12,299
7/16/2003 10,917 12,215
7/17/2003 10,457 11,860
7/18/2003 10,598 11,985
7/19/2003 10,598 11,985
7/20/2003 10,598 11,985
7/21/2003 10,387 11,790
7/22/2003 10,557 11,966
7/23/2003 10,652 12,021
7/24/2003 10,611 11,999
7/25/2003 10,731 12,093
7/26/2003 10,731 12,093
7/27/2003 10,731 12,093
7/28/2003 10,913 12,221
7/29/2003 10,900 12,217
7/30/2003 10,871 12,197
7/31/2003 10,950 12,280
8/1/2003 10,681 12,076
8/2/2003 10,681 12,076
8/3/2003 10,681 12,076
8/4/2003 10,582 11,991
8/5/2003 10,308 11,803
8/6/2003 10,213 11,713
8/7/2003 10,226 11,710
8/8/2003 10,217 11,714
8/9/2003 10,217 11,714
8/10/2003 10,217 11,714
8/11/2003 10,383 11,852
8/12/2003 10,648 12,050
8/13/2003 10,664 12,065
8/14/2003 10,784 12,163
8/15/2003 10,813 12,181
8/16/2003 10,813 12,181
8/17/2003 10,813 12,181
8/18/2003 11,107 12,413
8/19/2003 11,368 12,614
8/20/2003 11,397 12,634
8/21/2003 11,579 12,773
8/22/2003 11,265 12,533
8/23/2003 11,265 12,533
8/24/2003 11,265 12,533
8/25/2003 11,194 12,491
8/26/2003 11,290 12,559
8/27/2003 11,422 12,675
8/28/2003 11,596 12,802
8/29/2003 11,650 12,843
8/30/2003 11,650 12,843
8/31/2003 11,650 12,843
9/1/2003 11,650 12,843
9/2/2003 11,981 13,104
9/3/2003 12,093 13,188
9/4/2003 12,155 13,236
9/5/2003 12,006 13,141
9/6/2003 12,006 13,141
9/7/2003 12,006 13,141
9/8/2003 12,287 13,354
9/9/2003 12,142 13,263
9/10/2003 11,749 12,959
9/11/2003 11,931 13,107
9/12/2003 11,989 13,150
9/13/2003 11,989 13,150
9/14/2003 11,989 13,150
9/15/2003 11,964 13,114
9/16/2003 12,217 13,321
9/17/2003 12,213 13,307
9/18/2003 12,378 13,420
9/19/2003 12,370 13,439
9/20/2003 12,370 13,439
9/21/2003 12,370 13,439
9/22/2003 12,138 13,270
9/23/2003 12,358 13,418
9/24/2003 11,940 13,121
9/25/2003 11,505 12,791
9/26/2003 11,145 12,544
9/27/2003 11,145 12,544
9/28/2003 11,145 12,544
9/29/2003 11,405 12,736
9/30/2003 11,240 12,606
10/1/2003 11,670 12,934
10/2/2003 11,807 13,009
10/3/2003 12,060 13,244
10/4/2003 12,060 13,244
10/5/2003 12,060 13,244
10/6/2003 12,229 13,359
10/7/2003 12,391 13,464
10/8/2003 12,200 13,333
10/9/2003 12,374 13,480
10/10/2003 12,296 13,422
10/11/2003 12,296 13,422
10/12/2003 12,296 13,422
10/13/2003 12,614 13,642
10/14/2003 12,759 13,752
10/15/2003 12,602 13,637
10/16/2003 12,681 13,696
10/17/2003 12,345 13,456
10/18/2003 12,345 13,456
10/19/2003 12,345 13,456
10/20/2003 12,391 13,485
10/21/2003 12,527 13,590
10/22/2003 12,068 13,271
10/23/2003 12,006 13,202
10/24/2003 11,865 13,097
10/25/2003 11,865 13,097
10/26/2003 11,865 13,097
10/27/2003 12,192 13,328
10/28/2003 12,585 13,600
10/29/2003 12,817 13,756
10/30/2003 12,772 13,720
10/31/2003 12,681 13,665
11/1/2003 12,681 13,665
11/2/2003 12,681 13,665
11/3/2003 13,016 13,915
11/4/2003 13,041 13,942
11/5/2003 13,028 13,944
11/6/2003 13,177 14,049
11/7/2003 13,144 14,050
11/8/2003 13,144 14,050
11/9/2003 13,144 14,050
11/10/2003 12,772 13,798
11/11/2003 12,623 13,677
11/12/2003 13,078 13,993
11/13/2003 13,099 14,007
11/14/2003 12,784 13,794
11/15/2003 12,784 13,794
11/16/2003 12,784 13,794
11/17/2003 12,523 13,619
11/18/2003 12,378 13,502
11/19/2003 12,527 13,605
11/20/2003 12,465 13,539
11/21/2003 12,515 13,613
11/22/2003 12,515 13,613
11/23/2003 12,515 13,613
11/24/2003 13,037 13,965
11/25/2003 13,165 14,062
11/26/2003 13,260 14,119
11/27/2003 13,260 14,119
11/28/2003 13,281 14,150
11/29/2003 13,281 14,150
11/30/2003 13,281 14,150
12/1/2003 13,600 14,359
12/2/2003 13,558 14,334
12/3/2003 13,244 14,117
12/4/2003 13,206 14,091
12/5/2003 13,008 13,958
12/6/2003 13,008 13,958
12/7/2003 13,008 13,958
12/8/2003 13,136 14,063
12/9/2003 12,817 13,843
12/10/2003 12,602 13,687
12/11/2003 13,115 14,063
12/12/2003 13,277 14,184
12/13/2003 13,277 14,184
12/14/2003 13,277 14,184
12/15/2003 12,821 13,865
12/16/2003 12,929 13,930
12/17/2003 12,958 13,952
12/18/2003 13,260 14,168
12/19/2003 13,260 14,168
12/20/2003 13,260 14,168
12/21/2003 13,260 14,168
12/22/2003 13,397 14,232
12/23/2003 13,600 14,380
12/24/2003 13,521 14,310
12/25/2003 13,521 14,310
12/26/2003 13,624 14,378
12/27/2003 13,624 14,378
12/28/2003 13,624 14,378
12/29/2003 13,968 14,616
12/30/2003 14,001 14,659
12/31/2003 13,677 14,437
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 12/31/03
- --------------------------------------------------------------------------------
SINCE
ONE INCEPTION
YEAR (10/01/01)
- --------------------------------------------------------------------------------
MEKROS FUND 64.28% 14.94%
RUSSELL 2000 INDEX 47.26% 17.73%
- --------------------------------------------------------------------------------
THE RETURNS PRESENTED ABOVE DO NOT REFLECT THE EFFECTS OF TAXES. PAST
PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE RUSSELL 2000 INDEX IS AN
UNMANAGED STOCK INDEX AND, UNLIKE THE FUND, HAS NO MANAGEMENT FEES OR OTHER
OPERATING EXPENSES TO REDUCE ITS REPORTED RETURNS. RETURNS ARE HISTORICAL AND
INCLUDE CHANGES IN PRINCIPAL AND REINVESTED DIVIDENDS AND CAPITAL GAINS.
12
U.S. GOVERNMENT BOND FUND
- --------------------------------------------------------------------------------
OBJECTIVE: To provide investment returns that correspond to 120% of the daily
performance of the current U.S. Treasury Long Bond.
Inception: August 18, 1997
The year began under the specter of imminent military confrontation with Iraq,
North Korea's refusal to destroy nuclear weapons and the threat of deflation.
The Iraqi war kept Treasury bond yields low during the first three months of the
year--and post-war uncertainties, the negotiations with North Korea and
deflation concerns by the Federal Reserve resulted in a volatile market. In May,
Treasury yields moved higher due to faster economic growth and peaked on June
13. The Fed's already accommodative monetary policy was confirmed again and
bonds yields turned lower in anticipation that the Fed would keep short-term
interest rates low through 2004.
The current Long Bond closed at 5.076% at year-end, up slightly from 4.781% at
year-end 2002. Rydex U.S. Government Bond Fund, which invests in the current
30-Year Treasury Bond and Treasury Bond futures in order to meet its objective,
returned -0.64%, in line with the year-to-date drop in price.
CUMULATIVE FUND PERFORMANCE: AUGUST 18, 1997 - DECEMBER 31, 2003
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
Variable
U.S. Government Price Movement of U.S.
Date Bond Treasury Long Bond
8/18/1997 $10,000 $10,000
8/19/1997 10,009 10,011
8/20/1997 9,981 9,991
8/21/1997 9,888 9,904
8/22/1997 9,796 9,810
8/23/1997 9,796 9,810
8/24/1997 9,796 9,810
8/25/1997 9,805 9,812
8/26/1997 9,823 9,832
8/27/1997 9,823 9,833
8/28/1997 9,935 9,940
8/29/1997 9,879 9,898
8/30/1997 9,879 9,898
8/31/1997 9,879 9,898
9/1/1997 9,879 9,898
9/2/1997 9,926 9,937
9/3/1997 9,898 9,911
9/4/1997 9,888 9,895
9/5/1997 9,833 9,846
9/6/1997 9,833 9,846
9/7/1997 9,833 9,846
9/8/1997 9,870 9,890
9/9/1997 9,861 9,878
9/10/1997 9,823 9,835
9/11/1997 9,786 9,799
9/12/1997 9,907 9,920
9/13/1997 9,907 9,920
9/14/1997 9,907 9,920
9/15/1997 9,926 9,930
9/16/1997 10,177 10,156
9/17/1997 10,204 10,189
9/18/1997 10,204 10,181
9/19/1997 10,232 10,207
9/20/1997 10,232 10,207
9/21/1997 10,232 10,207
9/22/1997 10,270 10,233
9/23/1997 10,214 10,185
9/24/1997 10,316 10,274
9/25/1997 10,186 10,163
9/26/1997 10,251 10,220
9/27/1997 10,251 10,220
9/28/1997 10,251 10,220
9/29/1997 10,232 10,198
9/30/1997 10,177 10,147
10/1/1997 10,325 10,274
10/2/1997 10,353 10,291
10/3/1997 10,353 10,294
10/4/1997 10,353 10,294
10/5/1997 10,353 10,294
10/6/1997 10,428 10,348
10/7/1997 10,465 10,389
10/8/1997 10,260 10,207
10/9/1997 10,242 10,195
10/10/1997 10,158 10,118
10/11/1997 10,158 10,118
10/12/1997 10,158 10,118
10/13/1997 10,158 10,115
10/14/1997 10,270 10,223
10/15/1997 10,223 10,173
10/16/1997 10,223 10,172
10/17/1997 10,139 10,108
10/18/1997 10,139 10,108
10/19/1997 10,139 10,108
10/20/1997 10,177 10,142
10/21/1997 10,186 10,147
10/22/1997 10,195 10,156
10/23/1997 10,335 10,275
10/24/1997 10,390 10,316
10/25/1997 10,390 10,316
10/26/1997 10,390 10,316
10/27/1997 10,474 10,393
10/28/1997 10,381 10,309
10/29/1997 10,511 10,424
10/30/1997 10,586 10,493
10/31/1997 10,623 10,520
11/1/1997 10,623 10,520
11/2/1997 10,623 10,520
11/3/1997 10,530 10,427
11/4/1997 10,465 10,380
11/5/1997 10,474 10,385
11/6/1997 10,567 10,459
11/7/1997 10,576 10,469
11/8/1997 10,576 10,469
11/9/1997 10,576 10,469
11/10/1997 10,558 10,453
11/11/1997 10,558 10,498
11/12/1997 10,604 10,491
11/13/1997 10,623 10,507
11/14/1997 10,660 10,536
11/15/1997 10,660 10,536
11/16/1997 10,660 10,536
11/17/1997 10,688 10,556
11/18/1997 10,688 10,555
11/19/1997 10,762 10,619
11/20/1997 10,725 10,575
11/21/1997 10,762 10,596
11/22/1997 10,762 10,596
11/23/1997 10,762 10,596
11/24/1997 10,678 10,531
11/25/1997 10,725 10,558
11/26/1997 10,734 10,596
11/27/1997 10,734 10,596
11/28/1997 10,753 10,580
11/29/1997 10,753 10,580
11/30/1997 10,753 10,580
12/1/1997 10,762 10,595
12/2/1997 10,771 10,592
12/3/1997 10,790 10,609
12/4/1997 10,762 10,586
12/5/1997 10,697 10,523
12/6/1997 10,697 10,523
12/7/1997 10,697 10,523
12/8/1997 10,595 10,439
12/9/1997 10,604 10,445
12/10/1997 10,678 10,508
12/11/1997 10,799 10,617
12/12/1997 10,939 10,738
12/13/1997 10,939 10,738
12/14/1997 10,939 10,738
12/15/1997 10,883 10,688
12/16/1997 10,911 10,705
12/17/1997 10,855 10,663
12/18/1997 10,939 10,730
12/19/1997 11,013 10,784
12/20/1997 11,013 10,784
12/21/1997 11,013 10,784
12/22/1997 11,041 10,807
12/23/1997 11,041 10,808
12/24/1997 11,022 10,787
12/25/1997 11,022 10,787
12/26/1997 11,022 10,782
12/27/1997 11,022 10,782
12/28/1997 11,022 10,782
12/29/1997 10,994 10,766
12/30/1997 10,892 10,676
12/31/1997 10,985 10,749
1/1/1998 10,985 10,749
1/2/1998 11,125 10,868
1/3/1998 11,125 10,868
1/4/1998 11,125 10,868
1/5/1998 11,329 11,040
1/6/1998 11,348 11,061
1/7/1998 11,227 10,959
1/8/1998 11,310 11,019
1/9/1998 11,403 11,091
1/10/1998 11,403 11,091
1/11/1998 11,403 11,091
1/12/1998 11,422 11,106
1/13/1998 11,394 11,080
1/14/1998 11,348 11,037
1/15/1998 11,320 11,014
1/16/1998 11,227 10,944
1/17/1998 11,227 10,944
1/18/1998 11,227 10,944
1/19/1998 11,227 10,944
1/20/1998 11,180 10,894
1/21/1998 11,227 10,939
1/22/1998 11,143 10,862
1/23/1998 10,920 10,680
1/24/1998 10,920 10,680
1/25/1998 10,920 10,680
1/26/1998 11,069 10,805
1/27/1998 10,976 10,720
1/28/1998 10,985 10,730
1/29/1998 11,162 10,875
1/30/1998 11,217 10,923
1/31/1998 11,217 10,923
2/1/1998 11,217 10,923
2/2/1998 11,125 10,841
2/3/1998 11,134 10,848
2/4/1998 11,134 10,848
2/5/1998 11,022 10,753
2/6/1998 11,041 10,769
2/7/1998 11,041 10,769
2/8/1998 11,041 10,769
2/9/1998 10,985 10,718
2/10/1998 11,022 10,753
2/11/1998 11,152 10,857
2/12/1998 11,106 10,825
2/13/1998 11,171 10,872
2/14/1998 11,171 10,872
2/15/1998 11,171 10,872
2/16/1998 11,171 10,872
2/17/1998 11,255 10,944
2/18/1998 11,180 10,877
2/19/1998 11,162 10,868
2/20/1998 11,134 10,839
2/21/1998 11,134 10,839
2/22/1998 11,134 10,839
2/23/1998 11,059 10,779
2/24/1998 10,948 10,688
2/25/1998 11,032 10,759
2/26/1998 10,985 10,717
2/27/1998 11,032 10,761
2/28/1998 11,032 10,761
3/1/1998 11,032 10,761
3/2/1998 10,864 10,604
3/3/1998 10,790 10,543
3/4/1998 10,827 10,581
3/5/1998 10,781 10,537
3/6/1998 10,864 10,609
3/7/1998 10,864 10,609
3/8/1998 10,864 10,609
3/9/1998 10,957 10,691
3/10/1998 10,957 10,688
3/11/1998 11,032 10,746
3/12/1998 11,143 10,839
3/13/1998 11,097 10,800
3/14/1998 11,097 10,800
3/15/1998 11,097 10,800
3/16/1998 11,171 10,863
3/17/1998 11,106 10,805
3/18/1998 11,078 10,782
3/19/1998 11,078 10,779
3/20/1998 11,125 10,815
3/21/1998 11,125 10,815
3/22/1998 11,125 10,815
3/23/1998 11,125 10,815
3/24/1998 11,134 10,822
3/25/1998 11,032 10,733
3/26/1998 10,994 10,711
3/27/1998 10,985 10,703
3/28/1998 10,985 10,703
3/29/1998 10,985 10,703
3/30/1998 10,948 10,671
3/31/1998 11,022 10,733
4/1/1998 11,087 10,792
4/2/1998 11,190 10,871
4/3/1998 11,320 10,975
4/4/1998 11,320 10,975
4/5/1998 11,320 10,975
4/6/1998 11,236 10,903
4/7/1998 11,208 10,874
4/8/1998 11,106 10,787
4/9/1998 11,143 10,819
4/10/1998 11,143 10,819
4/11/1998 11,143 10,819
4/12/1998 11,143 10,819
4/13/1998 11,041 10,740
4/14/1998 11,087 10,785
4/15/1998 11,134 10,813
4/16/1998 11,152 10,834
4/17/1998 11,143 10,818
4/18/1998 11,143 10,818
4/19/1998 11,143 10,818
4/20/1998 11,069 10,759
4/21/1998 11,004 10,707
4/22/1998 11,004 10,705
4/23/1998 10,976 10,679
4/24/1998 11,032 10,728
4/25/1998 11,032 10,728
4/26/1998 11,032 10,728
4/27/1998 10,809 10,542
4/28/1998 10,809 10,543
4/29/1998 10,799 10,532
4/30/1998 11,022 10,715
5/1/1998 11,050 10,737
5/2/1998 11,050 10,737
5/3/1998 11,050 10,737
5/4/1998 11,041 10,726
5/5/1998 10,994 10,686
5/6/1998 11,041 10,728
5/7/1998 11,041 10,718
5/8/1998 10,994 10,682
5/9/1998 10,994 10,682
5/10/1998 10,994 10,682
5/11/1998 10,874 10,576
5/12/1998 11,022 10,707
5/13/1998 11,041 10,725
5/14/1998 10,985 10,676
5/15/1998 11,004 10,695
5/16/1998 11,004 10,695
5/17/1998 11,004 10,695
5/18/1998 11,097 10,766
5/19/1998 11,069 10,743
5/20/1998 11,143 10,805
5/21/1998 11,078 10,747
5/22/1998 11,125 10,789
5/23/1998 11,125 10,789
5/24/1998 11,125 10,789
5/25/1998 11,125 10,789
5/26/1998 11,217 10,868
5/27/1998 11,255 10,901
5/28/1998 11,245 10,890
5/29/1998 11,292 10,935
5/30/1998 11,292 10,935
5/31/1998 11,292 10,935
6/1/1998 11,338 10,975
6/2/1998 11,310 10,949
6/3/1998 11,292 10,938
6/4/1998 11,273 10,920
6/5/1998 11,320 10,955
6/6/1998 11,320 10,955
6/7/1998 11,320 10,955
6/8/1998 11,320 10,952
6/9/1998 11,310 10,946
6/10/1998 11,487 11,091
6/11/1998 11,589 11,174
6/12/1998 11,580 11,168
6/13/1998 11,580 11,168
6/14/1998 11,580 11,168
6/15/1998 11,673 11,246
6/16/1998 11,571 11,165
6/17/1998 11,403 11,022
6/18/1998 11,496 11,101
6/19/1998 11,524 11,125
6/20/1998 11,524 11,125
6/21/1998 11,524 11,125
6/22/1998 11,561 11,156
6/23/1998 11,599 11,181
6/24/1998 11,571 11,162
6/25/1998 11,571 11,163
6/26/1998 11,608 11,185
6/27/1998 11,608 11,185
6/28/1998 11,608 11,185
6/29/1998 11,589 11,177
6/30/1998 11,626 11,211
7/1/1998 11,617 11,203
7/2/1998 11,673 11,249
7/3/1998 11,673 11,249
7/4/1998 11,673 11,249
7/5/1998 11,673 11,249
7/6/1998 11,710 11,282
7/7/1998 11,664 11,253
7/8/1998 11,617 11,218
7/9/1998 11,664 11,241
7/10/1998 11,636 11,218
7/11/1998 11,636 11,218
7/12/1998 11,636 11,218
7/13/1998 11,524 11,122
7/14/1998 11,459 11,065
7/15/1998 11,468 11,080
7/16/1998 11,441 11,054
7/17/1998 11,403 11,019
7/18/1998 11,403 11,019
7/19/1998 11,403 11,019
7/20/1998 11,478 11,075
7/21/1998 11,552 11,135
7/22/1998 11,524 11,116
7/23/1998 11,561 11,155
7/24/1998 11,524 11,113
7/25/1998 11,524 11,113
7/26/1998 11,524 11,113
7/27/1998 11,524 11,091
7/28/1998 11,431 11,031
7/29/1998 11,385 10,985
7/30/1998 11,450 11,043
7/31/1998 11,459 11,054
8/1/1998 11,459 11,054
8/2/1998 11,459 11,054
8/3/1998 11,580 11,155
8/4/1998 11,608 11,177
8/5/1998 11,589 11,151
8/6/1998 11,552 11,130
8/7/1998 11,654 11,211
8/8/1998 11,654 11,211
8/9/1998 11,654 11,211
8/10/1998 11,654 11,214
8/11/1998 11,719 11,260
8/12/1998 11,682 11,229
8/13/1998 11,626 11,186
8/14/1998 11,710 11,249
8/15/1998 11,710 11,249
8/16/1998 11,710 11,249
8/17/1998 11,691 11,239
8/18/1998 11,673 11,223
8/19/1998 11,664 11,214
8/20/1998 11,757 11,301
8/21/1998 11,840 11,387
8/22/1998 11,840 11,387
8/23/1998 11,840 11,387
8/24/1998 11,812 11,361
8/25/1998 11,896 11,440
8/26/1998 11,905 11,452
8/27/1998 11,998 11,522
8/28/1998 12,026 11,565
8/29/1998 12,026 11,565
8/30/1998 12,026 11,565
8/31/1998 12,147 11,660
9/1/1998 12,082 11,606
9/2/1998 12,072 11,585
9/3/1998 12,128 11,657
9/4/1998 12,212 11,706
9/5/1998 12,212 11,706
9/6/1998 12,212 11,706
9/7/1998 12,212 11,706
9/8/1998 12,082 11,581
9/9/1998 12,230 11,704
9/10/1998 12,426 11,865
9/11/1998 12,323 11,779
9/12/1998 12,323 11,779
9/13/1998 12,323 11,779
9/14/1998 12,296 11,775
9/15/1998 12,249 11,742
9/16/1998 12,333 11,805
9/17/1998 12,388 11,865
9/18/1998 12,454 11,929
9/19/1998 12,454 11,929
9/20/1998 12,454 11,929
9/21/1998 12,426 11,968
9/22/1998 12,444 11,905
9/23/1998 12,435 11,890
9/24/1998 12,500 11,927
9/25/1998 12,500 11,966
9/26/1998 12,500 11,966
9/27/1998 12,500 11,966
9/28/1998 12,463 11,917
9/29/1998 12,546 12,010
9/30/1998 12,797 12,238
10/1/1998 12,983 12,411
10/2/1998 13,076 12,483
10/3/1998 13,076 12,483
10/4/1998 13,076 12,483
10/5/1998 13,364 12,755
10/6/1998 13,281 12,681
10/7/1998 13,095 12,521
10/8/1998 12,667 12,210
10/9/1998 12,296 11,975
10/10/1998 12,296 11,975
10/11/1998 12,296 11,975
10/12/1998 12,296 11,883
10/13/1998 12,342 12,002
10/14/1998 12,584 12,205
10/15/1998 12,491 12,166
10/16/1998 12,695 12,267
10/17/1998 12,695 12,267
10/18/1998 12,695 12,267
10/19/1998 12,630 12,223
10/20/1998 12,463 12,091
10/21/1998 12,435 12,071
10/22/1998 12,333 11,961
10/23/1998 12,258 11,884
10/24/1998 12,258 11,884
10/25/1998 12,258 11,884
10/26/1998 12,398 11,959
10/27/1998 12,528 12,043
10/28/1998 12,481 11,961
10/29/1998 12,556 12,026
10/30/1998 12,416 11,911
10/31/1998 12,416 11,911
11/1/1998 12,416 11,911
11/2/1998 12,213 11,770
11/3/1998 12,251 11,802
11/4/1998 12,047 11,603
11/5/1998 12,039 11,584
11/6/1998 11,863 11,440
11/7/1998 11,864 11,440
11/8/1998 11,865 11,440
11/9/1998 12,061 11,593
11/10/1998 12,080 11,593
11/11/1998 12,081 11,594
11/12/1998 12,166 11,662
11/13/1998 12,139 11,635
11/14/1998 12,139 11,635
11/15/1998 12,140 11,635
11/16/1998 12,113 11,623
11/17/1998 12,049 11,572
11/18/1998 12,180 11,663
11/19/1998 12,181 11,655
11/20/1998 12,247 11,704
11/21/1998 12,248 11,704
11/22/1998 12,249 11,704
11/23/1998 12,156 11,646
11/24/1998 12,204 11,703
11/25/1998 12,298 11,764
11/26/1998 12,299 11,764
11/27/1998 12,337 11,804
11/28/1998 12,338 11,804
11/29/1998 12,339 11,804
11/30/1998 12,535 11,962
12/1/1998 12,564 12,004
12/2/1998 12,621 12,058
12/3/1998 12,631 12,081
12/4/1998 12,595 12,021
12/5/1998 12,596 12,021
12/6/1998 12,597 12,021
12/7/1998 12,495 12,021
12/8/1998 12,626 12,114
12/9/1998 12,702 12,174
12/10/1998 12,712 12,191
12/11/1998 12,564 12,068
12/12/1998 12,565 12,068
12/13/1998 12,566 12,068
12/14/1998 12,632 12,124
12/15/1998 12,521 12,036
12/16/1998 12,541 12,078
12/17/1998 12,588 12,088
12/18/1998 12,552 12,066
12/19/1998 12,553 12,066
12/20/1998 12,554 12,066
12/21/1998 12,452 11,979
12/22/1998 12,313 11,870
12/23/1998 12,156 11,742
12/24/1998 12,120 11,710
12/25/1998 12,121 11,710
12/26/1998 12,122 11,710
12/27/1998 12,123 11,710
12/28/1998 12,236 11,801
12/29/1998 12,339 11,887
12/30/1998 12,378 11,925
12/31/1998 12,397 11,946
1/1/1999 12,397 11,946
1/2/1999 12,397 11,946
1/3/1999 12,397 11,946
1/4/1999 12,270 11,817
1/5/1999 12,144 11,710
1/6/1999 12,256 11,777
1/7/1999 12,117 11,686
1/8/1999 11,968 11,634
1/9/1999 11,969 11,634
1/10/1999 11,970 11,634
1/11/1999 11,915 11,587
1/12/1999 12,019 11,696
1/13/1999 12,151 11,829
1/14/1999 12,329 11,930
1/15/1999 12,217 11,896
1/16/1999 12,218 11,896
1/17/1999 12,218 11,896
1/18/1999 12,219 11,896
1/19/1999 12,210 11,843
1/20/1999 12,127 11,784
1/21/1999 12,212 11,833
1/22/1999 12,344 11,929
1/23/1999 12,345 11,929
1/24/1999 12,346 11,929
1/25/1999 12,290 11,888
1/26/1999 12,263 11,861
1/27/1999 12,265 11,855
1/28/1999 12,322 11,896
1/29/1999 12,360 11,932
1/30/1999 12,361 11,932
1/31/1999 12,362 11,932
2/1/1999 12,148 11,757
2/2/1999 12,074 11,658
2/3/1999 12,000 11,634
2/4/1999 11,898 11,554
2/5/1999 11,834 11,495
2/6/1999 11,835 11,495
2/7/1999 11,836 11,495
2/8/1999 11,809 11,464
2/9/1999 11,876 11,518
2/10/1999 11,839 11,486
2/11/1999 11,840 11,483
2/12/1999 11,532 11,233
2/13/1999 11,534 11,233
2/14/1999 11,535 11,233
2/15/1999 11,536 11,233
2/16/1999 11,659 11,328
2/17/1999 11,744 11,393
2/18/1999 11,652 11,313
2/19/1999 11,634 11,289
2/20/1999 11,635 11,289
2/21/1999 11,636 11,289
2/22/1999 11,703 11,340
2/23/1999 11,591 11,218
2/24/1999 11,377 11,084
2/25/1999 11,209 10,921
2/26/1999 11,285 10,985
2/27/1999 11,286 10,985
2/28/1999 11,286 10,985
3/1/1999 11,111 10,829
3/2/1999 11,196 10,895
3/3/1999 11,085 10,800
3/4/1999 11,058 10,784
3/5/1999 11,190 10,908
3/6/1999 11,191 10,908
3/7/1999 11,193 10,908
3/8/1999 11,231 10,835
3/9/1999 11,336 11,035
3/10/1999 11,299 11,002
3/11/1999 11,291 10,982
3/12/1999 11,358 11,036
3/13/1999 11,359 11,036
3/14/1999 11,360 11,036
3/15/1999 11,418 11,078
3/16/1999 11,485 11,137
3/17/1999 11,420 11,084
3/18/1999 11,449 11,109
3/19/1999 11,347 11,023
3/20/1999 11,348 11,023
3/21/1999 11,349 11,023
3/22/1999 11,294 10,977
3/23/1999 11,305 10,989
3/24/1999 11,353 11,036
3/25/1999 11,260 10,946
3/26/1999 11,242 10,923
3/27/1999 11,244 10,923
3/28/1999 11,245 10,923
3/29/1999 11,171 10,858
3/30/1999 11,294 10,957
3/31/1999 11,211 10,886
4/1/1999 11,108 10,802
4/2/1999 11,108 10,802
4/3/1999 11,108 10,802
4/4/1999 11,108 10,802
4/5/1999 11,273 10,934
4/6/1999 11,406 11,052
4/7/1999 11,406 11,074
4/8/1999 11,577 11,193
4/9/1999 11,540 11,166
4/10/1999 11,540 11,166
4/11/1999 11,541 11,166
4/12/1999 11,551 11,171
4/13/1999 11,458 11,084
4/14/1999 11,440 11,072
4/15/1999 11,403 11,045
4/16/1999 11,319 10,975
4/17/1999 11,320 10,975
4/18/1999 11,320 10,975
4/19/1999 11,387 11,018
4/20/1999 11,435 11,078
4/21/1999 11,436 11,078
4/22/1999 11,258 10,918
4/23/1999 11,268 10,927
4/24/1999 11,269 10,927
4/25/1999 11,271 10,927
4/26/1999 11,328 10,973
4/27/1999 11,377 11,011
4/28/1999 11,321 10,957
4/29/1999 11,426 11,043
4/30/1999 11,125 10,797
5/1/1999 11,126 10,797
5/2/1999 11,128 10,797
5/3/1999 11,167 10,829
5/4/1999 11,064 10,747
5/5/1999 11,084 10,758
5/6/1999 10,925 10,626
5/7/1999 10,888 10,588
5/8/1999 10,889 10,588
5/9/1999 10,891 10,588
5/10/1999 10,948 10,639
5/11/1999 10,836 10,546
5/12/1999 10,875 10,575
5/13/1999 11,037 10,703
5/14/1999 10,726 10,445
5/15/1999 10,728 10,445
5/16/1999 10,729 10,445
5/17/1999 10,739 10,461
5/18/1999 10,760 10,477
5/19/1999 10,903 10,614
5/20/1999 10,875 10,588
5/21/1999 10,962 10,661
5/22/1999 10,963 10,661
5/23/1999 10,964 10,661
5/24/1999 10,984 10,675
5/25/1999 10,995 10,684
5/26/1999 10,911 10,614
5/27/1999 10,837 10,553
5/28/1999 10,847 10,556
5/29/1999 10,849 10,556
5/30/1999 10,850 10,556
5/31/1999 10,851 10,556
6/1/1999 10,682 10,421
6/2/1999 10,683 10,410
6/3/1999 10,675 10,402
6/4/1999 10,638 10,367
6/5/1999 10,639 10,367
6/6/1999 10,640 10,367
6/7/1999 10,642 10,358
6/8/1999 10,595 10,327
6/9/1999 10,568 10,301
6/10/1999 10,494 10,243
6/11/1999 10,353 10,118
6/12/1999 10,354 10,118
6/13/1999 10,355 10,118
6/14/1999 10,422 10,173
6/15/1999 10,414 10,166
6/16/1999 10,463 10,212
6/17/1999 10,673 10,381
6/18/1999 10,636 10,358
6/19/1999 10,637 10,358
6/20/1999 10,638 10,358
6/21/1999 10,535 10,266
6/22/1999 10,489 10,229
6/23/1999 10,386 10,137
6/24/1999 10,320 10,081
6/25/1999 10,350 10,103
6/26/1999 10,351 10,103
6/27/1999 10,353 10,103
6/28/1999 10,449 10,179
6/29/1999 10,507 10,229
6/30/1999 10,632 10,335
7/1/1999 10,585 10,298
7/2/1999 10,606 10,303
7/3/1999 10,607 10,303
7/4/1999 10,608 10,303
7/5/1999 10,609 10,303
7/6/1999 10,544 10,250
7/7/1999 10,517 10,224
7/8/1999 10,622 10,313
7/9/1999 10,614 10,313
7/10/1999 10,615 10,313
7/11/1999 10,616 10,313
7/12/1999 10,788 10,459
7/13/1999 10,799 10,466
7/14/1999 10,752 10,445
7/15/1999 10,762 10,451
7/16/1999 10,811 10,480
7/17/1999 10,811 10,480
7/18/1999 10,812 10,480
7/19/1999 10,813 10,477
7/20/1999 10,824 10,486
7/21/1999 10,806 10,468
7/22/1999 10,683 10,373
7/23/1999 10,590 10,290
7/24/1999 10,591 10,290
7/25/1999 10,593 10,290
7/26/1999 10,575 10,268
7/27/1999 10,615 10,301
7/28/1999 10,616 10,308
7/29/1999 10,522 10,221
7/30/1999 10,456 10,160
7/31/1999 10,457 10,160
8/1/1999 10,459 10,160
8/2/1999 10,450 10,150
8/3/1999 10,385 10,089
8/4/1999 10,453 10,150
8/5/1999 10,549 10,243
8/6/1999 10,379 10,096
8/7/1999 10,380 10,096
8/8/1999 10,382 10,096
8/9/1999 10,278 9,997
8/10/1999 10,250 9,971
8/11/1999 10,299 10,006
8/12/1999 10,234 9,945
8/13/1999 10,349 10,038
8/14/1999 10,351 10,038
8/15/1999 10,352 10,038
8/16/1999 10,343 10,035
8/17/1999 10,459 10,136
8/18/1999 10,480 10,184
8/19/1999 10,452 10,150
8/20/1999 10,492 10,197
8/21/1999 10,493 10,197
8/22/1999 10,494 10,197
8/23/1999 10,505 10,217
8/24/1999 10,573 10,243
8/25/1999 10,718 10,378
8/26/1999 10,700 10,353
8/27/1999 10,539 10,228
8/28/1999 10,540 10,228
8/29/1999 10,541 10,228
8/30/1999 10,389 10,089
8/31/1999 10,371 10,081
9/1/1999 10,344 10,058
9/2/1999 10,259 9,988
9/3/1999 10,442 10,153
9/4/1999 10,443 10,153
9/5/1999 10,444 10,153
9/6/1999 10,446 10,153
9/7/1999 10,351 10,074
9/8/1999 10,381 10,089
9/9/1999 10,315 10,046
9/10/1999 10,422 10,147
9/11/1999 10,423 10,147
9/12/1999 10,424 10,147
9/13/1999 10,378 10,096
9/14/1999 10,293 10,027
9/15/1999 10,303 10,031
9/16/1999 10,352 10,074
9/17/1999 10,411 10,108
9/18/1999 10,412 10,108
9/19/1999 10,414 10,108
9/20/1999 10,367 10,077
9/21/1999 10,339 10,042
9/22/1999 10,350 10,055
9/23/1999 10,447 10,178
9/24/1999 10,592 10,253
9/25/1999 10,593 10,253
9/26/1999 10,595 10,253
9/27/1999 10,481 10,157
9/28/1999 10,395 10,094
9/29/1999 10,291 10,010
9/30/1999 10,407 10,100
10/1/1999 10,264 9,974
10/2/1999 10,265 9,974
10/3/1999 10,266 9,974
10/4/1999 10,344 10,049
10/5/1999 10,221 9,942
10/6/1999 10,222 9,933
10/7/1999 10,204 9,917
10/8/1999 10,205 9,916
10/9/1999 10,206 9,916
10/10/1999 10,207 9,916
10/11/1999 10,207 9,902
10/12/1999 10,162 9,872
10/13/1999 10,067 9,792
10/14/1999 10,020 9,730
10/15/1999 10,108 9,817
10/16/1999 10,109 9,817
10/17/1999 10,110 9,817
10/18/1999 10,053 9,777
10/19/1999 9,987 9,713
10/20/1999 9,988 9,713
10/21/1999 9,970 9,694
10/22/1999 9,972 9,703
10/23/1999 9,973 9,703
10/24/1999 9,974 9,703
10/25/1999 9,975 9,705
10/26/1999 9,948 9,675
10/27/1999 10,026 9,739
10/28/1999 10,152 9,833
10/29/1999 10,307 9,967
10/30/1999 10,308 9,967
10/31/1999 10,310 9,967
11/1/1999 10,253 9,925
11/2/1999 10,331 9,989
11/3/1999 10,332 9,989
11/4/1999 10,410 10,050
11/5/1999 10,498 10,125
11/6/1999 10,499 10,125
11/7/1999 10,500 10,125
11/8/1999 10,462 10,097
11/9/1999 10,454 10,080
11/10/1999 10,416 10,046
11/11/1999 10,417 10,049
11/12/1999 10,524 10,143
11/13/1999 10,525 10,143
11/14/1999 10,526 10,143
11/15/1999 10,517 10,137
11/16/1999 10,480 10,100
11/17/1999 10,355 9,992
11/18/1999 10,298 9,942
11/19/1999 10,309 9,953
11/20/1999 10,310 9,953
11/21/1999 10,311 9,953
11/22/1999 10,264 9,913
11/23/1999 10,265 9,914
11/24/1999 10,246 9,897
11/25/1999 10,247 9,897
11/26/1999 10,200 9,858
11/27/1999 10,201 9,858
11/28/1999 10,202 9,858
11/29/1999 10,078 9,760
11/30/1999 10,127 9,794
12/1/1999 10,099 9,780
12/2/1999 10,061 9,746
12/3/1999 10,169 9,825
12/4/1999 10,170 9,825
12/5/1999 10,171 9,825
12/6/1999 10,191 9,842
12/7/1999 10,260 9,897
12/8/1999 10,212 9,863
12/9/1999 10,242 9,881
12/10/1999 10,331 9,956
12/11/1999 10,332 9,956
12/12/1999 10,333 9,956
12/13/1999 10,295 9,908
12/14/1999 10,112 9,766
12/15/1999 10,065 9,721
12/16/1999 9,969 9,655
12/17/1999 9,980 9,666
12/18/1999 9,981 9,666
12/19/1999 9,982 9,666
12/20/1999 9,906 9,592
12/21/1999 9,887 9,578
12/22/1999 9,879 9,566
12/23/1999 9,864 9,555
12/24/1999 9,864 9,555
12/25/1999 9,864 9,555
12/26/1999 9,864 9,555
12/27/1999 9,884 9,571
12/28/1999 9,856 9,544
12/29/1999 9,906 9,583
12/30/1999 9,926 9,606
12/31/1999 9,859 9,539
1/1/2000 9,859 9,539
1/2/2000 9,859 9,539
1/3/2000 9,716 9,386
1/4/2000 9,805 9,474
1/5/2000 9,679 9,349
1/6/2000 9,768 9,417
1/7/2000 9,836 9,471
1/8/2000 9,837 9,471
1/9/2000 9,838 9,471
1/10/2000 9,762 9,394
1/11/2000 9,637 9,292
1/12/2000 9,599 9,255
1/13/2000 9,707 9,336
1/14/2000 9,640 9,278
1/15/2000 9,641 9,278
1/16/2000 9,642 9,278
1/17/2000 9,643 9,278
1/18/2000 9,567 9,211
1/19/2000 9,616 9,255
1/20/2000 9,598 9,239
1/21/2000 9,628 9,261
1/22/2000 9,630 9,261
1/23/2000 9,631 9,261
1/24/2000 9,719 9,338
1/25/2000 9,730 9,339
1/26/2000 9,819 9,410
1/27/2000 9,907 9,488
1/28/2000 10,025 9,580
1/29/2000 10,026 9,580
1/30/2000 10,027 9,580
1/31/2000 9,970 9,536
2/1/2000 10,049 9,600
2/2/2000 10,215 9,755
2/3/2000 10,450 9,971
2/4/2000 10,334 9,858
2/5/2000 10,335 9,858
2/6/2000 10,336 9,858
2/7/2000 10,191 9,724
2/8/2000 10,387 9,892
2/9/2000 10,232 9,761
2/10/2000 10,058 9,597
2/11/2000 10,108 9,635
2/12/2000 10,109 9,635
2/13/2000 10,110 9,635
2/14/2000 10,228 9,727
2/15/2000 10,161 9,677
2/16/2000 10,152 9,651
2/17/2000 10,222 9,715
2/18/2000 10,310 9,793
2/19/2000 10,311 9,793
2/20/2000 10,312 9,793
2/21/2000 10,313 9,793
2/22/2000 10,440 9,914
2/23/2000 10,344 9,823
2/24/2000 10,374 9,839
2/25/2000 10,307 9,783
2/26/2000 10,308 9,783
2/27/2000 10,309 9,783
2/28/2000 10,242 9,739
2/29/2000 10,341 9,820
3/1/2000 10,322 9,802
3/2/2000 10,343 9,812
3/3/2000 10,383 9,842
3/4/2000 10,384 9,842
3/5/2000 10,385 9,842
3/6/2000 10,337 9,802
3/7/2000 10,328 9,798
3/8/2000 10,310 9,783
3/9/2000 10,321 9,793
3/10/2000 10,283 9,763
3/11/2000 10,284 9,763
3/12/2000 10,285 9,763
3/13/2000 10,306 9,783
3/14/2000 10,414 9,869
3/15/2000 10,464 9,911
3/16/2000 10,514 9,944
3/17/2000 10,574 9,995
3/18/2000 10,575 9,995
3/19/2000 10,576 9,995
3/20/2000 10,616 10,032
3/21/2000 10,647 10,053
3/22/2000 10,638 10,044
3/23/2000 10,727 10,123
3/24/2000 10,601 10,023
3/25/2000 10,602 10,023
3/26/2000 10,603 10,023
3/27/2000 10,604 10,023
3/28/2000 10,605 10,017
3/29/2000 10,606 10,024
3/30/2000 10,773 10,174
3/31/2000 10,833 10,228
4/1/2000 10,834 10,228
4/2/2000 10,835 10,228
4/3/2000 10,865 10,256
4/4/2000 10,974 10,346
4/5/2000 10,916 10,289
4/6/2000 10,927 10,295
4/7/2000 11,075 10,427
4/8/2000 11,076 10,427
4/9/2000 11,077 10,427
4/10/2000 11,098 10,449
4/11/2000 10,961 10,331
4/12/2000 10,845 10,228
4/13/2000 10,905 10,277
4/14/2000 10,935 10,298
4/15/2000 10,936 10,298
4/16/2000 10,937 10,298
4/17/2000 10,732 10,126
4/18/2000 10,724 10,123
4/19/2000 10,862 10,228
4/20/2000 10,886 10,256
4/21/2000 10,886 10,256
4/22/2000 10,886 10,256
4/23/2000 10,886 10,256
4/24/2000 10,818 10,193
4/25/2000 10,701 10,088
4/26/2000 10,683 10,078
4/27/2000 10,615 10,023
4/28/2000 10,645 10,048
4/29/2000 10,647 10,048
4/30/2000 10,648 10,048
5/1/2000 10,629 10,032
5/2/2000 10,551 9,965
5/3/2000 10,415 9,857
5/4/2000 10,289 9,760
5/5/2000 10,280 9,743
5/6/2000 10,281 9,743
5/7/2000 10,282 9,743
5/8/2000 10,185 9,669
5/9/2000 10,255 9,725
5/10/2000 10,324 9,777
5/11/2000 10,345 9,796
5/12/2000 10,267 9,733
5/13/2000 10,269 9,733
5/14/2000 10,270 9,733
5/15/2000 10,330 9,778
5/16/2000 10,409 9,849
5/17/2000 10,312 9,767
5/18/2000 10,205 9,678
5/19/2000 10,236 9,707
5/20/2000 10,237 9,707
5/21/2000 10,238 9,707
5/22/2000 10,327 9,772
5/23/2000 10,338 9,782
5/24/2000 10,300 9,750
5/25/2000 10,459 9,878
5/26/2000 10,519 9,930
5/27/2000 10,520 9,930
5/28/2000 10,521 9,930
5/29/2000 10,522 9,930
5/30/2000 10,464 9,887
5/31/2000 10,583 9,976
6/1/2000 10,693 10,070
6/2/2000 10,733 10,096
6/3/2000 10,734 10,096
6/4/2000 10,735 10,096
6/5/2000 10,786 10,135
6/6/2000 10,777 10,129
6/7/2000 10,817 10,164
6/8/2000 10,838 10,178
6/9/2000 10,819 10,154
6/10/2000 10,820 10,154
6/11/2000 10,822 10,154
6/12/2000 10,852 10,180
6/13/2000 10,725 10,072
6/14/2000 10,805 10,135
6/15/2000 10,777 10,110
6/16/2000 10,856 10,180
6/17/2000 10,858 10,180
6/18/2000 10,859 10,180
6/19/2000 10,840 10,158
6/20/2000 10,821 10,150
6/21/2000 10,714 10,056
6/22/2000 10,685 10,030
6/23/2000 10,598 9,960
6/24/2000 10,599 9,960
6/25/2000 10,600 9,960
6/26/2000 10,680 10,020
6/27/2000 10,750 10,086
6/28/2000 10,702 10,046
6/29/2000 10,841 10,174
6/30/2000 10,812 10,139
7/1/2000 10,813 10,139
7/2/2000 10,814 10,139
7/3/2000 10,865 10,182
7/4/2000 10,866 10,182
7/5/2000 10,887 10,204
7/6/2000 10,809 10,139
7/7/2000 10,869 10,201
7/8/2000 10,870 10,201
7/9/2000 10,871 10,201
7/10/2000 10,842 10,172
7/11/2000 10,833 10,161
7/12/2000 10,844 10,168
7/13/2000 10,964 10,268
7/14/2000 10,856 10,177
7/15/2000 10,857 10,177
7/16/2000 10,858 10,177
7/17/2000 10,770 10,110
7/18/2000 10,781 10,123
7/19/2000 10,792 10,135
7/20/2000 10,991 10,283
7/21/2000 11,012 10,298
7/22/2000 11,013 10,298
7/23/2000 11,014 10,298
7/24/2000 10,985 10,280
7/25/2000 10,996 10,283
7/26/2000 10,978 10,265
7/27/2000 11,058 10,328
7/28/2000 11,039 10,322
7/29/2000 11,040 10,322
7/30/2000 11,041 10,322
7/31/2000 11,012 10,298
8/1/2000 11,093 10,365
8/2/2000 11,074 10,339
8/3/2000 11,114 10,374
8/4/2000 11,165 10,405
8/5/2000 11,166 10,405
8/6/2000 11,167 10,405
8/7/2000 11,109 10,357
8/8/2000 11,139 10,374
8/9/2000 11,160 10,389
8/10/2000 11,241 10,464
8/11/2000 11,182 10,419
8/12/2000 11,183 10,419
8/13/2000 11,184 10,419
8/14/2000 11,205 10,419
8/15/2000 11,176 10,405
8/16/2000 11,148 10,382
8/17/2000 11,188 10,413
8/18/2000 11,229 10,441
8/19/2000 11,230 10,441
8/20/2000 11,231 10,441
8/21/2000 11,202 10,416
8/22/2000 11,213 10,428
8/23/2000 11,264 10,463
8/24/2000 11,295 10,483
8/25/2000 11,296 10,487
8/26/2000 11,297 10,487
8/27/2000 11,298 10,487
8/28/2000 11,279 10,400
8/29/2000 11,131 10,351
8/30/2000 11,152 10,374
8/31/2000 11,272 10,464
9/1/2000 11,293 10,476
9/2/2000 11,294 10,476
9/3/2000 11,295 10,476
9/4/2000 11,296 10,476
9/5/2000 11,307 10,486
9/6/2000 11,228 10,431
9/7/2000 11,200 10,404
9/8/2000 11,240 10,435
9/9/2000 11,241 10,435
9/10/2000 11,243 10,435
9/11/2000 11,194 10,395
9/12/2000 11,145 10,352
9/13/2000 11,186 10,376
9/14/2000 11,058 10,268
9/15/2000 10,900 10,138
9/16/2000 10,901 10,138
9/17/2000 10,902 10,138
9/18/2000 10,823 10,059
9/19/2000 10,884 10,120
9/20/2000 10,805 10,051
9/21/2000 10,876 10,106
9/22/2000 10,897 10,126
9/23/2000 10,898 10,126
9/24/2000 10,899 10,126
9/25/2000 10,920 10,145
9/26/2000 10,991 10,194
9/27/2000 10,912 10,132
9/28/2000 10,943 10,169
9/29/2000 10,954 10,165
9/30/2000 10,955 10,165
10/1/2000 10,956 10,165
10/2/2000 10,887 10,109
10/3/2000 10,838 10,075
10/4/2000 10,840 10,075
10/5/2000 10,930 10,148
10/6/2000 11,021 10,228
10/7/2000 11,022 10,228
10/8/2000 11,023 10,228
10/9/2000 11,024 10,228
10/10/2000 11,055 10,242
10/11/2000 11,056 10,241
10/12/2000 11,087 10,261
10/13/2000 11,098 10,272
10/14/2000 11,099 10,272
10/15/2000 11,100 10,272
10/16/2000 11,081 10,256
10/17/2000 11,182 10,338
10/18/2000 11,173 10,322
10/19/2000 11,194 10,344
10/20/2000 11,255 10,392
10/21/2000 11,256 10,392
10/22/2000 11,257 10,392
10/23/2000 11,338 10,452
10/24/2000 11,289 10,416
10/25/2000 11,220 10,363
10/26/2000 11,241 10,376
10/27/2000 11,232 10,371
10/28/2000 11,233 10,371
10/29/2000 11,234 10,371
10/30/2000 11,225 10,365
10/31/2000 11,146 10,299
11/1/2000 11,167 10,314
11/2/2000 11,158 10,301
11/3/2000 11,029 10,196
11/4/2000 11,030 10,196
11/5/2000 11,031 10,196
11/6/2000 10,972 10,150
11/7/2000 10,983 10,158
11/8/2000 11,004 10,172
11/9/2000 11,045 10,204
11/10/2000 11,016 10,177
11/11/2000 11,017 10,177
11/12/2000 11,019 10,177
11/13/2000 11,090 10,226
11/14/2000 11,141 10,268
11/15/2000 11,212 10,330
11/16/2000 11,263 10,366
11/17/2000 11,204 10,317
11/18/2000 11,205 10,317
11/19/2000 11,206 10,317
11/20/2000 11,237 10,344
11/21/2000 11,268 10,372
11/22/2000 11,430 10,496
11/23/2000 11,431 10,496
11/24/2000 11,392 10,464
11/25/2000 11,393 10,464
11/26/2000 11,394 10,464
11/27/2000 11,345 10,422
11/28/2000 11,396 10,462
11/29/2000 11,437 10,497
11/30/2000 11,538 10,573
12/1/2000 11,469 10,517
12/2/2000 11,470 10,517
12/3/2000 11,471 10,517
12/4/2000 11,422 10,472
12/5/2000 11,564 10,586
12/6/2000 11,685 10,685
12/7/2000 11,726 10,721
12/8/2000 11,647 10,648
12/9/2000 11,648 10,648
12/10/2000 11,649 10,648
12/11/2000 11,650 10,656
12/12/2000 11,681 10,677
12/13/2000 11,783 10,755
12/14/2000 11,854 10,812
12/15/2000 11,895 10,844
12/16/2000 11,896 10,844
12/17/2000 11,897 10,844
12/18/2000 11,868 10,819
12/19/2000 11,829 10,783
12/20/2000 11,910 10,839
12/21/2000 11,951 10,866
12/22/2000 11,982 10,894
12/23/2000 11,983 10,894
12/24/2000 11,985 10,894
12/25/2000 11,986 10,894
12/26/2000 11,936 10,851
12/27/2000 11,867 10,803
12/28/2000 11,878 10,809
12/29/2000 11,849 10,788
12/30/2000 11,850 10,788
12/31/2000 11,850 10,788
1/1/2001 11,851 10,788
1/2/2001 12,093 10,948
1/3/2001 11,833 10,760
1/4/2001 11,914 10,812
1/5/2001 11,986 10,860
1/6/2001 11,987 10,860
1/7/2001 11,988 10,860
1/8/2001 11,979 10,857
1/9/2001 11,949 10,836
1/10/2001 11,830 10,742
1/11/2001 11,700 10,634
1/12/2001 11,581 10,537
1/13/2001 11,582 10,537
1/14/2001 11,583 10,537
1/15/2001 11,584 10,537
1/16/2001 11,625 10,569
1/17/2001 11,777 10,696
1/18/2001 11,879 10,769
1/19/2001 11,709 10,640
1/20/2001 11,710 10,640
1/21/2001 11,711 10,640
1/22/2001 11,611 10,558
1/23/2001 11,532 10,494
1/24/2001 11,513 10,478
1/25/2001 11,584 10,537
1/26/2001 11,565 10,516
1/27/2001 11,566 10,516
1/28/2001 11,567 10,516
1/29/2001 11,478 10,441
1/30/2001 11,670 10,600
1/31/2001 11,762 10,667
2/1/2001 11,934 10,804
2/2/2001 11,824 10,714
2/3/2001 11,825 10,714
2/4/2001 11,826 10,714
2/5/2001 11,867 10,741
2/6/2001 11,818 10,701
2/7/2001 11,799 10,685
2/8/2001 11,790 10,672
2/9/2001 11,892 10,750
2/10/2001 11,893 10,750
2/11/2001 11,894 10,750
2/12/2001 11,804 10,694
2/13/2001 11,765 10,688
2/14/2001 11,736 10,640
2/15/2001 11,616 10,593
2/16/2001 11,708 10,644
2/17/2001 11,709 10,644
2/18/2001 11,710 10,644
2/19/2001 11,711 10,644
2/20/2001 11,712 10,651
2/21/2001 11,642 10,583
2/22/2001 11,603 10,536
2/23/2001 11,685 10,607
2/24/2001 11,686 10,607
2/25/2001 11,687 10,607
2/26/2001 11,758 10,658
2/27/2001 11,961 10,808
2/28/2001 11,952 10,829
3/1/2001 12,064 10,913
3/2/2001 11,904 10,792
3/3/2001 11,905 10,792
3/4/2001 11,906 10,792
3/5/2001 11,907 10,793
3/6/2001 11,878 10,772
3/7/2001 12,010 10,868
3/8/2001 12,051 10,903
3/9/2001 12,002 10,866
3/10/2001 12,003 10,866
3/11/2001 12,004 10,866
3/12/2001 12,055 10,889
3/13/2001 11,976 10,832
3/14/2001 12,108 10,937
3/15/2001 12,109 10,927
3/16/2001 12,141 10,947
3/17/2001 12,142 10,947
3/18/2001 12,143 10,947
3/19/2001 12,093 10,913
3/20/2001 12,155 10,947
3/21/2001 12,136 10,925
3/22/2001 12,167 10,962
3/23/2001 12,077 10,879
3/24/2001 12,079 10,879
3/25/2001 12,080 10,879
3/26/2001 11,959 10,790
3/27/2001 11,768 10,631
3/28/2001 11,769 10,627
3/29/2001 11,720 10,597
3/30/2001 11,802 10,652
3/31/2001 11,803 10,652
4/1/2001 11,804 10,652
4/2/2001 11,734 10,583
4/3/2001 11,776 10,620
4/4/2001 11,736 10,583
4/5/2001 11,666 10,529
4/6/2001 11,809 10,639
4/7/2001 11,810 10,639
4/8/2001 11,811 10,639
4/9/2001 11,751 10,586
4/10/2001 11,479 10,377
4/11/2001 11,500 10,395
4/12/2001 11,515 10,415
4/13/2001 11,515 10,415
4/14/2001 11,515 10,415
4/15/2001 11,515 10,415
4/16/2001 11,343 10,272
4/17/2001 11,436 10,341
4/18/2001 11,447 10,349
4/19/2001 11,174 10,135
4/20/2001 11,175 10,134
4/21/2001 11,176 10,134
4/22/2001 11,177 10,134
4/23/2001 11,300 10,227
4/24/2001 11,250 10,186
4/25/2001 11,201 10,149
4/26/2001 11,354 10,265
4/27/2001 11,152 10,114
4/28/2001 11,153 10,114
4/29/2001 11,154 10,114
4/30/2001 11,186 10,135
5/1/2001 11,298 10,221
5/2/2001 11,350 10,260
5/3/2001 11,483 10,370
5/4/2001 11,423 10,314
5/5/2001 11,424 10,314
5/6/2001 11,425 10,314
5/7/2001 11,437 10,320
5/8/2001 11,336 10,240
5/9/2001 11,449 10,332
5/10/2001 11,267 10,186
5/11/2001 11,095 10,051
5/12/2001 11,096 10,051
5/13/2001 11,098 10,051
5/14/2001 11,088 10,039
5/15/2001 10,998 9,967
5/16/2001 11,080 10,035
5/17/2001 11,234 10,159
5/18/2001 11,245 10,170
5/19/2001 11,246 10,170
5/20/2001 11,247 10,170
5/21/2001 11,279 10,193
5/22/2001 11,239 10,159
5/23/2001 11,240 10,156
5/24/2001 11,099 10,045
5/25/2001 11,110 10,054
5/26/2001 11,111 10,054
5/27/2001 11,112 10,054
5/28/2001 11,113 10,054
5/29/2001 11,084 10,035
5/30/2001 11,146 10,077
5/31/2001 11,289 10,196
6/1/2001 11,382 10,269
6/2/2001 11,383 10,269
6/3/2001 11,384 10,269
6/4/2001 11,426 10,301
6/5/2001 11,478 10,335
6/6/2001 11,489 10,343
6/7/2001 11,358 10,240
6/8/2001 11,328 10,213
6/9/2001 11,329 10,213
6/10/2001 11,330 10,213
6/11/2001 11,413 10,277
6/12/2001 11,495 10,346
6/13/2001 11,486 10,334
6/14/2001 11,508 10,347
6/15/2001 11,448 10,301
6/16/2001 11,449 10,301
6/17/2001 11,450 10,301
6/18/2001 11,420 10,274
6/19/2001 11,452 10,296
6/20/2001 11,494 10,331
6/21/2001 11,556 10,380
6/22/2001 11,659 10,455
6/23/2001 11,660 10,455
6/24/2001 11,661 10,455
6/25/2001 11,642 10,442
6/26/2001 11,540 10,339
6/27/2001 11,592 10,401
6/28/2001 11,470 10,282
6/29/2001 11,369 10,189
6/30/2001 11,370 10,189
7/1/2001 11,370 10,189
7/2/2001 11,463 10,287
7/3/2001 11,402 10,230
7/4/2001 11,403 10,230
7/5/2001 11,373 10,208
7/6/2001 11,405 10,208
7/7/2001 11,406 10,208
7/8/2001 11,407 10,208
7/9/2001 11,469 10,275
7/10/2001 11,532 10,326
7/11/2001 11,492 10,287
7/12/2001 11,554 10,338
7/13/2001 11,657 10,428
7/14/2001 11,658 10,428
7/15/2001 11,659 10,428
7/16/2001 11,691 10,446
7/17/2001 11,672 10,430
7/18/2001 11,826 10,550
7/19/2001 11,796 10,521
7/20/2001 11,777 10,509
7/21/2001 11,778 10,509
7/22/2001 11,779 10,509
7/23/2001 11,821 10,539
7/24/2001 11,822 10,541
7/25/2001 11,690 10,428
7/26/2001 11,711 10,443
7/27/2001 11,794 10,508
7/28/2001 11,795 10,508
7/29/2001 11,796 10,508
7/30/2001 11,838 10,544
7/31/2001 11,839 10,536
8/1/2001 11,840 10,539
8/2/2001 11,729 10,455
8/3/2001 11,719 10,442
8/4/2001 11,720 10,442
8/5/2001 11,722 10,442
8/6/2001 11,702 10,424
8/7/2001 11,703 10,431
8/8/2001 11,868 10,559
8/9/2001 11,838 10,535
8/10/2001 11,880 10,565
8/11/2001 11,881 10,565
8/12/2001 11,882 10,565
8/13/2001 11,873 10,556
8/14/2001 11,884 10,566
8/15/2001 11,865 10,550
8/16/2001 11,978 10,658
8/17/2001 12,051 10,696
8/18/2001 12,052 10,696
8/19/2001 12,053 10,696
8/20/2001 11,982 10,646
8/21/2001 12,035 10,682
8/22/2001 12,015 10,664
8/23/2001 12,088 10,723
8/24/2001 11,997 10,651
8/25/2001 11,998 10,651
8/26/2001 11,999 10,651
8/27/2001 11,979 10,628
8/28/2001 12,103 10,726
8/29/2001 12,176 10,786
8/30/2001 12,156 10,766
8/31/2001 12,168 10,778
9/1/2001 12,169 10,778
9/2/2001 12,170 10,778
9/3/2001 12,171 10,778
9/4/2001 11,966 10,613
9/5/2001 11,957 10,607
9/6/2001 12,102 10,724
9/7/2001 12,175 10,775
9/8/2001 12,176 10,775
9/9/2001 12,177 10,775
9/10/2001 12,044 10,664
9/11/2001 12,044 10,664
9/12/2001 12,044 10,664
9/13/2001 12,044 10,664
9/14/2001 12,044 10,664
9/15/2001 12,044 10,664
9/16/2001 12,044 10,664
9/17/2001 12,123 10,720
9/18/2001 11,867 10,512
9/19/2001 11,858 10,512
9/20/2001 11,715 10,388
9/21/2001 11,777 10,439
9/22/2001 11,778 10,439
9/23/2001 11,779 10,439
9/24/2001 11,791 10,449
9/25/2001 11,812 10,458
9/26/2001 11,957 10,574
9/27/2001 12,071 10,670
9/28/2001 12,092 10,705
9/29/2001 12,093 10,705
9/30/2001 12,093 10,705
10/1/2001 12,176 10,765
10/2/2001 12,239 10,829
10/3/2001 12,280 10,891
10/4/2001 12,281 10,886
10/5/2001 12,262 10,866
10/6/2001 12,263 10,866
10/7/2001 12,264 10,866
10/8/2001 12,275 10,879
10/9/2001 12,132 10,762
10/10/2001 12,185 10,805
10/11/2001 12,073 10,718
10/12/2001 12,043 10,684
10/13/2001 12,044 10,684
10/14/2001 12,045 10,684
10/15/2001 12,159 10,778
10/16/2001 12,201 10,813
10/17/2001 12,285 10,877
10/18/2001 12,275 10,870
10/19/2001 12,184 10,796
10/20/2001 12,185 10,796
10/21/2001 12,186 10,796
10/22/2001 12,188 10,789
10/23/2001 12,147 10,757
10/24/2001 12,252 10,835
10/25/2001 12,345 10,912
10/26/2001 12,388 10,951
10/27/2001 12,389 10,951
10/28/2001 12,390 10,951
10/29/2001 12,422 10,970
10/30/2001 12,485 11,021
10/31/2001 13,105 11,594
11/1/2001 13,230 11,711
11/2/2001 12,963 11,477
11/3/2001 12,964 11,477
11/4/2001 12,965 11,477
11/5/2001 13,162 11,651
11/6/2001 13,153 11,637
11/7/2001 13,309 11,755
11/8/2001 13,145 11,616
11/9/2001 13,125 11,603
11/10/2001 13,126 11,603
11/11/2001 13,127 11,603
11/12/2001 13,139 11,600
11/13/2001 13,047 11,534
11/14/2001 12,801 11,347
11/15/2001 12,368 11,036
11/16/2001 12,132 10,870
11/17/2001 12,133 10,870
11/18/2001 12,134 10,870
11/19/2001 12,259 10,947
11/20/2001 12,146 10,861
11/21/2001 12,044 10,813
11/22/2001 12,046 10,813
11/23/2001 11,985 10,765
11/24/2001 11,986 10,765
11/25/2001 11,987 10,765
11/26/2001 11,968 10,760
11/27/2001 12,031 10,802
11/28/2001 12,001 10,775
11/29/2001 12,240 10,960
11/30/2001 12,220 10,940
12/1/2001 12,221 10,940
12/2/2001 12,222 10,940
12/3/2001 12,265 10,960
12/4/2001 12,359 11,028
12/5/2001 12,040 10,799
12/6/2001 11,834 10,640
12/7/2001 11,535 10,427
12/8/2001 11,536 10,427
12/9/2001 11,538 10,427
12/10/2001 11,601 10,464
12/11/2001 11,654 10,506
12/12/2001 11,800 10,610
12/13/2001 11,718 10,556
12/14/2001 11,585 10,455
12/15/2001 11,586 10,455
12/16/2001 11,587 10,455
12/17/2001 11,640 10,506
12/18/2001 11,683 10,526
12/19/2001 11,839 10,640
12/20/2001 11,892 10,691
12/21/2001 11,864 10,667
12/22/2001 11,864 10,667
12/23/2001 11,864 10,667
12/24/2001 11,752 10,583
12/25/2001 11,753 10,583
12/26/2001 11,681 10,533
12/27/2001 11,786 10,597
12/28/2001 11,704 10,512
12/29/2001 11,704 10,512
12/30/2001 11,704 10,512
12/31/2001 11,860 10,613
1/1/2002 11,860 10,613
1/2/2002 11,664 10,500
1/3/2002 11,716 10,529
1/4/2002 11,675 10,496
1/5/2002 11,677 10,496
1/6/2002 11,678 10,496
1/7/2002 11,814 10,602
1/8/2002 11,773 10,554
1/9/2002 11,806 10,570
1/10/2002 12,004 10,721
1/11/2002 12,098 10,781
1/12/2002 12,100 10,781
1/13/2002 12,101 10,781
1/14/2002 12,081 10,768
1/15/2002 12,176 10,840
1/16/2002 12,177 10,835
1/17/2002 12,002 10,705
1/18/2002 12,127 10,799
1/19/2002 12,129 10,799
1/20/2002 12,130 10,799
1/21/2002 12,131 10,799
1/22/2002 12,070 10,751
1/23/2002 11,905 10,635
1/24/2002 11,906 10,627
1/25/2002 11,918 10,644
1/26/2002 11,919 10,644
1/27/2002 11,920 10,644
1/28/2002 11,890 10,613
1/29/2002 12,047 10,723
1/30/2002 11,986 10,679
1/31/2002 11,987 10,684
2/1/2002 12,061 10,732
2/2/2002 12,062 10,732
2/3/2002 12,063 10,732
2/4/2002 12,189 10,822
2/5/2002 12,190 10,822
2/6/2002 12,140 10,784
2/7/2002 12,058 10,715
2/8/2002 12,132 10,765
2/9/2002 12,133 10,765
2/10/2002 12,134 10,765
2/11/2002 12,083 10,733
2/12/2002 11,959 10,640
2/13/2002 11,950 10,637
2/14/2002 12,055 10,712
2/15/2002 12,150 10,772
2/16/2002 12,152 10,772
2/17/2002 12,153 10,772
2/18/2002 12,154 10,772
2/19/2002 12,124 10,748
2/20/2002 12,125 10,750
2/21/2002 12,168 10,772
2/22/2002 12,242 10,832
2/23/2002 12,244 10,832
2/24/2002 12,245 10,832
2/25/2002 12,194 10,786
2/26/2002 12,091 10,715
2/27/2002 12,196 10,786
2/28/2002 12,041 10,667
3/1/2002 11,897 10,563
3/2/2002 11,898 10,563
3/3/2002 11,899 10,563
3/4/2002 11,901 10,559
3/5/2002 11,912 10,570
3/6/2002 11,851 10,526
3/7/2002 11,571 10,331
3/8/2002 11,489 10,270
3/9/2002 11,490 10,270
3/10/2002 11,491 10,270
3/11/2002 11,482 10,243
3/12/2002 11,473 10,248
3/13/2002 11,454 10,230
3/14/2002 11,298 10,116
3/15/2002 11,425 10,209
3/16/2002 11,426 10,209
3/17/2002 11,428 10,209
3/18/2002 11,461 10,228
3/19/2002 11,472 10,235
3/20/2002 11,306 10,110
3/21/2002 11,360 10,156
3/22/2002 11,299 10,112
3/23/2002 11,300 10,112
3/24/2002 11,301 10,112
3/25/2002 11,344 10,144
3/26/2002 11,419 10,186
3/27/2002 11,420 10,186
3/28/2002 11,305 10,112
3/29/2002 11,306 10,112
3/30/2002 11,306 10,112
3/31/2002 11,307 10,112
4/1/2002 11,308 10,098
4/2/2002 11,424 10,182
4/3/2002 11,509 10,240
4/4/2002 11,500 10,231
4/5/2002 11,648 10,341
4/6/2002 11,649 10,341
4/7/2002 11,650 10,341
4/8/2002 11,547 10,269
4/9/2002 11,643 10,335
4/10/2002 11,571 10,277
4/11/2002 11,624 10,317
4/12/2002 11,678 10,349
4/13/2002 11,679 10,349
4/14/2002 11,681 10,349
4/15/2002 11,734 10,389
4/16/2002 11,663 10,338
4/17/2002 11,517 10,230
4/18/2002 11,571 10,270
4/19/2002 11,635 10,309
4/20/2002 11,636 10,309
4/21/2002 11,638 10,309
4/22/2002 11,650 10,317
4/23/2002 11,661 10,328
4/24/2002 11,789 10,412
4/25/2002 11,769 10,398
4/26/2002 11,833 10,439
4/27/2002 11,835 10,439
4/28/2002 11,836 10,439
4/29/2002 11,785 10,401
4/30/2002 11,828 10,427
5/1/2002 11,893 10,473
5/2/2002 11,820 10,422
5/3/2002 11,948 10,524
5/4/2002 11,949 10,524
5/5/2002 11,950 10,524
5/6/2002 11,941 10,514
5/7/2002 11,974 10,536
5/8/2002 11,692 10,328
5/9/2002 11,746 10,368
5/10/2002 11,831 10,425
5/11/2002 11,833 10,425
5/12/2002 11,834 10,425
5/13/2002 11,646 10,287
5/14/2002 11,553 10,220
5/15/2002 11,586 10,240
5/16/2002 11,650 10,290
5/17/2002 11,525 10,196
5/18/2002 11,527 10,196
5/19/2002 11,528 10,196
5/20/2002 11,656 10,293
5/21/2002 11,710 10,328
5/22/2002 11,764 10,365
5/23/2002 11,712 10,326
5/24/2002 11,714 10,319
5/25/2002 11,715 10,319
5/26/2002 11,717 10,319
5/27/2002 11,718 10,319
5/28/2002 11,719 10,323
5/29/2002 11,826 10,398
5/30/2002 11,880 10,436
5/31/2002 11,829 10,391
6/1/2002 11,830 10,391
6/2/2002 11,832 10,391
6/3/2002 11,875 10,419
6/4/2002 11,845 10,401
6/5/2002 11,751 10,328
6/6/2002 11,848 10,395
6/7/2002 11,765 10,338
6/8/2002 11,766 10,338
6/9/2002 11,767 10,338
6/10/2002 11,874 10,418
6/11/2002 11,981 10,496
6/12/2002 12,035 10,539
6/13/2002 12,121 10,597
6/14/2002 12,260 10,694
6/15/2002 12,261 10,694
6/16/2002 12,262 10,694
6/17/2002 12,179 10,632
6/18/2002 12,212 10,652
6/19/2002 12,351 10,753
6/20/2002 12,226 10,661
6/21/2002 12,343 10,745
6/22/2002 12,344 10,745
6/23/2002 12,346 10,745
6/24/2002 12,199 10,637
6/25/2002 12,201 10,637
6/26/2002 12,297 10,701
6/27/2002 12,107 10,550
6/28/2002 12,129 10,559
6/29/2002 12,130 10,559
6/30/2002 12,131 10,559
7/1/2002 12,174 10,610
7/2/2002 12,280 10,670
7/3/2002 12,271 10,670
7/4/2002 12,272 10,670
7/5/2002 12,084 10,538
7/6/2002 12,085 10,538
7/7/2002 12,086 10,538
7/8/2002 12,183 10,604
7/9/2002 12,343 10,724
7/10/2002 12,482 10,819
7/11/2002 12,420 10,770
7/12/2002 12,516 10,840
7/13/2002 12,518 10,840
7/14/2002 12,519 10,840
7/15/2002 12,372 10,732
7/16/2002 12,268 10,655
7/17/2002 12,322 10,691
7/18/2002 12,408 10,750
7/19/2002 12,536 10,843
7/20/2002 12,538 10,843
7/21/2002 12,539 10,843
7/22/2002 12,636 10,910
7/23/2002 12,658 10,924
7/24/2002 12,511 10,808
7/25/2002 12,608 10,885
7/26/2002 12,578 10,866
7/27/2002 12,579 10,866
7/28/2002 12,580 10,866
7/29/2002 12,349 10,700
7/30/2002 12,392 10,726
7/31/2002 12,616 10,883
8/1/2002 12,660 10,904
8/2/2002 12,831 11,029
8/3/2002 12,832 11,029
8/4/2002 12,834 11,029
8/5/2002 12,931 11,098
8/6/2002 12,773 10,987
8/7/2002 12,827 11,023
8/8/2002 12,797 11,005
8/9/2002 13,063 11,193
8/10/2002 13,065 11,193
8/11/2002 13,066 11,193
8/12/2002 13,174 11,263
8/13/2002 13,419 11,433
8/14/2002 13,527 11,522
8/15/2002 13,348 11,400
8/16/2002 13,126 11,236
8/17/2002 13,127 11,236
8/18/2002 13,129 11,236
8/19/2002 13,204 11,295
8/20/2002 13,408 11,438
8/21/2002 13,303 11,361
8/22/2002 13,134 11,235
8/23/2002 13,295 11,344
8/24/2002 13,296 11,344
8/25/2002 13,297 11,344
8/26/2002 13,299 11,347
8/27/2002 13,194 11,272
8/28/2002 13,301 11,346
8/29/2002 13,473 11,472
8/30/2002 13,517 11,502
8/31/2002 13,518 11,502
9/1/2002 13,520 11,502
9/2/2002 13,521 11,502
9/3/2002 13,820 11,706
9/4/2002 13,821 11,714
9/5/2002 13,919 11,771
9/6/2002 13,696 11,616
9/7/2002 13,698 11,616
9/8/2002 13,699 11,616
9/9/2002 13,690 11,615
9/10/2002 13,755 11,663
9/11/2002 13,639 11,577
9/12/2002 13,811 11,693
9/13/2002 13,961 11,792
9/14/2002 13,963 11,792
9/15/2002 13,964 11,792
9/16/2002 13,987 11,805
9/17/2002 14,020 11,827
9/18/2002 14,011 11,815
9/19/2002 14,129 11,894
9/20/2002 14,024 11,817
9/21/2002 14,026 11,817
9/22/2002 14,027 11,817
9/23/2002 14,209 11,944
9/24/2002 14,339 12,034
9/25/2002 14,062 11,879
9/26/2002 14,052 11,861
9/27/2002 14,170 11,936
9/28/2002 14,171 11,936
9/29/2002 14,171 11,936
9/30/2002 14,257 11,959
10/1/2002 14,023 11,805
10/2/2002 14,141 11,879
10/3/2002 14,089 11,836
10/4/2002 14,144 11,869
10/5/2002 14,145 11,869
10/6/2002 14,146 11,869
10/7/2002 14,190 11,901
10/8/2002 14,192 11,899
10/9/2002 14,310 11,987
10/10/2002 14,151 11,878
10/11/2002 13,865 11,674
10/12/2002 13,867 11,674
10/13/2002 13,868 11,674
10/14/2002 13,815 11,684
10/15/2002 13,453 11,389
10/16/2002 13,444 11,374
10/17/2002 13,232 11,229
10/18/2002 13,276 11,260
10/19/2002 13,277 11,260
10/20/2002 13,278 11,260
10/21/2002 13,120 11,140
10/22/2002 13,057 11,105
10/23/2002 13,047 11,089
10/24/2002 13,241 11,245
10/25/2002 13,275 11,245
10/26/2002 13,276 11,245
10/27/2002 13,277 11,245
10/28/2002 13,225 11,199
10/29/2002 13,451 11,358
10/30/2002 13,420 11,334
10/31/2002 13,528 11,405
11/1/2002 13,412 11,329
11/2/2002 13,414 11,329
11/3/2002 13,415 11,329
11/4/2002 13,341 11,272
11/5/2002 13,300 11,245
11/6/2002 13,376 11,290
11/7/2002 13,795 11,594
11/8/2002 13,978 11,731
11/9/2002 13,979 11,731
11/10/2002 13,981 11,731
11/11/2002 13,982 11,731
11/12/2002 13,983 11,735
11/13/2002 13,995 11,735
11/14/2002 13,601 11,462
11/15/2002 13,688 11,522
11/16/2002 13,689 11,522
11/17/2002 13,690 11,522
11/18/2002 13,777 11,627
11/19/2002 13,843 11,627
11/20/2002 13,641 11,486
11/21/2002 13,438 11,340
11/22/2002 13,429 11,337
11/23/2002 13,430 11,337
11/24/2002 13,432 11,337
11/25/2002 13,422 11,329
11/26/2002 13,638 11,482
11/27/2002 13,253 11,217
11/28/2002 13,255 11,217
11/29/2002 13,374 11,301
11/30/2002 13,375 11,301
12/1/2002 13,377 11,301
12/2/2002 13,399 11,316
12/3/2002 13,390 11,308
12/4/2002 13,499 11,385
12/5/2002 13,543 11,413
12/6/2002 13,544 11,401
12/7/2002 13,546 11,401
12/8/2002 13,547 11,401
12/9/2002 13,656 11,486
12/10/2002 13,689 11,511
12/11/2002 13,819 11,594
12/12/2002 13,799 11,576
12/13/2002 13,629 11,448
12/14/2002 13,630 11,448
12/15/2002 13,631 11,448
12/16/2002 13,493 11,347
12/17/2002 13,494 11,352
12/18/2002 13,646 11,454
12/19/2002 13,787 11,553
12/20/2002 13,799 11,556
12/21/2002 13,801 11,556
12/22/2002 13,802 11,556
12/23/2002 13,803 11,564
12/24/2002 13,880 11,610
12/25/2002 13,881 11,610
12/26/2002 13,893 11,613
12/27/2002 14,098 11,762
12/28/2002 14,099 11,762
12/29/2002 14,099 11,762
12/30/2002 14,164 11,809
12/31/2002 14,068 11,741
1/1/2003 14,069 11,741
1/2/2003 13,564 11,741
1/3/2003 13,629 11,455
1/4/2003 13,629 11,455
1/5/2003 13,630 11,455
1/6/2003 13,566 11,415
1/7/2003 13,620 11,445
1/8/2003 13,729 11,514
1/9/2003 13,364 11,256
1/10/2003 13,408 11,298
1/11/2003 13,409 11,298
1/12/2003 13,409 11,298
1/13/2003 13,464 11,333
1/14/2003 13,487 11,344
1/15/2003 13,596 11,416
1/16/2003 13,597 11,418
1/17/2003 13,728 11,502
1/18/2003 13,729 11,502
1/19/2003 13,731 11,502
1/20/2003 13,732 11,502
1/21/2003 13,798 11,550
1/22/2003 13,896 11,615
1/23/2003 13,800 11,547
1/24/2003 13,899 11,615
1/25/2003 13,900 11,615
1/26/2003 13,901 11,615
1/27/2003 13,849 11,585
1/28/2003 13,872 11,601
1/29/2003 13,754 11,517
1/30/2003 13,896 11,616
1/31/2003 13,919 11,630
2/1/2003 13,920 11,630
2/2/2003 13,921 11,630
2/3/2003 13,966 11,664
2/4/2003 14,075 11,736
2/5/2003 13,893 11,685
2/6/2003 14,034 11,706
2/7/2003 14,068 11,720
2/8/2003 14,069 11,720
2/9/2003 14,071 11,720
2/10/2003 13,943 11,628
2/11/2003 13,922 11,616
2/12/2003 13,967 11,633
2/13/2003 14,065 11,701
2/14/2003 13,872 11,571
2/15/2003 13,874 11,571
2/16/2003 13,875 11,571
2/17/2003 13,876 11,571
2/18/2003 13,942 11,616
2/19/2003 14,052 11,616
2/20/2003 14,118 11,724
2/21/2003 13,990 11,633
2/22/2003 13,991 11,633
2/23/2003 13,992 11,633
2/24/2003 14,091 11,705
2/25/2003 14,168 11,755
2/26/2003 14,267 11,813
2/27/2003 14,311 11,846
2/28/2003 14,453 11,939
3/1/2003 14,454 11,939
3/2/2003 14,456 11,939
3/3/2003 14,468 11,944
3/4/2003 14,469 11,938
3/5/2003 14,514 11,966
3/6/2003 14,418 11,903
3/7/2003 14,484 11,945
3/8/2003 14,486 11,945
3/9/2003 14,487 11,945
3/10/2003 14,586 12,007
3/11/2003 14,598 12,014
3/12/2003 14,642 12,052
3/13/2003 14,298 11,819
3/14/2003 14,364 11,859
3/15/2003 14,365 11,859
3/16/2003 14,367 11,859
3/17/2003 14,162 11,697
3/18/2003 13,958 11,583
3/19/2003 13,862 11,528
3/20/2003 13,809 11,486
3/21/2003 13,540 11,292
3/22/2003 13,541 11,292
3/23/2003 13,542 11,292
3/24/2003 13,836 11,497
3/25/2003 13,838 11,492
3/26/2003 13,850 11,501
3/27/2003 13,850 11,497
3/28/2003 13,905 11,519
3/29/2003 13,905 11,519
3/30/2003 13,906 11,519
3/31/2003 14,144 11,678
4/1/2003 14,112 11,663
4/2/2003 13,886 11,504
4/3/2003 13,854 11,482
4/4/2003 13,802 11,442
4/5/2003 13,803 11,442
4/6/2003 13,804 11,442
4/7/2003 13,762 11,408
4/8/2003 13,915 11,508
4/9/2003 13,960 11,540
4/10/2003 13,864 11,478
4/11/2003 13,844 11,465
4/12/2003 13,845 11,465
4/13/2003 13,846 11,465
4/14/2003 13,783 11,413
4/15/2003 13,892 11,487
4/16/2003 13,981 11,546
4/17/2003 13,993 11,559
4/18/2003 13,994 11,559
4/19/2003 13,996 11,559
4/20/2003 13,997 11,559
4/21/2003 13,977 11,550
4/22/2003 13,956 11,534
4/23/2003 14,001 11,558
4/24/2003 14,165 11,670
4/25/2003 14,210 11,696
4/26/2003 14,212 11,696
4/27/2003 14,213 11,696
4/28/2003 14,193 11,685
4/29/2003 14,140 11,647
4/30/2003 14,326 11,766
5/1/2003 14,305 11,755
5/2/2003 14,165 11,651
5/3/2003 14,167 11,651
5/4/2003 14,168 11,651
5/5/2003 14,256 11,716
5/6/2003 14,367 11,780
5/7/2003 14,553 11,798
5/8/2003 14,565 11,906
5/9/2003 14,621 11,938
5/10/2003 14,622 11,938
5/11/2003 14,623 11,938
5/12/2003 14,734 12,004
5/13/2003 14,789 12,043
5/14/2003 15,085 12,251
5/15/2003 15,151 12,303
5/16/2003 15,261 12,364
5/17/2003 15,263 12,364
5/18/2003 15,264 12,364
5/19/2003 15,211 12,325
5/20/2003 15,495 12,520
5/21/2003 15,497 12,529
5/22/2003 15,716 12,672
5/23/2003 15,772 12,717
5/24/2003 15,773 12,717
5/25/2003 15,775 12,717
5/26/2003 15,776 12,717
5/27/2003 15,407 12,465
5/28/2003 15,343 12,411
5/29/2003 15,540 12,543
5/30/2003 15,487 12,502
5/31/2003 15,488 12,502
6/1/2003 15,490 12,502
6/2/2003 15,328 12,390
6/3/2003 15,514 12,516
6/4/2003 15,560 12,533
6/5/2003 15,408 12,432
6/6/2003 15,442 12,453
6/7/2003 15,444 12,453
6/8/2003 15,445 12,453
6/9/2003 15,621 12,559
6/10/2003 15,873 12,720
6/11/2003 15,820 12,699
6/12/2003 15,996 12,809
6/13/2003 16,117 12,889
6/14/2003 16,119 12,889
6/15/2003 16,120 12,889
6/16/2003 15,914 12,758
6/17/2003 15,719 12,635
6/18/2003 15,436 12,453
6/19/2003 15,394 12,409
6/20/2003 15,286 12,343
6/21/2003 15,287 12,343
6/22/2003 15,289 12,343
6/23/2003 15,454 12,443
6/24/2003 15,641 12,567
6/25/2003 15,314 12,345
6/26/2003 15,021 12,159
6/27/2003 14,945 12,110
6/28/2003 14,945 12,110
6/29/2003 14,946 12,110
6/30/2003 15,066 12,152
7/1/2003 14,935 12,070
7/2/2003 14,969 12,101
7/3/2003 14,719 11,918
7/4/2003 14,721 11,918
7/5/2003 14,722 11,918
7/6/2003 14,724 11,918
7/7/2003 14,572 11,820
7/8/2003 14,606 11,846
7/9/2003 14,662 11,888
7/10/2003 14,663 11,884
7/11/2003 14,719 11,912
7/12/2003 14,721 11,912
7/13/2003 14,722 11,912
7/14/2003 14,516 11,773
7/15/2003 14,058 11,478
7/16/2003 14,168 11,553
7/17/2003 14,093 11,508
7/18/2003 14,083 11,504
7/19/2003 14,085 11,504
7/20/2003 14,086 11,504
7/21/2003 13,661 11,215
7/22/2003 13,761 11,277
7/23/2003 13,806 11,307
7/24/2003 13,632 11,193
7/25/2003 13,590 11,155
7/26/2003 13,591 11,155
7/27/2003 13,592 11,155
7/28/2003 13,353 10,994
7/29/2003 13,124 10,838
7/30/2003 13,323 10,974
7/31/2003 12,984 10,750
8/1/2003 13,095 10,843
8/2/2003 13,096 10,843
8/3/2003 13,098 10,843
8/4/2003 13,230 10,931
8/5/2003 13,002 10,765
8/6/2003 13,332 10,984
8/7/2003 13,399 11,024
8/8/2003 13,313 10,967
8/9/2003 13,314 10,967
8/10/2003 13,315 10,967
8/11/2003 13,229 10,912
8/12/2003 13,153 10,859
8/13/2003 12,837 10,644
8/14/2003 13,014 10,770
8/15/2003 12,971 10,739
8/16/2003 12,973 10,739
8/17/2003 12,974 10,739
8/18/2003 13,085 10,813
8/19/2003 13,339 10,977
8/20/2003 13,241 10,913
8/21/2003 13,232 10,924
8/22/2003 13,299 10,960
8/23/2003 13,300 10,960
8/24/2003 13,302 10,960
8/25/2003 13,171 10,866
8/26/2003 13,272 10,933
8/27/2003 13,207 10,889
8/28/2003 13,395 11,009
8/29/2003 13,397 11,017
8/30/2003 13,398 11,017
8/31/2003 13,399 11,017
9/1/2003 13,401 11,017
9/2/2003 13,116 10,829
9/3/2003 13,117 10,828
9/4/2003 13,218 10,889
9/5/2003 13,512 11,078
9/6/2003 13,515 11,078
9/7/2003 13,517 11,078
9/8/2003 13,328 10,943
9/9/2003 13,436 11,012
9/10/2003 13,603 11,124
9/11/2003 13,474 11,029
9/12/2003 13,594 11,107
9/13/2003 13,595 11,107
9/14/2003 13,596 11,107
9/15/2003 13,573 11,086
9/16/2003 13,539 11,068
9/17/2003 13,801 11,247
9/18/2003 13,802 11,245
9/19/2003 13,827 11,259
9/20/2003 13,829 11,259
9/21/2003 13,830 11,259
9/22/2003 13,665 11,145
9/23/2003 13,785 11,235
9/24/2003 13,928 11,317
9/25/2003 14,012 11,367
9/26/2003 14,203 11,484
9/27/2003 14,203 11,484
9/28/2003 14,204 11,484
9/29/2003 14,038 11,385
9/30/2003 14,359 11,586
10/1/2003 14,264 11,532
10/2/2003 14,182 11,477
10/3/2003 13,743 11,199
10/4/2003 13,744 11,199
10/5/2003 13,745 11,199
10/6/2003 13,841 11,266
10/7/2003 13,617 11,119
10/8/2003 13,582 11,095
10/9/2003 13,453 11,011
10/10/2003 13,573 11,083
10/11/2003 13,574 11,083
10/12/2003 13,576 11,083
10/13/2003 13,577 11,083
10/14/2003 13,388 10,963
10/15/2003 13,306 10,904
10/16/2003 13,248 10,870
10/17/2003 13,404 10,969
10/18/2003 13,406 10,969
10/19/2003 13,407 10,969
10/20/2003 13,456 10,997
10/21/2003 13,517 11,035
10/22/2003 13,673 11,149
10/23/2003 13,520 11,035
10/24/2003 13,735 11,181
10/25/2003 13,736 11,181
10/26/2003 13,737 11,181
10/27/2003 13,691 11,149
10/28/2003 13,787 11,211
10/29/2003 13,574 11,071
10/30/2003 13,528 11,038
10/31/2003 13,708 11,158
11/1/2003 13,709 11,158
11/2/2003 13,710 11,158
11/3/2003 13,592 11,078
11/4/2003 13,725 11,166
11/5/2003 13,583 11,070
11/6/2003 13,418 10,954
11/7/2003 13,407 10,943
11/8/2003 13,409 10,943
11/9/2003 13,410 10,943
11/10/2003 13,399 10,945
11/11/2003 13,400 10,945
11/12/2003 13,533 11,028
11/13/2003 13,820 11,206
11/14/2003 13,965 11,287
11/15/2003 13,966 11,287
11/16/2003 13,968 11,287
11/17/2003 13,993 11,305
11/18/2003 14,114 11,379
11/19/2003 13,877 11,224
11/20/2003 14,081 11,358
11/21/2003 14,082 11,358
11/22/2003 14,083 11,358
11/23/2003 14,085 11,358
11/24/2003 13,931 11,253
11/25/2003 14,028 11,317
11/26/2003 13,934 11,259
11/27/2003 13,935 11,259
11/28/2003 13,793 11,154
11/29/2003 13,794 11,154
11/30/2003 13,796 11,154
12/1/2003 13,678 11,082
12/2/2003 13,763 11,140
12/3/2003 13,681 11,082
12/4/2003 13,706 11,095
12/5/2003 14,006 11,287
12/6/2003 14,008 11,287
12/7/2003 14,009 11,287
12/8/2003 13,867 11,182
12/9/2003 13,737 11,101
12/10/2003 13,774 11,122
12/11/2003 13,883 11,193
12/12/2003 13,932 11,223
12/13/2003 13,934 11,223
12/14/2003 13,935 11,223
12/15/2003 13,901 11,199
12/16/2003 13,974 11,245
12/17/2003 14,107 11,339
12/18/2003 14,275 11,450
12/19/2003 14,253 11,435
12/20/2003 14,254 11,435
12/21/2003 14,255 11,435
12/22/2003 14,221 11,405
12/23/2003 14,018 11,272
12/24/2003 14,151 11,356
12/25/2003 14,152 11,356
12/26/2003 14,249 11,418
12/27/2003 14,250 11,418
12/28/2003 14,251 11,418
12/29/2003 14,061 11,295
12/30/2003 13,978 11,233
12/31/2003 13,978 11,232
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 12/31/03
- --------------------------------------------------------------------------------
SINCE
ONE FIVE INCEPTION
YEAR YEAR (08/18/97)
- --------------------------------------------------------------------------------
U.S. GOVERNMENT BOND FUND -0.64% 2.43% 5.40%
PRICE MOVEMENT OF U.S.
TREASURY LONG BOND -4.34% -1.23% 1.84%
- --------------------------------------------------------------------------------
THE RETURNS PRESENTED ABOVE DO NOT REFLECT THE EFFECTS OF TAXES. PAST
PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE PRICE MOVEMENT OF THE U.S.
TREASURY LONG BOND REPRESENTS A CUMULATIVE PERCENTAGE CHANGE IN ITS CLOSING
PRICE. RETURNS ARE HISTORICAL AND INCLUDE CHANGES IN PRINCIPAL AND REINVESTED
DIVIDENDS AND CAPITAL GAINS.
ANNUAL REPORT 13
JUNO FUND
- --------------------------------------------------------------------------------
OBJECTIVE: To provide investment returns that correspond to the inverse of the
daily performance of the current U.S. Treasury Long Bond.
Inception: May 1, 2003
The Iraqi war kept Treasury bond yields low during the first three months of the
year--and post-war uncertainties, the negotiations with North Korea and
deflation concerns by the Federal Reserve resulted in a volatile market. In May,
Treasury yields moved higher due to faster economic growth and peaked on June
13. The Fed's already accommodative monetary policy was confirmed again and
bonds yields turned lower in anticipation that the Fed would keep short-term
interest rates low through 2004.
To achieve its objective, Rydex Juno Fund establishes short positions in U.S.
Treasury Bond futures contracts and purchases put options on U.S. Treasury Bond
futures contracts traded on the Chicago Board of Trade. The fund closed down
- -0.72% at year-end, due to the negative cost-of-carry from shorting the Long
Bond.
CUMULATIVE FUND PERFORMANCE: MAY 1, 2003 - DECEMBER 31, 2003
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
Price Movement of U.S.
Date Variable Juno Treasury Long Bond
5/1/2003 $10,000 $10,000
5/2/2003 10,068 9,911
5/3/2003 10,068 9,911
5/4/2003 10,068 9,911
5/5/2003 10,012 9,967
5/6/2003 9,936 10,021
5/7/2003 9,820 10,037
5/8/2003 9,800 10,128
5/9/2003 9,748 10,156
5/10/2003 9,748 10,156
5/11/2003 9,748 10,156
5/12/2003 9,676 10,212
5/13/2003 9,660 10,245
5/14/2003 9,500 10,422
5/15/2003 9,496 10,466
5/16/2003 9,408 10,518
5/17/2003 9,408 10,518
5/18/2003 9,408 10,518
5/19/2003 9,436 10,485
5/20/2003 9,284 10,651
5/21/2003 9,312 10,658
5/22/2003 9,200 10,780
5/23/2003 9,196 10,818
5/24/2003 9,196 10,818
5/25/2003 9,196 10,818
5/26/2003 9,196 10,818
5/27/2003 9,376 10,604
5/28/2003 9,388 10,558
5/29/2003 9,268 10,670
5/30/2003 9,296 10,635
5/31/2003 9,296 10,635
6/1/2003 9,296 10,635
6/2/2003 9,372 10,540
6/3/2003 9,268 10,647
6/4/2003 9,212 10,662
6/5/2003 9,292 10,575
6/6/2003 9,272 10,594
6/7/2003 9,272 10,594
6/8/2003 9,272 10,594
6/9/2003 9,188 10,684
6/10/2003 9,044 10,821
6/11/2003 9,092 10,803
6/12/2003 8,984 10,896
6/13/2003 8,924 10,965
6/14/2003 8,924 10,965
6/15/2003 8,924 10,965
6/16/2003 9,020 10,853
6/17/2003 9,132 10,749
6/18/2003 9,272 10,594
6/19/2003 9,272 10,556
6/20/2003 9,340 10,500
6/21/2003 9,340 10,500
6/22/2003 9,340 10,500
6/23/2003 9,252 10,586
6/24/2003 9,152 10,691
6/25/2003 9,312 10,502
6/26/2003 9,488 10,344
6/27/2003 9,528 10,301
6/28/2003 9,528 10,301
6/29/2003 9,528 10,301
6/30/2003 9,448 10,337
7/1/2003 9,524 10,268
7/2/2003 9,488 10,294
7/3/2003 9,640 10,138
7/4/2003 9,640 10,138
7/5/2003 9,640 10,138
7/6/2003 9,640 10,138
7/7/2003 9,720 10,055
7/8/2003 9,720 10,077
7/9/2003 9,700 10,113
7/10/2003 9,680 10,110
7/11/2003 9,628 10,134
7/12/2003 9,628 10,134
7/13/2003 9,628 10,134
7/14/2003 9,756 10,016
7/15/2003 10,032 9,765
7/16/2003 9,968 9,828
7/17/2003 10,024 9,790
7/18/2003 10,032 9,787
7/19/2003 10,032 9,787
7/20/2003 10,032 9,787
7/21/2003 10,292 9,541
7/22/2003 10,232 9,593
7/23/2003 10,184 9,619
7/24/2003 10,304 9,522
7/25/2003 10,324 9,490
7/26/2003 10,324 9,490
7/27/2003 10,324 9,490
7/28/2003 10,468 9,352
7/29/2003 10,652 9,220
7/30/2003 10,504 9,336
7/31/2003 10,728 9,145
8/1/2003 10,696 9,224
8/2/2003 10,696 9,224
8/3/2003 10,696 9,224
8/4/2003 10,616 9,299
8/5/2003 10,764 9,158
8/6/2003 10,496 9,344
8/7/2003 10,436 9,378
8/8/2003 10,484 9,329
8/9/2003 10,484 9,329
8/10/2003 10,484 9,329
8/11/2003 10,576 9,283
8/12/2003 10,600 9,238
8/13/2003 10,848 9,054
8/14/2003 10,740 9,162
8/15/2003 10,776 9,136
8/16/2003 10,776 9,136
8/17/2003 10,776 9,136
8/18/2003 10,736 9,198
8/19/2003 10,544 9,338
8/20/2003 10,624 9,283
8/21/2003 10,668 9,293
8/22/2003 10,596 9,324
8/23/2003 10,596 9,324
8/24/2003 10,596 9,324
8/25/2003 10,692 9,244
8/26/2003 10,596 9,301
8/27/2003 10,660 9,263
8/28/2003 10,520 9,365
8/29/2003 10,540 9,372
8/30/2003 10,540 9,372
8/31/2003 10,540 9,372
9/1/2003 10,540 9,372
9/2/2003 10,748 9,212
9/3/2003 10,744 9,211
9/4/2003 10,648 9,263
9/5/2003 10,416 9,424
9/6/2003 10,416 9,424
9/7/2003 10,416 9,424
9/8/2003 10,512 9,309
9/9/2003 10,444 9,368
9/10/2003 10,312 9,463
9/11/2003 10,404 9,382
9/12/2003 10,316 9,448
9/13/2003 10,316 9,448
9/14/2003 10,316 9,448
9/15/2003 10,316 9,431
9/16/2003 10,340 9,415
9/17/2003 10,188 9,568
9/18/2003 10,188 9,566
9/19/2003 10,164 9,578
9/20/2003 10,164 9,578
9/21/2003 10,164 9,578
9/22/2003 10,268 9,481
9/23/2003 10,192 9,557
9/24/2003 10,088 9,627
9/25/2003 10,032 9,670
9/26/2003 9,908 9,769
9/27/2003 9,908 9,769
9/28/2003 9,908 9,769
9/29/2003 10,008 9,685
9/30/2003 9,816 9,856
10/1/2003 9,872 9,810
10/2/2003 9,916 9,764
10/3/2003 10,200 9,527
10/4/2003 10,200 9,527
10/5/2003 10,200 9,527
10/6/2003 10,132 9,584
10/7/2003 10,268 9,458
10/8/2003 10,264 9,438
10/9/2003 10,356 9,367
10/10/2003 10,276 9,428
10/11/2003 10,276 9,428
10/12/2003 10,276 9,428
10/13/2003 10,276 9,428
10/14/2003 10,400 9,327
10/15/2003 10,460 9,276
10/16/2003 10,524 9,247
10/17/2003 10,424 9,331
10/18/2003 10,424 9,331
10/19/2003 10,424 9,331
10/20/2003 10,380 9,355
10/21/2003 10,332 9,387
10/22/2003 10,208 9,484
10/23/2003 10,296 9,387
10/24/2003 10,148 9,512
10/25/2003 10,148 9,512
10/26/2003 10,148 9,512
10/27/2003 10,184 9,484
10/28/2003 10,116 9,537
10/29/2003 10,252 9,418
10/30/2003 10,288 9,390
10/31/2003 10,184 9,492
11/1/2003 10,184 9,492
11/2/2003 10,184 9,492
11/3/2003 10,236 9,424
11/4/2003 10,164 9,499
11/5/2003 10,244 9,417
11/6/2003 10,360 9,318
11/7/2003 10,360 9,309
11/8/2003 10,360 9,309
11/9/2003 10,360 9,309
11/10/2003 10,360 9,311
11/11/2003 10,360 9,311
11/12/2003 10,272 9,381
11/13/2003 10,076 9,533
11/14/2003 9,984 9,601
11/15/2003 9,984 9,601
11/16/2003 9,984 9,601
11/17/2003 9,972 9,617
11/18/2003 9,904 9,680
11/19/2003 10,044 9,548
11/20/2003 9,916 9,662
11/21/2003 9,916 9,662
11/22/2003 9,916 9,662
11/23/2003 9,916 9,662
11/24/2003 10,012 9,573
11/25/2003 9,940 9,627
11/26/2003 10,004 9,578
11/27/2003 10,004 9,578
11/28/2003 10,100 9,489
11/29/2003 10,100 9,489
11/30/2003 10,100 9,489
12/1/2003 10,176 9,427
12/2/2003 10,128 9,477
12/3/2003 10,176 9,427
12/4/2003 10,148 9,438
12/5/2003 9,932 9,601
12/6/2003 9,932 9,601
12/7/2003 9,932 9,601
12/8/2003 10,012 9,513
12/9/2003 10,096 9,444
12/10/2003 10,068 9,461
12/11/2003 9,984 9,522
12/12/2003 9,960 9,547
12/13/2003 9,960 9,547
12/14/2003 9,960 9,547
12/15/2003 9,972 9,527
12/16/2003 9,940 9,566
12/17/2003 9,856 9,646
12/18/2003 9,760 9,741
12/19/2003 9,768 9,728
12/20/2003 9,768 9,728
12/21/2003 9,768 9,728
12/22/2003 9,800 9,702
12/23/2003 9,912 9,589
12/24/2003 9,824 9,660
12/25/2003 9,824 9,660
12/26/2003 9,760 9,713
12/27/2003 9,760 9,713
12/28/2003 9,760 9,713
12/29/2003 9,880 9,609
12/30/2003 9,928 9,556
12/31/2003 9,928 9,555
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 12/31/03
- --------------------------------------------------------------------------------
SINCE
INCEPTION
(05/01/03)
- --------------------------------------------------------------------------------
JUNO FUND -0.72%
PRICE MOVEMENT OF U.S. TREASURY LONG BOND -4.45%
- --------------------------------------------------------------------------------
THE RETURNS PRESENTED ABOVE DO NOT REFLECT THE EFFECTS OF TAXES. PAST
PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE PRICE MOVEMENT OF THE U.S.
TREASURY LONG BOND REPRESENTS A CUMULATIVE PERCENTAGE CHANGE IN ITS CLOSING
PRICE. RETURNS ARE HISTORICAL AND INCLUDE CHANGES IN PRINCIPAL AND REINVESTED
DIVIDENDS AND CAPITAL GAINS.
14
LARGE-CAP EUROPE FUND
- --------------------------------------------------------------------------------
OBJECTIVE: To provide investment returns that correlate to 125% of the daily
performance of the Dow Jones STOXX 50 Index.
Inception: October 1, 2001
Similar to the U.S., Europe ended three years of losses with an up year. The
STOXX 50 Index only finished the year up 32.54%, which was a relatively weak
year compared to other world markets, but the Euro appreciated almost 20% for
the year. With the help of the Euro appreciation (or the weakening dollar),
Rydex Large-Cap Europe Fund (up 43.08%) outperformed the Dow Jones STOXX 50
Index for the year.
CUMULATIVE FUND PERFORMANCE: OCTOBER 1, 2001 - DECEMBER 31, 2003
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
Variable
Large-Cap
Date Europe DJ Stoxx 50 Index
10/1/2001 $10,000 $10,000
10/2/2001 10,104 10,141
10/3/2001 10,316 10,128
10/4/2001 10,492 10,505
10/5/2001 10,600 10,448
10/6/2001 10,600 10,448
10/7/2001 10,600 10,448
10/8/2001 10,496 10,473
10/9/2001 10,436 10,339
10/10/2001 10,924 10,594
10/11/2001 10,840 10,624
10/12/2001 10,792 10,649
10/13/2001 10,792 10,649
10/14/2001 10,792 10,649
10/15/2001 10,492 10,412
10/16/2001 10,704 10,495
10/17/2001 10,684 10,728
10/18/2001 10,584 10,530
10/19/2001 10,516 10,307
10/20/2001 10,516 10,307
10/21/2001 10,516 10,307
10/22/2001 10,580 10,387
10/23/2001 10,632 10,649
10/24/2001 10,812 10,684
10/25/2001 10,856 10,481
10/26/2001 10,840 10,750
10/27/2001 10,840 10,750
10/28/2001 10,840 10,750
10/29/2001 10,620 10,632
10/30/2001 10,392 10,371
10/31/2001 10,524 10,508
11/1/2001 10,884 10,601
11/2/2001 10,832 10,634
11/3/2001 10,832 10,634
11/4/2001 10,832 10,634
11/5/2001 11,052 10,845
11/6/2001 11,172 10,789
11/7/2001 11,116 11,067
11/8/2001 11,152 11,046
11/9/2001 11,136 10,938
11/10/2001 11,136 10,938
11/11/2001 11,136 10,938
11/12/2001 10,968 10,689
11/13/2001 11,184 10,903
11/14/2001 11,040 10,842
11/15/2001 10,972 10,794
11/16/2001 11,100 10,939
11/17/2001 11,100 10,939
11/18/2001 11,100 10,939
11/19/2001 11,272 10,962
11/20/2001 11,068 10,899
11/21/2001 11,164 10,881
11/22/2001 11,164 10,881
11/23/2001 11,152 10,884
11/24/2001 11,152 10,884
11/25/2001 11,152 10,884
11/26/2001 11,240 10,900
11/27/2001 10,992 10,780
11/28/2001 10,716 10,692
11/29/2001 10,880 10,671
11/30/2001 10,920 10,758
12/1/2001 10,920 10,758
12/2/2001 10,920 10,758
12/3/2001 10,804 10,653
12/4/2001 11,136 10,797
12/5/2001 11,456 11,088
12/6/2001 11,468 11,127
12/7/2001 11,200 10,999
12/8/2001 11,200 10,999
12/9/2001 11,200 10,999
12/10/2001 10,900 10,867
12/11/2001 11,012 10,894
12/12/2001 11,072 10,853
12/13/2001 10,624 10,614
12/14/2001 10,856 10,638
12/15/2001 10,856 10,638
12/16/2001 10,856 10,638
12/17/2001 11,156 10,918
12/18/2001 11,172 10,902
12/19/2001 10,936 10,768
12/20/2001 10,764 10,702
12/21/2001 10,968 10,795
12/22/2001 10,968 10,795
12/23/2001 10,968 10,795
12/24/2001 10,752 10,674
12/25/2001 10,752 10,674
12/26/2001 10,736 10,709
12/27/2001 11,160 10,941
12/28/2001 11,192 11,017
12/29/2001 11,192 11,017
12/30/2001 11,192 11,017
12/31/2001 11,204 11,112
1/1/2002 11,204 11,112
1/2/2002 11,380 11,024
1/3/2002 11,504 11,184
1/4/2002 11,424 11,224
1/5/2002 11,424 11,224
1/6/2002 11,424 11,224
1/7/2002 11,076 10,982
1/8/2002 11,032 10,867
1/9/2002 10,796 10,818
1/10/2002 10,800 10,716
1/11/2002 10,840 10,817
1/12/2002 10,840 10,817
1/13/2002 10,840 10,817
1/14/2002 10,540 10,542
1/15/2002 10,572 10,535
1/16/2002 10,328 10,415
1/17/2002 10,640 10,525
1/18/2002 10,516 10,546
1/19/2002 10,516 10,546
1/20/2002 10,516 10,546
1/21/2002 10,516 10,546
1/22/2002 10,468 10,493
1/23/2002 10,568 10,543
1/24/2002 10,676 10,682
1/25/2002 10,472 10,499
1/26/2002 10,472 10,499
1/27/2002 10,472 10,499
1/28/2002 10,572 10,560
1/29/2002 10,176 10,425
1/30/2002 10,408 10,252
1/31/2002 10,444 10,345
2/1/2002 10,364 10,436
2/2/2002 10,364 10,436
2/3/2002 10,364 10,436
2/4/2002 10,172 10,408
2/5/2002 10,000 10,161
2/6/2002 9,976 10,043
2/7/2002 10,064 10,226
2/8/2002 10,272 10,235
2/9/2002 10,272 10,235
2/10/2002 10,272 10,235
2/11/2002 10,484 10,387
2/12/2002 10,320 10,354
2/13/2002 10,392 10,378
2/14/2002 10,496 10,528
2/15/2002 10,292 10,417
2/16/2002 10,292 10,417
2/17/2002 10,292 10,417
2/18/2002 10,292 10,417
2/19/2002 9,992 10,185
2/20/2002 10,072 10,011
2/21/2002 9,884 10,156
2/22/2002 10,088 10,108
2/23/2002 10,088 10,108
2/24/2002 10,088 10,108
2/25/2002 10,204 10,198
2/26/2002 10,148 10,193
2/27/2002 10,156 10,377
2/28/2002 10,236 10,376
3/1/2002 10,504 10,445
3/2/2002 10,504 10,445
3/3/2002 10,504 10,445
3/4/2002 10,868 10,722
3/5/2002 10,648 10,679
3/6/2002 10,892 10,776
3/7/2002 10,900 10,890
3/8/2002 10,888 10,880
3/9/2002 10,888 10,880
3/10/2002 10,888 10,880
3/11/2002 10,936 10,820
3/12/2002 10,800 10,748
3/13/2002 10,784 10,754
3/14/2002 10,792 10,822
3/15/2002 11,008 10,919
3/16/2002 11,008 10,919
3/17/2002 11,008 10,919
3/18/2002 11,080 10,972
3/19/2002 11,116 10,992
3/20/2002 10,876 10,906
3/21/2002 10,936 10,801
3/22/2002 10,796 10,792
3/23/2002 10,796 10,792
3/24/2002 10,796 10,792
3/25/2002 10,588 10,702
3/26/2002 10,668 10,704
3/27/2002 10,728 10,696
3/28/2002 10,808 10,805
3/29/2002 10,808 10,805
3/30/2002 10,808 10,805
3/31/2002 10,808 10,805
4/1/2002 11,156 10,937
4/2/2002 10,860 10,839
4/3/2002 10,856 10,852
4/4/2002 10,684 10,686
4/5/2002 10,692 10,706
4/6/2002 10,692 10,706
4/7/2002 10,692 10,706
4/8/2002 10,560 10,491
4/9/2002 10,468 10,577
4/10/2002 10,744 10,658
4/11/2002 10,356 10,505
4/12/2002 10,520 10,480
4/13/2002 10,520 10,480
4/14/2002 10,520 10,480
4/15/2002 10,528 10,583
4/16/2002 10,920 10,822
4/17/2002 10,936 10,907
4/18/2002 10,904 10,830
4/19/2002 10,896 10,881
4/20/2002 10,896 10,881
4/21/2002 10,896 10,881
4/22/2002 10,704 10,716
4/23/2002 10,584 10,661
4/24/2002 10,524 10,667
4/25/2002 10,636 10,645
4/26/2002 10,528 10,567
4/27/2002 10,528 10,567
4/28/2002 10,528 10,567
4/29/2002 10,480 10,592
4/30/2002 10,620 10,615
5/1/2002 10,952 10,680
5/2/2002 10,604 10,608
5/3/2002 10,736 10,687
5/4/2002 10,736 10,687
5/5/2002 10,736 10,687
5/6/2002 10,460 10,661
5/7/2002 10,396 10,500
5/8/2002 10,724 10,621
5/9/2002 10,556 10,667
5/10/2002 10,432 10,563
5/11/2002 10,432 10,563
5/12/2002 10,432 10,563
5/13/2002 10,732 10,626
5/14/2002 10,808 10,700
5/15/2002 10,844 10,877
5/16/2002 10,896 10,826
5/17/2002 11,008 10,817
5/18/2002 11,008 10,817
5/19/2002 11,008 10,817
5/20/2002 10,768 10,757
5/21/2002 10,728 10,742
5/22/2002 10,752 10,645
5/23/2002 10,828 10,623
5/24/2002 10,624 10,627
5/25/2002 10,624 10,627
5/26/2002 10,624 10,627
5/27/2002 10,624 10,627
5/28/2002 10,636 10,572
5/29/2002 10,568 10,614
5/30/2002 10,448 10,451
5/31/2002 10,476 10,523
6/1/2002 10,476 10,523
6/2/2002 10,476 10,523
6/3/2002 10,332 10,527
6/4/2002 10,296 10,291
6/5/2002 10,264 10,165
6/6/2002 10,076 10,201
6/7/2002 9,952 10,050
6/8/2002 9,952 10,050
6/9/2002 9,952 10,050
6/10/2002 9,992 10,056
6/11/2002 9,900 10,224
6/12/2002 9,800 9,904
6/13/2002 9,476 9,767
6/14/2002 9,468 9,575
6/15/2002 9,468 9,575
6/16/2002 9,468 9,575
6/17/2002 9,868 9,932
6/18/2002 9,768 9,935
6/19/2002 9,472 9,819
6/20/2002 9,392 9,682
6/21/2002 9,440 9,704
6/22/2002 9,440 9,704
6/23/2002 9,440 9,704
6/24/2002 9,352 9,433
6/25/2002 9,404 9,771
6/26/2002 9,556 9,592
6/27/2002 9,952 9,802
6/28/2002 10,052 10,199
6/29/2002 10,052 10,199
6/30/2002 10,052 10,199
7/1/2002 10,016 10,236
7/2/2002 9,596 9,824
7/3/2002 9,488 9,480
7/4/2002 9,488 9,480
7/5/2002 10,132 10,086
7/6/2002 10,132 10,086
7/7/2002 10,132 10,086
7/8/2002 10,140 10,203
7/9/2002 9,792 10,141
7/10/2002 9,328 9,725
7/11/2002 9,352 9,371
7/12/2002 9,092 9,385
7/13/2002 9,092 9,385
7/14/2002 9,092 9,385
7/15/2002 8,896 8,936
7/16/2002 8,676 8,986
7/17/2002 9,184 9,410
7/18/2002 9,080 9,490
7/19/2002 8,556 8,993
7/20/2002 8,556 8,993
7/21/2002 8,556 8,993
7/22/2002 7,960 8,467
7/23/2002 7,388 8,123
7/24/2002 8,048 8,135
7/25/2002 8,068 8,521
7/26/2002 8,288 8,591
7/27/2002 8,288 8,591
7/28/2002 8,288 8,591
7/29/2002 8,908 9,058
7/30/2002 8,816 8,995
7/31/2002 8,812 8,990
8/1/2002 8,132 8,617
8/2/2002 8,128 8,648
8/3/2002 8,128 8,648
8/4/2002 8,128 8,648
8/5/2002 7,692 8,336
8/6/2002 8,084 8,621
8/7/2002 8,296 8,543
8/8/2002 8,724 8,886
8/9/2002 8,724 9,061
8/10/2002 8,724 9,061
8/11/2002 8,724 9,061
8/12/2002 8,556 8,878
8/13/2002 8,400 9,028
8/14/2002 8,728 8,721
8/15/2002 8,776 9,054
8/16/2002 8,788 9,138
8/17/2002 8,788 9,138
8/18/2002 8,788 9,138
8/19/2002 9,148 9,344
8/20/2002 8,844 9,199
8/21/2002 9,092 9,491
8/22/2002 9,108 9,342
8/23/2002 8,884 9,226
8/24/2002 8,884 9,226
8/25/2002 8,884 9,226
8/26/2002 8,984 9,126
8/27/2002 9,004 9,425
8/28/2002 8,600 8,983
8/29/2002 8,536 8,821
8/30/2002 8,524 8,946
8/31/2002 8,524 8,946
9/1/2002 8,524 8,946
9/2/2002 8,524 8,946
9/3/2002 7,940 8,465
9/4/2002 8,130 8,490
9/5/2002 7,974 8,468
9/6/2002 8,237 8,708
9/7/2002 8,237 8,708
9/8/2002 8,237 8,708
9/9/2002 8,270 8,548
9/10/2002 8,364 8,743
9/11/2002 8,488 8,946
9/12/2002 8,114 8,617
9/13/2002 7,904 8,171
9/14/2002 7,904 8,171
9/15/2002 7,904 8,171
9/16/2002 7,928 8,171
9/17/2002 7,595 8,261
9/18/2002 7,509 7,979
9/19/2002 7,213 7,906
9/20/2002 7,308 7,883
9/21/2002 7,308 7,883
9/22/2002 7,308 7,883
9/23/2002 6,958 7,526
9/24/2002 6,839 7,517
9/25/2002 7,131 7,601
9/26/2002 7,410 8,029
9/27/2002 7,266 8,050
9/28/2002 7,266 8,050
9/29/2002 7,266 8,050
9/30/2002 7,151 7,670
10/1/2002 7,562 7,826
10/2/2002 7,431 8,157
10/3/2002 7,447 8,034
10/4/2002 7,118 7,770
10/5/2002 7,118 7,770
10/6/2002 7,118 7,770
10/7/2002 6,995 7,707
10/8/2002 7,003 7,524
10/9/2002 6,806 7,582
10/10/2002 7,225 7,750
10/11/2002 7,637 8,154
10/12/2002 7,637 8,154
10/13/2002 7,637 8,154
10/14/2002 7,554 8,067
10/15/2002 8,130 8,523
10/16/2002 7,809 8,365
10/17/2002 8,081 8,577
10/18/2002 8,027 8,516
10/19/2002 8,027 8,516
10/20/2002 8,027 8,516
10/21/2002 8,192 8,526
10/22/2002 7,933 8,441
10/23/2002 7,772 8,160
10/24/2002 7,682 8,407
10/25/2002 7,986 8,359
10/26/2002 7,986 8,359
10/27/2002 7,986 8,359
10/28/2002 7,974 8,517
10/29/2002 7,641 8,135
10/30/2002 7,801 8,353
10/31/2002 7,933 8,522
11/1/2002 8,044 8,455
11/2/2002 8,044 8,455
11/3/2002 8,044 8,455
11/4/2002 8,183 8,809
11/5/2002 8,401 8,910
11/6/2002 8,327 8,680
11/7/2002 8,027 8,532
11/8/2002 7,998 8,544
11/9/2002 7,998 8,544
11/10/2002 7,998 8,544
11/11/2002 7,879 8,484
11/12/2002 8,048 8,628
11/13/2002 7,961 8,536
11/14/2002 8,257 8,668
11/15/2002 8,406 8,783
11/16/2002 8,406 8,783
11/17/2002 8,406 8,783
11/18/2002 8,290 8,859
11/19/2002 8,266 8,777
11/20/2002 8,414 8,763
11/21/2002 8,628 8,763
11/22/2002 8,508 9,013
11/23/2002 8,508 9,013
11/24/2002 8,508 9,013
11/25/2002 8,389 8,986
11/26/2002 8,060 8,672
11/27/2002 8,438 8,864
11/28/2002 8,438 8,864
11/29/2002 8,373 8,874
11/30/2002 8,373 8,874
12/1/2002 8,373 8,874
12/2/2002 8,447 8,926
12/3/2002 8,175 8,725
12/4/2002 8,237 8,695
12/5/2002 8,035 8,591
12/6/2002 8,134 8,596
12/7/2002 8,134 8,596
12/8/2002 8,134 8,596
12/9/2002 7,817 8,444
12/10/2002 7,974 8,455
12/11/2002 7,970 8,556
12/12/2002 7,933 8,501
12/13/2002 7,805 8,423
12/14/2002 7,805 8,423
12/15/2002 7,805 8,423
12/16/2002 8,290 8,712
12/17/2002 8,040 8,621
12/18/2002 7,850 8,418
12/19/2002 7,801 8,394
12/20/2002 7,974 8,482
12/21/2002 7,974 8,482
12/22/2002 7,974 8,482
12/23/2002 7,933 8,530
12/24/2002 7,986 8,562
12/25/2002 7,986 8,562
12/26/2002 7,994 8,624
12/27/2002 7,698 8,357
12/28/2002 7,698 8,357
12/29/2002 7,698 8,357
12/30/2002 8,015 8,489
12/31/2002 8,027 8,503
1/1/2003 8,027 8,503
1/2/2003 8,303 8,680
1/3/2003 8,356 8,818
1/4/2003 8,356 8,818
1/5/2003 8,356 8,818
1/6/2003 8,492 8,906
1/7/2003 8,200 8,757
1/8/2003 8,060 8,708
1/9/2003 8,257 8,762
1/10/2003 8,311 8,840
1/11/2003 8,311 8,840
1/12/2003 8,311 8,840
1/13/2003 8,257 8,790
1/14/2003 8,360 8,844
1/15/2003 8,130 8,707
1/16/2003 8,167 8,737
1/17/2003 7,965 8,544
1/18/2003 7,965 8,544
1/19/2003 7,965 8,544
1/20/2003 7,965 8,544
1/21/2003 7,649 8,343
1/22/2003 7,488 8,178
1/23/2003 7,608 8,146
1/24/2003 7,373 8,102
1/25/2003 7,373 8,102
1/26/2003 7,373 8,102
1/27/2003 7,131 7,771
1/28/2003 7,217 7,839
1/29/2003 7,414 7,906
1/30/2003 7,312 8,125
1/31/2003 7,505 8,099
2/1/2003 7,505 8,099
2/2/2003 7,505 8,099
2/3/2003 7,690 8,267
2/4/2003 7,497 8,065
2/5/2003 7,456 8,193
2/6/2003 7,291 7,977
2/7/2003 7,209 7,897
2/8/2003 7,209 7,897
2/9/2003 7,209 7,897
2/10/2003 7,180 7,803
2/11/2003 7,271 8,021
2/12/2003 7,077 7,856
2/13/2003 7,283 7,890
2/14/2003 7,472 8,026
2/15/2003 7,472 8,026
2/16/2003 7,472 8,026
2/17/2003 7,472 8,026
2/18/2003 7,550 8,185
2/19/2003 7,316 7,980
2/20/2003 7,295 7,980
2/21/2003 7,456 8,035
2/22/2003 7,456 8,035
2/23/2003 7,456 8,035
2/24/2003 7,238 7,972
2/25/2003 7,180 7,723
2/26/2003 6,937 7,661
2/27/2003 6,983 7,695
2/28/2003 7,151 7,861
3/1/2003 7,151 7,861
3/2/2003 7,151 7,861
3/3/2003 7,238 7,955
3/4/2003 7,032 7,781
3/5/2003 7,151 7,759
3/6/2003 6,929 7,688
3/7/2003 6,888 7,534
3/8/2003 6,888 7,534
3/9/2003 6,888 7,534
3/10/2003 6,530 7,361
3/11/2003 6,526 7,370
3/12/2003 6,386 7,061
3/13/2003 6,798 7,327
3/14/2003 6,921 7,677
3/15/2003 6,921 7,677
3/16/2003 6,921 7,677
3/17/2003 7,258 7,798
3/18/2003 7,217 7,889
3/19/2003 7,373 7,935
3/20/2003 7,345 7,944
3/21/2003 7,711 8,174
3/22/2003 7,711 8,174
3/23/2003 7,711 8,174
3/24/2003 7,155 7,879
3/25/2003 7,332 8,030
3/26/2003 7,365 8,031
3/27/2003 7,262 7,868
3/28/2003 7,168 7,900
3/29/2003 7,168 7,900
3/30/2003 7,168 7,900
3/31/2003 7,011 7,710
4/1/2003 7,205 7,839
4/2/2003 7,373 7,995
4/3/2003 7,390 8,078
4/4/2003 7,497 8,183
4/5/2003 7,497 8,183
4/6/2003 7,497 8,183
4/7/2003 7,624 8,413
4/8/2003 7,727 8,314
4/9/2003 7,624 8,338
4/10/2003 7,661 8,181
4/11/2003 7,657 8,217
4/12/2003 7,657 8,217
4/13/2003 7,657 8,217
4/14/2003 7,834 8,331
4/15/2003 7,937 8,503
4/16/2003 7,805 8,446
4/17/2003 8,015 8,488
4/18/2003 8,015 8,488
4/19/2003 8,015 8,488
4/20/2003 8,015 8,488
4/21/2003 7,961 8,484
4/22/2003 8,225 8,620
4/23/2003 8,249 8,734
4/24/2003 8,134 8,620
4/25/2003 7,933 8,492
4/26/2003 7,933 8,492
4/27/2003 7,933 8,492
4/28/2003 8,175 8,684
4/29/2003 8,138 8,658
4/30/2003 8,159 8,713
5/1/2003 8,155 8,755
5/2/2003 8,311 8,775
5/3/2003 8,311 8,775
5/4/2003 8,311 8,775
5/5/2003 8,443 8,858
5/6/2003 8,595 9,084
5/7/2003 8,410 8,940
5/8/2003 8,262 8,779
5/9/2003 8,434 8,868
5/10/2003 8,434 8,868
5/11/2003 8,434 8,868
5/12/2003 8,508 8,902
5/13/2003 8,438 8,769
5/14/2003 8,447 8,906
5/15/2003 8,578 8,966
5/16/2003 8,734 9,103
5/17/2003 8,734 9,103
5/18/2003 8,734 9,103
5/19/2003 8,373 8,856
5/20/2003 8,434 8,939
5/21/2003 8,401 8,800
5/22/2003 8,562 8,961
5/23/2003 8,484 8,854
5/24/2003 8,484 8,854
5/25/2003 8,484 8,854
5/26/2003 8,484 8,854
5/27/2003 8,669 8,995
5/28/2003 8,726 9,171
5/29/2003 8,804 9,273
5/30/2003 8,755 9,164
5/31/2003 8,755 9,164
6/1/2003 8,755 9,164
6/2/2003 8,887 9,365
6/3/2003 8,932 9,292
6/4/2003 9,047 9,176
6/5/2003 9,105 9,374
6/6/2003 9,076 9,475
6/7/2003 9,076 9,475
6/8/2003 9,076 9,475
6/9/2003 8,998 9,357
6/10/2003 9,080 9,386
6/11/2003 9,384 9,590
6/12/2003 9,360 9,640
6/13/2003 9,216 9,595
6/14/2003 9,216 9,595
6/15/2003 9,216 9,595
6/16/2003 9,610 9,729
6/17/2003 9,598 9,808
6/18/2003 9,606 9,841
6/19/2003 9,388 9,681
6/20/2003 9,339 9,651
6/21/2003 9,339 9,651
6/22/2003 9,339 9,651
6/23/2003 9,166 9,443
6/24/2003 9,129 9,400
6/25/2003 9,047 9,449
6/26/2003 9,088 9,330
6/27/2003 8,907 9,320
6/28/2003 8,907 9,320
6/29/2003 8,907 9,320
6/30/2003 8,932 9,256
7/1/2003 8,907 9,095
7/2/2003 8,989 9,254
7/3/2003 8,887 9,404
7/4/2003 8,887 9,404
7/5/2003 8,887 9,404
7/6/2003 8,887 9,404
7/7/2003 8,957 9,335
7/8/2003 9,014 9,295
7/9/2003 8,940 9,238
7/10/2003 8,767 9,165
7/11/2003 8,874 9,220
7/12/2003 8,874 9,220
7/13/2003 8,874 9,220
7/14/2003 8,952 9,348
7/15/2003 8,743 9,167
7/16/2003 8,788 9,134
7/17/2003 8,644 9,047
7/18/2003 8,862 9,110
7/19/2003 8,862 9,110
7/20/2003 8,862 9,110
7/21/2003 8,689 9,090
7/22/2003 8,788 9,112
7/23/2003 8,903 9,217
7/24/2003 8,940 9,397
7/25/2003 9,166 9,313
7/26/2003 8,948 9,313
7/27/2003 8,948 9,313
7/28/2003 9,059 9,422
7/29/2003 9,059 9,335
7/30/2003 8,961 9,367
7/31/2003 8,870 9,350
8/1/2003 9,084 9,207
8/2/2003 9,084 9,207
8/3/2003 9,084 9,207
8/4/2003 8,948 9,211
8/5/2003 8,854 9,305
8/6/2003 8,837 9,135
8/7/2003 8,883 9,188
8/8/2003 8,891 9,234
8/9/2003 8,891 9,234
8/10/2003 8,891 9,234
8/11/2003 9,026 9,318
8/12/2003 9,096 9,316
8/13/2003 9,031 9,325
8/14/2003 9,170 9,431
8/15/2003 9,195 9,445
8/16/2003 9,195 9,445
8/17/2003 9,195 9,445
8/18/2003 9,232 9,455
8/19/2003 9,146 9,424
8/20/2003 9,051 9,367
8/21/2003 9,006 9,271
8/22/2003 8,874 9,163
8/23/2003 8,874 9,163
8/24/2003 8,874 9,163
8/25/2003 8,825 9,163
8/26/2003 8,895 9,095
8/27/2003 8,895 9,178
8/28/2003 8,957 9,214
8/29/2003 8,915 9,165
8/30/2003 8,915 9,165
8/31/2003 8,915 9,165
9/1/2003 8,915 9,165
9/2/2003 8,981 9,171
9/3/2003 9,084 9,462
9/4/2003 9,162 9,425
9/5/2003 9,154 9,483
9/6/2003 9,154 9,483
9/7/2003 9,154 9,483
9/8/2003 9,306 9,533
9/9/2003 9,236 9,545
9/10/2003 9,142 9,472
9/11/2003 9,253 9,474
9/12/2003 9,294 9,477
9/13/2003 9,294 9,477
9/14/2003 9,294 9,477
9/15/2003 9,269 9,504
9/16/2003 9,388 9,533
9/17/2003 9,331 9,630
9/18/2003 9,491 9,669
9/19/2003 9,462 9,673
9/20/2003 9,462 9,673
9/21/2003 9,462 9,673
9/22/2003 9,364 9,582
9/23/2003 9,372 9,529
9/24/2003 9,179 9,567
9/25/2003 9,195 9,532
9/26/2003 9,154 9,428
9/27/2003 9,154 9,428
9/28/2003 9,154 9,428
9/29/2003 9,277 9,475
9/30/2003 9,109 9,340
10/1/2003 9,450 9,497
10/2/2003 9,388 9,620
10/3/2003 9,536 9,704
10/4/2003 9,536 9,704
10/5/2003 9,536 9,704
10/6/2003 9,598 9,777
10/7/2003 9,578 9,734
10/8/2003 9,586 9,755
10/9/2003 9,627 9,896
10/10/2003 9,738 9,877
10/11/2003 9,738 9,877
10/12/2003 9,738 9,877
10/13/2003 9,824 9,978
10/14/2003 9,878 9,957
10/15/2003 9,779 9,943
10/16/2003 9,746 9,873
10/17/2003 9,726 9,919
10/18/2003 9,726 9,919
10/19/2003 9,726 9,919
10/20/2003 9,804 9,894
10/21/2003 9,808 9,923
10/22/2003 9,664 9,876
10/23/2003 9,627 9,773
10/24/2003 9,561 9,753
10/25/2003 9,561 9,753
10/26/2003 9,561 9,753
10/27/2003 9,619 9,807
10/28/2003 9,734 9,828
10/29/2003 9,693 9,859
10/30/2003 9,750 9,912
10/31/2003 9,758 9,884
11/1/2003 9,758 9,884
11/2/2003 9,758 9,884
11/3/2003 9,763 9,946
11/4/2003 9,726 9,927
11/5/2003 9,656 9,815
11/6/2003 9,721 9,849
11/7/2003 9,832 10,048
11/8/2003 9,832 10,048
11/9/2003 9,832 10,048
11/10/2003 9,693 9,908
11/11/2003 9,738 9,899
11/12/2003 9,960 10,043
11/13/2003 10,108 10,159
11/14/2003 10,050 10,252
11/15/2003 10,050 10,252
11/16/2003 10,050 10,252
11/17/2003 9,976 10,043
11/18/2003 9,956 10,212
11/19/2003 9,997 10,060
11/20/2003 9,894 10,081
11/21/2003 10,013 10,115
11/22/2003 10,013 10,115
11/23/2003 10,013 10,115
11/24/2003 10,120 10,212
11/25/2003 10,124 10,216
11/26/2003 10,314 10,298
11/27/2003 10,314 10,298
11/28/2003 10,314 10,343
11/29/2003 10,314 10,343
11/30/2003 10,314 10,343
12/1/2003 10,540 10,517
12/2/2003 10,515 10,529
12/3/2003 10,601 10,622
12/4/2003 10,601 10,568
12/5/2003 10,536 10,656
12/6/2003 10,536 10,656
12/7/2003 10,536 10,656
12/8/2003 10,663 10,572
12/9/2003 10,684 10,706
12/10/2003 10,577 10,595
12/11/2003 10,733 10,659
12/12/2003 10,778 10,686
12/13/2003 10,778 10,686
12/14/2003 10,778 10,686
12/15/2003 10,712 10,731
12/16/2003 10,852 10,714
12/17/2003 10,902 10,807
12/18/2003 11,132 10,961
12/19/2003 11,058 10,942
12/20/2003 11,058 10,942
12/21/2003 11,058 10,942
12/22/2003 11,103 10,934
12/23/2003 11,099 10,962
12/24/2003 11,173 11,024
12/25/2003 11,173 11,024
12/26/2003 11,177 11,004
12/27/2003 11,177 11,004
12/28/2003 11,177 11,004
12/29/2003 11,301 11,087
12/30/2003 11,375 11,194
12/31/2003 11,485 11,270
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 12/31/03
- --------------------------------------------------------------------------------
SINCE
ONE INCEPTION
YEAR (10/01/01)
- --------------------------------------------------------------------------------
LARGE-CAP EUROPE FUND 43.08% 6.35%
DOW JONES STOXX 50 INDEX 32.54% 5.46%
- --------------------------------------------------------------------------------
THE RETURNS PRESENTED ABOVE DO NOT REFLECT THE EFFECTS OF TAXES. PAST
PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE DOW JONES STOXX 50 INDEX IS
AN UNMANAGED STOCK INDEX AND, UNLIKE THE FUND, HAS NO MANAGEMENT FEES OR OTHER
OPERATING EXPENSES TO REDUCE ITS REPORTED RETURNS. RETURNS ARE HISTORICAL AND
INCLUDE CHANGES IN PRINCIPAL AND REINVESTED DIVIDENDS AND CAPITAL GAINS.
ANNUAL REPORT 15
LARGE-CAP JAPAN FUND
- --------------------------------------------------------------------------------
OBJECTIVE: To provide investment returns that correspond to 125% of the daily
performance of the Topix 100 Index.
Inception: October 1, 2001
Similar to the U.S., Japan ended three years of losses with an up year. The
Topix 100 Index followed a similar story as it finished the year up 30.85%. The
Yen, on the other hand, appreciated almost 11% for the year. With the help of
the Yen appreciation (or the weakening dollar), Rydex Large-Cap Japan Fund (up
37.62%) outperformed the broad-market for the year.
CUMULATIVE FUND PERFORMANCE: OCTOBER 1, 2001 - DECEMBER 31, 2003
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
Variable
Date Large-Cap Japan Topix 100 Index
10/1/2001 $10,000 $10,000
10/2/2001 10,160 10,160
10/3/2001 10,276 9,942
10/4/2001 10,256 10,189
10/5/2001 9,976 10,233
10/6/2001 9,976 10,233
10/7/2001 9,976 10,233
10/8/2001 10,120 9,956
10/9/2001 9,684 9,942
10/10/2001 9,976 9,767
10/11/2001 10,236 10,073
10/12/2001 10,172 10,378
10/13/2001 10,172 10,378
10/14/2001 10,172 10,378
10/15/2001 10,060 10,203
10/16/2001 10,188 10,247
10/17/2001 10,096 10,363
10/18/2001 9,944 10,160
10/19/2001 9,992 10,174
10/20/2001 9,992 10,174
10/21/2001 9,992 10,174
10/22/2001 10,092 10,058
10/23/2001 10,140 10,174
10/24/2001 10,120 10,320
10/25/2001 10,616 10,349
10/26/2001 10,340 10,291
10/27/2001 10,340 10,291
10/28/2001 10,340 10,291
10/29/2001 10,088 10,174
10/30/2001 9,756 10,015
10/31/2001 9,864 9,855
11/1/2001 10,104 9,942
11/2/2001 10,000 9,942
11/3/2001 10,000 9,942
11/4/2001 10,000 9,942
11/5/2001 10,084 9,927
11/6/2001 10,160 10,073
11/7/2001 9,660 9,782
11/8/2001 9,860 9,942
11/9/2001 9,612 9,942
11/10/2001 9,612 9,942
11/11/2001 9,612 9,942
11/12/2001 9,552 9,680
11/13/2001 9,680 9,549
11/14/2001 9,660 9,608
11/15/2001 9,788 9,811
11/16/2001 9,744 9,913
11/17/2001 9,744 9,913
11/18/2001 9,744 9,913
11/19/2001 9,836 10,044
11/20/2001 9,860 10,000
11/21/2001 9,884 9,985
11/22/2001 9,884 9,985
11/23/2001 9,992 9,913
11/24/2001 9,992 9,913
11/25/2001 9,992 9,913
11/26/2001 10,232 10,218
11/27/2001 9,932 10,131
11/28/2001 9,792 9,913
11/29/2001 9,724 9,826
11/30/2001 9,760 9,884
12/1/2001 9,760 9,884
12/2/2001 9,760 9,884
12/3/2001 9,416 9,622
12/4/2001 9,536 9,578
12/5/2001 10,044 9,811
12/6/2001 9,740 9,753
12/7/2001 9,564 9,695
12/8/2001 9,564 9,695
12/9/2001 9,564 9,695
12/10/2001 9,144 9,404
12/11/2001 9,260 9,346
12/12/2001 9,268 9,578
12/13/2001 8,972 9,288
12/14/2001 8,948 9,142
12/15/2001 8,948 9,142
12/16/2001 8,948 9,142
12/17/2001 8,876 8,983
12/18/2001 8,800 9,012
12/19/2001 8,216 9,099
12/20/2001 8,900 9,186
12/21/2001 8,908 9,026
12/22/2001 8,908 9,026
12/23/2001 8,908 9,026
12/24/2001 8,668 9,026
12/25/2001 8,668 9,026
12/26/2001 8,572 8,837
12/27/2001 8,596 8,953
12/28/2001 8,884 9,172
12/29/2001 8,884 9,172
12/30/2001 8,884 9,172
12/31/2001 8,764 9,142
1/1/2002 8,764 9,142
1/2/2002 8,740 9,099
1/3/2002 9,180 9,128
1/4/2002 9,332 9,448
1/5/2002 9,332 9,448
1/6/2002 9,332 9,448
1/7/2002 9,068 9,462
1/8/2002 8,844 9,128
1/9/2002 8,860 9,041
1/10/2002 8,680 8,924
1/11/2002 8,492 8,866
1/12/2002 8,492 8,866
1/13/2002 8,492 8,866
1/14/2002 8,448 8,866
1/15/2002 8,428 8,721
1/16/2002 8,404 8,677
1/17/2002 8,544 8,735
1/18/2002 8,552 8,866
1/19/2002 8,552 8,866
1/20/2002 8,552 8,866
1/21/2002 8,552 8,866
1/22/2002 8,096 8,503
1/23/2002 8,132 8,372
1/24/2002 7,980 8,416
1/25/2002 8,104 8,503
1/26/2002 8,104 8,503
1/27/2002 8,104 8,503
1/28/2002 8,296 8,677
1/29/2002 7,968 8,488
1/30/2002 7,948 8,358
1/31/2002 7,856 8,328
2/1/2002 7,728 8,270
2/2/2002 7,728 8,270
2/3/2002 7,728 8,270
2/4/2002 7,724 8,212
2/5/2002 7,400 7,965
2/6/2002 7,432 7,922
2/7/2002 7,660 8,140
2/8/2002 7,796 8,154
2/9/2002 7,796 8,154
2/10/2002 7,796 8,154
2/11/2002 7,960 8,227
2/12/2002 7,940 8,488
2/13/2002 8,160 8,517
2/14/2002 8,168 8,605
2/15/2002 8,080 8,561
2/16/2002 8,080 8,561
2/17/2002 8,080 8,561
2/18/2002 8,080 8,561
2/19/2002 7,668 8,270
2/20/2002 7,852 8,227
2/21/2002 7,920 8,503
2/22/2002 8,156 8,517
2/23/2002 8,156 8,517
2/24/2002 8,156 8,517
2/25/2002 8,296 8,517
2/26/2002 8,048 8,430
2/27/2002 8,292 8,634
2/28/2002 8,432 8,721
3/1/2002 8,812 8,895
3/2/2002 8,812 8,895
3/3/2002 8,812 8,895
3/4/2002 9,520 9,462
3/5/2002 9,288 9,462
3/6/2002 9,652 9,578
3/7/2002 10,264 10,131
3/8/2002 10,160 10,116
3/9/2002 10,160 10,116
3/10/2002 10,160 10,116
3/11/2002 10,408 10,276
3/12/2002 9,824 9,942
3/13/2002 9,444 9,680
3/14/2002 9,652 9,797
3/15/2002 9,888 9,927
3/16/2002 9,888 9,927
3/17/2002 9,888 9,927
3/18/2002 9,492 9,637
3/19/2002 9,756 9,869
3/20/2002 9,448 9,724
3/21/2002 9,608 9,695
3/22/2002 9,112 9,753
3/23/2002 9,112 9,753
3/24/2002 9,112 9,753
3/25/2002 9,020 9,346
3/26/2002 9,104 9,302
3/27/2002 9,140 9,404
3/28/2002 9,348 9,520
3/29/2002 9,348 9,520
3/30/2002 9,348 9,520
3/31/2002 9,348 9,520
4/1/2002 9,040 9,172
4/2/2002 9,012 9,360
4/3/2002 9,264 9,535
4/4/2002 9,476 9,608
4/5/2002 9,460 9,578
4/6/2002 9,460 9,578
4/7/2002 9,460 9,578
4/8/2002 9,484 9,622
4/9/2002 9,264 9,491
4/10/2002 9,536 9,549
4/11/2002 9,132 9,419
4/12/2002 9,052 9,230
4/13/2002 9,052 9,230
4/14/2002 9,052 9,230
4/15/2002 9,052 9,331
4/16/2002 9,468 9,506
4/17/2002 9,512 9,666
4/18/2002 9,536 9,782
4/19/2002 9,620 9,695
4/20/2002 9,620 9,695
4/21/2002 9,620 9,695
4/22/2002 9,616 9,869
4/23/2002 9,688 9,826
4/24/2002 9,708 9,811
4/25/2002 9,748 9,884
4/26/2002 9,680 9,782
4/27/2002 9,680 9,782
4/28/2002 9,680 9,782
4/29/2002 9,692 9,826
4/30/2002 9,788 9,767
5/1/2002 9,828 9,869
5/2/2002 9,756 9,826
5/3/2002 9,748 9,898
5/4/2002 9,748 9,898
5/5/2002 9,748 9,898
5/6/2002 9,712 9,884
5/7/2002 9,536 9,709
5/8/2002 9,884 9,709
5/9/2002 9,616 9,840
5/10/2002 9,640 9,826
5/11/2002 9,640 9,826
5/12/2002 9,640 9,826
5/13/2002 9,804 9,709
5/14/2002 9,740 9,637
5/15/2002 9,680 9,869
5/16/2002 9,972 10,000
5/17/2002 10,284 10,233
5/18/2002 10,284 10,233
5/19/2002 10,284 10,233
5/20/2002 10,292 10,363
5/21/2002 10,468 10,422
5/22/2002 10,640 10,538
5/23/2002 10,636 10,509
5/24/2002 10,672 10,552
5/25/2002 10,672 10,552
5/26/2002 10,672 10,552
5/27/2002 10,672 10,552
5/28/2002 10,440 10,436
5/29/2002 10,344 10,392
5/30/2002 10,412 10,465
5/31/2002 10,344 10,349
6/1/2002 10,344 10,349
6/2/2002 10,344 10,349
6/3/2002 10,412 10,523
6/4/2002 10,308 10,349
6/5/2002 10,252 10,262
6/6/2002 10,088 10,233
6/7/2002 10,012 10,145
6/8/2002 10,012 10,145
6/9/2002 10,012 10,145
6/10/2002 9,980 10,015
6/11/2002 9,868 10,044
6/12/2002 9,796 9,956
6/13/2002 9,580 9,840
6/14/2002 9,400 9,680
6/15/2002 9,400 9,680
6/16/2002 9,400 9,680
6/17/2002 9,376 9,390
6/18/2002 9,168 9,564
6/19/2002 8,900 9,302
6/20/2002 8,980 9,433
6/21/2002 8,908 9,360
6/22/2002 8,908 9,360
6/23/2002 8,908 9,360
6/24/2002 9,112 9,433
6/25/2002 9,132 9,477
6/26/2002 9,052 9,259
6/27/2002 9,260 9,419
6/28/2002 9,524 9,767
6/29/2002 9,524 9,767
6/30/2002 9,524 9,767
7/1/2002 9,432 9,738
7/2/2002 9,356 9,738
7/3/2002 9,724 9,840
7/4/2002 9,724 9,840
7/5/2002 9,900 9,811
7/6/2002 9,900 9,811
7/7/2002 9,900 9,811
7/8/2002 9,692 9,855
7/9/2002 9,776 10,044
7/10/2002 9,564 9,927
7/11/2002 9,680 9,782
7/12/2002 9,468 9,826
7/13/2002 9,468 9,826
7/14/2002 9,468 9,826
7/15/2002 9,420 9,666
7/16/2002 9,200 9,564
7/17/2002 9,400 9,564
7/18/2002 9,368 9,782
7/19/2002 9,160 9,637
7/20/2002 9,160 9,637
7/21/2002 9,160 9,637
7/22/2002 9,256 9,608
7/23/2002 9,140 9,520
7/24/2002 9,384 9,346
7/25/2002 8,840 9,288
7/26/2002 8,564 8,852
7/27/2002 8,564 8,852
7/28/2002 8,564 8,852
7/29/2002 8,888 8,924
7/30/2002 8,780 9,172
7/31/2002 8,704 9,084
8/1/2002 8,504 9,070
8/2/2002 8,580 9,084
8/3/2002 8,580 9,084
8/4/2002 8,580 9,084
8/5/2002 8,476 9,041
8/6/2002 8,636 8,794
8/7/2002 8,776 9,070
8/8/2002 8,816 9,012
8/9/2002 8,796 9,273
8/10/2002 8,796 9,273
8/11/2002 8,796 9,273
8/12/2002 8,720 9,172
8/13/2002 8,740 9,142
8/14/2002 9,044 9,186
8/15/2002 8,976 9,273
8/16/2002 8,820 9,215
8/17/2002 8,820 9,215
8/18/2002 8,820 9,215
8/19/2002 8,796 8,983
8/20/2002 8,476 8,997
8/21/2002 8,648 9,041
8/22/2002 8,752 9,084
8/23/2002 8,648 9,142
8/24/2002 8,648 9,142
8/25/2002 8,648 9,142
8/26/2002 8,996 9,317
8/27/2002 8,876 9,244
8/28/2002 8,636 9,099
8/29/2002 8,608 8,939
8/30/2002 8,556 8,983
8/31/2002 8,556 8,983
9/1/2002 8,556 8,983
9/2/2002 8,556 8,983
9/3/2002 8,044 8,692
9/4/2002 8,063 8,430
9/5/2002 7,931 8,634
9/6/2002 8,095 8,517
9/7/2002 8,095 8,517
9/8/2002 8,095 8,517
9/9/2002 8,135 8,619
9/10/2002 8,123 8,590
9/11/2002 8,047 8,619
9/12/2002 7,971 8,663
9/13/2002 7,814 8,358
9/14/2002 7,814 8,358
9/15/2002 7,814 8,358
9/16/2002 7,754 8,358
9/17/2002 7,822 8,590
9/18/2002 8,364 8,590
9/19/2002 8,156 8,779
9/20/2002 8,019 8,430
9/21/2002 8,019 8,430
9/22/2002 8,019 8,430
9/23/2002 7,850 8,401
9/24/2002 7,565 8,314
9/25/2002 7,778 8,198
9/26/2002 7,878 8,401
9/27/2002 7,923 8,590
9/28/2002 7,923 8,590
9/29/2002 7,923 8,590
9/30/2002 7,854 8,488
10/1/2002 7,842 8,270
10/2/2002 7,493 8,169
10/3/2002 7,397 8,081
10/4/2002 7,348 8,169
10/5/2002 7,348 8,169
10/6/2002 7,348 8,169
10/7/2002 7,087 7,820
10/8/2002 7,216 7,820
10/9/2002 6,907 7,747
10/10/2002 7,095 7,631
10/11/2002 7,256 7,703
10/12/2002 7,256 7,703
10/13/2002 7,256 7,703
10/14/2002 7,240 7,703
10/15/2002 7,573 7,951
10/16/2002 7,296 8,038
10/17/2002 7,589 8,110
10/18/2002 7,417 8,081
10/19/2002 7,417 8,081
10/20/2002 7,417 8,081
10/21/2002 7,441 8,038
10/22/2002 7,027 7,762
10/23/2002 7,192 7,863
10/24/2002 7,124 7,834
10/25/2002 7,264 7,951
10/26/2002 7,264 7,951
10/27/2002 7,264 7,951
10/28/2002 7,292 7,994
10/29/2002 7,300 7,922
10/30/2002 7,377 7,994
10/31/2002 7,228 7,936
11/1/2002 7,473 8,038
11/2/2002 7,473 8,038
11/3/2002 7,473 8,038
11/4/2002 7,561 8,052
11/5/2002 7,690 8,270
11/6/2002 7,682 8,241
11/7/2002 7,473 8,169
11/8/2002 7,373 8,038
11/9/2002 7,373 8,038
11/10/2002 7,373 8,038
11/11/2002 7,120 7,863
11/12/2002 7,288 7,863
11/13/2002 7,220 7,849
11/14/2002 7,148 7,718
11/15/2002 7,244 7,907
11/16/2002 7,244 7,907
11/17/2002 7,244 7,907
11/18/2002 7,003 7,718
11/19/2002 6,867 7,631
11/20/2002 7,160 7,718
11/21/2002 7,316 7,718
11/22/2002 7,236 7,892
11/23/2002 7,236 7,892
11/24/2002 7,236 7,892
11/25/2002 7,437 7,980
11/26/2002 7,356 8,096
11/27/2002 7,601 8,081
11/28/2002 7,601 8,081
11/29/2002 7,537 8,285
11/30/2002 7,537 8,285
12/1/2002 7,537 8,285
12/2/2002 7,529 8,125
12/3/2002 7,449 8,169
12/4/2002 7,300 7,994
12/5/2002 7,112 7,878
12/6/2002 7,228 7,922
12/7/2002 7,228 7,922
12/8/2002 7,228 7,922
12/9/2002 7,144 7,892
12/10/2002 7,308 7,863
12/11/2002 7,107 7,834
12/12/2002 7,132 7,878
12/13/2002 7,164 7,849
12/14/2002 7,164 7,849
12/15/2002 7,164 7,849
12/16/2002 7,228 7,747
12/17/2002 7,099 7,805
12/18/2002 6,814 7,660
12/19/2002 6,955 7,733
12/20/2002 7,043 7,747
12/21/2002 7,043 7,747
12/22/2002 7,043 7,747
12/23/2002 7,087 7,747
12/24/2002 7,095 7,849
12/25/2002 7,095 7,849
12/26/2002 7,164 7,965
12/27/2002 7,107 7,994
12/28/2002 7,107 7,994
12/29/2002 7,107 7,994
12/30/2002 7,344 8,023
12/31/2002 7,344 8,009
1/1/2003 7,344 8,009
1/2/2003 7,445 7,936
1/3/2003 7,473 7,951
1/4/2003 7,473 7,951
1/5/2003 7,473 7,951
1/6/2003 7,509 8,140
1/7/2003 7,260 7,965
1/8/2003 7,192 7,951
1/9/2003 7,320 7,936
1/10/2003 7,148 7,922
1/11/2003 7,148 7,922
1/12/2003 7,148 7,922
1/13/2003 7,208 7,907
1/14/2003 7,469 8,067
1/15/2003 7,441 8,169
1/16/2003 7,541 8,198
1/17/2003 7,501 8,241
1/18/2003 7,501 8,241
1/19/2003 7,501 8,241
1/20/2003 7,501 8,241
1/21/2003 7,489 8,241
1/22/2003 7,473 8,154
1/23/2003 7,650 8,270
1/24/2003 7,585 8,227
1/25/2003 7,585 8,227
1/26/2003 7,585 8,227
1/27/2003 7,312 7,994
1/28/2003 7,296 7,936
1/29/2003 7,140 7,820
1/30/2003 6,959 7,776
1/31/2003 6,939 7,674
2/1/2003 6,939 7,674
2/2/2003 6,939 7,674
2/3/2003 7,071 7,791
2/4/2003 7,091 7,878
2/5/2003 7,059 7,863
2/6/2003 7,067 7,805
2/7/2003 6,959 7,762
2/8/2003 6,959 7,762
2/9/2003 6,959 7,762
2/10/2003 6,995 7,733
2/11/2003 7,091 7,762
2/12/2003 7,067 7,878
2/13/2003 7,120 7,878
2/14/2003 7,280 7,965
2/15/2003 7,280 7,965
2/16/2003 7,280 7,965
2/17/2003 7,280 7,965
2/18/2003 7,368 7,980
2/19/2003 7,236 8,052
2/20/2003 7,208 7,951
2/21/2003 7,268 7,849
2/22/2003 7,268 7,849
2/23/2003 7,268 7,849
2/24/2003 7,140 7,892
2/25/2003 7,043 7,747
2/26/2003 6,959 7,747
2/27/2003 6,967 7,703
2/28/2003 6,959 7,645
3/1/2003 6,959 7,645
3/2/2003 6,959 7,645
3/3/2003 6,979 7,733
3/4/2003 6,935 7,733
3/5/2003 6,935 7,718
3/6/2003 6,830 7,631
3/7/2003 6,674 7,456
3/8/2003 6,674 7,456
3/9/2003 6,674 7,456
3/10/2003 6,521 7,369
3/11/2003 6,401 7,195
3/12/2003 6,513 7,340
3/13/2003 6,622 7,180
3/14/2003 6,541 7,326
3/15/2003 6,541 7,326
3/16/2003 6,541 7,326
3/17/2003 6,654 7,238
3/18/2003 6,533 7,282
3/19/2003 6,549 7,253
3/20/2003 6,698 7,442
3/21/2003 6,891 7,369
3/22/2003 6,891 7,369
3/23/2003 6,891 7,369
3/24/2003 6,774 7,631
3/25/2003 6,810 7,427
3/26/2003 6,810 7,529
3/27/2003 6,746 7,544
3/28/2003 6,746 7,485
3/29/2003 6,746 7,485
3/30/2003 6,746 7,485
3/31/2003 6,477 7,267
4/1/2003 6,549 7,267
4/2/2003 6,630 7,297
4/3/2003 6,433 7,224
4/4/2003 6,433 7,195
4/5/2003 6,433 7,195
4/6/2003 6,433 7,195
4/7/2003 6,606 7,355
4/8/2003 6,477 7,267
4/9/2003 6,417 7,209
4/10/2003 6,357 7,151
4/11/2003 6,244 6,977
4/12/2003 6,244 6,977
4/13/2003 6,244 6,977
4/14/2003 6,188 6,904
4/15/2003 6,200 7,064
4/16/2003 6,192 7,078
4/17/2003 6,308 7,064
4/18/2003 6,308 7,064
4/19/2003 6,308 7,064
4/20/2003 6,308 7,064
4/21/2003 6,328 7,122
4/22/2003 6,304 7,020
4/23/2003 6,276 7,020
4/24/2003 6,264 7,137
4/25/2003 6,100 6,962
4/26/2003 6,100 6,962
4/27/2003 6,100 6,962
4/28/2003 6,148 6,846
4/29/2003 6,200 6,875
4/30/2003 6,341 7,209
5/1/2003 6,381 7,224
5/2/2003 6,565 7,253
5/3/2003 6,565 7,253
5/4/2003 6,565 7,253
5/5/2003 6,626 7,267
5/6/2003 6,846 7,529
5/7/2003 6,875 7,485
5/8/2003 6,714 7,515
5/9/2003 6,818 7,558
5/10/2003 6,818 7,558
5/11/2003 6,818 7,558
5/12/2003 6,967 7,631
5/13/2003 6,919 7,660
5/14/2003 6,959 7,718
5/15/2003 6,842 7,558
5/16/2003 6,947 7,558
5/17/2003 6,947 7,558
5/18/2003 6,947 7,558
5/19/2003 6,537 7,398
5/20/2003 6,694 7,471
5/21/2003 6,585 7,398
5/22/2003 6,770 7,471
5/23/2003 6,867 7,602
5/24/2003 6,867 7,602
5/25/2003 6,867 7,602
5/26/2003 6,867 7,602
5/27/2003 6,798 7,442
5/28/2003 6,690 7,427
5/29/2003 6,766 7,573
5/30/2003 6,786 7,558
5/31/2003 6,786 7,558
6/1/2003 6,786 7,558
6/2/2003 6,947 7,718
6/3/2003 6,991 7,718
6/4/2003 7,095 7,849
6/5/2003 7,188 7,965
6/6/2003 7,252 7,965
6/7/2003 7,252 7,965
6/8/2003 7,252 7,965
6/9/2003 7,240 8,052
6/10/2003 7,336 8,009
6/11/2003 7,445 8,052
6/12/2003 7,469 8,096
6/13/2003 7,433 8,140
6/14/2003 7,433 8,140
6/15/2003 7,433 8,140
6/16/2003 7,449 8,023
6/17/2003 7,509 8,154
6/18/2003 7,569 8,270
6/19/2003 7,573 8,270
6/20/2003 7,638 8,285
6/21/2003 7,638 8,285
6/22/2003 7,638 8,285
6/23/2003 7,658 8,372
6/24/2003 7,393 8,125
6/25/2003 7,356 8,096
6/26/2003 7,433 8,009
6/27/2003 7,356 8,125
6/28/2003 7,356 8,125
6/29/2003 7,356 8,125
6/30/2003 7,389 8,125
7/1/2003 7,638 8,270
7/2/2003 8,208 8,706
7/3/2003 8,071 8,852
7/4/2003 8,071 8,852
7/5/2003 8,071 8,852
7/6/2003 8,071 8,852
7/7/2003 8,645 9,012
7/8/2003 8,605 9,128
7/9/2003 8,633 9,186
7/10/2003 8,396 9,113
7/11/2003 8,148 8,779
7/12/2003 8,148 8,779
7/13/2003 8,148 8,779
7/14/2003 8,352 8,866
7/15/2003 8,256 8,866
7/16/2003 8,015 8,779
7/17/2003 7,750 8,532
7/18/2003 7,834 8,605
7/19/2003 7,834 8,605
7/20/2003 7,834 8,605
7/21/2003 7,818 8,605
7/22/2003 7,874 8,517
7/23/2003 7,899 8,590
7/24/2003 7,923 8,648
7/25/2003 8,123 8,677
7/26/2003 8,123 8,677
7/27/2003 8,123 8,677
7/28/2003 8,131 8,750
7/29/2003 7,975 8,692
7/30/2003 7,770 8,503
7/31/2003 7,878 8,459
8/1/2003 7,686 8,503
8/2/2003 7,686 8,503
8/3/2003 7,686 8,503
8/4/2003 7,589 8,401
8/5/2003 7,553 8,372
8/6/2003 7,589 8,343
8/7/2003 7,650 8,328
8/8/2003 7,666 8,372
8/9/2003 7,666 8,372
8/10/2003 7,666 8,372
8/11/2003 7,826 8,503
8/12/2003 7,862 8,547
8/13/2003 7,975 8,677
8/14/2003 8,103 8,837
8/15/2003 8,184 8,808
8/16/2003 8,184 8,808
8/17/2003 8,184 8,808
8/18/2003 8,324 8,881
8/19/2003 8,561 9,113
8/20/2003 8,577 9,244
8/21/2003 8,786 9,375
8/22/2003 8,750 9,259
8/23/2003 8,750 9,259
8/24/2003 8,750 9,259
8/25/2003 8,549 9,259
8/26/2003 8,714 9,302
8/27/2003 8,706 9,302
8/28/2003 8,710 9,230
8/29/2003 8,762 9,331
8/30/2003 8,762 9,331
8/31/2003 8,762 9,331
9/1/2003 8,762 9,331
9/2/2003 9,320 9,680
9/3/2003 9,312 9,753
9/4/2003 9,123 9,651
9/5/2003 8,927 9,608
9/6/2003 8,927 9,608
9/7/2003 8,927 9,608
9/8/2003 9,027 9,593
9/9/2003 9,192 9,826
9/10/2003 9,031 9,738
9/11/2003 9,051 9,520
9/12/2003 9,180 9,680
9/13/2003 9,180 9,680
9/14/2003 9,180 9,680
9/15/2003 9,171 9,666
9/16/2003 9,774 10,000
9/17/2003 9,561 10,116
9/18/2003 9,914 10,218
9/19/2003 9,637 10,203
9/20/2003 9,637 10,203
9/21/2003 9,637 10,203
9/22/2003 9,388 10,029
9/23/2003 9,525 10,029
9/24/2003 9,248 10,102
9/25/2003 9,083 9,797
9/26/2003 9,131 9,840
9/27/2003 9,131 9,840
9/28/2003 9,131 9,840
9/29/2003 9,320 9,753
9/30/2003 9,184 9,797
10/1/2003 9,738 9,927
10/2/2003 9,946 10,276
10/3/2003 10,224 10,378
10/4/2003 10,224 10,378
10/5/2003 10,224 10,378
10/6/2003 10,119 10,422
10/7/2003 10,191 10,610
10/8/2003 9,882 10,378
10/9/2003 10,163 10,436
10/10/2003 10,272 10,683
10/11/2003 10,272 10,683
10/12/2003 10,272 10,683
10/13/2003 10,328 10,654
10/14/2003 10,509 10,814
10/15/2003 10,207 10,625
10/16/2003 10,396 10,712
10/17/2003 10,248 10,756
10/18/2003 10,248 10,756
10/19/2003 10,248 10,756
10/20/2003 10,380 10,770
10/21/2003 10,428 10,727
10/22/2003 9,926 10,581
10/23/2003 9,477 9,927
10/24/2003 9,493 10,044
10/25/2003 9,493 10,044
10/26/2003 9,493 10,044
10/27/2003 9,681 10,189
10/28/2003 9,938 10,334
10/29/2003 9,902 10,436
10/30/2003 9,902 10,334
10/31/2003 9,613 10,102
11/1/2003 9,613 10,102
11/2/2003 9,613 10,102
11/3/2003 9,738 9,985
11/4/2003 9,910 10,422
11/5/2003 9,842 10,305
11/6/2003 9,449 9,971
11/7/2003 9,589 10,203
11/8/2003 9,589 10,203
11/9/2003 9,589 10,203
11/10/2003 9,497 10,102
11/11/2003 9,224 9,869
11/12/2003 9,565 9,913
11/13/2003 9,545 10,102
11/14/2003 9,272 9,971
11/15/2003 9,272 9,971
11/16/2003 9,272 9,971
11/17/2003 9,019 9,651
11/18/2003 8,943 9,767
11/19/2003 8,927 9,375
11/20/2003 8,818 9,622
11/21/2003 8,955 9,651
11/22/2003 8,955 9,651
11/23/2003 8,955 9,651
11/24/2003 9,196 9,593
11/25/2003 9,107 9,695
11/26/2003 9,304 9,869
11/27/2003 9,304 9,869
11/28/2003 9,324 9,855
11/29/2003 9,324 9,855
11/30/2003 9,324 9,855
12/1/2003 9,653 10,102
12/2/2003 9,565 10,174
12/3/2003 9,693 10,131
12/4/2003 9,693 10,233
12/5/2003 9,629 10,233
12/6/2003 9,629 10,233
12/7/2003 9,629 10,233
12/8/2003 9,561 10,015
12/9/2003 9,372 10,073
12/10/2003 9,192 9,753
12/11/2003 9,445 9,884
12/12/2003 9,529 9,985
12/13/2003 9,529 9,985
12/14/2003 9,529 9,985
12/15/2003 9,424 10,276
12/16/2003 9,513 10,058
12/17/2003 9,360 9,869
12/18/2003 9,581 9,956
12/19/2003 9,473 10,087
12/20/2003 9,473 10,087
12/21/2003 9,473 10,087
12/22/2003 9,665 10,203
12/23/2003 9,766 10,203
12/24/2003 9,569 10,174
12/25/2003 9,569 10,174
12/26/2003 9,766 10,247
12/27/2003 9,766 10,247
12/28/2003 9,766 10,247
12/29/2003 9,906 10,320
12/30/2003 10,103 10,509
12/31/2003 10,107 10,480
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 12/31/03
- --------------------------------------------------------------------------------
SINCE
ONE INCEPTION
YEAR (10/01/01)
- --------------------------------------------------------------------------------
LARGE-CAP JAPAN FUND 37.62% 0.47%
TOPIX 100 INDEX 30.85% 2.10%
- --------------------------------------------------------------------------------
THE RETURNS PRESENTED ABOVE DO NOT REFLECT THE EFFECTS OF TAXES. PAST
PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE TOPIX 100 INDEX IS AN
UNMANAGED STOCK INDEX AND, UNLIKE THE FUND, HAS NO MANAGEMENT FEES OR OTHER
OPERATING EXPENSES TO REDUCE ITS REPORTED RETURNS. RETURNS ARE HISTORICAL AND
INCLUDE CHANGES IN PRINCIPAL AND REINVESTED DIVIDENDS AND CAPITAL GAINS.
16
SECTOR ROTATION FUND
- --------------------------------------------------------------------------------
OBJECTIVE: To provide long term capital appreciation by moving its investments
among different sectors or industries represented in the S&P 1500 Index.
Inception: May 1, 2002
After three straight quarters of outperformance versus the broader market, Rydex
Sector Rotation Fund finally had to pay the piper. The fund trailed the S&P 500
by 1.90% for the fourth quarter, thanks to a dismal December performance for
momentum strategies in general. For the entire year, though, the fund finished
ahead of the S&P 500 by an impressive 1.29%. (29.97% vs. 28.68%) The fund's
returns are even more impressive when one considers that there were no taxable
distributions paid to shareholders.
CUMULATIVE FUND PERFORMANCE: MAY 1, 2002 - DECEMBER 31, 2003
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
Date Variable Sector Rotation S&P 500 Index
5/1/2002 $10,000 $10,000
5/2/2002 10,080 9,984
5/3/2002 10,070 9,881
5/4/2002 10,070 9,881
5/5/2002 10,070 9,881
5/6/2002 9,960 9,690
5/7/2002 9,960 9,661
5/8/2002 10,020 10,025
5/9/2002 9,950 9,881
5/10/2002 9,880 9,715
5/11/2002 9,880 9,715
5/12/2002 9,880 9,715
5/13/2002 9,930 9,897
5/14/2002 10,070 10,106
5/15/2002 10,100 10,052
5/16/2002 10,070 10,118
5/17/2002 10,100 10,198
5/18/2002 10,100 10,198
5/19/2002 10,100 10,198
5/20/2002 10,010 10,062
5/21/2002 9,910 9,952
5/22/2002 9,920 10,009
5/23/2002 10,000 10,111
5/24/2002 9,940 9,989
5/25/2002 9,940 9,989
5/26/2002 9,940 9,989
5/27/2002 9,940 9,989
5/28/2002 9,850 9,904
5/29/2002 9,790 9,842
5/30/2002 9,760 9,815
5/31/2002 9,860 9,838
6/1/2002 9,860 9,838
6/2/2002 9,860 9,838
6/3/2002 9,690 9,594
6/4/2002 9,600 9,594
6/5/2002 9,750 9,683
6/6/2002 9,640 9,492
6/7/2002 9,700 9,477
6/8/2002 9,700 9,477
6/9/2002 9,700 9,477
6/10/2002 9,730 9,507
6/11/2002 9,690 9,349
6/12/2002 9,720 9,412
6/13/2002 9,640 9,313
6/14/2002 9,560 9,292
6/15/2002 9,560 9,292
6/16/2002 9,560 9,292
6/17/2002 9,710 9,559
6/18/2002 9,720 9,568
6/19/2002 9,730 9,410
6/20/2002 9,690 9,284
6/21/2002 9,600 9,126
6/22/2002 9,600 9,126
6/23/2002 9,600 9,126
6/24/2002 9,500 9,159
6/25/2002 9,290 9,006
6/26/2002 9,290 8,987
6/27/2002 9,400 9,145
6/28/2002 9,400 9,137
6/29/2002 9,400 9,137
6/30/2002 9,400 9,137
7/1/2002 9,310 8,942
7/2/2002 9,100 8,754
7/3/2002 9,070 8,809
7/4/2002 9,070 8,809
7/5/2002 9,290 9,132
7/6/2002 9,290 9,132
7/7/2002 9,290 9,132
7/8/2002 9,230 9,023
7/9/2002 9,060 8,801
7/10/2002 8,890 8,503
7/11/2002 8,780 8,567
7/12/2002 8,670 8,512
7/13/2002 8,670 8,512
7/14/2002 8,670 8,512
7/15/2002 8,560 8,480
7/16/2002 8,370 8,324
7/17/2002 8,360 8,371
7/18/2002 8,260 8,145
7/19/2002 7,990 7,832
7/20/2002 7,990 7,832
7/21/2002 7,990 7,832
7/22/2002 7,820 7,574
7/23/2002 7,770 7,370
7/24/2002 8,070 7,792
7/25/2002 8,140 7,749
7/26/2002 8,200 7,879
7/27/2002 8,200 7,879
7/28/2002 8,200 7,879
7/29/2002 8,610 8,306
7/30/2002 8,510 8,342
7/31/2002 8,520 8,425
8/1/2002 8,420 8,177
8/2/2002 8,220 7,989
8/3/2002 8,220 7,989
8/4/2002 8,220 7,989
8/5/2002 8,090 7,715
8/6/2002 8,230 7,946
8/7/2002 8,310 8,106
8/8/2002 8,480 8,371
8/9/2002 8,480 8,403
8/10/2002 8,480 8,403
8/11/2002 8,480 8,403
8/12/2002 8,430 8,358
8/13/2002 8,320 8,178
8/14/2002 8,510 8,507
8/15/2002 8,560 8,607
8/16/2002 8,560 8,594
8/17/2002 8,560 8,594
8/18/2002 8,560 8,594
8/19/2002 8,650 8,797
8/20/2002 8,590 8,674
8/21/2002 8,630 8,785
8/22/2002 8,690 8,909
8/23/2002 8,540 8,707
8/24/2002 8,540 8,707
8/25/2002 8,540 8,707
8/26/2002 8,570 8,773
8/27/2002 8,480 8,651
8/28/2002 8,400 8,496
8/29/2002 8,370 8,496
8/30/2002 8,410 8,480
8/31/2002 8,410 8,480
9/1/2002 8,410 8,480
9/2/2002 8,410 8,480
9/3/2002 8,210 8,128
9/4/2002 8,330 8,273
9/5/2002 8,260 8,142
9/6/2002 8,340 8,279
9/7/2002 8,340 8,279
9/8/2002 8,340 8,279
9/9/2002 8,430 8,363
9/10/2002 8,460 8,424
9/11/2002 8,460 8,424
9/12/2002 8,320 8,217
9/13/2002 8,340 8,244
9/14/2002 8,340 8,244
9/15/2002 8,340 8,244
9/16/2002 8,340 8,257
9/17/2002 8,210 8,094
9/18/2002 8,160 8,057
9/19/2002 7,990 7,815
9/20/2002 8,030 7,834
9/21/2002 8,030 7,834
9/22/2002 8,030 7,834
9/23/2002 7,890 7,726
9/24/2002 7,740 7,592
9/25/2002 7,880 7,783
9/26/2002 8,070 7,926
9/27/2002 7,880 7,671
9/28/2002 7,880 7,671
9/29/2002 7,880 7,671
9/30/2002 7,740 7,559
10/1/2002 7,900 7,861
10/2/2002 7,750 7,677
10/3/2002 7,710 7,595
10/4/2002 7,580 7,424
10/5/2002 7,580 7,424
10/6/2002 7,580 7,424
10/7/2002 7,410 7,282
10/8/2002 7,460 7,408
10/9/2002 7,230 7,207
10/10/2002 7,400 7,460
10/11/2002 7,630 7,751
10/12/2002 7,630 7,751
10/13/2002 7,630 7,751
10/14/2002 7,640 7,808
10/15/2002 7,860 8,177
10/16/2002 7,700 7,981
10/17/2002 7,850 8,159
10/18/2002 7,900 8,207
10/19/2002 7,900 8,207
10/20/2002 7,900 8,207
10/21/2002 8,050 8,349
10/22/2002 7,910 8,261
10/23/2002 7,980 8,316
10/24/2002 7,890 8,190
10/25/2002 7,940 8,330
10/26/2002 7,940 8,330
10/27/2002 7,940 8,330
10/28/2002 7,830 8,262
10/29/2002 7,800 8,187
10/30/2002 7,840 8,268
10/31/2002 7,830 8,224
11/1/2002 7,970 8,365
11/2/2002 7,970 8,365
11/3/2002 7,970 8,365
11/4/2002 7,990 8,434
11/5/2002 8,030 8,499
11/6/2002 8,070 8,579
11/7/2002 7,930 8,385
11/8/2002 7,850 8,312
11/9/2002 7,850 8,312
11/10/2002 7,850 8,312
11/11/2002 7,680 8,139
11/12/2002 7,800 8,203
11/13/2002 7,830 8,202
11/14/2002 8,010 8,405
11/15/2002 8,070 8,457
11/16/2002 8,070 8,457
11/17/2002 8,070 8,457
11/18/2002 8,000 8,369
11/19/2002 7,930 8,336
11/20/2002 8,110 8,498
11/21/2002 8,270 8,681
11/22/2002 8,280 8,651
11/23/2002 8,280 8,651
11/24/2002 8,280 8,651
11/25/2002 8,290 8,673
11/26/2002 8,110 8,493
11/27/2002 8,280 8,731
11/28/2002 8,280 8,731
11/29/2002 8,240 8,708
11/30/2002 8,240 8,708
12/1/2002 8,240 8,708
12/2/2002 8,280 8,691
12/3/2002 8,170 8,563
12/4/2002 8,120 8,537
12/5/2002 8,030 8,434
12/6/2002 8,090 8,488
12/7/2002 8,090 8,488
12/8/2002 8,090 8,488
12/9/2002 7,890 8,300
12/10/2002 7,970 8,416
12/11/2002 7,980 8,422
12/12/2002 8,000 8,391
12/13/2002 7,880 8,279
12/14/2002 7,880 8,279
12/15/2002 7,880 8,279
12/16/2002 8,040 8,474
12/17/2002 8,020 8,405
12/18/2002 7,890 8,295
12/19/2002 7,820 8,233
12/20/2002 7,910 8,340
12/21/2002 7,910 8,340
12/22/2002 7,910 8,340
12/23/2002 7,970 8,355
12/24/2002 7,920 8,309
12/25/2002 7,920 8,309
12/26/2002 7,880 8,283
12/27/2002 7,740 8,154
12/28/2002 7,740 8,154
12/29/2002 7,740 8,154
12/30/2002 7,740 8,191
12/31/2002 7,760 8,196
1/1/2003 7,760 8,196
1/2/2003 8,000 8,469
1/3/2003 8,000 8,465
1/4/2003 8,000 8,465
1/5/2003 8,000 8,465
1/6/2003 8,170 8,655
1/7/2003 8,170 8,599
1/8/2003 8,040 8,481
1/9/2003 8,210 8,646
1/10/2003 8,210 8,646
1/11/2003 8,210 8,646
1/12/2003 8,210 8,646
1/13/2003 8,210 8,634
1/14/2003 8,250 8,684
1/15/2003 8,140 8,560
1/16/2003 8,090 8,527
1/17/2003 7,920 8,407
1/18/2003 7,920 8,407
1/19/2003 7,920 8,407
1/20/2003 7,920 8,407
1/21/2003 7,800 8,275
1/22/2003 7,720 8,190
1/23/2003 7,770 8,273
1/24/2003 7,610 8,032
1/25/2003 7,610 8,032
1/26/2003 7,610 8,032
1/27/2003 7,510 7,902
1/28/2003 7,560 8,005
1/29/2003 7,550 8,061
1/30/2003 7,430 7,878
1/31/2003 7,520 7,982
2/1/2003 7,520 7,982
2/2/2003 7,520 7,982
2/3/2003 7,540 8,025
2/4/2003 7,480 7,912
2/5/2003 7,470 7,871
2/6/2003 7,440 7,822
2/7/2003 7,370 7,743
2/8/2003 7,370 7,743
2/9/2003 7,370 7,743
2/10/2003 7,400 7,802
2/11/2003 7,360 7,739
2/12/2003 7,280 7,644
2/13/2003 7,270 7,633
2/14/2003 7,350 7,796
2/15/2003 7,350 7,796
2/16/2003 7,350 7,796
2/17/2003 7,350 7,796
2/18/2003 7,460 7,949
2/19/2003 7,410 7,894
2/20/2003 7,400 7,819
2/21/2003 7,480 7,923
2/22/2003 7,480 7,923
2/23/2003 7,480 7,923
2/24/2003 7,390 7,777
2/25/2003 7,430 7,833
2/26/2003 7,370 7,734
2/27/2003 7,400 7,826
2/28/2003 7,410 7,862
3/1/2003 7,410 7,862
3/2/2003 7,410 7,862
3/3/2003 7,390 7,803
3/4/2003 7,290 7,683
3/5/2003 7,290 7,759
3/6/2003 7,260 7,687
3/7/2003 7,270 7,751
3/8/2003 7,270 7,751
3/9/2003 7,270 7,751
3/10/2003 7,120 7,551
3/11/2003 7,080 7,488
3/12/2003 7,090 7,523
3/13/2003 7,290 7,783
3/14/2003 7,290 7,796
3/15/2003 7,290 7,796
3/16/2003 7,290 7,796
3/17/2003 7,520 8,072
3/18/2003 7,580 8,107
3/19/2003 7,620 8,178
3/20/2003 7,670 8,194
3/21/2003 7,810 8,382
3/22/2003 7,810 8,382
3/23/2003 7,810 8,382
3/24/2003 7,580 8,087
3/25/2003 7,680 8,185
3/26/2003 7,670 8,141
3/27/2003 7,680 8,128
3/28/2003 7,640 8,082
3/29/2003 7,640 8,082
3/30/2003 7,640 8,082
3/31/2003 7,550 7,938
4/1/2003 7,590 8,035
4/2/2003 7,720 8,246
4/3/2003 7,660 8,205
4/4/2003 7,660 8,227
4/5/2003 7,660 8,227
4/6/2003 7,660 8,227
4/7/2003 7,690 8,237
4/8/2003 7,680 8,225
4/9/2003 7,620 8,111
4/10/2003 7,670 8,163
4/11/2003 7,670 8,133
4/12/2003 7,670 8,133
4/13/2003 7,670 8,133
4/14/2003 7,750 8,292
4/15/2003 7,790 8,344
4/16/2003 7,720 8,243
4/17/2003 7,810 8,371
4/18/2003 7,810 8,371
4/19/2003 7,810 8,371
4/20/2003 7,810 8,371
4/21/2003 7,830 8,356
4/22/2003 7,940 8,537
4/23/2003 7,990 8,609
4/24/2003 7,940 8,538
4/25/2003 7,910 8,420
4/26/2003 7,910 8,420
4/27/2003 7,910 8,420
4/28/2003 8,020 8,571
4/29/2003 8,030 8,600
4/30/2003 7,990 8,592
5/1/2003 8,010 8,588
5/2/2003 8,150 8,717
5/3/2003 8,150 8,717
5/4/2003 8,150 8,717
5/5/2003 8,180 8,684
5/6/2003 8,210 8,758
5/7/2003 8,130 8,714
5/8/2003 8,040 8,627
5/9/2003 8,140 8,752
5/10/2003 8,140 8,752
5/11/2003 8,140 8,752
5/12/2003 8,260 8,862
5/13/2003 8,290 8,837
5/14/2003 8,290 8,811
5/15/2003 8,360 8,881
5/16/2003 8,350 8,860
5/17/2003 8,350 8,860
5/18/2003 8,350 8,860
5/19/2003 8,180 8,640
5/20/2003 8,200 8,630
5/21/2003 8,230 8,665
5/22/2003 8,350 8,745
5/23/2003 8,420 8,757
5/24/2003 8,420 8,757
5/25/2003 8,420 8,757
5/26/2003 8,420 8,757
5/27/2003 8,580 8,929
5/28/2003 8,590 8,946
5/29/2003 8,580 8,913
5/30/2003 8,710 9,045
5/31/2003 8,710 9,045
6/1/2003 8,710 9,045
6/2/2003 8,680 9,077
6/3/2003 8,690 9,120
6/4/2003 8,850 9,260
6/5/2003 8,880 9,298
6/6/2003 8,740 9,276
6/7/2003 8,740 9,276
6/8/2003 8,740 9,276
6/9/2003 8,610 9,165
6/10/2003 8,690 9,249
6/11/2003 8,810 9,371
6/12/2003 8,840 9,381
6/13/2003 8,710 9,288
6/14/2003 8,710 9,288
6/15/2003 8,710 9,288
6/16/2003 8,920 9,496
6/17/2003 8,920 9,505
6/18/2003 8,910 9,491
6/19/2003 8,770 9,346
6/20/2003 8,760 9,356
6/21/2003 8,760 9,356
6/22/2003 8,760 9,356
6/23/2003 8,580 9,224
6/24/2003 8,580 9,241
6/25/2003 8,590 9,164
6/26/2003 8,740 9,266
6/27/2003 8,680 9,176
6/28/2003 8,680 9,176
6/29/2003 8,680 9,176
6/30/2003 8,660 9,160
7/1/2003 8,720 9,235
7/2/2003 8,880 9,343
7/3/2003 8,820 9,267
7/4/2003 8,820 9,267
7/5/2003 8,820 9,267
7/6/2003 8,820 9,267
7/7/2003 9,080 9,444
7/8/2003 9,200 9,479
7/9/2003 9,230 9,427
7/10/2003 9,020 9,300
7/11/2003 9,080 9,389
7/12/2003 9,080 9,389
7/13/2003 9,080 9,389
7/14/2003 9,210 9,443
7/15/2003 9,100 9,411
7/16/2003 9,050 9,351
7/17/2003 8,800 9,236
7/18/2003 8,850 9,345
7/19/2003 8,850 9,345
7/20/2003 8,850 9,345
7/21/2003 8,780 9,208
7/22/2003 8,870 9,296
7/23/2003 8,930 9,301
7/24/2003 8,910 9,235
7/25/2003 9,020 9,396
7/26/2003 9,020 9,396
7/27/2003 9,020 9,396
7/28/2003 9,060 9,375
7/29/2003 8,970 9,309
7/30/2003 8,910 9,293
7/31/2003 8,940 9,322
8/1/2003 8,830 9,226
8/2/2003 8,830 9,226
8/3/2003 8,830 9,226
8/4/2003 8,800 9,251
8/5/2003 8,610 9,088
8/6/2003 8,590 9,105
8/7/2003 8,640 9,172
8/8/2003 8,700 9,205
8/9/2003 8,700 9,205
8/10/2003 8,700 9,205
8/11/2003 8,750 9,235
8/12/2003 8,890 9,327
8/13/2003 8,890 9,271
8/14/2003 8,940 9,332
8/15/2003 8,950 9,335
8/16/2003 8,950 9,335
8/17/2003 8,950 9,335
8/18/2003 9,110 9,421
8/19/2003 9,200 9,446
8/20/2003 9,220 9,428
8/21/2003 9,310 9,456
8/22/2003 9,180 9,360
8/23/2003 9,180 9,360
8/24/2003 9,180 9,360
8/25/2003 9,150 9,366
8/26/2003 9,170 9,394
8/27/2003 9,220 9,397
8/28/2003 9,300 9,454
8/29/2003 9,390 9,503
8/30/2003 9,390 9,503
8/31/2003 9,390 9,503
9/1/2003 9,390 9,503
9/2/2003 9,530 9,635
9/3/2003 9,510 9,679
9/4/2003 9,550 9,695
9/5/2003 9,520 9,633
9/6/2003 9,520 9,633
9/7/2003 9,520 9,633
9/8/2003 9,650 9,730
9/9/2003 9,510 9,651
9/10/2003 9,310 9,536
9/11/2003 9,410 9,591
9/12/2003 9,430 9,612
9/13/2003 9,430 9,612
9/14/2003 9,430 9,612
9/15/2003 9,410 9,576
9/16/2003 9,610 9,713
9/17/2003 9,600 9,682
9/18/2003 9,740 9,810
9/19/2003 9,700 9,779
9/20/2003 9,700 9,779
9/21/2003 9,700 9,779
9/22/2003 9,540 9,652
9/23/2003 9,670 9,711
9/24/2003 9,420 9,525
9/25/2003 9,310 9,470
9/26/2003 9,140 9,411
9/27/2003 9,140 9,411
9/28/2003 9,140 9,411
9/29/2003 9,290 9,503
9/30/2003 9,140 9,403
10/1/2003 9,330 9,614
10/2/2003 9,420 9,634
10/3/2003 9,590 9,725
10/4/2003 9,590 9,725
10/5/2003 9,590 9,725
10/6/2003 9,670 9,767
10/7/2003 9,740 9,814
10/8/2003 9,690 9,766
10/9/2003 9,870 9,813
10/10/2003 9,870 9,807
10/11/2003 9,870 9,807
10/12/2003 9,870 9,807
10/13/2003 9,990 9,876
10/14/2003 10,000 9,915
10/15/2003 9,930 9,891
10/16/2003 10,000 9,923
10/17/2003 9,800 9,821
10/18/2003 9,800 9,821
10/19/2003 9,800 9,821
10/20/2003 9,840 9,872
10/21/2003 9,930 9,885
10/22/2003 9,710 9,737
10/23/2003 9,620 9,770
10/24/2003 9,580 9,724
10/25/2003 9,580 9,724
10/26/2003 9,580 9,724
10/27/2003 9,670 9,745
10/28/2003 9,900 9,893
10/29/2003 9,940 9,907
10/30/2003 9,910 9,899
10/31/2003 9,870 9,935
11/1/2003 9,870 9,935
11/2/2003 9,870 9,935
11/3/2003 9,990 10,013
11/4/2003 9,960 9,959
11/5/2003 9,960 9,947
11/6/2003 9,990 10,007
11/7/2003 9,980 9,963
11/8/2003 9,980 9,963
11/9/2003 9,980 9,963
11/10/2003 9,810 9,906
11/11/2003 9,780 9,901
11/12/2003 9,970 10,018
11/13/2003 9,960 10,017
11/14/2003 9,770 9,942
11/15/2003 9,770 9,942
11/16/2003 9,770 9,942
11/17/2003 9,610 9,879
11/18/2003 9,470 9,790
11/19/2003 9,550 9,869
11/20/2003 9,480 9,786
11/21/2003 9,550 9,802
11/22/2003 9,550 9,802
11/23/2003 9,550 9,802
11/24/2003 9,800 9,961
11/25/2003 9,850 9,979
11/26/2003 9,910 10,024
11/27/2003 9,910 10,024
11/28/2003 9,960 10,022
11/29/2003 9,960 10,022
11/30/2003 9,960 10,022
12/1/2003 10,100 10,135
12/2/2003 10,010 10,102
12/3/2003 9,910 10,087
12/4/2003 9,870 10,135
12/5/2003 9,730 10,057
12/6/2003 9,730 10,057
12/7/2003 9,730 10,057
12/8/2003 9,770 10,132
12/9/2003 9,570 10,045
12/10/2003 9,480 10,036
12/11/2003 9,720 10,153
12/12/2003 9,750 10,181
12/13/2003 9,750 10,181
12/14/2003 9,750 10,181
12/15/2003 9,670 10,123
12/16/2003 9,650 10,191
12/17/2003 9,660 10,204
12/18/2003 9,840 10,326
12/19/2003 9,840 10,322
12/20/2003 9,840 10,322
12/21/2003 9,840 10,322
12/22/2003 9,880 10,362
12/23/2003 9,960 10,391
12/24/2003 9,940 10,373
12/25/2003 9,940 10,373
12/26/2003 9,970 10,390
12/27/2003 9,970 10,390
12/28/2003 9,970 10,390
12/29/2003 10,110 10,523
12/30/2003 10,100 10,526
12/31/2003 10,080 10,547
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 12/31/03
- --------------------------------------------------------------------------------
SINCE
ONE INCEPTION
YEAR (05/01/02)
- --------------------------------------------------------------------------------
SECTOR ROTATION FUND 29.97% 0.48%
S&P 500 INDEX 28.68% 3.25%
- --------------------------------------------------------------------------------
THE RETURNS PRESENTED ABOVE DO NOT REFLECT THE EFFECTS OF TAXES. PAST
PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE S&P 500 INDEX IS AN UNMANAGED
STOCK INDEX AND, UNLIKE THE FUND, HAS NO MANAGEMENT FEES OR OTHER OPERATING
EXPENSES TO REDUCE ITS REPORTED RETURNS. RETURNS ARE HISTORICAL AND INCLUDE
CHANGES IN PRINCIPAL AND REINVESTED DIVIDENDS AND CAPITAL GAINS.
ANNUAL REPORT 17
BANKING FUND
- --------------------------------------------------------------------------------
OBJECTIVE: Seeks capital appreciation by investing in companies that are
involved in the banking sector, including commercial banks (and their holding
companies) and savings-and-loan institutions.
Inception: May 2, 2001
Broad economic recovery, coupled with a strong year for the financial markets,
lifted banks with exposure to capital markets activities. The industry benefited
from the boom in housing--which spurred loan growth and low interest rates, thus
leading to increased mortgage refinancing. Additionally, mid-size commercial
banks diversified their operations, entering higher growth rate businesses like
insurance brokerage and investment management. Rydex Banking Fund gained 31.74%
in 2003.
CUMULATIVE FUND PERFORMANCE: MAY 2, 2001 - DECEMBER 31, 2003
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
Date Variable Banking S&P 500 Index
5/2/2001 $10,000 $10,000
5/3/2001 10,024 9,853
5/4/2001 10,120 9,996
5/5/2001 10,120 9,996
5/6/2001 10,120 9,996
5/7/2001 10,040 9,971
5/8/2001 9,944 9,954
5/9/2001 9,944 9,911
5/10/2001 9,988 9,909
5/11/2001 9,860 9,835
5/12/2001 9,860 9,835
5/13/2001 9,860 9,835
5/14/2001 9,944 9,861
5/15/2001 10,008 9,866
5/16/2001 10,244 10,148
5/17/2001 10,232 10,176
5/18/2001 10,232 10,205
5/19/2001 10,232 10,205
5/20/2001 10,232 10,205
5/21/2001 10,240 10,370
5/22/2001 10,424 10,343
5/23/2001 10,412 10,182
5/24/2001 10,444 10,215
5/25/2001 10,332 10,095
5/26/2001 10,332 10,095
5/27/2001 10,332 10,095
5/28/2001 10,332 10,095
5/29/2001 10,376 10,017
5/30/2001 10,356 9,862
5/31/2001 10,448 9,924
6/1/2001 10,428 9,962
6/2/2001 10,428 9,962
6/3/2001 10,428 9,962
6/4/2001 10,532 10,013
6/5/2001 10,592 10,144
6/6/2001 10,516 10,038
6/7/2001 10,464 10,093
6/8/2001 10,344 9,998
6/9/2001 10,344 9,998
6/10/2001 10,344 9,998
6/11/2001 10,292 9,915
6/12/2001 10,260 9,926
6/13/2001 10,248 9,816
6/14/2001 10,092 9,644
6/15/2001 10,096 9,601
6/16/2001 10,096 9,601
6/17/2001 10,096 9,601
6/18/2001 10,160 9,554
6/19/2001 10,248 9,587
6/20/2001 10,364 9,671
6/21/2001 10,648 9,781
6/22/2001 10,548 9,689
6/23/2001 10,548 9,689
6/24/2001 10,548 9,689
6/25/2001 10,436 9,635
6/26/2001 10,356 9,621
6/27/2001 10,368 9,577
6/28/2001 10,468 9,697
6/29/2001 10,464 9,682
6/30/2001 10,464 9,682
7/1/2001 10,464 9,682
7/2/2001 10,584 9,780
7/3/2001 10,548 9,763
7/4/2001 10,548 9,763
7/5/2001 10,484 9,645
7/6/2001 10,288 9,420
7/7/2001 10,288 9,420
7/8/2001 10,288 9,420
7/9/2001 10,328 9,485
7/10/2001 10,100 9,349
7/11/2001 10,172 9,339
7/12/2001 10,364 9,561
7/13/2001 10,496 9,620
7/14/2001 10,496 9,620
7/15/2001 10,496 9,620
7/16/2001 10,324 9,516
7/17/2001 10,516 9,610
7/18/2001 10,612 9,558
7/19/2001 10,536 9,616
7/20/2001 10,444 9,583
7/21/2001 10,444 9,583
7/22/2001 10,444 9,583
7/23/2001 10,408 9,426
7/24/2001 10,336 9,273
7/25/2001 10,416 9,422
7/26/2001 10,472 9,520
7/27/2001 10,568 9,544
7/28/2001 10,568 9,544
7/29/2001 10,568 9,544
7/30/2001 10,560 9,534
7/31/2001 10,636 9,587
8/1/2001 10,664 9,626
8/2/2001 10,716 9,665
8/3/2001 10,728 9,615
8/4/2001 10,728 9,615
8/5/2001 10,728 9,615
8/6/2001 10,672 9,506
8/7/2001 10,736 9,537
8/8/2001 10,688 9,373
8/9/2001 10,692 9,374
8/10/2001 10,712 9,428
8/11/2001 10,712 9,428
8/12/2001 10,712 9,428
8/13/2001 10,756 9,438
8/14/2001 10,728 9,402
8/15/2001 10,708 9,335
8/16/2001 10,732 9,364
8/17/2001 10,640 9,208
8/18/2001 10,640 9,208
8/19/2001 10,640 9,208
8/20/2001 10,724 9,283
8/21/2001 10,708 9,171
8/22/2001 10,792 9,235
8/23/2001 10,720 9,210
8/24/2001 10,600 9,391
8/25/2001 10,600 9,391
8/26/2001 10,600 9,391
8/27/2001 10,452 9,346
8/28/2001 10,336 9,206
8/29/2001 10,140 9,105
8/30/2001 10,136 8,951
8/31/2001 10,204 8,987
9/1/2001 10,204 8,987
9/2/2001 10,204 8,987
9/3/2001 10,204 8,987
9/4/2001 10,212 8,982
9/5/2001 10,112 8,974
9/6/2001 9,912 8,774
9/7/2001 9,724 8,610
9/8/2001 9,724 8,610
9/9/2001 9,724 8,610
9/10/2001 9,704 8,664
9/11/2001 9,704 8,664
9/12/2001 9,704 8,664
9/13/2001 9,704 8,664
9/14/2001 9,704 8,664
9/15/2001 9,704 8,664
9/16/2001 9,704 8,664
9/17/2001 9,296 8,240
9/18/2001 9,352 8,193
9/19/2001 9,228 8,061
9/20/2001 8,900 7,811
9/21/2001 8,712 7,662
9/22/2001 8,712 7,662
9/23/2001 8,712 7,662
9/24/2001 9,144 7,961
9/25/2001 9,268 8,031
9/26/2001 9,280 7,992
9/27/2001 9,464 8,084
9/28/2001 9,676 8,261
9/29/2001 9,676 8,261
9/30/2001 9,676 8,261
10/1/2001 9,648 8,242
10/2/2001 9,760 8,344
10/3/2001 9,796 8,512
10/4/2001 9,584 8,491
10/5/2001 9,132 8,507
10/6/2001 9,132 8,507
10/7/2001 9,132 8,507
10/8/2001 8,804 8,436
10/9/2001 8,804 8,391
10/10/2001 8,968 8,584
10/11/2001 9,016 8,715
10/12/2001 8,848 8,669
10/13/2001 8,848 8,669
10/14/2001 8,848 8,669
10/15/2001 8,936 8,656
10/16/2001 9,108 8,716
10/17/2001 9,020 8,554
10/18/2001 8,968 8,487
10/19/2001 8,952 8,525
10/20/2001 8,952 8,525
10/21/2001 8,952 8,525
10/22/2001 9,152 8,656
10/23/2001 9,216 8,615
10/24/2001 9,312 8,619
10/25/2001 9,464 8,737
10/26/2001 9,488 8,773
10/27/2001 9,488 8,773
10/28/2001 9,488 8,773
10/29/2001 9,244 8,565
10/30/2001 9,180 8,418
10/31/2001 9,124 8,419
11/1/2001 9,276 8,613
11/2/2001 9,292 8,638
11/3/2001 9,292 8,638
11/4/2001 9,292 8,638
11/5/2001 9,484 8,762
11/6/2001 9,696 8,890
11/7/2001 9,748 8,868
11/8/2001 9,780 8,890
11/9/2001 9,764 8,905
11/10/2001 9,764 8,905
11/11/2001 9,764 8,905
11/12/2001 9,720 8,889
11/13/2001 9,820 9,055
11/14/2001 9,824 9,074
11/15/2001 9,800 9,082
11/16/2001 9,732 9,055
11/17/2001 9,732 9,055
11/18/2001 9,732 9,055
11/19/2001 9,868 9,153
11/20/2001 9,824 9,087
11/21/2001 9,800 9,043
11/22/2001 9,800 9,043
11/23/2001 9,968 9,149
11/24/2001 9,968 9,149
11/25/2001 9,968 9,149
11/26/2001 10,028 9,205
11/27/2001 9,956 9,142
11/28/2001 9,776 8,977
11/29/2001 9,904 9,071
11/30/2001 9,812 9,065
12/1/2001 9,812 9,065
12/2/2001 9,812 9,065
12/3/2001 9,708 8,989
12/4/2001 9,852 9,107
12/5/2001 10,004 9,314
12/6/2001 10,124 9,288
12/7/2001 10,116 9,218
12/8/2001 10,116 9,218
12/9/2001 10,116 9,218
12/10/2001 10,000 9,072
12/11/2001 10,000 9,047
12/12/2001 10,012 9,051
12/13/2001 9,864 8,910
12/14/2001 9,812 8,940
12/15/2001 9,812 8,940
12/16/2001 9,812 8,940
12/17/2001 9,904 9,030
12/18/2001 10,008 9,098
12/19/2001 10,112 9,151
12/20/2001 10,096 9,076
12/21/2001 10,016 9,116
12/22/2001 10,016 9,116
12/23/2001 10,016 9,116
12/24/2001 10,024 9,114
12/25/2001 10,024 9,114
12/26/2001 10,036 9,151
12/27/2001 10,068 9,216
12/28/2001 10,152 9,247
12/29/2001 10,152 9,247
12/30/2001 10,152 9,247
12/31/2001 10,084 9,144
1/1/2002 10,084 9,144
1/2/2002 10,028 9,198
1/3/2002 10,104 9,282
1/4/2002 10,236 9,340
1/5/2002 10,236 9,340
1/6/2002 10,236 9,340
1/7/2002 10,244 9,279
1/8/2002 10,148 9,248
1/9/2002 10,144 9,205
1/10/2002 10,192 9,216
1/11/2002 10,068 9,129
1/12/2002 10,068 9,129
1/13/2002 10,068 9,129
1/14/2002 9,956 9,072
1/15/2002 10,144 9,134
1/16/2002 10,048 8,986
1/17/2002 10,120 9,076
1/18/2002 10,080 8,986
1/19/2002 10,080 8,986
1/20/2002 10,080 8,986
1/21/2002 10,080 8,986
1/22/2002 10,196 8,921
1/23/2002 10,308 8,991
1/24/2002 10,392 9,023
1/25/2002 10,408 9,032
1/26/2002 10,408 9,032
1/27/2002 10,408 9,032
1/28/2002 10,408 9,030
1/29/2002 9,964 8,773
1/30/2002 10,092 8,877
1/31/2002 10,216 9,011
2/1/2002 10,132 8,947
2/2/2002 10,132 8,947
2/3/2002 10,132 8,947
2/4/2002 9,856 8,726
2/5/2002 9,760 8,691
2/6/2002 9,668 8,640
2/7/2002 9,720 8,615
2/8/2002 9,908 8,743
2/9/2002 9,908 8,743
2/10/2002 9,908 8,743
2/11/2002 10,044 8,869
2/12/2002 10,032 8,833
2/13/2002 10,144 8,924
2/14/2002 10,152 8,909
2/15/2002 10,052 8,811
2/16/2002 10,052 8,811
2/17/2002 10,052 8,811
2/18/2002 10,052 8,811
2/19/2002 9,792 8,645
2/20/2002 9,944 8,762
2/21/2002 9,864 8,626
2/22/2002 9,900 8,697
2/23/2002 9,900 8,697
2/24/2002 9,900 8,697
2/25/2002 10,128 8,854
2/26/2002 10,196 8,854
2/27/2002 10,232 8,862
2/28/2002 10,248 8,837
3/1/2002 10,396 9,037
3/2/2002 10,396 9,037
3/3/2002 10,396 9,037
3/4/2002 10,688 9,213
3/5/2002 10,604 9,152
3/6/2002 10,820 9,286
3/7/2002 10,788 9,245
3/8/2002 10,840 9,299
3/9/2002 10,840 9,299
3/10/2002 10,840 9,299
3/11/2002 10,968 9,331
3/12/2002 10,992 9,309
3/13/2002 10,944 9,220
3/14/2002 10,928 9,212
3/15/2002 11,188 9,317
3/16/2002 11,188 9,317
3/17/2002 11,188 9,317
3/18/2002 11,148 9,312
3/19/2002 11,184 9,350
3/20/2002 10,984 9,203
3/21/2002 10,956 9,217
3/22/2002 11,000 9,178
3/23/2002 11,000 9,178
3/24/2002 11,000 9,178
3/25/2002 10,868 9,044
3/26/2002 10,980 9,098
3/27/2002 11,076 9,147
3/28/2002 10,984 9,169
3/29/2002 10,984 9,169
3/30/2002 10,984 9,169
3/31/2002 10,984 9,169
4/1/2002 10,940 9,162
4/2/2002 10,964 9,084
4/3/2002 10,848 8,995
4/4/2002 10,912 9,003
4/5/2002 10,976 8,974
4/6/2002 10,976 8,974
4/7/2002 10,976 8,974
4/8/2002 11,064 8,997
4/9/2002 11,124 8,937
4/10/2002 11,228 9,039
4/11/2002 11,052 8,825
4/12/2002 11,200 8,884
4/13/2002 11,200 8,884
4/14/2002 11,200 8,884
4/15/2002 11,096 8,816
4/16/2002 11,260 9,023
4/17/2002 11,348 9,005
4/18/2002 11,320 8,992
4/19/2002 11,384 8,998
4/20/2002 11,384 8,998
4/21/2002 11,384 8,998
4/22/2002 11,236 8,859
4/23/2002 11,244 8,804
4/24/2002 11,260 8,742
4/25/2002 11,252 8,728
4/26/2002 11,228 8,608
4/27/2002 11,228 8,608
4/28/2002 11,228 8,608
4/29/2002 11,172 8,521
4/30/2002 11,344 8,613
5/1/2002 11,364 8,690
5/2/2002 11,540 8,676
5/3/2002 11,516 8,587
5/4/2002 11,516 8,587
5/5/2002 11,516 8,587
5/6/2002 11,328 8,421
5/7/2002 11,344 8,396
5/8/2002 11,508 8,712
5/9/2002 11,404 8,587
5/10/2002 11,272 8,443
5/11/2002 11,272 8,443
5/12/2002 11,272 8,443
5/13/2002 11,460 8,601
5/14/2002 11,648 8,783
5/15/2002 11,644 8,736
5/16/2002 11,692 8,794
5/17/2002 11,760 8,863
5/18/2002 11,760 8,863
5/19/2002 11,760 8,863
5/20/2002 11,600 8,745
5/21/2002 11,604 8,649
5/22/2002 11,592 8,699
5/23/2002 11,740 8,787
5/24/2002 11,644 8,681
5/25/2002 11,644 8,681
5/26/2002 11,644 8,681
5/27/2002 11,644 8,681
5/28/2002 11,536 8,607
5/29/2002 11,548 8,553
5/30/2002 11,512 8,530
5/31/2002 11,548 8,550
6/1/2002 11,548 8,550
6/2/2002 11,548 8,550
6/3/2002 11,344 8,338
6/4/2002 11,272 8,338
6/5/2002 11,320 8,415
6/6/2002 11,064 8,249
6/7/2002 11,144 8,236
6/8/2002 11,144 8,236
6/9/2002 11,144 8,236
6/10/2002 11,196 8,262
6/11/2002 11,092 8,124
6/12/2002 11,140 8,179
6/13/2002 10,916 8,094
6/14/2002 11,052 8,075
6/15/2002 11,052 8,075
6/16/2002 11,052 8,075
6/17/2002 11,396 8,307
6/18/2002 11,436 8,315
6/19/2002 11,316 8,178
6/20/2002 11,188 8,068
6/21/2002 11,116 7,931
6/22/2002 11,116 7,931
6/23/2002 11,116 7,931
6/24/2002 11,028 7,960
6/25/2002 10,984 7,827
6/26/2002 10,832 7,810
6/27/2002 11,020 7,947
6/28/2002 11,148 7,941
6/29/2002 11,148 7,941
6/30/2002 11,148 7,941
7/1/2002 10,988 7,771
7/2/2002 10,884 7,608
7/3/2002 10,736 7,655
7/4/2002 10,736 7,655
7/5/2002 11,076 7,937
7/6/2002 11,076 7,937
7/7/2002 11,076 7,937
7/8/2002 11,116 7,842
7/9/2002 10,864 7,649
7/10/2002 10,564 7,389
7/11/2002 10,640 7,445
7/12/2002 10,476 7,397
7/13/2002 10,476 7,397
7/14/2002 10,476 7,397
7/15/2002 10,368 7,369
7/16/2002 10,280 7,234
7/17/2002 10,260 7,275
7/18/2002 9,896 7,078
7/19/2002 9,680 6,807
7/20/2002 9,680 6,807
7/21/2002 9,680 6,807
7/22/2002 9,484 6,583
7/23/2002 9,056 6,405
7/24/2002 9,480 6,772
7/25/2002 9,532 6,734
7/26/2002 9,676 6,848
7/27/2002 9,676 6,848
7/28/2002 9,676 6,848
7/29/2002 10,284 7,219
7/30/2002 10,256 7,250
7/31/2002 10,508 7,322
8/1/2002 10,224 7,106
8/2/2002 10,040 6,942
8/3/2002 10,040 6,942
8/4/2002 10,040 6,942
8/5/2002 9,744 6,705
8/6/2002 10,080 6,905
8/7/2002 10,232 7,045
8/8/2002 10,656 7,275
8/9/2002 10,712 7,303
8/10/2002 10,712 7,303
8/11/2002 10,712 7,303
8/12/2002 10,644 7,264
8/13/2002 10,440 7,107
8/14/2002 10,736 7,393
8/15/2002 10,800 7,480
8/16/2002 10,776 7,469
8/17/2002 10,776 7,469
8/18/2002 10,776 7,469
8/19/2002 11,008 7,645
8/20/2002 10,812 7,538
8/21/2002 10,908 7,635
8/22/2002 10,972 7,743
8/23/2002 10,756 7,567
8/24/2002 10,756 7,567
8/25/2002 10,756 7,567
8/26/2002 10,936 7,624
8/27/2002 10,924 7,519
8/28/2002 10,740 7,384
8/29/2002 10,808 7,384
8/30/2002 10,840 7,370
8/31/2002 10,840 7,370
9/1/2002 10,840 7,370
9/2/2002 10,840 7,370
9/3/2002 10,448 7,064
9/4/2002 10,611 7,190
9/5/2002 10,491 7,076
9/6/2002 10,651 7,195
9/7/2002 10,651 7,195
9/8/2002 10,651 7,195
9/9/2002 10,719 7,268
9/10/2002 10,571 7,321
9/11/2002 10,511 7,321
9/12/2002 10,186 7,141
9/13/2002 10,270 7,165
9/14/2002 10,270 7,165
9/15/2002 10,270 7,165
9/16/2002 10,238 7,176
9/17/2002 10,093 7,034
9/18/2002 9,913 7,002
9/19/2002 9,548 6,792
9/20/2002 9,620 6,808
9/21/2002 9,620 6,808
9/22/2002 9,620 6,808
9/23/2002 9,608 6,714
9/24/2002 9,392 6,598
9/25/2002 9,608 6,764
9/26/2002 9,853 6,888
9/27/2002 9,612 6,666
9/28/2002 9,612 6,666
9/29/2002 9,612 6,666
9/30/2002 9,604 6,569
10/1/2002 9,969 6,832
10/2/2002 9,528 6,672
10/3/2002 9,015 6,600
10/4/2002 8,762 6,452
10/5/2002 8,762 6,452
10/6/2002 8,762 6,452
10/7/2002 8,413 6,329
10/8/2002 8,782 6,438
10/9/2002 8,421 6,263
10/10/2002 8,862 6,483
10/11/2002 9,219 6,736
10/12/2002 9,219 6,736
10/13/2002 9,219 6,736
10/14/2002 9,328 6,785
10/15/2002 9,777 7,107
10/16/2002 9,660 6,936
10/17/2002 9,849 7,091
10/18/2002 9,933 7,133
10/19/2002 9,933 7,133
10/20/2002 9,933 7,133
10/21/2002 10,041 7,256
10/22/2002 9,941 7,179
10/23/2002 10,001 7,227
10/24/2002 9,821 7,117
10/25/2002 10,073 7,240
10/26/2002 10,073 7,240
10/27/2002 10,073 7,240
10/28/2002 10,013 7,180
10/29/2002 9,909 7,115
10/30/2002 10,041 7,186
10/31/2002 10,017 7,147
11/1/2002 10,234 7,270
11/2/2002 10,234 7,270
11/3/2002 10,234 7,270
11/4/2002 10,162 7,329
11/5/2002 10,178 7,386
11/6/2002 10,069 7,456
11/7/2002 9,733 7,287
11/8/2002 9,680 7,223
11/9/2002 9,680 7,223
11/10/2002 9,680 7,223
11/11/2002 9,580 7,074
11/12/2002 9,696 7,129
11/13/2002 9,692 7,128
11/14/2002 9,937 7,304
11/15/2002 9,965 7,350
11/16/2002 9,965 7,350
11/17/2002 9,965 7,350
11/18/2002 9,821 7,273
11/19/2002 9,805 7,244
11/20/2002 10,049 7,385
11/21/2002 10,250 7,544
11/22/2002 10,250 7,518
11/23/2002 10,250 7,518
11/24/2002 10,250 7,518
11/25/2002 10,238 7,537
11/26/2002 10,073 7,381
11/27/2002 10,306 7,588
11/28/2002 10,306 7,588
11/29/2002 10,178 7,568
11/30/2002 10,178 7,568
12/1/2002 10,178 7,568
12/2/2002 10,194 7,553
12/3/2002 10,077 7,442
12/4/2002 10,049 7,419
12/5/2002 9,937 7,330
12/6/2002 10,033 7,376
12/7/2002 10,033 7,376
12/8/2002 10,033 7,376
12/9/2002 9,877 7,213
12/10/2002 10,065 7,314
12/11/2002 10,102 7,319
12/12/2002 10,041 7,292
12/13/2002 9,957 7,195
12/14/2002 9,957 7,195
12/15/2002 9,957 7,195
12/16/2002 10,166 7,364
12/17/2002 10,118 7,304
12/18/2002 9,997 7,209
12/19/2002 9,957 7,155
12/20/2002 10,106 7,248
12/21/2002 10,106 7,248
12/22/2002 10,106 7,248
12/23/2002 10,069 7,261
12/24/2002 10,029 7,221
12/25/2002 10,029 7,221
12/26/2002 10,057 7,199
12/27/2002 9,937 7,086
12/28/2002 9,937 7,086
12/29/2002 9,937 7,086
12/30/2002 10,021 7,119
12/31/2002 10,005 7,123
1/1/2003 10,005 7,123
1/2/2003 10,298 7,360
1/3/2003 10,234 7,357
1/4/2003 10,234 7,357
1/5/2003 10,234 7,357
1/6/2003 10,503 7,522
1/7/2003 10,426 7,473
1/8/2003 10,322 7,370
1/9/2003 10,478 7,514
1/10/2003 10,418 7,513
1/11/2003 10,418 7,513
1/12/2003 10,418 7,513
1/13/2003 10,438 7,503
1/14/2003 10,507 7,547
1/15/2003 10,342 7,439
1/16/2003 10,298 7,410
1/17/2003 10,298 7,306
1/18/2003 10,298 7,306
1/19/2003 10,298 7,306
1/20/2003 10,298 7,306
1/21/2003 10,210 7,192
1/22/2003 10,106 7,117
1/23/2003 10,186 7,190
1/24/2003 9,961 6,980
1/25/2003 9,961 6,980
1/26/2003 9,961 6,980
1/27/2003 9,869 6,867
1/28/2003 9,921 6,957
1/29/2003 9,961 7,005
1/30/2003 9,821 6,847
1/31/2003 10,021 6,937
2/1/2003 10,021 6,937
2/2/2003 10,021 6,937
2/3/2003 10,037 6,974
2/4/2003 9,913 6,876
2/5/2003 9,849 6,840
2/6/2003 9,833 6,798
2/7/2003 9,761 6,729
2/8/2003 9,761 6,729
2/9/2003 9,761 6,729
2/10/2003 9,841 6,780
2/11/2003 9,733 6,726
2/12/2003 9,652 6,643
2/13/2003 9,688 6,633
2/14/2003 9,833 6,775
2/15/2003 9,833 6,775
2/16/2003 9,833 6,775
2/17/2003 9,833 6,775
2/18/2003 9,941 6,908
2/19/2003 9,901 6,860
2/20/2003 9,849 6,796
2/21/2003 9,989 6,885
2/22/2003 9,989 6,885
2/23/2003 9,989 6,885
2/24/2003 9,769 6,759
2/25/2003 9,845 6,808
2/26/2003 9,729 6,721
2/27/2003 9,873 6,801
2/28/2003 9,897 6,832
3/1/2003 9,897 6,832
3/2/2003 9,897 6,832
3/3/2003 9,861 6,781
3/4/2003 9,765 6,677
3/5/2003 9,817 6,743
3/6/2003 9,701 6,681
3/7/2003 9,769 6,736
3/8/2003 9,769 6,736
3/9/2003 9,769 6,736
3/10/2003 9,488 6,562
3/11/2003 9,400 6,507
3/12/2003 9,344 6,538
3/13/2003 9,584 6,764
3/14/2003 9,544 6,775
3/15/2003 9,544 6,775
3/16/2003 9,544 6,775
3/17/2003 9,753 7,015
3/18/2003 9,709 7,045
3/19/2003 9,809 7,107
3/20/2003 9,857 7,121
3/21/2003 10,033 7,284
3/22/2003 10,033 7,284
3/23/2003 10,033 7,284
3/24/2003 9,745 7,028
3/25/2003 9,833 7,113
3/26/2003 9,761 7,075
3/27/2003 9,741 7,064
3/28/2003 9,757 7,023
3/29/2003 9,757 7,023
3/30/2003 9,757 7,023
3/31/2003 9,604 6,899
4/1/2003 9,737 6,983
4/2/2003 9,925 7,166
4/3/2003 9,809 7,130
4/4/2003 9,877 7,150
4/5/2003 9,877 7,150
4/6/2003 9,877 7,150
4/7/2003 9,841 7,159
4/8/2003 9,877 7,148
4/9/2003 9,745 7,049
4/10/2003 9,865 7,094
4/11/2003 9,845 7,068
4/12/2003 9,845 7,068
4/13/2003 9,845 7,068
4/14/2003 10,017 7,206
4/15/2003 10,114 7,252
4/16/2003 9,997 7,163
4/17/2003 10,098 7,275
4/18/2003 10,098 7,275
4/19/2003 10,098 7,275
4/20/2003 10,098 7,275
4/21/2003 10,106 7,262
4/22/2003 10,334 7,419
4/23/2003 10,406 7,482
4/24/2003 10,290 7,420
4/25/2003 10,218 7,317
4/26/2003 10,218 7,317
4/27/2003 10,218 7,317
4/28/2003 10,370 7,449
4/29/2003 10,382 7,474
4/30/2003 10,410 7,467
5/1/2003 10,414 7,463
5/2/2003 10,607 7,576
5/3/2003 10,607 7,576
5/4/2003 10,607 7,576
5/5/2003 10,567 7,547
5/6/2003 10,663 7,611
5/7/2003 10,647 7,573
5/8/2003 10,535 7,497
5/9/2003 10,619 7,606
5/10/2003 10,619 7,606
5/11/2003 10,619 7,606
5/12/2003 10,703 7,702
5/13/2003 10,711 7,680
5/14/2003 10,671 7,657
5/15/2003 10,707 7,719
5/16/2003 10,683 7,700
5/17/2003 10,683 7,700
5/18/2003 10,683 7,700
5/19/2003 10,486 7,508
5/20/2003 10,499 7,500
5/21/2003 10,551 7,531
5/22/2003 10,547 7,600
5/23/2003 10,619 7,611
5/24/2003 10,619 7,611
5/25/2003 10,619 7,611
5/26/2003 10,619 7,611
5/27/2003 10,783 7,760
5/28/2003 10,847 7,775
5/29/2003 10,819 7,746
5/30/2003 11,128 7,860
5/31/2003 11,128 7,860
6/1/2003 11,128 7,860
6/2/2003 11,164 7,889
6/3/2003 11,220 7,926
6/4/2003 11,397 8,048
6/5/2003 11,457 8,080
6/6/2003 11,385 8,061
6/7/2003 11,385 8,061
6/8/2003 11,385 8,061
6/9/2003 11,160 7,965
6/10/2003 11,276 8,038
6/11/2003 11,413 8,144
6/12/2003 11,401 8,152
6/13/2003 11,293 8,072
6/14/2003 11,293 8,072
6/15/2003 11,293 8,072
6/16/2003 11,485 8,253
6/17/2003 11,445 8,260
6/18/2003 11,373 8,248
6/19/2003 11,180 8,122
6/20/2003 11,228 8,131
6/21/2003 11,228 8,131
6/22/2003 11,228 8,131
6/23/2003 11,056 8,016
6/24/2003 11,080 8,031
6/25/2003 11,060 7,964
6/26/2003 11,172 8,053
6/27/2003 11,132 7,975
6/28/2003 11,132 7,975
6/29/2003 11,132 7,975
6/30/2003 11,096 7,961
7/1/2003 11,212 8,026
7/2/2003 11,321 8,120
7/3/2003 11,252 8,054
7/4/2003 11,252 8,054
7/5/2003 11,252 8,054
7/6/2003 11,252 8,054
7/7/2003 11,441 8,207
7/8/2003 11,501 8,238
7/9/2003 11,469 8,192
7/10/2003 11,373 8,082
7/11/2003 11,489 8,160
7/12/2003 11,489 8,160
7/13/2003 11,489 8,160
7/14/2003 11,718 8,207
7/15/2003 11,629 8,178
7/16/2003 11,557 8,127
7/17/2003 11,413 8,026
7/18/2003 11,573 8,121
7/19/2003 11,573 8,121
7/20/2003 11,573 8,121
7/21/2003 11,473 8,003
7/22/2003 11,581 8,079
7/23/2003 11,585 8,083
7/24/2003 11,509 8,026
7/25/2003 11,653 8,165
7/26/2003 11,653 8,165
7/27/2003 11,653 8,165
7/28/2003 11,613 8,148
7/29/2003 11,581 8,090
7/30/2003 11,613 8,076
7/31/2003 11,561 8,101
8/1/2003 11,337 8,018
8/2/2003 11,337 8,018
8/3/2003 11,337 8,018
8/4/2003 11,341 8,040
8/5/2003 11,208 7,898
8/6/2003 11,264 7,913
8/7/2003 11,285 7,971
8/8/2003 11,329 7,999
8/9/2003 11,329 7,999
8/10/2003 11,329 7,999
8/11/2003 11,321 8,026
8/12/2003 11,457 8,106
8/13/2003 11,385 8,057
8/14/2003 11,493 8,110
8/15/2003 11,481 8,113
8/16/2003 11,481 8,113
8/17/2003 11,481 8,113
8/18/2003 11,577 8,188
8/19/2003 11,609 8,209
8/20/2003 11,637 8,193
8/21/2003 11,649 8,218
8/22/2003 11,425 8,134
8/23/2003 11,425 8,134
8/24/2003 11,425 8,134
8/25/2003 11,441 8,139
8/26/2003 11,465 8,164
8/27/2003 11,405 8,166
8/28/2003 11,497 8,216
8/29/2003 11,561 8,259
8/30/2003 11,561 8,259
8/31/2003 11,561 8,259
9/1/2003 11,561 8,259
9/2/2003 11,690 8,374
9/3/2003 11,714 8,411
9/4/2003 11,706 8,426
9/5/2003 11,688 8,372
9/6/2003 11,688 8,372
9/7/2003 11,688 8,372
9/8/2003 11,773 8,456
9/9/2003 11,696 8,387
9/10/2003 11,437 8,287
9/11/2003 11,506 8,335
9/12/2003 11,579 8,353
9/13/2003 11,579 8,353
9/14/2003 11,579 8,353
9/15/2003 11,583 8,322
9/16/2003 11,696 8,441
9/17/2003 11,656 8,414
9/18/2003 11,895 8,525
9/19/2003 11,883 8,499
9/20/2003 11,883 8,499
9/21/2003 11,883 8,499
9/22/2003 11,765 8,388
9/23/2003 11,810 8,439
9/24/2003 11,668 8,278
9/25/2003 11,591 8,230
9/26/2003 11,546 8,178
9/27/2003 11,546 8,178
9/28/2003 11,546 8,178
9/29/2003 11,652 8,259
9/30/2003 11,559 8,171
10/1/2003 11,863 8,355
10/2/2003 11,842 8,372
10/3/2003 11,932 8,451
10/4/2003 11,932 8,451
10/5/2003 11,932 8,451
10/6/2003 12,037 8,488
10/7/2003 12,098 8,529
10/8/2003 12,074 8,487
10/9/2003 12,159 8,528
10/10/2003 12,183 8,523
10/11/2003 12,183 8,523
10/12/2003 12,183 8,523
10/13/2003 12,337 8,583
10/14/2003 12,414 8,617
10/15/2003 12,305 8,596
10/16/2003 12,345 8,623
10/17/2003 12,224 8,535
10/18/2003 12,224 8,535
10/19/2003 12,224 8,535
10/20/2003 12,224 8,579
10/21/2003 12,236 8,590
10/22/2003 12,134 8,462
10/23/2003 12,216 8,490
10/24/2003 12,163 8,451
10/25/2003 12,163 8,451
10/26/2003 12,163 8,451
10/27/2003 12,366 8,469
10/28/2003 12,516 8,597
10/29/2003 12,577 8,610
10/30/2003 12,625 8,603
10/31/2003 12,654 8,634
11/1/2003 12,654 8,634
11/2/2003 12,654 8,634
11/3/2003 12,864 8,702
11/4/2003 12,844 8,655
11/5/2003 12,824 8,644
11/6/2003 12,942 8,697
11/7/2003 12,913 8,658
11/8/2003 12,913 8,658
11/9/2003 12,913 8,658
11/10/2003 12,820 8,609
11/11/2003 12,779 8,605
11/12/2003 12,877 8,706
11/13/2003 12,881 8,705
11/14/2003 12,763 8,641
11/15/2003 12,763 8,641
11/16/2003 12,763 8,641
11/17/2003 12,739 8,585
11/18/2003 12,637 8,508
11/19/2003 12,706 8,577
11/20/2003 12,637 8,505
11/21/2003 12,682 8,518
11/22/2003 12,682 8,518
11/23/2003 12,682 8,518
11/24/2003 12,848 8,657
11/25/2003 12,954 8,672
11/26/2003 12,998 8,711
11/27/2003 12,998 8,711
11/28/2003 12,974 8,710
11/29/2003 12,974 8,710
11/30/2003 12,974 8,710
12/1/2003 13,112 8,808
12/2/2003 13,100 8,779
12/3/2003 13,027 8,766
12/4/2003 12,990 8,808
12/5/2003 12,889 8,740
12/6/2003 12,889 8,740
12/7/2003 12,889 8,740
12/8/2003 13,059 8,805
12/9/2003 12,848 8,730
12/10/2003 12,767 8,722
12/11/2003 12,917 8,823
12/12/2003 12,982 8,848
12/13/2003 12,982 8,848
12/14/2003 12,982 8,848
12/15/2003 12,775 8,798
12/16/2003 12,893 8,856
12/17/2003 12,889 8,868
12/18/2003 12,974 8,974
12/19/2003 12,970 8,970
12/20/2003 12,970 8,970
12/21/2003 12,970 8,970
12/22/2003 13,023 9,005
12/23/2003 13,088 9,031
12/24/2003 13,047 9,014
12/25/2003 13,047 9,014
12/26/2003 13,059 9,030
12/27/2003 13,059 9,030
12/28/2003 13,059 9,030
12/29/2003 13,193 9,145
12/30/2003 13,250 9,147
12/31/2003 13,181 9,166
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 12/31/03
- --------------------------------------------------------------------------------
SINCE
ONE INCEPTION
YEAR (05/02/01)
- --------------------------------------------------------------------------------
BANKING FUND 31.74% 10.92%
S&P 500 INDEX 28.68% -3.21%
- --------------------------------------------------------------------------------
THE RETURNS PRESENTED ABOVE DO NOT REFLECT THE EFFECTS OF TAXES. PAST
PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE S&P 500 INDEX IS AN UNMANAGED
STOCK INDEX AND, UNLIKE THE FUND, HAS NO MANAGEMENT FEES OR OTHER OPERATING
EXPENSES TO REDUCE ITS REPORTED RETURNS. RETURNS ARE HISTORICAL AND INCLUDE
CHANGES IN PRINCIPAL AND REINVESTED DIVIDENDS AND CAPITAL GAINS.
18
BASIC MATERIALS FUND
- --------------------------------------------------------------------------------
OBJECTIVE: Seeks capital appreciation by investing in companies engaged in the
mining, manufacture or sale of basic materials, such as lumber, steel, iron,
aluminum, concrete, chemicals and other basic building and manufacturing
materials.
Inception: May 2, 2001
A strengthening domestic economy and heightened demand from China helped to
drive commodity prices higher as the Dow Jones AIG Industrial Metals Commodity
Index recovered from multi-year lows to rise 1.94%. This recovery in commodities
was especially felt in the metals and mining industry, which gained 72.4% to
post the best performance among industries in the sector. Rydex Basic Materials
Fund gained 31.46% in 2003.
CUMULATIVE FUND PERFORMANCE: MAY 2, 2001 - DECEMBER 31, 2003
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
Variable Basic S&P 500
Date Materials Index
5/2/2001 $10,000 $10,000
5/3/2001 9,904 9,853
5/4/2001 10,080 9,996
5/5/2001 10,080 9,996
5/6/2001 10,080 9,996
5/7/2001 10,004 9,971
5/8/2001 10,024 9,954
5/9/2001 10,136 9,911
5/10/2001 10,240 9,909
5/11/2001 10,104 9,835
5/12/2001 10,104 9,835
5/13/2001 10,104 9,835
5/14/2001 10,188 9,861
5/15/2001 10,288 9,866
5/16/2001 10,744 10,148
5/17/2001 10,832 10,176
5/18/2001 10,804 10,205
5/19/2001 10,804 10,205
5/20/2001 10,804 10,205
5/21/2001 10,864 10,370
5/22/2001 10,692 10,343
5/23/2001 10,536 10,182
5/24/2001 10,312 10,215
5/25/2001 10,308 10,095
5/26/2001 10,308 10,095
5/27/2001 10,308 10,095
5/28/2001 10,308 10,095
5/29/2001 10,392 10,017
5/30/2001 10,220 9,862
5/31/2001 10,304 9,924
6/1/2001 10,324 9,962
6/2/2001 10,324 9,962
6/3/2001 10,324 9,962
6/4/2001 10,384 10,013
6/5/2001 10,508 10,144
6/6/2001 10,384 10,038
6/7/2001 10,404 10,093
6/8/2001 10,356 9,998
6/9/2001 10,356 9,998
6/10/2001 10,356 9,998
6/11/2001 10,236 9,915
6/12/2001 10,188 9,926
6/13/2001 10,208 9,816
6/14/2001 9,988 9,644
6/15/2001 9,916 9,601
6/16/2001 9,916 9,601
6/17/2001 9,916 9,601
6/18/2001 9,864 9,554
6/19/2001 9,896 9,587
6/20/2001 9,928 9,671
6/21/2001 9,932 9,781
6/22/2001 9,788 9,689
6/23/2001 9,788 9,689
6/24/2001 9,788 9,689
6/25/2001 9,648 9,635
6/26/2001 9,716 9,621
6/27/2001 9,764 9,577
6/28/2001 9,788 9,697
6/29/2001 9,840 9,682
6/30/2001 9,840 9,682
7/1/2001 9,840 9,682
7/2/2001 9,916 9,780
7/3/2001 9,864 9,763
7/4/2001 9,864 9,763
7/5/2001 9,896 9,645
7/6/2001 9,752 9,420
7/7/2001 9,752 9,420
7/8/2001 9,752 9,420
7/9/2001 9,824 9,485
7/10/2001 9,784 9,349
7/11/2001 9,808 9,339
7/12/2001 9,988 9,561
7/13/2001 9,988 9,620
7/14/2001 9,988 9,620
7/15/2001 9,988 9,620
7/16/2001 9,824 9,516
7/17/2001 9,816 9,610
7/18/2001 9,956 9,558
7/19/2001 10,000 9,616
7/20/2001 9,936 9,583
7/21/2001 9,936 9,583
7/22/2001 9,936 9,583
7/23/2001 9,772 9,426
7/24/2001 9,496 9,273
7/25/2001 9,676 9,422
7/26/2001 9,724 9,520
7/27/2001 9,660 9,544
7/28/2001 9,660 9,544
7/29/2001 9,660 9,544
7/30/2001 9,640 9,534
7/31/2001 9,788 9,587
8/1/2001 9,724 9,626
8/2/2001 9,780 9,665
8/3/2001 9,768 9,615
8/4/2001 9,768 9,615
8/5/2001 9,768 9,615
8/6/2001 9,720 9,506
8/7/2001 9,688 9,537
8/8/2001 9,560 9,373
8/9/2001 9,588 9,374
8/10/2001 9,708 9,428
8/11/2001 9,708 9,428
8/12/2001 9,708 9,428
8/13/2001 9,740 9,438
8/14/2001 9,772 9,402
8/15/2001 9,752 9,335
8/16/2001 9,732 9,364
8/17/2001 9,712 9,208
8/18/2001 9,712 9,208
8/19/2001 9,712 9,208
8/20/2001 9,708 9,283
8/21/2001 9,720 9,171
8/22/2001 9,740 9,235
8/23/2001 9,764 9,210
8/24/2001 9,964 9,391
8/25/2001 9,964 9,391
8/26/2001 9,964 9,391
8/27/2001 9,936 9,346
8/28/2001 9,840 9,206
8/29/2001 9,784 9,105
8/30/2001 9,696 8,951
8/31/2001 9,764 8,987
9/1/2001 9,764 8,987
9/2/2001 9,764 8,987
9/3/2001 9,764 8,987
9/4/2001 9,884 8,982
9/5/2001 9,852 8,974
9/6/2001 9,728 8,774
9/7/2001 9,448 8,610
9/8/2001 9,448 8,610
9/9/2001 9,448 8,610
9/10/2001 9,292 8,664
9/11/2001 9,292 8,664
9/12/2001 9,292 8,664
9/13/2001 9,292 8,664
9/14/2001 9,292 8,664
9/15/2001 9,292 8,664
9/16/2001 9,292 8,664
9/17/2001 8,548 8,240
9/18/2001 8,596 8,193
9/19/2001 8,464 8,061
9/20/2001 8,140 7,811
9/21/2001 7,992 7,662
9/22/2001 7,992 7,662
9/23/2001 7,992 7,662
9/24/2001 8,332 7,961
9/25/2001 8,328 8,031
9/26/2001 8,280 7,992
9/27/2001 8,416 8,084
9/28/2001 8,668 8,261
9/29/2001 8,668 8,261
9/30/2001 8,668 8,261
10/1/2001 8,608 8,242
10/2/2001 8,672 8,344
10/3/2001 8,700 8,512
10/4/2001 8,624 8,491
10/5/2001 8,720 8,507
10/6/2001 8,720 8,507
10/7/2001 8,720 8,507
10/8/2001 8,524 8,436
10/9/2001 8,620 8,391
10/10/2001 8,828 8,584
10/11/2001 9,104 8,715
10/12/2001 9,036 8,669
10/13/2001 9,036 8,669
10/14/2001 9,036 8,669
10/15/2001 8,988 8,656
10/16/2001 9,088 8,716
10/17/2001 8,944 8,554
10/18/2001 8,872 8,487
10/19/2001 8,832 8,525
10/20/2001 8,832 8,525
10/21/2001 8,832 8,525
10/22/2001 9,072 8,656
10/23/2001 9,088 8,615
10/24/2001 9,052 8,619
10/25/2001 9,096 8,737
10/26/2001 9,188 8,773
10/27/2001 9,188 8,773
10/28/2001 9,188 8,773
10/29/2001 9,048 8,565
10/30/2001 8,936 8,418
10/31/2001 8,868 8,419
11/1/2001 9,036 8,613
11/2/2001 9,144 8,638
11/3/2001 9,144 8,638
11/4/2001 9,144 8,638
11/5/2001 9,172 8,762
11/6/2001 9,292 8,890
11/7/2001 9,324 8,868
11/8/2001 9,292 8,890
11/9/2001 9,332 8,905
11/10/2001 9,332 8,905
11/11/2001 9,332 8,905
11/12/2001 9,244 8,889
11/13/2001 9,468 9,055
11/14/2001 9,624 9,074
11/15/2001 9,700 9,082
11/16/2001 9,664 9,055
11/17/2001 9,664 9,055
11/18/2001 9,664 9,055
11/19/2001 9,800 9,153
11/20/2001 9,764 9,087
11/21/2001 9,688 9,043
11/22/2001 9,688 9,043
11/23/2001 9,832 9,149
11/24/2001 9,832 9,149
11/25/2001 9,832 9,149
11/26/2001 9,776 9,205
11/27/2001 9,796 9,142
11/28/2001 9,728 8,977
11/29/2001 9,700 9,071
11/30/2001 9,820 9,065
12/1/2001 9,820 9,065
12/2/2001 9,820 9,065
12/3/2001 9,696 8,989
12/4/2001 9,788 9,107
12/5/2001 10,076 9,314
12/6/2001 10,056 9,288
12/7/2001 9,876 9,218
12/8/2001 9,876 9,218
12/9/2001 9,876 9,218
12/10/2001 9,708 9,072
12/11/2001 9,756 9,047
12/12/2001 9,696 9,051
12/13/2001 9,520 8,910
12/14/2001 9,548 8,940
12/15/2001 9,548 8,940
12/16/2001 9,548 8,940
12/17/2001 9,608 9,030
12/18/2001 9,860 9,098
12/19/2001 9,684 9,151
12/20/2001 9,656 9,076
12/21/2001 9,528 9,116
12/22/2001 9,528 9,116
12/23/2001 9,528 9,116
12/24/2001 9,608 9,114
12/25/2001 9,608 9,114
12/26/2001 9,620 9,151
12/27/2001 9,664 9,216
12/28/2001 9,716 9,247
12/29/2001 9,716 9,247
12/30/2001 9,716 9,247
12/31/2001 9,684 9,144
1/1/2002 9,684 9,144
1/2/2002 9,688 9,198
1/3/2002 9,820 9,282
1/4/2002 10,020 9,340
1/5/2002 10,020 9,340
1/6/2002 10,020 9,340
1/7/2002 10,016 9,279
1/8/2002 9,856 9,248
1/9/2002 9,816 9,205
1/10/2002 9,620 9,216
1/11/2002 9,544 9,129
1/12/2002 9,544 9,129
1/13/2002 9,544 9,129
1/14/2002 9,280 9,072
1/15/2002 9,244 9,134
1/16/2002 9,020 8,986
1/17/2002 9,084 9,076
1/18/2002 9,060 8,986
1/19/2002 9,060 8,986
1/20/2002 9,060 8,986
1/21/2002 9,060 8,986
1/22/2002 9,096 8,921
1/23/2002 9,240 8,991
1/24/2002 9,456 9,023
1/25/2002 9,652 9,032
1/26/2002 9,652 9,032
1/27/2002 9,652 9,032
1/28/2002 9,624 9,030
1/29/2002 9,492 8,773
1/30/2002 9,588 8,877
1/31/2002 9,804 9,011
2/1/2002 9,756 8,947
2/2/2002 9,756 8,947
2/3/2002 9,756 8,947
2/4/2002 9,656 8,726
2/5/2002 9,564 8,691
2/6/2002 9,552 8,640
2/7/2002 9,552 8,615
2/8/2002 9,724 8,743
2/9/2002 9,724 8,743
2/10/2002 9,724 8,743
2/11/2002 10,040 8,869
2/12/2002 9,968 8,833
2/13/2002 10,056 8,924
2/14/2002 10,004 8,909
2/15/2002 10,100 8,811
2/16/2002 10,100 8,811
2/17/2002 10,100 8,811
2/18/2002 10,100 8,811
2/19/2002 9,912 8,645
2/20/2002 10,048 8,762
2/21/2002 10,100 8,626
2/22/2002 10,176 8,697
2/23/2002 10,176 8,697
2/24/2002 10,176 8,697
2/25/2002 10,236 8,854
2/26/2002 10,276 8,854
2/27/2002 10,320 8,862
2/28/2002 10,316 8,837
3/1/2002 10,436 9,037
3/2/2002 10,436 9,037
3/3/2002 10,436 9,037
3/4/2002 10,728 9,213
3/5/2002 10,460 9,152
3/6/2002 10,636 9,286
3/7/2002 10,604 9,245
3/8/2002 10,524 9,299
3/9/2002 10,524 9,299
3/10/2002 10,524 9,299
3/11/2002 10,560 9,331
3/12/2002 10,584 9,309
3/13/2002 10,444 9,220
3/14/2002 10,564 9,212
3/15/2002 10,676 9,317
3/16/2002 10,676 9,317
3/17/2002 10,676 9,317
3/18/2002 10,700 9,312
3/19/2002 10,788 9,350
3/20/2002 10,744 9,203
3/21/2002 10,584 9,217
3/22/2002 10,488 9,178
3/23/2002 10,488 9,178
3/24/2002 10,488 9,178
3/25/2002 10,372 9,044
3/26/2002 10,556 9,098
3/27/2002 10,744 9,147
3/28/2002 10,672 9,169
3/29/2002 10,672 9,169
3/30/2002 10,672 9,169
3/31/2002 10,672 9,169
4/1/2002 10,612 9,162
4/2/2002 10,576 9,084
4/3/2002 10,412 8,995
4/4/2002 10,288 9,003
4/5/2002 10,416 8,974
4/6/2002 10,416 8,974
4/7/2002 10,416 8,974
4/8/2002 10,432 8,997
4/9/2002 10,428 8,937
4/10/2002 10,668 9,039
4/11/2002 10,548 8,825
4/12/2002 10,524 8,884
4/13/2002 10,524 8,884
4/14/2002 10,524 8,884
4/15/2002 10,424 8,816
4/16/2002 10,608 9,023
4/17/2002 10,608 9,005
4/18/2002 10,496 8,992
4/19/2002 10,516 8,998
4/20/2002 10,516 8,998
4/21/2002 10,516 8,998
4/22/2002 10,248 8,859
4/23/2002 10,152 8,804
4/24/2002 10,080 8,742
4/25/2002 10,036 8,728
4/26/2002 10,064 8,608
4/27/2002 10,064 8,608
4/28/2002 10,064 8,608
4/29/2002 9,908 8,521
4/30/2002 10,108 8,613
5/1/2002 10,140 8,690
5/2/2002 10,308 8,676
5/3/2002 10,340 8,587
5/4/2002 10,340 8,587
5/5/2002 10,340 8,587
5/6/2002 10,264 8,421
5/7/2002 10,360 8,396
5/8/2002 10,464 8,712
5/9/2002 10,484 8,587
5/10/2002 10,432 8,443
5/11/2002 10,432 8,443
5/12/2002 10,432 8,443
5/13/2002 10,520 8,601
5/14/2002 10,688 8,783
5/15/2002 10,720 8,736
5/16/2002 10,656 8,794
5/17/2002 10,704 8,863
5/18/2002 10,704 8,863
5/19/2002 10,704 8,863
5/20/2002 10,624 8,745
5/21/2002 10,624 8,649
5/22/2002 10,664 8,699
5/23/2002 10,796 8,787
5/24/2002 10,688 8,681
5/25/2002 10,688 8,681
5/26/2002 10,688 8,681
5/27/2002 10,688 8,681
5/28/2002 10,624 8,607
5/29/2002 10,536 8,553
5/30/2002 10,456 8,530
5/31/2002 10,520 8,550
6/1/2002 10,520 8,550
6/2/2002 10,520 8,550
6/3/2002 10,316 8,338
6/4/2002 10,256 8,338
6/5/2002 10,388 8,415
6/6/2002 10,216 8,249
6/7/2002 10,256 8,236
6/8/2002 10,256 8,236
6/9/2002 10,256 8,236
6/10/2002 10,280 8,262
6/11/2002 10,136 8,124
6/12/2002 10,216 8,179
6/13/2002 10,076 8,094
6/14/2002 10,032 8,075
6/15/2002 10,032 8,075
6/16/2002 10,032 8,075
6/17/2002 10,216 8,307
6/18/2002 10,272 8,315
6/19/2002 10,200 8,178
6/20/2002 10,228 8,068
6/21/2002 10,092 7,931
6/22/2002 10,092 7,931
6/23/2002 10,092 7,931
6/24/2002 10,128 7,960
6/25/2002 10,116 7,827
6/26/2002 10,040 7,810
6/27/2002 10,144 7,947
6/28/2002 10,256 7,941
6/29/2002 10,256 7,941
6/30/2002 10,256 7,941
7/1/2002 10,220 7,771
7/2/2002 9,948 7,608
7/3/2002 9,908 7,655
7/4/2002 9,908 7,655
7/5/2002 10,188 7,937
7/6/2002 10,188 7,937
7/7/2002 10,188 7,937
7/8/2002 10,148 7,842
7/9/2002 10,036 7,649
7/10/2002 9,744 7,389
7/11/2002 9,616 7,445
7/12/2002 9,564 7,397
7/13/2002 9,564 7,397
7/14/2002 9,564 7,397
7/15/2002 9,344 7,369
7/16/2002 9,208 7,234
7/17/2002 9,264 7,275
7/18/2002 9,140 7,078
7/19/2002 8,752 6,807
7/20/2002 8,752 6,807
7/21/2002 8,752 6,807
7/22/2002 8,376 6,583
7/23/2002 8,208 6,405
7/24/2002 8,696 6,772
7/25/2002 8,828 6,734
7/26/2002 8,848 6,848
7/27/2002 8,848 6,848
7/28/2002 8,848 6,848
7/29/2002 9,332 7,219
7/30/2002 8,976 7,250
7/31/2002 9,020 7,322
8/1/2002 9,012 7,106
8/2/2002 8,628 6,942
8/3/2002 8,628 6,942
8/4/2002 8,628 6,942
8/5/2002 8,380 6,705
8/6/2002 8,668 6,905
8/7/2002 8,836 7,045
8/8/2002 9,028 7,275
8/9/2002 9,120 7,303
8/10/2002 9,120 7,303
8/11/2002 9,120 7,303
8/12/2002 9,064 7,264
8/13/2002 8,940 7,107
8/14/2002 9,064 7,393
8/15/2002 9,040 7,480
8/16/2002 8,916 7,469
8/17/2002 8,916 7,469
8/18/2002 8,916 7,469
8/19/2002 9,108 7,645
8/20/2002 8,992 7,538
8/21/2002 9,072 7,635
8/22/2002 9,184 7,743
8/23/2002 9,032 7,567
8/24/2002 9,032 7,567
8/25/2002 9,032 7,567
8/26/2002 9,168 7,624
8/27/2002 9,156 7,519
8/28/2002 8,912 7,384
8/29/2002 8,928 7,384
8/30/2002 9,000 7,370
8/31/2002 9,000 7,370
9/1/2002 9,000 7,370
9/2/2002 9,000 7,370
9/3/2002 8,732 7,064
9/4/2002 8,806 7,190
9/5/2002 8,558 7,076
9/6/2002 8,754 7,195
9/7/2002 8,754 7,195
9/8/2002 8,754 7,195
9/9/2002 8,830 7,268
9/10/2002 8,911 7,321
9/11/2002 8,955 7,321
9/12/2002 8,786 7,141
9/13/2002 8,714 7,165
9/14/2002 8,714 7,165
9/15/2002 8,714 7,165
9/16/2002 8,654 7,176
9/17/2002 8,490 7,034
9/18/2002 8,393 7,002
9/19/2002 8,181 6,792
9/20/2002 8,317 6,808
9/21/2002 8,317 6,808
9/22/2002 8,317 6,808
9/23/2002 8,141 6,714
9/24/2002 7,836 6,598
9/25/2002 8,028 6,764
9/26/2002 8,141 6,888
9/27/2002 7,896 6,666
9/28/2002 7,896 6,666
9/29/2002 7,896 6,666
9/30/2002 7,800 6,569
10/1/2002 8,269 6,832
10/2/2002 7,812 6,672
10/3/2002 7,828 6,600
10/4/2002 7,680 6,452
10/5/2002 7,680 6,452
10/6/2002 7,680 6,452
10/7/2002 7,479 6,329
10/8/2002 7,587 6,438
10/9/2002 7,246 6,263
10/10/2002 7,527 6,483
10/11/2002 7,820 6,736
10/12/2002 7,820 6,736
10/13/2002 7,820 6,736
10/14/2002 7,764 6,785
10/15/2002 8,201 7,107
10/16/2002 7,940 6,936
10/17/2002 8,177 7,091
10/18/2002 8,121 7,133
10/19/2002 8,121 7,133
10/20/2002 8,121 7,133
10/21/2002 8,361 7,256
10/22/2002 8,173 7,179
10/23/2002 8,233 7,227
10/24/2002 8,036 7,117
10/25/2002 8,201 7,240
10/26/2002 8,201 7,240
10/27/2002 8,201 7,240
10/28/2002 8,121 7,180
10/29/2002 7,992 7,115
10/30/2002 8,020 7,186
10/31/2002 8,016 7,147
11/1/2002 8,189 7,270
11/2/2002 8,189 7,270
11/3/2002 8,189 7,270
11/4/2002 8,161 7,329
11/5/2002 8,173 7,386
11/6/2002 8,405 7,456
11/7/2002 8,217 7,287
11/8/2002 8,053 7,223
11/9/2002 8,053 7,223
11/10/2002 8,053 7,223
11/11/2002 7,856 7,074
11/12/2002 7,960 7,129
11/13/2002 7,936 7,128
11/14/2002 8,165 7,304
11/15/2002 8,181 7,350
11/16/2002 8,181 7,350
11/17/2002 8,181 7,350
11/18/2002 8,109 7,273
11/19/2002 8,097 7,244
11/20/2002 8,149 7,385
11/21/2002 8,454 7,544
11/22/2002 8,341 7,518
11/23/2002 8,341 7,518
11/24/2002 8,341 7,518
11/25/2002 8,425 7,537
11/26/2002 8,333 7,381
11/27/2002 8,634 7,588
11/28/2002 8,634 7,588
11/29/2002 8,802 7,568
11/30/2002 8,802 7,568
12/1/2002 8,802 7,568
12/2/2002 8,698 7,553
12/3/2002 8,614 7,442
12/4/2002 8,582 7,419
12/5/2002 8,506 7,330
12/6/2002 8,558 7,376
12/7/2002 8,558 7,376
12/8/2002 8,558 7,376
12/9/2002 8,353 7,213
12/10/2002 8,458 7,314
12/11/2002 8,518 7,319
12/12/2002 8,490 7,292
12/13/2002 8,421 7,195
12/14/2002 8,421 7,195
12/15/2002 8,421 7,195
12/16/2002 8,674 7,364
12/17/2002 8,566 7,304
12/18/2002 8,417 7,209
12/19/2002 8,385 7,155
12/20/2002 8,482 7,248
12/21/2002 8,482 7,248
12/22/2002 8,482 7,248
12/23/2002 8,466 7,261
12/24/2002 8,441 7,221
12/25/2002 8,441 7,221
12/26/2002 8,490 7,199
12/27/2002 8,373 7,086
12/28/2002 8,373 7,086
12/29/2002 8,373 7,086
12/30/2002 8,409 7,119
12/31/2002 8,450 7,123
1/1/2003 8,450 7,123
1/2/2003 8,618 7,360
1/3/2003 8,594 7,357
1/4/2003 8,594 7,357
1/5/2003 8,594 7,357
1/6/2003 8,698 7,522
1/7/2003 8,618 7,473
1/8/2003 8,441 7,370
1/9/2003 8,574 7,514
1/10/2003 8,674 7,513
1/11/2003 8,674 7,513
1/12/2003 8,674 7,513
1/13/2003 8,678 7,503
1/14/2003 8,694 7,547
1/15/2003 8,578 7,439
1/16/2003 8,650 7,410
1/17/2003 8,546 7,306
1/18/2003 8,546 7,306
1/19/2003 8,546 7,306
1/20/2003 8,546 7,306
1/21/2003 8,381 7,192
1/22/2003 8,297 7,117
1/23/2003 8,377 7,190
1/24/2003 8,165 6,980
1/25/2003 8,165 6,980
1/26/2003 8,165 6,980
1/27/2003 7,940 6,867
1/28/2003 8,012 6,957
1/29/2003 7,988 7,005
1/30/2003 7,860 6,847
1/31/2003 7,960 6,937
2/1/2003 7,960 6,937
2/2/2003 7,960 6,937
2/3/2003 7,964 6,974
2/4/2003 7,932 6,876
2/5/2003 7,880 6,840
2/6/2003 7,800 6,798
2/7/2003 7,736 6,729
2/8/2003 7,736 6,729
2/9/2003 7,736 6,729
2/10/2003 7,760 6,780
2/11/2003 7,696 6,726
2/12/2003 7,627 6,643
2/13/2003 7,664 6,633
2/14/2003 7,643 6,775
2/15/2003 7,643 6,775
2/16/2003 7,643 6,775
2/17/2003 7,643 6,775
2/18/2003 7,784 6,908
2/19/2003 7,700 6,860
2/20/2003 7,635 6,796
2/21/2003 7,764 6,885
2/22/2003 7,764 6,885
2/23/2003 7,764 6,885
2/24/2003 7,595 6,759
2/25/2003 7,615 6,808
2/26/2003 7,595 6,721
2/27/2003 7,660 6,801
2/28/2003 7,668 6,832
3/1/2003 7,668 6,832
3/2/2003 7,668 6,832
3/3/2003 7,607 6,781
3/4/2003 7,463 6,677
3/5/2003 7,467 6,743
3/6/2003 7,335 6,681
3/7/2003 7,387 6,736
3/8/2003 7,387 6,736
3/9/2003 7,387 6,736
3/10/2003 7,222 6,562
3/11/2003 7,154 6,507
3/12/2003 7,134 6,538
3/13/2003 7,399 6,764
3/14/2003 7,403 6,775
3/15/2003 7,403 6,775
3/16/2003 7,403 6,775
3/17/2003 7,627 7,015
3/18/2003 7,748 7,045
3/19/2003 7,764 7,107
3/20/2003 7,764 7,121
3/21/2003 8,053 7,284
3/22/2003 8,053 7,284
3/23/2003 8,053 7,284
3/24/2003 7,748 7,028
3/25/2003 7,764 7,113
3/26/2003 7,676 7,075
3/27/2003 7,611 7,064
3/28/2003 7,664 7,023
3/29/2003 7,664 7,023
3/30/2003 7,664 7,023
3/31/2003 7,539 6,899
4/1/2003 7,603 6,983
4/2/2003 7,756 7,166
4/3/2003 7,696 7,130
4/4/2003 7,660 7,150
4/5/2003 7,660 7,150
4/6/2003 7,660 7,150
4/7/2003 7,760 7,159
4/8/2003 7,700 7,148
4/9/2003 7,611 7,049
4/10/2003 7,639 7,094
4/11/2003 7,623 7,068
4/12/2003 7,623 7,068
4/13/2003 7,623 7,068
4/14/2003 7,756 7,206
4/15/2003 7,824 7,252
4/16/2003 7,732 7,163
4/17/2003 7,820 7,275
4/18/2003 7,820 7,275
4/19/2003 7,820 7,275
4/20/2003 7,820 7,275
4/21/2003 7,856 7,262
4/22/2003 7,996 7,419
4/23/2003 8,048 7,482
4/24/2003 8,004 7,420
4/25/2003 7,900 7,317
4/26/2003 7,900 7,317
4/27/2003 7,900 7,317
4/28/2003 8,057 7,449
4/29/2003 8,077 7,474
4/30/2003 8,137 7,467
5/1/2003 8,101 7,463
5/2/2003 8,229 7,576
5/3/2003 8,229 7,576
5/4/2003 8,229 7,576
5/5/2003 8,213 7,547
5/6/2003 8,289 7,611
5/7/2003 8,245 7,573
5/8/2003 8,185 7,497
5/9/2003 8,337 7,606
5/10/2003 8,337 7,606
5/11/2003 8,337 7,606
5/12/2003 8,417 7,702
5/13/2003 8,361 7,680
5/14/2003 8,333 7,657
5/15/2003 8,385 7,719
5/16/2003 8,333 7,700
5/17/2003 8,333 7,700
5/18/2003 8,333 7,700
5/19/2003 8,197 7,508
5/20/2003 8,201 7,500
5/21/2003 8,225 7,531
5/22/2003 8,269 7,600
5/23/2003 8,301 7,611
5/24/2003 8,301 7,611
5/25/2003 8,301 7,611
5/26/2003 8,301 7,611
5/27/2003 8,458 7,760
5/28/2003 8,437 7,775
5/29/2003 8,413 7,746
5/30/2003 8,554 7,860
5/31/2003 8,554 7,860
6/1/2003 8,554 7,860
6/2/2003 8,634 7,889
6/3/2003 8,602 7,926
6/4/2003 8,742 8,048
6/5/2003 8,762 8,080
6/6/2003 8,726 8,061
6/7/2003 8,726 8,061
6/8/2003 8,726 8,061
6/9/2003 8,598 7,965
6/10/2003 8,670 8,038
6/11/2003 8,746 8,144
6/12/2003 8,810 8,152
6/13/2003 8,698 8,072
6/14/2003 8,698 8,072
6/15/2003 8,698 8,072
6/16/2003 8,871 8,253
6/17/2003 8,923 8,260
6/18/2003 8,851 8,248
6/19/2003 8,786 8,122
6/20/2003 8,770 8,131
6/21/2003 8,770 8,131
6/22/2003 8,770 8,131
6/23/2003 8,578 8,016
6/24/2003 8,618 8,031
6/25/2003 8,578 7,964
6/26/2003 8,678 8,053
6/27/2003 8,622 7,975
6/28/2003 8,622 7,975
6/29/2003 8,622 7,975
6/30/2003 8,606 7,961
7/1/2003 8,618 8,026
7/2/2003 8,730 8,120
7/3/2003 8,654 8,054
7/4/2003 8,654 8,054
7/5/2003 8,654 8,054
7/6/2003 8,654 8,054
7/7/2003 8,802 8,207
7/8/2003 8,802 8,238
7/9/2003 8,770 8,192
7/10/2003 8,614 8,082
7/11/2003 8,682 8,160
7/12/2003 8,682 8,160
7/13/2003 8,682 8,160
7/14/2003 8,670 8,207
7/15/2003 8,622 8,178
7/16/2003 8,606 8,127
7/17/2003 8,570 8,026
7/18/2003 8,726 8,121
7/19/2003 8,726 8,121
7/20/2003 8,726 8,121
7/21/2003 8,654 8,003
7/22/2003 8,814 8,079
7/23/2003 8,790 8,083
7/24/2003 8,843 8,026
7/25/2003 8,983 8,165
7/26/2003 8,983 8,165
7/27/2003 8,983 8,165
7/28/2003 8,999 8,148
7/29/2003 8,991 8,090
7/30/2003 8,987 8,076
7/31/2003 9,079 8,101
8/1/2003 8,971 8,018
8/2/2003 8,971 8,018
8/3/2003 8,971 8,018
8/4/2003 8,971 8,040
8/5/2003 8,830 7,898
8/6/2003 8,798 7,913
8/7/2003 8,786 7,971
8/8/2003 8,875 7,999
8/9/2003 8,875 7,999
8/10/2003 8,875 7,999
8/11/2003 8,939 8,026
8/12/2003 8,987 8,106
8/13/2003 8,983 8,057
8/14/2003 9,115 8,110
8/15/2003 9,123 8,113
8/16/2003 9,123 8,113
8/17/2003 9,123 8,113
8/18/2003 9,199 8,188
8/19/2003 9,300 8,209
8/20/2003 9,316 8,193
8/21/2003 9,436 8,218
8/22/2003 9,280 8,134
8/23/2003 9,280 8,134
8/24/2003 9,280 8,134
8/25/2003 9,227 8,139
8/26/2003 9,252 8,164
8/27/2003 9,300 8,166
8/28/2003 9,396 8,216
8/29/2003 9,420 8,259
8/30/2003 9,420 8,259
8/31/2003 9,420 8,259
9/1/2003 9,420 8,259
9/2/2003 9,516 8,374
9/3/2003 9,524 8,411
9/4/2003 9,496 8,426
9/5/2003 9,427 8,372
9/6/2003 9,427 8,372
9/7/2003 9,427 8,372
9/8/2003 9,523 8,456
9/9/2003 9,511 8,387
9/10/2003 9,347 8,287
9/11/2003 9,395 8,335
9/12/2003 9,507 8,353
9/13/2003 9,507 8,353
9/14/2003 9,507 8,353
9/15/2003 9,475 8,322
9/16/2003 9,555 8,441
9/17/2003 9,443 8,414
9/18/2003 9,523 8,525
9/19/2003 9,515 8,499
9/20/2003 9,515 8,499
9/21/2003 9,515 8,499
9/22/2003 9,379 8,388
9/23/2003 9,435 8,439
9/24/2003 9,294 8,278
9/25/2003 9,142 8,230
9/26/2003 9,062 8,178
9/27/2003 9,062 8,178
9/28/2003 9,062 8,178
9/29/2003 9,202 8,259
9/30/2003 9,098 8,171
10/1/2003 9,286 8,355
10/2/2003 9,335 8,372
10/3/2003 9,431 8,451
10/4/2003 9,431 8,451
10/5/2003 9,431 8,451
10/6/2003 9,471 8,488
10/7/2003 9,499 8,529
10/8/2003 9,535 8,487
10/9/2003 9,575 8,528
10/10/2003 9,551 8,523
10/11/2003 9,551 8,523
10/12/2003 9,551 8,523
10/13/2003 9,696 8,583
10/14/2003 9,728 8,617
10/15/2003 9,720 8,596
10/16/2003 9,776 8,623
10/17/2003 9,643 8,535
10/18/2003 9,643 8,535
10/19/2003 9,643 8,535
10/20/2003 9,651 8,579
10/21/2003 9,659 8,590
10/22/2003 9,507 8,462
10/23/2003 9,555 8,490
10/24/2003 9,519 8,451
10/25/2003 9,519 8,451
10/26/2003 9,519 8,451
10/27/2003 9,595 8,469
10/28/2003 9,744 8,597
10/29/2003 9,852 8,610
10/30/2003 9,992 8,603
10/31/2003 9,936 8,634
11/1/2003 9,936 8,634
11/2/2003 9,936 8,634
11/3/2003 10,024 8,702
11/4/2003 10,016 8,655
11/5/2003 9,972 8,644
11/6/2003 10,033 8,697
11/7/2003 10,069 8,658
11/8/2003 10,069 8,658
11/9/2003 10,069 8,658
11/10/2003 9,900 8,609
11/11/2003 9,880 8,605
11/12/2003 10,024 8,706
11/13/2003 10,016 8,705
11/14/2003 9,944 8,641
11/15/2003 9,944 8,641
11/16/2003 9,944 8,641
11/17/2003 9,880 8,585
11/18/2003 9,816 8,508
11/19/2003 9,844 8,577
11/20/2003 9,760 8,505
11/21/2003 9,816 8,518
11/22/2003 9,816 8,518
11/23/2003 9,816 8,518
11/24/2003 9,944 8,657
11/25/2003 10,073 8,672
11/26/2003 10,157 8,711
11/27/2003 10,157 8,711
11/28/2003 10,161 8,710
11/29/2003 10,161 8,710
11/30/2003 10,161 8,710
12/1/2003 10,438 8,808
12/2/2003 10,450 8,779
12/3/2003 10,486 8,766
12/4/2003 10,562 8,808
12/5/2003 10,470 8,740
12/6/2003 10,470 8,740
12/7/2003 10,470 8,740
12/8/2003 10,670 8,805
12/9/2003 10,678 8,730
12/10/2003 10,522 8,722
12/11/2003 10,682 8,823
12/12/2003 10,767 8,848
12/13/2003 10,767 8,848
12/14/2003 10,767 8,848
12/15/2003 10,698 8,798
12/16/2003 10,710 8,856
12/17/2003 10,803 8,868
12/18/2003 10,887 8,974
12/19/2003 10,903 8,970
12/20/2003 10,903 8,970
12/21/2003 10,903 8,970
12/22/2003 11,015 9,005
12/23/2003 11,035 9,031
12/24/2003 10,991 9,014
12/25/2003 10,991 9,014
12/26/2003 11,067 9,030
12/27/2003 11,067 9,030
12/28/2003 11,067 9,030
12/29/2003 11,228 9,145
12/30/2003 11,188 9,147
12/31/2003 11,108 9,166
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 12/31/03
- --------------------------------------------------------------------------------
SINCE
ONE INCEPTION
YEAR (05/02/01)
- --------------------------------------------------------------------------------
BASIC MATERIALS FUND 31.46% 4.02%
S&P 500 INDEX 28.68% -3.21%
- --------------------------------------------------------------------------------
THE RETURNS PRESENTED ABOVE DO NOT REFLECT THE EFFECTS OF TAXES. PAST
PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE S&P 500 INDEX IS AN UNMANAGED
STOCK INDEX AND, UNLIKE THE FUND, HAS NO MANAGEMENT FEES OR OTHER OPERATING
EXPENSES TO REDUCE ITS REPORTED RETURNS. RETURNS ARE HISTORICAL AND INCLUDE
CHANGES IN PRINCIPAL AND REINVESTED DIVIDENDS AND CAPITAL GAINS.
ANNUAL REPORT 19
BIOTECHNOLOGY FUND
- --------------------------------------------------------------------------------
OBJECTIVE: Seeks capital appreciation by investing in companies that are
involved in the biotechnology industry, including companies involved in research
and development, genetic or biological engineering and in the design,
manufacture or sale of related biotechnology products or services.
Inception: May 2, 2001
As with most sectors in the economy, the biotechnology sector rewarded its
investors in 2003. In particular, small stocks performed particularly well
during the period. Many biotechnology companies continued to generate new drugs
and patents. Rydex Biotechnology Fund gained 42.11% during the period.
CUMULATIVE FUND PERFORMANCE: MAY 2, 2001 - DECEMBER 31, 2003
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
Date Variable Biotechnology S&P 500 Index
5/2/2001 $10,000 $10,000
5/3/2001 9,592 9,853
5/4/2001 9,968 9,996
5/5/2001 9,968 9,996
5/6/2001 9,968 9,996
5/7/2001 9,932 9,971
5/8/2001 10,032 9,954
5/9/2001 10,032 9,911
5/10/2001 9,836 9,909
5/11/2001 9,780 9,835
5/12/2001 9,780 9,835
5/13/2001 9,780 9,835
5/14/2001 9,580 9,861
5/15/2001 9,504 9,866
5/16/2001 10,052 10,148
5/17/2001 10,524 10,176
5/18/2001 10,552 10,205
5/19/2001 10,552 10,205
5/20/2001 10,552 10,205
5/21/2001 11,052 10,370
5/22/2001 10,992 10,343
5/23/2001 10,452 10,182
5/24/2001 10,876 10,215
5/25/2001 10,760 10,095
5/26/2001 10,760 10,095
5/27/2001 10,760 10,095
5/28/2001 10,760 10,095
5/29/2001 10,660 10,017
5/30/2001 10,364 9,862
5/31/2001 10,564 9,924
6/1/2001 10,920 9,962
6/2/2001 10,920 9,962
6/3/2001 10,920 9,962
6/4/2001 11,224 10,013
6/5/2001 11,676 10,144
6/6/2001 11,412 10,038
6/7/2001 11,376 10,093
6/8/2001 11,168 9,998
6/9/2001 11,168 9,998
6/10/2001 11,168 9,998
6/11/2001 10,816 9,915
6/12/2001 10,704 9,926
6/13/2001 10,760 9,816
6/14/2001 10,528 9,644
6/15/2001 10,720 9,601
6/16/2001 10,720 9,601
6/17/2001 10,720 9,601
6/18/2001 10,584 9,554
6/19/2001 10,532 9,587
6/20/2001 10,972 9,671
6/21/2001 11,104 9,781
6/22/2001 10,768 9,689
6/23/2001 10,768 9,689
6/24/2001 10,768 9,689
6/25/2001 10,452 9,635
6/26/2001 10,408 9,621
6/27/2001 10,456 9,577
6/28/2001 10,696 9,697
6/29/2001 10,828 9,682
6/30/2001 10,828 9,682
7/1/2001 10,828 9,682
7/2/2001 10,692 9,780
7/3/2001 10,700 9,763
7/4/2001 10,700 9,763
7/5/2001 10,248 9,645
7/6/2001 9,972 9,420
7/7/2001 9,972 9,420
7/8/2001 9,972 9,420
7/9/2001 10,124 9,485
7/10/2001 9,664 9,349
7/11/2001 9,584 9,339
7/12/2001 9,388 9,561
7/13/2001 9,612 9,620
7/14/2001 9,612 9,620
7/15/2001 9,612 9,620
7/16/2001 9,104 9,516
7/17/2001 9,324 9,610
7/18/2001 9,540 9,558
7/19/2001 9,496 9,616
7/20/2001 9,672 9,583
7/21/2001 9,672 9,583
7/22/2001 9,672 9,583
7/23/2001 9,428 9,426
7/24/2001 9,072 9,273
7/25/2001 9,288 9,422
7/26/2001 9,464 9,520
7/27/2001 9,680 9,544
7/28/2001 9,680 9,544
7/29/2001 9,680 9,544
7/30/2001 9,516 9,534
7/31/2001 9,588 9,587
8/1/2001 9,576 9,626
8/2/2001 9,476 9,665
8/3/2001 9,524 9,615
8/4/2001 9,524 9,615
8/5/2001 9,524 9,615
8/6/2001 9,468 9,506
8/7/2001 9,404 9,537
8/8/2001 9,136 9,373
8/9/2001 9,112 9,374
8/10/2001 9,156 9,428
8/11/2001 9,156 9,428
8/12/2001 9,156 9,428
8/13/2001 9,488 9,438
8/14/2001 9,476 9,402
8/15/2001 9,216 9,335
8/16/2001 9,288 9,364
8/17/2001 9,076 9,208
8/18/2001 9,076 9,208
8/19/2001 9,076 9,208
8/20/2001 9,052 9,283
8/21/2001 8,996 9,171
8/22/2001 9,344 9,235
8/23/2001 9,664 9,210
8/24/2001 9,944 9,391
8/25/2001 9,944 9,391
8/26/2001 9,944 9,391
8/27/2001 9,968 9,346
8/28/2001 9,716 9,206
8/29/2001 9,728 9,105
8/30/2001 9,780 8,951
8/31/2001 9,664 8,987
9/1/2001 9,664 8,987
9/2/2001 9,664 8,987
9/3/2001 9,664 8,987
9/4/2001 9,616 8,982
9/5/2001 9,644 8,974
9/6/2001 9,476 8,774
9/7/2001 9,268 8,610
9/8/2001 9,268 8,610
9/9/2001 9,268 8,610
9/10/2001 9,224 8,664
9/11/2001 9,224 8,664
9/12/2001 9,224 8,664
9/13/2001 9,224 8,664
9/14/2001 9,224 8,664
9/15/2001 9,224 8,664
9/16/2001 9,224 8,664
9/17/2001 8,552 8,240
9/18/2001 8,168 8,193
9/19/2001 7,996 8,061
9/20/2001 8,056 7,811
9/21/2001 7,688 7,662
9/22/2001 7,688 7,662
9/23/2001 7,688 7,662
9/24/2001 7,696 7,961
9/25/2001 7,824 8,031
9/26/2001 7,852 7,992
9/27/2001 8,300 8,084
9/28/2001 8,304 8,261
9/29/2001 8,304 8,261
9/30/2001 8,304 8,261
10/1/2001 8,372 8,242
10/2/2001 8,604 8,344
10/3/2001 8,864 8,512
10/4/2001 8,560 8,491
10/5/2001 8,640 8,507
10/6/2001 8,640 8,507
10/7/2001 8,640 8,507
10/8/2001 8,464 8,436
10/9/2001 8,524 8,391
10/10/2001 8,888 8,584
10/11/2001 9,304 8,715
10/12/2001 9,236 8,669
10/13/2001 9,236 8,669
10/14/2001 9,236 8,669
10/15/2001 9,420 8,656
10/16/2001 9,444 8,716
10/17/2001 8,948 8,554
10/18/2001 9,084 8,487
10/19/2001 9,264 8,525
10/20/2001 9,264 8,525
10/21/2001 9,264 8,525
10/22/2001 9,528 8,656
10/23/2001 9,412 8,615
10/24/2001 9,524 8,619
10/25/2001 9,836 8,737
10/26/2001 10,008 8,773
10/27/2001 10,008 8,773
10/28/2001 10,008 8,773
10/29/2001 9,668 8,565
10/30/2001 9,480 8,418
10/31/2001 9,588 8,419
11/1/2001 9,652 8,613
11/2/2001 9,540 8,638
11/3/2001 9,540 8,638
11/4/2001 9,540 8,638
11/5/2001 9,872 8,762
11/6/2001 9,984 8,890
11/7/2001 9,936 8,868
11/8/2001 9,692 8,890
11/9/2001 9,520 8,905
11/10/2001 9,520 8,905
11/11/2001 9,520 8,905
11/12/2001 9,528 8,889
11/13/2001 9,904 9,055
11/14/2001 9,828 9,074
11/15/2001 9,836 9,082
11/16/2001 9,824 9,055
11/17/2001 9,824 9,055
11/18/2001 9,824 9,055
11/19/2001 10,224 9,153
11/20/2001 9,952 9,087
11/21/2001 10,064 9,043
11/22/2001 10,064 9,043
11/23/2001 10,264 9,149
11/24/2001 10,264 9,149
11/25/2001 10,264 9,149
11/26/2001 10,548 9,205
11/27/2001 10,492 9,142
11/28/2001 10,160 8,977
11/29/2001 10,372 9,071
11/30/2001 10,448 9,065
12/1/2001 10,448 9,065
12/2/2001 10,448 9,065
12/3/2001 10,172 8,989
12/4/2001 10,360 9,107
12/5/2001 10,552 9,314
12/6/2001 10,576 9,288
12/7/2001 10,352 9,218
12/8/2001 10,352 9,218
12/9/2001 10,352 9,218
12/10/2001 10,028 9,072
12/11/2001 9,956 9,047
12/12/2001 9,772 9,051
12/13/2001 9,824 8,910
12/14/2001 9,728 8,940
12/15/2001 9,728 8,940
12/16/2001 9,728 8,940
12/17/2001 10,084 9,030
12/18/2001 10,116 9,098
12/19/2001 10,000 9,151
12/20/2001 9,852 9,076
12/21/2001 10,040 9,116
12/22/2001 10,040 9,116
12/23/2001 10,040 9,116
12/24/2001 10,028 9,114
12/25/2001 10,028 9,114
12/26/2001 10,132 9,151
12/27/2001 10,096 9,216
12/28/2001 10,224 9,247
12/29/2001 10,224 9,247
12/30/2001 10,224 9,247
12/31/2001 9,868 9,144
1/1/2002 9,868 9,144
1/2/2002 9,684 9,198
1/3/2002 9,496 9,282
1/4/2002 9,604 9,340
1/5/2002 9,604 9,340
1/6/2002 9,604 9,340
1/7/2002 9,400 9,279
1/8/2002 9,480 9,248
1/9/2002 9,308 9,205
1/10/2002 9,460 9,216
1/11/2002 9,464 9,129
1/12/2002 9,464 9,129
1/13/2002 9,464 9,129
1/14/2002 9,164 9,072
1/15/2002 9,196 9,134
1/16/2002 8,992 8,986
1/17/2002 8,956 9,076
1/18/2002 8,608 8,986
1/19/2002 8,608 8,986
1/20/2002 8,608 8,986
1/21/2002 8,608 8,986
1/22/2002 8,696 8,921
1/23/2002 9,012 8,991
1/24/2002 8,852 9,023
1/25/2002 8,768 9,032
1/26/2002 8,768 9,032
1/27/2002 8,768 9,032
1/28/2002 8,520 9,030
1/29/2002 8,372 8,773
1/30/2002 8,396 8,877
1/31/2002 8,432 9,011
2/1/2002 8,580 8,947
2/2/2002 8,580 8,947
2/3/2002 8,580 8,947
2/4/2002 8,096 8,726
2/5/2002 8,208 8,691
2/6/2002 7,888 8,640
2/7/2002 7,780 8,615
2/8/2002 8,216 8,743
2/9/2002 8,216 8,743
2/10/2002 8,216 8,743
2/11/2002 8,276 8,869
2/12/2002 8,644 8,833
2/13/2002 8,612 8,924
2/14/2002 8,340 8,909
2/15/2002 8,340 8,811
2/16/2002 8,340 8,811
2/17/2002 8,340 8,811
2/18/2002 8,340 8,811
2/19/2002 8,000 8,645
2/20/2002 8,268 8,762
2/21/2002 8,048 8,626
2/22/2002 8,152 8,697
2/23/2002 8,152 8,697
2/24/2002 8,152 8,697
2/25/2002 8,060 8,854
2/26/2002 8,280 8,854
2/27/2002 8,164 8,862
2/28/2002 8,060 8,837
3/1/2002 8,124 9,037
3/2/2002 8,124 9,037
3/3/2002 8,124 9,037
3/4/2002 8,320 9,213
3/5/2002 8,200 9,152
3/6/2002 8,660 9,286
3/7/2002 8,484 9,245
3/8/2002 8,544 9,299
3/9/2002 8,544 9,299
3/10/2002 8,544 9,299
3/11/2002 8,560 9,331
3/12/2002 8,476 9,309
3/13/2002 8,552 9,220
3/14/2002 8,576 9,212
3/15/2002 8,692 9,317
3/16/2002 8,692 9,317
3/17/2002 8,692 9,317
3/18/2002 8,828 9,312
3/19/2002 8,832 9,350
3/20/2002 8,592 9,203
3/21/2002 8,896 9,217
3/22/2002 8,776 9,178
3/23/2002 8,776 9,178
3/24/2002 8,776 9,178
3/25/2002 8,480 9,044
3/26/2002 8,472 9,098
3/27/2002 8,396 9,147
3/28/2002 8,332 9,169
3/29/2002 8,332 9,169
3/30/2002 8,332 9,169
3/31/2002 8,332 9,169
4/1/2002 8,416 9,162
4/2/2002 8,168 9,084
4/3/2002 8,076 8,995
4/4/2002 7,912 9,003
4/5/2002 7,732 8,974
4/6/2002 7,732 8,974
4/7/2002 7,732 8,974
4/8/2002 7,748 8,997
4/9/2002 7,544 8,937
4/10/2002 7,872 9,039
4/11/2002 7,672 8,825
4/12/2002 7,792 8,884
4/13/2002 7,792 8,884
4/14/2002 7,792 8,884
4/15/2002 7,808 8,816
4/16/2002 7,940 9,023
4/17/2002 7,828 9,005
4/18/2002 8,036 8,992
4/19/2002 7,840 8,998
4/20/2002 7,840 8,998
4/21/2002 7,840 8,998
4/22/2002 7,684 8,859
4/23/2002 7,572 8,804
4/24/2002 7,528 8,742
4/25/2002 7,280 8,728
4/26/2002 7,044 8,608
4/27/2002 7,044 8,608
4/28/2002 7,044 8,608
4/29/2002 6,868 8,521
4/30/2002 7,072 8,613
5/1/2002 6,976 8,690
5/2/2002 6,816 8,676
5/3/2002 6,736 8,587
5/4/2002 6,736 8,587
5/5/2002 6,736 8,587
5/6/2002 6,376 8,421
5/7/2002 6,296 8,396
5/8/2002 6,752 8,712
5/9/2002 6,480 8,587
5/10/2002 6,288 8,443
5/11/2002 6,288 8,443
5/12/2002 6,288 8,443
5/13/2002 6,496 8,601
5/14/2002 6,884 8,783
5/15/2002 6,896 8,736
5/16/2002 6,648 8,794
5/17/2002 6,796 8,863
5/18/2002 6,796 8,863
5/19/2002 6,796 8,863
5/20/2002 6,600 8,745
5/21/2002 6,416 8,649
5/22/2002 6,452 8,699
5/23/2002 6,868 8,787
5/24/2002 6,580 8,681
5/25/2002 6,580 8,681
5/26/2002 6,580 8,681
5/27/2002 6,580 8,681
5/28/2002 6,732 8,607
5/29/2002 6,512 8,553
5/30/2002 6,532 8,530
5/31/2002 6,348 8,550
6/1/2002 6,348 8,550
6/2/2002 6,348 8,550
6/3/2002 5,968 8,338
6/4/2002 5,888 8,338
6/5/2002 6,000 8,415
6/6/2002 5,660 8,249
6/7/2002 5,660 8,236
6/8/2002 5,660 8,236
6/9/2002 5,660 8,236
6/10/2002 5,696 8,262
6/11/2002 5,284 8,124
6/12/2002 5,284 8,179
6/13/2002 5,280 8,094
6/14/2002 5,520 8,075
6/15/2002 5,520 8,075
6/16/2002 5,520 8,075
6/17/2002 5,844 8,307
6/18/2002 5,840 8,315
6/19/2002 5,728 8,178
6/20/2002 5,468 8,068
6/21/2002 5,396 7,931
6/22/2002 5,396 7,931
6/23/2002 5,396 7,931
6/24/2002 5,500 7,960
6/25/2002 5,340 7,827
6/26/2002 5,396 7,810
6/27/2002 5,552 7,947
6/28/2002 5,604 7,941
6/29/2002 5,604 7,941
6/30/2002 5,604 7,941
7/1/2002 5,100 7,771
7/2/2002 4,888 7,608
7/3/2002 4,824 7,655
7/4/2002 4,824 7,655
7/5/2002 5,052 7,937
7/6/2002 5,052 7,937
7/7/2002 5,052 7,937
7/8/2002 4,904 7,842
7/9/2002 4,760 7,649
7/10/2002 4,440 7,389
7/11/2002 4,640 7,445
7/12/2002 4,724 7,397
7/13/2002 4,724 7,397
7/14/2002 4,724 7,397
7/15/2002 4,728 7,369
7/16/2002 4,960 7,234
7/17/2002 5,280 7,275
7/18/2002 5,024 7,078
7/19/2002 4,940 6,807
7/20/2002 4,940 6,807
7/21/2002 4,940 6,807
7/22/2002 4,936 6,583
7/23/2002 4,796 6,405
7/24/2002 5,028 6,772
7/25/2002 5,200 6,734
7/26/2002 5,196 6,848
7/27/2002 5,196 6,848
7/28/2002 5,196 6,848
7/29/2002 5,444 7,219
7/30/2002 5,664 7,250
7/31/2002 5,676 7,322
8/1/2002 5,448 7,106
8/2/2002 5,392 6,942
8/3/2002 5,392 6,942
8/4/2002 5,392 6,942
8/5/2002 5,156 6,705
8/6/2002 5,436 6,905
8/7/2002 5,476 7,045
8/8/2002 5,804 7,275
8/9/2002 5,848 7,303
8/10/2002 5,848 7,303
8/11/2002 5,848 7,303
8/12/2002 5,944 7,264
8/13/2002 5,628 7,107
8/14/2002 5,916 7,393
8/15/2002 5,896 7,480
8/16/2002 5,852 7,469
8/17/2002 5,852 7,469
8/18/2002 5,852 7,469
8/19/2002 5,676 7,645
8/20/2002 5,720 7,538
8/21/2002 5,900 7,635
8/22/2002 6,020 7,743
8/23/2002 5,800 7,567
8/24/2002 5,800 7,567
8/25/2002 5,800 7,567
8/26/2002 5,804 7,624
8/27/2002 5,564 7,519
8/28/2002 5,504 7,384
8/29/2002 5,604 7,384
8/30/2002 5,424 7,370
8/31/2002 5,424 7,370
9/1/2002 5,424 7,370
9/2/2002 5,424 7,370
9/3/2002 5,144 7,064
9/4/2002 5,317 7,190
9/5/2002 5,124 7,076
9/6/2002 5,317 7,195
9/7/2002 5,317 7,195
9/8/2002 5,317 7,195
9/9/2002 5,445 7,268
9/10/2002 5,485 7,321
9/11/2002 5,457 7,321
9/12/2002 5,317 7,141
9/13/2002 5,429 7,165
9/14/2002 5,429 7,165
9/15/2002 5,429 7,165
9/16/2002 5,365 7,176
9/17/2002 5,317 7,034
9/18/2002 5,385 7,002
9/19/2002 5,112 6,792
9/20/2002 5,120 6,808
9/21/2002 5,120 6,808
9/22/2002 5,120 6,808
9/23/2002 4,915 6,714
9/24/2002 5,068 6,598
9/25/2002 5,345 6,764
9/26/2002 5,301 6,888
9/27/2002 5,152 6,666
9/28/2002 5,152 6,666
9/29/2002 5,152 6,666
9/30/2002 5,196 6,569
10/1/2002 5,385 6,832
10/2/2002 5,293 6,672
10/3/2002 5,277 6,600
10/4/2002 5,056 6,452
10/5/2002 5,056 6,452
10/6/2002 5,056 6,452
10/7/2002 5,052 6,329
10/8/2002 5,136 6,438
10/9/2002 5,012 6,263
10/10/2002 5,232 6,483
10/11/2002 5,285 6,736
10/12/2002 5,285 6,736
10/13/2002 5,285 6,736
10/14/2002 5,497 6,785
10/15/2002 5,602 7,107
10/16/2002 5,573 6,936
10/17/2002 5,682 7,091
10/18/2002 5,682 7,133
10/19/2002 5,682 7,133
10/20/2002 5,682 7,133
10/21/2002 5,734 7,256
10/22/2002 5,642 7,179
10/23/2002 5,670 7,227
10/24/2002 5,505 7,117
10/25/2002 5,678 7,240
10/26/2002 5,678 7,240
10/27/2002 5,678 7,240
10/28/2002 5,658 7,180
10/29/2002 5,654 7,115
10/30/2002 5,698 7,186
10/31/2002 5,666 7,147
11/1/2002 5,750 7,270
11/2/2002 5,750 7,270
11/3/2002 5,750 7,270
11/4/2002 5,919 7,329
11/5/2002 5,987 7,386
11/6/2002 5,967 7,456
11/7/2002 5,846 7,287
11/8/2002 5,722 7,223
11/9/2002 5,722 7,223
11/10/2002 5,722 7,223
11/11/2002 5,606 7,074
11/12/2002 5,694 7,129
11/13/2002 5,642 7,128
11/14/2002 5,866 7,304
11/15/2002 5,834 7,350
11/16/2002 5,834 7,350
11/17/2002 5,834 7,350
11/18/2002 5,802 7,273
11/19/2002 5,726 7,244
11/20/2002 5,927 7,385
11/21/2002 6,099 7,544
11/22/2002 6,107 7,518
11/23/2002 6,107 7,518
11/24/2002 6,107 7,518
11/25/2002 6,131 7,537
11/26/2002 5,894 7,381
11/27/2002 6,083 7,588
11/28/2002 6,083 7,588
11/29/2002 6,063 7,568
11/30/2002 6,063 7,568
12/1/2002 6,063 7,568
12/2/2002 6,051 7,553
12/3/2002 5,935 7,442
12/4/2002 5,878 7,419
12/5/2002 5,894 7,330
12/6/2002 5,951 7,376
12/7/2002 5,951 7,376
12/8/2002 5,951 7,376
12/9/2002 5,750 7,213
12/10/2002 5,718 7,314
12/11/2002 5,722 7,319
12/12/2002 5,810 7,292
12/13/2002 5,650 7,195
12/14/2002 5,650 7,195
12/15/2002 5,650 7,195
12/16/2002 5,682 7,364
12/17/2002 5,738 7,304
12/18/2002 5,646 7,209
12/19/2002 5,585 7,155
12/20/2002 5,638 7,248
12/21/2002 5,638 7,248
12/22/2002 5,638 7,248
12/23/2002 5,710 7,261
12/24/2002 5,690 7,221
12/25/2002 5,690 7,221
12/26/2002 5,646 7,199
12/27/2002 5,469 7,086
12/28/2002 5,469 7,086
12/29/2002 5,469 7,086
12/30/2002 5,381 7,119
12/31/2002 5,393 7,123
1/1/2003 5,393 7,123
1/2/2003 5,533 7,360
1/3/2003 5,501 7,357
1/4/2003 5,501 7,357
1/5/2003 5,501 7,357
1/6/2003 5,581 7,522
1/7/2003 5,533 7,473
1/8/2003 5,381 7,370
1/9/2003 5,473 7,514
1/10/2003 5,598 7,513
1/11/2003 5,598 7,513
1/12/2003 5,598 7,513
1/13/2003 5,662 7,503
1/14/2003 5,682 7,547
1/15/2003 5,646 7,439
1/16/2003 5,766 7,410
1/17/2003 5,666 7,306
1/18/2003 5,666 7,306
1/19/2003 5,666 7,306
1/20/2003 5,666 7,306
1/21/2003 5,581 7,192
1/22/2003 5,594 7,117
1/23/2003 5,630 7,190
1/24/2003 5,437 6,980
1/25/2003 5,437 6,980
1/26/2003 5,437 6,980
1/27/2003 5,293 6,867
1/28/2003 5,353 6,957
1/29/2003 5,333 7,005
1/30/2003 5,240 6,847
1/31/2003 5,244 6,937
2/1/2003 5,244 6,937
2/2/2003 5,244 6,937
2/3/2003 5,220 6,974
2/4/2003 5,120 6,876
2/5/2003 5,104 6,840
2/6/2003 5,096 6,798
2/7/2003 5,140 6,729
2/8/2003 5,140 6,729
2/9/2003 5,140 6,729
2/10/2003 5,188 6,780
2/11/2003 5,188 6,726
2/12/2003 5,112 6,643
2/13/2003 5,044 6,633
2/14/2003 5,096 6,775
2/15/2003 5,096 6,775
2/16/2003 5,096 6,775
2/17/2003 5,096 6,775
2/18/2003 5,176 6,908
2/19/2003 5,180 6,860
2/20/2003 5,108 6,796
2/21/2003 5,184 6,885
2/22/2003 5,184 6,885
2/23/2003 5,184 6,885
2/24/2003 5,036 6,759
2/25/2003 5,064 6,808
2/26/2003 5,020 6,721
2/27/2003 5,092 6,801
2/28/2003 5,124 6,832
3/1/2003 5,124 6,832
3/2/2003 5,124 6,832
3/3/2003 5,084 6,781
3/4/2003 5,052 6,677
3/5/2003 5,088 6,743
3/6/2003 5,064 6,681
3/7/2003 5,096 6,736
3/8/2003 5,096 6,736
3/9/2003 5,096 6,736
3/10/2003 5,044 6,562
3/11/2003 5,008 6,507
3/12/2003 5,028 6,538
3/13/2003 5,232 6,764
3/14/2003 5,204 6,775
3/15/2003 5,204 6,775
3/16/2003 5,204 6,775
3/17/2003 5,389 7,015
3/18/2003 5,517 7,045
3/19/2003 5,489 7,107
3/20/2003 5,493 7,121
3/21/2003 5,557 7,284
3/22/2003 5,557 7,284
3/23/2003 5,557 7,284
3/24/2003 5,393 7,028
3/25/2003 5,501 7,113
3/26/2003 5,469 7,075
3/27/2003 5,557 7,064
3/28/2003 5,533 7,023
3/29/2003 5,533 7,023
3/30/2003 5,533 7,023
3/31/2003 5,401 6,899
4/1/2003 5,425 6,983
4/2/2003 5,594 7,166
4/3/2003 5,666 7,130
4/4/2003 5,557 7,150
4/5/2003 5,557 7,150
4/6/2003 5,557 7,150
4/7/2003 5,465 7,159
4/8/2003 5,493 7,148
4/9/2003 5,393 7,049
4/10/2003 5,357 7,094
4/11/2003 5,309 7,068
4/12/2003 5,309 7,068
4/13/2003 5,309 7,068
4/14/2003 5,385 7,206
4/15/2003 5,437 7,252
4/16/2003 5,361 7,163
4/17/2003 5,473 7,275
4/18/2003 5,473 7,275
4/19/2003 5,473 7,275
4/20/2003 5,473 7,275
4/21/2003 5,485 7,262
4/22/2003 5,658 7,419
4/23/2003 5,842 7,482
4/24/2003 5,870 7,420
4/25/2003 5,834 7,317
4/26/2003 5,834 7,317
4/27/2003 5,834 7,317
4/28/2003 5,971 7,449
4/29/2003 5,959 7,474
4/30/2003 5,971 7,467
5/1/2003 6,087 7,463
5/2/2003 6,203 7,576
5/3/2003 6,203 7,576
5/4/2003 6,203 7,576
5/5/2003 6,219 7,547
5/6/2003 6,167 7,611
5/7/2003 6,047 7,573
5/8/2003 5,983 7,497
5/9/2003 6,087 7,606
5/10/2003 6,087 7,606
5/11/2003 6,087 7,606
5/12/2003 6,223 7,702
5/13/2003 6,219 7,680
5/14/2003 6,364 7,657
5/15/2003 6,484 7,719
5/16/2003 6,400 7,700
5/17/2003 6,400 7,700
5/18/2003 6,400 7,700
5/19/2003 6,227 7,508
5/20/2003 6,215 7,500
5/21/2003 6,223 7,531
5/22/2003 6,428 7,600
5/23/2003 6,561 7,611
5/24/2003 6,561 7,611
5/25/2003 6,561 7,611
5/26/2003 6,561 7,611
5/27/2003 6,930 7,760
5/28/2003 6,886 7,775
5/29/2003 6,837 7,746
5/30/2003 7,010 7,860
5/31/2003 7,010 7,860
6/1/2003 7,010 7,860
6/2/2003 7,038 7,889
6/3/2003 7,002 7,926
6/4/2003 7,166 8,048
6/5/2003 7,596 8,080
6/6/2003 7,467 8,061
6/7/2003 7,467 8,061
6/8/2003 7,467 8,061
6/9/2003 7,199 7,965
6/10/2003 7,263 8,038
6/11/2003 7,532 8,144
6/12/2003 7,512 8,152
6/13/2003 7,391 8,072
6/14/2003 7,391 8,072
6/15/2003 7,391 8,072
6/16/2003 7,640 8,253
6/17/2003 7,520 8,260
6/18/2003 7,267 8,248
6/19/2003 6,857 8,122
6/20/2003 6,942 8,131
6/21/2003 6,942 8,131
6/22/2003 6,942 8,131
6/23/2003 6,733 8,016
6/24/2003 6,773 8,031
6/25/2003 6,833 7,964
6/26/2003 7,034 8,053
6/27/2003 6,882 7,975
6/28/2003 6,882 7,975
6/29/2003 6,882 7,975
6/30/2003 6,813 7,961
7/1/2003 6,801 8,026
7/2/2003 6,986 8,120
7/3/2003 6,962 8,054
7/4/2003 6,962 8,054
7/5/2003 6,962 8,054
7/6/2003 6,962 8,054
7/7/2003 7,199 8,207
7/8/2003 7,319 8,238
7/9/2003 7,395 8,192
7/10/2003 7,275 8,082
7/11/2003 7,347 8,160
7/12/2003 7,347 8,160
7/13/2003 7,347 8,160
7/14/2003 7,435 8,207
7/15/2003 7,419 8,178
7/16/2003 7,355 8,127
7/17/2003 7,158 8,026
7/18/2003 7,199 8,121
7/19/2003 7,199 8,121
7/20/2003 7,199 8,121
7/21/2003 7,142 8,003
7/22/2003 7,243 8,079
7/23/2003 7,307 8,083
7/24/2003 7,227 8,026
7/25/2003 7,283 8,165
7/26/2003 7,283 8,165
7/27/2003 7,283 8,165
7/28/2003 7,435 8,148
7/29/2003 7,431 8,090
7/30/2003 7,359 8,076
7/31/2003 7,423 8,101
8/1/2003 7,223 8,018
8/2/2003 7,223 8,018
8/3/2003 7,223 8,018
8/4/2003 7,158 8,040
8/5/2003 6,890 7,898
8/6/2003 6,733 7,913
8/7/2003 6,793 7,971
8/8/2003 6,717 7,999
8/9/2003 6,717 7,999
8/10/2003 6,717 7,999
8/11/2003 6,801 8,026
8/12/2003 6,958 8,106
8/13/2003 6,882 8,057
8/14/2003 6,914 8,110
8/15/2003 6,938 8,113
8/16/2003 6,938 8,113
8/17/2003 6,938 8,113
8/18/2003 7,114 8,188
8/19/2003 7,122 8,209
8/20/2003 7,174 8,193
8/21/2003 7,303 8,218
8/22/2003 7,134 8,134
8/23/2003 7,134 8,134
8/24/2003 7,134 8,134
8/25/2003 7,122 8,139
8/26/2003 7,086 8,164
8/27/2003 7,146 8,166
8/28/2003 7,263 8,216
8/29/2003 7,303 8,259
8/30/2003 7,303 8,259
8/31/2003 7,303 8,259
9/1/2003 7,303 8,259
9/2/2003 7,427 8,374
9/3/2003 7,375 8,411
9/4/2003 7,507 8,426
9/5/2003 7,528 8,372
9/6/2003 7,528 8,372
9/7/2003 7,528 8,372
9/8/2003 7,824 8,456
9/9/2003 7,853 8,387
9/10/2003 7,640 8,287
9/11/2003 7,728 8,335
9/12/2003 7,744 8,353
9/13/2003 7,744 8,353
9/14/2003 7,744 8,353
9/15/2003 7,728 8,322
9/16/2003 7,776 8,441
9/17/2003 7,849 8,414
9/18/2003 7,929 8,525
9/19/2003 7,945 8,499
9/20/2003 7,945 8,499
9/21/2003 7,945 8,499
9/22/2003 7,800 8,388
9/23/2003 7,889 8,439
9/24/2003 7,564 8,278
9/25/2003 7,431 8,230
9/26/2003 7,211 8,178
9/27/2003 7,211 8,178
9/28/2003 7,211 8,178
9/29/2003 7,307 8,259
9/30/2003 7,287 8,171
10/1/2003 7,355 8,355
10/2/2003 7,524 8,372
10/3/2003 7,524 8,451
10/4/2003 7,524 8,451
10/5/2003 7,524 8,451
10/6/2003 7,548 8,488
10/7/2003 7,588 8,529
10/8/2003 7,467 8,487
10/9/2003 7,576 8,528
10/10/2003 7,544 8,523
10/11/2003 7,544 8,523
10/12/2003 7,544 8,523
10/13/2003 7,620 8,583
10/14/2003 7,640 8,617
10/15/2003 7,463 8,596
10/16/2003 7,443 8,623
10/17/2003 7,235 8,535
10/18/2003 7,235 8,535
10/19/2003 7,235 8,535
10/20/2003 7,158 8,579
10/21/2003 7,383 8,590
10/22/2003 7,102 8,462
10/23/2003 7,166 8,490
10/24/2003 7,239 8,451
10/25/2003 7,239 8,451
10/26/2003 7,239 8,451
10/27/2003 7,227 8,469
10/28/2003 7,359 8,597
10/29/2003 7,315 8,610
10/30/2003 7,267 8,603
10/31/2003 7,283 8,634
11/1/2003 7,283 8,634
11/2/2003 7,283 8,634
11/3/2003 7,247 8,702
11/4/2003 7,195 8,655
11/5/2003 7,235 8,644
11/6/2003 7,315 8,697
11/7/2003 7,295 8,658
11/8/2003 7,295 8,658
11/9/2003 7,295 8,658
11/10/2003 7,034 8,609
11/11/2003 6,942 8,605
11/12/2003 7,146 8,706
11/13/2003 7,279 8,705
11/14/2003 7,094 8,641
11/15/2003 7,094 8,641
11/16/2003 7,094 8,641
11/17/2003 7,078 8,585
11/18/2003 6,938 8,508
11/19/2003 7,026 8,577
11/20/2003 7,030 8,505
11/21/2003 7,050 8,518
11/22/2003 7,050 8,518
11/23/2003 7,050 8,518
11/24/2003 7,319 8,657
11/25/2003 7,303 8,672
11/26/2003 7,327 8,711
11/27/2003 7,327 8,711
11/28/2003 7,371 8,710
11/29/2003 7,371 8,710
11/30/2003 7,371 8,710
12/1/2003 7,540 8,808
12/2/2003 7,584 8,779
12/3/2003 7,467 8,766
12/4/2003 7,443 8,808
12/5/2003 7,403 8,740
12/6/2003 7,403 8,740
12/7/2003 7,403 8,740
12/8/2003 7,415 8,805
12/9/2003 7,307 8,730
12/10/2003 7,211 8,722
12/11/2003 7,395 8,823
12/12/2003 7,439 8,848
12/13/2003 7,439 8,848
12/14/2003 7,439 8,848
12/15/2003 7,347 8,798
12/16/2003 7,351 8,856
12/17/2003 7,403 8,868
12/18/2003 7,451 8,974
12/19/2003 7,471 8,970
12/20/2003 7,471 8,970
12/21/2003 7,471 8,970
12/22/2003 7,495 9,005
12/23/2003 7,604 9,031
12/24/2003 7,604 9,014
12/25/2003 7,604 9,014
12/26/2003 7,588 9,030
12/27/2003 7,588 9,030
12/28/2003 7,588 9,030
12/29/2003 7,728 9,145
12/30/2003 7,732 9,147
12/31/2003 7,664 9,166
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 12/31/03
- --------------------------------------------------------------------------------
SINCE
ONE INCEPTION
YEAR (05/02/01)
- --------------------------------------------------------------------------------
BIOTECHNOLOGY FUND 42.11% -9.50%
S&P 500 INDEX 28.68% -3.21%
- --------------------------------------------------------------------------------
THE RETURNS PRESENTED ABOVE DO NOT REFLECT THE EFFECTS OF TAXES. PAST
PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE S&P 500 INDEX IS AN UNMANAGED
STOCK INDEX AND, UNLIKE THE FUND, HAS NO MANAGEMENT FEES OR OTHER OPERATING
EXPENSES TO REDUCE ITS REPORTED RETURNS. RETURNS ARE HISTORICAL AND INCLUDE
CHANGES IN PRINCIPAL AND REINVESTED DIVIDENDS AND CAPITAL GAINS.
20
CONSUMER PRODUCTS FUND
- --------------------------------------------------------------------------------
OBJECTIVE: Seeks capital appreciation by investing in companies engaged in
manufacturing finished goods and services both domestically and internationally.
Inception: May 29, 2001
A strengthening domestic economy and recovery in the stock market led investors
out of this traditionally "safe" sector. Food products companies, for example,
gained approximately 10%. While a recovering U.S. economy assists in spurring
corporate profit growth, consumer products companies typically are less affected
by economic cycles than are many industries. Thus the recovery aided their sales
results to only a small extent. Rydex Consumer Products Fund gained 21.86% for
the year.
CUMULATIVE FUND PERFORMANCE: MAY 29, 2001 - DECEMBER 31, 2003
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
Variable
Consumer S&P 500
Date Products Index
5/29/2001 $10,000 $10,000
5/30/2001 9,876 9,846
5/31/2001 9,860 9,908
6/1/2001 9,888 9,946
6/2/2001 9,888 9,946
6/3/2001 9,888 9,946
6/4/2001 9,940 9,997
6/5/2001 10,024 10,127
6/6/2001 9,976 10,022
6/7/2001 9,968 10,077
6/8/2001 9,892 9,982
6/9/2001 9,892 9,982
6/10/2001 9,892 9,982
6/11/2001 9,804 9,899
6/12/2001 9,800 9,910
6/13/2001 9,736 9,800
6/14/2001 9,592 9,629
6/15/2001 9,464 9,585
6/16/2001 9,464 9,585
6/17/2001 9,464 9,585
6/18/2001 9,432 9,539
6/19/2001 9,420 9,572
6/20/2001 9,500 9,655
6/21/2001 9,528 9,765
6/22/2001 9,472 9,673
6/23/2001 9,472 9,673
6/24/2001 9,472 9,673
6/25/2001 9,484 9,620
6/26/2001 9,512 9,605
6/27/2001 9,512 9,562
6/28/2001 9,640 9,681
6/29/2001 9,604 9,667
6/30/2001 9,604 9,667
7/1/2001 9,604 9,667
7/2/2001 9,704 9,764
7/3/2001 9,676 9,748
7/4/2001 9,676 9,748
7/5/2001 9,588 9,630
7/6/2001 9,500 9,405
7/7/2001 9,500 9,405
7/8/2001 9,500 9,405
7/9/2001 9,488 9,470
7/10/2001 9,460 9,334
7/11/2001 9,512 9,324
7/12/2001 9,512 9,545
7/13/2001 9,520 9,605
7/14/2001 9,520 9,605
7/15/2001 9,520 9,605
7/16/2001 9,544 9,500
7/17/2001 9,656 9,595
7/18/2001 9,692 9,543
7/19/2001 9,700 9,601
7/20/2001 9,696 9,568
7/21/2001 9,696 9,568
7/22/2001 9,696 9,568
7/23/2001 9,564 9,411
7/24/2001 9,488 9,258
7/25/2001 9,596 9,407
7/26/2001 9,608 9,505
7/27/2001 9,548 9,529
7/28/2001 9,548 9,529
7/29/2001 9,548 9,529
7/30/2001 9,564 9,519
7/31/2001 9,664 9,572
8/1/2001 9,616 9,610
8/2/2001 9,660 9,649
8/3/2001 9,624 9,600
8/4/2001 9,624 9,600
8/5/2001 9,624 9,600
8/6/2001 9,572 9,491
8/7/2001 9,612 9,522
8/8/2001 9,568 9,358
8/9/2001 9,584 9,359
8/10/2001 9,628 9,413
8/11/2001 9,628 9,413
8/12/2001 9,628 9,413
8/13/2001 9,652 9,422
8/14/2001 9,688 9,387
8/15/2001 9,724 9,320
8/16/2001 9,808 9,349
8/17/2001 9,808 9,194
8/18/2001 9,808 9,194
8/19/2001 9,808 9,194
8/20/2001 9,956 9,268
8/21/2001 9,940 9,156
8/22/2001 9,992 9,221
8/23/2001 10,088 9,195
8/24/2001 10,112 9,376
8/25/2001 10,112 9,376
8/26/2001 10,112 9,376
8/27/2001 10,080 9,331
8/28/2001 9,988 9,191
8/29/2001 9,936 9,090
8/30/2001 10,000 8,937
8/31/2001 9,968 8,973
9/1/2001 9,968 8,973
9/2/2001 9,968 8,973
9/3/2001 9,968 8,973
9/4/2001 10,076 8,968
9/5/2001 10,164 8,960
9/6/2001 10,060 8,760
9/7/2001 9,992 8,596
9/8/2001 9,992 8,596
9/9/2001 9,992 8,596
9/10/2001 10,044 8,650
9/11/2001 10,044 8,650
9/12/2001 10,044 8,650
9/13/2001 10,044 8,650
9/14/2001 10,044 8,650
9/15/2001 10,044 8,650
9/16/2001 10,044 8,650
9/17/2001 9,976 8,227
9/18/2001 9,948 8,180
9/19/2001 9,804 8,048
9/20/2001 9,580 7,798
9/21/2001 9,228 7,650
9/22/2001 9,228 7,650
9/23/2001 9,228 7,650
9/24/2001 9,452 7,948
9/25/2001 9,572 8,018
9/26/2001 9,512 7,979
9/27/2001 9,668 8,071
9/28/2001 9,716 8,248
9/29/2001 9,716 8,248
9/30/2001 9,716 8,248
10/1/2001 9,700 8,229
10/2/2001 9,752 8,330
10/3/2001 9,772 8,498
10/4/2001 9,712 8,477
10/5/2001 9,792 8,493
10/6/2001 9,792 8,493
10/7/2001 9,792 8,493
10/8/2001 9,760 8,422
10/9/2001 9,776 8,377
10/10/2001 9,892 8,570
10/11/2001 9,852 8,701
10/12/2001 9,724 8,655
10/13/2001 9,724 8,655
10/14/2001 9,724 8,655
10/15/2001 9,692 8,642
10/16/2001 9,672 8,702
10/17/2001 9,604 8,540
10/18/2001 9,664 8,473
10/19/2001 9,776 8,512
10/20/2001 9,776 8,512
10/21/2001 9,776 8,512
10/22/2001 9,876 8,642
10/23/2001 9,828 8,601
10/24/2001 9,812 8,605
10/25/2001 9,868 8,723
10/26/2001 9,916 8,759
10/27/2001 9,916 8,759
10/28/2001 9,916 8,759
10/29/2001 9,808 8,551
10/30/2001 9,780 8,405
10/31/2001 9,752 8,405
11/1/2001 9,904 8,599
11/2/2001 9,960 8,624
11/3/2001 9,960 8,624
11/4/2001 9,960 8,624
11/5/2001 10,016 8,748
11/6/2001 10,080 8,875
11/7/2001 10,064 8,854
11/8/2001 9,956 8,876
11/9/2001 9,976 8,891
11/10/2001 9,976 8,891
11/11/2001 9,976 8,891
11/12/2001 9,968 8,875
11/13/2001 10,024 9,041
11/14/2001 10,100 9,060
11/15/2001 10,152 9,068
11/16/2001 10,148 9,040
11/17/2001 10,148 9,040
11/18/2001 10,148 9,040
11/19/2001 10,132 9,139
11/20/2001 10,100 9,073
11/21/2001 10,040 9,028
11/22/2001 10,040 9,028
11/23/2001 10,096 9,134
11/24/2001 10,096 9,134
11/25/2001 10,096 9,134
11/26/2001 10,064 9,190
11/27/2001 9,944 9,127
11/28/2001 9,892 8,963
11/29/2001 10,020 9,056
11/30/2001 10,044 9,050
12/1/2001 10,044 9,050
12/2/2001 10,044 9,050
12/3/2001 10,016 8,974
12/4/2001 10,064 9,093
12/5/2001 10,096 9,299
12/6/2001 10,004 9,273
12/7/2001 9,964 9,203
12/8/2001 9,964 9,203
12/9/2001 9,964 9,203
12/10/2001 9,928 9,058
12/11/2001 9,844 9,032
12/12/2001 9,904 9,036
12/13/2001 9,944 8,896
12/14/2001 9,940 8,925
12/15/2001 9,940 8,925
12/16/2001 9,940 8,925
12/17/2001 9,992 9,015
12/18/2001 10,060 9,083
12/19/2001 10,160 9,137
12/20/2001 10,148 9,061
12/21/2001 10,208 9,101
12/22/2001 10,208 9,101
12/23/2001 10,208 9,101
12/24/2001 10,200 9,099
12/25/2001 10,200 9,099
12/26/2001 10,236 9,137
12/27/2001 10,256 9,201
12/28/2001 10,188 9,232
12/29/2001 10,188 9,232
12/30/2001 10,188 9,232
12/31/2001 10,128 9,129
1/1/2002 10,128 9,129
1/2/2002 10,160 9,183
1/3/2002 10,108 9,268
1/4/2002 10,032 9,325
1/5/2002 10,032 9,325
1/6/2002 10,032 9,325
1/7/2002 9,960 9,265
1/8/2002 9,976 9,234
1/9/2002 9,940 9,190
1/10/2002 9,964 9,201
1/11/2002 9,988 9,115
1/12/2002 9,988 9,115
1/13/2002 9,988 9,115
1/14/2002 10,004 9,057
1/15/2002 10,084 9,119
1/16/2002 10,020 8,972
1/17/2002 10,104 9,062
1/18/2002 10,108 8,972
1/19/2002 10,108 8,972
1/20/2002 10,108 8,972
1/21/2002 10,108 8,972
1/22/2002 10,132 8,906
1/23/2002 10,120 8,977
1/24/2002 10,064 9,009
1/25/2002 10,120 9,018
1/26/2002 10,120 9,018
1/27/2002 10,120 9,018
1/28/2002 10,144 9,016
1/29/2002 9,980 8,759
1/30/2002 10,064 8,863
1/31/2002 10,216 8,996
2/1/2002 10,220 8,933
2/2/2002 10,220 8,933
2/3/2002 10,220 8,933
2/4/2002 10,180 8,712
2/5/2002 10,244 8,677
2/6/2002 10,188 8,626
2/7/2002 10,164 8,601
2/8/2002 10,172 8,729
2/9/2002 10,172 8,729
2/10/2002 10,172 8,729
2/11/2002 10,224 8,854
2/12/2002 10,240 8,819
2/13/2002 10,288 8,910
2/14/2002 10,344 8,894
2/15/2002 10,408 8,797
2/16/2002 10,408 8,797
2/17/2002 10,408 8,797
2/18/2002 10,408 8,797
2/19/2002 10,320 8,631
2/20/2002 10,460 8,748
2/21/2002 10,344 8,613
2/22/2002 10,540 8,684
2/23/2002 10,540 8,684
2/24/2002 10,540 8,684
2/25/2002 10,664 8,840
2/26/2002 10,656 8,840
2/27/2002 10,624 8,848
2/28/2002 10,624 8,823
3/1/2002 10,780 9,023
3/2/2002 10,780 9,023
3/3/2002 10,780 9,023
3/4/2002 10,732 9,199
3/5/2002 10,628 9,137
3/6/2002 10,672 9,272
3/7/2002 10,592 9,230
3/8/2002 10,616 9,284
3/9/2002 10,616 9,284
3/10/2002 10,616 9,284
3/11/2002 10,588 9,316
3/12/2002 10,660 9,295
3/13/2002 10,616 9,205
3/14/2002 10,656 9,197
3/15/2002 10,788 9,302
3/16/2002 10,788 9,302
3/17/2002 10,788 9,302
3/18/2002 10,752 9,297
3/19/2002 10,880 9,335
3/20/2002 10,836 9,188
3/21/2002 10,904 9,202
3/22/2002 10,968 9,163
3/23/2002 10,968 9,163
3/24/2002 10,968 9,163
3/25/2002 10,876 9,029
3/26/2002 10,984 9,083
3/27/2002 10,988 9,132
3/28/2002 10,984 9,155
3/29/2002 10,984 9,155
3/30/2002 10,984 9,155
3/31/2002 10,984 9,155
4/1/2002 10,956 9,148
4/2/2002 10,952 9,070
4/3/2002 10,864 8,981
4/4/2002 10,964 8,988
4/5/2002 10,948 8,960
4/6/2002 10,948 8,960
4/7/2002 10,948 8,960
4/8/2002 11,008 8,982
4/9/2002 11,036 8,923
4/10/2002 11,236 9,024
4/11/2002 11,136 8,811
4/12/2002 11,164 8,870
4/13/2002 11,164 8,870
4/14/2002 11,164 8,870
4/15/2002 11,068 8,802
4/16/2002 11,160 9,008
4/17/2002 11,092 8,990
4/18/2002 11,040 8,978
4/19/2002 11,128 8,983
4/20/2002 11,128 8,983
4/21/2002 11,128 8,983
4/22/2002 11,136 8,845
4/23/2002 11,164 8,790
4/24/2002 11,148 8,728
4/25/2002 11,124 8,715
4/26/2002 11,068 8,594
4/27/2002 11,068 8,594
4/28/2002 11,068 8,594
4/29/2002 11,040 8,508
4/30/2002 11,108 8,599
5/1/2002 11,284 8,676
5/2/2002 11,376 8,662
5/3/2002 11,284 8,574
5/4/2002 11,284 8,574
5/5/2002 11,284 8,574
5/6/2002 11,284 8,408
5/7/2002 11,268 8,383
5/8/2002 11,272 8,698
5/9/2002 11,268 8,573
5/10/2002 11,248 8,430
5/11/2002 11,248 8,430
5/12/2002 11,248 8,430
5/13/2002 11,340 8,587
5/14/2002 11,316 8,769
5/15/2002 11,248 8,722
5/16/2002 11,296 8,780
5/17/2002 11,288 8,849
5/18/2002 11,288 8,849
5/19/2002 11,288 8,849
5/20/2002 11,184 8,731
5/21/2002 11,124 8,635
5/22/2002 11,232 8,685
5/23/2002 11,240 8,773
5/24/2002 11,148 8,667
5/25/2002 11,148 8,667
5/26/2002 11,148 8,667
5/27/2002 11,148 8,667
5/28/2002 11,036 8,593
5/29/2002 11,044 8,539
5/30/2002 11,076 8,516
5/31/2002 11,208 8,536
6/1/2002 11,208 8,536
6/2/2002 11,208 8,536
6/3/2002 11,068 8,325
6/4/2002 11,088 8,325
6/5/2002 11,228 8,401
6/6/2002 11,060 8,236
6/7/2002 11,072 8,223
6/8/2002 11,072 8,223
6/9/2002 11,072 8,223
6/10/2002 11,060 8,249
6/11/2002 11,024 8,112
6/12/2002 11,076 8,166
6/13/2002 10,988 8,081
6/14/2002 10,936 8,063
6/15/2002 10,936 8,063
6/16/2002 10,936 8,063
6/17/2002 11,116 8,294
6/18/2002 11,092 8,302
6/19/2002 11,052 8,165
6/20/2002 11,044 8,056
6/21/2002 10,924 7,918
6/22/2002 10,924 7,918
6/23/2002 10,924 7,918
6/24/2002 10,800 7,947
6/25/2002 10,516 7,814
6/26/2002 10,592 7,797
6/27/2002 10,652 7,935
6/28/2002 10,596 7,928
6/29/2002 10,596 7,928
6/30/2002 10,596 7,928
7/1/2002 10,652 7,759
7/2/2002 10,532 7,596
7/3/2002 10,452 7,643
7/4/2002 10,452 7,643
7/5/2002 10,628 7,924
7/6/2002 10,628 7,924
7/7/2002 10,628 7,924
7/8/2002 10,660 7,829
7/9/2002 10,412 7,637
7/10/2002 10,240 7,378
7/11/2002 10,080 7,433
7/12/2002 9,892 7,385
7/13/2002 9,892 7,385
7/14/2002 9,892 7,385
7/15/2002 9,848 7,358
7/16/2002 9,632 7,222
7/17/2002 9,736 7,263
7/18/2002 9,480 7,067
7/19/2002 9,048 6,796
7/20/2002 9,048 6,796
7/21/2002 9,048 6,796
7/22/2002 9,080 6,572
7/23/2002 9,156 6,395
7/24/2002 9,524 6,761
7/25/2002 9,680 6,723
7/26/2002 9,732 6,837
7/27/2002 9,732 6,837
7/28/2002 9,732 6,837
7/29/2002 10,092 7,207
7/30/2002 9,964 7,238
7/31/2002 10,124 7,310
8/1/2002 10,056 7,095
8/2/2002 10,028 6,931
8/3/2002 10,028 6,931
8/4/2002 10,028 6,931
8/5/2002 9,896 6,694
8/6/2002 9,948 6,894
8/7/2002 10,104 7,033
8/8/2002 10,324 7,264
8/9/2002 10,372 7,291
8/10/2002 10,372 7,291
8/11/2002 10,372 7,291
8/12/2002 10,352 7,252
8/13/2002 10,268 7,096
8/14/2002 10,540 7,382
8/15/2002 10,520 7,468
8/16/2002 10,504 7,457
8/17/2002 10,504 7,457
8/18/2002 10,504 7,457
8/19/2002 10,560 7,633
8/20/2002 10,512 7,526
8/21/2002 10,520 7,623
8/22/2002 10,552 7,730
8/23/2002 10,424 7,555
8/24/2002 10,424 7,555
8/25/2002 10,424 7,555
8/26/2002 10,436 7,612
8/27/2002 10,416 7,507
8/28/2002 10,296 7,372
8/29/2002 10,204 7,372
8/30/2002 10,268 7,358
8/31/2002 10,268 7,358
9/1/2002 10,268 7,358
9/2/2002 10,268 7,358
9/3/2002 10,040 7,053
9/4/2002 10,127 7,179
9/5/2002 10,119 7,064
9/6/2002 10,111 7,183
9/7/2002 10,111 7,183
9/8/2002 10,111 7,183
9/9/2002 10,252 7,256
9/10/2002 10,308 7,309
9/11/2002 10,296 7,310
9/12/2002 10,131 7,130
9/13/2002 10,208 7,153
9/14/2002 10,208 7,153
9/15/2002 10,208 7,153
9/16/2002 10,336 7,164
9/17/2002 10,063 7,023
9/18/2002 10,039 6,991
9/19/2002 9,779 6,781
9/20/2002 9,755 6,797
9/21/2002 9,755 6,797
9/22/2002 9,755 6,797
9/23/2002 9,711 6,703
9/24/2002 9,562 6,588
9/25/2002 9,618 6,753
9/26/2002 9,771 6,877
9/27/2002 9,490 6,656
9/28/2002 9,490 6,656
9/29/2002 9,490 6,656
9/30/2002 9,446 6,558
10/1/2002 9,671 6,821
10/2/2002 9,562 6,661
10/3/2002 9,538 6,590
10/4/2002 9,418 6,442
10/5/2002 9,418 6,442
10/6/2002 9,418 6,442
10/7/2002 9,394 6,319
10/8/2002 9,542 6,428
10/9/2002 9,370 6,253
10/10/2002 9,430 6,472
10/11/2002 9,643 6,725
10/12/2002 9,643 6,725
10/13/2002 9,643 6,725
10/14/2002 9,799 6,775
10/15/2002 9,987 7,095
10/16/2002 9,787 6,925
10/17/2002 9,891 7,079
10/18/2002 9,979 7,121
10/19/2002 9,979 7,121
10/20/2002 9,979 7,121
10/21/2002 10,228 7,245
10/22/2002 10,055 7,168
10/23/2002 10,059 7,216
10/24/2002 9,971 7,106
10/25/2002 10,031 7,228
10/26/2002 10,031 7,228
10/27/2002 10,031 7,228
10/28/2002 9,871 7,168
10/29/2002 9,951 7,104
10/30/2002 9,999 7,174
10/31/2002 9,911 7,136
11/1/2002 9,967 7,258
11/2/2002 9,967 7,258
11/3/2002 9,967 7,258
11/4/2002 9,827 7,318
11/5/2002 9,891 7,375
11/6/2002 9,887 7,444
11/7/2002 9,871 7,275
11/8/2002 9,755 7,212
11/9/2002 9,755 7,212
11/10/2002 9,755 7,212
11/11/2002 9,683 7,062
11/12/2002 9,530 7,117
11/13/2002 9,643 7,116
11/14/2002 9,787 7,292
11/15/2002 9,883 7,338
11/16/2002 9,883 7,338
11/17/2002 9,883 7,338
11/18/2002 9,835 7,262
11/19/2002 9,867 7,233
11/20/2002 9,915 7,374
11/21/2002 9,927 7,532
11/22/2002 9,967 7,506
11/23/2002 9,967 7,506
11/24/2002 9,967 7,506
11/25/2002 9,899 7,525
11/26/2002 9,819 7,369
11/27/2002 9,971 7,576
11/28/2002 9,971 7,576
11/29/2002 9,919 7,556
11/30/2002 9,919 7,556
12/1/2002 9,919 7,556
12/2/2002 9,883 7,541
12/3/2002 9,835 7,430
12/4/2002 9,935 7,407
12/5/2002 9,835 7,318
12/6/2002 9,883 7,364
12/7/2002 9,883 7,364
12/8/2002 9,883 7,364
12/9/2002 9,783 7,201
12/10/2002 9,899 7,302
12/11/2002 9,839 7,308
12/12/2002 9,823 7,281
12/13/2002 9,775 7,183
12/14/2002 9,775 7,183
12/15/2002 9,775 7,183
12/16/2002 9,871 7,352
12/17/2002 9,731 7,293
12/18/2002 9,707 7,197
12/19/2002 9,647 7,143
12/20/2002 9,759 7,236
12/21/2002 9,759 7,236
12/22/2002 9,759 7,236
12/23/2002 9,811 7,249
12/24/2002 9,787 7,210
12/25/2002 9,787 7,210
12/26/2002 9,811 7,187
12/27/2002 9,703 7,075
12/28/2002 9,703 7,075
12/29/2002 9,703 7,075
12/30/2002 9,759 7,108
12/31/2002 9,763 7,112
1/1/2003 9,763 7,112
1/2/2003 9,951 7,349
1/3/2003 9,903 7,345
1/4/2003 9,903 7,345
1/5/2003 9,903 7,345
1/6/2003 9,967 7,510
1/7/2003 9,883 7,461
1/8/2003 9,835 7,359
1/9/2003 9,951 7,502
1/10/2003 9,931 7,502
1/11/2003 9,931 7,502
1/12/2003 9,931 7,502
1/13/2003 9,947 7,491
1/14/2003 9,939 7,535
1/15/2003 9,847 7,428
1/16/2003 9,943 7,398
1/17/2003 9,919 7,295
1/18/2003 9,919 7,295
1/19/2003 9,919 7,295
1/20/2003 9,919 7,295
1/21/2003 9,819 7,180
1/22/2003 9,743 7,106
1/23/2003 9,723 7,179
1/24/2003 9,546 6,969
1/25/2003 9,546 6,969
1/26/2003 9,546 6,969
1/27/2003 9,414 6,856
1/28/2003 9,442 6,946
1/29/2003 9,346 6,994
1/30/2003 9,218 6,836
1/31/2003 9,418 6,925
2/1/2003 9,418 6,925
2/2/2003 9,418 6,925
2/3/2003 9,442 6,963
2/4/2003 9,438 6,865
2/5/2003 9,398 6,829
2/6/2003 9,310 6,787
2/7/2003 9,238 6,719
2/8/2003 9,238 6,719
2/9/2003 9,238 6,719
2/10/2003 9,310 6,770
2/11/2003 9,190 6,715
2/12/2003 9,146 6,632
2/13/2003 9,170 6,623
2/14/2003 9,270 6,765
2/15/2003 9,270 6,765
2/16/2003 9,270 6,765
2/17/2003 9,270 6,765
2/18/2003 9,370 6,897
2/19/2003 9,286 6,849
2/20/2003 9,198 6,785
2/21/2003 9,298 6,875
2/22/2003 9,298 6,875
2/23/2003 9,298 6,875
2/24/2003 9,154 6,748
2/25/2003 9,202 6,797
2/26/2003 9,114 6,710
2/27/2003 9,186 6,790
2/28/2003 9,162 6,822
3/1/2003 9,162 6,822
3/2/2003 9,162 6,822
3/3/2003 9,105 6,770
3/4/2003 8,961 6,666
3/5/2003 8,925 6,732
3/6/2003 8,849 6,670
3/7/2003 8,881 6,725
3/8/2003 8,881 6,725
3/9/2003 8,881 6,725
3/10/2003 8,721 6,552
3/11/2003 8,757 6,497
3/12/2003 8,801 6,528
3/13/2003 8,993 6,753
3/14/2003 9,009 6,764
3/15/2003 9,009 6,764
3/16/2003 9,009 6,764
3/17/2003 9,254 7,004
3/18/2003 9,230 7,034
3/19/2003 9,378 7,096
3/20/2003 9,386 7,109
3/21/2003 9,606 7,273
3/22/2003 9,606 7,273
3/23/2003 9,606 7,273
3/24/2003 9,326 7,017
3/25/2003 9,410 7,102
3/26/2003 9,370 7,063
3/27/2003 9,370 7,053
3/28/2003 9,290 7,012
3/29/2003 9,290 7,012
3/30/2003 9,290 7,012
3/31/2003 9,202 6,888
4/1/2003 9,258 6,971
4/2/2003 9,450 7,155
4/3/2003 9,358 7,119
4/4/2003 9,382 7,138
4/5/2003 9,382 7,138
4/6/2003 9,382 7,138
4/7/2003 9,398 7,147
4/8/2003 9,422 7,137
4/9/2003 9,338 7,037
4/10/2003 9,398 7,083
4/11/2003 9,410 7,057
4/12/2003 9,410 7,057
4/13/2003 9,410 7,057
4/14/2003 9,550 7,194
4/15/2003 9,574 7,240
4/16/2003 9,390 7,152
4/17/2003 9,542 7,263
4/18/2003 9,542 7,263
4/19/2003 9,542 7,263
4/20/2003 9,542 7,263
4/21/2003 9,514 7,250
4/22/2003 9,647 7,408
4/23/2003 9,731 7,470
4/24/2003 9,655 7,408
4/25/2003 9,546 7,306
4/26/2003 9,546 7,306
4/27/2003 9,546 7,306
4/28/2003 9,699 7,437
4/29/2003 9,751 7,462
4/30/2003 9,747 7,455
5/1/2003 9,751 7,451
5/2/2003 9,855 7,563
5/3/2003 9,855 7,563
5/4/2003 9,855 7,563
5/5/2003 9,827 7,535
5/6/2003 9,867 7,599
5/7/2003 9,887 7,561
5/8/2003 9,803 7,485
5/9/2003 9,923 7,594
5/10/2003 9,923 7,594
5/11/2003 9,923 7,594
5/12/2003 9,999 7,689
5/13/2003 10,007 7,668
5/14/2003 10,007 7,645
5/15/2003 10,075 7,706
5/16/2003 10,011 7,688
5/17/2003 10,011 7,688
5/18/2003 10,011 7,688
5/19/2003 9,931 7,496
5/20/2003 9,963 7,488
5/21/2003 10,027 7,519
5/22/2003 10,168 7,587
5/23/2003 10,204 7,598
5/24/2003 10,204 7,598
5/25/2003 10,204 7,598
5/26/2003 10,204 7,598
5/27/2003 10,292 7,747
5/28/2003 10,324 7,763
5/29/2003 10,336 7,734
5/30/2003 10,464 7,848
5/31/2003 10,464 7,848
6/1/2003 10,464 7,848
6/2/2003 10,500 7,876
6/3/2003 10,524 7,913
6/4/2003 10,640 8,035
6/5/2003 10,628 8,067
6/6/2003 10,576 8,048
6/7/2003 10,576 8,048
6/8/2003 10,576 8,048
6/9/2003 10,484 7,952
6/10/2003 10,556 8,025
6/11/2003 10,648 8,131
6/12/2003 10,701 8,139
6/13/2003 10,644 8,059
6/14/2003 10,644 8,059
6/15/2003 10,644 8,059
6/16/2003 10,841 8,239
6/17/2003 10,797 8,247
6/18/2003 10,817 8,235
6/19/2003 10,681 8,109
6/20/2003 10,673 8,118
6/21/2003 10,673 8,118
6/22/2003 10,673 8,118
6/23/2003 10,552 8,003
6/24/2003 10,640 8,018
6/25/2003 10,548 7,952
6/26/2003 10,628 8,040
6/27/2003 10,588 7,962
6/28/2003 10,588 7,962
6/29/2003 10,588 7,962
6/30/2003 10,608 7,948
7/1/2003 10,697 8,013
7/2/2003 10,773 8,107
7/3/2003 10,701 8,041
7/4/2003 10,701 8,041
7/5/2003 10,701 8,041
7/6/2003 10,701 8,041
7/7/2003 10,801 8,194
7/8/2003 10,857 8,225
7/9/2003 10,789 8,179
7/10/2003 10,765 8,069
7/11/2003 10,837 8,147
7/12/2003 10,837 8,147
7/13/2003 10,837 8,147
7/14/2003 10,821 8,193
7/15/2003 10,797 8,165
7/16/2003 10,729 8,114
7/17/2003 10,596 8,014
7/18/2003 10,681 8,108
7/19/2003 10,681 8,108
7/20/2003 10,681 8,108
7/21/2003 10,600 7,990
7/22/2003 10,668 8,066
7/23/2003 10,725 8,070
7/24/2003 10,685 8,013
7/25/2003 10,773 8,152
7/26/2003 10,773 8,152
7/27/2003 10,773 8,152
7/28/2003 10,761 8,135
7/29/2003 10,673 8,077
7/30/2003 10,677 8,063
7/31/2003 10,632 8,088
8/1/2003 10,548 8,005
8/2/2003 10,548 8,005
8/3/2003 10,548 8,005
8/4/2003 10,564 8,027
8/5/2003 10,428 7,886
8/6/2003 10,444 7,900
8/7/2003 10,476 7,958
8/8/2003 10,488 7,987
8/9/2003 10,488 7,987
8/10/2003 10,488 7,987
8/11/2003 10,516 8,013
8/12/2003 10,588 8,093
8/13/2003 10,576 8,044
8/14/2003 10,648 8,097
8/15/2003 10,668 8,100
8/16/2003 10,668 8,100
8/17/2003 10,668 8,100
8/18/2003 10,717 8,175
8/19/2003 10,737 8,196
8/20/2003 10,725 8,180
8/21/2003 10,761 8,205
8/22/2003 10,648 8,121
8/23/2003 10,648 8,121
8/24/2003 10,648 8,121
8/25/2003 10,668 8,126
8/26/2003 10,697 8,151
8/27/2003 10,709 8,153
8/28/2003 10,793 8,203
8/29/2003 10,841 8,246
8/30/2003 10,841 8,246
8/31/2003 10,841 8,246
9/1/2003 10,841 8,246
9/2/2003 10,957 8,360
9/3/2003 10,949 8,398
9/4/2003 10,997 8,412
9/5/2003 10,909 8,358
9/6/2003 10,909 8,358
9/7/2003 10,909 8,358
9/8/2003 10,966 8,443
9/9/2003 10,864 8,374
9/10/2003 10,844 8,274
9/11/2003 10,909 8,322
9/12/2003 10,941 8,340
9/13/2003 10,941 8,340
9/14/2003 10,941 8,340
9/15/2003 10,929 8,309
9/16/2003 11,010 8,428
9/17/2003 11,055 8,400
9/18/2003 11,107 8,512
9/19/2003 11,087 8,485
9/20/2003 11,087 8,485
9/21/2003 11,087 8,485
9/22/2003 10,990 8,375
9/23/2003 11,067 8,426
9/24/2003 11,014 8,265
9/25/2003 10,970 8,217
9/26/2003 10,881 8,165
9/27/2003 10,881 8,165
9/28/2003 10,881 8,165
9/29/2003 10,941 8,245
9/30/2003 10,913 8,158
10/1/2003 11,103 8,341
10/2/2003 11,119 8,359
10/3/2003 11,180 8,438
10/4/2003 11,180 8,438
10/5/2003 11,180 8,438
10/6/2003 11,229 8,475
10/7/2003 11,249 8,515
10/8/2003 11,184 8,473
10/9/2003 11,184 8,514
10/10/2003 11,184 8,509
10/11/2003 11,184 8,509
10/12/2003 11,184 8,509
10/13/2003 11,225 8,569
10/14/2003 11,261 8,603
10/15/2003 11,204 8,582
10/16/2003 11,233 8,610
10/17/2003 11,132 8,522
10/18/2003 11,132 8,522
10/19/2003 11,132 8,522
10/20/2003 11,160 8,565
10/21/2003 11,200 8,577
10/22/2003 11,148 8,449
10/23/2003 11,152 8,477
10/24/2003 11,140 8,437
10/25/2003 11,140 8,437
10/26/2003 11,140 8,437
10/27/2003 11,172 8,455
10/28/2003 11,297 8,584
10/29/2003 11,338 8,596
10/30/2003 11,338 8,589
10/31/2003 11,358 8,620
11/1/2003 11,358 8,620
11/2/2003 11,358 8,620
11/3/2003 11,463 8,688
11/4/2003 11,451 8,641
11/5/2003 11,415 8,631
11/6/2003 11,447 8,683
11/7/2003 11,447 8,645
11/8/2003 11,447 8,645
11/9/2003 11,447 8,645
11/10/2003 11,382 8,595
11/11/2003 11,362 8,591
11/12/2003 11,512 8,692
11/13/2003 11,512 8,691
11/14/2003 11,459 8,627
11/15/2003 11,459 8,627
11/16/2003 11,459 8,627
11/17/2003 11,415 8,572
11/18/2003 11,354 8,494
11/19/2003 11,419 8,563
11/20/2003 11,350 8,491
11/21/2003 11,415 8,505
11/22/2003 11,415 8,505
11/23/2003 11,415 8,505
11/24/2003 11,573 8,643
11/25/2003 11,625 8,659
11/26/2003 11,678 8,698
11/27/2003 11,678 8,698
11/28/2003 11,682 8,696
11/29/2003 11,682 8,696
11/30/2003 11,682 8,696
12/1/2003 11,747 8,794
12/2/2003 11,731 8,765
12/3/2003 11,646 8,752
12/4/2003 11,633 8,794
12/5/2003 11,589 8,726
12/6/2003 11,589 8,726
12/7/2003 11,589 8,726
12/8/2003 11,629 8,791
12/9/2003 11,528 8,716
12/10/2003 11,492 8,708
12/11/2003 11,597 8,809
12/12/2003 11,633 8,833
12/13/2003 11,633 8,833
12/14/2003 11,633 8,833
12/15/2003 11,601 8,784
12/16/2003 11,654 8,842
12/17/2003 11,637 8,854
12/18/2003 11,710 8,960
12/19/2003 11,694 8,956
12/20/2003 11,694 8,956
12/21/2003 11,694 8,956
12/22/2003 11,755 8,991
12/23/2003 11,787 9,016
12/24/2003 11,755 9,000
12/25/2003 11,755 9,000
12/26/2003 11,759 9,015
12/27/2003 11,759 9,015
12/28/2003 11,759 9,015
12/29/2003 11,872 9,130
12/30/2003 11,897 9,133
12/31/2003 11,897 9,152
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 12/31/03
- --------------------------------------------------------------------------------
SINCE
ONE INCEPTION
YEAR (05/29/01)
- --------------------------------------------------------------------------------
CONSUMER PRODUCTS FUND 21.86% 6.93%
S&P 500 INDEX 28.68% -3.36%
- --------------------------------------------------------------------------------
THE RETURNS PRESENTED ABOVE DO NOT REFLECT THE EFFECTS OF TAXES. PAST
PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE S&P 500 INDEX IS AN UNMANAGED
STOCK INDEX AND, UNLIKE THE FUND, HAS NO MANAGEMENT FEES OR OTHER OPERATING
EXPENSES TO REDUCE ITS REPORTED RETURNS. RETURNS ARE HISTORICAL AND INCLUDE
CHANGES IN PRINCIPAL AND REINVESTED DIVIDENDS AND CAPITAL GAINS.
ANNUAL REPORT 21
ELECTRONICS FUND
- --------------------------------------------------------------------------------
OBJECTIVE: Seeks capital appreciation by investing in companies that are
involved in the electronics sector, including semiconductor manufacturers and
distributors, and makers and vendors of other electronic components and devices.
Inception: August 3, 2001
A recovery in capital spending, the expanding use of advanced technological
hardware in consumer electronics, and increased penetration of computer and
networking hardware into the home helped to increase demand for semiconductor
chips and equipment during 2003. Additionally, the bottleneck in trade and a
slowdown in business activity in Asia due to the severe acute respiratory
syndrome (SARS) epidemic abated and opened demand in the region. Cost-cutting
efforts from previous years--coupled with increased demand for electronic
products--led to an expansion in profit margins and earnings surprises. Rydex
Electronics Fund returned a blockbuster 69.82% in 2003.
CUMULATIVE FUND PERFORMANCE: AUGUST 3, 2001 - DECEMBER 31, 2003
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
Variable S&P 500
Electronics Index
Date
8/3/2001 $10,000 $10,000
8/4/2001 10,000 10,000
8/5/2001 10,000 10,000
8/6/2001 9,836 9,886
8/7/2001 9,656 9,919
8/8/2001 9,248 9,748
8/9/2001 9,252 9,749
8/10/2001 9,316 9,805
8/11/2001 9,316 9,805
8/12/2001 9,316 9,805
8/13/2001 9,556 9,815
8/14/2001 9,436 9,778
8/15/2001 9,092 9,708
8/16/2001 9,252 9,738
8/17/2001 8,788 9,577
8/18/2001 8,788 9,577
8/19/2001 8,788 9,577
8/20/2001 8,864 9,654
8/21/2001 8,508 9,538
8/22/2001 8,916 9,605
8/23/2001 8,896 9,579
8/24/2001 9,408 9,767
8/25/2001 9,408 9,767
8/26/2001 9,408 9,767
8/27/2001 9,524 9,720
8/28/2001 9,248 9,574
8/29/2001 8,968 9,469
8/30/2001 8,716 9,309
8/31/2001 8,824 9,347
9/1/2001 8,824 9,347
9/2/2001 8,824 9,347
9/3/2001 8,824 9,347
9/4/2001 8,544 9,341
9/5/2001 8,388 9,333
9/6/2001 7,888 9,125
9/7/2001 7,920 8,955
9/8/2001 7,920 8,955
9/9/2001 7,920 8,955
9/10/2001 7,880 9,011
9/11/2001 7,880 9,011
9/12/2001 7,880 9,011
9/13/2001 7,880 9,011
9/14/2001 7,880 9,011
9/15/2001 7,880 9,011
9/16/2001 7,880 9,011
9/17/2001 7,204 8,570
9/18/2001 6,776 8,520
9/19/2001 6,576 8,384
9/20/2001 6,164 8,123
9/21/2001 6,004 7,969
9/22/2001 6,004 7,969
9/23/2001 6,004 7,969
9/24/2001 6,384 8,279
9/25/2001 6,428 8,352
9/26/2001 6,060 8,312
9/27/2001 5,892 8,407
9/28/2001 6,068 8,592
9/29/2001 6,068 8,592
9/30/2001 6,068 8,592
10/1/2001 5,896 8,572
10/2/2001 5,820 8,678
10/3/2001 6,348 8,852
10/4/2001 6,656 8,830
10/5/2001 6,740 8,847
10/6/2001 6,740 8,847
10/7/2001 6,740 8,847
10/8/2001 6,996 8,773
10/9/2001 6,648 8,727
10/10/2001 7,060 8,927
10/11/2001 7,680 9,063
10/12/2001 7,704 9,016
10/13/2001 7,704 9,016
10/14/2001 7,704 9,016
10/15/2001 7,376 9,002
10/16/2001 7,584 9,064
10/17/2001 7,148 8,896
10/18/2001 6,992 8,826
10/19/2001 7,056 8,867
10/20/2001 7,056 8,867
10/21/2001 7,056 8,867
10/22/2001 7,396 9,002
10/23/2001 7,320 8,960
10/24/2001 7,592 8,963
10/25/2001 7,912 9,086
10/26/2001 7,848 9,124
10/27/2001 7,848 9,124
10/28/2001 7,848 9,124
10/29/2001 7,364 8,907
10/30/2001 7,056 8,755
10/31/2001 7,312 8,756
11/1/2001 7,788 8,958
11/2/2001 7,860 8,983
11/3/2001 7,860 8,983
11/4/2001 7,860 8,983
11/5/2001 8,108 9,113
11/6/2001 8,388 9,245
11/7/2001 8,372 9,223
11/8/2001 8,228 9,246
11/9/2001 8,240 9,261
11/10/2001 8,240 9,261
11/11/2001 8,240 9,261
11/12/2001 8,412 9,245
11/13/2001 8,776 9,418
11/14/2001 8,776 9,437
11/15/2001 8,680 9,446
11/16/2001 8,676 9,417
11/17/2001 8,676 9,417
11/18/2001 8,676 9,417
11/19/2001 8,620 9,520
11/20/2001 8,136 9,451
11/21/2001 8,244 9,404
11/22/2001 8,244 9,404
11/23/2001 8,368 9,515
11/24/2001 8,368 9,515
11/25/2001 8,368 9,515
11/26/2001 8,696 9,573
11/27/2001 8,688 9,508
11/28/2001 8,300 9,336
11/29/2001 8,548 9,434
11/30/2001 8,432 9,427
12/1/2001 8,432 9,427
12/2/2001 8,432 9,427
12/3/2001 8,308 9,348
12/4/2001 8,744 9,472
12/5/2001 9,400 9,686
12/6/2001 9,340 9,660
12/7/2001 9,068 9,587
12/8/2001 9,068 9,587
12/9/2001 9,068 9,587
12/10/2001 8,856 9,435
12/11/2001 8,952 9,409
12/12/2001 9,080 9,413
12/13/2001 8,496 9,267
12/14/2001 8,660 9,297
12/15/2001 8,660 9,297
12/16/2001 8,660 9,297
12/17/2001 8,820 9,391
12/18/2001 8,876 9,462
12/19/2001 8,448 9,517
12/20/2001 8,032 9,439
12/21/2001 8,180 9,480
12/22/2001 8,180 9,480
12/23/2001 8,180 9,480
12/24/2001 8,104 9,478
12/25/2001 8,104 9,478
12/26/2001 8,212 9,517
12/27/2001 8,368 9,585
12/28/2001 8,456 9,617
12/29/2001 8,456 9,617
12/30/2001 8,456 9,617
12/31/2001 8,256 9,510
1/1/2002 8,256 9,510
1/2/2002 8,588 9,566
1/3/2002 9,196 9,654
1/4/2002 9,184 9,714
1/5/2002 9,184 9,714
1/6/2002 9,184 9,714
1/7/2002 8,948 9,651
1/8/2002 8,980 9,619
1/9/2002 8,916 9,573
1/10/2002 8,820 9,585
1/11/2002 8,744 9,494
1/12/2002 8,744 9,494
1/13/2002 8,744 9,494
1/14/2002 8,580 9,435
1/15/2002 8,552 9,499
1/16/2002 8,208 9,346
1/17/2002 8,428 9,440
1/18/2002 8,208 9,346
1/19/2002 8,208 9,346
1/20/2002 8,208 9,346
1/21/2002 8,208 9,346
1/22/2002 7,832 9,277
1/23/2002 8,084 9,351
1/24/2002 8,192 9,384
1/25/2002 8,292 9,393
1/26/2002 8,292 9,393
1/27/2002 8,292 9,393
1/28/2002 8,420 9,392
1/29/2002 8,228 9,124
1/30/2002 8,464 9,232
1/31/2002 8,504 9,371
2/1/2002 8,400 9,305
2/2/2002 8,400 9,305
2/3/2002 8,400 9,305
2/4/2002 8,228 9,075
2/5/2002 8,128 9,038
2/6/2002 8,112 8,985
2/7/2002 7,832 8,959
2/8/2002 8,028 9,093
2/9/2002 8,028 9,093
2/10/2002 8,028 9,093
2/11/2002 8,340 9,223
2/12/2002 8,252 9,187
2/13/2002 8,448 9,281
2/14/2002 8,360 9,265
2/15/2002 8,180 9,163
2/16/2002 8,180 9,163
2/17/2002 8,180 9,163
2/18/2002 8,180 9,163
2/19/2002 7,856 8,991
2/20/2002 7,984 9,113
2/21/2002 7,484 8,972
2/22/2002 7,496 9,045
2/23/2002 7,496 9,045
2/24/2002 7,496 9,045
2/25/2002 7,912 9,208
2/26/2002 7,852 9,208
2/27/2002 7,808 9,216
2/28/2002 7,568 9,190
3/1/2002 8,300 9,399
3/2/2002 8,300 9,399
3/3/2002 8,300 9,399
3/4/2002 8,768 9,582
3/5/2002 8,952 9,518
3/6/2002 8,936 9,658
3/7/2002 8,968 9,615
3/8/2002 9,304 9,671
3/9/2002 9,304 9,671
3/10/2002 9,304 9,671
3/11/2002 9,072 9,704
3/12/2002 8,828 9,682
3/13/2002 8,544 9,589
3/14/2002 8,516 9,580
3/15/2002 8,696 9,690
3/16/2002 8,696 9,690
3/17/2002 8,696 9,690
3/18/2002 8,756 9,685
3/19/2002 8,812 9,724
3/20/2002 8,472 9,571
3/21/2002 8,704 9,586
3/22/2002 8,592 9,545
3/23/2002 8,592 9,545
3/24/2002 8,592 9,545
3/25/2002 8,364 9,406
3/26/2002 8,568 9,462
3/27/2002 8,512 9,513
3/28/2002 8,696 9,536
3/29/2002 8,696 9,536
3/30/2002 8,696 9,536
3/31/2002 8,696 9,536
4/1/2002 8,900 9,529
4/2/2002 8,612 9,448
4/3/2002 8,460 9,355
4/4/2002 8,524 9,363
4/5/2002 8,396 9,333
4/6/2002 8,396 9,333
4/7/2002 8,396 9,333
4/8/2002 8,424 9,357
4/9/2002 8,172 9,295
4/10/2002 8,236 9,401
4/11/2002 8,044 9,178
4/12/2002 8,140 9,239
4/13/2002 8,140 9,239
4/14/2002 8,140 9,239
4/15/2002 8,268 9,169
4/16/2002 8,760 9,384
4/17/2002 8,888 9,365
4/18/2002 8,680 9,352
4/19/2002 8,556 9,358
4/20/2002 8,556 9,358
4/21/2002 8,556 9,358
4/22/2002 8,428 9,213
4/23/2002 8,232 9,156
4/24/2002 7,984 9,091
4/25/2002 8,024 9,078
4/26/2002 7,724 8,952
4/27/2002 7,724 8,952
4/28/2002 7,724 8,952
4/29/2002 7,744 8,862
4/30/2002 7,864 8,958
5/1/2002 7,884 9,038
5/2/2002 7,584 9,023
5/3/2002 7,252 8,931
5/4/2002 7,252 8,931
5/5/2002 7,252 8,931
5/6/2002 7,108 8,758
5/7/2002 7,108 8,732
5/8/2002 7,912 9,061
5/9/2002 7,652 8,931
5/10/2002 7,328 8,781
5/11/2002 7,328 8,781
5/12/2002 7,328 8,781
5/13/2002 7,772 8,945
5/14/2002 8,200 9,134
5/15/2002 8,188 9,085
5/16/2002 8,272 9,145
5/17/2002 8,308 9,217
5/18/2002 8,308 9,217
5/19/2002 8,308 9,217
5/20/2002 8,168 9,095
5/21/2002 7,948 8,995
5/22/2002 7,948 9,047
5/23/2002 7,932 9,139
5/24/2002 7,676 9,028
5/25/2002 7,676 9,028
5/26/2002 7,676 9,028
5/27/2002 7,676 9,028
5/28/2002 7,644 8,951
5/29/2002 7,400 8,895
5/30/2002 7,368 8,871
5/31/2002 7,308 8,892
6/1/2002 7,308 8,892
6/2/2002 7,308 8,892
6/3/2002 6,980 8,672
6/4/2002 7,152 8,672
6/5/2002 7,144 8,752
6/6/2002 6,888 8,579
6/7/2002 6,668 8,566
6/8/2002 6,668 8,566
6/9/2002 6,668 8,566
6/10/2002 6,616 8,592
6/11/2002 6,340 8,450
6/12/2002 6,544 8,506
6/13/2002 6,456 8,418
6/14/2002 6,452 8,399
6/15/2002 6,452 8,399
6/16/2002 6,452 8,399
6/17/2002 6,780 8,640
6/18/2002 6,644 8,648
6/19/2002 6,216 8,505
6/20/2002 5,960 8,391
6/21/2002 5,792 8,248
6/22/2002 5,792 8,248
6/23/2002 5,792 8,248
6/24/2002 5,972 8,278
6/25/2002 5,752 8,140
6/26/2002 5,768 8,122
6/27/2002 5,976 8,265
6/28/2002 5,900 8,258
6/29/2002 5,900 8,258
6/30/2002 5,900 8,258
7/1/2002 5,656 8,082
7/2/2002 5,440 7,912
7/3/2002 5,660 7,962
7/4/2002 5,660 7,962
7/5/2002 6,144 8,254
7/6/2002 6,144 8,254
7/7/2002 6,144 8,254
7/8/2002 5,884 8,156
7/9/2002 5,684 7,955
7/10/2002 5,436 7,685
7/11/2002 5,752 7,743
7/12/2002 5,812 7,693
7/13/2002 5,812 7,693
7/14/2002 5,812 7,693
7/15/2002 6,056 7,664
7/16/2002 5,988 7,523
7/17/2002 6,044 7,566
7/18/2002 5,876 7,361
7/19/2002 5,760 7,079
7/20/2002 5,760 7,079
7/21/2002 5,760 7,079
7/22/2002 5,588 6,846
7/23/2002 5,348 6,661
7/24/2002 5,552 7,043
7/25/2002 5,008 7,003
7/26/2002 4,936 7,122
7/27/2002 4,936 7,122
7/28/2002 4,936 7,122
7/29/2002 5,264 7,508
7/30/2002 5,396 7,540
7/31/2002 5,164 7,615
8/1/2002 4,860 7,391
8/2/2002 4,672 7,220
8/3/2002 4,672 7,220
8/4/2002 4,672 7,220
8/5/2002 4,388 6,973
8/6/2002 4,668 7,181
8/7/2002 4,744 7,327
8/8/2002 4,960 7,566
8/9/2002 4,884 7,595
8/10/2002 4,884 7,595
8/11/2002 4,884 7,595
8/12/2002 4,812 7,554
8/13/2002 4,620 7,392
8/14/2002 4,916 7,689
8/15/2002 5,000 7,779
8/16/2002 5,308 7,768
8/17/2002 5,308 7,768
8/18/2002 5,308 7,768
8/19/2002 5,520 7,951
8/20/2002 5,276 7,840
8/21/2002 5,552 7,941
8/22/2002 5,520 8,052
8/23/2002 5,200 7,870
8/24/2002 5,200 7,870
8/25/2002 5,200 7,870
8/26/2002 5,240 7,929
8/27/2002 4,968 7,819
8/28/2002 4,760 7,679
8/29/2002 4,780 7,679
8/30/2002 4,688 7,665
8/31/2002 4,688 7,665
9/1/2002 4,688 7,665
9/2/2002 4,688 7,665
9/3/2002 4,448 7,346
9/4/2002 4,529 7,478
9/5/2002 4,310 7,359
9/6/2002 4,529 7,483
9/7/2002 4,529 7,483
9/8/2002 4,529 7,483
9/9/2002 4,508 7,559
9/10/2002 4,654 7,614
9/11/2002 4,702 7,614
9/12/2002 4,418 7,427
9/13/2002 4,345 7,452
9/14/2002 4,345 7,452
9/15/2002 4,345 7,452
9/16/2002 4,172 7,463
9/17/2002 4,082 7,315
9/18/2002 4,031 7,282
9/19/2002 3,884 7,063
9/20/2002 3,846 7,081
9/21/2002 3,846 7,081
9/22/2002 3,846 7,081
9/23/2002 3,656 6,983
9/24/2002 3,691 6,862
9/25/2002 3,927 7,034
9/26/2002 3,837 7,164
9/27/2002 3,764 6,933
9/28/2002 3,764 6,933
9/29/2002 3,764 6,933
9/30/2002 3,643 6,832
10/1/2002 3,798 7,105
10/2/2002 3,764 6,939
10/3/2002 3,544 6,864
10/4/2002 3,402 6,710
10/5/2002 3,402 6,710
10/6/2002 3,402 6,710
10/7/2002 3,269 6,582
10/8/2002 3,235 6,696
10/9/2002 3,179 6,514
10/10/2002 3,407 6,742
10/11/2002 3,691 7,006
10/12/2002 3,691 7,006
10/13/2002 3,691 7,006
10/14/2002 3,691 7,057
10/15/2002 4,095 7,391
10/16/2002 3,669 7,213
10/17/2002 3,996 7,374
10/18/2002 4,000 7,418
10/19/2002 4,000 7,418
10/20/2002 4,000 7,418
10/21/2002 4,215 7,547
10/22/2002 3,975 7,466
10/23/2002 4,263 7,517
10/24/2002 4,194 7,402
10/25/2002 4,400 7,529
10/26/2002 4,400 7,529
10/27/2002 4,400 7,529
10/28/2002 4,405 7,467
10/29/2002 4,258 7,400
10/30/2002 4,521 7,473
10/31/2002 4,482 7,433
11/1/2002 4,783 7,561
11/2/2002 4,783 7,561
11/3/2002 4,783 7,561
11/4/2002 4,990 7,623
11/5/2002 4,908 7,682
11/6/2002 5,102 7,754
11/7/2002 4,680 7,578
11/8/2002 4,607 7,512
11/9/2002 4,607 7,512
11/10/2002 4,607 7,512
11/11/2002 4,323 7,357
11/12/2002 4,504 7,414
11/13/2002 4,529 7,413
11/14/2002 4,874 7,596
11/15/2002 4,878 7,644
11/16/2002 4,878 7,644
11/17/2002 4,878 7,644
11/18/2002 4,925 7,564
11/19/2002 4,779 7,534
11/20/2002 5,127 7,681
11/21/2002 5,558 7,846
11/22/2002 5,519 7,819
11/23/2002 5,519 7,819
11/24/2002 5,519 7,819
11/25/2002 5,712 7,839
11/26/2002 5,463 7,676
11/27/2002 5,773 7,892
11/28/2002 5,773 7,892
11/29/2002 5,674 7,871
11/30/2002 5,674 7,871
12/1/2002 5,674 7,871
12/2/2002 5,717 7,856
12/3/2002 5,381 7,740
12/4/2002 5,089 7,716
12/5/2002 5,037 7,623
12/6/2002 5,016 7,671
12/7/2002 5,016 7,671
12/8/2002 5,016 7,671
12/9/2002 4,654 7,501
12/10/2002 4,878 7,606
12/11/2002 4,869 7,612
12/12/2002 4,831 7,584
12/13/2002 4,633 7,482
12/14/2002 4,633 7,482
12/15/2002 4,633 7,482
12/16/2002 4,835 7,659
12/17/2002 4,753 7,597
12/18/2002 4,443 7,497
12/19/2002 4,392 7,441
12/20/2002 4,435 7,538
12/21/2002 4,435 7,538
12/22/2002 4,435 7,538
12/23/2002 4,499 7,552
12/24/2002 4,439 7,510
12/25/2002 4,439 7,510
12/26/2002 4,439 7,487
12/27/2002 4,383 7,370
12/28/2002 4,383 7,370
12/29/2002 4,383 7,370
12/30/2002 4,276 7,404
12/31/2002 4,276 7,408
1/1/2003 4,276 7,408
1/2/2003 4,542 7,655
1/3/2003 4,594 7,651
1/4/2003 4,594 7,651
1/5/2003 4,594 7,651
1/6/2003 4,813 7,823
1/7/2003 4,831 7,772
1/8/2003 4,654 7,665
1/9/2003 4,783 7,814
1/10/2003 4,882 7,814
1/11/2003 4,882 7,814
1/12/2003 4,882 7,814
1/13/2003 4,818 7,804
1/14/2003 4,882 7,849
1/15/2003 4,745 7,737
1/16/2003 4,598 7,707
1/17/2003 4,345 7,599
1/18/2003 4,345 7,599
1/19/2003 4,345 7,599
1/20/2003 4,345 7,599
1/21/2003 4,289 7,479
1/22/2003 4,271 7,402
1/23/2003 4,366 7,478
1/24/2003 4,198 7,259
1/25/2003 4,198 7,259
1/26/2003 4,198 7,259
1/27/2003 4,134 7,142
1/28/2003 4,194 7,235
1/29/2003 4,302 7,286
1/30/2003 4,065 7,121
1/31/2003 4,043 7,214
2/1/2003 4,043 7,214
2/2/2003 4,043 7,214
2/3/2003 4,026 7,253
2/4/2003 4,013 7,151
2/5/2003 4,022 7,114
2/6/2003 3,966 7,070
2/7/2003 3,884 6,999
2/8/2003 3,884 6,999
2/9/2003 3,884 6,999
2/10/2003 3,940 7,052
2/11/2003 3,957 6,995
2/12/2003 3,914 6,909
2/13/2003 3,906 6,899
2/14/2003 4,108 7,047
2/15/2003 4,108 7,047
2/16/2003 4,108 7,047
2/17/2003 4,108 7,047
2/18/2003 4,284 7,185
2/19/2003 4,224 7,135
2/20/2003 4,293 7,067
2/21/2003 4,284 7,161
2/22/2003 4,284 7,161
2/23/2003 4,284 7,161
2/24/2003 4,241 7,029
2/25/2003 4,224 7,080
2/26/2003 4,099 6,990
2/27/2003 4,198 7,073
2/28/2003 4,319 7,106
3/1/2003 4,319 7,106
3/2/2003 4,319 7,106
3/3/2003 4,168 7,052
3/4/2003 4,117 6,944
3/5/2003 4,147 7,013
3/6/2003 4,112 6,948
3/7/2003 4,069 7,005
3/8/2003 4,069 7,005
3/9/2003 4,069 7,005
3/10/2003 3,970 6,825
3/11/2003 3,962 6,768
3/12/2003 4,026 6,800
3/13/2003 4,357 7,034
3/14/2003 4,280 7,046
3/15/2003 4,280 7,046
3/16/2003 4,280 7,046
3/17/2003 4,521 7,296
3/18/2003 4,607 7,327
3/19/2003 4,551 7,392
3/20/2003 4,590 7,406
3/21/2003 4,710 7,576
3/22/2003 4,710 7,576
3/23/2003 4,710 7,576
3/24/2003 4,465 7,309
3/25/2003 4,521 7,398
3/26/2003 4,504 7,358
3/27/2003 4,443 7,347
3/28/2003 4,353 7,304
3/29/2003 4,353 7,304
3/30/2003 4,353 7,304
3/31/2003 4,147 7,175
4/1/2003 4,207 7,262
4/2/2003 4,439 7,453
4/3/2003 4,448 7,416
4/4/2003 4,336 7,436
4/5/2003 4,336 7,436
4/6/2003 4,336 7,436
4/7/2003 4,405 7,445
4/8/2003 4,241 7,434
4/9/2003 4,168 7,331
4/10/2003 4,198 7,378
4/11/2003 4,147 7,351
4/12/2003 4,147 7,351
4/13/2003 4,147 7,351
4/14/2003 4,254 7,494
4/15/2003 4,289 7,542
4/16/2003 4,431 7,450
4/17/2003 4,603 7,566
4/18/2003 4,603 7,566
4/19/2003 4,603 7,566
4/20/2003 4,603 7,566
4/21/2003 4,620 7,552
4/22/2003 4,745 7,716
4/23/2003 4,800 7,781
4/24/2003 4,749 7,717
4/25/2003 4,534 7,610
4/26/2003 4,534 7,610
4/27/2003 4,534 7,610
4/28/2003 4,633 7,747
4/29/2003 4,745 7,773
4/30/2003 4,676 7,766
5/1/2003 4,702 7,762
5/2/2003 4,865 7,879
5/3/2003 4,865 7,879
5/4/2003 4,865 7,879
5/5/2003 4,925 7,849
5/6/2003 4,990 7,915
5/7/2003 4,878 7,876
5/8/2003 4,788 7,797
5/9/2003 5,007 7,910
5/10/2003 5,007 7,910
5/11/2003 5,007 7,910
5/12/2003 5,106 8,010
5/13/2003 5,071 7,987
5/14/2003 5,033 7,964
5/15/2003 5,097 8,027
5/16/2003 5,011 8,008
5/17/2003 5,011 8,008
5/18/2003 5,011 8,008
5/19/2003 4,775 7,809
5/20/2003 4,788 7,800
5/21/2003 4,800 7,832
5/22/2003 4,878 7,904
5/23/2003 4,887 7,915
5/24/2003 4,887 7,915
5/25/2003 4,887 7,915
5/26/2003 4,887 7,915
5/27/2003 5,175 8,070
5/28/2003 5,196 8,086
5/29/2003 5,364 8,056
5/30/2003 5,484 8,175
5/31/2003 5,484 8,175
6/1/2003 5,484 8,175
6/2/2003 5,377 8,204
6/3/2003 5,476 8,243
6/4/2003 5,644 8,370
6/5/2003 5,721 8,404
6/6/2003 5,622 8,384
6/7/2003 5,622 8,384
6/8/2003 5,622 8,384
6/9/2003 5,450 8,284
6/10/2003 5,506 8,359
6/11/2003 5,480 8,469
6/12/2003 5,437 8,479
6/13/2003 5,218 8,395
6/14/2003 5,218 8,395
6/15/2003 5,218 8,395
6/16/2003 5,351 8,583
6/17/2003 5,364 8,591
6/18/2003 5,502 8,578
6/19/2003 5,424 8,447
6/20/2003 5,347 8,456
6/21/2003 5,347 8,456
6/22/2003 5,347 8,456
6/23/2003 5,201 8,337
6/24/2003 5,123 8,352
6/25/2003 5,127 8,283
6/26/2003 5,278 8,375
6/27/2003 5,235 8,294
6/28/2003 5,235 8,294
6/29/2003 5,235 8,294
6/30/2003 5,244 8,279
7/1/2003 5,334 8,347
7/2/2003 5,484 8,445
7/3/2003 5,403 8,376
7/4/2003 5,403 8,376
7/5/2003 5,403 8,376
7/6/2003 5,403 8,376
7/7/2003 5,803 8,535
7/8/2003 5,884 8,567
7/9/2003 5,962 8,520
7/10/2003 5,768 8,405
7/11/2003 5,790 8,486
7/12/2003 5,790 8,486
7/13/2003 5,790 8,486
7/14/2003 5,953 8,535
7/15/2003 5,932 8,506
7/16/2003 5,932 8,452
7/17/2003 5,631 8,348
7/18/2003 5,656 8,446
7/19/2003 5,656 8,446
7/20/2003 5,656 8,446
7/21/2003 5,540 8,323
7/22/2003 5,730 8,402
7/23/2003 5,803 8,406
7/24/2003 5,691 8,347
7/25/2003 5,768 8,492
7/26/2003 5,768 8,492
7/27/2003 5,768 8,492
7/28/2003 5,841 8,474
7/29/2003 5,755 8,413
7/30/2003 5,669 8,399
7/31/2003 5,764 8,425
8/1/2003 5,816 8,339
8/2/2003 5,816 8,339
8/3/2003 5,816 8,339
8/4/2003 5,846 8,362
8/5/2003 5,661 8,214
8/6/2003 5,601 8,230
8/7/2003 5,558 8,290
8/8/2003 5,403 8,319
8/9/2003 5,403 8,319
8/10/2003 5,403 8,319
8/11/2003 5,545 8,347
8/12/2003 5,652 8,430
8/13/2003 5,755 8,380
8/14/2003 5,807 8,435
8/15/2003 5,803 8,438
8/16/2003 5,803 8,438
8/17/2003 5,803 8,438
8/18/2003 6,121 8,515
8/19/2003 6,237 8,538
8/20/2003 6,203 8,521
8/21/2003 6,422 8,547
8/22/2003 6,495 8,460
8/23/2003 6,495 8,460
8/24/2003 6,495 8,460
8/25/2003 6,418 8,465
8/26/2003 6,422 8,491
8/27/2003 6,646 8,493
8/28/2003 6,706 8,545
8/29/2003 6,753 8,590
8/30/2003 6,753 8,590
8/31/2003 6,753 8,590
9/1/2003 6,753 8,590
9/2/2003 6,775 8,709
9/3/2003 6,646 8,748
9/4/2003 6,779 8,763
9/5/2003 6,857 8,707
9/6/2003 6,857 8,707
9/7/2003 6,857 8,707
9/8/2003 7,050 8,795
9/9/2003 6,968 8,722
9/10/2003 6,573 8,619
9/11/2003 6,672 8,668
9/12/2003 6,719 8,687
9/13/2003 6,719 8,687
9/14/2003 6,719 8,687
9/15/2003 6,603 8,655
9/16/2003 6,839 8,779
9/17/2003 6,809 8,750
9/18/2003 6,831 8,867
9/19/2003 6,801 8,839
9/20/2003 6,801 8,839
9/21/2003 6,801 8,839
9/22/2003 6,611 8,724
9/23/2003 6,723 8,777
9/24/2003 6,388 8,609
9/25/2003 6,302 8,559
9/26/2003 6,194 8,506
9/27/2003 6,194 8,506
9/28/2003 6,194 8,506
9/29/2003 6,349 8,589
9/30/2003 6,125 8,498
10/1/2003 6,246 8,689
10/2/2003 6,293 8,707
10/3/2003 6,573 8,789
10/4/2003 6,573 8,789
10/5/2003 6,573 8,789
10/6/2003 6,577 8,828
10/7/2003 6,719 8,870
10/8/2003 6,650 8,827
10/9/2003 6,710 8,869
10/10/2003 6,766 8,864
10/11/2003 6,766 8,864
10/12/2003 6,766 8,864
10/13/2003 6,822 8,926
10/14/2003 6,913 8,961
10/15/2003 6,943 8,940
10/16/2003 6,994 8,968
10/17/2003 6,809 8,877
10/18/2003 6,809 8,877
10/19/2003 6,809 8,877
10/20/2003 6,887 8,922
10/21/2003 7,050 8,934
10/22/2003 6,826 8,801
10/23/2003 6,659 8,830
10/24/2003 6,629 8,789
10/25/2003 6,629 8,789
10/26/2003 6,629 8,789
10/27/2003 6,723 8,808
10/28/2003 7,158 8,941
10/29/2003 7,252 8,954
10/30/2003 7,291 8,947
10/31/2003 7,222 8,979
11/1/2003 7,222 8,979
11/2/2003 7,222 8,979
11/3/2003 7,485 9,050
11/4/2003 7,476 9,001
11/5/2003 7,545 8,990
11/6/2003 7,639 9,044
11/7/2003 7,670 9,005
11/8/2003 7,670 9,005
11/9/2003 7,670 9,005
11/10/2003 7,429 8,954
11/11/2003 7,437 8,949
11/12/2003 7,704 9,055
11/13/2003 7,627 9,054
11/14/2003 7,373 8,986
11/15/2003 7,373 8,986
11/16/2003 7,373 8,986
11/17/2003 7,282 8,929
11/18/2003 7,162 8,848
11/19/2003 7,274 8,920
11/20/2003 7,153 8,845
11/21/2003 7,231 8,859
11/22/2003 7,231 8,859
11/23/2003 7,231 8,859
11/24/2003 7,523 9,003
11/25/2003 7,528 9,019
11/26/2003 7,553 9,060
11/27/2003 7,553 9,060
11/28/2003 7,627 9,058
11/29/2003 7,627 9,058
11/30/2003 7,627 9,058
12/1/2003 7,700 9,161
12/2/2003 7,639 9,131
12/3/2003 7,485 9,117
12/4/2003 7,407 9,160
12/5/2003 7,166 9,090
12/6/2003 7,166 9,090
12/7/2003 7,166 9,090
12/8/2003 7,149 9,157
12/9/2003 6,857 9,079
12/10/2003 6,878 9,071
12/11/2003 7,132 9,177
12/12/2003 7,136 9,202
12/13/2003 7,136 9,202
12/14/2003 7,136 9,202
12/15/2003 6,908 9,150
12/16/2003 6,861 9,211
12/17/2003 6,801 9,223
12/18/2003 7,072 9,333
12/19/2003 7,024 9,329
12/20/2003 7,024 9,329
12/21/2003 7,024 9,329
12/22/2003 7,037 9,366
12/23/2003 7,162 9,392
12/24/2003 7,128 9,375
12/25/2003 7,128 9,375
12/26/2003 7,136 9,391
12/27/2003 7,136 9,391
12/28/2003 7,136 9,391
12/29/2003 7,300 9,511
12/30/2003 7,300 9,513
12/31/2003 7,261 9,533
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 12/31/03
- --------------------------------------------------------------------------------
SINCE
ONE INCEPTION
YEAR (08/03/01)
- --------------------------------------------------------------------------------
ELECTRONICS FUND 69.82% -12.43%
S&P 500 INDEX 28.68% -1.96%
- --------------------------------------------------------------------------------
THE RETURNS PRESENTED ABOVE DO NOT REFLECT THE EFFECTS OF TAXES. PAST
PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE S&P 500 INDEX IS AN UNMANAGED
STOCK INDEX AND, UNLIKE THE FUND, HAS NO MANAGEMENT FEES OR OTHER OPERATING
EXPENSES TO REDUCE ITS REPORTED RETURNS. RETURNS ARE HISTORICAL AND INCLUDE
CHANGES IN PRINCIPAL AND REINVESTED DIVIDENDS AND CAPITAL GAINS.
22
ENERGY FUND
- --------------------------------------------------------------------------------
OBJECTIVE: Seeks capital appreciation by investing in companies involved in the
energy field, including the exploration, production and development of oil, gas,
coal and alternative sources of energy.
Inception: May 29, 2001
Energy, typically a defensive sector, underperformed the S&P 500 as investors
looked for higher growth and risk companies in 2003. By late April the price of
a barrel of oil plummeted to only $25.24, and then slowly trended up to finish
the year at $32.52 a barrel (up 4.2%). Natural gas, which also had a volatile
year, finished up 16.9% for the year. Heating Oil, while down for the most of
the year, rallied late to finish up 7.7% for the year. In the summer, Federal
Reserve chairman Alan Greenspan alerted the nation that supplies of natural gas
were unusually low while demand continued to rise. In June, Energy Secretary
Spencer Abraham asked for greater emphasis on conservation, energy efficiency
and fuel switching to fend off a potential energy crisis. Rydex Energy Fund
returned 23.01% for the year.
Cumulative Fund Performance: May 29, 2001 - December 31, 2003
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
Date Variable Energy S&P 500 Index
5/29/2001 $10,000 $10,000
5/30/2001 9,968 9,846
5/31/2001 9,984 9,908
6/1/2001 9,968 9,946
6/2/2001 9,968 9,946
6/3/2001 9,968 9,946
6/4/2001 10,132 9,997
6/5/2001 10,148 10,127
6/6/2001 9,872 10,022
6/7/2001 9,808 10,077
6/8/2001 9,844 9,982
6/9/2001 9,844 9,982
6/10/2001 9,844 9,982
6/11/2001 9,852 9,899
6/12/2001 9,920 9,910
6/13/2001 9,836 9,800
6/14/2001 9,708 9,629
6/15/2001 9,752 9,585
6/16/2001 9,752 9,585
6/17/2001 9,752 9,585
6/18/2001 9,632 9,539
6/19/2001 9,624 9,572
6/20/2001 9,520 9,655
6/21/2001 9,404 9,765
6/22/2001 9,472 9,673
6/23/2001 9,472 9,673
6/24/2001 9,472 9,673
6/25/2001 9,468 9,620
6/26/2001 9,492 9,605
6/27/2001 9,272 9,562
6/28/2001 9,068 9,681
6/29/2001 9,188 9,667
6/30/2001 9,188 9,667
7/1/2001 9,188 9,667
7/2/2001 9,120 9,764
7/3/2001 9,068 9,748
7/4/2001 9,068 9,748
7/5/2001 9,144 9,630
7/6/2001 9,124 9,405
7/7/2001 9,124 9,405
7/8/2001 9,124 9,405
7/9/2001 9,032 9,470
7/10/2001 8,976 9,334
7/11/2001 8,884 9,324
7/12/2001 8,884 9,545
7/13/2001 8,920 9,605
7/14/2001 8,920 9,605
7/15/2001 8,920 9,605
7/16/2001 8,800 9,500
7/17/2001 8,764 9,595
7/18/2001 8,652 9,543
7/19/2001 8,784 9,601
7/20/2001 8,948 9,568
7/21/2001 8,948 9,568
7/22/2001 8,948 9,568
7/23/2001 8,884 9,411
7/24/2001 8,584 9,258
7/25/2001 8,912 9,407
7/26/2001 9,052 9,505
7/27/2001 9,108 9,529
7/28/2001 9,108 9,529
7/29/2001 9,108 9,529
7/30/2001 9,084 9,519
7/31/2001 9,040 9,572
8/1/2001 9,020 9,610
8/2/2001 9,044 9,649
8/3/2001 8,916 9,600
8/4/2001 8,916 9,600
8/5/2001 8,916 9,600
8/6/2001 8,868 9,491
8/7/2001 8,904 9,522
8/8/2001 8,760 9,358
8/9/2001 8,788 9,359
8/10/2001 8,872 9,413
8/11/2001 8,872 9,413
8/12/2001 8,872 9,413
8/13/2001 8,884 9,422
8/14/2001 8,956 9,387
8/15/2001 9,124 9,320
8/16/2001 9,080 9,349
8/17/2001 8,960 9,194
8/18/2001 8,960 9,194
8/19/2001 8,960 9,194
8/20/2001 8,928 9,268
8/21/2001 8,920 9,156
8/22/2001 8,976 9,221
8/23/2001 8,976 9,195
8/24/2001 9,064 9,376
8/25/2001 9,064 9,376
8/26/2001 9,064 9,376
8/27/2001 9,028 9,331
8/28/2001 8,916 9,191
8/29/2001 8,928 9,090
8/30/2001 8,808 8,937
8/31/2001 8,796 8,973
9/1/2001 8,796 8,973
9/2/2001 8,796 8,973
9/3/2001 8,796 8,973
9/4/2001 8,860 8,968
9/5/2001 8,864 8,960
9/6/2001 8,844 8,760
9/7/2001 8,800 8,596
9/8/2001 8,800 8,596
9/9/2001 8,800 8,596
9/10/2001 8,780 8,650
9/11/2001 8,780 8,650
9/12/2001 8,780 8,650
9/13/2001 8,780 8,650
9/14/2001 8,780 8,650
9/15/2001 8,780 8,650
9/16/2001 8,780 8,650
9/17/2001 8,552 8,227
9/18/2001 8,292 8,180
9/19/2001 7,964 8,048
9/20/2001 7,760 7,798
9/21/2001 7,664 7,650
9/22/2001 7,664 7,650
9/23/2001 7,664 7,650
9/24/2001 7,548 7,948
9/25/2001 7,532 8,018
9/26/2001 7,488 7,979
9/27/2001 7,824 8,071
9/28/2001 8,088 8,248
9/29/2001 8,088 8,248
9/30/2001 8,088 8,248
10/1/2001 7,964 8,229
10/2/2001 8,160 8,330
10/3/2001 8,196 8,498
10/4/2001 8,400 8,477
10/5/2001 8,428 8,493
10/6/2001 8,428 8,493
10/7/2001 8,428 8,493
10/8/2001 8,448 8,422
10/9/2001 8,488 8,377
10/10/2001 8,788 8,570
10/11/2001 8,772 8,701
10/12/2001 8,756 8,655
10/13/2001 8,756 8,655
10/14/2001 8,756 8,655
10/15/2001 8,576 8,642
10/16/2001 8,672 8,702
10/17/2001 8,636 8,540
10/18/2001 8,344 8,473
10/19/2001 8,372 8,512
10/20/2001 8,372 8,512
10/21/2001 8,372 8,512
10/22/2001 8,452 8,642
10/23/2001 8,428 8,601
10/24/2001 8,316 8,605
10/25/2001 8,500 8,723
10/26/2001 8,680 8,759
10/27/2001 8,680 8,759
10/28/2001 8,680 8,759
10/29/2001 8,648 8,551
10/30/2001 8,360 8,405
10/31/2001 8,324 8,405
11/1/2001 8,428 8,599
11/2/2001 8,232 8,624
11/3/2001 8,232 8,624
11/4/2001 8,232 8,624
11/5/2001 8,168 8,748
11/6/2001 8,156 8,875
11/7/2001 8,220 8,854
11/8/2001 8,320 8,876
11/9/2001 8,504 8,891
11/10/2001 8,504 8,891
11/11/2001 8,504 8,891
11/12/2001 8,464 8,875
11/13/2001 8,568 9,041
11/14/2001 8,188 9,060
11/15/2001 7,740 9,068
11/16/2001 7,852 9,040
11/17/2001 7,852 9,040
11/18/2001 7,852 9,040
11/19/2001 7,856 9,139
11/20/2001 8,120 9,073
11/21/2001 8,032 9,028
11/22/2001 8,032 9,028
11/23/2001 8,148 9,134
11/24/2001 8,148 9,134
11/25/2001 8,148 9,134
11/26/2001 8,000 9,190
11/27/2001 8,028 9,127
11/28/2001 7,896 8,963
11/29/2001 8,008 9,056
11/30/2001 7,984 9,050
12/1/2001 7,984 9,050
12/2/2001 7,984 9,050
12/3/2001 8,056 8,974
12/4/2001 8,180 9,093
12/5/2001 8,352 9,299
12/6/2001 8,104 9,273
12/7/2001 8,120 9,203
12/8/2001 8,120 9,203
12/9/2001 8,120 9,203
12/10/2001 7,996 9,058
12/11/2001 7,896 9,032
12/12/2001 7,908 9,036
12/13/2001 7,812 8,896
12/14/2001 7,904 8,925
12/15/2001 7,904 8,925
12/16/2001 7,904 8,925
12/17/2001 7,880 9,015
12/18/2001 7,968 9,083
12/19/2001 8,152 9,137
12/20/2001 8,124 9,061
12/21/2001 8,196 9,101
12/22/2001 8,196 9,101
12/23/2001 8,196 9,101
12/24/2001 8,284 9,099
12/25/2001 8,284 9,099
12/26/2001 8,440 9,137
12/27/2001 8,456 9,201
12/28/2001 8,512 9,232
12/29/2001 8,512 9,232
12/30/2001 8,512 9,232
12/31/2001 8,440 9,129
1/1/2002 8,440 9,129
1/2/2002 8,376 9,183
1/3/2002 8,308 9,268
1/4/2002 8,368 9,325
1/5/2002 8,368 9,325
1/6/2002 8,368 9,325
1/7/2002 8,384 9,265
1/8/2002 8,312 9,234
1/9/2002 8,272 9,190
1/10/2002 8,220 9,201
1/11/2002 8,048 9,115
1/12/2002 8,048 9,115
1/13/2002 8,048 9,115
1/14/2002 7,964 9,057
1/15/2002 8,100 9,119
1/16/2002 7,920 8,972
1/17/2002 7,924 9,062
1/18/2002 7,868 8,972
1/19/2002 7,868 8,972
1/20/2002 7,868 8,972
1/21/2002 7,868 8,972
1/22/2002 7,784 8,906
1/23/2002 7,988 8,977
1/24/2002 8,104 9,009
1/25/2002 8,152 9,018
1/26/2002 8,152 9,018
1/27/2002 8,152 9,018
1/28/2002 8,076 9,016
1/29/2002 7,832 8,759
1/30/2002 7,916 8,863
1/31/2002 8,052 8,996
2/1/2002 8,092 8,933
2/2/2002 8,092 8,933
2/3/2002 8,092 8,933
2/4/2002 7,912 8,712
2/5/2002 7,832 8,677
2/6/2002 7,912 8,626
2/7/2002 7,820 8,601
2/8/2002 7,872 8,729
2/9/2002 7,872 8,729
2/10/2002 7,872 8,729
2/11/2002 7,972 8,854
2/12/2002 7,932 8,819
2/13/2002 7,980 8,910
2/14/2002 8,020 8,894
2/15/2002 8,024 8,797
2/16/2002 8,024 8,797
2/17/2002 8,024 8,797
2/18/2002 8,024 8,797
2/19/2002 7,948 8,631
2/20/2002 7,924 8,748
2/21/2002 8,016 8,613
2/22/2002 8,212 8,684
2/23/2002 8,212 8,684
2/24/2002 8,212 8,684
2/25/2002 8,324 8,840
2/26/2002 8,324 8,840
2/27/2002 8,312 8,848
2/28/2002 8,304 8,823
3/1/2002 8,420 9,023
3/2/2002 8,420 9,023
3/3/2002 8,420 9,023
3/4/2002 8,564 9,199
3/5/2002 8,588 9,137
3/6/2002 8,760 9,272
3/7/2002 8,832 9,230
3/8/2002 8,764 9,284
3/9/2002 8,764 9,284
3/10/2002 8,764 9,284
3/11/2002 8,892 9,316
3/12/2002 8,976 9,295
3/13/2002 8,872 9,205
3/14/2002 8,820 9,197
3/15/2002 8,940 9,302
3/16/2002 8,940 9,302
3/17/2002 8,940 9,302
3/18/2002 9,060 9,297
3/19/2002 9,096 9,335
3/20/2002 9,012 9,188
3/21/2002 9,092 9,202
3/22/2002 8,896 9,163
3/23/2002 8,896 9,163
3/24/2002 8,896 9,163
3/25/2002 8,832 9,029
3/26/2002 8,876 9,083
3/27/2002 9,072 9,132
3/28/2002 9,060 9,155
3/29/2002 9,060 9,155
3/30/2002 9,060 9,155
3/31/2002 9,060 9,155
4/1/2002 9,112 9,148
4/2/2002 9,216 9,070
4/3/2002 9,020 8,981
4/4/2002 8,860 8,988
4/5/2002 8,756 8,960
4/6/2002 8,756 8,960
4/7/2002 8,756 8,960
4/8/2002 8,884 8,982
4/9/2002 8,740 8,923
4/10/2002 8,848 9,024
4/11/2002 8,752 8,811
4/12/2002 8,488 8,870
4/13/2002 8,488 8,870
4/14/2002 8,488 8,870
4/15/2002 8,648 8,802
4/16/2002 8,792 9,008
4/17/2002 8,904 8,990
4/18/2002 8,952 8,978
4/19/2002 8,968 8,983
4/20/2002 8,968 8,983
4/21/2002 8,968 8,983
4/22/2002 8,876 8,845
4/23/2002 8,920 8,790
4/24/2002 8,760 8,728
4/25/2002 8,836 8,715
4/26/2002 8,760 8,594
4/27/2002 8,760 8,594
4/28/2002 8,760 8,594
4/29/2002 8,720 8,508
4/30/2002 8,768 8,599
5/1/2002 8,864 8,676
5/2/2002 8,904 8,662
5/3/2002 8,932 8,574
5/4/2002 8,932 8,574
5/5/2002 8,932 8,574
5/6/2002 8,600 8,408
5/7/2002 8,516 8,383
5/8/2002 8,732 8,698
5/9/2002 8,632 8,573
5/10/2002 8,608 8,430
5/11/2002 8,608 8,430
5/12/2002 8,608 8,430
5/13/2002 8,752 8,587
5/14/2002 8,780 8,769
5/15/2002 8,604 8,722
5/16/2002 8,672 8,780
5/17/2002 8,592 8,849
5/18/2002 8,592 8,849
5/19/2002 8,592 8,849
5/20/2002 8,572 8,731
5/21/2002 8,520 8,635
5/22/2002 8,648 8,685
5/23/2002 8,708 8,773
5/24/2002 8,608 8,667
5/25/2002 8,608 8,667
5/26/2002 8,608 8,667
5/27/2002 8,608 8,667
5/28/2002 8,552 8,593
5/29/2002 8,460 8,539
5/30/2002 8,300 8,516
5/31/2002 8,376 8,536
6/1/2002 8,376 8,536
6/2/2002 8,376 8,536
6/3/2002 8,132 8,325
6/4/2002 8,136 8,325
6/5/2002 8,080 8,401
6/6/2002 8,000 8,236
6/7/2002 8,076 8,223
6/8/2002 8,076 8,223
6/9/2002 8,076 8,223
6/10/2002 7,940 8,249
6/11/2002 7,852 8,112
6/12/2002 7,952 8,166
6/13/2002 7,984 8,081
6/14/2002 7,992 8,063
6/15/2002 7,992 8,063
6/16/2002 7,992 8,063
6/17/2002 8,184 8,294
6/18/2002 8,132 8,302
6/19/2002 8,036 8,165
6/20/2002 8,052 8,056
6/21/2002 7,996 7,918
6/22/2002 7,996 7,918
6/23/2002 7,996 7,918
6/24/2002 8,044 7,947
6/25/2002 8,012 7,814
6/26/2002 7,988 7,797
6/27/2002 8,044 7,935
6/28/2002 8,104 7,928
6/29/2002 8,104 7,928
6/30/2002 8,104 7,928
7/1/2002 8,028 7,759
7/2/2002 7,864 7,596
7/3/2002 7,852 7,643
7/4/2002 7,852 7,643
7/5/2002 7,992 7,924
7/6/2002 7,992 7,924
7/7/2002 7,992 7,924
7/8/2002 7,892 7,829
7/9/2002 7,816 7,637
7/10/2002 7,604 7,378
7/11/2002 7,420 7,433
7/12/2002 7,352 7,385
7/13/2002 7,352 7,385
7/14/2002 7,352 7,385
7/15/2002 7,208 7,358
7/16/2002 7,164 7,222
7/17/2002 7,212 7,263
7/18/2002 7,116 7,067
7/19/2002 6,772 6,796
7/20/2002 6,772 6,796
7/21/2002 6,772 6,796
7/22/2002 6,356 6,572
7/23/2002 6,188 6,395
7/24/2002 6,596 6,761
7/25/2002 6,560 6,723
7/26/2002 6,660 6,837
7/27/2002 6,660 6,837
7/28/2002 6,660 6,837
7/29/2002 7,000 7,207
7/30/2002 6,936 7,238
7/31/2002 7,072 7,310
8/1/2002 6,688 7,095
8/2/2002 6,592 6,931
8/3/2002 6,592 6,931
8/4/2002 6,592 6,931
8/5/2002 6,360 6,694
8/6/2002 6,576 6,894
8/7/2002 6,648 7,033
8/8/2002 6,920 7,264
8/9/2002 7,064 7,291
8/10/2002 7,064 7,291
8/11/2002 7,064 7,291
8/12/2002 7,084 7,252
8/13/2002 6,976 7,096
8/14/2002 7,192 7,382
8/15/2002 7,392 7,468
8/16/2002 7,320 7,457
8/17/2002 7,320 7,457
8/18/2002 7,320 7,457
8/19/2002 7,352 7,633
8/20/2002 7,164 7,526
8/21/2002 7,232 7,623
8/22/2002 7,416 7,730
8/23/2002 7,308 7,555
8/24/2002 7,308 7,555
8/25/2002 7,308 7,555
8/26/2002 7,416 7,612
8/27/2002 7,376 7,507
8/28/2002 7,208 7,372
8/29/2002 7,128 7,372
8/30/2002 7,200 7,358
8/31/2002 7,200 7,358
9/1/2002 7,200 7,358
9/2/2002 7,200 7,358
9/3/2002 6,880 7,053
9/4/2002 6,916 7,179
9/5/2002 6,896 7,064
9/6/2002 7,028 7,183
9/7/2002 7,028 7,183
9/8/2002 7,028 7,183
9/9/2002 7,020 7,256
9/10/2002 7,168 7,309
9/11/2002 7,132 7,310
9/12/2002 6,964 7,130
9/13/2002 7,020 7,153
9/14/2002 7,020 7,153
9/15/2002 7,020 7,153
9/16/2002 7,068 7,164
9/17/2002 6,832 7,023
9/18/2002 6,832 6,991
9/19/2002 6,664 6,781
9/20/2002 6,676 6,797
9/21/2002 6,676 6,797
9/22/2002 6,676 6,797
9/23/2002 6,652 6,703
9/24/2002 6,504 6,588
9/25/2002 6,640 6,753
9/26/2002 6,908 6,877
9/27/2002 6,764 6,656
9/28/2002 6,764 6,656
9/29/2002 6,764 6,656
9/30/2002 6,648 6,558
10/1/2002 6,896 6,821
10/2/2002 6,796 6,661
10/3/2002 6,816 6,590
10/4/2002 6,692 6,442
10/5/2002 6,692 6,442
10/6/2002 6,692 6,442
10/7/2002 6,636 6,319
10/8/2002 6,576 6,428
10/9/2002 6,432 6,253
10/10/2002 6,620 6,472
10/11/2002 6,744 6,725
10/12/2002 6,744 6,725
10/13/2002 6,744 6,725
10/14/2002 6,864 6,775
10/15/2002 7,140 7,095
10/16/2002 6,984 6,925
10/17/2002 7,172 7,079
10/18/2002 7,164 7,121
10/19/2002 7,164 7,121
10/20/2002 7,164 7,121
10/21/2002 7,200 7,245
10/22/2002 6,984 7,168
10/23/2002 7,116 7,216
10/24/2002 7,020 7,106
10/25/2002 6,896 7,228
10/26/2002 6,896 7,228
10/27/2002 6,896 7,228
10/28/2002 6,884 7,168
10/29/2002 6,692 7,104
10/30/2002 6,988 7,174
10/31/2002 6,980 7,136
11/1/2002 7,164 7,258
11/2/2002 7,164 7,258
11/3/2002 7,164 7,258
11/4/2002 7,068 7,318
11/5/2002 7,144 7,375
11/6/2002 7,208 7,444
11/7/2002 7,072 7,275
11/8/2002 7,044 7,212
11/9/2002 7,044 7,212
11/10/2002 7,044 7,212
11/11/2002 6,940 7,062
11/12/2002 6,924 7,117
11/13/2002 6,756 7,116
11/14/2002 6,952 7,292
11/15/2002 6,988 7,338
11/16/2002 6,988 7,338
11/17/2002 6,988 7,338
11/18/2002 7,016 7,262
11/19/2002 6,980 7,233
11/20/2002 7,132 7,374
11/21/2002 7,212 7,532
11/22/2002 7,108 7,506
11/23/2002 7,108 7,506
11/24/2002 7,108 7,506
11/25/2002 7,128 7,525
11/26/2002 6,980 7,369
11/27/2002 7,152 7,576
11/28/2002 7,152 7,576
11/29/2002 7,180 7,556
11/30/2002 7,180 7,556
12/1/2002 7,180 7,556
12/2/2002 7,268 7,541
12/3/2002 7,304 7,430
12/4/2002 7,208 7,407
12/5/2002 7,232 7,318
12/6/2002 7,312 7,364
12/7/2002 7,312 7,364
12/8/2002 7,312 7,364
12/9/2002 7,184 7,201
12/10/2002 7,280 7,302
12/11/2002 7,244 7,308
12/12/2002 7,376 7,281
12/13/2002 7,324 7,183
12/14/2002 7,324 7,183
12/15/2002 7,324 7,183
12/16/2002 7,504 7,352
12/17/2002 7,408 7,293
12/18/2002 7,296 7,197
12/19/2002 7,288 7,143
12/20/2002 7,404 7,236
12/21/2002 7,404 7,236
12/22/2002 7,404 7,236
12/23/2002 7,468 7,249
12/24/2002 7,424 7,210
12/25/2002 7,424 7,210
12/26/2002 7,380 7,187
12/27/2002 7,232 7,075
12/28/2002 7,232 7,075
12/29/2002 7,232 7,075
12/30/2002 7,264 7,108
12/31/2002 7,300 7,112
1/1/2003 7,300 7,112
1/2/2003 7,476 7,349
1/3/2003 7,436 7,345
1/4/2003 7,436 7,345
1/5/2003 7,436 7,345
1/6/2003 7,464 7,510
1/7/2003 7,196 7,461
1/8/2003 7,124 7,359
1/9/2003 7,228 7,502
1/10/2003 7,184 7,502
1/11/2003 7,184 7,502
1/12/2003 7,184 7,502
1/13/2003 7,128 7,491
1/14/2003 7,124 7,535
1/15/2003 7,172 7,428
1/16/2003 7,276 7,398
1/17/2003 7,208 7,295
1/18/2003 7,208 7,295
1/19/2003 7,208 7,295
1/20/2003 7,208 7,295
1/21/2003 7,024 7,180
1/22/2003 6,996 7,106
1/23/2003 7,044 7,179
1/24/2003 6,928 6,969
1/25/2003 6,928 6,969
1/26/2003 6,928 6,969
1/27/2003 6,716 6,856
1/28/2003 6,828 6,946
1/29/2003 7,008 6,994
1/30/2003 6,912 6,836
1/31/2003 7,040 6,925
2/1/2003 7,040 6,925
2/2/2003 7,040 6,925
2/3/2003 7,064 6,963
2/4/2003 7,144 6,865
2/5/2003 7,088 6,829
2/6/2003 7,032 6,787
2/7/2003 6,956 6,719
2/8/2003 6,956 6,719
2/9/2003 6,956 6,719
2/10/2003 7,028 6,770
2/11/2003 6,996 6,715
2/12/2003 6,840 6,632
2/13/2003 6,824 6,623
2/14/2003 6,876 6,765
2/15/2003 6,876 6,765
2/16/2003 6,876 6,765
2/17/2003 6,876 6,765
2/18/2003 7,016 6,897
2/19/2003 6,972 6,849
2/20/2003 6,972 6,785
2/21/2003 7,148 6,875
2/22/2003 7,148 6,875
2/23/2003 7,148 6,875
2/24/2003 7,216 6,748
2/25/2003 7,160 6,797
2/26/2003 7,184 6,710
2/27/2003 7,108 6,790
2/28/2003 7,140 6,822
3/1/2003 7,140 6,822
3/2/2003 7,140 6,822
3/3/2003 7,168 6,770
3/4/2003 7,148 6,666
3/5/2003 7,168 6,732
3/6/2003 7,196 6,670
3/7/2003 7,156 6,725
3/8/2003 7,156 6,725
3/9/2003 7,156 6,725
3/10/2003 7,052 6,552
3/11/2003 6,976 6,497
3/12/2003 6,828 6,528
3/13/2003 6,904 6,753
3/14/2003 6,884 6,764
3/15/2003 6,884 6,764
3/16/2003 6,884 6,764
3/17/2003 6,988 7,004
3/18/2003 7,072 7,034
3/19/2003 7,076 7,096
3/20/2003 7,136 7,109
3/21/2003 7,092 7,273
3/22/2003 7,092 7,273
3/23/2003 7,092 7,273
3/24/2003 6,968 7,017
3/25/2003 7,068 7,102
3/26/2003 7,056 7,063
3/27/2003 7,112 7,053
3/28/2003 7,172 7,012
3/29/2003 7,172 7,012
3/30/2003 7,172 7,012
3/31/2003 7,052 6,888
4/1/2003 7,184 6,971
4/2/2003 7,144 7,155
4/3/2003 7,052 7,119
4/4/2003 7,096 7,138
4/5/2003 7,096 7,138
4/6/2003 7,096 7,138
4/7/2003 7,048 7,147
4/8/2003 7,008 7,137
4/9/2003 7,024 7,037
4/10/2003 7,096 7,083
4/11/2003 7,052 7,057
4/12/2003 7,052 7,057
4/13/2003 7,052 7,057
4/14/2003 7,100 7,194
4/15/2003 7,060 7,240
4/16/2003 7,000 7,152
4/17/2003 7,152 7,263
4/18/2003 7,152 7,263
4/19/2003 7,152 7,263
4/20/2003 7,152 7,263
4/21/2003 7,180 7,250
4/22/2003 7,264 7,408
4/23/2003 7,240 7,470
4/24/2003 7,232 7,408
4/25/2003 7,132 7,306
4/26/2003 7,132 7,306
4/27/2003 7,132 7,306
4/28/2003 7,176 7,437
4/29/2003 7,060 7,462
4/30/2003 7,120 7,455
5/1/2003 7,140 7,451
5/2/2003 7,284 7,563
5/3/2003 7,284 7,563
5/4/2003 7,284 7,563
5/5/2003 7,312 7,535
5/6/2003 7,348 7,599
5/7/2003 7,424 7,561
5/8/2003 7,424 7,485
5/9/2003 7,516 7,594
5/10/2003 7,516 7,594
5/11/2003 7,516 7,594
5/12/2003 7,568 7,689
5/13/2003 7,644 7,668
5/14/2003 7,668 7,645
5/15/2003 7,700 7,706
5/16/2003 7,712 7,688
5/17/2003 7,712 7,688
5/18/2003 7,712 7,688
5/19/2003 7,588 7,496
5/20/2003 7,604 7,488
5/21/2003 7,820 7,519
5/22/2003 7,816 7,587
5/23/2003 7,852 7,598
5/24/2003 7,852 7,598
5/25/2003 7,852 7,598
5/26/2003 7,852 7,598
5/27/2003 7,984 7,747
5/28/2003 7,896 7,763
5/29/2003 7,816 7,734
5/30/2003 7,972 7,848
5/31/2003 7,972 7,848
6/1/2003 7,972 7,848
6/2/2003 8,004 7,876
6/3/2003 8,028 7,913
6/4/2003 8,112 8,035
6/5/2003 8,092 8,067
6/6/2003 8,044 8,048
6/7/2003 8,044 8,048
6/8/2003 8,044 8,048
6/9/2003 8,016 7,952
6/10/2003 8,108 8,025
6/11/2003 8,336 8,131
6/12/2003 8,252 8,139
6/13/2003 8,120 8,059
6/14/2003 8,120 8,059
6/15/2003 8,120 8,059
6/16/2003 8,136 8,239
6/17/2003 8,052 8,247
6/18/2003 8,028 8,235
6/19/2003 8,048 8,109
6/20/2003 8,020 8,118
6/21/2003 8,020 8,118
6/22/2003 8,020 8,118
6/23/2003 7,996 8,003
6/24/2003 7,988 8,018
6/25/2003 8,020 7,952
6/26/2003 7,948 8,040
6/27/2003 7,924 7,962
6/28/2003 7,924 7,962
6/29/2003 7,924 7,962
6/30/2003 7,900 7,948
7/1/2003 7,880 8,013
7/2/2003 7,876 8,107
7/3/2003 7,852 8,041
7/4/2003 7,852 8,041
7/5/2003 7,852 8,041
7/6/2003 7,852 8,041
7/7/2003 7,788 8,194
7/8/2003 7,772 8,225
7/9/2003 7,796 8,179
7/10/2003 7,668 8,069
7/11/2003 7,724 8,147
7/12/2003 7,724 8,147
7/13/2003 7,724 8,147
7/14/2003 7,652 8,193
7/15/2003 7,560 8,165
7/16/2003 7,516 8,114
7/17/2003 7,568 8,014
7/18/2003 7,716 8,108
7/19/2003 7,716 8,108
7/20/2003 7,716 8,108
7/21/2003 7,628 7,990
7/22/2003 7,620 8,066
7/23/2003 7,576 8,070
7/24/2003 7,528 8,013
7/25/2003 7,564 8,152
7/26/2003 7,564 8,152
7/27/2003 7,564 8,152
7/28/2003 7,564 8,135
7/29/2003 7,472 8,077
7/30/2003 7,476 8,063
7/31/2003 7,504 8,088
8/1/2003 7,448 8,005
8/2/2003 7,448 8,005
8/3/2003 7,448 8,005
8/4/2003 7,384 8,027
8/5/2003 7,352 7,886
8/6/2003 7,436 7,900
8/7/2003 7,612 7,958
8/8/2003 7,628 7,987
8/9/2003 7,628 7,987
8/10/2003 7,628 7,987
8/11/2003 7,720 8,013
8/12/2003 7,772 8,093
8/13/2003 7,776 8,044
8/14/2003 7,796 8,097
8/15/2003 7,812 8,100
8/16/2003 7,812 8,100
8/17/2003 7,812 8,100
8/18/2003 7,832 8,175
8/19/2003 7,816 8,196
8/20/2003 7,860 8,180
8/21/2003 7,900 8,205
8/22/2003 7,808 8,121
8/23/2003 7,808 8,121
8/24/2003 7,808 8,121
8/25/2003 7,792 8,126
8/26/2003 7,760 8,151
8/27/2003 7,784 8,153
8/28/2003 7,920 8,203
8/29/2003 7,916 8,246
8/30/2003 7,916 8,246
8/31/2003 7,916 8,246
9/1/2003 7,916 8,246
9/2/2003 7,940 8,360
9/3/2003 7,964 8,398
9/4/2003 7,944 8,412
9/5/2003 7,912 8,358
9/6/2003 7,912 8,358
9/7/2003 7,912 8,358
9/8/2003 8,024 8,443
9/9/2003 7,928 8,374
9/10/2003 7,844 8,274
9/11/2003 7,848 8,322
9/12/2003 7,836 8,340
9/13/2003 7,836 8,340
9/14/2003 7,836 8,340
9/15/2003 7,788 8,309
9/16/2003 7,828 8,428
9/17/2003 7,732 8,400
9/18/2003 7,748 8,512
9/19/2003 7,784 8,485
9/20/2003 7,784 8,485
9/21/2003 7,784 8,485
9/22/2003 7,768 8,375
9/23/2003 7,796 8,426
9/24/2003 7,860 8,265
9/25/2003 7,772 8,217
9/26/2003 7,672 8,165
9/27/2003 7,672 8,165
9/28/2003 7,672 8,165
9/29/2003 7,724 8,245
9/30/2003 7,748 8,158
10/1/2003 7,868 8,341
10/2/2003 7,892 8,359
10/3/2003 7,964 8,438
10/4/2003 7,964 8,438
10/5/2003 7,964 8,438
10/6/2003 8,004 8,475
10/7/2003 8,044 8,515
10/8/2003 7,996 8,473
10/9/2003 7,976 8,514
10/10/2003 8,040 8,509
10/11/2003 8,040 8,509
10/12/2003 8,040 8,509
10/13/2003 8,060 8,569
10/14/2003 8,024 8,603
10/15/2003 7,896 8,582
10/16/2003 7,960 8,610
10/17/2003 7,892 8,522
10/18/2003 7,892 8,522
10/19/2003 7,892 8,522
10/20/2003 7,872 8,565
10/21/2003 7,912 8,577
10/22/2003 7,824 8,449
10/23/2003 7,816 8,477
10/24/2003 7,776 8,437
10/25/2003 7,776 8,437
10/26/2003 7,776 8,437
10/27/2003 7,788 8,455
10/28/2003 7,812 8,584
10/29/2003 7,836 8,596
10/30/2003 7,768 8,589
10/31/2003 7,876 8,620
11/1/2003 7,876 8,620
11/2/2003 7,876 8,620
11/3/2003 7,852 8,688
11/4/2003 7,824 8,641
11/5/2003 7,852 8,631
11/6/2003 7,896 8,683
11/7/2003 7,928 8,645
11/8/2003 7,928 8,645
11/9/2003 7,928 8,645
11/10/2003 7,904 8,595
11/11/2003 7,860 8,591
11/12/2003 7,932 8,692
11/13/2003 8,028 8,691
11/14/2003 8,040 8,627
11/15/2003 8,040 8,627
11/16/2003 8,040 8,627
11/17/2003 7,948 8,572
11/18/2003 7,908 8,494
11/19/2003 7,900 8,563
11/20/2003 7,864 8,491
11/21/2003 7,816 8,505
11/22/2003 7,816 8,505
11/23/2003 7,816 8,505
11/24/2003 7,864 8,643
11/25/2003 7,928 8,659
11/26/2003 7,988 8,698
11/27/2003 7,988 8,698
11/28/2003 7,980 8,696
11/29/2003 7,980 8,696
11/30/2003 7,980 8,696
12/1/2003 8,080 8,794
12/2/2003 8,148 8,765
12/3/2003 8,104 8,752
12/4/2003 8,332 8,794
12/5/2003 8,396 8,726
12/6/2003 8,396 8,726
12/7/2003 8,396 8,726
12/8/2003 8,512 8,791
12/9/2003 8,484 8,716
12/10/2003 8,448 8,708
12/11/2003 8,492 8,809
12/12/2003 8,612 8,833
12/13/2003 8,612 8,833
12/14/2003 8,612 8,833
12/15/2003 8,504 8,784
12/16/2003 8,612 8,842
12/17/2003 8,676 8,854
12/18/2003 8,932 8,960
12/19/2003 8,916 8,956
12/20/2003 8,916 8,956
12/21/2003 8,916 8,956
12/22/2003 8,908 8,991
12/23/2003 8,848 9,016
12/24/2003 8,932 9,000
12/25/2003 8,932 9,000
12/26/2003 8,960 9,015
12/27/2003 8,960 9,015
12/28/2003 8,960 9,015
12/29/2003 9,088 9,130
12/30/2003 9,088 9,133
12/31/2003 8,980 9,152
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 12/31/03
- --------------------------------------------------------------------------------
SINCE
ONE INCEPTION
YEAR (05/29/01)
- --------------------------------------------------------------------------------
ENERGY FUND 23.01% -4.07%
S&P 500 INDEX 28.68% -3.36%
- --------------------------------------------------------------------------------
The returns presented above do not reflect the effects of taxes. Past
performance is no guarantee of future results. The S&P 500 Index is an unmanaged
stock index and, unlike the fund, has no management fees or other operating
expenses to reduce its reported returns. Returns are historical and include
changes in principal and reinvested dividends and capital gains.
ANNUAL REPORT 23
ENERGY SERVICES FUND
- --------------------------------------------------------------------------------
OBJECTIVE: Seeks capital appreciation by investing in companies that are
involved in the energy services field, including those that provide services and
equipment in the areas of oil, coal, and gas exploration and production.
Inception: May 2, 2001
At year-end oil and natural gas prices remained above historical levels, while
drilling activity showed signs of a significant increase. This sector was
affected in 2003 by the war with Iraq (production, while still not at prewar
levels, is improving), and oil production disruptions in both Venezuela and
Nigeria. U.S. crude oil and gasoline stocks are low, while distillate stocks
have been rising steadily. Global oil inventories remain at low levels. In late
September the Organization of Petroleum Exporting Countries (OPEC) decided to
cut its official production quota, effective November 1, by 900,000 barrels per
day, to 24.5 million.
For the year ended December 31, 2003, Rydex Energy Services Fund returned 8.41%
Cumulative Fund Performance: May 2, 2001 - December 31, 2003
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
Variable Energy S&P 500
Date Services Index
5/2/2001 $10,000 $10,000
5/3/2001 9,956 9,853
5/4/2001 10,208 9,996
5/5/2001 10,208 9,996
5/6/2001 10,208 9,996
5/7/2001 10,048 9,971
5/8/2001 10,016 9,954
5/9/2001 10,236 9,911
5/10/2001 10,156 9,909
5/11/2001 10,044 9,835
5/12/2001 10,044 9,835
5/13/2001 10,044 9,835
5/14/2001 10,348 9,861
5/15/2001 10,608 9,866
5/16/2001 10,700 10,148
5/17/2001 11,004 10,176
5/18/2001 11,136 10,205
5/19/2001 11,136 10,205
5/20/2001 11,136 10,205
5/21/2001 11,228 10,370
5/22/2001 11,040 10,343
5/23/2001 10,684 10,182
5/24/2001 10,440 10,215
5/25/2001 10,584 10,095
5/26/2001 10,584 10,095
5/27/2001 10,584 10,095
5/28/2001 10,584 10,095
5/29/2001 10,476 10,017
5/30/2001 10,220 9,862
5/31/2001 10,376 9,924
6/1/2001 10,320 9,962
6/2/2001 10,320 9,962
6/3/2001 10,320 9,962
6/4/2001 10,588 10,013
6/5/2001 10,600 10,144
6/6/2001 10,088 10,038
6/7/2001 9,868 10,093
6/8/2001 9,892 9,998
6/9/2001 9,892 9,998
6/10/2001 9,892 9,998
6/11/2001 9,792 9,915
6/12/2001 9,940 9,926
6/13/2001 9,908 9,816
6/14/2001 9,660 9,644
6/15/2001 9,656 9,601
6/16/2001 9,656 9,601
6/17/2001 9,656 9,601
6/18/2001 9,496 9,554
6/19/2001 9,408 9,587
6/20/2001 9,260 9,671
6/21/2001 8,880 9,781
6/22/2001 8,848 9,689
6/23/2001 8,848 9,689
6/24/2001 8,848 9,689
6/25/2001 8,872 9,635
6/26/2001 9,080 9,621
6/27/2001 8,640 9,577
6/28/2001 8,296 9,697
6/29/2001 8,272 9,682
6/30/2001 8,272 9,682
7/1/2001 8,272 9,682
7/2/2001 8,060 9,780
7/3/2001 8,116 9,763
7/4/2001 8,116 9,763
7/5/2001 8,168 9,645
7/6/2001 8,160 9,420
7/7/2001 8,160 9,420
7/8/2001 8,160 9,420
7/9/2001 7,880 9,485
7/10/2001 7,824 9,349
7/11/2001 7,724 9,339
7/12/2001 7,380 9,561
7/13/2001 7,472 9,620
7/14/2001 7,472 9,620
7/15/2001 7,472 9,620
7/16/2001 7,008 9,516
7/17/2001 7,088 9,610
7/18/2001 7,092 9,558
7/19/2001 7,236 9,616
7/20/2001 7,656 9,583
7/21/2001 7,656 9,583
7/22/2001 7,656 9,583
7/23/2001 7,704 9,426
7/24/2001 7,492 9,273
7/25/2001 7,808 9,422
7/26/2001 7,860 9,520
7/27/2001 7,952 9,544
7/28/2001 7,952 9,544
7/29/2001 7,952 9,544
7/30/2001 7,952 9,534
7/31/2001 7,620 9,587
8/1/2001 7,412 9,626
8/2/2001 7,528 9,665
8/3/2001 7,388 9,615
8/4/2001 7,388 9,615
8/5/2001 7,388 9,615
8/6/2001 7,384 9,506
8/7/2001 7,256 9,537
8/8/2001 6,904 9,373
8/9/2001 6,908 9,374
8/10/2001 6,972 9,428
8/11/2001 6,972 9,428
8/12/2001 6,972 9,428
8/13/2001 6,940 9,438
8/14/2001 7,032 9,402
8/15/2001 7,484 9,335
8/16/2001 7,356 9,364
8/17/2001 7,284 9,208
8/18/2001 7,284 9,208
8/19/2001 7,284 9,208
8/20/2001 7,156 9,283
8/21/2001 7,212 9,171
8/22/2001 7,184 9,235
8/23/2001 7,028 9,210
8/24/2001 7,032 9,391
8/25/2001 7,032 9,391
8/26/2001 7,032 9,391
8/27/2001 7,080 9,346
8/28/2001 6,940 9,206
8/29/2001 6,892 9,105
8/30/2001 6,604 8,951
8/31/2001 6,660 8,987
9/1/2001 6,660 8,987
9/2/2001 6,660 8,987
9/3/2001 6,660 8,987
9/4/2001 6,832 8,982
9/5/2001 6,764 8,974
9/6/2001 6,868 8,774
9/7/2001 6,776 8,610
9/8/2001 6,776 8,610
9/9/2001 6,776 8,610
9/10/2001 6,840 8,664
9/11/2001 6,840 8,664
9/12/2001 6,840 8,664
9/13/2001 6,840 8,664
9/14/2001 6,840 8,664
9/15/2001 6,840 8,664
9/16/2001 6,840 8,664
9/17/2001 6,540 8,240
9/18/2001 6,160 8,193
9/19/2001 5,688 8,061
9/20/2001 5,620 7,811
9/21/2001 5,840 7,662
9/22/2001 5,840 7,662
9/23/2001 5,840 7,662
9/24/2001 5,576 7,961
9/25/2001 5,340 8,031
9/26/2001 5,208 7,992
9/27/2001 5,356 8,084
9/28/2001 5,700 8,261
9/29/2001 5,700 8,261
9/30/2001 5,700 8,261
10/1/2001 5,556 8,242
10/2/2001 5,580 8,344
10/3/2001 5,692 8,512
10/4/2001 6,008 8,491
10/5/2001 5,980 8,507
10/6/2001 5,980 8,507
10/7/2001 5,980 8,507
10/8/2001 5,984 8,436
10/9/2001 6,064 8,391
10/10/2001 6,384 8,584
10/11/2001 6,348 8,715
10/12/2001 6,364 8,669
10/13/2001 6,364 8,669
10/14/2001 6,364 8,669
10/15/2001 6,176 8,656
10/16/2001 6,384 8,716
10/17/2001 6,372 8,554
10/18/2001 6,144 8,487
10/19/2001 6,320 8,525
10/20/2001 6,320 8,525
10/21/2001 6,320 8,525
10/22/2001 6,504 8,656
10/23/2001 6,588 8,615
10/24/2001 6,508 8,619
10/25/2001 6,980 8,737
10/26/2001 7,296 8,773
10/27/2001 7,296 8,773
10/28/2001 7,296 8,773
10/29/2001 7,264 8,565
10/30/2001 6,900 8,418
10/31/2001 6,772 8,419
11/1/2001 6,796 8,613
11/2/2001 6,608 8,638
11/3/2001 6,608 8,638
11/4/2001 6,608 8,638
11/5/2001 6,436 8,762
11/6/2001 6,396 8,890
11/7/2001 6,596 8,868
11/8/2001 6,732 8,890
11/9/2001 7,004 8,905
11/10/2001 7,004 8,905
11/11/2001 7,004 8,905
11/12/2001 7,064 8,889
11/13/2001 7,136 9,055
11/14/2001 6,620 9,074
11/15/2001 5,968 9,082
11/16/2001 6,176 9,055
11/17/2001 6,176 9,055
11/18/2001 6,176 9,055
11/19/2001 6,212 9,153
11/20/2001 6,548 9,087
11/21/2001 6,444 9,043
11/22/2001 6,444 9,043
11/23/2001 6,524 9,149
11/24/2001 6,524 9,149
11/25/2001 6,524 9,149
11/26/2001 6,380 9,205
11/27/2001 6,504 9,142
11/28/2001 6,444 8,977
11/29/2001 6,580 9,071
11/30/2001 6,584 9,065
12/1/2001 6,584 9,065
12/2/2001 6,584 9,065
12/3/2001 6,696 8,989
12/4/2001 6,860 9,107
12/5/2001 7,104 9,314
12/6/2001 6,872 9,288
12/7/2001 6,620 9,218
12/8/2001 6,620 9,218
12/9/2001 6,620 9,218
12/10/2001 6,552 9,072
12/11/2001 6,560 9,047
12/12/2001 6,504 9,051
12/13/2001 6,504 8,910
12/14/2001 6,628 8,940
12/15/2001 6,628 8,940
12/16/2001 6,628 8,940
12/17/2001 6,508 9,030
12/18/2001 6,572 9,098
12/19/2001 6,824 9,151
12/20/2001 6,700 9,076
12/21/2001 6,808 9,116
12/22/2001 6,808 9,116
12/23/2001 6,808 9,116
12/24/2001 6,932 9,114
12/25/2001 6,932 9,114
12/26/2001 7,184 9,151
12/27/2001 7,120 9,216
12/28/2001 7,156 9,247
12/29/2001 7,156 9,247
12/30/2001 7,156 9,247
12/31/2001 7,096 9,144
1/1/2002 7,096 9,144
1/2/2002 6,836 9,198
1/3/2002 6,736 9,282
1/4/2002 6,832 9,340
1/5/2002 6,832 9,340
1/6/2002 6,832 9,340
1/7/2002 6,856 9,279
1/8/2002 6,728 9,248
1/9/2002 6,720 9,205
1/10/2002 6,596 9,216
1/11/2002 6,356 9,129
1/12/2002 6,356 9,129
1/13/2002 6,356 9,129
1/14/2002 6,188 9,072
1/15/2002 6,340 9,134
1/16/2002 6,108 8,986
1/17/2002 6,112 9,076
1/18/2002 6,112 8,986
1/19/2002 6,112 8,986
1/20/2002 6,112 8,986
1/21/2002 6,112 8,986
1/22/2002 6,056 8,921
1/23/2002 6,344 8,991
1/24/2002 6,576 9,023
1/25/2002 6,740 9,032
1/26/2002 6,740 9,032
1/27/2002 6,740 9,032
1/28/2002 6,540 9,030
1/29/2002 6,444 8,773
1/30/2002 6,620 8,877
1/31/2002 6,836 9,011
2/1/2002 6,768 8,947
2/2/2002 6,768 8,947
2/3/2002 6,768 8,947
2/4/2002 6,600 8,726
2/5/2002 6,488 8,691
2/6/2002 6,544 8,640
2/7/2002 6,360 8,615
2/8/2002 6,476 8,743
2/9/2002 6,476 8,743
2/10/2002 6,476 8,743
2/11/2002 6,696 8,869
2/12/2002 6,588 8,833
2/13/2002 6,648 8,924
2/14/2002 6,688 8,909
2/15/2002 6,724 8,811
2/16/2002 6,724 8,811
2/17/2002 6,724 8,811
2/18/2002 6,724 8,811
2/19/2002 6,660 8,645
2/20/2002 6,612 8,762
2/21/2002 6,796 8,626
2/22/2002 6,964 8,697
2/23/2002 6,964 8,697
2/24/2002 6,964 8,697
2/25/2002 7,200 8,854
2/26/2002 7,160 8,854
2/27/2002 7,068 8,862
2/28/2002 7,112 8,837
3/1/2002 7,184 9,037
3/2/2002 7,184 9,037
3/3/2002 7,184 9,037
3/4/2002 7,460 9,213
3/5/2002 7,432 9,152
3/6/2002 7,560 9,286
3/7/2002 7,580 9,245
3/8/2002 7,452 9,299
3/9/2002 7,452 9,299
3/10/2002 7,452 9,299
3/11/2002 7,588 9,331
3/12/2002 7,712 9,309
3/13/2002 7,556 9,220
3/14/2002 7,444 9,212
3/15/2002 7,644 9,317
3/16/2002 7,644 9,317
3/17/2002 7,644 9,317
3/18/2002 7,828 9,312
3/19/2002 7,900 9,350
3/20/2002 7,768 9,203
3/21/2002 7,872 9,217
3/22/2002 7,512 9,178
3/23/2002 7,512 9,178
3/24/2002 7,512 9,178
3/25/2002 7,508 9,044
3/26/2002 7,524 9,098
3/27/2002 7,836 9,147
3/28/2002 7,844 9,169
3/29/2002 7,844 9,169
3/30/2002 7,844 9,169
3/31/2002 7,844 9,169
4/1/2002 7,880 9,162
4/2/2002 7,936 9,084
4/3/2002 7,712 8,995
4/4/2002 7,576 9,003
4/5/2002 7,488 8,974
4/6/2002 7,488 8,974
4/7/2002 7,488 8,974
4/8/2002 7,584 8,997
4/9/2002 7,452 8,937
4/10/2002 7,564 9,039
4/11/2002 7,524 8,825
4/12/2002 7,252 8,884
4/13/2002 7,252 8,884
4/14/2002 7,252 8,884
4/15/2002 7,492 8,816
4/16/2002 7,668 9,023
4/17/2002 7,868 9,005
4/18/2002 7,920 8,992
4/19/2002 7,900 8,998
4/20/2002 7,900 8,998
4/21/2002 7,900 8,998
4/22/2002 7,832 8,859
4/23/2002 7,944 8,804
4/24/2002 7,876 8,742
4/25/2002 8,040 8,728
4/26/2002 8,096 8,608
4/27/2002 8,096 8,608
4/28/2002 8,096 8,608
4/29/2002 8,012 8,521
4/30/2002 7,976 8,613
5/1/2002 8,152 8,690
5/2/2002 8,280 8,676
5/3/2002 8,292 8,587
5/4/2002 8,292 8,587
5/5/2002 8,292 8,587
5/6/2002 7,864 8,421
5/7/2002 7,780 8,396
5/8/2002 8,072 8,712
5/9/2002 7,892 8,587
5/10/2002 8,020 8,443
5/11/2002 8,020 8,443
5/12/2002 8,020 8,443
5/13/2002 8,168 8,601
5/14/2002 8,108 8,783
5/15/2002 7,864 8,736
5/16/2002 7,936 8,794
5/17/2002 7,776 8,863
5/18/2002 7,776 8,863
5/19/2002 7,776 8,863
5/20/2002 7,796 8,745
5/21/2002 7,644 8,649
5/22/2002 7,828 8,699
5/23/2002 7,916 8,787
5/24/2002 7,792 8,681
5/25/2002 7,792 8,681
5/26/2002 7,792 8,681
5/27/2002 7,792 8,681
5/28/2002 7,828 8,607
5/29/2002 7,828 8,553
5/30/2002 7,708 8,530
5/31/2002 7,776 8,550
6/1/2002 7,776 8,550
6/2/2002 7,776 8,550
6/3/2002 7,472 8,338
6/4/2002 7,388 8,338
6/5/2002 7,232 8,415
6/6/2002 7,208 8,249
6/7/2002 7,352 8,236
6/8/2002 7,352 8,236
6/9/2002 7,352 8,236
6/10/2002 7,136 8,262
6/11/2002 6,900 8,124
6/12/2002 7,076 8,179
6/13/2002 7,144 8,094
6/14/2002 7,212 8,075
6/15/2002 7,212 8,075
6/16/2002 7,212 8,075
6/17/2002 7,400 8,307
6/18/2002 7,292 8,315
6/19/2002 7,236 8,178
6/20/2002 7,240 8,068
6/21/2002 7,156 7,931
6/22/2002 7,156 7,931
6/23/2002 7,156 7,931
6/24/2002 7,228 7,960
6/25/2002 7,148 7,827
6/26/2002 7,068 7,810
6/27/2002 6,980 7,947
6/28/2002 6,864 7,941
6/29/2002 6,864 7,941
6/30/2002 6,864 7,941
7/1/2002 6,776 7,771
7/2/2002 6,580 7,608
7/3/2002 6,688 7,655
7/4/2002 6,688 7,655
7/5/2002 6,844 7,937
7/6/2002 6,844 7,937
7/7/2002 6,844 7,937
7/8/2002 6,604 7,842
7/9/2002 6,604 7,649
7/10/2002 6,432 7,389
7/11/2002 6,264 7,445
7/12/2002 6,188 7,397
7/13/2002 6,188 7,397
7/14/2002 6,188 7,397
7/15/2002 6,040 7,369
7/16/2002 6,092 7,234
7/17/2002 6,096 7,275
7/18/2002 6,140 7,078
7/19/2002 5,832 6,807
7/20/2002 5,832 6,807
7/21/2002 5,832 6,807
7/22/2002 5,420 6,583
7/23/2002 5,168 6,405
7/24/2002 5,620 6,772
7/25/2002 5,588 6,734
7/26/2002 5,580 6,848
7/27/2002 5,580 6,848
7/28/2002 5,580 6,848
7/29/2002 5,980 7,219
7/30/2002 6,040 7,250
7/31/2002 5,940 7,322
8/1/2002 5,620 7,106
8/2/2002 5,344 6,942
8/3/2002 5,344 6,942
8/4/2002 5,344 6,942
8/5/2002 5,156 6,705
8/6/2002 5,372 6,905
8/7/2002 5,304 7,045
8/8/2002 5,600 7,275
8/9/2002 5,812 7,303
8/10/2002 5,812 7,303
8/11/2002 5,812 7,303
8/12/2002 5,916 7,264
8/13/2002 5,800 7,107
8/14/2002 6,004 7,393
8/15/2002 6,340 7,480
8/16/2002 6,220 7,469
8/17/2002 6,220 7,469
8/18/2002 6,220 7,469
8/19/2002 6,252 7,645
8/20/2002 6,020 7,538
8/21/2002 6,044 7,635
8/22/2002 6,332 7,743
8/23/2002 6,188 7,567
8/24/2002 6,188 7,567
8/25/2002 6,188 7,567
8/26/2002 6,364 7,624
8/27/2002 6,216 7,519
8/28/2002 6,076 7,384
8/29/2002 5,996 7,384
8/30/2002 6,060 7,370
8/31/2002 6,060 7,370
9/1/2002 6,060 7,370
9/2/2002 6,060 7,370
9/3/2002 5,688 7,064
9/4/2002 5,701 7,190
9/5/2002 5,645 7,076
9/6/2002 5,814 7,195
9/7/2002 5,814 7,195
9/8/2002 5,814 7,195
9/9/2002 5,857 7,268
9/10/2002 6,014 7,321
9/11/2002 5,988 7,321
9/12/2002 5,810 7,141
9/13/2002 5,862 7,165
9/14/2002 5,862 7,165
9/15/2002 5,862 7,165
9/16/2002 5,918 7,176
9/17/2002 5,723 7,034
9/18/2002 5,710 7,002
9/19/2002 5,502 6,792
9/20/2002 5,432 6,808
9/21/2002 5,432 6,808
9/22/2002 5,432 6,808
9/23/2002 5,445 6,714
9/24/2002 5,259 6,598
9/25/2002 5,480 6,764
9/26/2002 5,753 6,888
9/27/2002 5,636 6,666
9/28/2002 5,636 6,666
9/29/2002 5,636 6,666
9/30/2002 5,571 6,569
10/1/2002 5,753 6,832
10/2/2002 5,693 6,672
10/3/2002 5,688 6,600
10/4/2002 5,584 6,452
10/5/2002 5,584 6,452
10/6/2002 5,584 6,452
10/7/2002 5,463 6,329
10/8/2002 5,397 6,438
10/9/2002 5,207 6,263
10/10/2002 5,328 6,483
10/11/2002 5,476 6,736
10/12/2002 5,476 6,736
10/13/2002 5,476 6,736
10/14/2002 5,697 6,785
10/15/2002 5,992 7,107
10/16/2002 5,823 6,936
10/17/2002 5,983 7,091
10/18/2002 6,014 7,133
10/19/2002 6,014 7,133
10/20/2002 6,014 7,133
10/21/2002 6,057 7,256
10/22/2002 5,922 7,179
10/23/2002 6,122 7,227
10/24/2002 6,009 7,117
10/25/2002 5,749 7,240
10/26/2002 5,749 7,240
10/27/2002 5,749 7,240
10/28/2002 5,788 7,180
10/29/2002 5,697 7,115
10/30/2002 5,983 7,186
10/31/2002 5,944 7,147
11/1/2002 6,226 7,270
11/2/2002 6,226 7,270
11/3/2002 6,226 7,270
11/4/2002 6,109 7,329
11/5/2002 6,165 7,386
11/6/2002 6,369 7,456
11/7/2002 6,170 7,287
11/8/2002 6,100 7,223
11/9/2002 6,100 7,223
11/10/2002 6,100 7,223
11/11/2002 5,962 7,074
11/12/2002 5,892 7,129
11/13/2002 5,693 7,128
11/14/2002 5,914 7,304
11/15/2002 5,922 7,350
11/16/2002 5,922 7,350
11/17/2002 5,922 7,350
11/18/2002 5,935 7,273
11/19/2002 5,888 7,244
11/20/2002 6,148 7,385
11/21/2002 6,257 7,544
11/22/2002 6,157 7,518
11/23/2002 6,157 7,518
11/24/2002 6,157 7,518
11/25/2002 6,191 7,537
11/26/2002 6,031 7,381
11/27/2002 6,200 7,588
11/28/2002 6,200 7,588
11/29/2002 6,296 7,568
11/30/2002 6,296 7,568
12/1/2002 6,296 7,568
12/2/2002 6,526 7,553
12/3/2002 6,504 7,442
12/4/2002 6,335 7,419
12/5/2002 6,322 7,330
12/6/2002 6,391 7,376
12/7/2002 6,391 7,376
12/8/2002 6,391 7,376
12/9/2002 6,265 7,213
12/10/2002 6,330 7,314
12/11/2002 6,287 7,319
12/12/2002 6,504 7,292
12/13/2002 6,434 7,195
12/14/2002 6,434 7,195
12/15/2002 6,434 7,195
12/16/2002 6,630 7,364
12/17/2002 6,500 7,304
12/18/2002 6,339 7,209
12/19/2002 6,365 7,155
12/20/2002 6,513 7,248
12/21/2002 6,513 7,248
12/22/2002 6,513 7,248
12/23/2002 6,547 7,261
12/24/2002 6,478 7,221
12/25/2002 6,478 7,221
12/26/2002 6,404 7,199
12/27/2002 6,248 7,086
12/28/2002 6,248 7,086
12/29/2002 6,248 7,086
12/30/2002 6,200 7,119
12/31/2002 6,239 7,123
1/1/2003 6,239 7,123
1/2/2003 6,426 7,360
1/3/2003 6,361 7,357
1/4/2003 6,361 7,357
1/5/2003 6,361 7,357
1/6/2003 6,252 7,522
1/7/2003 5,962 7,473
1/8/2003 5,922 7,370
1/9/2003 5,988 7,514
1/10/2003 5,975 7,513
1/11/2003 5,975 7,513
1/12/2003 5,975 7,513
1/13/2003 5,870 7,503
1/14/2003 5,823 7,547
1/15/2003 5,970 7,439
1/16/2003 6,131 7,410
1/17/2003 6,022 7,306
1/18/2003 6,022 7,306
1/19/2003 6,022 7,306
1/20/2003 6,022 7,306
1/21/2003 5,849 7,192
1/22/2003 5,918 7,117
1/23/2003 6,031 7,190
1/24/2003 5,905 6,980
1/25/2003 5,905 6,980
1/26/2003 5,905 6,980
1/27/2003 5,658 6,867
1/28/2003 5,723 6,957
1/29/2003 5,849 7,005
1/30/2003 5,853 6,847
1/31/2003 5,953 6,937
2/1/2003 5,953 6,937
2/2/2003 5,953 6,937
2/3/2003 5,988 6,974
2/4/2003 6,144 6,876
2/5/2003 6,126 6,840
2/6/2003 6,113 6,798
2/7/2003 6,009 6,729
2/8/2003 6,009 6,729
2/9/2003 6,009 6,729
2/10/2003 6,135 6,780
2/11/2003 6,096 6,726
2/12/2003 5,949 6,643
2/13/2003 5,840 6,633
2/14/2003 5,870 6,775
2/15/2003 5,870 6,775
2/16/2003 5,870 6,775
2/17/2003 5,870 6,775
2/18/2003 6,044 6,908
2/19/2003 6,009 6,860
2/20/2003 6,044 6,796
2/21/2003 6,257 6,885
2/22/2003 6,257 6,885
2/23/2003 6,257 6,885
2/24/2003 6,413 6,759
2/25/2003 6,326 6,808
2/26/2003 6,417 6,721
2/27/2003 6,257 6,801
2/28/2003 6,278 6,832
3/1/2003 6,278 6,832
3/2/2003 6,278 6,832
3/3/2003 6,222 6,781
3/4/2003 6,187 6,677
3/5/2003 6,131 6,743
3/6/2003 6,252 6,681
3/7/2003 6,178 6,736
3/8/2003 6,178 6,736
3/9/2003 6,178 6,736
3/10/2003 6,061 6,562
3/11/2003 5,888 6,507
3/12/2003 5,788 6,538
3/13/2003 5,844 6,764
3/14/2003 5,823 6,775
3/15/2003 5,823 6,775
3/16/2003 5,823 6,775
3/17/2003 5,875 7,015
3/18/2003 6,109 7,045
3/19/2003 6,044 7,107
3/20/2003 6,170 7,121
3/21/2003 6,009 7,284
3/22/2003 6,009 7,284
3/23/2003 6,009 7,284
3/24/2003 5,866 7,028
3/25/2003 5,905 7,113
3/26/2003 5,888 7,075
3/27/2003 6,035 7,064
3/28/2003 6,118 7,023
3/29/2003 6,118 7,023
3/30/2003 6,118 7,023
3/31/2003 5,983 6,899
4/1/2003 6,083 6,983
4/2/2003 6,100 7,166
4/3/2003 5,966 7,130
4/4/2003 5,949 7,150
4/5/2003 5,949 7,150
4/6/2003 5,949 7,150
4/7/2003 5,918 7,159
4/8/2003 5,883 7,148
4/9/2003 5,931 7,049
4/10/2003 6,087 7,094
4/11/2003 6,053 7,068
4/12/2003 6,053 7,068
4/13/2003 6,053 7,068
4/14/2003 6,031 7,206
4/15/2003 5,914 7,252
4/16/2003 5,853 7,163
4/17/2003 6,035 7,275
4/18/2003 6,035 7,275
4/19/2003 6,035 7,275
4/20/2003 6,035 7,275
4/21/2003 6,096 7,262
4/22/2003 6,148 7,419
4/23/2003 6,191 7,482
4/24/2003 6,174 7,420
4/25/2003 6,122 7,317
4/26/2003 6,122 7,317
4/27/2003 6,122 7,317
4/28/2003 6,113 7,449
4/29/2003 5,975 7,474
4/30/2003 6,048 7,467
5/1/2003 6,053 7,463
5/2/2003 6,170 7,576
5/3/2003 6,170 7,576
5/4/2003 6,170 7,576
5/5/2003 6,218 7,547
5/6/2003 6,270 7,611
5/7/2003 6,426 7,573
5/8/2003 6,482 7,497
5/9/2003 6,573 7,606
5/10/2003 6,573 7,606
5/11/2003 6,573 7,606
5/12/2003 6,595 7,702
5/13/2003 6,734 7,680
5/14/2003 6,816 7,657
5/15/2003 6,825 7,719
5/16/2003 6,829 7,700
5/17/2003 6,829 7,700
5/18/2003 6,829 7,700
5/19/2003 6,712 7,508
5/20/2003 6,664 7,500
5/21/2003 6,938 7,531
5/22/2003 6,903 7,600
5/23/2003 6,929 7,611
5/24/2003 6,929 7,611
5/25/2003 6,929 7,611
5/26/2003 6,929 7,611
5/27/2003 7,059 7,760
5/28/2003 6,955 7,775
5/29/2003 6,842 7,746
5/30/2003 7,029 7,860
5/31/2003 7,029 7,860
6/1/2003 7,029 7,860
6/2/2003 6,999 7,889
6/3/2003 6,946 7,926
6/4/2003 6,977 8,048
6/5/2003 6,981 8,080
6/6/2003 6,907 8,061
6/7/2003 6,907 8,061
6/8/2003 6,907 8,061
6/9/2003 6,929 7,965
6/10/2003 6,990 8,038
6/11/2003 7,372 8,144
6/12/2003 7,237 8,152
6/13/2003 7,025 8,072
6/14/2003 7,025 8,072
6/15/2003 7,025 8,072
6/16/2003 6,890 8,253
6/17/2003 6,795 8,260
6/18/2003 6,782 8,248
6/19/2003 6,877 8,122
6/20/2003 6,808 8,131
6/21/2003 6,808 8,131
6/22/2003 6,808 8,131
6/23/2003 6,738 8,016
6/24/2003 6,756 8,031
6/25/2003 6,838 7,964
6/26/2003 6,725 8,053
6/27/2003 6,734 7,975
6/28/2003 6,734 7,975
6/29/2003 6,734 7,975
6/30/2003 6,690 7,961
7/1/2003 6,625 8,026
7/2/2003 6,656 8,120
7/3/2003 6,669 8,054
7/4/2003 6,669 8,054
7/5/2003 6,669 8,054
7/6/2003 6,669 8,054
7/7/2003 6,491 8,207
7/8/2003 6,534 8,238
7/9/2003 6,643 8,192
7/10/2003 6,439 8,082
7/11/2003 6,456 8,160
7/12/2003 6,456 8,160
7/13/2003 6,456 8,160
7/14/2003 6,335 8,207
7/15/2003 6,283 8,178
7/16/2003 6,209 8,127
7/17/2003 6,265 8,026
7/18/2003 6,526 8,121
7/19/2003 6,526 8,121
7/20/2003 6,526 8,121
7/21/2003 6,400 8,003
7/22/2003 6,304 8,079
7/23/2003 6,218 8,083
7/24/2003 6,144 8,026
7/25/2003 6,152 8,165
7/26/2003 6,152 8,165
7/27/2003 6,152 8,165
7/28/2003 6,152 8,148
7/29/2003 5,988 8,090
7/30/2003 6,018 8,076
7/31/2003 6,083 8,101
8/1/2003 6,074 8,018
8/2/2003 6,074 8,018
8/3/2003 6,074 8,018
8/4/2003 5,962 8,040
8/5/2003 5,914 7,898
8/6/2003 6,035 7,913
8/7/2003 6,252 7,971
8/8/2003 6,239 7,999
8/9/2003 6,239 7,999
8/10/2003 6,239 7,999
8/11/2003 6,304 8,026
8/12/2003 6,330 8,106
8/13/2003 6,322 8,057
8/14/2003 6,278 8,110
8/15/2003 6,309 8,113
8/16/2003 6,309 8,113
8/17/2003 6,309 8,113
8/18/2003 6,348 8,188
8/19/2003 6,395 8,209
8/20/2003 6,491 8,193
8/21/2003 6,560 8,218
8/22/2003 6,400 8,134
8/23/2003 6,400 8,134
8/24/2003 6,400 8,134
8/25/2003 6,369 8,139
8/26/2003 6,361 8,164
8/27/2003 6,352 8,166
8/28/2003 6,539 8,216
8/29/2003 6,513 8,259
8/30/2003 6,513 8,259
8/31/2003 6,513 8,259
9/1/2003 6,513 8,259
9/2/2003 6,500 8,374
9/3/2003 6,513 8,411
9/4/2003 6,426 8,426
9/5/2003 6,426 8,372
9/6/2003 6,426 8,372
9/7/2003 6,426 8,372
9/8/2003 6,508 8,456
9/9/2003 6,348 8,387
9/10/2003 6,222 8,287
9/11/2003 6,187 8,335
9/12/2003 6,204 8,353
9/13/2003 6,204 8,353
9/14/2003 6,204 8,353
9/15/2003 6,139 8,322
9/16/2003 6,170 8,441
9/17/2003 6,079 8,414
9/18/2003 6,144 8,525
9/19/2003 6,213 8,499
9/20/2003 6,213 8,499
9/21/2003 6,213 8,499
9/22/2003 6,191 8,388
9/23/2003 6,187 8,439
9/24/2003 6,304 8,278
9/25/2003 6,204 8,230
9/26/2003 6,066 8,178
9/27/2003 6,066 8,178
9/28/2003 6,066 8,178
9/29/2003 6,135 8,259
9/30/2003 6,122 8,171
10/1/2003 6,270 8,355
10/2/2003 6,278 8,372
10/3/2003 6,365 8,451
10/4/2003 6,365 8,451
10/5/2003 6,365 8,451
10/6/2003 6,382 8,488
10/7/2003 6,387 8,529
10/8/2003 6,348 8,487
10/9/2003 6,296 8,528
10/10/2003 6,309 8,523
10/11/2003 6,309 8,523
10/12/2003 6,309 8,523
10/13/2003 6,274 8,583
10/14/2003 6,218 8,617
10/15/2003 6,074 8,596
10/16/2003 6,131 8,623
10/17/2003 6,070 8,535
10/18/2003 6,070 8,535
10/19/2003 6,070 8,535
10/20/2003 6,066 8,579
10/21/2003 6,178 8,590
10/22/2003 6,048 8,462
10/23/2003 6,018 8,490
10/24/2003 5,944 8,451
10/25/2003 5,944 8,451
10/26/2003 5,944 8,451
10/27/2003 5,949 8,469
10/28/2003 5,966 8,597
10/29/2003 5,940 8,610
10/30/2003 5,931 8,603
10/31/2003 6,083 8,634
11/1/2003 6,083 8,634
11/2/2003 6,083 8,634
11/3/2003 5,996 8,702
11/4/2003 6,014 8,655
11/5/2003 6,057 8,644
11/6/2003 6,092 8,697
11/7/2003 6,118 8,658
11/8/2003 6,118 8,658
11/9/2003 6,118 8,658
11/10/2003 6,048 8,609
11/11/2003 6,014 8,605
11/12/2003 6,057 8,706
11/13/2003 6,187 8,705
11/14/2003 6,200 8,641
11/15/2003 6,200 8,641
11/16/2003 6,200 8,641
11/17/2003 6,100 8,585
11/18/2003 6,053 8,508
11/19/2003 6,018 8,577
11/20/2003 5,975 8,505
11/21/2003 5,905 8,518
11/22/2003 5,905 8,518
11/23/2003 5,905 8,518
11/24/2003 5,914 8,657
11/25/2003 5,996 8,672
11/26/2003 6,035 8,711
11/27/2003 6,035 8,711
11/28/2003 6,027 8,710
11/29/2003 6,027 8,710
11/30/2003 6,027 8,710
12/1/2003 6,105 8,808
12/2/2003 6,183 8,779
12/3/2003 6,092 8,766
12/4/2003 6,304 8,808
12/5/2003 6,452 8,740
12/6/2003 6,452 8,740
12/7/2003 6,452 8,740
12/8/2003 6,530 8,805
12/9/2003 6,487 8,730
12/10/2003 6,495 8,722
12/11/2003 6,469 8,823
12/12/2003 6,630 8,848
12/13/2003 6,630 8,848
12/14/2003 6,630 8,848
12/15/2003 6,504 8,798
12/16/2003 6,530 8,856
12/17/2003 6,534 8,868
12/18/2003 6,821 8,974
12/19/2003 6,773 8,970
12/20/2003 6,773 8,970
12/21/2003 6,773 8,970
12/22/2003 6,829 9,005
12/23/2003 6,721 9,031
12/24/2003 6,803 9,014
12/25/2003 6,803 9,014
12/26/2003 6,803 9,030
12/27/2003 6,803 9,030
12/28/2003 6,803 9,030
12/29/2003 6,868 9,145
12/30/2003 6,873 9,147
12/31/2003 6,764 9,166
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 12/31/03
- --------------------------------------------------------------------------------
SINCE
ONE INCEPTION
YEAR (05/02/01)
- --------------------------------------------------------------------------------
ENERGY SERVICES FUND 8.41% -13.64%
S&P 500 INDEX 28.68% -3.21%
- --------------------------------------------------------------------------------
The returns presented above do not reflect the effects of taxes. Past
performance is no guarantee of future results. The S&P 500 Index is an unmanaged
stock index and, unlike the fund, has no management fees or other operating
expenses to reduce its reported returns. Returns are historical and include
changes in principal and reinvested dividends and capital gains.
24
FINANCIAL SERVICES FUND
- --------------------------------------------------------------------------------
OBJECTIVE: Seeks capital appreciation by investing in companies that are
involved in the financial services sector, including commercial banks, savings
and loans institutions, insurance companies, brokerage companies and real-estate
and leasing companies.
Inception: July 20, 2001
Consumer finance stocks, such as Cash America International and Capital One
Finance, boosted returns as this industry gained nearly 50% and led the
financial services sector's performance. Additionally, a recovery in and strong
showing by the stock market boosted results of companies involved in capital
market activities. Companies involved in mortgage finance also performed well as
demand for home loans continued throughout the year and mortgage refinancing
activity remained strong for the first half of 2003. Rydex Financial Services
Fund gained 28.92% in 2003 and kept pace with the broader markets.
Cumulative Fund Performance: July 20, 2001 - December 31, 2003
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
Variable Financial S&P 500
Services Index
Date
7/20/2001 $10,000 $10,000
7/21/2001 10,000 10,000
7/22/2001 10,000 10,000
7/23/2001 9,936 9,836
7/24/2001 9,860 9,677
7/25/2001 9,936 9,832
7/26/2001 9,996 9,935
7/27/2001 10,056 9,960
7/28/2001 10,056 9,960
7/29/2001 10,056 9,960
7/30/2001 10,040 9,949
7/31/2001 10,108 10,005
8/1/2001 10,148 10,045
8/2/2001 10,160 10,086
8/3/2001 10,140 10,034
8/4/2001 10,140 10,034
8/5/2001 10,140 10,034
8/6/2001 10,052 9,920
8/7/2001 10,108 9,953
8/8/2001 10,016 9,782
8/9/2001 10,000 9,783
8/10/2001 10,024 9,838
8/11/2001 10,024 9,838
8/12/2001 10,024 9,838
8/13/2001 10,024 9,849
8/14/2001 10,004 9,811
8/15/2001 9,988 9,741
8/16/2001 9,964 9,772
8/17/2001 9,828 9,609
8/18/2001 9,828 9,609
8/19/2001 9,828 9,609
8/20/2001 9,884 9,687
8/21/2001 9,804 9,570
8/22/2001 9,856 9,638
8/23/2001 9,804 9,611
8/24/2001 9,808 9,800
8/25/2001 9,808 9,800
8/26/2001 9,808 9,800
8/27/2001 9,720 9,753
8/28/2001 9,592 9,607
8/29/2001 9,508 9,501
8/30/2001 9,456 9,341
8/31/2001 9,496 9,378
9/1/2001 9,496 9,378
9/2/2001 9,496 9,378
9/3/2001 9,496 9,378
9/4/2001 9,444 9,373
9/5/2001 9,340 9,365
9/6/2001 9,180 9,156
9/7/2001 8,976 8,985
9/8/2001 8,976 8,985
9/9/2001 8,976 8,985
9/10/2001 9,032 9,041
9/11/2001 9,032 9,041
9/12/2001 9,032 9,041
9/13/2001 9,032 9,041
9/14/2001 9,032 9,041
9/15/2001 9,032 9,041
9/16/2001 9,032 9,041
9/17/2001 8,588 8,599
9/18/2001 8,572 8,549
9/19/2001 8,444 8,412
9/20/2001 8,136 8,151
9/21/2001 8,020 7,996
9/22/2001 8,020 7,996
9/23/2001 8,020 7,996
9/24/2001 8,408 8,308
9/25/2001 8,540 8,381
9/26/2001 8,608 8,340
9/27/2001 8,752 8,436
9/28/2001 8,992 8,621
9/29/2001 8,992 8,621
9/30/2001 8,992 8,621
10/1/2001 8,956 8,601
10/2/2001 9,100 8,707
10/3/2001 9,244 8,882
10/4/2001 9,140 8,861
10/5/2001 8,912 8,877
10/6/2001 8,912 8,877
10/7/2001 8,912 8,877
10/8/2001 8,716 8,803
10/9/2001 8,756 8,756
10/10/2001 8,876 8,958
10/11/2001 8,940 9,094
10/12/2001 8,796 9,046
10/13/2001 8,796 9,046
10/14/2001 8,796 9,046
10/15/2001 8,896 9,033
10/16/2001 9,024 9,095
10/17/2001 8,960 8,926
10/18/2001 8,876 8,856
10/19/2001 8,700 8,897
10/20/2001 8,700 8,897
10/21/2001 8,700 8,897
10/22/2001 8,924 9,033
10/23/2001 8,936 8,990
10/24/2001 8,948 8,994
10/25/2001 9,056 9,117
10/26/2001 9,096 9,155
10/27/2001 9,096 9,155
10/28/2001 9,096 9,155
10/29/2001 8,852 8,938
10/30/2001 8,768 8,785
10/31/2001 8,680 8,785
11/1/2001 8,868 8,988
11/2/2001 8,936 9,014
11/3/2001 8,936 9,014
11/4/2001 8,936 9,014
11/5/2001 9,068 9,144
11/6/2001 9,212 9,277
11/7/2001 9,244 9,255
11/8/2001 9,248 9,278
11/9/2001 9,184 9,293
11/10/2001 9,184 9,293
11/11/2001 9,184 9,293
11/12/2001 9,172 9,276
11/13/2001 9,348 9,450
11/14/2001 9,380 9,470
11/15/2001 9,352 9,478
11/16/2001 9,268 9,449
11/17/2001 9,268 9,449
11/18/2001 9,268 9,449
11/19/2001 9,388 9,552
11/20/2001 9,336 9,483
11/21/2001 9,296 9,436
11/22/2001 9,296 9,436
11/23/2001 9,444 9,547
11/24/2001 9,444 9,547
11/25/2001 9,444 9,547
11/26/2001 9,520 9,606
11/27/2001 9,488 9,540
11/28/2001 9,296 9,368
11/29/2001 9,364 9,466
11/30/2001 9,280 9,459
12/1/2001 9,280 9,459
12/2/2001 9,280 9,459
12/3/2001 9,164 9,380
12/4/2001 9,268 9,504
12/5/2001 9,424 9,719
12/6/2001 9,508 9,693
12/7/2001 9,500 9,620
12/8/2001 9,500 9,620
12/9/2001 9,500 9,620
12/10/2001 9,372 9,467
12/11/2001 9,388 9,441
12/12/2001 9,356 9,445
12/13/2001 9,220 9,298
12/14/2001 9,188 9,329
12/15/2001 9,188 9,329
12/16/2001 9,188 9,329
12/17/2001 9,284 9,423
12/18/2001 9,384 9,494
12/19/2001 9,508 9,550
12/20/2001 9,492 9,471
12/21/2001 9,440 9,513
12/22/2001 9,440 9,513
12/23/2001 9,440 9,513
12/24/2001 9,440 9,511
12/25/2001 9,440 9,511
12/26/2001 9,460 9,550
12/27/2001 9,524 9,617
12/28/2001 9,616 9,650
12/29/2001 9,616 9,650
12/30/2001 9,616 9,650
12/31/2001 9,560 9,542
1/1/2002 9,560 9,542
1/2/2002 9,508 9,598
1/3/2002 9,544 9,687
1/4/2002 9,680 9,747
1/5/2002 9,680 9,747
1/6/2002 9,680 9,747
1/7/2002 9,624 9,684
1/8/2002 9,532 9,651
1/9/2002 9,576 9,605
1/10/2002 9,616 9,617
1/11/2002 9,524 9,527
1/12/2002 9,524 9,527
1/13/2002 9,524 9,527
1/14/2002 9,440 9,467
1/15/2002 9,624 9,532
1/16/2002 9,512 9,378
1/17/2002 9,572 9,472
1/18/2002 9,548 9,378
1/19/2002 9,548 9,378
1/20/2002 9,548 9,378
1/21/2002 9,548 9,378
1/22/2002 9,548 9,309
1/23/2002 9,576 9,383
1/24/2002 9,620 9,416
1/25/2002 9,652 9,425
1/26/2002 9,652 9,425
1/27/2002 9,652 9,425
1/28/2002 9,604 9,424
1/29/2002 9,228 9,155
1/30/2002 9,328 9,264
1/31/2002 9,480 9,403
2/1/2002 9,416 9,336
2/2/2002 9,416 9,336
2/3/2002 9,416 9,336
2/4/2002 9,148 9,106
2/5/2002 9,072 9,069
2/6/2002 8,980 9,016
2/7/2002 9,040 8,990
2/8/2002 9,296 9,124
2/9/2002 9,296 9,124
2/10/2002 9,296 9,124
2/11/2002 9,372 9,255
2/12/2002 9,328 9,218
2/13/2002 9,480 9,313
2/14/2002 9,484 9,297
2/15/2002 9,328 9,195
2/16/2002 9,328 9,195
2/17/2002 9,328 9,195
2/18/2002 9,328 9,195
2/19/2002 9,124 9,021
2/20/2002 9,244 9,144
2/21/2002 9,080 9,002
2/22/2002 9,084 9,076
2/23/2002 9,084 9,076
2/24/2002 9,084 9,076
2/25/2002 9,296 9,239
2/26/2002 9,348 9,240
2/27/2002 9,440 9,248
2/28/2002 9,460 9,222
3/1/2002 9,584 9,431
3/2/2002 9,584 9,431
3/3/2002 9,584 9,431
3/4/2002 9,908 9,615
3/5/2002 9,916 9,550
3/6/2002 10,064 9,691
3/7/2002 9,988 9,648
3/8/2002 10,040 9,704
3/9/2002 10,040 9,704
3/10/2002 10,040 9,704
3/11/2002 10,092 9,737
3/12/2002 10,100 9,715
3/13/2002 10,028 9,622
3/14/2002 10,032 9,613
3/15/2002 10,236 9,723
3/16/2002 10,236 9,723
3/17/2002 10,236 9,723
3/18/2002 10,180 9,718
3/19/2002 10,240 9,757
3/20/2002 10,064 9,604
3/21/2002 10,056 9,619
3/22/2002 10,072 9,578
3/23/2002 10,072 9,578
3/24/2002 10,072 9,578
3/25/2002 9,896 9,438
3/26/2002 9,996 9,494
3/27/2002 10,096 9,545
3/28/2002 10,064 9,568
3/29/2002 10,064 9,568
3/30/2002 10,064 9,568
3/31/2002 10,064 9,568
4/1/2002 10,016 9,561
4/2/2002 10,048 9,480
4/3/2002 9,968 9,387
4/4/2002 10,048 9,395
4/5/2002 10,124 9,365
4/6/2002 10,124 9,365
4/7/2002 10,124 9,365
4/8/2002 10,172 9,388
4/9/2002 10,232 9,326
4/10/2002 10,280 9,433
4/11/2002 10,048 9,209
4/12/2002 10,172 9,271
4/13/2002 10,172 9,271
4/14/2002 10,172 9,271
4/15/2002 10,060 9,200
4/16/2002 10,212 9,416
4/17/2002 10,256 9,397
4/18/2002 10,212 9,384
4/19/2002 10,244 9,390
4/20/2002 10,244 9,390
4/21/2002 10,244 9,390
4/22/2002 10,116 9,245
4/23/2002 10,060 9,188
4/24/2002 10,024 9,122
4/25/2002 9,944 9,109
4/26/2002 9,920 8,983
4/27/2002 9,920 8,983
4/28/2002 9,920 8,983
4/29/2002 9,848 8,893
4/30/2002 9,980 8,988
5/1/2002 10,032 9,069
5/2/2002 10,128 9,054
5/3/2002 10,088 8,961
5/4/2002 10,088 8,961
5/5/2002 10,088 8,961
5/6/2002 9,896 8,788
5/7/2002 9,860 8,762
5/8/2002 10,088 9,092
5/9/2002 9,988 8,961
5/10/2002 9,856 8,811
5/11/2002 9,856 8,811
5/12/2002 9,856 8,811
5/13/2002 10,008 8,975
5/14/2002 10,172 9,165
5/15/2002 10,120 9,116
5/16/2002 10,204 9,177
5/17/2002 10,268 9,249
5/18/2002 10,268 9,249
5/19/2002 10,268 9,249
5/20/2002 10,104 9,126
5/21/2002 10,036 9,026
5/22/2002 10,060 9,077
5/23/2002 10,160 9,170
5/24/2002 10,088 9,059
5/25/2002 10,088 9,059
5/26/2002 10,088 9,059
5/27/2002 10,088 9,059
5/28/2002 9,992 8,982
5/29/2002 9,992 8,925
5/30/2002 9,948 8,901
5/31/2002 9,984 8,922
6/1/2002 9,984 8,922
6/2/2002 9,984 8,922
6/3/2002 9,772 8,701
6/4/2002 9,708 8,701
6/5/2002 9,800 8,781
6/6/2002 9,628 8,608
6/7/2002 9,636 8,595
6/8/2002 9,636 8,595
6/9/2002 9,636 8,595
6/10/2002 9,680 8,622
6/11/2002 9,512 8,478
6/12/2002 9,528 8,535
6/13/2002 9,332 8,446
6/14/2002 9,444 8,427
6/15/2002 9,444 8,427
6/16/2002 9,444 8,427
6/17/2002 9,812 8,669
6/18/2002 9,828 8,677
6/19/2002 9,696 8,534
6/20/2002 9,556 8,420
6/21/2002 9,480 8,276
6/22/2002 9,480 8,276
6/23/2002 9,480 8,276
6/24/2002 9,448 8,306
6/25/2002 9,392 8,168
6/26/2002 9,248 8,150
6/27/2002 9,420 8,294
6/28/2002 9,500 8,287
6/29/2002 9,500 8,287
6/30/2002 9,500 8,287
7/1/2002 9,352 8,109
7/2/2002 9,192 7,939
7/3/2002 9,100 7,989
7/4/2002 9,100 7,989
7/5/2002 9,392 8,282
7/6/2002 9,392 8,282
7/7/2002 9,392 8,282
7/8/2002 9,352 8,183
7/9/2002 9,100 7,982
7/10/2002 8,812 7,711
7/11/2002 8,896 7,769
7/12/2002 8,792 7,719
7/13/2002 8,792 7,719
7/14/2002 8,792 7,719
7/15/2002 8,736 7,690
7/16/2002 8,636 7,549
7/17/2002 8,496 7,591
7/18/2002 8,212 7,386
7/19/2002 8,056 7,103
7/20/2002 8,056 7,103
7/21/2002 8,056 7,103
7/22/2002 7,804 6,869
7/23/2002 7,416 6,684
7/24/2002 7,784 7,067
7/25/2002 7,772 7,027
7/26/2002 7,944 7,146
7/27/2002 7,944 7,146
7/28/2002 7,944 7,146
7/29/2002 8,468 7,533
7/30/2002 8,496 7,566
7/31/2002 8,628 7,641
8/1/2002 8,448 7,416
8/2/2002 8,192 7,245
8/3/2002 8,192 7,245
8/4/2002 8,192 7,245
8/5/2002 7,900 6,997
8/6/2002 8,152 7,206
8/7/2002 8,204 7,351
8/8/2002 8,576 7,592
8/9/2002 8,692 7,621
8/10/2002 8,692 7,621
8/11/2002 8,692 7,621
8/12/2002 8,624 7,580
8/13/2002 8,440 7,417
8/14/2002 8,744 7,715
8/15/2002 8,840 7,806
8/16/2002 8,800 7,794
8/17/2002 8,800 7,794
8/18/2002 8,800 7,794
8/19/2002 9,012 7,978
8/20/2002 8,880 7,867
8/21/2002 8,952 7,968
8/22/2002 9,080 8,080
8/23/2002 8,892 7,897
8/24/2002 8,892 7,897
8/25/2002 8,892 7,897
8/26/2002 9,004 7,956
8/27/2002 8,920 7,846
8/28/2002 8,748 7,705
8/29/2002 8,812 7,705
8/30/2002 8,808 7,691
8/31/2002 8,808 7,691
9/1/2002 8,808 7,691
9/2/2002 8,808 7,691
9/3/2002 8,424 7,372
9/4/2002 8,575 7,503
9/5/2002 8,426 7,384
9/6/2002 8,571 7,508
9/7/2002 8,571 7,508
9/8/2002 8,571 7,508
9/9/2002 8,704 7,584
9/10/2002 8,611 7,640
9/11/2002 8,583 7,640
9/12/2002 8,334 7,452
9/13/2002 8,382 7,477
9/14/2002 8,382 7,477
9/15/2002 8,382 7,477
9/16/2002 8,334 7,488
9/17/2002 8,113 7,340
9/18/2002 8,048 7,307
9/19/2002 7,771 7,087
9/20/2002 7,739 7,105
9/21/2002 7,739 7,105
9/22/2002 7,739 7,105
9/23/2002 7,699 7,007
9/24/2002 7,542 6,885
9/25/2002 7,703 7,058
9/26/2002 7,932 7,188
9/27/2002 7,690 6,957
9/28/2002 7,690 6,957
9/29/2002 7,690 6,957
9/30/2002 7,678 6,855
10/1/2002 8,028 7,129
10/2/2002 7,735 6,963
10/3/2002 7,441 6,888
10/4/2002 7,220 6,733
10/5/2002 7,220 6,733
10/6/2002 7,220 6,733
10/7/2002 6,975 6,604
10/8/2002 7,256 6,719
10/9/2002 6,923 6,536
10/10/2002 7,309 6,765
10/11/2002 7,602 7,029
10/12/2002 7,602 7,029
10/13/2002 7,602 7,029
10/14/2002 7,650 7,081
10/15/2002 8,097 7,416
10/16/2002 7,924 7,238
10/17/2002 8,153 7,399
10/18/2002 8,185 7,443
10/19/2002 8,185 7,443
10/20/2002 8,185 7,443
10/21/2002 8,285 7,572
10/22/2002 8,181 7,492
10/23/2002 8,173 7,542
10/24/2002 8,024 7,427
10/25/2002 8,217 7,555
10/26/2002 8,217 7,555
10/27/2002 8,217 7,555
10/28/2002 8,145 7,492
10/29/2002 8,052 7,425
10/30/2002 8,117 7,499
10/31/2002 8,097 7,458
11/1/2002 8,237 7,586
11/2/2002 8,237 7,586
11/3/2002 8,237 7,586
11/4/2002 8,273 7,649
11/5/2002 8,273 7,708
11/6/2002 8,281 7,780
11/7/2002 8,024 7,604
11/8/2002 7,972 7,538
11/9/2002 7,972 7,538
11/10/2002 7,972 7,538
11/11/2002 7,863 7,382
11/12/2002 7,936 7,439
11/13/2002 7,908 7,438
11/14/2002 8,137 7,622
11/15/2002 8,197 7,670
11/16/2002 8,197 7,670
11/17/2002 8,197 7,670
11/18/2002 8,060 7,590
11/19/2002 8,068 7,560
11/20/2002 8,241 7,707
11/21/2002 8,442 7,873
11/22/2002 8,450 7,846
11/23/2002 8,450 7,846
11/24/2002 8,450 7,846
11/25/2002 8,434 7,866
11/26/2002 8,253 7,702
11/27/2002 8,462 7,918
11/28/2002 8,462 7,918
11/29/2002 8,406 7,897
11/30/2002 8,406 7,897
12/1/2002 8,406 7,897
12/2/2002 8,422 7,882
12/3/2002 8,326 7,766
12/4/2002 8,289 7,742
12/5/2002 8,189 7,649
12/6/2002 8,237 7,698
12/7/2002 8,237 7,698
12/8/2002 8,237 7,698
12/9/2002 8,084 7,527
12/10/2002 8,225 7,632
12/11/2002 8,245 7,638
12/12/2002 8,201 7,610
12/13/2002 8,117 7,508
12/14/2002 8,117 7,508
12/15/2002 8,117 7,508
12/16/2002 8,306 7,685
12/17/2002 8,265 7,622
12/18/2002 8,181 7,523
12/19/2002 8,125 7,466
12/20/2002 8,269 7,564
12/21/2002 8,269 7,564
12/22/2002 8,269 7,564
12/23/2002 8,245 7,577
12/24/2002 8,201 7,536
12/25/2002 8,201 7,536
12/26/2002 8,209 7,512
12/27/2002 8,080 7,395
12/28/2002 8,080 7,395
12/29/2002 8,080 7,395
12/30/2002 8,133 7,429
12/31/2002 8,117 7,433
1/1/2003 8,117 7,433
1/2/2003 8,362 7,681
1/3/2003 8,338 7,677
1/4/2003 8,338 7,677
1/5/2003 8,338 7,677
1/6/2003 8,519 7,850
1/7/2003 8,442 7,799
1/8/2003 8,366 7,691
1/9/2003 8,527 7,841
1/10/2003 8,507 7,841
1/11/2003 8,507 7,841
1/12/2003 8,507 7,841
1/13/2003 8,511 7,830
1/14/2003 8,575 7,876
1/15/2003 8,438 7,763
1/16/2003 8,358 7,733
1/17/2003 8,322 7,625
1/18/2003 8,322 7,625
1/19/2003 8,322 7,625
1/20/2003 8,322 7,625
1/21/2003 8,209 7,505
1/22/2003 8,109 7,427
1/23/2003 8,193 7,503
1/24/2003 7,964 7,284
1/25/2003 7,964 7,284
1/26/2003 7,964 7,284
1/27/2003 7,871 7,166
1/28/2003 7,944 7,260
1/29/2003 7,980 7,310
1/30/2003 7,843 7,145
1/31/2003 7,988 7,239
2/1/2003 7,988 7,239
2/2/2003 7,988 7,239
2/3/2003 8,008 7,278
2/4/2003 7,855 7,175
2/5/2003 7,827 7,138
2/6/2003 7,719 7,094
2/7/2003 7,654 7,022
2/8/2003 7,654 7,022
2/9/2003 7,654 7,022
2/10/2003 7,711 7,076
2/11/2003 7,630 7,019
2/12/2003 7,546 6,932
2/13/2003 7,566 6,922
2/14/2003 7,699 7,071
2/15/2003 7,699 7,071
2/16/2003 7,699 7,071
2/17/2003 7,699 7,071
2/18/2003 7,807 7,209
2/19/2003 7,763 7,159
2/20/2003 7,719 7,092
2/21/2003 7,819 7,185
2/22/2003 7,819 7,185
2/23/2003 7,819 7,185
2/24/2003 7,646 7,053
2/25/2003 7,699 7,104
2/26/2003 7,606 7,014
2/27/2003 7,735 7,097
2/28/2003 7,775 7,130
3/1/2003 7,775 7,130
3/2/2003 7,775 7,130
3/3/2003 7,727 7,076
3/4/2003 7,630 6,968
3/5/2003 7,682 7,037
3/6/2003 7,574 6,972
3/7/2003 7,626 7,029
3/8/2003 7,626 7,029
3/9/2003 7,626 7,029
3/10/2003 7,345 6,848
3/11/2003 7,236 6,791
3/12/2003 7,224 6,823
3/13/2003 7,477 7,058
3/14/2003 7,498 7,070
3/15/2003 7,498 7,070
3/16/2003 7,498 7,070
3/17/2003 7,735 7,321
3/18/2003 7,743 7,352
3/19/2003 7,827 7,417
3/20/2003 7,859 7,431
3/21/2003 8,032 7,602
3/22/2003 8,032 7,602
3/23/2003 8,032 7,602
3/24/2003 7,783 7,334
3/25/2003 7,847 7,423
3/26/2003 7,811 7,383
3/27/2003 7,807 7,372
3/28/2003 7,799 7,329
3/29/2003 7,799 7,329
3/30/2003 7,799 7,329
3/31/2003 7,682 7,199
4/1/2003 7,815 7,287
4/2/2003 8,008 7,478
4/3/2003 7,964 7,441
4/4/2003 8,012 7,461
4/5/2003 8,012 7,461
4/6/2003 8,012 7,461
4/7/2003 8,020 7,471
4/8/2003 8,020 7,459
4/9/2003 7,936 7,356
4/10/2003 7,980 7,403
4/11/2003 7,976 7,376
4/12/2003 7,976 7,376
4/13/2003 7,976 7,376
4/14/2003 8,141 7,520
4/15/2003 8,253 7,568
4/16/2003 8,157 7,475
4/17/2003 8,249 7,591
4/18/2003 8,249 7,591
4/19/2003 8,249 7,591
4/20/2003 8,249 7,591
4/21/2003 8,249 7,578
4/22/2003 8,474 7,743
4/23/2003 8,543 7,808
4/24/2003 8,422 7,743
4/25/2003 8,322 7,636
4/26/2003 8,322 7,636
4/27/2003 8,322 7,636
4/28/2003 8,450 7,773
4/29/2003 8,454 7,799
4/30/2003 8,486 7,792
5/1/2003 8,482 7,788
5/2/2003 8,627 7,906
5/3/2003 8,627 7,906
5/4/2003 8,627 7,906
5/5/2003 8,619 7,876
5/6/2003 8,687 7,942
5/7/2003 8,651 7,903
5/8/2003 8,535 7,824
5/9/2003 8,627 7,937
5/10/2003 8,627 7,937
5/11/2003 8,627 7,937
5/12/2003 8,728 8,037
5/13/2003 8,720 8,014
5/14/2003 8,700 7,991
5/15/2003 8,748 8,055
5/16/2003 8,724 8,035
5/17/2003 8,724 8,035
5/18/2003 8,724 8,035
5/19/2003 8,547 7,835
5/20/2003 8,547 7,826
5/21/2003 8,575 7,859
5/22/2003 8,595 7,931
5/23/2003 8,635 7,942
5/24/2003 8,635 7,942
5/25/2003 8,635 7,942
5/26/2003 8,635 7,942
5/27/2003 8,764 8,098
5/28/2003 8,836 8,114
5/29/2003 8,812 8,084
5/30/2003 8,993 8,203
5/31/2003 8,993 8,203
6/1/2003 8,993 8,203
6/2/2003 9,061 8,232
6/3/2003 9,061 8,271
6/4/2003 9,206 8,398
6/5/2003 9,258 8,432
6/6/2003 9,234 8,412
6/7/2003 9,234 8,412
6/8/2003 9,234 8,412
6/9/2003 9,021 8,312
6/10/2003 9,130 8,388
6/11/2003 9,250 8,498
6/12/2003 9,238 8,507
6/13/2003 9,182 8,423
6/14/2003 9,182 8,423
6/15/2003 9,182 8,423
6/16/2003 9,371 8,612
6/17/2003 9,347 8,620
6/18/2003 9,270 8,607
6/19/2003 9,094 8,476
6/20/2003 9,110 8,485
6/21/2003 9,110 8,485
6/22/2003 9,110 8,485
6/23/2003 8,973 8,365
6/24/2003 9,025 8,380
6/25/2003 9,005 8,311
6/26/2003 9,085 8,404
6/27/2003 9,045 8,322
6/28/2003 9,045 8,322
6/29/2003 9,045 8,322
6/30/2003 9,005 8,307
7/1/2003 9,106 8,376
7/2/2003 9,218 8,473
7/3/2003 9,174 8,405
7/4/2003 9,174 8,405
7/5/2003 9,174 8,405
7/6/2003 9,174 8,405
7/7/2003 9,339 8,564
7/8/2003 9,411 8,596
7/9/2003 9,387 8,549
7/10/2003 9,234 8,434
7/11/2003 9,335 8,515
7/12/2003 9,335 8,515
7/13/2003 9,335 8,515
7/14/2003 9,512 8,564
7/15/2003 9,479 8,535
7/16/2003 9,419 8,481
7/17/2003 9,290 8,376
7/18/2003 9,419 8,475
7/19/2003 9,419 8,475
7/20/2003 9,419 8,475
7/21/2003 9,303 8,351
7/22/2003 9,355 8,430
7/23/2003 9,331 8,435
7/24/2003 9,307 8,375
7/25/2003 9,447 8,521
7/26/2003 9,447 8,521
7/27/2003 9,447 8,521
7/28/2003 9,427 8,503
7/29/2003 9,383 8,442
7/30/2003 9,387 8,428
7/31/2003 9,403 8,454
8/1/2003 9,222 8,367
8/2/2003 9,222 8,367
8/3/2003 9,222 8,367
8/4/2003 9,202 8,390
8/5/2003 9,094 8,242
8/6/2003 9,162 8,258
8/7/2003 9,186 8,318
8/8/2003 9,242 8,348
8/9/2003 9,242 8,348
8/10/2003 9,242 8,348
8/11/2003 9,214 8,375
8/12/2003 9,335 8,459
8/13/2003 9,262 8,408
8/14/2003 9,351 8,464
8/15/2003 9,319 8,466
8/16/2003 9,319 8,466
8/17/2003 9,319 8,466
8/18/2003 9,387 8,544
8/19/2003 9,411 8,567
8/20/2003 9,415 8,550
8/21/2003 9,415 8,576
8/22/2003 9,242 8,488
8/23/2003 9,242 8,488
8/24/2003 9,242 8,488
8/25/2003 9,238 8,494
8/26/2003 9,270 8,520
8/27/2003 9,238 8,522
8/28/2003 9,295 8,574
8/29/2003 9,355 8,619
8/30/2003 9,355 8,619
8/31/2003 9,355 8,619
9/1/2003 9,355 8,619
9/2/2003 9,483 8,739
9/3/2003 9,524 8,778
9/4/2003 9,508 8,792
9/5/2003 9,462 8,736
9/6/2003 9,462 8,736
9/7/2003 9,462 8,736
9/8/2003 9,535 8,825
9/9/2003 9,482 8,752
9/10/2003 9,321 8,648
9/11/2003 9,357 8,698
9/12/2003 9,382 8,717
9/13/2003 9,382 8,717
9/14/2003 9,382 8,717
9/15/2003 9,366 8,684
9/16/2003 9,486 8,809
9/17/2003 9,466 8,780
9/18/2003 9,679 8,897
9/19/2003 9,659 8,869
9/20/2003 9,659 8,869
9/21/2003 9,659 8,869
9/22/2003 9,551 8,754
9/23/2003 9,607 8,807
9/24/2003 9,466 8,639
9/25/2003 9,398 8,588
9/26/2003 9,341 8,535
9/27/2003 9,341 8,535
9/28/2003 9,341 8,535
9/29/2003 9,438 8,618
9/30/2003 9,370 8,527
10/1/2003 9,599 8,719
10/2/2003 9,599 8,737
10/3/2003 9,679 8,819
10/4/2003 9,679 8,819
10/5/2003 9,679 8,819
10/6/2003 9,752 8,858
10/7/2003 9,788 8,900
10/8/2003 9,764 8,857
10/9/2003 9,796 8,899
10/10/2003 9,764 8,894
10/11/2003 9,764 8,894
10/12/2003 9,764 8,894
10/13/2003 9,905 8,957
10/14/2003 9,941 8,992
10/15/2003 9,877 8,970
10/16/2003 9,901 8,999
10/17/2003 9,784 8,907
10/18/2003 9,784 8,907
10/19/2003 9,784 8,907
10/20/2003 9,768 8,953
10/21/2003 9,772 8,964
10/22/2003 9,651 8,831
10/23/2003 9,708 8,860
10/24/2003 9,659 8,819
10/25/2003 9,659 8,819
10/26/2003 9,659 8,819
10/27/2003 9,760 8,838
10/28/2003 9,881 8,972
10/29/2003 9,941 8,985
10/30/2003 9,945 8,977
10/31/2003 9,993 9,010
11/1/2003 9,993 9,010
11/2/2003 9,993 9,010
11/3/2003 10,122 9,081
11/4/2003 10,094 9,032
11/5/2003 10,046 9,021
11/6/2003 10,130 9,075
11/7/2003 10,066 9,036
11/8/2003 10,066 9,036
11/9/2003 10,066 9,036
11/10/2003 10,005 8,984
11/11/2003 9,977 8,979
11/12/2003 10,058 9,086
11/13/2003 10,058 9,084
11/14/2003 9,945 9,017
11/15/2003 9,945 9,017
11/16/2003 9,945 9,017
11/17/2003 9,901 8,959
11/18/2003 9,832 8,878
11/19/2003 9,881 8,950
11/20/2003 9,816 8,875
11/21/2003 9,861 8,889
11/22/2003 9,861 8,889
11/23/2003 9,861 8,889
11/24/2003 9,993 9,034
11/25/2003 10,062 9,050
11/26/2003 10,114 9,091
11/27/2003 10,114 9,091
11/28/2003 10,106 9,089
11/29/2003 10,106 9,089
11/30/2003 10,106 9,089
12/1/2003 10,235 9,192
12/2/2003 10,227 9,162
12/3/2003 10,199 9,148
12/4/2003 10,178 9,192
12/5/2003 10,110 9,121
12/6/2003 10,110 9,121
12/7/2003 10,110 9,121
12/8/2003 10,219 9,189
12/9/2003 10,094 9,110
12/10/2003 10,042 9,102
12/11/2003 10,162 9,208
12/12/2003 10,223 9,233
12/13/2003 10,223 9,233
12/14/2003 10,223 9,233
12/15/2003 10,070 9,181
12/16/2003 10,162 9,242
12/17/2003 10,146 9,254
12/18/2003 10,223 9,365
12/19/2003 10,259 9,361
12/20/2003 10,259 9,361
12/21/2003 10,259 9,361
12/22/2003 10,315 9,398
12/23/2003 10,360 9,424
12/24/2003 10,344 9,407
12/25/2003 10,344 9,407
12/26/2003 10,344 9,423
12/27/2003 10,344 9,423
12/28/2003 10,344 9,423
12/29/2003 10,464 9,543
12/30/2003 10,496 9,546
12/31/2003 10,464 9,566
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 12/31/03
- --------------------------------------------------------------------------------
SINCE
ONE INCEPTION
YEAR (07/20/01)
- --------------------------------------------------------------------------------
FINANCIAL SERVICES FUND 28.92% 1.87%
S&P 500 INDEX 28.68% -1.80%
- --------------------------------------------------------------------------------
The returns presented above do not reflect the effects of taxes. Past
performance is no guarantee of future results. The S&P 500 Index is an unmanaged
stock index and, unlike the fund, has no management fees or other operating
expenses to reduce its reported returns. Returns are historical and include
changes in principal and reinvested dividends and capital gains.
ANNUAL REPORT 25
HEALTH CARE FUND
- --------------------------------------------------------------------------------
OBJECTIVE: Seeks capital appreciation by investing in companies that are
involved in the health care industry.
Inception: June 19, 2001
The entire stock market had a strong year in 2003. Health care, a traditionally
defensive sector, was in a disadvantageous position. The sector was hurt by
rising employer costs for health care as well as federal policymaking, which
resulted in higher hospital rates. There was good news for the sector, however,
as health care companies continued to generate patents and new drugs. Rydex
Health Care Fund gained 29.77% for the year ended December 31, 2003.
Cumulative Fund Performance: June 19, 2001 - December 31, 2003
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
Date Variable S&P 500
Date Health Care Index
6/19/2001 $10,000 $10,000
6/20/2001 10,140 10,087
6/21/2001 10,192 10,202
6/22/2001 9,868 10,105
6/23/2001 9,868 10,105
6/24/2001 9,868 10,105
6/25/2001 9,788 10,050
6/26/2001 9,748 10,035
6/27/2001 9,644 9,989
6/28/2001 9,732 10,114
6/29/2001 9,552 10,099
6/30/2001 9,552 10,099
7/1/2001 9,552 10,099
7/2/2001 9,644 10,200
7/3/2001 9,608 10,183
7/4/2001 9,608 10,183
7/5/2001 9,480 10,060
7/6/2001 9,412 9,826
7/7/2001 9,412 9,826
7/8/2001 9,412 9,826
7/9/2001 9,568 9,893
7/10/2001 9,472 9,751
7/11/2001 9,400 9,741
7/12/2001 9,288 9,972
7/13/2001 9,396 10,034
7/14/2001 9,396 10,034
7/15/2001 9,396 10,034
7/16/2001 9,312 9,925
7/17/2001 9,432 10,024
7/18/2001 9,688 9,969
7/19/2001 9,704 10,030
7/20/2001 9,760 9,995
7/21/2001 9,760 9,995
7/22/2001 9,760 9,995
7/23/2001 9,596 9,831
7/24/2001 9,448 9,672
7/25/2001 9,536 9,827
7/26/2001 9,584 9,930
7/27/2001 9,616 9,955
7/28/2001 9,616 9,955
7/29/2001 9,616 9,955
7/30/2001 9,680 9,944
7/31/2001 9,852 10,000
8/1/2001 9,800 10,040
8/2/2001 9,732 10,081
8/3/2001 9,704 10,029
8/4/2001 9,704 10,029
8/5/2001 9,704 10,029
8/6/2001 9,656 9,915
8/7/2001 9,696 9,948
8/8/2001 9,548 9,777
8/9/2001 9,564 9,778
8/10/2001 9,660 9,833
8/11/2001 9,660 9,833
8/12/2001 9,660 9,833
8/13/2001 9,732 9,844
8/14/2001 9,728 9,806
8/15/2001 9,712 9,736
8/16/2001 9,700 9,767
8/17/2001 9,624 9,604
8/18/2001 9,624 9,604
8/19/2001 9,624 9,604
8/20/2001 9,692 9,682
8/21/2001 9,696 9,565
8/22/2001 9,796 9,633
8/23/2001 9,784 9,606
8/24/2001 9,884 9,795
8/25/2001 9,884 9,795
8/26/2001 9,884 9,795
8/27/2001 9,840 9,748
8/28/2001 9,712 9,602
8/29/2001 9,632 9,497
8/30/2001 9,588 9,336
8/31/2001 9,516 9,374
9/1/2001 9,516 9,374
9/2/2001 9,516 9,374
9/3/2001 9,516 9,374
9/4/2001 9,604 9,368
9/5/2001 9,740 9,360
9/6/2001 9,576 9,151
9/7/2001 9,380 8,981
9/8/2001 9,380 8,981
9/9/2001 9,380 8,981
9/10/2001 9,460 9,037
9/11/2001 9,460 9,037
9/12/2001 9,460 9,037
9/13/2001 9,460 9,037
9/14/2001 9,460 9,037
9/15/2001 9,460 9,037
9/16/2001 9,460 9,037
9/17/2001 9,348 8,595
9/18/2001 9,228 8,545
9/19/2001 9,096 8,408
9/20/2001 8,988 8,147
9/21/2001 8,748 7,992
9/22/2001 8,748 7,992
9/23/2001 8,748 7,992
9/24/2001 8,808 8,303
9/25/2001 8,932 8,376
9/26/2001 9,128 8,336
9/27/2001 9,424 8,432
9/28/2001 9,480 8,617
9/29/2001 9,480 8,617
9/30/2001 9,480 8,617
10/1/2001 9,588 8,597
10/2/2001 9,656 8,703
10/3/2001 9,592 8,878
10/4/2001 9,516 8,856
10/5/2001 9,620 8,872
10/6/2001 9,620 8,872
10/7/2001 9,620 8,872
10/8/2001 9,544 8,798
10/9/2001 9,504 8,752
10/10/2001 9,676 8,953
10/11/2001 9,616 9,090
10/12/2001 9,640 9,042
10/13/2001 9,640 9,042
10/14/2001 9,640 9,042
10/15/2001 9,740 9,028
10/16/2001 9,744 9,091
10/17/2001 9,656 8,922
10/18/2001 9,600 8,852
10/19/2001 9,664 8,892
10/20/2001 9,664 8,892
10/21/2001 9,664 8,892
10/22/2001 9,848 9,028
10/23/2001 9,688 8,986
10/24/2001 9,660 8,989
10/25/2001 9,708 9,113
10/26/2001 9,692 9,150
10/27/2001 9,692 9,150
10/28/2001 9,692 9,150
10/29/2001 9,600 8,933
10/30/2001 9,484 8,780
10/31/2001 9,436 8,781
11/1/2001 9,552 8,984
11/2/2001 9,524 9,009
11/3/2001 9,524 9,009
11/4/2001 9,524 9,009
11/5/2001 9,568 9,139
11/6/2001 9,632 9,272
11/7/2001 9,560 9,250
11/8/2001 9,500 9,273
11/9/2001 9,456 9,288
11/10/2001 9,456 9,288
11/11/2001 9,456 9,288
11/12/2001 9,456 9,271
11/13/2001 9,528 9,445
11/14/2001 9,492 9,465
11/15/2001 9,524 9,473
11/16/2001 9,556 9,444
11/17/2001 9,556 9,444
11/18/2001 9,556 9,444
11/19/2001 9,660 9,547
11/20/2001 9,716 9,478
11/21/2001 9,816 9,432
11/22/2001 9,816 9,432
11/23/2001 9,836 9,542
11/24/2001 9,836 9,542
11/25/2001 9,836 9,542
11/26/2001 9,896 9,601
11/27/2001 9,816 9,535
11/28/2001 9,736 9,363
11/29/2001 9,784 9,461
11/30/2001 9,796 9,455
12/1/2001 9,796 9,455
12/2/2001 9,796 9,455
12/3/2001 9,796 9,375
12/4/2001 9,776 9,499
12/5/2001 9,788 9,714
12/6/2001 9,768 9,688
12/7/2001 9,744 9,615
12/8/2001 9,744 9,615
12/9/2001 9,744 9,615
12/10/2001 9,608 9,462
12/11/2001 9,476 9,436
12/12/2001 9,356 9,440
12/13/2001 9,308 9,294
12/14/2001 9,356 9,324
12/15/2001 9,356 9,324
12/16/2001 9,356 9,324
12/17/2001 9,448 9,418
12/18/2001 9,472 9,489
12/19/2001 9,516 9,545
12/20/2001 9,532 9,466
12/21/2001 9,588 9,508
12/22/2001 9,588 9,508
12/23/2001 9,588 9,508
12/24/2001 9,596 9,506
12/25/2001 9,596 9,506
12/26/2001 9,600 9,545
12/27/2001 9,596 9,612
12/28/2001 9,628 9,645
12/29/2001 9,628 9,645
12/30/2001 9,628 9,645
12/31/2001 9,528 9,537
1/1/2002 9,528 9,537
1/2/2002 9,484 9,594
1/3/2002 9,400 9,682
1/4/2002 9,384 9,742
1/5/2002 9,384 9,742
1/6/2002 9,384 9,742
1/7/2002 9,332 9,679
1/8/2002 9,312 9,646
1/9/2002 9,296 9,601
1/10/2002 9,408 9,612
1/11/2002 9,440 9,522
1/12/2002 9,440 9,522
1/13/2002 9,440 9,522
1/14/2002 9,428 9,462
1/15/2002 9,408 9,527
1/16/2002 9,376 9,373
1/17/2002 9,368 9,467
1/18/2002 9,296 9,373
1/19/2002 9,296 9,373
1/20/2002 9,296 9,373
1/21/2002 9,296 9,373
1/22/2002 9,424 9,304
1/23/2002 9,512 9,378
1/24/2002 9,400 9,411
1/25/2002 9,332 9,421
1/26/2002 9,332 9,421
1/27/2002 9,332 9,421
1/28/2002 9,276 9,419
1/29/2002 9,172 9,150
1/30/2002 9,252 9,259
1/31/2002 9,356 9,398
2/1/2002 9,368 9,332
2/2/2002 9,368 9,332
2/3/2002 9,368 9,332
2/4/2002 9,168 9,101
2/5/2002 9,240 9,064
2/6/2002 9,136 9,011
2/7/2002 9,064 8,985
2/8/2002 9,192 9,119
2/9/2002 9,192 9,119
2/10/2002 9,192 9,119
2/11/2002 9,280 9,250
2/12/2002 9,368 9,213
2/13/2002 9,400 9,308
2/14/2002 9,344 9,292
2/15/2002 9,364 9,190
2/16/2002 9,364 9,190
2/17/2002 9,364 9,190
2/18/2002 9,364 9,190
2/19/2002 9,228 9,017
2/20/2002 9,388 9,139
2/21/2002 9,320 8,998
2/22/2002 9,392 9,072
2/23/2002 9,392 9,072
2/24/2002 9,392 9,072
2/25/2002 9,364 9,235
2/26/2002 9,364 9,235
2/27/2002 9,400 9,243
2/28/2002 9,360 9,217
3/1/2002 9,488 9,426
3/2/2002 9,488 9,426
3/3/2002 9,488 9,426
3/4/2002 9,508 9,610
3/5/2002 9,368 9,546
3/6/2002 9,528 9,686
3/7/2002 9,500 9,643
3/8/2002 9,440 9,699
3/9/2002 9,440 9,699
3/10/2002 9,440 9,699
3/11/2002 9,480 9,732
3/12/2002 9,520 9,710
3/13/2002 9,600 9,617
3/14/2002 9,612 9,608
3/15/2002 9,712 9,718
3/16/2002 9,712 9,718
3/17/2002 9,712 9,718
3/18/2002 9,664 9,713
3/19/2002 9,668 9,752
3/20/2002 9,448 9,599
3/21/2002 9,504 9,614
3/22/2002 9,476 9,573
3/23/2002 9,476 9,573
3/24/2002 9,476 9,573
3/25/2002 9,368 9,433
3/26/2002 9,376 9,489
3/27/2002 9,396 9,540
3/28/2002 9,416 9,564
3/29/2002 9,416 9,564
3/30/2002 9,416 9,564
3/31/2002 9,416 9,564
4/1/2002 9,436 9,557
4/2/2002 9,360 9,475
4/3/2002 9,316 9,382
4/4/2002 9,132 9,390
4/5/2002 9,040 9,360
4/6/2002 9,040 9,360
4/7/2002 9,040 9,360
4/8/2002 9,048 9,384
4/9/2002 9,024 9,322
4/10/2002 9,156 9,428
4/11/2002 9,044 9,205
4/12/2002 9,076 9,266
4/13/2002 9,076 9,266
4/14/2002 9,076 9,266
4/15/2002 9,088 9,195
4/16/2002 9,188 9,411
4/17/2002 9,072 9,392
4/18/2002 9,232 9,379
4/19/2002 9,212 9,385
4/20/2002 9,212 9,385
4/21/2002 9,212 9,385
4/22/2002 9,100 9,240
4/23/2002 8,980 9,183
4/24/2002 8,960 9,118
4/25/2002 8,992 9,104
4/26/2002 8,932 8,978
4/27/2002 8,932 8,978
4/28/2002 8,932 8,978
4/29/2002 8,812 8,888
4/30/2002 8,848 8,984
5/1/2002 8,972 9,064
5/2/2002 8,952 9,050
5/3/2002 8,864 8,957
5/4/2002 8,864 8,957
5/5/2002 8,864 8,957
5/6/2002 8,736 8,784
5/7/2002 8,588 8,757
5/8/2002 8,812 9,087
5/9/2002 8,684 8,957
5/10/2002 8,612 8,806
5/11/2002 8,612 8,806
5/12/2002 8,612 8,806
5/13/2002 8,696 8,971
5/14/2002 8,836 9,161
5/15/2002 8,716 9,112
5/16/2002 8,648 9,172
5/17/2002 8,856 9,244
5/18/2002 8,856 9,244
5/19/2002 8,856 9,244
5/20/2002 8,768 9,121
5/21/2002 8,704 9,021
5/22/2002 8,740 9,073
5/23/2002 8,844 9,165
5/24/2002 8,744 9,055
5/25/2002 8,744 9,055
5/26/2002 8,744 9,055
5/27/2002 8,744 9,055
5/28/2002 8,728 8,977
5/29/2002 8,756 8,921
5/30/2002 8,748 8,897
5/31/2002 8,740 8,918
6/1/2002 8,740 8,918
6/2/2002 8,740 8,918
6/3/2002 8,516 8,697
6/4/2002 8,460 8,697
6/5/2002 8,524 8,777
6/6/2002 8,312 8,604
6/7/2002 8,372 8,590
6/8/2002 8,372 8,590
6/9/2002 8,372 8,590
6/10/2002 8,480 8,617
6/11/2002 8,200 8,474
6/12/2002 8,160 8,531
6/13/2002 8,184 8,442
6/14/2002 8,196 8,423
6/15/2002 8,196 8,423
6/16/2002 8,196 8,423
6/17/2002 8,384 8,665
6/18/2002 8,396 8,673
6/19/2002 8,332 8,530
6/20/2002 8,212 8,416
6/21/2002 7,956 8,272
6/22/2002 7,956 8,272
6/23/2002 7,956 8,272
6/24/2002 7,956 8,302
6/25/2002 7,836 8,164
6/26/2002 7,960 8,146
6/27/2002 8,132 8,289
6/28/2002 7,856 8,282
6/29/2002 7,856 8,282
6/30/2002 7,856 8,282
7/1/2002 7,600 8,105
7/2/2002 7,368 7,935
7/3/2002 7,392 7,985
7/4/2002 7,392 7,985
7/5/2002 7,644 8,278
7/6/2002 7,644 8,278
7/7/2002 7,644 8,278
7/8/2002 7,548 8,179
7/9/2002 7,208 7,978
7/10/2002 6,864 7,707
7/11/2002 6,968 7,765
7/12/2002 7,056 7,715
7/13/2002 7,056 7,715
7/14/2002 7,056 7,715
7/15/2002 6,960 7,686
7/16/2002 6,936 7,545
7/17/2002 7,080 7,587
7/18/2002 6,768 7,383
7/19/2002 6,532 7,100
7/20/2002 6,532 7,100
7/21/2002 6,532 7,100
7/22/2002 6,388 6,866
7/23/2002 6,348 6,680
7/24/2002 6,724 7,063
7/25/2002 6,920 7,024
7/26/2002 7,076 7,142
7/27/2002 7,076 7,142
7/28/2002 7,076 7,142
7/29/2002 7,372 7,529
7/30/2002 7,448 7,562
7/31/2002 7,640 7,637
8/1/2002 7,416 7,412
8/2/2002 7,376 7,241
8/3/2002 7,376 7,241
8/4/2002 7,376 7,241
8/5/2002 7,080 6,993
8/6/2002 7,232 7,202
8/7/2002 7,460 7,348
8/8/2002 7,704 7,588
8/9/2002 7,704 7,617
8/10/2002 7,704 7,617
8/11/2002 7,704 7,617
8/12/2002 7,724 7,576
8/13/2002 7,480 7,413
8/14/2002 7,752 7,712
8/15/2002 7,780 7,802
8/16/2002 7,724 7,790
8/17/2002 7,724 7,790
8/18/2002 7,724 7,790
8/19/2002 7,832 7,974
8/20/2002 7,764 7,863
8/21/2002 7,888 7,964
8/22/2002 8,100 8,076
8/23/2002 7,924 7,893
8/24/2002 7,924 7,893
8/25/2002 7,924 7,893
8/26/2002 7,988 7,952
8/27/2002 7,796 7,842
8/28/2002 7,724 7,701
8/29/2002 7,736 7,701
8/30/2002 7,736 7,687
8/31/2002 7,736 7,687
9/1/2002 7,736 7,687
9/2/2002 7,736 7,687
9/3/2002 7,424 7,368
9/4/2002 7,622 7,499
9/5/2002 7,550 7,380
9/6/2002 7,562 7,504
9/7/2002 7,562 7,504
9/8/2002 7,562 7,504
9/9/2002 7,638 7,580
9/10/2002 7,686 7,636
9/11/2002 7,694 7,636
9/12/2002 7,562 7,449
9/13/2002 7,594 7,473
9/14/2002 7,594 7,473
9/15/2002 7,594 7,473
9/16/2002 7,638 7,484
9/17/2002 7,482 7,337
9/18/2002 7,494 7,303
9/19/2002 7,289 7,084
9/20/2002 7,305 7,101
9/21/2002 7,305 7,101
9/22/2002 7,305 7,101
9/23/2002 7,233 7,003
9/24/2002 7,221 6,882
9/25/2002 7,442 7,055
9/26/2002 7,570 7,185
9/27/2002 7,297 6,953
9/28/2002 7,297 6,953
9/29/2002 7,297 6,953
9/30/2002 7,273 6,851
10/1/2002 7,470 7,126
10/2/2002 7,434 6,959
10/3/2002 7,422 6,884
10/4/2002 7,217 6,730
10/5/2002 7,217 6,730
10/6/2002 7,217 6,730
10/7/2002 7,193 6,601
10/8/2002 7,342 6,715
10/9/2002 7,237 6,533
10/10/2002 7,382 6,762
10/11/2002 7,494 7,026
10/12/2002 7,494 7,026
10/13/2002 7,494 7,026
10/14/2002 7,630 7,077
10/15/2002 7,750 7,412
10/16/2002 7,714 7,234
10/17/2002 7,778 7,396
10/18/2002 7,818 7,439
10/19/2002 7,818 7,439
10/20/2002 7,818 7,439
10/21/2002 7,887 7,568
10/22/2002 7,794 7,488
10/23/2002 7,802 7,538
10/24/2002 7,662 7,424
10/25/2002 7,766 7,551
10/26/2002 7,766 7,551
10/27/2002 7,766 7,551
10/28/2002 7,662 7,489
10/29/2002 7,574 7,421
10/30/2002 7,630 7,495
10/31/2002 7,538 7,455
11/1/2002 7,650 7,582
11/2/2002 7,650 7,582
11/3/2002 7,650 7,582
11/4/2002 7,674 7,645
11/5/2002 7,702 7,704
11/6/2002 7,858 7,776
11/7/2002 7,810 7,600
11/8/2002 7,618 7,534
11/9/2002 7,618 7,534
11/10/2002 7,618 7,534
11/11/2002 7,498 7,378
11/12/2002 7,570 7,435
11/13/2002 7,514 7,434
11/14/2002 7,618 7,618
11/15/2002 7,686 7,666
11/16/2002 7,686 7,666
11/17/2002 7,686 7,666
11/18/2002 7,674 7,586
11/19/2002 7,602 7,556
11/20/2002 7,698 7,703
11/21/2002 7,734 7,869
11/22/2002 7,754 7,842
11/23/2002 7,754 7,842
11/24/2002 7,754 7,842
11/25/2002 7,678 7,862
11/26/2002 7,566 7,698
11/27/2002 7,694 7,914
11/28/2002 7,694 7,914
11/29/2002 7,674 7,893
11/30/2002 7,674 7,893
12/1/2002 7,674 7,893
12/2/2002 7,630 7,878
12/3/2002 7,594 7,762
12/4/2002 7,670 7,738
12/5/2002 7,642 7,645
12/6/2002 7,686 7,694
12/7/2002 7,686 7,694
12/8/2002 7,686 7,694
12/9/2002 7,606 7,523
12/10/2002 7,642 7,628
12/11/2002 7,650 7,634
12/12/2002 7,630 7,606
12/13/2002 7,546 7,504
12/14/2002 7,546 7,504
12/15/2002 7,546 7,504
12/16/2002 7,618 7,681
12/17/2002 7,586 7,619
12/18/2002 7,530 7,519
12/19/2002 7,474 7,463
12/20/2002 7,518 7,560
12/21/2002 7,518 7,560
12/22/2002 7,518 7,560
12/23/2002 7,598 7,573
12/24/2002 7,602 7,532
12/25/2002 7,602 7,532
12/26/2002 7,530 7,508
12/27/2002 7,430 7,391
12/28/2002 7,430 7,391
12/29/2002 7,430 7,391
12/30/2002 7,462 7,425
12/31/2002 7,498 7,430
1/1/2003 7,498 7,430
1/2/2003 7,698 7,677
1/3/2003 7,718 7,673
1/4/2003 7,718 7,673
1/5/2003 7,718 7,673
1/6/2003 7,778 7,846
1/7/2003 7,682 7,795
1/8/2003 7,606 7,687
1/9/2003 7,706 7,837
1/10/2003 7,702 7,837
1/11/2003 7,702 7,837
1/12/2003 7,702 7,837
1/13/2003 7,726 7,826
1/14/2003 7,718 7,872
1/15/2003 7,650 7,760
1/16/2003 7,682 7,729
1/17/2003 7,662 7,621
1/18/2003 7,662 7,621
1/19/2003 7,662 7,621
1/20/2003 7,662 7,621
1/21/2003 7,606 7,501
1/22/2003 7,598 7,424
1/23/2003 7,646 7,499
1/24/2003 7,478 7,280
1/25/2003 7,478 7,280
1/26/2003 7,478 7,280
1/27/2003 7,333 7,163
1/28/2003 7,462 7,256
1/29/2003 7,526 7,307
1/30/2003 7,398 7,141
1/31/2003 7,510 7,235
2/1/2003 7,510 7,235
2/2/2003 7,510 7,235
2/3/2003 7,458 7,274
2/4/2003 7,337 7,172
2/5/2003 7,297 7,134
2/6/2003 7,277 7,090
2/7/2003 7,257 7,019
2/8/2003 7,257 7,019
2/9/2003 7,257 7,019
2/10/2003 7,305 7,072
2/11/2003 7,265 7,015
2/12/2003 7,133 6,929
2/13/2003 7,077 6,919
2/14/2003 7,117 7,067
2/15/2003 7,117 7,067
2/16/2003 7,117 7,067
2/17/2003 7,117 7,067
2/18/2003 7,289 7,205
2/19/2003 7,257 7,156
2/20/2003 7,221 7,088
2/21/2003 7,317 7,182
2/22/2003 7,317 7,182
2/23/2003 7,317 7,182
2/24/2003 7,185 7,050
2/25/2003 7,253 7,101
2/26/2003 7,213 7,010
2/27/2003 7,313 7,093
2/28/2003 7,342 7,126
3/1/2003 7,342 7,126
3/2/2003 7,342 7,126
3/3/2003 7,281 7,073
3/4/2003 7,201 6,964
3/5/2003 7,281 7,033
3/6/2003 7,241 6,968
3/7/2003 7,301 7,026
3/8/2003 7,301 7,026
3/9/2003 7,301 7,026
3/10/2003 7,173 6,844
3/11/2003 7,085 6,787
3/12/2003 7,089 6,819
3/13/2003 7,217 7,055
3/14/2003 7,145 7,067
3/15/2003 7,145 7,067
3/16/2003 7,145 7,067
3/17/2003 7,386 7,317
3/18/2003 7,454 7,348
3/19/2003 7,494 7,413
3/20/2003 7,490 7,427
3/21/2003 7,646 7,598
3/22/2003 7,646 7,598
3/23/2003 7,646 7,598
3/24/2003 7,438 7,330
3/25/2003 7,610 7,419
3/26/2003 7,534 7,379
3/27/2003 7,582 7,368
3/28/2003 7,614 7,326
3/29/2003 7,614 7,326
3/30/2003 7,614 7,326
3/31/2003 7,526 7,196
4/1/2003 7,594 7,283
4/2/2003 7,714 7,475
4/3/2003 7,690 7,437
4/4/2003 7,646 7,457
4/5/2003 7,646 7,457
4/6/2003 7,646 7,457
4/7/2003 7,594 7,467
4/8/2003 7,590 7,455
4/9/2003 7,498 7,352
4/10/2003 7,494 7,399
4/11/2003 7,462 7,372
4/12/2003 7,462 7,372
4/13/2003 7,462 7,372
4/14/2003 7,582 7,516
4/15/2003 7,550 7,564
4/16/2003 7,362 7,471
4/17/2003 7,434 7,588
4/18/2003 7,434 7,588
4/19/2003 7,434 7,588
4/20/2003 7,434 7,588
4/21/2003 7,438 7,574
4/22/2003 7,594 7,739
4/23/2003 7,694 7,804
4/24/2003 7,718 7,739
4/25/2003 7,666 7,632
4/26/2003 7,666 7,632
4/27/2003 7,666 7,632
4/28/2003 7,770 7,769
4/29/2003 7,842 7,795
4/30/2003 7,943 7,788
5/1/2003 8,003 7,784
5/2/2003 8,143 7,901
5/3/2003 8,143 7,901
5/4/2003 8,143 7,901
5/5/2003 8,155 7,872
5/6/2003 8,187 7,938
5/7/2003 8,111 7,899
5/8/2003 8,043 7,820
5/9/2003 8,139 7,933
5/10/2003 8,139 7,933
5/11/2003 8,139 7,933
5/12/2003 8,259 8,033
5/13/2003 8,247 8,010
5/14/2003 8,315 7,987
5/15/2003 8,379 8,051
5/16/2003 8,363 8,031
5/17/2003 8,363 8,031
5/18/2003 8,363 8,031
5/19/2003 8,139 7,831
5/20/2003 8,099 7,822
5/21/2003 8,159 7,855
5/22/2003 8,279 7,927
5/23/2003 8,295 7,938
5/24/2003 8,295 7,938
5/25/2003 8,295 7,938
5/26/2003 8,295 7,938
5/27/2003 8,468 8,093
5/28/2003 8,436 8,109
5/29/2003 8,379 8,080
5/30/2003 8,488 8,199
5/31/2003 8,488 8,199
6/1/2003 8,488 8,199
6/2/2003 8,472 8,228
6/3/2003 8,500 8,267
6/4/2003 8,632 8,394
6/5/2003 8,836 8,428
6/6/2003 8,844 8,408
6/7/2003 8,844 8,408
6/8/2003 8,844 8,408
6/9/2003 8,692 8,308
6/10/2003 8,764 8,384
6/11/2003 8,944 8,494
6/12/2003 8,912 8,503
6/13/2003 8,840 8,419
6/14/2003 8,840 8,419
6/15/2003 8,840 8,419
6/16/2003 9,085 8,608
6/17/2003 9,169 8,615
6/18/2003 9,069 8,603
6/19/2003 8,796 8,472
6/20/2003 8,852 8,480
6/21/2003 8,852 8,480
6/22/2003 8,852 8,480
6/23/2003 8,688 8,361
6/24/2003 8,696 8,376
6/25/2003 8,696 8,307
6/26/2003 8,848 8,400
6/27/2003 8,732 8,318
6/28/2003 8,732 8,318
6/29/2003 8,732 8,318
6/30/2003 8,688 8,303
7/1/2003 8,712 8,371
7/2/2003 8,808 8,469
7/3/2003 8,768 8,400
7/4/2003 8,768 8,400
7/5/2003 8,768 8,400
7/6/2003 8,768 8,400
7/7/2003 8,908 8,560
7/8/2003 8,964 8,592
7/9/2003 8,964 8,545
7/10/2003 8,872 8,430
7/11/2003 8,964 8,511
7/12/2003 8,964 8,511
7/13/2003 8,964 8,511
7/14/2003 9,005 8,560
7/15/2003 8,968 8,530
7/16/2003 8,884 8,476
7/17/2003 8,828 8,372
7/18/2003 8,924 8,471
7/19/2003 8,924 8,471
7/20/2003 8,924 8,471
7/21/2003 8,848 8,347
7/22/2003 8,924 8,426
7/23/2003 8,968 8,431
7/24/2003 8,896 8,371
7/25/2003 8,968 8,517
7/26/2003 8,968 8,517
7/27/2003 8,968 8,517
7/28/2003 9,033 8,498
7/29/2003 9,049 8,438
7/30/2003 9,073 8,424
7/31/2003 9,017 8,450
8/1/2003 8,876 8,363
8/2/2003 8,876 8,363
8/3/2003 8,876 8,363
8/4/2003 8,844 8,386
8/5/2003 8,660 8,238
8/6/2003 8,544 8,253
8/7/2003 8,676 8,314
8/8/2003 8,688 8,343
8/9/2003 8,688 8,343
8/10/2003 8,688 8,343
8/11/2003 8,744 8,371
8/12/2003 8,836 8,455
8/13/2003 8,780 8,404
8/14/2003 8,800 8,459
8/15/2003 8,780 8,462
8/16/2003 8,780 8,462
8/17/2003 8,780 8,462
8/18/2003 8,876 8,540
8/19/2003 8,868 8,562
8/20/2003 8,856 8,546
8/21/2003 8,920 8,571
8/22/2003 8,768 8,484
8/23/2003 8,768 8,484
8/24/2003 8,768 8,484
8/25/2003 8,784 8,490
8/26/2003 8,804 8,515
8/27/2003 8,820 8,517
8/28/2003 8,892 8,570
8/29/2003 8,944 8,614
8/30/2003 8,944 8,614
8/31/2003 8,944 8,614
9/1/2003 8,944 8,614
9/2/2003 9,097 8,734
9/3/2003 9,085 8,773
9/4/2003 9,145 8,788
9/5/2003 9,109 8,732
9/6/2003 9,109 8,732
9/7/2003 9,109 8,732
9/8/2003 9,317 8,820
9/9/2003 9,317 8,748
9/10/2003 9,241 8,644
9/11/2003 9,289 8,693
9/12/2003 9,321 8,712
9/13/2003 9,321 8,712
9/14/2003 9,321 8,712
9/15/2003 9,301 8,680
9/16/2003 9,345 8,804
9/17/2003 9,369 8,776
9/18/2003 9,453 8,892
9/19/2003 9,409 8,864
9/20/2003 9,409 8,864
9/21/2003 9,409 8,864
9/22/2003 9,273 8,749
9/23/2003 9,325 8,802
9/24/2003 9,113 8,634
9/25/2003 8,997 8,584
9/26/2003 8,868 8,530
9/27/2003 8,868 8,530
9/28/2003 8,868 8,530
9/29/2003 8,964 8,614
9/30/2003 8,964 8,523
10/1/2003 9,109 8,714
10/2/2003 9,229 8,733
10/3/2003 9,245 8,815
10/4/2003 9,245 8,815
10/5/2003 9,245 8,815
10/6/2003 9,201 8,853
10/7/2003 9,189 8,896
10/8/2003 9,137 8,852
10/9/2003 9,169 8,895
10/10/2003 9,177 8,890
10/11/2003 9,177 8,890
10/12/2003 9,177 8,890
10/13/2003 9,209 8,952
10/14/2003 9,245 8,987
10/15/2003 9,157 8,966
10/16/2003 9,221 8,994
10/17/2003 9,109 8,902
10/18/2003 9,109 8,902
10/19/2003 9,109 8,902
10/20/2003 9,133 8,948
10/21/2003 9,241 8,960
10/22/2003 8,985 8,826
10/23/2003 9,065 8,856
10/24/2003 9,105 8,814
10/25/2003 9,105 8,814
10/26/2003 9,105 8,814
10/27/2003 9,109 8,833
10/28/2003 9,197 8,967
10/29/2003 9,157 8,980
10/30/2003 9,093 8,973
10/31/2003 9,205 9,005
11/1/2003 9,205 9,005
11/2/2003 9,205 9,005
11/3/2003 9,181 9,076
11/4/2003 9,105 9,027
11/5/2003 9,125 9,016
11/6/2003 9,169 9,071
11/7/2003 9,125 9,031
11/8/2003 9,125 9,031
11/9/2003 9,125 9,031
11/10/2003 9,033 8,979
11/11/2003 9,013 8,975
11/12/2003 9,193 9,081
11/13/2003 9,365 9,080
11/14/2003 9,361 9,012
11/15/2003 9,361 9,012
11/16/2003 9,361 9,012
11/17/2003 9,309 8,955
11/18/2003 9,249 8,874
11/19/2003 9,325 8,946
11/20/2003 9,249 8,870
11/21/2003 9,205 8,885
11/22/2003 9,205 8,885
11/23/2003 9,205 8,885
11/24/2003 9,397 9,029
11/25/2003 9,409 9,046
11/26/2003 9,437 9,086
11/27/2003 9,437 9,086
11/28/2003 9,433 9,084
11/29/2003 9,433 9,084
11/30/2003 9,433 9,084
12/1/2003 9,594 9,187
12/2/2003 9,614 9,157
12/3/2003 9,586 9,143
12/4/2003 9,558 9,187
12/5/2003 9,509 9,116
12/6/2003 9,509 9,116
12/7/2003 9,509 9,116
12/8/2003 9,562 9,184
12/9/2003 9,477 9,106
12/10/2003 9,409 9,098
12/11/2003 9,546 9,203
12/12/2003 9,566 9,228
12/13/2003 9,566 9,228
12/14/2003 9,566 9,228
12/15/2003 9,501 9,176
12/16/2003 9,505 9,237
12/17/2003 9,534 9,250
12/18/2003 9,606 9,360
12/19/2003 9,578 9,356
12/20/2003 9,578 9,356
12/21/2003 9,578 9,356
12/22/2003 9,586 9,393
12/23/2003 9,598 9,419
12/24/2003 9,602 9,402
12/25/2003 9,602 9,402
12/26/2003 9,614 9,418
12/27/2003 9,614 9,418
12/28/2003 9,614 9,418
12/29/2003 9,730 9,538
12/30/2003 9,762 9,541
12/31/2003 9,730 9,561
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 12/31/03
- --------------------------------------------------------------------------------
SINCE
ONE INCEPTION
YEAR (06/19/01)
- --------------------------------------------------------------------------------
HEALTH CARE FUND 29.77% -1.07%
S&P 500 INDEX 28.68% -1.76%
- --------------------------------------------------------------------------------
The returns presented above do not reflect the effects of taxes. Past
performance is no guarantee of future results. The S&P 500 Index is an unmanaged
stock index and, unlike the fund, has no management fees or other operating
expenses to reduce its reported returns. Returns are historical and include
changes in principal and reinvested dividends and capital gains.
26
INTERNET FUND
- --------------------------------------------------------------------------------
OBJECTIVE: Seeks capital appreciation by investing in companies that provide
products or services designed for or related to the Internet.
Inception: May 24, 2001
Internet companies had a great year--led primarily by the software and service
providers such as Yahoo and Verisign. Internet stocks were helped by improved
company fundamentals and a more positive macroeconomic outlook. After the last
two years in which hundreds of dot-coms closed their doors, this year very few
companies filed for bankruptcy. For the year, Rydex Internet Fund returned
64.39%.
Cumulative Fund Performance: May 24, 2001 - December 31, 2003
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
Date Variable Internet S&P 500 Index
5/24/2001 $10,000 $10,000
5/25/2001 9,724 9,882
5/26/2001 9,724 9,882
5/27/2001 9,724 9,882
5/28/2001 9,724 9,882
5/29/2001 9,068 9,805
5/30/2001 8,556 9,654
5/31/2001 8,716 9,715
6/1/2001 8,768 9,752
6/2/2001 8,768 9,752
6/3/2001 8,768 9,752
6/4/2001 8,740 9,802
6/5/2001 9,116 9,930
6/6/2001 9,012 9,826
6/7/2001 9,152 9,880
6/8/2001 8,752 9,787
6/9/2001 8,752 9,787
6/10/2001 8,752 9,787
6/11/2001 8,584 9,706
6/12/2001 8,624 9,717
6/13/2001 8,268 9,609
6/14/2001 7,884 9,441
6/15/2001 7,704 9,398
6/16/2001 7,704 9,398
6/17/2001 7,704 9,398
6/18/2001 7,384 9,353
6/19/2001 7,404 9,385
6/20/2001 7,640 9,467
6/21/2001 7,896 9,575
6/22/2001 7,784 9,484
6/23/2001 7,784 9,484
6/24/2001 7,784 9,484
6/25/2001 7,960 9,432
6/26/2001 7,916 9,418
6/27/2001 7,932 9,375
6/28/2001 8,056 9,492
6/29/2001 8,232 9,478
6/30/2001 8,232 9,478
7/1/2001 8,232 9,478
7/2/2001 8,252 9,574
7/3/2001 8,164 9,558
7/4/2001 8,164 9,558
7/5/2001 7,820 9,442
7/6/2001 7,480 9,222
7/7/2001 7,480 9,222
7/8/2001 7,480 9,222
7/9/2001 7,688 9,285
7/10/2001 7,352 9,152
7/11/2001 7,236 9,142
7/12/2001 7,784 9,359
7/13/2001 7,784 9,418
7/14/2001 7,784 9,418
7/15/2001 7,784 9,418
7/16/2001 7,524 9,315
7/17/2001 7,612 9,408
7/18/2001 7,148 9,357
7/19/2001 7,164 9,413
7/20/2001 7,248 9,381
7/21/2001 7,248 9,381
7/22/2001 7,248 9,381
7/23/2001 7,088 9,227
7/24/2001 6,924 9,077
7/25/2001 6,988 9,223
7/26/2001 7,224 9,320
7/27/2001 7,324 9,343
7/28/2001 7,324 9,343
7/29/2001 7,324 9,343
7/30/2001 7,228 9,333
7/31/2001 7,292 9,385
8/1/2001 7,500 9,423
8/2/2001 7,524 9,461
8/3/2001 7,464 9,413
8/4/2001 7,464 9,413
8/5/2001 7,464 9,413
8/6/2001 7,348 9,305
8/7/2001 7,324 9,336
8/8/2001 7,048 9,176
8/9/2001 7,016 9,177
8/10/2001 6,856 9,229
8/11/2001 6,856 9,229
8/12/2001 6,856 9,229
8/13/2001 6,896 9,239
8/14/2001 6,768 9,204
8/15/2001 6,488 9,138
8/16/2001 6,532 9,166
8/17/2001 6,256 9,014
8/18/2001 6,256 9,014
8/19/2001 6,256 9,014
8/20/2001 6,324 9,087
8/21/2001 6,076 8,978
8/22/2001 6,140 9,041
8/23/2001 6,068 9,016
8/24/2001 6,468 9,193
8/25/2001 6,468 9,193
8/26/2001 6,468 9,193
8/27/2001 6,396 9,149
8/28/2001 6,152 9,012
8/29/2001 6,008 8,913
8/30/2001 5,724 8,762
8/31/2001 5,840 8,798
9/1/2001 5,840 8,798
9/2/2001 5,840 8,798
9/3/2001 5,840 8,798
9/4/2001 5,640 8,793
9/5/2001 5,472 8,785
9/6/2001 5,264 8,589
9/7/2001 5,196 8,429
9/8/2001 5,196 8,429
9/9/2001 5,196 8,429
9/10/2001 5,356 8,481
9/11/2001 5,356 8,481
9/12/2001 5,356 8,481
9/13/2001 5,356 8,481
9/14/2001 5,356 8,481
9/15/2001 5,356 8,481
9/16/2001 5,356 8,481
9/17/2001 4,900 8,067
9/18/2001 4,808 8,020
9/19/2001 4,788 7,891
9/20/2001 4,588 7,646
9/21/2001 4,468 7,501
9/22/2001 4,468 7,501
9/23/2001 4,468 7,501
9/24/2001 4,752 7,793
9/25/2001 4,732 7,862
9/26/2001 4,500 7,824
9/27/2001 4,432 7,914
9/28/2001 4,544 8,087
9/29/2001 4,544 8,087
9/30/2001 4,544 8,087
10/1/2001 4,476 8,069
10/2/2001 4,488 8,168
10/3/2001 4,868 8,332
10/4/2001 4,976 8,312
10/5/2001 4,992 8,327
10/6/2001 4,992 8,327
10/7/2001 4,992 8,327
10/8/2001 5,012 8,258
10/9/2001 4,940 8,214
10/10/2001 5,136 8,403
10/11/2001 5,492 8,531
10/12/2001 5,524 8,486
10/13/2001 5,524 8,486
10/14/2001 5,524 8,486
10/15/2001 5,548 8,473
10/16/2001 5,656 8,532
10/17/2001 5,252 8,374
10/18/2001 5,328 8,308
10/19/2001 5,280 8,346
10/20/2001 5,280 8,346
10/21/2001 5,280 8,346
10/22/2001 5,360 8,473
10/23/2001 5,424 8,434
10/24/2001 5,544 8,437
10/25/2001 5,744 8,553
10/26/2001 5,680 8,588
10/27/2001 5,680 8,588
10/28/2001 5,680 8,588
10/29/2001 5,376 8,384
10/30/2001 5,248 8,241
10/31/2001 5,236 8,241
11/1/2001 5,364 8,432
11/2/2001 5,332 8,456
11/3/2001 5,332 8,456
11/4/2001 5,332 8,456
11/5/2001 5,576 8,578
11/6/2001 5,780 8,702
11/7/2001 5,844 8,681
11/8/2001 5,888 8,703
11/9/2001 5,976 8,717
11/10/2001 5,976 8,717
11/11/2001 5,976 8,717
11/12/2001 6,012 8,702
11/13/2001 6,212 8,865
11/14/2001 6,368 8,883
11/15/2001 6,368 8,891
11/16/2001 6,372 8,864
11/17/2001 6,372 8,864
11/18/2001 6,372 8,864
11/19/2001 6,592 8,961
11/20/2001 6,244 8,896
11/21/2001 6,216 8,852
11/22/2001 6,216 8,852
11/23/2001 6,336 8,956
11/24/2001 6,336 8,956
11/25/2001 6,336 8,956
11/26/2001 6,552 9,011
11/27/2001 6,532 8,949
11/28/2001 6,244 8,788
11/29/2001 6,384 8,880
11/30/2001 6,360 8,874
12/1/2001 6,360 8,874
12/2/2001 6,360 8,874
12/3/2001 6,148 8,799
12/4/2001 6,444 8,915
12/5/2001 6,748 9,117
12/6/2001 6,776 9,092
12/7/2001 6,548 9,024
12/8/2001 6,548 9,024
12/9/2001 6,548 9,024
12/10/2001 6,456 8,881
12/11/2001 6,588 8,856
12/12/2001 6,612 8,860
12/13/2001 6,288 8,722
12/14/2001 6,268 8,751
12/15/2001 6,268 8,751
12/16/2001 6,268 8,751
12/17/2001 6,408 8,839
12/18/2001 6,544 8,906
12/19/2001 6,452 8,958
12/20/2001 6,100 8,885
12/21/2001 6,212 8,923
12/22/2001 6,212 8,923
12/23/2001 6,212 8,923
12/24/2001 6,172 8,922
12/25/2001 6,172 8,922
12/26/2001 6,248 8,958
12/27/2001 6,348 9,022
12/28/2001 6,436 9,052
12/29/2001 6,436 9,052
12/30/2001 6,436 9,052
12/31/2001 6,304 8,951
1/1/2002 6,304 8,951
1/2/2002 6,484 9,004
1/3/2002 6,736 9,087
1/4/2002 6,856 9,143
1/5/2002 6,856 9,143
1/6/2002 6,856 9,143
1/7/2002 6,740 9,084
1/8/2002 6,808 9,054
1/9/2002 6,828 9,011
1/10/2002 6,796 9,022
1/11/2002 6,704 8,937
1/12/2002 6,704 8,937
1/13/2002 6,704 8,937
1/14/2002 6,512 8,881
1/15/2002 6,468 8,941
1/16/2002 6,176 8,797
1/17/2002 6,384 8,885
1/18/2002 6,232 8,797
1/19/2002 6,232 8,797
1/20/2002 6,232 8,797
1/21/2002 6,232 8,797
1/22/2002 5,972 8,733
1/23/2002 6,144 8,802
1/24/2002 6,236 8,833
1/25/2002 6,212 8,842
1/26/2002 6,212 8,842
1/27/2002 6,212 8,842
1/28/2002 6,244 8,840
1/29/2002 6,028 8,588
1/30/2002 5,980 8,690
1/31/2002 5,976 8,821
2/1/2002 5,848 8,758
2/2/2002 5,848 8,758
2/3/2002 5,848 8,758
2/4/2002 5,524 8,542
2/5/2002 5,392 8,507
2/6/2002 5,332 8,458
2/7/2002 5,196 8,433
2/8/2002 5,420 8,559
2/9/2002 5,420 8,559
2/10/2002 5,420 8,559
2/11/2002 5,532 8,682
2/12/2002 5,456 8,647
2/13/2002 5,488 8,736
2/14/2002 5,384 8,721
2/15/2002 5,172 8,625
2/16/2002 5,172 8,625
2/17/2002 5,172 8,625
2/18/2002 5,172 8,625
2/19/2002 4,996 8,463
2/20/2002 4,988 8,578
2/21/2002 4,792 8,445
2/22/2002 4,796 8,514
2/23/2002 4,796 8,514
2/24/2002 4,796 8,514
2/25/2002 4,972 8,667
2/26/2002 4,960 8,668
2/27/2002 4,848 8,675
2/28/2002 4,804 8,651
3/1/2002 5,112 8,847
3/2/2002 5,112 8,847
3/3/2002 5,112 8,847
3/4/2002 5,444 9,019
3/5/2002 5,492 8,959
3/6/2002 5,552 9,091
3/7/2002 5,520 9,050
3/8/2002 5,784 9,103
3/9/2002 5,784 9,103
3/10/2002 5,784 9,103
3/11/2002 5,892 9,134
3/12/2002 5,696 9,113
3/13/2002 5,556 9,026
3/14/2002 5,472 9,018
3/15/2002 5,468 9,120
3/16/2002 5,468 9,120
3/17/2002 5,468 9,120
3/18/2002 5,548 9,116
3/19/2002 5,532 9,153
3/20/2002 5,264 9,009
3/21/2002 5,376 9,023
3/22/2002 5,344 8,985
3/23/2002 5,344 8,985
3/24/2002 5,344 8,985
3/25/2002 5,196 8,853
3/26/2002 5,148 8,906
3/27/2002 5,144 8,954
3/28/2002 5,216 8,976
3/29/2002 5,216 8,976
3/30/2002 5,216 8,976
3/31/2002 5,216 8,976
4/1/2002 5,308 8,969
4/2/2002 5,076 8,893
4/3/2002 5,012 8,805
4/4/2002 4,944 8,813
4/5/2002 4,856 8,785
4/6/2002 4,856 8,785
4/7/2002 4,856 8,785
4/8/2002 4,904 8,807
4/9/2002 4,732 8,749
4/10/2002 4,708 8,848
4/11/2002 4,508 8,639
4/12/2002 4,680 8,697
4/13/2002 4,680 8,697
4/14/2002 4,680 8,697
4/15/2002 4,712 8,630
4/16/2002 4,924 8,832
4/17/2002 4,936 8,815
4/18/2002 4,844 8,803
4/19/2002 4,812 8,808
4/20/2002 4,812 8,808
4/21/2002 4,812 8,808
4/22/2002 4,616 8,672
4/23/2002 4,484 8,619
4/24/2002 4,480 8,557
4/25/2002 4,492 8,545
4/26/2002 4,288 8,427
4/27/2002 4,288 8,427
4/28/2002 4,288 8,427
4/29/2002 4,204 8,342
4/30/2002 4,336 8,432
5/1/2002 4,208 8,507
5/2/2002 4,056 8,493
5/3/2002 3,976 8,407
5/4/2002 3,976 8,407
5/5/2002 3,976 8,407
5/6/2002 3,832 8,244
5/7/2002 3,788 8,219
5/8/2002 4,316 8,529
5/9/2002 4,172 8,406
5/10/2002 3,996 8,265
5/11/2002 3,996 8,265
5/12/2002 3,996 8,265
5/13/2002 4,156 8,420
5/14/2002 4,420 8,598
5/15/2002 4,440 8,552
5/16/2002 4,484 8,608
5/17/2002 4,548 8,676
5/18/2002 4,548 8,676
5/19/2002 4,548 8,676
5/20/2002 4,428 8,561
5/21/2002 4,296 8,467
5/22/2002 4,300 8,515
5/23/2002 4,396 8,602
5/24/2002 4,308 8,498
5/25/2002 4,308 8,498
5/26/2002 4,308 8,498
5/27/2002 4,308 8,498
5/28/2002 4,276 8,426
5/29/2002 4,192 8,373
5/30/2002 4,220 8,350
5/31/2002 4,172 8,370
6/1/2002 4,172 8,370
6/2/2002 4,172 8,370
6/3/2002 4,044 8,162
6/4/2002 4,124 8,162
6/5/2002 4,124 8,238
6/6/2002 3,992 8,075
6/7/2002 4,008 8,062
6/8/2002 4,008 8,062
6/9/2002 4,008 8,062
6/10/2002 3,976 8,088
6/11/2002 3,892 7,953
6/12/2002 3,892 8,007
6/13/2002 3,864 7,923
6/14/2002 3,804 7,905
6/15/2002 3,804 7,905
6/16/2002 3,804 7,905
6/17/2002 3,980 8,132
6/18/2002 3,984 8,140
6/19/2002 3,868 8,006
6/20/2002 3,732 7,898
6/21/2002 3,620 7,764
6/22/2002 3,620 7,764
6/23/2002 3,620 7,764
6/24/2002 3,676 7,792
6/25/2002 3,544 7,662
6/26/2002 3,424 7,645
6/27/2002 3,544 7,780
6/28/2002 3,608 7,773
6/29/2002 3,608 7,773
6/30/2002 3,608 7,773
7/1/2002 3,360 7,607
7/2/2002 3,204 7,447
7/3/2002 3,364 7,494
7/4/2002 3,364 7,494
7/5/2002 3,564 7,769
7/6/2002 3,564 7,769
7/7/2002 3,564 7,769
7/8/2002 3,436 7,677
7/9/2002 3,400 7,488
7/10/2002 3,320 7,234
7/11/2002 3,440 7,288
7/12/2002 3,440 7,241
7/13/2002 3,440 7,241
7/14/2002 3,440 7,241
7/15/2002 3,512 7,214
7/16/2002 3,532 7,081
7/17/2002 3,572 7,121
7/18/2002 3,460 6,929
7/19/2002 3,300 6,663
7/20/2002 3,300 6,663
7/21/2002 3,300 6,663
7/22/2002 3,220 6,444
7/23/2002 3,056 6,270
7/24/2002 3,180 6,629
7/25/2002 2,904 6,592
7/26/2002 2,980 6,703
7/27/2002 2,980 6,703
7/28/2002 2,980 6,703
7/29/2002 3,192 7,067
7/30/2002 3,228 7,097
7/31/2002 3,132 7,167
8/1/2002 2,988 6,957
8/2/2002 2,904 6,796
8/3/2002 2,904 6,796
8/4/2002 2,904 6,796
8/5/2002 2,784 6,563
8/6/2002 2,920 6,760
8/7/2002 2,952 6,896
8/8/2002 3,056 7,122
8/9/2002 3,028 7,149
8/10/2002 3,028 7,149
8/11/2002 3,028 7,149
8/12/2002 3,048 7,111
8/13/2002 2,932 6,957
8/14/2002 3,132 7,238
8/15/2002 3,192 7,322
8/16/2002 3,288 7,311
8/17/2002 3,288 7,311
8/18/2002 3,288 7,311
8/19/2002 3,448 7,484
8/20/2002 3,416 7,380
8/21/2002 3,516 7,474
8/22/2002 3,556 7,579
8/23/2002 3,404 7,408
8/24/2002 3,404 7,408
8/25/2002 3,404 7,408
8/26/2002 3,408 7,463
8/27/2002 3,300 7,360
8/28/2002 3,172 7,228
8/29/2002 3,276 7,228
8/30/2002 3,196 7,215
8/31/2002 3,196 7,215
9/1/2002 3,196 7,215
9/2/2002 3,196 7,215
9/3/2002 3,064 6,915
9/4/2002 3,156 7,039
9/5/2002 3,044 6,927
9/6/2002 3,176 7,043
9/7/2002 3,176 7,043
9/8/2002 3,176 7,043
9/9/2002 3,240 7,115
9/10/2002 3,280 7,167
9/11/2002 3,276 7,167
9/12/2002 3,188 6,991
9/13/2002 3,216 7,014
9/14/2002 3,216 7,014
9/15/2002 3,216 7,014
9/16/2002 3,160 7,024
9/17/2002 3,108 6,886
9/18/2002 3,088 6,854
9/19/2002 2,972 6,648
9/20/2002 3,008 6,665
9/21/2002 3,008 6,665
9/22/2002 3,008 6,665
9/23/2002 2,928 6,573
9/24/2002 2,896 6,459
9/25/2002 2,968 6,621
9/26/2002 2,920 6,743
9/27/2002 2,892 6,526
9/28/2002 2,892 6,526
9/29/2002 2,892 6,526
9/30/2002 2,780 6,430
10/1/2002 2,872 6,688
10/2/2002 2,804 6,532
10/3/2002 2,748 6,461
10/4/2002 2,688 6,316
10/5/2002 2,688 6,316
10/6/2002 2,688 6,316
10/7/2002 2,612 6,195
10/8/2002 2,592 6,303
10/9/2002 2,636 6,131
10/10/2002 2,804 6,346
10/11/2002 2,932 6,594
10/12/2002 2,932 6,594
10/13/2002 2,932 6,594
10/14/2002 2,976 6,642
10/15/2002 3,168 6,957
10/16/2002 3,048 6,790
10/17/2002 3,204 6,941
10/18/2002 3,172 6,982
10/19/2002 3,172 6,982
10/20/2002 3,172 6,982
10/21/2002 3,244 7,103
10/22/2002 3,264 7,028
10/23/2002 3,320 7,075
10/24/2002 3,376 6,967
10/25/2002 3,428 7,087
10/26/2002 3,428 7,087
10/27/2002 3,428 7,087
10/28/2002 3,392 7,028
10/29/2002 3,288 6,965
10/30/2002 3,384 7,034
10/31/2002 3,440 6,996
11/1/2002 3,584 7,117
11/2/2002 3,584 7,117
11/3/2002 3,584 7,117
11/4/2002 3,696 7,175
11/5/2002 3,728 7,231
11/6/2002 3,856 7,299
11/7/2002 3,664 7,133
11/8/2002 3,600 7,071
11/9/2002 3,600 7,071
11/10/2002 3,600 7,071
11/11/2002 3,424 6,925
11/12/2002 3,588 6,978
11/13/2002 3,660 6,977
11/14/2002 3,816 7,150
11/15/2002 3,888 7,195
11/16/2002 3,888 7,195
11/17/2002 3,888 7,195
11/18/2002 3,904 7,120
11/19/2002 3,812 7,092
11/20/2002 3,988 7,230
11/21/2002 4,164 7,385
11/22/2002 4,184 7,360
11/23/2002 4,184 7,360
11/24/2002 4,184 7,360
11/25/2002 4,272 7,379
11/26/2002 4,120 7,225
11/27/2002 4,280 7,428
11/28/2002 4,280 7,428
11/29/2002 4,288 7,408
11/30/2002 4,288 7,408
12/1/2002 4,288 7,408
12/2/2002 4,304 7,394
12/3/2002 4,044 7,285
12/4/2002 3,932 7,263
12/5/2002 3,880 7,176
12/6/2002 3,900 7,221
12/7/2002 3,900 7,221
12/8/2002 3,900 7,221
12/9/2002 3,664 7,061
12/10/2002 3,788 7,160
12/11/2002 3,788 7,165
12/12/2002 3,820 7,139
12/13/2002 3,700 7,043
12/14/2002 3,700 7,043
12/15/2002 3,700 7,043
12/16/2002 3,780 7,209
12/17/2002 3,808 7,150
12/18/2002 3,688 7,057
12/19/2002 3,640 7,004
12/20/2002 3,696 7,095
12/21/2002 3,696 7,095
12/22/2002 3,696 7,095
12/23/2002 3,768 7,108
12/24/2002 3,728 7,069
12/25/2002 3,728 7,069
12/26/2002 3,688 7,047
12/27/2002 3,608 6,937
12/28/2002 3,608 6,937
12/29/2002 3,608 6,937
12/30/2002 3,556 6,969
12/31/2002 3,572 6,973
1/1/2003 3,572 6,973
1/2/2003 3,744 7,205
1/3/2003 3,784 7,202
1/4/2003 3,784 7,202
1/5/2003 3,784 7,202
1/6/2003 3,900 7,364
1/7/2003 3,976 7,316
1/8/2003 3,868 7,215
1/9/2003 4,056 7,355
1/10/2003 4,108 7,355
1/11/2003 4,108 7,355
1/12/2003 4,108 7,355
1/13/2003 4,124 7,345
1/14/2003 4,188 7,388
1/15/2003 4,120 7,283
1/16/2003 4,032 7,254
1/17/2003 3,880 7,152
1/18/2003 3,880 7,152
1/19/2003 3,880 7,152
1/20/2003 3,880 7,152
1/21/2003 3,816 7,040
1/22/2003 3,824 6,967
1/23/2003 3,924 7,039
1/24/2003 3,772 6,833
1/25/2003 3,772 6,833
1/26/2003 3,772 6,833
1/27/2003 3,652 6,722
1/28/2003 3,712 6,810
1/29/2003 3,740 6,858
1/30/2003 3,576 6,702
1/31/2003 3,540 6,790
2/1/2003 3,540 6,790
2/2/2003 3,540 6,790
2/3/2003 3,544 6,827
2/4/2003 3,456 6,731
2/5/2003 3,456 6,696
2/6/2003 3,464 6,655
2/7/2003 3,388 6,588
2/8/2003 3,388 6,588
2/9/2003 3,388 6,588
2/10/2003 3,428 6,638
2/11/2003 3,432 6,584
2/12/2003 3,384 6,503
2/13/2003 3,332 6,493
2/14/2003 3,412 6,633
2/15/2003 3,412 6,633
2/16/2003 3,412 6,633
2/17/2003 3,412 6,633
2/18/2003 3,552 6,763
2/19/2003 3,520 6,716
2/20/2003 3,488 6,652
2/21/2003 3,536 6,740
2/22/2003 3,536 6,740
2/23/2003 3,536 6,740
2/24/2003 3,472 6,617
2/25/2003 3,460 6,664
2/26/2003 3,388 6,579
2/27/2003 3,436 6,658
2/28/2003 3,484 6,688
3/1/2003 3,484 6,688
3/2/2003 3,484 6,688
3/3/2003 3,444 6,638
3/4/2003 3,416 6,536
3/5/2003 3,428 6,601
3/6/2003 3,408 6,540
3/7/2003 3,416 6,594
3/8/2003 3,416 6,594
3/9/2003 3,416 6,594
3/10/2003 3,356 6,424
3/11/2003 3,316 6,370
3/12/2003 3,316 6,400
3/13/2003 3,504 6,621
3/14/2003 3,500 6,632
3/15/2003 3,500 6,632
3/16/2003 3,500 6,632
3/17/2003 3,692 6,868
3/18/2003 3,724 6,897
3/19/2003 3,704 6,958
3/20/2003 3,744 6,971
3/21/2003 3,748 7,131
3/22/2003 3,748 7,131
3/23/2003 3,748 7,131
3/24/2003 3,600 6,880
3/25/2003 3,668 6,963
3/26/2003 3,704 6,926
3/27/2003 3,672 6,915
3/28/2003 3,616 6,875
3/29/2003 3,616 6,875
3/30/2003 3,616 6,875
3/31/2003 3,512 6,753
4/1/2003 3,492 6,836
4/2/2003 3,596 7,015
4/3/2003 3,604 6,980
4/4/2003 3,576 6,999
4/5/2003 3,576 6,999
4/6/2003 3,576 6,999
4/7/2003 3,612 7,008
4/8/2003 3,564 6,997
4/9/2003 3,496 6,900
4/10/2003 3,520 6,945
4/11/2003 3,532 6,919
4/12/2003 3,532 6,919
4/13/2003 3,532 6,919
4/14/2003 3,584 7,054
4/15/2003 3,612 7,099
4/16/2003 3,604 7,012
4/17/2003 3,692 7,121
4/18/2003 3,692 7,121
4/19/2003 3,692 7,121
4/20/2003 3,692 7,121
4/21/2003 3,720 7,109
4/22/2003 3,788 7,263
4/23/2003 3,872 7,324
4/24/2003 3,832 7,264
4/25/2003 3,764 7,163
4/26/2003 3,764 7,163
4/27/2003 3,764 7,163
4/28/2003 3,844 7,292
4/29/2003 3,876 7,316
4/30/2003 3,880 7,310
5/1/2003 3,912 7,306
5/2/2003 4,032 7,416
5/3/2003 4,032 7,416
5/4/2003 4,032 7,416
5/5/2003 4,092 7,388
5/6/2003 4,120 7,451
5/7/2003 4,044 7,414
5/8/2003 3,972 7,339
5/9/2003 4,064 7,446
5/10/2003 4,064 7,446
5/11/2003 4,064 7,446
5/12/2003 4,164 7,539
5/13/2003 4,224 7,518
5/14/2003 4,224 7,496
5/15/2003 4,268 7,556
5/16/2003 4,340 7,538
5/17/2003 4,340 7,538
5/18/2003 4,340 7,538
5/19/2003 4,136 7,350
5/20/2003 4,124 7,342
5/21/2003 4,140 7,372
5/22/2003 4,228 7,439
5/23/2003 4,260 7,450
5/24/2003 4,260 7,450
5/25/2003 4,260 7,450
5/26/2003 4,260 7,450
5/27/2003 4,420 7,596
5/28/2003 4,448 7,611
5/29/2003 4,504 7,583
5/30/2003 4,544 7,695
5/31/2003 4,544 7,695
6/1/2003 4,544 7,695
6/2/2003 4,524 7,722
6/3/2003 4,544 7,759
6/4/2003 4,688 7,878
6/5/2003 4,724 7,910
6/6/2003 4,660 7,891
6/7/2003 4,660 7,891
6/8/2003 4,660 7,891
6/9/2003 4,564 7,797
6/10/2003 4,628 7,868
6/11/2003 4,728 7,972
6/12/2003 4,780 7,981
6/13/2003 4,652 7,902
6/14/2003 4,652 7,902
6/15/2003 4,652 7,902
6/16/2003 4,768 8,079
6/17/2003 4,804 8,086
6/18/2003 4,892 8,074
6/19/2003 4,804 7,951
6/20/2003 4,740 7,959
6/21/2003 4,740 7,959
6/22/2003 4,740 7,959
6/23/2003 4,600 7,847
6/24/2003 4,540 7,861
6/25/2003 4,564 7,796
6/26/2003 4,668 7,883
6/27/2003 4,624 7,807
6/28/2003 4,624 7,807
6/29/2003 4,624 7,807
6/30/2003 4,620 7,793
7/1/2003 4,680 7,857
7/2/2003 4,804 7,949
7/3/2003 4,768 7,884
7/4/2003 4,768 7,884
7/5/2003 4,768 7,884
7/6/2003 4,768 7,884
7/7/2003 4,976 8,034
7/8/2003 5,064 8,064
7/9/2003 5,056 8,020
7/10/2003 4,896 7,912
7/11/2003 4,928 7,988
7/12/2003 4,928 7,988
7/13/2003 4,928 7,988
7/14/2003 5,028 8,034
7/15/2003 4,960 8,006
7/16/2003 4,876 7,955
7/17/2003 4,704 7,857
7/18/2003 4,708 7,950
7/19/2003 4,708 7,950
7/20/2003 4,708 7,950
7/21/2003 4,648 7,834
7/22/2003 4,748 7,908
7/23/2003 4,736 7,913
7/24/2003 4,736 7,856
7/25/2003 4,772 7,993
7/26/2003 4,772 7,993
7/27/2003 4,772 7,993
7/28/2003 4,804 7,976
7/29/2003 4,780 7,919
7/30/2003 4,712 7,906
7/31/2003 4,764 7,930
8/1/2003 4,684 7,849
8/2/2003 4,684 7,849
8/3/2003 4,684 7,849
8/4/2003 4,688 7,871
8/5/2003 4,564 7,732
8/6/2003 4,468 7,746
8/7/2003 4,444 7,803
8/8/2003 4,428 7,831
8/9/2003 4,428 7,831
8/10/2003 4,428 7,831
8/11/2003 4,464 7,857
8/12/2003 4,544 7,935
8/13/2003 4,544 7,887
8/14/2003 4,572 7,939
8/15/2003 4,580 7,942
8/16/2003 4,580 7,942
8/17/2003 4,580 7,942
8/18/2003 4,712 8,015
8/19/2003 4,796 8,036
8/20/2003 4,824 8,020
8/21/2003 4,928 8,045
8/22/2003 4,872 7,963
8/23/2003 4,872 7,963
8/24/2003 4,872 7,963
8/25/2003 4,868 7,968
8/26/2003 4,896 7,992
8/27/2003 4,956 7,994
8/28/2003 4,996 8,043
8/29/2003 5,036 8,085
8/30/2003 5,036 8,085
8/31/2003 5,036 8,085
9/1/2003 5,036 8,085
9/2/2003 5,112 8,197
9/3/2003 5,136 8,234
9/4/2003 5,220 8,248
9/5/2003 5,164 8,195
9/6/2003 5,164 8,195
9/7/2003 5,164 8,195
9/8/2003 5,248 8,278
9/9/2003 5,208 8,210
9/10/2003 5,048 8,113
9/11/2003 5,112 8,159
9/12/2003 5,140 8,177
9/13/2003 5,140 8,177
9/14/2003 5,140 8,177
9/15/2003 5,092 8,147
9/16/2003 5,256 8,263
9/17/2003 5,252 8,237
9/18/2003 5,360 8,346
9/19/2003 5,300 8,320
9/20/2003 5,300 8,320
9/21/2003 5,300 8,320
9/22/2003 5,212 8,211
9/23/2003 5,312 8,261
9/24/2003 5,148 8,104
9/25/2003 5,064 8,056
9/26/2003 4,944 8,006
9/27/2003 4,944 8,006
9/28/2003 4,944 8,006
9/29/2003 5,036 8,085
9/30/2003 4,912 7,999
10/1/2003 5,004 8,179
10/2/2003 5,040 8,196
10/3/2003 5,216 8,273
10/4/2003 5,216 8,273
10/5/2003 5,216 8,273
10/6/2003 5,296 8,309
10/7/2003 5,320 8,349
10/8/2003 5,284 8,308
10/9/2003 5,400 8,348
10/10/2003 5,412 8,343
10/11/2003 5,412 8,343
10/12/2003 5,412 8,343
10/13/2003 5,460 8,402
10/14/2003 5,484 8,435
10/15/2003 5,412 8,415
10/16/2003 5,468 8,442
10/17/2003 5,308 8,355
10/18/2003 5,308 8,355
10/19/2003 5,308 8,355
10/20/2003 5,364 8,398
10/21/2003 5,408 8,409
10/22/2003 5,264 8,284
10/23/2003 5,156 8,312
10/24/2003 5,148 8,272
10/25/2003 5,148 8,272
10/26/2003 5,148 8,272
10/27/2003 5,220 8,290
10/28/2003 5,396 8,416
10/29/2003 5,392 8,428
10/30/2003 5,384 8,421
10/31/2003 5,384 8,452
11/1/2003 5,384 8,452
11/2/2003 5,384 8,452
11/3/2003 5,556 8,519
11/4/2003 5,516 8,472
11/5/2003 5,520 8,462
11/6/2003 5,524 8,513
11/7/2003 5,524 8,476
11/8/2003 5,524 8,476
11/9/2003 5,524 8,476
11/10/2003 5,420 8,428
11/11/2003 5,392 8,423
11/12/2003 5,556 8,523
11/13/2003 5,536 8,522
11/14/2003 5,388 8,458
11/15/2003 5,388 8,458
11/16/2003 5,388 8,458
11/17/2003 5,300 8,404
11/18/2003 5,164 8,328
11/19/2003 5,244 8,396
11/20/2003 5,192 8,325
11/21/2003 5,236 8,339
11/22/2003 5,236 8,339
11/23/2003 5,236 8,339
11/24/2003 5,436 8,474
11/25/2003 5,460 8,490
11/26/2003 5,488 8,528
11/27/2003 5,488 8,528
11/28/2003 5,524 8,526
11/29/2003 5,524 8,526
11/30/2003 5,524 8,526
12/1/2003 5,608 8,622
12/2/2003 5,568 8,594
12/3/2003 5,484 8,582
12/4/2003 5,520 8,622
12/5/2003 5,460 8,556
12/6/2003 5,460 8,556
12/7/2003 5,460 8,556
12/8/2003 5,488 8,619
12/9/2003 5,344 8,546
12/10/2003 5,348 8,538
12/11/2003 5,500 8,638
12/12/2003 5,540 8,661
12/13/2003 5,540 8,661
12/14/2003 5,540 8,661
12/15/2003 5,460 8,612
12/16/2003 5,456 8,670
12/17/2003 5,416 8,681
12/18/2003 5,600 8,785
12/19/2003 5,632 8,781
12/20/2003 5,632 8,781
12/21/2003 5,632 8,781
12/22/2003 5,684 8,816
12/23/2003 5,796 8,840
12/24/2003 5,784 8,825
12/25/2003 5,784 8,825
12/26/2003 5,796 8,839
12/27/2003 5,796 8,839
12/28/2003 5,796 8,839
12/29/2003 5,892 8,952
12/30/2003 5,884 8,955
12/31/2003 5,872 8,973
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 12/31/03
- --------------------------------------------------------------------------------
SINCE
ONE INCEPTION
YEAR (05/24/01)
- --------------------------------------------------------------------------------
INTERNET FUND 64.39% -18.48%
S&P 500 INDEX 28.68% -4.07%
- --------------------------------------------------------------------------------
The returns presented above do not reflect the effects of taxes. Past
performance is no guarantee of future results. The S&P 500 Index is an unmanaged
stock index and, unlike the fund, has no management fees or other operating
expenses to reduce its reported returns. Returns are historical and include
changes in principal and reinvested dividends and capital gains.
ANNUAL REPORT 27
LEISURE FUND
- --------------------------------------------------------------------------------
OBJECTIVE: Seeks capital appreciation by investing in companies in the leisure
and entertainment businesses, including hotels and resorts, casinos, radio and
television broadcasting ad advertising, motion picture production, toys and
sporting goods manufacturers, musical recordings and instruments, alcohol and
tobacco and publishing.
Inception: May 22, 2001
Leisure companies outperformed the S&P 500 last year.
The casinos industry experienced growth as more states legalized gambling.
Casino gambling is now legal in more than 20 states, compared to just two states
(Nevada and New Jersey) 11 years ago. The leisure industry is becoming more
competitive as there are an increased number of options for a consumer's time
and money. The threat of terrorism is still believed by many analysts to have an
impact on the travel habits of many consumers, although the impact seems to be
damping as time passes. Rydex Leisure Fund returned 34.89% for the year.
Cumulative Fund Performance: May 22, 2001 - December 31, 2003
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
Variable Leisure S&P 500 Index
Date
5/22/2001 $10,000 $10,000
5/23/2001 9,828 9,845
5/24/2001 9,892 9,877
5/25/2001 9,788 9,760
5/26/2001 9,788 9,760
5/27/2001 9,788 9,760
5/28/2001 9,788 9,760
5/29/2001 9,588 9,685
5/30/2001 9,396 9,536
5/31/2001 9,528 9,595
6/1/2001 9,580 9,632
6/2/2001 9,580 9,632
6/3/2001 9,580 9,632
6/4/2001 9,588 9,682
6/5/2001 9,704 9,808
6/6/2001 9,608 9,706
6/7/2001 9,632 9,759
6/8/2001 9,532 9,667
6/9/2001 9,532 9,667
6/10/2001 9,532 9,667
6/11/2001 9,476 9,586
6/12/2001 9,472 9,598
6/13/2001 9,412 9,491
6/14/2001 9,160 9,325
6/15/2001 9,208 9,283
6/16/2001 9,208 9,283
6/17/2001 9,208 9,283
6/18/2001 9,064 9,238
6/19/2001 9,128 9,270
6/20/2001 9,404 9,351
6/21/2001 9,496 9,457
6/22/2001 9,324 9,368
6/23/2001 9,324 9,368
6/24/2001 9,324 9,368
6/25/2001 9,292 9,316
6/26/2001 9,212 9,302
6/27/2001 9,264 9,260
6/28/2001 9,324 9,375
6/29/2001 9,488 9,362
6/30/2001 9,488 9,362
7/1/2001 9,488 9,362
7/2/2001 9,468 9,456
7/3/2001 9,416 9,440
7/4/2001 9,416 9,440
7/5/2001 9,256 9,326
7/6/2001 8,992 9,108
7/7/2001 8,992 9,108
7/8/2001 8,992 9,108
7/9/2001 9,040 9,171
7/10/2001 8,952 9,040
7/11/2001 8,844 9,030
7/12/2001 9,120 9,244
7/13/2001 9,116 9,302
7/14/2001 9,116 9,302
7/15/2001 9,116 9,302
7/16/2001 9,104 9,201
7/17/2001 9,224 9,292
7/18/2001 8,904 9,241
7/19/2001 8,824 9,297
7/20/2001 8,816 9,266
7/21/2001 8,816 9,266
7/22/2001 8,816 9,266
7/23/2001 8,636 9,114
7/24/2001 8,540 8,966
7/25/2001 8,712 9,110
7/26/2001 8,884 9,205
7/27/2001 8,924 9,228
7/28/2001 8,924 9,228
7/29/2001 8,924 9,228
7/30/2001 8,832 9,218
7/31/2001 8,792 9,270
8/1/2001 8,884 9,307
8/2/2001 8,972 9,345
8/3/2001 8,876 9,297
8/4/2001 8,876 9,297
8/5/2001 8,876 9,297
8/6/2001 8,772 9,191
8/7/2001 8,792 9,221
8/8/2001 8,628 9,063
8/9/2001 8,628 9,064
8/10/2001 8,608 9,116
8/11/2001 8,608 9,116
8/12/2001 8,608 9,116
8/13/2001 8,548 9,125
8/14/2001 8,400 9,090
8/15/2001 8,320 9,025
8/16/2001 8,304 9,054
8/17/2001 8,156 8,903
8/18/2001 8,156 8,903
8/19/2001 8,156 8,903
8/20/2001 8,228 8,976
8/21/2001 8,180 8,867
8/22/2001 8,152 8,930
8/23/2001 8,128 8,905
8/24/2001 8,384 9,080
8/25/2001 8,384 9,080
8/26/2001 8,384 9,080
8/27/2001 8,368 9,036
8/28/2001 8,208 8,901
8/29/2001 8,028 8,803
8/30/2001 7,740 8,654
8/31/2001 7,872 8,689
9/1/2001 7,872 8,689
9/2/2001 7,872 8,689
9/3/2001 7,872 8,689
9/4/2001 7,840 8,685
9/5/2001 7,732 8,677
9/6/2001 7,520 8,483
9/7/2001 7,236 8,325
9/8/2001 7,236 8,325
9/9/2001 7,236 8,325
9/10/2001 7,228 8,377
9/11/2001 7,228 8,377
9/12/2001 7,228 8,377
9/13/2001 7,228 8,377
9/14/2001 7,228 8,377
9/15/2001 7,228 8,377
9/16/2001 7,228 8,377
9/17/2001 6,128 7,968
9/18/2001 5,972 7,921
9/19/2001 5,952 7,794
9/20/2001 5,676 7,552
9/21/2001 5,784 7,408
9/22/2001 5,784 7,408
9/23/2001 5,784 7,408
9/24/2001 6,080 7,697
9/25/2001 6,032 7,765
9/26/2001 5,984 7,727
9/27/2001 6,000 7,816
9/28/2001 6,136 7,988
9/29/2001 6,136 7,988
9/30/2001 6,136 7,988
10/1/2001 6,048 7,969
10/2/2001 6,172 8,067
10/3/2001 6,476 8,230
10/4/2001 6,476 8,210
10/5/2001 6,404 8,225
10/6/2001 6,404 8,225
10/7/2001 6,404 8,225
10/8/2001 6,248 8,156
10/9/2001 6,200 8,113
10/10/2001 6,404 8,299
10/11/2001 6,732 8,426
10/12/2001 6,664 8,382
10/13/2001 6,664 8,382
10/14/2001 6,664 8,382
10/15/2001 6,632 8,369
10/16/2001 6,704 8,427
10/17/2001 6,500 8,271
10/18/2001 6,516 8,206
10/19/2001 6,528 8,243
10/20/2001 6,528 8,243
10/21/2001 6,528 8,243
10/22/2001 6,572 8,369
10/23/2001 6,496 8,330
10/24/2001 6,500 8,333
10/25/2001 6,556 8,448
10/26/2001 6,620 8,482
10/27/2001 6,620 8,482
10/28/2001 6,620 8,482
10/29/2001 6,432 8,281
10/30/2001 6,304 8,139
10/31/2001 6,368 8,140
11/1/2001 6,480 8,328
11/2/2001 6,548 8,352
11/3/2001 6,548 8,352
11/4/2001 6,548 8,352
11/5/2001 6,620 8,472
11/6/2001 6,724 8,595
11/7/2001 6,664 8,575
11/8/2001 6,640 8,596
11/9/2001 6,620 8,610
11/10/2001 6,620 8,610
11/11/2001 6,620 8,610
11/12/2001 6,632 8,595
11/13/2001 6,820 8,756
11/14/2001 6,888 8,774
11/15/2001 7,012 8,782
11/16/2001 6,956 8,755
11/17/2001 6,956 8,755
11/18/2001 6,956 8,755
11/19/2001 7,016 8,850
11/20/2001 6,952 8,786
11/21/2001 6,884 8,743
11/22/2001 6,884 8,743
11/23/2001 6,940 8,846
11/24/2001 6,940 8,846
11/25/2001 6,940 8,846
11/26/2001 6,980 8,900
11/27/2001 6,916 8,839
11/28/2001 6,836 8,680
11/29/2001 6,900 8,770
11/30/2001 6,980 8,764
12/1/2001 6,980 8,764
12/2/2001 6,980 8,764
12/3/2001 6,944 8,691
12/4/2001 7,044 8,806
12/5/2001 7,276 9,005
12/6/2001 7,272 8,981
12/7/2001 7,172 8,913
12/8/2001 7,172 8,913
12/9/2001 7,172 8,913
12/10/2001 7,136 8,772
12/11/2001 7,116 8,747
12/12/2001 7,064 8,751
12/13/2001 7,040 8,615
12/14/2001 7,180 8,644
12/15/2001 7,180 8,644
12/16/2001 7,180 8,644
12/17/2001 7,184 8,731
12/18/2001 7,228 8,797
12/19/2001 7,188 8,848
12/20/2001 7,124 8,775
12/21/2001 7,196 8,814
12/22/2001 7,196 8,814
12/23/2001 7,196 8,814
12/24/2001 7,204 8,812
12/25/2001 7,204 8,812
12/26/2001 7,264 8,848
12/27/2001 7,336 8,911
12/28/2001 7,324 8,941
12/29/2001 7,324 8,941
12/30/2001 7,324 8,941
12/31/2001 7,236 8,841
1/1/2002 7,236 8,841
1/2/2002 7,196 8,893
1/3/2002 7,260 8,975
1/4/2002 7,400 9,031
1/5/2002 7,400 9,031
1/6/2002 7,400 9,031
1/7/2002 7,352 8,972
1/8/2002 7,376 8,942
1/9/2002 7,332 8,900
1/10/2002 7,340 8,911
1/11/2002 7,240 8,827
1/12/2002 7,240 8,827
1/13/2002 7,240 8,827
1/14/2002 7,156 8,771
1/15/2002 7,188 8,831
1/16/2002 7,152 8,689
1/17/2002 7,276 8,776
1/18/2002 7,224 8,689
1/19/2002 7,224 8,689
1/20/2002 7,224 8,689
1/21/2002 7,224 8,689
1/22/2002 7,216 8,625
1/23/2002 7,324 8,694
1/24/2002 7,320 8,724
1/25/2002 7,264 8,733
1/26/2002 7,264 8,733
1/27/2002 7,264 8,733
1/28/2002 7,344 8,731
1/29/2002 7,264 8,482
1/30/2002 7,392 8,583
1/31/2002 7,504 8,712
2/1/2002 7,408 8,651
2/2/2002 7,408 8,651
2/3/2002 7,408 8,651
2/4/2002 7,276 8,437
2/5/2002 7,280 8,403
2/6/2002 7,196 8,354
2/7/2002 7,156 8,329
2/8/2002 7,192 8,453
2/9/2002 7,192 8,453
2/10/2002 7,192 8,453
2/11/2002 7,224 8,575
2/12/2002 7,136 8,541
2/13/2002 7,264 8,629
2/14/2002 7,280 8,614
2/15/2002 7,232 8,519
2/16/2002 7,232 8,519
2/17/2002 7,232 8,519
2/18/2002 7,232 8,519
2/19/2002 7,120 8,358
2/20/2002 7,272 8,472
2/21/2002 7,196 8,341
2/22/2002 7,252 8,409
2/23/2002 7,252 8,409
2/24/2002 7,252 8,409
2/25/2002 7,336 8,561
2/26/2002 7,328 8,561
2/27/2002 7,388 8,568
2/28/2002 7,424 8,544
3/1/2002 7,528 8,738
3/2/2002 7,528 8,738
3/3/2002 7,528 8,738
3/4/2002 7,712 8,908
3/5/2002 7,684 8,849
3/6/2002 7,732 8,979
3/7/2002 7,728 8,939
3/8/2002 7,756 8,991
3/9/2002 7,756 8,991
3/10/2002 7,756 8,991
3/11/2002 7,688 9,022
3/12/2002 7,656 9,001
3/13/2002 7,612 8,915
3/14/2002 7,668 8,907
3/15/2002 7,804 9,008
3/16/2002 7,804 9,008
3/17/2002 7,804 9,008
3/18/2002 7,808 9,004
3/19/2002 7,880 9,040
3/20/2002 7,852 8,898
3/21/2002 7,848 8,912
3/22/2002 7,780 8,874
3/23/2002 7,780 8,874
3/24/2002 7,780 8,874
3/25/2002 7,672 8,744
3/26/2002 7,724 8,797
3/27/2002 7,804 8,844
3/28/2002 7,828 8,866
3/29/2002 7,828 8,866
3/30/2002 7,828 8,866
3/31/2002 7,828 8,866
4/1/2002 7,744 8,859
4/2/2002 7,704 8,783
4/3/2002 7,624 8,697
4/4/2002 7,684 8,705
4/5/2002 7,756 8,677
4/6/2002 7,756 8,677
4/7/2002 7,756 8,677
4/8/2002 7,824 8,699
4/9/2002 7,904 8,641
4/10/2002 8,028 8,740
4/11/2002 7,944 8,533
4/12/2002 8,004 8,590
4/13/2002 8,004 8,590
4/14/2002 8,004 8,590
4/15/2002 7,976 8,524
4/16/2002 7,988 8,724
4/17/2002 7,964 8,707
4/18/2002 8,072 8,694
4/19/2002 8,052 8,700
4/20/2002 8,052 8,700
4/21/2002 8,052 8,700
4/22/2002 8,028 8,566
4/23/2002 8,108 8,513
4/24/2002 8,104 8,452
4/25/2002 8,152 8,439
4/26/2002 8,040 8,323
4/27/2002 8,040 8,323
4/28/2002 8,040 8,323
4/29/2002 7,980 8,239
4/30/2002 8,060 8,328
5/1/2002 8,084 8,403
5/2/2002 8,120 8,389
5/3/2002 8,124 8,303
5/4/2002 8,124 8,303
5/5/2002 8,124 8,303
5/6/2002 8,004 8,143
5/7/2002 7,984 8,118
5/8/2002 8,028 8,424
5/9/2002 7,952 8,303
5/10/2002 7,884 8,163
5/11/2002 7,884 8,163
5/12/2002 7,884 8,163
5/13/2002 8,016 8,316
5/14/2002 8,092 8,492
5/15/2002 8,136 8,447
5/16/2002 8,152 8,502
5/17/2002 8,168 8,569
5/18/2002 8,168 8,569
5/19/2002 8,168 8,569
5/20/2002 8,116 8,455
5/21/2002 8,048 8,363
5/22/2002 8,008 8,411
5/23/2002 8,068 8,496
5/24/2002 8,028 8,394
5/25/2002 8,028 8,394
5/26/2002 8,028 8,394
5/27/2002 8,028 8,394
5/28/2002 7,948 8,322
5/29/2002 7,984 8,270
5/30/2002 7,940 8,247
5/31/2002 8,020 8,267
6/1/2002 8,020 8,267
6/2/2002 8,020 8,267
6/3/2002 7,824 8,062
6/4/2002 7,796 8,062
6/5/2002 7,916 8,136
6/6/2002 7,856 7,976
6/7/2002 7,936 7,963
6/8/2002 7,936 7,963
6/9/2002 7,936 7,963
6/10/2002 8,020 7,988
6/11/2002 7,912 7,855
6/12/2002 7,852 7,908
6/13/2002 7,744 7,826
6/14/2002 7,648 7,808
6/15/2002 7,648 7,808
6/16/2002 7,648 7,808
6/17/2002 7,900 8,032
6/18/2002 7,924 8,040
6/19/2002 7,952 7,907
6/20/2002 7,880 7,801
6/21/2002 7,792 7,668
6/22/2002 7,792 7,668
6/23/2002 7,792 7,668
6/24/2002 7,736 7,696
6/25/2002 7,628 7,568
6/26/2002 7,572 7,551
6/27/2002 7,644 7,684
6/28/2002 7,608 7,678
6/29/2002 7,608 7,678
6/30/2002 7,608 7,678
7/1/2002 7,464 7,514
7/2/2002 7,316 7,356
7/3/2002 7,212 7,402
7/4/2002 7,212 7,402
7/5/2002 7,472 7,674
7/6/2002 7,472 7,674
7/7/2002 7,472 7,674
7/8/2002 7,440 7,582
7/9/2002 7,272 7,395
7/10/2002 7,200 7,145
7/11/2002 7,188 7,199
7/12/2002 7,132 7,152
7/13/2002 7,132 7,152
7/14/2002 7,132 7,152
7/15/2002 7,036 7,125
7/16/2002 6,960 6,994
7/17/2002 6,940 7,034
7/18/2002 6,808 6,844
7/19/2002 6,572 6,581
7/20/2002 6,572 6,581
7/21/2002 6,572 6,581
7/22/2002 6,392 6,365
7/23/2002 6,348 6,193
7/24/2002 6,696 6,548
7/25/2002 6,524 6,511
7/26/2002 6,628 6,621
7/27/2002 6,628 6,621
7/28/2002 6,628 6,621
7/29/2002 7,024 6,980
7/30/2002 7,008 7,010
7/31/2002 7,000 7,079
8/1/2002 6,820 6,871
8/2/2002 6,520 6,713
8/3/2002 6,520 6,713
8/4/2002 6,520 6,713
8/5/2002 6,460 6,483
8/6/2002 6,620 6,677
8/7/2002 6,664 6,811
8/8/2002 6,716 7,034
8/9/2002 6,740 7,061
8/10/2002 6,740 7,061
8/11/2002 6,740 7,061
8/12/2002 6,752 7,023
8/13/2002 6,568 6,872
8/14/2002 6,720 7,149
8/15/2002 7,004 7,232
8/16/2002 6,932 7,221
8/17/2002 6,932 7,221
8/18/2002 6,932 7,221
8/19/2002 7,144 7,392
8/20/2002 7,016 7,289
8/21/2002 7,060 7,382
8/22/2002 7,164 7,486
8/23/2002 7,096 7,317
8/24/2002 7,096 7,317
8/25/2002 7,096 7,317
8/26/2002 7,072 7,372
8/27/2002 6,984 7,270
8/28/2002 6,888 7,139
8/29/2002 6,916 7,139
8/30/2002 6,876 7,126
8/31/2002 6,876 7,126
9/1/2002 6,876 7,126
9/2/2002 6,876 7,126
9/3/2002 6,664 6,830
9/4/2002 6,740 6,952
9/5/2002 6,640 6,841
9/6/2002 6,736 6,957
9/7/2002 6,736 6,957
9/8/2002 6,736 6,957
9/9/2002 6,772 7,027
9/10/2002 6,784 7,079
9/11/2002 6,724 7,079
9/12/2002 6,560 6,905
9/13/2002 6,596 6,928
9/14/2002 6,596 6,928
9/15/2002 6,596 6,928
9/16/2002 6,668 6,938
9/17/2002 6,376 6,801
9/18/2002 6,376 6,770
9/19/2002 6,244 6,567
9/20/2002 6,296 6,583
9/21/2002 6,296 6,583
9/22/2002 6,296 6,583
9/23/2002 6,268 6,492
9/24/2002 6,200 6,380
9/25/2002 6,384 6,540
9/26/2002 6,548 6,660
9/27/2002 6,416 6,446
9/28/2002 6,416 6,446
9/29/2002 6,416 6,446
9/30/2002 6,292 6,351
10/1/2002 6,440 6,606
10/2/2002 6,308 6,451
10/3/2002 6,296 6,382
10/4/2002 6,204 6,238
10/5/2002 6,204 6,238
10/6/2002 6,204 6,238
10/7/2002 6,028 6,119
10/8/2002 6,164 6,225
10/9/2002 5,944 6,056
10/10/2002 5,928 6,268
10/11/2002 6,144 6,513
10/12/2002 6,144 6,513
10/13/2002 6,144 6,513
10/14/2002 6,204 6,561
10/15/2002 6,332 6,871
10/16/2002 6,128 6,706
10/17/2002 6,300 6,856
10/18/2002 6,344 6,896
10/19/2002 6,344 6,896
10/20/2002 6,344 6,896
10/21/2002 6,552 7,016
10/22/2002 6,436 6,941
10/23/2002 6,476 6,988
10/24/2002 6,384 6,882
10/25/2002 6,496 7,000
10/26/2002 6,496 7,000
10/27/2002 6,496 7,000
10/28/2002 6,332 6,942
10/29/2002 6,356 6,880
10/30/2002 6,332 6,948
10/31/2002 6,312 6,910
11/1/2002 6,412 7,029
11/2/2002 6,412 7,029
11/3/2002 6,412 7,029
11/4/2002 6,456 7,087
11/5/2002 6,456 7,142
11/6/2002 6,512 7,209
11/7/2002 6,428 7,046
11/8/2002 6,344 6,984
11/9/2002 6,344 6,984
11/10/2002 6,344 6,984
11/11/2002 6,188 6,839
11/12/2002 6,292 6,893
11/13/2002 6,284 6,892
11/14/2002 6,420 7,062
11/15/2002 6,472 7,106
11/16/2002 6,472 7,106
11/17/2002 6,472 7,106
11/18/2002 6,400 7,033
11/19/2002 6,368 7,004
11/20/2002 6,412 7,141
11/21/2002 6,504 7,295
11/22/2002 6,532 7,270
11/23/2002 6,532 7,270
11/24/2002 6,532 7,270
11/25/2002 6,580 7,288
11/26/2002 6,488 7,136
11/27/2002 6,640 7,337
11/28/2002 6,640 7,337
11/29/2002 6,572 7,317
11/30/2002 6,572 7,317
12/1/2002 6,572 7,317
12/2/2002 6,584 7,303
12/3/2002 6,428 7,196
12/4/2002 6,440 7,173
12/5/2002 6,400 7,087
12/6/2002 6,428 7,132
12/7/2002 6,428 7,132
12/8/2002 6,428 7,132
12/9/2002 6,296 6,974
12/10/2002 6,340 7,072
12/11/2002 6,300 7,077
12/12/2002 6,384 7,051
12/13/2002 6,256 6,956
12/14/2002 6,256 6,956
12/15/2002 6,256 6,956
12/16/2002 6,336 7,120
12/17/2002 6,284 7,062
12/18/2002 6,240 6,970
12/19/2002 6,112 6,918
12/20/2002 6,208 7,008
12/21/2002 6,208 7,008
12/22/2002 6,208 7,008
12/23/2002 6,204 7,021
12/24/2002 6,188 6,982
12/25/2002 6,188 6,982
12/26/2002 6,224 6,960
12/27/2002 6,144 6,852
12/28/2002 6,144 6,852
12/29/2002 6,144 6,852
12/30/2002 6,144 6,883
12/31/2002 6,168 6,887
1/1/2003 6,168 6,887
1/2/2003 6,356 7,117
1/3/2003 6,308 7,113
1/4/2003 6,308 7,113
1/5/2003 6,308 7,113
1/6/2003 6,364 7,273
1/7/2003 6,332 7,226
1/8/2003 6,232 7,126
1/9/2003 6,324 7,265
1/10/2003 6,352 7,265
1/11/2003 6,352 7,265
1/12/2003 6,352 7,265
1/13/2003 6,324 7,255
1/14/2003 6,340 7,297
1/15/2003 6,284 7,193
1/16/2003 6,252 7,165
1/17/2003 6,188 7,065
1/18/2003 6,188 7,065
1/19/2003 6,188 7,065
1/20/2003 6,188 7,065
1/21/2003 6,064 6,954
1/22/2003 6,000 6,882
1/23/2003 6,000 6,952
1/24/2003 5,952 6,749
1/25/2003 5,952 6,749
1/26/2003 5,952 6,749
1/27/2003 5,860 6,640
1/28/2003 5,876 6,727
1/29/2003 5,924 6,773
1/30/2003 5,844 6,620
1/31/2003 5,908 6,707
2/1/2003 5,908 6,707
2/2/2003 5,908 6,707
2/3/2003 5,944 6,743
2/4/2003 5,828 6,648
2/5/2003 5,792 6,613
2/6/2003 5,716 6,573
2/7/2003 5,664 6,507
2/8/2003 5,664 6,507
2/9/2003 5,664 6,507
2/10/2003 5,716 6,556
2/11/2003 5,752 6,503
2/12/2003 5,656 6,423
2/13/2003 5,560 6,414
2/14/2003 5,672 6,551
2/15/2003 5,672 6,551
2/16/2003 5,672 6,551
2/17/2003 5,672 6,551
2/18/2003 5,708 6,679
2/19/2003 5,644 6,633
2/20/2003 5,596 6,571
2/21/2003 5,692 6,658
2/22/2003 5,692 6,658
2/23/2003 5,692 6,658
2/24/2003 5,552 6,535
2/25/2003 5,612 6,582
2/26/2003 5,544 6,498
2/27/2003 5,644 6,576
2/28/2003 5,676 6,606
3/1/2003 5,676 6,606
3/2/2003 5,676 6,606
3/3/2003 5,636 6,556
3/4/2003 5,524 6,456
3/5/2003 5,512 6,520
3/6/2003 5,480 6,459
3/7/2003 5,568 6,513
3/8/2003 5,568 6,513
3/9/2003 5,568 6,513
3/10/2003 5,440 6,345
3/11/2003 5,432 6,292
3/12/2003 5,428 6,322
3/13/2003 5,672 6,540
3/14/2003 5,696 6,551
3/15/2003 5,696 6,551
3/16/2003 5,696 6,551
3/17/2003 5,936 6,783
3/18/2003 5,944 6,812
3/19/2003 5,984 6,872
3/20/2003 6,040 6,885
3/21/2003 6,220 7,043
3/22/2003 6,220 7,043
3/23/2003 6,220 7,043
3/24/2003 5,932 6,795
3/25/2003 6,020 6,878
3/26/2003 5,992 6,840
3/27/2003 5,988 6,830
3/28/2003 5,984 6,791
3/29/2003 5,984 6,791
3/30/2003 5,984 6,791
3/31/2003 5,912 6,670
4/1/2003 5,852 6,751
4/2/2003 6,048 6,929
4/3/2003 5,992 6,894
4/4/2003 5,984 6,913
4/5/2003 5,984 6,913
4/6/2003 5,984 6,913
4/7/2003 6,100 6,922
4/8/2003 6,072 6,911
4/9/2003 6,008 6,815
4/10/2003 6,012 6,859
4/11/2003 6,020 6,834
4/12/2003 6,020 6,834
4/13/2003 6,020 6,834
4/14/2003 6,128 6,967
4/15/2003 6,184 7,012
4/16/2003 6,088 6,926
4/17/2003 6,160 7,034
4/18/2003 6,160 7,034
4/19/2003 6,160 7,034
4/20/2003 6,160 7,034
4/21/2003 6,188 7,021
4/22/2003 6,264 7,174
4/23/2003 6,264 7,234
4/24/2003 6,248 7,174
4/25/2003 6,144 7,075
4/26/2003 6,144 7,075
4/27/2003 6,144 7,075
4/28/2003 6,244 7,202
4/29/2003 6,308 7,226
4/30/2003 6,272 7,220
5/1/2003 6,236 7,216
5/2/2003 6,380 7,325
5/3/2003 6,380 7,325
5/4/2003 6,380 7,325
5/5/2003 6,404 7,297
5/6/2003 6,484 7,359
5/7/2003 6,468 7,322
5/8/2003 6,412 7,249
5/9/2003 6,472 7,354
5/10/2003 6,472 7,354
5/11/2003 6,472 7,354
5/12/2003 6,564 7,447
5/13/2003 6,540 7,426
5/14/2003 6,524 7,404
5/15/2003 6,576 7,463
5/16/2003 6,532 7,445
5/17/2003 6,532 7,445
5/18/2003 6,532 7,445
5/19/2003 6,404 7,260
5/20/2003 6,320 7,251
5/21/2003 6,324 7,281
5/22/2003 6,380 7,348
5/23/2003 6,404 7,359
5/24/2003 6,404 7,359
5/25/2003 6,404 7,359
5/26/2003 6,404 7,359
5/27/2003 6,504 7,503
5/28/2003 6,564 7,518
5/29/2003 6,572 7,490
5/30/2003 6,688 7,600
5/31/2003 6,688 7,600
6/1/2003 6,688 7,600
6/2/2003 6,724 7,627
6/3/2003 6,696 7,663
6/4/2003 6,800 7,781
6/5/2003 6,868 7,813
6/6/2003 6,896 7,794
6/7/2003 6,896 7,794
6/8/2003 6,896 7,794
6/9/2003 6,784 7,701
6/10/2003 6,848 7,772
6/11/2003 6,908 7,874
6/12/2003 6,936 7,882
6/13/2003 6,920 7,804
6/14/2003 6,920 7,804
6/15/2003 6,920 7,804
6/16/2003 7,036 7,979
6/17/2003 7,080 7,987
6/18/2003 6,992 7,975
6/19/2003 6,948 7,853
6/20/2003 6,964 7,861
6/21/2003 6,964 7,861
6/22/2003 6,964 7,861
6/23/2003 6,888 7,750
6/24/2003 6,912 7,765
6/25/2003 6,892 7,701
6/26/2003 6,968 7,786
6/27/2003 6,964 7,711
6/28/2003 6,964 7,711
6/29/2003 6,964 7,711
6/30/2003 6,952 7,697
7/1/2003 6,976 7,760
7/2/2003 7,076 7,851
7/3/2003 7,048 7,787
7/4/2003 7,048 7,787
7/5/2003 7,048 7,787
7/6/2003 7,048 7,787
7/7/2003 7,140 7,935
7/8/2003 7,172 7,965
7/9/2003 7,144 7,921
7/10/2003 7,072 7,814
7/11/2003 7,120 7,890
7/12/2003 7,120 7,890
7/13/2003 7,120 7,890
7/14/2003 7,128 7,935
7/15/2003 7,084 7,908
7/16/2003 7,096 7,858
7/17/2003 6,952 7,761
7/18/2003 7,004 7,852
7/19/2003 7,004 7,852
7/20/2003 7,004 7,852
7/21/2003 6,924 7,738
7/22/2003 6,972 7,811
7/23/2003 7,028 7,815
7/24/2003 7,036 7,760
7/25/2003 7,104 7,895
7/26/2003 7,104 7,895
7/27/2003 7,104 7,895
7/28/2003 7,124 7,878
7/29/2003 7,136 7,822
7/30/2003 7,140 7,809
7/31/2003 7,180 7,833
8/1/2003 7,132 7,753
8/2/2003 7,132 7,753
8/3/2003 7,132 7,753
8/4/2003 7,124 7,774
8/5/2003 7,036 7,637
8/6/2003 6,976 7,651
8/7/2003 7,000 7,707
8/8/2003 7,048 7,734
8/9/2003 7,048 7,734
8/10/2003 7,048 7,734
8/11/2003 7,044 7,760
8/12/2003 7,120 7,837
8/13/2003 7,116 7,790
8/14/2003 7,176 7,842
8/15/2003 7,176 7,844
8/16/2003 7,176 7,844
8/17/2003 7,176 7,844
8/18/2003 7,240 7,917
8/19/2003 7,304 7,937
8/20/2003 7,340 7,922
8/21/2003 7,356 7,946
8/22/2003 7,248 7,865
8/23/2003 7,248 7,865
8/24/2003 7,248 7,865
8/25/2003 7,228 7,870
8/26/2003 7,264 7,894
8/27/2003 7,288 7,896
8/28/2003 7,336 7,944
8/29/2003 7,380 7,986
8/30/2003 7,380 7,986
8/31/2003 7,380 7,986
9/1/2003 7,380 7,986
9/2/2003 7,476 8,097
9/3/2003 7,536 8,133
9/4/2003 7,548 8,147
9/5/2003 7,504 8,095
9/6/2003 7,504 8,095
9/7/2003 7,504 8,095
9/8/2003 7,532 8,176
9/9/2003 7,464 8,109
9/10/2003 7,368 8,013
9/11/2003 7,424 8,059
9/12/2003 7,428 8,076
9/13/2003 7,428 8,076
9/14/2003 7,428 8,076
9/15/2003 7,448 8,046
9/16/2003 7,556 8,162
9/17/2003 7,540 8,135
9/18/2003 7,628 8,243
9/19/2003 7,628 8,217
9/20/2003 7,628 8,217
9/21/2003 7,628 8,217
9/22/2003 7,544 8,110
9/23/2003 7,668 8,160
9/24/2003 7,564 8,004
9/25/2003 7,412 7,957
9/26/2003 7,312 7,908
9/27/2003 7,312 7,908
9/28/2003 7,312 7,908
9/29/2003 7,356 7,985
9/30/2003 7,320 7,901
10/1/2003 7,492 8,078
10/2/2003 7,520 8,095
10/3/2003 7,580 8,171
10/4/2003 7,580 8,171
10/5/2003 7,580 8,171
10/6/2003 7,608 8,207
10/7/2003 7,672 8,246
10/8/2003 7,616 8,206
10/9/2003 7,688 8,245
10/10/2003 7,680 8,241
10/11/2003 7,680 8,241
10/12/2003 7,680 8,241
10/13/2003 7,812 8,299
10/14/2003 7,812 8,331
10/15/2003 7,756 8,311
10/16/2003 7,808 8,338
10/17/2003 7,736 8,253
10/18/2003 7,736 8,253
10/19/2003 7,736 8,253
10/20/2003 7,784 8,295
10/21/2003 7,720 8,306
10/22/2003 7,660 8,182
10/23/2003 7,688 8,209
10/24/2003 7,676 8,171
10/25/2003 7,676 8,171
10/26/2003 7,676 8,171
10/27/2003 7,740 8,188
10/28/2003 7,824 8,313
10/29/2003 7,888 8,325
10/30/2003 7,912 8,318
10/31/2003 7,908 8,348
11/1/2003 7,908 8,348
11/2/2003 7,908 8,348
11/3/2003 7,976 8,414
11/4/2003 7,980 8,368
11/5/2003 7,988 8,358
11/6/2003 8,048 8,409
11/7/2003 8,104 8,372
11/8/2003 8,104 8,372
11/9/2003 8,104 8,372
11/10/2003 8,024 8,324
11/11/2003 8,016 8,320
11/12/2003 8,176 8,418
11/13/2003 8,172 8,417
11/14/2003 8,068 8,354
11/15/2003 8,068 8,354
11/16/2003 8,068 8,354
11/17/2003 7,960 8,301
11/18/2003 7,852 8,226
11/19/2003 7,816 8,293
11/20/2003 7,796 8,223
11/21/2003 7,836 8,236
11/22/2003 7,836 8,236
11/23/2003 7,836 8,236
11/24/2003 7,992 8,370
11/25/2003 8,052 8,385
11/26/2003 8,092 8,423
11/27/2003 8,092 8,423
11/28/2003 8,124 8,421
11/29/2003 8,124 8,421
11/30/2003 8,124 8,421
12/1/2003 8,232 8,516
12/2/2003 8,140 8,489
12/3/2003 8,108 8,476
12/4/2003 8,068 8,516
12/5/2003 7,984 8,451
12/6/2003 7,984 8,451
12/7/2003 7,984 8,451
12/8/2003 8,016 8,513
12/9/2003 7,968 8,441
12/10/2003 7,964 8,433
12/11/2003 8,092 8,531
12/12/2003 8,100 8,555
12/13/2003 8,100 8,555
12/14/2003 8,100 8,555
12/15/2003 8,052 8,506
12/16/2003 8,020 8,563
12/17/2003 8,032 8,575
12/18/2003 8,148 8,677
12/19/2003 8,168 8,673
12/20/2003 8,168 8,673
12/21/2003 8,168 8,673
12/22/2003 8,220 8,707
12/23/2003 8,272 8,732
12/24/2003 8,188 8,716
12/25/2003 8,188 8,716
12/26/2003 8,204 8,731
12/27/2003 8,204 8,731
12/28/2003 8,204 8,731
12/29/2003 8,304 8,842
12/30/2003 8,332 8,845
12/31/2003 8,320 8,863
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 12/31/03
- --------------------------------------------------------------------------------
SINCE
ONE INCEPTION
YEAR (05/22/01)
- --------------------------------------------------------------------------------
LEISURE FUND 34.89% -6.80%
S&P 500 INDEX 28.68% -4.52%
- --------------------------------------------------------------------------------
The returns presented above do not reflect the effects of taxes. Past
performance is no guarantee of future results. The S&P 500 Index is an unmanaged
stock index and, unlike the fund, has no management fees or other operating
expenses to reduce its reported returns. Returns are historical and include
changes in principal and reinvested dividends and capital gains.
28
PRECIOUS METALS FUND
- --------------------------------------------------------------------------------
OBJECTIVE: Seeks capital appreciation by investing in companies that are
involved in the precious metals industry.
Inception: May 29, 1997
Most of the actual precious metals rallied for the year. After a first quarter
sell-off, the Philadelphia Gold and Silver Index (XAU) rallied strong to finish
the year up 41.8%. The spot price of gold finished up 19.4% and silver was up
24.3%. As the dollar weaken this year investors fled to gold. Rydex Precious
Metals Fund finished 40.90% for the year.
Cumulative Fund Performance: May 29, 1997 - December 31, 2003
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
Date Variable Precious S&P 500
Date Metals Index
5/29/1997 $10,000 $10,000
5/30/1997 9,790 10,051
5/31/1997 9,790 10,051
6/1/1997 9,790 10,051
6/2/1997 9,550 10,028
6/3/1997 9,380 10,018
6/4/1997 9,200 9,956
6/5/1997 9,500 9,997
6/6/1997 9,480 10,170
6/7/1997 9,480 10,170
6/8/1997 9,480 10,170
6/9/1997 9,630 10,229
6/10/1997 9,570 10,257
6/11/1997 9,680 10,310
6/12/1997 9,740 10,476
6/13/1997 9,700 10,593
6/14/1997 9,700 10,593
6/15/1997 9,700 10,593
6/16/1997 9,540 10,601
6/17/1997 9,480 10,607
6/18/1997 9,230 10,544
6/19/1997 9,350 10,650
6/20/1997 9,060 10,659
6/21/1997 9,060 10,659
6/22/1997 9,060 10,659
6/23/1997 8,890 10,421
6/24/1997 8,790 10,631
6/25/1997 8,970 10,544
6/26/1997 9,000 10,483
6/27/1997 8,840 10,526
6/28/1997 8,840 10,526
6/29/1997 8,840 10,526
6/30/1997 8,870 10,501
7/1/1997 9,010 10,572
7/2/1997 8,850 10,728
7/3/1997 8,780 10,881
7/4/1997 8,780 10,881
7/5/1997 8,780 10,881
7/6/1997 8,780 10,881
7/7/1997 8,080 10,825
7/8/1997 8,300 10,905
7/9/1997 8,220 10,773
7/10/1997 8,490 10,847
7/11/1997 8,700 10,883
7/12/1997 8,700 10,883
7/13/1997 8,700 10,883
7/14/1997 8,420 10,903
7/15/1997 8,320 10,991
7/16/1997 8,410 11,120
7/17/1997 8,710 11,061
7/18/1997 8,980 10,868
7/19/1997 8,980 10,868
7/20/1997 8,980 10,868
7/21/1997 8,730 10,840
7/22/1997 8,760 11,090
7/23/1997 8,670 11,120
7/24/1997 8,700 11,165
7/25/1997 8,790 11,147
7/26/1997 8,790 11,147
7/27/1997 8,790 11,147
7/28/1997 8,910 11,119
7/29/1997 8,870 11,190
7/30/1997 9,030 11,311
7/31/1997 9,050 11,336
8/1/1997 9,070 11,252
8/2/1997 9,070 11,252
8/3/1997 9,070 11,252
8/4/1997 9,020 11,290
8/5/1997 8,820 11,314
8/6/1997 9,000 11,410
8/7/1997 9,080 11,302
8/8/1997 9,470 11,092
8/9/1997 9,470 11,092
8/10/1997 9,470 11,092
8/11/1997 9,490 11,136
8/12/1997 9,390 11,012
8/13/1997 9,470 10,961
8/14/1997 9,210 10,994
8/15/1997 9,280 10,710
8/16/1997 9,280 10,710
8/17/1997 9,280 10,710
8/18/1997 9,250 10,850
8/19/1997 9,120 11,011
8/20/1997 9,150 11,172
8/21/1997 9,240 11,002
8/22/1997 9,350 10,984
8/23/1997 9,350 10,984
8/24/1997 9,350 10,984
8/25/1997 9,280 10,944
8/26/1997 9,250 10,859
8/27/1997 9,100 10,869
8/28/1997 9,130 10,751
8/29/1997 9,080 10,701
8/30/1997 9,080 10,701
8/31/1997 9,080 10,701
9/1/1997 9,080 10,701
9/2/1997 9,080 11,036
9/3/1997 9,010 11,042
9/4/1997 9,020 11,078
9/5/1997 8,980 11,057
9/6/1997 8,980 11,057
9/7/1997 8,980 11,057
9/8/1997 8,700 11,083
9/9/1997 8,770 11,112
9/10/1997 8,750 10,939
9/11/1997 8,620 10,866
9/12/1997 8,610 11,001
9/13/1997 8,610 11,001
9/14/1997 8,610 11,001
9/15/1997 8,480 10,954
9/16/1997 8,410 11,262
9/17/1997 8,460 11,231
9/18/1997 8,710 11,283
9/19/1997 8,680 11,321
9/20/1997 8,680 11,321
9/21/1997 8,680 11,321
9/22/1997 8,500 11,380
9/23/1997 8,680 11,339
9/24/1997 8,970 11,250
9/25/1997 9,460 11,172
9/26/1997 9,320 11,263
9/27/1997 9,320 11,263
9/28/1997 9,320 11,263
9/29/1997 9,620 11,360
9/30/1997 9,990 11,287
10/1/1997 9,860 11,385
10/2/1997 9,770 11,446
10/3/1997 9,950 11,501
10/4/1997 9,950 11,501
10/5/1997 9,950 11,501
10/6/1997 9,700 11,592
10/7/1997 9,650 11,717
10/8/1997 9,930 11,609
10/9/1997 9,600 11,571
10/10/1997 9,760 11,528
10/11/1997 9,760 11,528
10/12/1997 9,760 11,528
10/13/1997 9,740 11,542
10/14/1997 9,610 11,568
10/15/1997 9,520 11,514
10/16/1997 9,320 11,389
10/17/1997 9,220 11,257
10/18/1997 9,220 11,257
10/19/1997 9,220 11,257
10/20/1997 9,050 11,393
10/21/1997 9,290 11,592
10/22/1997 9,540 11,548
10/23/1997 9,600 11,336
10/24/1997 8,760 11,228
10/25/1997 8,760 11,228
10/26/1997 8,760 11,228
10/27/1997 7,770 10,457
10/28/1997 7,930 10,992
10/29/1997 7,690 10,962
10/30/1997 8,030 10,780
10/31/1997 7,810 10,910
11/1/1997 7,810 10,910
11/2/1997 7,810 10,910
11/3/1997 7,840 11,201
11/4/1997 7,780 11,223
11/5/1997 7,630 11,248
11/6/1997 7,520 11,193
11/7/1997 7,340 11,070
11/8/1997 7,340 11,070
11/9/1997 7,340 11,070
11/10/1997 7,280 10,994
11/11/1997 7,280 11,026
11/12/1997 7,010 10,816
11/13/1997 7,180 10,944
11/14/1997 7,040 11,085
11/15/1997 7,040 11,085
11/16/1997 7,040 11,085
11/17/1997 7,010 11,298
11/18/1997 6,940 11,204
11/19/1997 6,870 11,282
11/20/1997 7,010 11,454
11/21/1997 7,000 11,503
11/22/1997 7,000 11,503
11/23/1997 7,000 11,503
11/24/1997 6,870 11,307
11/25/1997 6,760 11,358
11/26/1997 6,630 11,370
11/27/1997 6,630 11,370
11/28/1997 6,610 11,415
11/29/1997 6,610 11,415
11/30/1997 6,610 11,415
12/1/1997 6,570 11,647
12/2/1997 6,590 11,610
12/3/1997 6,490 11,674
12/4/1997 6,200 11,631
12/5/1997 6,370 11,759
12/6/1997 6,370 11,759
12/7/1997 6,370 11,759
12/8/1997 6,270 11,742
12/9/1997 6,120 11,664
12/10/1997 6,370 11,593
12/11/1997 6,260 11,418
12/12/1997 6,400 11,400
12/13/1997 6,400 11,400
12/14/1997 6,400 11,400
12/15/1997 6,490 11,520
12/16/1997 6,460 11,575
12/17/1997 7,040 11,546
12/18/1997 6,850 11,424
12/19/1997 6,750 11,323
12/20/1997 6,750 11,323
12/21/1997 6,750 11,323
12/22/1997 6,790 11,405
12/23/1997 6,960 11,232
12/24/1997 7,130 11,155
12/25/1997 7,130 11,155
12/26/1997 7,050 11,200
12/27/1997 7,050 11,200
12/28/1997 7,050 11,200
12/29/1997 6,830 11,406
12/30/1997 7,120 11,616
12/31/1997 7,020 11,611
1/1/1998 7,020 11,611
1/2/1998 7,100 11,667
1/3/1998 7,100 11,667
1/4/1998 7,100 11,667
1/5/1998 6,680 11,692
1/6/1998 6,520 11,567
1/7/1998 6,610 11,539
1/8/1998 6,210 11,444
1/9/1998 6,030 11,104
1/10/1998 6,030 11,104
1/11/1998 6,030 11,104
1/12/1998 5,860 11,242
1/13/1998 6,310 11,397
1/14/1998 6,330 11,467
1/15/1998 6,600 11,382
1/16/1998 6,810 11,511
1/17/1998 6,810 11,511
1/18/1998 6,810 11,511
1/19/1998 6,810 11,511
1/20/1998 6,570 11,715
1/21/1998 6,700 11,623
1/22/1998 6,530 11,530
1/23/1998 7,190 11,465
1/24/1998 7,190 11,465
1/25/1998 7,190 11,465
1/26/1998 7,200 11,457
1/27/1998 7,300 11,601
1/28/1998 7,420 11,705
1/29/1998 7,070 11,802
1/30/1998 7,040 11,740
1/31/1998 7,040 11,740
2/1/1998 7,040 11,740
2/2/1998 7,050 11,991
2/3/1998 6,660 12,049
2/4/1998 7,050 12,061
2/5/1998 7,140 12,022
2/6/1998 7,160 12,131
2/7/1998 7,160 12,131
2/8/1998 7,160 12,131
2/9/1998 7,280 12,111
2/10/1998 7,120 12,211
2/11/1998 7,000 12,225
2/12/1998 7,090 12,276
2/13/1998 7,200 12,228
2/14/1998 7,200 12,228
2/15/1998 7,200 12,228
2/16/1998 7,200 12,228
2/17/1998 6,900 12,260
2/18/1998 6,870 12,375
2/19/1998 6,810 12,330
2/20/1998 6,680 12,401
2/21/1998 6,680 12,401
2/22/1998 6,680 12,401
2/23/1998 6,560 12,449
2/24/1998 6,480 12,358
2/25/1998 6,520 12,507
2/26/1998 6,860 12,578
2/27/1998 7,110 12,587
2/28/1998 7,110 12,587
3/1/1998 7,110 12,587
3/2/1998 7,080 12,567
3/3/1998 6,960 12,619
3/4/1998 6,970 12,566
3/5/1998 6,880 12,420
3/6/1998 7,030 12,669
3/7/1998 7,030 12,669
3/8/1998 7,030 12,669
3/9/1998 7,250 12,628
3/10/1998 7,350 12,772
3/11/1998 7,130 12,825
3/12/1998 7,110 12,844
3/13/1998 7,200 12,829
3/14/1998 7,200 12,829
3/15/1998 7,200 12,829
3/16/1998 7,080 12,957
3/17/1998 6,840 12,971
3/18/1998 6,820 13,033
3/19/1998 6,760 13,084
3/20/1998 6,690 13,197
3/21/1998 6,690 13,197
3/22/1998 6,690 13,197
3/23/1998 7,210 13,154
3/24/1998 7,130 13,275
3/25/1998 7,040 13,231
3/26/1998 7,600 13,217
3/27/1998 7,800 13,155
3/28/1998 7,800 13,155
3/29/1998 7,800 13,155
3/30/1998 7,700 13,133
3/31/1998 7,650 13,231
4/1/1998 7,530 13,309
4/2/1998 7,700 13,452
4/3/1998 8,180 13,484
4/4/1998 8,180 13,484
4/5/1998 8,180 13,484
4/6/1998 8,320 13,469
4/7/1998 8,040 13,331
4/8/1998 8,280 13,236
4/9/1998 7,970 13,345
4/10/1998 7,970 13,345
4/11/1998 7,970 13,345
4/12/1998 7,970 13,345
4/13/1998 8,040 13,334
4/14/1998 7,850 13,406
4/15/1998 7,900 13,449
4/16/1998 7,960 13,316
4/17/1998 7,810 13,491
4/18/1998 7,810 13,491
4/19/1998 7,810 13,491
4/20/1998 7,790 13,502
4/21/1998 8,330 13,538
4/22/1998 8,650 13,585
4/23/1998 8,670 13,454
4/24/1998 8,370 13,314
4/25/1998 8,370 13,314
4/26/1998 8,370 13,314
4/27/1998 8,040 13,057
4/28/1998 8,210 13,041
4/29/1998 8,360 13,158
4/30/1998 8,170 13,364
5/1/1998 7,950 13,476
5/2/1998 7,950 13,476
5/3/1998 7,950 13,476
5/4/1998 7,970 13,488
5/5/1998 8,010 13,410
5/6/1998 7,930 13,286
5/7/1998 7,680 13,168
5/8/1998 7,800 13,325
5/9/1998 7,800 13,325
5/10/1998 7,800 13,325
5/11/1998 7,960 13,313
5/12/1998 7,690 13,424
5/13/1998 7,720 13,464
5/14/1998 7,760 13,446
5/15/1998 7,810 13,343
5/16/1998 7,810 13,343
5/17/1998 7,810 13,343
5/18/1998 7,530 13,309
5/19/1998 7,500 13,354
5/20/1998 7,500 13,470
5/21/1998 7,580 13,417
5/22/1998 7,500 13,367
5/23/1998 7,500 13,367
5/24/1998 7,500 13,367
5/25/1998 7,500 13,367
5/26/1998 7,060 13,169
5/27/1998 6,930 13,149
5/28/1998 7,060 13,216
5/29/1998 6,920 13,135
5/30/1998 6,920 13,135
5/31/1998 6,920 13,135
6/1/1998 6,570 13,137
6/2/1998 6,780 13,164
6/3/1998 6,790 13,041
6/4/1998 6,740 13,186
6/5/1998 6,730 13,416
6/6/1998 6,730 13,416
6/7/1998 6,730 13,416
6/8/1998 7,090 13,439
6/9/1998 6,810 13,472
6/10/1998 6,680 13,399
6/11/1998 6,370 13,189
6/12/1998 6,310 13,241
6/13/1998 6,310 13,241
6/14/1998 6,310 13,241
6/15/1998 6,110 12,978
6/16/1998 6,340 13,105
6/17/1998 6,520 13,341
6/18/1998 6,390 13,333
6/19/1998 6,430 13,264
6/20/1998 6,430 13,264
6/21/1998 6,430 13,264
6/22/1998 6,300 13,295
6/23/1998 6,430 13,491
6/24/1998 6,270 13,653
6/25/1998 6,390 13,610
6/26/1998 6,420 13,659
6/27/1998 6,420 13,659
6/28/1998 6,420 13,659
6/29/1998 6,340 13,723
6/30/1998 6,610 13,668
7/1/1998 6,530 13,846
7/2/1998 6,340 13,820
7/3/1998 6,340 13,820
7/4/1998 6,340 13,820
7/5/1998 6,340 13,820
7/6/1998 6,370 13,954
7/7/1998 6,590 13,922
7/8/1998 6,480 14,067
7/9/1998 6,280 13,973
7/10/1998 6,210 14,042
7/11/1998 6,210 14,042
7/12/1998 6,210 14,042
7/13/1998 6,170 14,053
7/14/1998 6,310 14,203
7/15/1998 6,250 14,169
7/16/1998 6,420 14,280
7/17/1998 6,470 14,314
7/18/1998 6,470 14,314
7/19/1998 6,470 14,314
7/20/1998 6,560 14,282
7/21/1998 6,390 14,052
7/22/1998 6,410 14,041
7/23/1998 6,170 13,748
7/24/1998 6,080 13,761
7/25/1998 6,080 13,761
7/26/1998 6,080 13,761
7/27/1998 5,990 13,839
7/28/1998 6,110 13,633
7/29/1998 5,980 13,575
7/30/1998 6,070 13,791
7/31/1998 5,790 13,523
8/1/1998 5,790 13,523
8/2/1998 5,790 13,523
8/3/1998 5,680 13,424
8/4/1998 5,760 12,938
8/5/1998 5,840 13,052
8/6/1998 5,840 13,152
8/7/1998 5,810 13,150
8/8/1998 5,810 13,150
8/9/1998 5,810 13,150
8/10/1998 5,810 13,074
8/11/1998 5,570 12,906
8/12/1998 5,550 13,092
8/13/1998 5,600 12,980
8/14/1998 5,520 12,834
8/15/1998 5,520 12,834
8/16/1998 5,520 12,834
8/17/1998 5,540 13,087
8/18/1998 5,580 13,300
8/19/1998 5,680 13,263
8/20/1998 5,850 13,186
8/21/1998 5,660 13,061
8/22/1998 5,660 13,061
8/23/1998 5,660 13,061
8/24/1998 5,580 13,144
8/25/1998 5,480 13,201
8/26/1998 5,300 13,098
8/27/1998 5,000 12,596
8/28/1998 4,750 12,411
8/29/1998 4,750 12,411
8/30/1998 4,750 12,411
8/31/1998 4,500 11,567
9/1/1998 4,710 12,015
9/2/1998 4,770 11,972
9/3/1998 5,340 11,873
9/4/1998 5,890 11,772
9/5/1998 5,890 11,772
9/6/1998 5,890 11,772
9/7/1998 5,890 11,772
9/8/1998 5,810 12,372
9/9/1998 5,550 12,164
9/10/1998 6,170 11,850
9/11/1998 6,160 12,203
9/12/1998 6,160 12,203
9/13/1998 6,160 12,203
9/14/1998 6,070 12,455
9/15/1998 5,910 12,551
9/16/1998 5,800 12,646
9/17/1998 6,100 12,325
9/18/1998 6,140 12,340
9/19/1998 6,140 12,340
9/20/1998 6,140 12,340
9/21/1998 5,830 12,386
9/22/1998 5,870 12,456
9/23/1998 6,260 12,897
9/24/1998 6,740 12,615
9/25/1998 6,660 12,639
9/26/1998 6,660 12,639
9/27/1998 6,660 12,639
9/28/1998 7,050 12,691
9/29/1998 6,600 12,695
9/30/1998 6,730 12,309
10/1/1998 7,110 11,938
10/2/1998 7,430 12,135
10/3/1998 7,430 12,135
10/4/1998 7,430 12,135
10/5/1998 7,020 11,965
10/6/1998 7,230 11,918
10/7/1998 7,750 11,753
10/8/1998 7,460 11,617
10/9/1998 6,870 11,919
10/10/1998 6,870 11,919
10/11/1998 6,870 11,919
10/12/1998 6,820 12,080
10/13/1998 6,600 12,046
10/14/1998 6,350 12,176
10/15/1998 6,770 12,684
10/16/1998 6,840 12,792
10/17/1998 6,840 12,792
10/18/1998 6,840 12,792
10/19/1998 6,570 12,865
10/20/1998 6,680 12,883
10/21/1998 6,510 12,957
10/22/1998 6,360 13,061
10/23/1998 6,250 12,966
10/24/1998 6,250 12,966
10/25/1998 6,250 12,966
10/26/1998 6,180 12,986
10/27/1998 6,680 12,902
10/28/1998 6,590 12,938
10/29/1998 6,730 13,155
10/30/1998 6,750 13,310
10/31/1998 6,750 13,310
11/1/1998 6,750 13,310
11/2/1998 6,590 13,466
11/3/1998 6,550 13,458
11/4/1998 7,090 13,554
11/5/1998 7,430 13,739
11/6/1998 7,100 13,827
11/7/1998 7,100 13,827
11/8/1998 7,100 13,827
11/9/1998 7,080 13,699
11/10/1998 6,990 13,677
11/11/1998 6,850 13,589
11/12/1998 7,280 13,551
11/13/1998 7,010 13,649
11/14/1998 7,010 13,649
11/15/1998 7,010 13,649
11/16/1998 6,750 13,772
11/17/1998 6,830 13,814
11/18/1998 7,000 13,878
11/19/1998 6,940 13,978
11/20/1998 6,900 14,111
11/21/1998 6,900 14,111
11/22/1998 6,900 14,111
11/23/1998 7,010 14,410
11/24/1998 6,830 14,348
11/25/1998 6,750 14,396
11/26/1998 6,750 14,396
11/27/1998 6,690 14,464
11/28/1998 6,690 14,464
11/29/1998 6,690 14,464
11/30/1998 6,370 14,116
12/1/1998 6,390 14,258
12/2/1998 6,230 14,213
12/3/1998 5,940 13,957
12/4/1998 6,030 14,280
12/5/1998 6,030 14,280
12/6/1998 6,030 14,280
12/7/1998 6,180 14,413
12/8/1998 5,920 14,337
12/9/1998 5,830 14,364
12/10/1998 6,220 14,140
12/11/1998 5,920 14,160
12/12/1998 5,920 14,160
12/13/1998 5,920 14,160
12/14/1998 5,910 13,854
12/15/1998 5,960 14,116
12/16/1998 6,270 14,106
12/17/1998 5,950 14,326
12/18/1998 5,820 14,424
12/19/1998 5,820 14,424
12/20/1998 5,820 14,424
12/21/1998 5,700 14,604
12/22/1998 5,500 14,613
12/23/1998 5,680 14,916
12/24/1998 5,700 14,889
12/25/1998 5,700 14,889
12/26/1998 5,700 14,889
12/27/1998 5,700 14,889
12/28/1998 5,590 14,880
12/29/1998 5,830 15,082
12/30/1998 5,710 14,963
12/31/1998 5,810 14,930
1/1/1999 5,810 14,930
1/2/1999 5,810 14,930
1/3/1999 5,810 14,930
1/4/1999 5,790 14,917
1/5/1999 5,930 15,120
1/6/1999 6,070 15,458
1/7/1999 6,390 15,427
1/8/1999 6,450 15,492
1/9/1999 6,450 15,492
1/10/1999 6,450 15,492
1/11/1999 6,620 15,356
1/12/1999 6,180 15,060
1/13/1999 6,130 14,999
1/14/1999 6,050 14,729
1/15/1999 6,060 15,107
1/16/1999 6,060 15,107
1/17/1999 6,060 15,107
1/18/1999 6,060 15,107
1/19/1999 5,960 15,213
1/20/1999 5,990 15,270
1/21/1999 6,030 15,010
1/22/1999 5,890 14,889
1/23/1999 5,890 14,889
1/24/1999 5,890 14,889
1/25/1999 5,810 14,995
1/26/1999 5,570 15,218
1/27/1999 5,440 15,109
1/28/1999 5,480 15,381
1/29/1999 5,580 15,554
1/30/1999 5,580 15,554
1/31/1999 5,580 15,554
2/1/1999 5,790 15,473
2/2/1999 5,810 15,340
2/3/1999 5,670 15,465
2/4/1999 5,970 15,179
2/5/1999 5,960 15,069
2/6/1999 5,960 15,069
2/7/1999 5,960 15,069
2/8/1999 6,010 15,125
2/9/1999 5,580 14,789
2/10/1999 5,590 14,882
2/11/1999 5,540 15,254
2/12/1999 5,840 14,964
2/13/1999 5,840 14,964
2/14/1999 5,840 14,964
2/15/1999 5,840 14,964
2/16/1999 5,600 15,106
2/17/1999 5,470 14,891
2/18/1999 5,450 15,054
2/19/1999 5,490 15,077
2/20/1999 5,490 15,077
2/21/1999 5,490 15,077
2/22/1999 5,460 15,478
2/23/1999 5,400 15,467
2/24/1999 5,340 15,252
2/25/1999 5,380 15,152
2/26/1999 5,300 15,071
2/27/1999 5,300 15,071
2/28/1999 5,300 15,071
3/1/1999 5,320 15,045
3/2/1999 5,320 14,915
3/3/1999 5,380 14,945
3/4/1999 5,460 15,178
3/5/1999 5,430 15,529
3/6/1999 5,430 15,529
3/7/1999 5,430 15,529
3/8/1999 5,680 15,619
3/9/1999 5,680 15,583
3/10/1999 5,740 15,670
3/11/1999 5,730 15,805
3/12/1999 5,540 15,768
3/13/1999 5,540 15,768
3/14/1999 5,540 15,768
3/15/1999 5,370 15,922
3/16/1999 5,440 15,912
3/17/1999 5,470 15,808
3/18/1999 5,400 16,037
3/19/1999 5,470 15,827
3/20/1999 5,470 15,827
3/21/1999 5,470 15,827
3/22/1999 5,480 15,799
3/23/1999 5,350 15,375
3/24/1999 5,500 15,453
3/25/1999 5,430 15,714
3/26/1999 5,330 15,627
3/27/1999 5,330 15,627
3/28/1999 5,330 15,627
3/29/1999 5,130 15,962
3/30/1999 4,960 15,849
3/31/1999 5,240 15,674
4/1/1999 5,150 15,764
4/2/1999 5,150 15,764
4/3/1999 5,150 15,764
4/4/1999 5,150 15,764
4/5/1999 5,020 16,098
4/6/1999 5,080 16,059
4/7/1999 5,070 16,172
4/8/1999 5,000 16,381
4/9/1999 5,180 16,434
4/10/1999 5,180 16,434
4/11/1999 5,180 16,434
4/12/1999 5,360 16,560
4/13/1999 5,340 16,453
4/14/1999 5,150 16,193
4/15/1999 5,530 16,125
4/16/1999 5,900 16,078
4/17/1999 5,900 16,078
4/18/1999 5,900 16,078
4/19/1999 6,070 15,718
4/20/1999 5,870 15,922
4/21/1999 5,720 16,288
4/22/1999 5,970 16,565
4/23/1999 5,900 16,541
4/24/1999 5,900 16,541
4/25/1999 5,900 16,541
4/26/1999 5,720 16,579
4/27/1999 6,040 16,613
4/28/1999 6,310 16,469
4/29/1999 6,490 16,374
4/30/1999 6,380 16,281
5/1/1999 6,380 16,281
5/2/1999 6,380 16,281
5/3/1999 6,590 16,518
5/4/1999 6,490 16,242
5/5/1999 6,910 16,432
5/6/1999 7,170 16,247
5/7/1999 6,270 16,405
5/8/1999 6,270 16,405
5/9/1999 6,270 16,405
5/10/1999 5,830 16,353
5/11/1999 5,970 16,540
5/12/1999 5,840 16,646
5/13/1999 5,960 16,690
5/14/1999 5,960 16,327
5/15/1999 5,960 16,327
5/16/1999 5,960 16,327
5/17/1999 5,740 16,348
5/18/1999 5,530 16,274
5/19/1999 5,660 16,408
5/20/1999 5,550 16,343
5/21/1999 5,530 16,239
5/22/1999 5,530 16,239
5/23/1999 5,530 16,239
5/24/1999 5,430 15,950
5/25/1999 5,220 15,679
5/26/1999 5,270 15,930
5/27/1999 5,350 15,647
5/28/1999 5,240 15,896
5/29/1999 5,240 15,896
5/30/1999 5,240 15,896
5/31/1999 5,240 15,896
6/1/1999 5,170 15,804
6/2/1999 5,270 15,814
6/3/1999 5,400 15,872
6/4/1999 5,380 16,217
6/5/1999 5,380 16,217
6/6/1999 5,380 16,217
6/7/1999 5,360 16,300
6/8/1999 5,250 16,091
6/9/1999 5,170 16,108
6/10/1999 5,340 15,915
6/11/1999 5,430 15,806
6/12/1999 5,430 15,806
6/13/1999 5,430 15,806
6/14/1999 5,320 15,811
6/15/1999 5,310 15,899
6/16/1999 5,240 16,256
6/17/1999 5,270 16,373
6/18/1999 5,340 16,409
6/19/1999 5,340 16,409
6/20/1999 5,340 16,409
6/21/1999 5,240 16,485
6/22/1999 5,120 16,324
6/23/1999 5,390 16,290
6/24/1999 5,310 16,079
6/25/1999 5,430 16,073
6/26/1999 5,430 16,073
6/27/1999 5,430 16,073
6/28/1999 5,440 16,272
6/29/1999 5,570 16,517
6/30/1999 5,740 16,778
7/1/1999 5,710 16,880
7/2/1999 5,730 17,005
7/3/1999 5,730 17,005
7/4/1999 5,730 17,005
7/5/1999 5,730 17,005
7/6/1999 5,390 16,969
7/7/1999 5,360 17,068
7/8/1999 5,250 17,051
7/9/1999 5,320 17,159
7/10/1999 5,320 17,159
7/11/1999 5,320 17,159
7/12/1999 5,210 17,108
7/13/1999 5,190 17,041
7/14/1999 5,150 17,098
7/15/1999 5,060 17,238
7/16/1999 5,050 17,350
7/17/1999 5,050 17,350
7/18/1999 5,050 17,350
7/19/1999 4,930 17,214
7/20/1999 5,020 16,841
7/21/1999 5,240 16,869
7/22/1999 5,250 16,645
7/23/1999 5,190 16,595
7/24/1999 5,190 16,595
7/25/1999 5,190 16,595
7/26/1999 5,190 16,483
7/27/1999 5,210 16,668
7/28/1999 5,240 16,700
7/29/1999 5,470 16,405
7/30/1999 5,300 16,255
7/31/1999 5,300 16,255
8/1/1999 5,300 16,255
8/2/1999 5,190 16,246
8/3/1999 5,490 16,175
8/4/1999 5,580 15,971
8/5/1999 5,550 16,075
8/6/1999 5,410 15,914
8/7/1999 5,410 15,914
8/8/1999 5,410 15,914
8/9/1999 5,730 15,884
8/10/1999 5,590 15,684
8/11/1999 5,810 15,939
8/12/1999 5,690 15,893
8/13/1999 5,650 16,255
8/14/1999 5,650 16,255
8/15/1999 5,650 16,255
8/16/1999 5,510 16,293
8/17/1999 5,690 16,457
8/18/1999 5,370 16,321
8/19/1999 5,490 16,208
8/20/1999 5,540 16,368
8/21/1999 5,540 16,368
8/22/1999 5,540 16,368
8/23/1999 5,630 16,657
8/24/1999 5,440 16,697
8/25/1999 5,360 16,922
8/26/1999 5,550 16,680
8/27/1999 5,510 16,513
8/28/1999 5,510 16,513
8/29/1999 5,510 16,513
8/30/1999 5,330 16,218
8/31/1999 5,510 16,174
9/1/1999 5,460 16,308
9/2/1999 5,520 16,162
9/3/1999 5,340 16,630
9/4/1999 5,340 16,630
9/5/1999 5,340 16,630
9/6/1999 5,340 16,630
9/7/1999 5,440 16,548
9/8/1999 5,360 16,472
9/9/1999 5,488 16,515
9/10/1999 5,375 16,564
9/11/1999 5,375 16,564
9/12/1999 5,375 16,564
9/13/1999 5,282 16,476
9/14/1999 5,282 16,380
9/15/1999 5,200 16,156
9/16/1999 5,230 16,163
9/17/1999 5,200 16,371
9/18/1999 5,200 16,371
9/19/1999 5,200 16,371
9/20/1999 5,241 16,373
9/21/1999 5,592 16,030
9/22/1999 5,633 16,067
9/23/1999 5,653 15,698
9/24/1999 5,757 15,660
9/25/1999 5,757 15,660
9/26/1999 5,757 15,660
9/27/1999 6,964 15,733
9/28/1999 6,933 15,723
9/29/1999 6,592 15,555
9/30/1999 6,499 15,731
10/1/1999 6,737 15,732
10/2/1999 6,737 15,732
10/3/1999 6,737 15,732
10/4/1999 7,232 16,000
10/5/1999 6,819 15,961
10/6/1999 6,664 16,258
10/7/1999 6,458 16,164
10/8/1999 6,211 16,389
10/9/1999 6,211 16,389
10/10/1999 6,211 16,389
10/11/1999 6,510 16,379
10/12/1999 6,241 16,107
10/13/1999 6,613 15,771
10/14/1999 6,283 15,745
10/15/1999 6,314 15,303
10/16/1999 6,314 15,303
10/17/1999 6,314 15,303
10/18/1999 6,138 15,386
10/19/1999 5,922 15,474
10/20/1999 5,922 15,820
10/21/1999 6,087 15,749
10/22/1999 5,942 15,970
10/23/1999 5,942 15,970
10/24/1999 5,942 15,970
10/25/1999 5,911 15,872
10/26/1999 5,530 15,728
10/27/1999 5,653 15,911
10/28/1999 5,581 16,475
10/29/1999 5,550 16,726
10/30/1999 5,550 16,726
10/31/1999 5,550 16,726
11/1/1999 5,354 16,618
11/2/1999 5,509 16,540
11/3/1999 5,457 16,631
11/4/1999 5,426 16,726
11/5/1999 5,272 16,819
11/6/1999 5,272 16,819
11/7/1999 5,272 16,819
11/8/1999 5,416 16,904
11/9/1999 5,561 16,764
11/10/1999 5,911 16,866
11/11/1999 5,653 16,964
11/12/1999 5,612 17,145
11/13/1999 5,612 17,145
11/14/1999 5,612 17,145
11/15/1999 5,726 17,124
11/16/1999 5,622 17,440
11/17/1999 5,468 17,328
11/18/1999 5,488 17,503
11/19/1999 5,468 17,467
11/20/1999 5,468 17,467
11/21/1999 5,468 17,467
11/22/1999 5,323 17,455
11/23/1999 5,684 17,255
11/24/1999 5,901 17,408
11/25/1999 5,901 17,408
11/26/1999 5,880 17,404
11/27/1999 5,880 17,404
11/28/1999 5,880 17,404
11/29/1999 5,478 17,298
11/30/1999 5,478 17,066
12/1/1999 5,416 17,178
12/2/1999 5,303 17,317
12/3/1999 5,282 17,616
12/4/1999 5,282 17,616
12/5/1999 5,282 17,616
12/6/1999 5,210 17,493
12/7/1999 5,488 17,320
12/8/1999 5,385 17,256
12/9/1999 5,220 17,309
12/10/1999 5,230 17,418
12/11/1999 5,230 17,418
12/12/1999 5,230 17,418
12/13/1999 5,375 17,399
12/14/1999 5,169 17,251
12/15/1999 5,385 17,377
12/16/1999 5,488 17,445
12/17/1999 5,561 17,473
12/18/1999 5,561 17,473
12/19/1999 5,561 17,473
12/20/1999 5,416 17,437
12/21/1999 5,530 17,626
12/22/1999 5,447 17,661
12/23/1999 5,447 17,934
12/24/1999 5,447 17,934
12/25/1999 5,447 17,934
12/26/1999 5,447 17,934
12/27/1999 5,581 17,919
12/28/1999 5,571 17,926
12/29/1999 5,674 18,000
12/30/1999 5,571 18,012
12/31/1999 5,602 18,071
1/1/2000 5,602 18,071
1/2/2000 5,602 18,071
1/3/2000 5,550 17,899
1/4/2000 5,365 17,213
1/5/2000 5,457 17,248
1/6/2000 5,437 17,268
1/7/2000 5,344 17,735
1/8/2000 5,344 17,735
1/9/2000 5,344 17,735
1/10/2000 5,303 17,934
1/11/2000 5,416 17,700
1/12/2000 5,303 17,624
1/13/2000 5,272 17,838
1/14/2000 5,158 18,029
1/15/2000 5,158 18,029
1/16/2000 5,158 18,029
1/17/2000 5,158 18,029
1/18/2000 5,375 17,906
1/19/2000 5,354 17,916
1/20/2000 5,200 17,789
1/21/2000 5,127 17,737
1/22/2000 5,127 17,737
1/23/2000 5,127 17,737
1/24/2000 5,014 17,247
1/25/2000 4,931 17,352
1/26/2000 4,807 17,279
1/27/2000 5,096 17,212
1/28/2000 4,869 16,741
1/29/2000 4,869 16,741
1/30/2000 4,869 16,741
1/31/2000 4,921 17,163
2/1/2000 4,838 17,346
2/2/2000 4,952 17,345
2/3/2000 4,973 17,542
2/4/2000 5,581 17,535
2/5/2000 5,581 17,535
2/6/2000 5,581 17,535
2/7/2000 5,375 17,534
2/8/2000 5,200 17,750
2/9/2000 5,561 17,384
2/10/2000 5,592 17,448
2/11/2000 5,540 17,084
2/12/2000 5,540 17,084
2/13/2000 5,540 17,084
2/14/2000 5,396 17,119
2/15/2000 5,519 17,268
2/16/2000 5,447 17,094
2/17/2000 5,344 17,102
2/18/2000 5,499 16,582
2/19/2000 5,499 16,582
2/20/2000 5,499 16,582
2/21/2000 5,499 16,582
2/22/2000 5,540 16,658
2/23/2000 5,230 16,764
2/24/2000 5,024 16,675
2/25/2000 4,921 16,429
2/26/2000 4,921 16,429
2/27/2000 4,921 16,429
2/28/2000 4,828 16,612
2/29/2000 4,828 16,838
3/1/2000 4,921 16,999
3/2/2000 4,807 17,032
3/3/2000 4,756 17,369
3/4/2000 4,756 17,369
3/5/2000 4,756 17,369
3/6/2000 4,725 17,151
3/7/2000 5,107 16,712
3/8/2000 4,952 16,850
3/9/2000 5,004 17,282
3/10/2000 4,859 17,200
3/11/2000 4,859 17,200
3/12/2000 4,859 17,200
3/13/2000 4,942 17,061
3/14/2000 4,942 16,760
3/15/2000 4,942 17,167
3/16/2000 4,931 17,988
3/17/2000 4,807 18,062
3/18/2000 4,807 18,062
3/19/2000 4,807 18,062
3/20/2000 4,911 17,965
3/21/2000 5,076 18,424
3/22/2000 4,849 18,508
3/23/2000 4,911 18,838
3/24/2000 4,911 18,839
3/25/2000 4,911 18,839
3/26/2000 4,911 18,839
3/27/2000 4,818 18,795
3/28/2000 4,766 18,596
3/29/2000 4,653 18,608
3/30/2000 4,601 18,354
3/31/2000 4,611 18,486
4/1/2000 4,611 18,486
4/2/2000 4,611 18,486
4/3/2000 4,611 18,577
4/4/2000 4,777 18,439
4/5/2000 4,838 18,350
4/6/2000 4,704 18,525
4/7/2000 4,611 18,710
4/8/2000 4,611 18,710
4/9/2000 4,611 18,710
4/10/2000 4,642 18,564
4/11/2000 4,611 18,517
4/12/2000 4,550 18,106
4/13/2000 4,508 17,777
4/14/2000 4,766 16,741
4/15/2000 4,766 16,741
4/16/2000 4,766 16,741
4/17/2000 4,673 17,294
4/18/2000 4,601 17,791
4/19/2000 4,653 17,617
4/20/2000 4,601 17,704
4/21/2000 4,601 17,704
4/22/2000 4,601 17,704
4/23/2000 4,601 17,704
4/24/2000 4,601 17,647
4/25/2000 4,519 18,234
4/26/2000 4,529 18,032
4/27/2000 4,591 18,083
4/28/2000 4,519 17,930
4/29/2000 4,519 17,930
4/30/2000 4,519 17,930
5/1/2000 4,570 18,125
5/2/2000 5,107 17,854
5/3/2000 4,921 17,471
5/4/2000 5,117 17,403
5/5/2000 4,952 17,688
5/6/2000 4,952 17,688
5/7/2000 4,952 17,688
5/8/2000 4,962 17,585
5/9/2000 4,962 17,437
5/10/2000 4,983 17,082
5/11/2000 4,890 17,392
5/12/2000 4,869 17,554
5/13/2000 4,869 17,554
5/14/2000 4,869 17,554
5/15/2000 4,880 17,943
5/16/2000 4,921 18,112
5/17/2000 4,735 17,888
5/18/2000 4,715 17,758
5/19/2000 4,673 17,385
5/20/2000 4,673 17,385
5/21/2000 4,673 17,385
5/22/2000 4,725 17,308
5/23/2000 4,756 16,977
5/24/2000 4,756 17,289
5/25/2000 4,642 17,072
5/26/2000 4,684 17,031
5/27/2000 4,684 17,031
5/28/2000 4,684 17,031
5/29/2000 4,684 17,031
5/30/2000 4,766 17,581
5/31/2000 4,653 17,562
6/1/2000 4,663 17,911
6/2/2000 4,880 18,263
6/3/2000 4,880 18,263
6/4/2000 4,880 18,263
6/5/2000 5,045 18,144
6/6/2000 5,086 18,023
6/7/2000 4,952 18,192
6/8/2000 4,921 18,073
6/9/2000 4,828 18,014
6/10/2000 4,828 18,014
6/11/2000 4,828 18,014
6/12/2000 4,993 17,879
6/13/2000 4,890 18,171
6/14/2000 5,065 18,186
6/15/2000 4,973 18,287
6/16/2000 4,973 18,112
6/17/2000 4,973 18,112
6/18/2000 4,973 18,112
6/19/2000 4,797 18,379
6/20/2000 4,777 18,255
6/21/2000 4,797 18,294
6/22/2000 4,746 17,962
6/23/2000 4,673 17,829
6/24/2000 4,673 17,829
6/25/2000 4,673 17,829
6/26/2000 4,694 18,000
6/27/2000 4,756 17,942
6/28/2000 4,869 17,997
6/29/2000 4,684 17,843
6/30/2000 4,797 17,995
7/1/2000 4,797 17,995
7/2/2000 4,797 17,995
7/3/2000 4,746 18,180
7/4/2000 4,746 18,180
7/5/2000 4,539 17,895
7/6/2000 4,611 18,027
7/7/2000 4,550 18,302
7/8/2000 4,550 18,302
7/9/2000 4,550 18,302
7/10/2000 4,622 18,261
7/11/2000 4,704 18,327
7/12/2000 4,684 18,477
7/13/2000 4,622 18,513
7/14/2000 4,570 18,689
7/15/2000 4,570 18,689
7/16/2000 4,570 18,689
7/17/2000 4,622 18,695
7/18/2000 4,581 18,488
7/19/2000 4,457 18,343
7/20/2000 4,415 18,511
7/21/2000 4,323 18,321
7/22/2000 4,323 18,321
7/23/2000 4,323 18,321
7/24/2000 4,333 18,125
7/25/2000 4,312 18,251
7/26/2000 4,436 17,978
7/27/2000 4,354 17,945
7/28/2000 4,364 17,578
7/29/2000 4,364 17,578
7/30/2000 4,364 17,578
7/31/2000 4,312 17,713
8/1/2000 4,395 17,803
8/2/2000 4,405 17,812
8/3/2000 4,189 17,985
8/4/2000 4,292 18,116
8/5/2000 4,292 18,116
8/6/2000 4,292 18,116
8/7/2000 4,333 18,319
8/8/2000 4,333 18,364
8/9/2000 4,292 18,243
8/10/2000 4,354 18,089
8/11/2000 4,550 18,233
8/12/2000 4,550 18,233
8/13/2000 4,550 18,233
8/14/2000 4,601 18,478
8/15/2000 4,581 18,390
8/16/2000 4,715 18,335
8/17/2000 4,591 18,537
8/18/2000 4,550 18,483
8/19/2000 4,550 18,483
8/20/2000 4,550 18,483
8/21/2000 4,457 18,580
8/22/2000 4,488 18,563
8/23/2000 4,467 18,661
8/24/2000 4,488 18,691
8/25/2000 4,539 18,668
8/26/2000 4,539 18,668
8/27/2000 4,539 18,668
8/28/2000 4,457 18,763
8/29/2000 4,477 18,711
8/30/2000 4,508 18,626
8/31/2000 4,570 18,814
9/1/2000 4,622 18,852
9/2/2000 4,622 18,852
9/3/2000 4,622 18,852
9/4/2000 4,622 18,852
9/5/2000 4,642 18,683
9/6/2000 4,694 18,500
9/7/2000 4,684 18,628
9/8/2000 4,735 18,529
9/9/2000 4,735 18,529
9/10/2000 4,735 18,529
9/11/2000 4,704 18,464
9/12/2000 4,653 18,374
9/13/2000 4,611 18,414
9/14/2000 4,581 18,365
9/15/2000 4,467 18,178
9/16/2000 4,467 18,178
9/17/2000 4,467 18,178
9/18/2000 4,415 17,914
9/19/2000 4,354 18,105
9/20/2000 4,240 17,999
9/21/2000 4,292 17,971
9/22/2000 4,292 17,967
9/23/2000 4,292 17,967
9/24/2000 4,292 17,967
9/25/2000 4,271 17,847
9/26/2000 4,240 17,700
9/27/2000 4,405 17,695
9/28/2000 4,302 18,089
9/29/2000 4,323 17,820
9/30/2000 4,323 17,820
10/1/2000 4,323 17,820
10/2/2000 4,281 17,817
10/3/2000 4,250 17,696
10/4/2000 4,261 17,796
10/5/2000 4,106 17,824
10/6/2000 4,034 17,485
10/7/2000 4,034 17,485
10/8/2000 4,034 17,485
10/9/2000 4,137 17,399
10/10/2000 4,127 17,213
10/11/2000 3,972 16,936
10/12/2000 4,158 16,504
10/13/2000 4,003 17,055
10/14/2000 4,003 17,055
10/15/2000 4,003 17,055
10/16/2000 3,920 17,061
10/17/2000 3,838 16,755
10/18/2000 3,817 16,658
10/19/2000 3,817 17,237
10/20/2000 3,838 17,339
10/21/2000 3,838 17,339
10/22/2000 3,838 17,339
10/23/2000 3,796 17,324
10/24/2000 3,735 17,354
10/25/2000 3,683 16,942
10/26/2000 3,714 16,936
10/27/2000 3,786 17,125
10/28/2000 3,786 17,125
10/29/2000 3,786 17,125
10/30/2000 3,858 17,363
10/31/2000 3,827 17,745
11/1/2000 3,786 17,645
11/2/2000 3,817 17,735
11/3/2000 3,817 17,715
11/4/2000 3,817 17,715
11/5/2000 3,817 17,715
11/6/2000 3,827 17,783
11/7/2000 3,848 17,780
11/8/2000 3,827 17,501
11/9/2000 3,807 17,390
11/10/2000 3,745 16,966
11/11/2000 3,745 16,966
11/12/2000 3,745 16,966
11/13/2000 3,745 16,785
11/14/2000 3,724 17,180
11/15/2000 3,735 17,267
11/16/2000 3,776 17,050
11/17/2000 3,683 16,994
11/18/2000 3,683 16,994
11/19/2000 3,683 16,994
11/20/2000 3,714 16,682
11/21/2000 3,838 16,742
11/22/2000 3,941 16,432
11/23/2000 3,941 16,432
11/24/2000 3,931 16,673
11/25/2000 3,931 16,673
11/26/2000 3,931 16,673
11/27/2000 4,189 16,763
11/28/2000 4,168 16,604
11/29/2000 4,075 16,681
11/30/2000 4,106 16,346
12/1/2000 4,230 16,350
12/2/2000 4,230 16,350
12/3/2000 4,230 16,350
12/4/2000 4,395 16,471
12/5/2000 4,219 17,112
12/6/2000 4,508 16,803
12/7/2000 4,488 16,706
12/8/2000 4,498 17,033
12/9/2000 4,498 17,033
12/10/2000 4,498 17,033
12/11/2000 4,385 17,162
12/12/2000 4,374 17,049
12/13/2000 4,219 16,914
12/14/2000 4,209 16,677
12/15/2000 4,292 16,319
12/16/2000 4,292 16,319
12/17/2000 4,292 16,319
12/18/2000 4,281 16,451
12/19/2000 4,374 16,238
12/20/2000 4,570 15,731
12/21/2000 4,508 15,857
12/22/2000 4,508 16,244
12/23/2000 4,508 16,244
12/24/2000 4,508 16,244
12/25/2000 4,508 16,244
12/26/2000 4,519 16,359
12/27/2000 4,508 16,533
12/28/2000 4,477 16,599
12/29/2000 4,446 16,426
12/30/2000 4,446 16,426
12/31/2000 4,446 16,426
1/1/2001 4,446 16,426
1/2/2001 4,457 15,966
1/3/2001 4,354 16,768
1/4/2001 4,364 16,591
1/5/2001 4,302 16,156
1/6/2001 4,302 16,156
1/7/2001 4,302 16,156
1/8/2001 4,405 16,128
1/9/2001 4,374 16,190
1/10/2001 4,333 16,347
1/11/2001 4,292 16,515
1/12/2001 4,354 16,410
1/13/2001 4,354 16,410
1/14/2001 4,354 16,410
1/15/2001 4,354 16,410
1/16/2001 4,374 16,513
1/17/2001 4,343 16,549
1/18/2001 4,395 16,780
1/19/2001 4,405 16,712
1/20/2001 4,405 16,712
1/21/2001 4,405 16,712
1/22/2001 4,642 16,717
1/23/2001 4,560 16,935
1/24/2001 4,385 16,983
1/25/2001 4,405 16,899
1/26/2001 4,374 16,868
1/27/2001 4,374 16,868
1/28/2001 4,374 16,868
1/29/2001 4,323 16,984
1/30/2001 4,436 17,103
1/31/2001 4,457 17,009
2/1/2001 4,591 17,103
2/2/2001 4,508 16,804
2/3/2001 4,508 16,804
2/4/2001 4,508 16,804
2/5/2001 4,477 16,865
2/6/2001 4,405 16,840
2/7/2001 4,395 16,703
2/8/2001 4,240 16,598
2/9/2001 4,292 16,378
2/10/2001 4,292 16,378
2/11/2001 4,292 16,378
2/12/2001 4,292 16,572
2/13/2001 4,261 16,430
2/14/2001 4,271 16,397
2/15/2001 4,230 16,531
2/16/2001 4,426 16,219
2/17/2001 4,426 16,219
2/18/2001 4,426 16,219
2/19/2001 4,426 16,219
2/20/2001 4,292 15,938
2/21/2001 4,354 15,644
2/22/2001 4,457 15,614
2/23/2001 4,581 15,527
2/24/2001 4,581 15,527
2/25/2001 4,581 15,527
2/26/2001 4,880 15,800
2/27/2001 4,911 15,680
2/28/2001 4,787 15,458
3/1/2001 4,777 15,474
3/2/2001 4,715 15,387
3/3/2001 4,715 15,387
3/4/2001 4,715 15,387
3/5/2001 4,838 15,479
3/6/2001 4,746 15,634
3/7/2001 4,807 15,738
3/8/2001 5,055 15,774
3/9/2001 4,931 15,383
3/10/2001 4,931 15,383
3/11/2001 4,931 15,383
3/12/2001 4,962 14,719
3/13/2001 4,818 14,940
3/14/2001 4,704 14,554
3/15/2001 4,529 14,640
3/16/2001 4,374 14,353
3/17/2001 4,374 14,353
3/18/2001 4,374 14,353
3/19/2001 4,415 14,606
3/20/2001 4,436 14,255
3/21/2001 4,457 14,000
3/22/2001 4,395 13,943
3/23/2001 4,395 14,221
3/24/2001 4,395 14,221
3/25/2001 4,395 14,221
3/26/2001 4,426 14,381
3/27/2001 4,395 14,749
3/28/2001 4,364 14,390
3/29/2001 4,271 14,324
3/30/2001 4,333 14,479
3/31/2001 4,333 14,479
4/1/2001 4,333 14,479
4/2/2001 4,189 14,298
4/3/2001 4,302 13,806
4/4/2001 4,519 13,769
4/5/2001 4,508 14,371
4/6/2001 4,560 14,087
4/7/2001 4,560 14,087
4/8/2001 4,560 14,087
4/9/2001 4,539 14,201
4/10/2001 4,570 14,587
4/11/2001 4,550 14,556
4/12/2001 4,673 14,776
4/13/2001 4,673 14,776
4/14/2001 4,673 14,776
4/15/2001 4,673 14,776
4/16/2001 4,725 14,729
4/17/2001 4,611 14,880
4/18/2001 4,735 15,460
4/19/2001 4,735 15,654
4/20/2001 4,684 15,520
4/21/2001 4,684 15,520
4/22/2001 4,684 15,520
4/23/2001 4,632 15,287
4/24/2001 4,777 15,102
4/25/2001 4,673 15,343
4/26/2001 4,890 15,416
4/27/2001 4,952 15,648
4/28/2001 4,952 15,648
4/29/2001 4,952 15,648
4/30/2001 4,921 15,604
5/1/2001 5,055 15,816
5/2/2001 5,024 15,830
5/3/2001 4,859 15,596
5/4/2001 4,869 15,822
5/5/2001 4,869 15,822
5/6/2001 4,869 15,822
5/7/2001 4,921 15,783
5/8/2001 4,942 15,756
5/9/2001 5,210 15,687
5/10/2001 5,230 15,685
5/11/2001 5,169 15,567
5/12/2001 5,169 15,567
5/13/2001 5,169 15,567
5/14/2001 5,251 15,609
5/15/2001 5,210 15,616
5/16/2001 5,530 16,063
5/17/2001 5,592 16,107
5/18/2001 5,829 16,153
5/19/2001 5,829 16,153
5/20/2001 5,829 16,153
5/21/2001 5,911 16,414
5/22/2001 5,653 16,371
5/23/2001 5,530 16,117
5/24/2001 5,282 16,169
5/25/2001 5,437 15,978
5/26/2001 5,437 15,978
5/27/2001 5,437 15,978
5/28/2001 5,292 15,978
5/29/2001 5,292 15,855
5/30/2001 5,086 15,610
5/31/2001 5,024 15,708
6/1/2001 5,179 15,769
6/2/2001 5,179 15,769
6/3/2001 5,179 15,769
6/4/2001 5,230 15,850
6/5/2001 5,292 16,056
6/6/2001 5,096 15,889
6/7/2001 5,076 15,976
6/8/2001 5,272 15,826
6/9/2001 5,272 15,826
6/10/2001 5,272 15,826
6/11/2001 5,138 15,694
6/12/2001 5,272 15,712
6/13/2001 5,323 15,537
6/14/2001 5,406 15,266
6/15/2001 5,241 15,197
6/16/2001 5,241 15,197
6/17/2001 5,241 15,197
6/18/2001 5,220 15,123
6/19/2001 5,189 15,175
6/20/2001 5,014 15,308
6/21/2001 4,952 15,482
6/22/2001 4,973 15,336
6/23/2001 4,973 15,336
6/24/2001 4,973 15,336
6/25/2001 5,004 15,251
6/26/2001 5,127 15,228
6/27/2001 5,014 15,159
6/28/2001 4,900 15,348
6/29/2001 4,890 15,326
6/30/2001 4,890 15,326
7/1/2001 4,890 15,326
7/2/2001 4,746 15,480
7/3/2001 4,828 15,454
7/4/2001 4,828 15,454
7/5/2001 4,735 15,267
7/6/2001 4,694 14,911
7/7/2001 4,694 14,911
7/8/2001 4,694 14,911
7/9/2001 4,704 15,014
7/10/2001 4,787 14,798
7/11/2001 4,921 14,783
7/12/2001 4,869 15,133
7/13/2001 4,828 15,228
7/14/2001 4,828 15,228
7/15/2001 4,828 15,228
7/16/2001 4,777 15,062
7/17/2001 4,807 15,212
7/18/2001 4,952 15,129
7/19/2001 4,911 15,221
7/20/2001 4,942 15,168
7/21/2001 4,942 15,168
7/22/2001 4,942 15,168
7/23/2001 4,859 14,920
7/24/2001 4,962 14,677
7/25/2001 4,859 14,913
7/26/2001 4,766 15,069
7/27/2001 4,828 15,107
7/28/2001 4,828 15,107
7/29/2001 4,828 15,107
7/30/2001 4,725 15,091
7/31/2001 4,715 15,175
8/1/2001 4,684 15,236
8/2/2001 4,735 15,298
8/3/2001 4,725 15,220
8/4/2001 4,725 15,220
8/5/2001 4,725 15,220
8/6/2001 4,756 15,046
8/7/2001 4,684 15,096
8/8/2001 4,756 14,837
8/9/2001 4,993 14,838
8/10/2001 4,962 14,923
8/11/2001 4,962 14,923
8/12/2001 4,962 14,923
8/13/2001 5,055 14,938
8/14/2001 4,983 14,882
8/15/2001 5,024 14,775
8/16/2001 5,034 14,821
8/17/2001 5,086 14,575
8/18/2001 5,086 14,575
8/19/2001 5,086 14,575
8/20/2001 5,055 14,694
8/21/2001 5,065 14,516
8/22/2001 5,055 14,618
8/23/2001 5,117 14,578
8/24/2001 5,117 14,865
8/25/2001 5,117 14,865
8/26/2001 5,117 14,865
8/27/2001 5,045 14,793
8/28/2001 5,055 14,571
8/29/2001 5,055 14,412
8/30/2001 5,045 14,168
8/31/2001 5,004 14,225
9/1/2001 5,004 14,225
9/2/2001 5,004 14,225
9/3/2001 5,004 14,225
9/4/2001 4,859 14,217
9/5/2001 4,911 14,205
9/6/2001 4,849 13,887
9/7/2001 4,880 13,629
9/8/2001 4,880 13,629
9/9/2001 4,880 13,629
9/10/2001 4,911 13,714
9/11/2001 4,911 13,714
9/12/2001 4,911 13,714
9/13/2001 4,911 13,714
9/14/2001 4,911 13,714
9/15/2001 4,911 13,714
9/16/2001 4,911 13,714
9/17/2001 5,055 13,043
9/18/2001 5,169 12,968
9/19/2001 5,179 12,760
9/20/2001 5,272 12,363
9/21/2001 5,189 12,128
9/22/2001 5,189 12,128
9/23/2001 5,189 12,128
9/24/2001 5,055 12,601
9/25/2001 4,993 12,712
9/26/2001 5,138 12,650
9/27/2001 5,158 12,796
9/28/2001 5,179 13,076
9/29/2001 5,179 13,076
9/30/2001 5,179 13,076
10/1/2001 5,282 13,046
10/2/2001 5,303 13,207
10/3/2001 5,127 13,473
10/4/2001 5,086 13,440
10/5/2001 5,282 13,465
10/6/2001 5,282 13,465
10/7/2001 5,282 13,465
10/8/2001 5,230 13,352
10/9/2001 5,034 13,282
10/10/2001 4,880 13,587
10/11/2001 4,766 13,794
10/12/2001 4,983 13,722
10/13/2001 4,983 13,722
10/14/2001 4,983 13,722
10/15/2001 4,942 13,701
10/16/2001 5,076 13,796
10/17/2001 5,158 13,540
10/18/2001 4,962 13,433
10/19/2001 4,880 13,495
10/20/2001 4,880 13,495
10/21/2001 4,880 13,495
10/22/2001 4,746 13,701
10/23/2001 4,797 13,637
10/24/2001 4,849 13,642
10/25/2001 4,890 13,829
10/26/2001 4,869 13,886
10/27/2001 4,869 13,886
10/28/2001 4,869 13,886
10/29/2001 4,880 13,557
10/30/2001 4,993 13,325
10/31/2001 4,993 13,326
11/1/2001 4,973 13,633
11/2/2001 5,086 13,672
11/3/2001 5,086 13,672
11/4/2001 5,086 13,672
11/5/2001 5,045 13,869
11/6/2001 5,004 14,071
11/7/2001 5,086 14,037
11/8/2001 4,911 14,072
11/9/2001 4,973 14,095
11/10/2001 4,973 14,095
11/11/2001 4,973 14,095
11/12/2001 4,962 14,070
11/13/2001 4,911 14,333
11/14/2001 4,880 14,363
11/15/2001 4,838 14,376
11/16/2001 4,725 14,332
11/17/2001 4,725 14,332
11/18/2001 4,725 14,332
11/19/2001 4,622 14,489
11/20/2001 4,673 14,384
11/21/2001 4,632 14,313
11/22/2001 4,632 14,313
11/23/2001 4,642 14,481
11/24/2001 4,642 14,481
11/25/2001 4,642 14,481
11/26/2001 4,663 14,570
11/27/2001 4,797 14,470
11/28/2001 4,838 14,209
11/29/2001 4,797 14,358
11/30/2001 4,880 14,348
12/1/2001 4,880 14,348
12/2/2001 4,880 14,348
12/3/2001 4,952 14,228
12/4/2001 4,911 14,415
12/5/2001 4,973 14,742
12/6/2001 5,055 14,702
12/7/2001 4,931 14,591
12/8/2001 4,931 14,591
12/9/2001 4,931 14,591
12/10/2001 4,880 14,360
12/11/2001 4,869 14,320
12/12/2001 4,973 14,326
12/13/2001 4,973 14,104
12/14/2001 5,138 14,150
12/15/2001 5,138 14,150
12/16/2001 5,138 14,150
12/17/2001 5,086 14,293
12/18/2001 5,220 14,401
12/19/2001 5,014 14,485
12/20/2001 5,086 14,366
12/21/2001 5,065 14,429
12/22/2001 5,065 14,429
12/23/2001 5,065 14,429
12/24/2001 5,076 14,426
12/25/2001 5,076 14,426
12/26/2001 5,055 14,485
12/27/2001 5,014 14,587
12/28/2001 4,942 14,637
12/29/2001 4,942 14,637
12/30/2001 4,942 14,637
12/31/2001 5,024 14,474
1/1/2002 5,024 14,474
1/2/2002 5,065 14,559
1/3/2002 5,127 14,693
1/4/2002 5,158 14,784
1/5/2002 5,158 14,784
1/6/2002 5,158 14,784
1/7/2002 5,251 14,688
1/8/2002 5,169 14,639
1/9/2002 5,365 14,570
1/10/2002 5,406 14,588
1/11/2002 5,406 14,450
1/12/2002 5,406 14,450
1/13/2002 5,406 14,450
1/14/2002 5,406 14,359
1/15/2002 5,478 14,458
1/16/2002 5,550 14,224
1/17/2002 5,457 14,367
1/18/2002 5,396 14,224
1/19/2002 5,396 14,224
1/20/2002 5,396 14,224
1/21/2002 5,396 14,224
1/22/2002 5,426 14,120
1/23/2002 5,385 14,232
1/24/2002 5,313 14,282
1/25/2002 5,447 14,296
1/26/2002 5,447 14,296
1/27/2002 5,447 14,296
1/28/2002 5,406 14,294
1/29/2002 5,550 13,886
1/30/2002 5,571 14,051
1/31/2002 5,674 14,262
2/1/2002 5,788 14,161
2/2/2002 5,788 14,161
2/3/2002 5,788 14,161
2/4/2002 6,004 13,811
2/5/2002 6,241 13,756
2/6/2002 5,994 13,675
2/7/2002 6,169 13,636
2/8/2002 6,293 13,839
2/9/2002 6,293 13,839
2/10/2002 6,293 13,839
2/11/2002 6,025 14,038
2/12/2002 6,159 13,982
2/13/2002 6,200 14,125
2/14/2002 6,355 14,101
2/15/2002 6,283 13,946
2/16/2002 6,283 13,946
2/17/2002 6,283 13,946
2/18/2002 6,283 13,946
2/19/2002 5,973 13,683
2/20/2002 5,911 13,869
2/21/2002 6,076 13,654
2/22/2002 6,045 13,767
2/23/2002 6,045 13,767
2/24/2002 6,045 13,767
2/25/2002 5,953 14,014
2/26/2002 6,231 14,015
2/27/2002 6,159 14,027
2/28/2002 6,138 13,987
3/1/2002 6,180 14,304
3/2/2002 6,180 14,304
3/3/2002 6,180 14,304
3/4/2002 6,118 14,583
3/5/2002 5,994 14,486
3/6/2002 6,087 14,699
3/7/2002 5,849 14,634
3/8/2002 5,705 14,719
3/9/2002 5,705 14,719
3/10/2002 5,705 14,719
3/11/2002 5,819 14,769
3/12/2002 5,963 14,736
3/13/2002 5,808 14,594
3/14/2002 5,808 14,581
3/15/2002 5,788 14,747
3/16/2002 5,788 14,747
3/17/2002 5,788 14,747
3/18/2002 6,035 14,740
3/19/2002 6,004 14,800
3/20/2002 6,118 14,567
3/21/2002 6,128 14,589
3/22/2002 6,334 14,528
3/23/2002 6,334 14,528
3/24/2002 6,334 14,528
3/25/2002 6,541 14,315
3/26/2002 6,376 14,401
3/27/2002 6,695 14,478
3/28/2002 6,603 14,513
3/29/2002 6,603 14,513
3/30/2002 6,603 14,513
3/31/2002 6,603 14,513
4/1/2002 6,706 14,503
4/2/2002 6,654 14,379
4/3/2002 6,468 14,238
4/4/2002 6,468 14,250
4/5/2002 6,396 14,205
4/6/2002 6,396 14,205
4/7/2002 6,396 14,205
4/8/2002 6,345 14,240
4/9/2002 6,272 14,146
4/10/2002 6,561 14,307
4/11/2002 6,520 13,969
4/12/2002 6,551 14,062
4/13/2002 6,551 14,062
4/14/2002 6,551 14,062
4/15/2002 6,520 13,955
4/16/2002 6,448 14,281
4/17/2002 6,737 14,253
4/18/2002 6,592 14,233
4/19/2002 6,757 14,242
4/20/2002 6,757 14,242
4/21/2002 6,757 14,242
4/22/2002 6,788 14,023
4/23/2002 6,860 13,936
4/24/2002 6,871 13,837
4/25/2002 6,850 13,816
4/26/2002 7,149 13,625
4/27/2002 7,149 13,625
4/28/2002 7,149 13,625
4/29/2002 7,077 13,488
4/30/2002 6,819 13,634
5/1/2002 6,984 13,756
5/2/2002 6,984 13,733
5/3/2002 7,201 13,593
5/4/2002 7,201 13,593
5/5/2002 7,201 13,593
5/6/2002 7,345 13,330
5/7/2002 7,180 13,290
5/8/2002 7,180 13,790
5/9/2002 7,294 13,592
5/10/2002 7,438 13,364
5/11/2002 7,438 13,364
5/12/2002 7,438 13,364
5/13/2002 7,552 13,614
5/14/2002 7,180 13,902
5/15/2002 7,149 13,828
5/16/2002 7,294 13,919
5/17/2002 7,552 14,028
5/18/2002 7,552 14,028
5/19/2002 7,552 14,028
5/20/2002 7,810 13,842
5/21/2002 7,995 13,690
5/22/2002 8,016 13,769
5/23/2002 8,150 13,909
5/24/2002 8,047 13,741
5/25/2002 8,047 13,741
5/26/2002 8,047 13,741
5/27/2002 8,047 13,741
5/28/2002 8,294 13,624
5/29/2002 8,068 13,538
5/30/2002 7,861 13,502
5/31/2002 7,923 13,533
6/1/2002 7,923 13,533
6/2/2002 7,923 13,533
6/3/2002 8,150 13,198
6/4/2002 8,006 13,198
6/5/2002 7,768 13,320
6/6/2002 7,841 13,057
6/7/2002 7,418 13,036
6/8/2002 7,418 13,036
6/9/2002 7,418 13,036
6/10/2002 7,026 13,077
6/11/2002 7,283 12,860
6/12/2002 7,067 12,947
6/13/2002 6,953 12,811
6/14/2002 7,170 12,782
6/15/2002 7,170 12,782
6/16/2002 7,170 12,782
6/17/2002 6,881 13,149
6/18/2002 7,160 13,162
6/19/2002 7,108 12,945
6/20/2002 7,490 12,771
6/21/2002 7,449 12,554
6/22/2002 7,449 12,554
6/23/2002 7,449 12,554
6/24/2002 7,459 12,599
6/25/2002 7,376 12,389
6/26/2002 7,222 12,362
6/27/2002 6,984 12,580
6/28/2002 6,819 12,569
6/29/2002 6,819 12,569
6/30/2002 6,819 12,569
7/1/2002 7,087 12,300
7/2/2002 6,706 12,042
7/3/2002 6,706 12,117
7/4/2002 6,706 12,117
7/5/2002 6,644 12,562
7/6/2002 6,644 12,562
7/7/2002 6,644 12,562
7/8/2002 6,912 12,413
7/9/2002 7,356 12,107
7/10/2002 7,366 11,696
7/11/2002 7,118 11,785
7/12/2002 7,129 11,709
7/13/2002 7,129 11,709
7/14/2002 7,129 11,709
7/15/2002 6,891 11,665
7/16/2002 6,799 11,450
7/17/2002 6,623 11,515
7/18/2002 6,685 11,204
7/19/2002 6,747 10,774
7/20/2002 6,747 10,774
7/21/2002 6,747 10,774
7/22/2002 6,334 10,419
7/23/2002 5,695 10,138
7/24/2002 5,994 10,719
7/25/2002 5,695 10,659
7/26/2002 5,313 10,839
7/27/2002 5,313 10,839
7/28/2002 5,313 10,839
7/29/2002 5,653 11,426
7/30/2002 5,860 11,476
7/31/2002 5,757 11,589
8/1/2002 5,880 11,248
8/2/2002 6,015 10,989
8/3/2002 6,015 10,989
8/4/2002 6,015 10,989
8/5/2002 5,653 10,612
8/6/2002 5,911 10,930
8/7/2002 6,025 11,151
8/8/2002 5,891 11,516
8/9/2002 6,262 11,559
8/10/2002 6,262 11,559
8/11/2002 6,262 11,559
8/12/2002 6,211 11,498
8/13/2002 6,231 11,250
8/14/2002 6,159 11,703
8/15/2002 6,386 11,839
8/16/2002 6,262 11,822
8/17/2002 6,262 11,822
8/18/2002 6,262 11,822
8/19/2002 6,045 12,101
8/20/2002 6,045 11,932
8/21/2002 6,004 12,085
8/22/2002 6,159 12,255
8/23/2002 5,984 11,978
8/24/2002 5,984 11,978
8/25/2002 5,984 11,978
8/26/2002 6,283 12,068
8/27/2002 6,458 11,901
8/28/2002 6,438 11,687
8/29/2002 6,716 11,687
8/30/2002 6,664 11,665
8/31/2002 6,664 11,665
9/1/2002 6,664 11,665
9/2/2002 6,664 11,665
9/3/2002 6,757 11,181
9/4/2002 6,634 11,381
9/5/2002 6,840 11,200
9/6/2002 6,902 11,388
9/7/2002 6,902 11,388
9/8/2002 6,902 11,388
9/9/2002 7,129 11,504
9/10/2002 6,840 11,588
9/11/2002 6,902 11,589
9/12/2002 7,149 11,304
9/13/2002 7,118 11,341
9/14/2002 7,118 11,341
9/15/2002 7,118 11,341
9/16/2002 7,170 11,358
9/17/2002 6,933 11,134
9/18/2002 6,922 11,083
9/19/2002 7,067 10,750
9/20/2002 7,026 10,776
9/21/2002 7,026 10,776
9/22/2002 7,026 10,776
9/23/2002 6,850 10,628
9/24/2002 6,974 10,444
9/25/2002 6,788 10,706
9/26/2002 6,520 10,903
9/27/2002 6,468 10,552
9/28/2002 6,468 10,552
9/29/2002 6,468 10,552
9/30/2002 6,541 10,398
10/1/2002 6,396 10,814
10/2/2002 6,334 10,561
10/3/2002 6,303 10,447
10/4/2002 6,324 10,213
10/5/2002 6,324 10,213
10/6/2002 6,324 10,213
10/7/2002 6,128 10,017
10/8/2002 5,963 10,191
10/9/2002 5,849 9,914
10/10/2002 5,767 10,261
10/11/2002 5,911 10,662
10/12/2002 5,911 10,662
10/13/2002 5,911 10,662
10/14/2002 5,963 10,740
10/15/2002 5,829 11,249
10/16/2002 5,819 10,978
10/17/2002 5,849 11,223
10/18/2002 5,757 11,290
10/19/2002 5,757 11,290
10/20/2002 5,757 11,290
10/21/2002 5,726 11,485
10/22/2002 5,973 11,363
10/23/2002 5,891 11,440
10/24/2002 5,891 11,266
10/25/2002 5,880 11,459
10/26/2002 5,880 11,459
10/27/2002 5,880 11,459
10/28/2002 6,056 11,365
10/29/2002 6,107 11,263
10/30/2002 6,200 11,374
10/31/2002 6,025 11,313
11/1/2002 6,252 11,507
11/2/2002 6,252 11,507
11/3/2002 6,252 11,507
11/4/2002 6,355 11,601
11/5/2002 6,386 11,692
11/6/2002 6,572 11,801
11/7/2002 6,561 11,534
11/8/2002 6,530 11,434
11/9/2002 6,530 11,434
11/10/2002 6,530 11,434
11/11/2002 6,438 11,197
11/12/2002 6,499 11,284
11/13/2002 6,241 11,282
11/14/2002 6,283 11,561
11/15/2002 6,499 11,633
11/16/2002 6,499 11,633
11/17/2002 6,499 11,633
11/18/2002 6,407 11,513
11/19/2002 6,241 11,467
11/20/2002 6,190 11,690
11/21/2002 6,107 11,942
11/22/2002 6,107 11,901
11/23/2002 6,107 11,901
11/24/2002 6,107 11,901
11/25/2002 6,025 11,931
11/26/2002 6,004 11,683
11/27/2002 6,004 12,011
11/28/2002 6,004 12,011
11/29/2002 6,056 11,979
11/30/2002 6,056 11,979
12/1/2002 6,056 11,979
12/2/2002 6,025 11,956
12/3/2002 6,293 11,780
12/4/2002 6,396 11,743
12/5/2002 6,458 11,602
12/6/2002 6,654 11,676
12/7/2002 6,654 11,676
12/8/2002 6,654 11,676
12/9/2002 6,644 11,417
12/10/2002 6,489 11,576
12/11/2002 6,623 11,585
12/12/2002 7,098 11,543
12/13/2002 7,222 11,388
12/14/2002 7,222 11,388
12/15/2002 7,222 11,388
12/16/2002 7,356 11,656
12/17/2002 7,036 11,562
12/18/2002 7,283 11,411
12/19/2002 7,098 11,325
12/20/2002 7,087 11,472
12/21/2002 7,087 11,472
12/22/2002 7,087 11,472
12/23/2002 7,294 11,493
12/24/2002 7,211 11,431
12/25/2002 7,211 11,431
12/26/2002 7,531 11,395
12/27/2002 7,438 11,217
12/28/2002 7,438 11,217
12/29/2002 7,438 11,217
12/30/2002 7,304 11,268
12/31/2002 7,314 11,275
1/1/2003 7,314 11,275
1/2/2003 7,376 11,650
1/3/2003 7,562 11,645
1/4/2003 7,562 11,645
1/5/2003 7,562 11,645
1/6/2003 7,510 11,906
1/7/2003 7,242 11,829
1/8/2003 7,438 11,666
1/9/2003 7,376 11,893
1/10/2003 7,490 11,893
1/11/2003 7,490 11,893
1/12/2003 7,490 11,893
1/13/2003 7,376 11,877
1/14/2003 7,087 11,946
1/15/2003 7,067 11,776
1/16/2003 7,335 11,729
1/17/2003 7,191 11,565
1/18/2003 7,191 11,565
1/19/2003 7,191 11,565
1/20/2003 7,191 11,565
1/21/2003 7,201 11,383
1/22/2003 7,325 11,266
1/23/2003 7,521 11,381
1/24/2003 7,686 11,048
1/25/2003 7,686 11,048
1/26/2003 7,686 11,048
1/27/2003 7,459 10,870
1/28/2003 7,418 11,012
1/29/2003 7,263 11,088
1/30/2003 7,314 10,837
1/31/2003 7,242 10,980
2/1/2003 7,242 10,980
2/2/2003 7,242 10,980
2/3/2003 7,139 11,039
2/4/2003 7,541 10,884
2/5/2003 7,232 10,827
2/6/2003 7,170 10,760
2/7/2003 7,077 10,652
2/8/2003 7,077 10,652
2/9/2003 7,077 10,652
2/10/2003 6,788 10,733
2/11/2003 7,026 10,646
2/12/2003 6,768 10,515
2/13/2003 7,026 10,499
2/14/2003 6,840 10,725
2/15/2003 6,840 10,725
2/16/2003 6,840 10,725
2/17/2003 6,840 10,725
2/18/2003 6,809 10,935
2/19/2003 6,912 10,859
2/20/2003 7,005 10,756
2/21/2003 6,860 10,899
2/22/2003 6,860 10,899
2/23/2003 6,860 10,899
2/24/2003 6,830 10,699
2/25/2003 6,675 10,776
2/26/2003 6,726 10,638
2/27/2003 6,664 10,765
2/28/2003 6,757 10,815
3/1/2003 6,757 10,815
3/2/2003 6,757 10,815
3/3/2003 6,613 10,733
3/4/2003 6,623 10,569
3/5/2003 6,634 10,673
3/6/2003 6,582 10,574
3/7/2003 6,407 10,662
3/8/2003 6,407 10,662
3/9/2003 6,407 10,662
3/10/2003 6,138 10,387
3/11/2003 5,973 10,300
3/12/2003 5,953 10,349
3/13/2003 6,056 10,706
3/14/2003 6,221 10,724
3/15/2003 6,221 10,724
3/16/2003 6,221 10,724
3/17/2003 6,169 11,104
3/18/2003 6,272 11,152
3/19/2003 6,241 11,250
3/20/2003 6,118 11,271
3/21/2003 5,984 11,530
3/22/2003 5,984 11,530
3/23/2003 5,984 11,530
3/24/2003 5,922 11,124
3/25/2003 5,963 11,259
3/26/2003 6,004 11,198
3/27/2003 5,860 11,181
3/28/2003 6,231 11,117
3/29/2003 6,231 11,117
3/30/2003 6,231 11,117
3/31/2003 6,272 10,920
4/1/2003 6,118 11,053
4/2/2003 6,045 11,343
4/3/2003 5,994 11,286
4/4/2003 6,045 11,317
4/5/2003 6,045 11,317
4/6/2003 6,045 11,317
4/7/2003 5,994 11,331
4/8/2003 6,025 11,314
4/9/2003 6,211 11,157
4/10/2003 6,190 11,229
4/11/2003 6,180 11,188
4/12/2003 6,180 11,188
4/13/2003 6,180 11,188
4/14/2003 6,169 11,406
4/15/2003 6,262 11,479
4/16/2003 6,345 11,338
4/17/2003 6,355 11,515
4/18/2003 6,355 11,515
4/19/2003 6,355 11,515
4/20/2003 6,355 11,515
4/21/2003 6,489 11,494
4/22/2003 6,468 11,744
4/23/2003 6,458 11,843
4/24/2003 6,211 11,745
4/25/2003 6,107 11,582
4/26/2003 6,107 11,582
4/27/2003 6,107 11,582
4/28/2003 6,087 11,791
4/29/2003 6,004 11,830
4/30/2003 6,128 11,819
5/1/2003 6,365 11,813
5/2/2003 6,386 11,991
5/3/2003 6,386 11,991
5/4/2003 6,386 11,991
5/5/2003 6,510 11,946
5/6/2003 6,561 12,047
5/7/2003 6,407 11,987
5/8/2003 6,572 11,867
5/9/2003 6,582 12,039
5/10/2003 6,582 12,039
5/11/2003 6,582 12,039
5/12/2003 6,685 12,191
5/13/2003 6,541 12,156
5/14/2003 6,675 12,120
5/15/2003 6,706 12,217
5/16/2003 6,675 12,188
5/17/2003 6,675 12,188
5/18/2003 6,675 12,188
5/19/2003 6,964 11,885
5/20/2003 6,984 11,871
5/21/2003 7,087 11,920
5/22/2003 6,922 12,029
5/23/2003 6,943 12,047
5/24/2003 6,943 12,047
5/25/2003 6,943 12,047
5/26/2003 6,943 12,047
5/27/2003 6,974 12,282
5/28/2003 6,675 12,307
5/29/2003 6,788 12,261
5/30/2003 6,850 12,442
5/31/2003 6,850 12,442
6/1/2003 6,850 12,442
6/2/2003 6,819 12,486
6/3/2003 6,768 12,545
6/4/2003 6,788 12,739
6/5/2003 7,077 12,790
6/6/2003 7,005 12,760
6/7/2003 7,005 12,760
6/8/2003 7,005 12,760
6/9/2003 6,943 12,607
6/10/2003 6,871 12,723
6/11/2003 6,953 12,890
6/12/2003 6,974 12,904
6/13/2003 7,118 12,776
6/14/2003 7,118 12,776
6/15/2003 7,118 12,776
6/16/2003 7,211 13,063
6/17/2003 7,449 13,075
6/18/2003 7,376 13,055
6/19/2003 7,428 12,857
6/20/2003 7,314 12,869
6/21/2003 7,314 12,869
6/22/2003 7,314 12,869
6/23/2003 7,067 12,688
6/24/2003 6,933 12,711
6/25/2003 7,015 12,606
6/26/2003 7,005 12,747
6/27/2003 7,005 12,623
6/28/2003 7,005 12,623
6/29/2003 7,005 12,623
6/30/2003 7,139 12,601
7/1/2003 7,356 12,704
7/2/2003 7,335 12,852
7/3/2003 7,283 12,748
7/4/2003 7,283 12,748
7/5/2003 7,283 12,748
7/6/2003 7,283 12,748
7/7/2003 7,222 12,990
7/8/2003 7,087 13,039
7/9/2003 7,056 12,968
7/10/2003 7,087 12,793
7/11/2003 7,149 12,916
7/12/2003 7,149 12,916
7/13/2003 7,149 12,916
7/14/2003 7,160 12,990
7/15/2003 6,778 12,945
7/16/2003 6,664 12,863
7/17/2003 6,726 12,705
7/18/2003 6,778 12,855
7/19/2003 6,778 12,855
7/20/2003 6,778 12,855
7/21/2003 6,964 12,667
7/22/2003 6,984 12,787
7/23/2003 7,366 12,794
7/24/2003 7,572 12,703
7/25/2003 7,706 12,925
7/26/2003 7,706 12,925
7/27/2003 7,706 12,925
7/28/2003 7,655 12,897
7/29/2003 7,479 12,805
7/30/2003 7,418 12,783
7/31/2003 7,459 12,823
8/1/2003 7,387 12,692
8/2/2003 7,387 12,692
8/3/2003 7,387 12,692
8/4/2003 7,449 12,726
8/5/2003 7,438 12,502
8/6/2003 7,593 12,525
8/7/2003 7,593 12,617
8/8/2003 7,944 12,662
8/9/2003 7,944 12,662
8/10/2003 7,944 12,662
8/11/2003 8,088 12,704
8/12/2003 7,954 12,830
8/13/2003 8,057 12,753
8/14/2003 8,098 12,837
8/15/2003 8,078 12,842
8/16/2003 8,078 12,842
8/17/2003 8,078 12,842
8/18/2003 7,944 12,960
8/19/2003 8,233 12,994
8/20/2003 8,408 12,968
8/21/2003 8,119 13,008
8/22/2003 7,995 12,875
8/23/2003 7,995 12,875
8/24/2003 7,995 12,875
8/25/2003 7,933 12,884
8/26/2003 8,057 12,923
8/27/2003 8,439 12,926
8/28/2003 8,408 13,005
8/29/2003 8,377 13,073
8/30/2003 8,377 13,073
8/31/2003 8,377 13,073
9/1/2003 8,377 13,073
9/2/2003 8,315 13,255
9/3/2003 8,325 13,314
9/4/2003 8,470 13,336
9/5/2003 8,614 13,251
9/6/2003 8,614 13,251
9/7/2003 8,614 13,251
9/8/2003 8,594 13,385
9/9/2003 8,697 13,275
9/10/2003 8,563 13,118
9/11/2003 8,666 13,193
9/12/2003 8,480 13,222
9/13/2003 8,480 13,222
9/14/2003 8,480 13,222
9/15/2003 8,418 13,172
9/16/2003 8,439 13,361
9/17/2003 8,532 13,318
9/18/2003 8,470 13,495
9/19/2003 8,697 13,452
9/20/2003 8,697 13,452
9/21/2003 8,697 13,452
9/22/2003 8,800 13,277
9/23/2003 8,852 13,358
9/24/2003 8,862 13,103
9/25/2003 8,480 13,026
9/26/2003 8,109 12,945
9/27/2003 8,109 12,945
9/28/2003 8,109 12,945
9/29/2003 8,181 13,072
9/30/2003 8,202 12,934
10/1/2003 8,274 13,224
10/2/2003 8,367 13,252
10/3/2003 7,995 13,377
10/4/2003 7,995 13,377
10/5/2003 7,995 13,377
10/6/2003 8,037 13,436
10/7/2003 8,212 13,500
10/8/2003 8,264 13,434
10/9/2003 8,243 13,498
10/10/2003 8,243 13,490
10/11/2003 8,243 13,490
10/12/2003 8,243 13,490
10/13/2003 8,470 13,585
10/14/2003 8,439 13,639
10/15/2003 8,367 13,606
10/16/2003 8,532 13,650
10/17/2003 8,336 13,510
10/18/2003 8,336 13,510
10/19/2003 8,336 13,510
10/20/2003 8,356 13,580
10/21/2003 8,790 13,597
10/22/2003 8,841 13,395
10/23/2003 8,759 13,439
10/24/2003 8,883 13,376
10/25/2003 8,883 13,376
10/26/2003 8,883 13,376
10/27/2003 8,903 13,405
10/28/2003 8,810 13,609
10/29/2003 9,017 13,628
10/30/2003 8,790 13,617
10/31/2003 8,841 13,666
11/1/2003 8,841 13,666
11/2/2003 8,841 13,666
11/3/2003 8,614 13,774
11/4/2003 8,717 13,699
11/5/2003 8,697 13,683
11/6/2003 8,501 13,765
11/7/2003 8,707 13,705
11/8/2003 8,707 13,705
11/9/2003 8,707 13,705
11/10/2003 8,645 13,627
11/11/2003 8,656 13,620
11/12/2003 9,285 13,781
11/13/2003 9,213 13,779
11/14/2003 9,347 13,677
11/15/2003 9,347 13,677
11/16/2003 9,347 13,677
11/17/2003 9,182 13,589
11/18/2003 9,718 13,467
11/19/2003 9,801 13,575
11/20/2003 9,708 13,461
11/21/2003 9,780 13,483
11/22/2003 9,780 13,483
11/23/2003 9,780 13,483
11/24/2003 9,574 13,702
11/25/2003 9,708 13,727
11/26/2003 10,059 13,789
11/27/2003 10,059 13,789
11/28/2003 10,265 13,786
11/29/2003 10,265 13,786
11/30/2003 10,265 13,786
12/1/2003 10,616 13,942
12/2/2003 10,667 13,897
12/3/2003 10,585 13,876
12/4/2003 10,244 13,942
12/5/2003 10,502 13,835
12/6/2003 10,502 13,835
12/7/2003 10,502 13,835
12/8/2003 10,471 13,937
12/9/2003 10,120 13,818
12/10/2003 9,563 13,806
12/11/2003 9,863 13,966
12/12/2003 9,935 14,005
12/13/2003 9,935 14,005
12/14/2003 9,935 14,005
12/15/2003 10,017 13,925
12/16/2003 9,708 14,018
12/17/2003 9,873 14,037
12/18/2003 9,811 14,205
12/19/2003 9,553 14,198
12/20/2003 9,553 14,198
12/21/2003 9,553 14,198
12/22/2003 9,522 14,254
12/23/2003 9,615 14,294
12/24/2003 9,718 14,269
12/25/2003 9,718 14,269
12/26/2003 9,986 14,293
12/27/2003 9,986 14,293
12/28/2003 9,986 14,293
12/29/2003 10,461 14,475
12/30/2003 10,409 14,479
12/31/2003 10,306 14,509
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 12/31/03
- --------------------------------------------------------------------------------
SINCE
ONE FIVE INCEPTION
YEAR YEAR (05/29/97)
- --------------------------------------------------------------------------------
PRECIOUS METALS FUND 40.90% 12.15% 0.46%
S&P 500 INDEX 28.68% -0.57% 5.81%
- --------------------------------------------------------------------------------
The returns presented above do not reflect the effects of taxes. Past
performance is no guarantee of future results. The S&P 500 Index is an unmanaged
stock index and, unlike the fund, has no management fees or other operating
expenses to reduce its reported returns. Returns are historical and include
changes in principal and reinvested dividends and capital gains.
ANNUAL REPORT 29
REAL ESTATE FUND
- --------------------------------------------------------------------------------
OBJECTIVE: Seeks capital appreciation by investing in companies engaged in the
real estate industry, and REITs.
Inception: October 1, 2001
During 2003, the REIT industry continued its stellar run and its outperformance
of the broader markets. Investors continued to remain attracted to REITs due to
their low valuations relative to the market, steady and attractive dividend
yields and low historical volatility. Given the low interest rate environment,
REITs provided a high current income compared to the alternatives. While rent
growth was weak, an improving economy supported investors' notions of improving
long-term real estate fundamentals. While the S&P 500 Index rose 28.68% during
2003, Rydex Real Estate Fund gained 30.31%.
Cumulative Fund Performance: October 1, 2001 - December 31, 2003
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
Variable S&P 500
Date Real Estate Index
10/1/2001 $10,000 $10,000
10/2/2001 9,916 10,122
10/3/2001 9,760 10,326
10/4/2001 9,868 10,301
10/5/2001 9,828 10,320
10/6/2001 9,828 10,320
10/7/2001 9,828 10,320
10/8/2001 9,856 10,234
10/9/2001 9,892 10,180
10/10/2001 9,960 10,413
10/11/2001 10,052 10,572
10/12/2001 10,020 10,517
10/13/2001 10,020 10,517
10/14/2001 10,020 10,517
10/15/2001 10,092 10,501
10/16/2001 9,984 10,574
10/17/2001 9,916 10,377
10/18/2001 9,840 10,296
10/19/2001 9,776 10,343
10/20/2001 9,776 10,343
10/21/2001 9,776 10,343
10/22/2001 9,644 10,501
10/23/2001 9,648 10,452
10/24/2001 9,556 10,456
10/25/2001 9,588 10,599
10/26/2001 9,576 10,643
10/27/2001 9,576 10,643
10/28/2001 9,576 10,643
10/29/2001 9,640 10,390
10/30/2001 9,628 10,212
10/31/2001 9,708 10,213
11/1/2001 9,868 10,449
11/2/2001 9,776 10,479
11/3/2001 9,776 10,479
11/4/2001 9,776 10,479
11/5/2001 9,788 10,630
11/6/2001 9,916 10,785
11/7/2001 9,884 10,759
11/8/2001 9,928 10,786
11/9/2001 9,864 10,803
11/10/2001 9,864 10,803
11/11/2001 9,864 10,803
11/12/2001 9,896 10,784
11/13/2001 9,996 10,986
11/14/2001 10,056 11,009
11/15/2001 10,156 11,019
11/16/2001 10,152 10,985
11/17/2001 10,152 10,985
11/18/2001 10,152 10,985
11/19/2001 10,168 11,105
11/20/2001 10,112 11,024
11/21/2001 10,152 10,970
11/22/2001 10,152 10,970
11/23/2001 10,208 11,099
11/24/2001 10,208 11,099
11/25/2001 10,208 11,099
11/26/2001 10,176 11,167
11/27/2001 10,148 11,091
11/28/2001 10,164 10,890
11/29/2001 10,224 11,004
11/30/2001 10,208 10,997
12/1/2001 10,208 10,997
12/2/2001 10,208 10,997
12/3/2001 10,152 10,905
12/4/2001 10,284 11,049
12/5/2001 10,348 11,299
12/6/2001 10,400 11,268
12/7/2001 10,412 11,183
12/8/2001 10,412 11,183
12/9/2001 10,412 11,183
12/10/2001 10,336 11,006
12/11/2001 10,376 10,975
12/12/2001 10,316 10,980
12/13/2001 10,228 10,810
12/14/2001 10,284 10,845
12/15/2001 10,284 10,845
12/16/2001 10,284 10,845
12/17/2001 10,340 10,955
12/18/2001 10,368 11,037
12/19/2001 10,296 11,102
12/20/2001 10,252 11,011
12/21/2001 10,300 11,059
12/22/2001 10,300 11,059
12/23/2001 10,300 11,059
12/24/2001 10,340 11,056
12/25/2001 10,340 11,056
12/26/2001 10,392 11,102
12/27/2001 10,396 11,180
12/28/2001 10,442 11,218
12/29/2001 10,442 11,218
12/30/2001 10,442 11,218
12/31/2001 10,409 11,093
1/1/2002 10,409 11,093
1/2/2002 10,409 11,159
1/3/2002 10,490 11,261
1/4/2002 10,458 11,331
1/5/2002 10,458 11,331
1/6/2002 10,458 11,331
1/7/2002 10,422 11,257
1/8/2002 10,422 11,220
1/9/2002 10,393 11,167
1/10/2002 10,349 11,181
1/11/2002 10,341 11,075
1/12/2002 10,341 11,075
1/13/2002 10,341 11,075
1/14/2002 10,430 11,006
1/15/2002 10,397 11,081
1/16/2002 10,377 10,902
1/17/2002 10,389 11,011
1/18/2002 10,329 10,902
1/19/2002 10,329 10,902
1/20/2002 10,329 10,902
1/21/2002 10,329 10,902
1/22/2002 10,353 10,822
1/23/2002 10,353 10,908
1/24/2002 10,317 10,946
1/25/2002 10,300 10,957
1/26/2002 10,300 10,957
1/27/2002 10,300 10,957
1/28/2002 10,304 10,955
1/29/2002 10,256 10,643
1/30/2002 10,321 10,769
1/31/2002 10,284 10,931
2/1/2002 10,288 10,854
2/2/2002 10,288 10,854
2/3/2002 10,288 10,854
2/4/2002 10,312 10,586
2/5/2002 10,288 10,543
2/6/2002 10,248 10,481
2/7/2002 10,212 10,451
2/8/2002 10,236 10,606
2/9/2002 10,236 10,606
2/10/2002 10,236 10,606
2/11/2002 10,321 10,759
2/12/2002 10,276 10,716
2/13/2002 10,312 10,826
2/14/2002 10,337 10,808
2/15/2002 10,393 10,689
2/16/2002 10,393 10,689
2/17/2002 10,393 10,689
2/18/2002 10,393 10,689
2/19/2002 10,333 10,488
2/20/2002 10,413 10,630
2/21/2002 10,308 10,465
2/22/2002 10,446 10,551
2/23/2002 10,446 10,551
2/24/2002 10,446 10,551
2/25/2002 10,458 10,741
2/26/2002 10,450 10,742
2/27/2002 10,450 10,751
2/28/2002 10,401 10,721
3/1/2002 10,498 10,963
3/2/2002 10,498 10,963
3/3/2002 10,498 10,963
3/4/2002 10,619 11,177
3/5/2002 10,765 11,103
3/6/2002 10,821 11,266
3/7/2002 10,821 11,216
3/8/2002 10,813 11,281
3/9/2002 10,813 11,281
3/10/2002 10,813 11,281
3/11/2002 10,737 11,320
3/12/2002 10,741 11,294
3/13/2002 10,729 11,186
3/14/2002 10,854 11,176
3/15/2002 10,862 11,303
3/16/2002 10,862 11,303
3/17/2002 10,862 11,303
3/18/2002 10,890 11,297
3/19/2002 10,931 11,343
3/20/2002 10,898 11,165
3/21/2002 10,987 11,182
3/22/2002 10,975 11,135
3/23/2002 10,975 11,135
3/24/2002 10,975 11,135
3/25/2002 10,914 10,971
3/26/2002 10,979 11,037
3/27/2002 11,015 11,096
3/28/2002 10,975 11,124
3/29/2002 10,975 11,124
3/30/2002 10,975 11,124
3/31/2002 10,975 11,124
4/1/2002 11,003 11,116
4/2/2002 11,036 11,021
4/3/2002 11,007 10,912
4/4/2002 11,052 10,922
4/5/2002 11,149 10,887
4/6/2002 11,149 10,887
4/7/2002 11,149 10,887
4/8/2002 11,262 10,914
4/9/2002 11,343 10,842
4/10/2002 11,480 10,966
4/11/2002 11,407 10,706
4/12/2002 11,544 10,777
4/13/2002 11,544 10,777
4/14/2002 11,544 10,777
4/15/2002 11,423 10,695
4/16/2002 11,294 10,946
4/17/2002 11,141 10,924
4/18/2002 11,169 10,909
4/19/2002 11,072 10,916
4/20/2002 11,072 10,916
4/21/2002 11,072 10,916
4/22/2002 10,947 10,747
4/23/2002 10,813 10,681
4/24/2002 10,862 10,605
4/25/2002 10,898 10,589
4/26/2002 10,846 10,443
4/27/2002 10,846 10,443
4/28/2002 10,846 10,443
4/29/2002 10,838 10,338
4/30/2002 10,979 10,449
5/1/2002 11,072 10,543
5/2/2002 11,185 10,526
5/3/2002 11,177 10,418
5/4/2002 11,177 10,418
5/5/2002 11,177 10,418
5/6/2002 11,084 10,217
5/7/2002 11,011 10,186
5/8/2002 10,979 10,569
5/9/2002 10,862 10,418
5/10/2002 10,777 10,243
5/11/2002 10,777 10,243
5/12/2002 10,777 10,243
5/13/2002 10,830 10,434
5/14/2002 10,882 10,655
5/15/2002 10,935 10,598
5/16/2002 10,870 10,668
5/17/2002 10,918 10,752
5/18/2002 10,918 10,752
5/19/2002 10,918 10,752
5/20/2002 10,878 10,609
5/21/2002 10,809 10,493
5/22/2002 10,813 10,553
5/23/2002 11,003 10,660
5/24/2002 10,991 10,532
5/25/2002 10,991 10,532
5/26/2002 10,991 10,532
5/27/2002 10,991 10,532
5/28/2002 11,056 10,442
5/29/2002 11,153 10,376
5/30/2002 11,149 10,348
5/31/2002 11,100 10,372
6/1/2002 11,100 10,372
6/2/2002 11,100 10,372
6/3/2002 11,088 10,115
6/4/2002 11,137 10,115
6/5/2002 11,112 10,209
6/6/2002 11,068 10,007
6/7/2002 11,052 9,992
6/8/2002 11,052 9,992
6/9/2002 11,052 9,992
6/10/2002 11,096 10,023
6/11/2002 11,104 9,856
6/12/2002 11,128 9,923
6/13/2002 11,141 9,819
6/14/2002 11,108 9,797
6/15/2002 11,108 9,797
6/16/2002 11,108 9,797
6/17/2002 11,173 10,078
6/18/2002 11,120 10,088
6/19/2002 11,120 9,922
6/20/2002 11,161 9,788
6/21/2002 11,229 9,622
6/22/2002 11,229 9,622
6/23/2002 11,229 9,622
6/24/2002 11,193 9,657
6/25/2002 11,282 9,495
6/26/2002 11,209 9,475
6/27/2002 11,250 9,642
6/28/2002 11,338 9,633
6/29/2002 11,338 9,633
6/30/2002 11,338 9,633
7/1/2002 11,225 9,427
7/2/2002 11,096 9,229
7/3/2002 10,963 9,287
7/4/2002 10,963 9,287
7/5/2002 11,052 9,628
7/6/2002 11,052 9,628
7/7/2002 11,052 9,628
7/8/2002 10,906 9,514
7/9/2002 10,842 9,279
7/10/2002 10,688 8,964
7/11/2002 10,490 9,032
7/12/2002 10,438 8,974
7/13/2002 10,438 8,974
7/14/2002 10,438 8,974
7/15/2002 10,357 8,940
7/16/2002 10,446 8,776
7/17/2002 10,361 8,825
7/18/2002 10,119 8,587
7/19/2002 9,937 8,258
7/20/2002 9,937 8,258
7/21/2002 9,937 8,258
7/22/2002 9,751 7,986
7/23/2002 9,480 7,770
7/24/2002 9,549 8,216
7/25/2002 9,763 8,170
7/26/2002 10,111 8,307
7/27/2002 10,111 8,307
7/28/2002 10,111 8,307
7/29/2002 10,579 8,758
7/30/2002 10,704 8,795
7/31/2002 10,757 8,883
8/1/2002 10,571 8,621
8/2/2002 10,389 8,422
8/3/2002 10,389 8,422
8/4/2002 10,389 8,422
8/5/2002 10,232 8,134
8/6/2002 10,260 8,377
8/7/2002 10,426 8,546
8/8/2002 10,413 8,826
8/9/2002 10,284 8,859
8/10/2002 10,284 8,859
8/11/2002 10,284 8,859
8/12/2002 10,389 8,812
8/13/2002 10,252 8,622
8/14/2002 10,361 8,970
8/15/2002 10,393 9,074
8/16/2002 10,539 9,061
8/17/2002 10,539 9,061
8/18/2002 10,539 9,061
8/19/2002 10,458 9,275
8/20/2002 10,446 9,145
8/21/2002 10,543 9,263
8/22/2002 10,531 9,393
8/23/2002 10,551 9,180
8/24/2002 10,551 9,180
8/25/2002 10,551 9,180
8/26/2002 10,652 9,249
8/27/2002 10,640 9,121
8/28/2002 10,712 8,957
8/29/2002 10,688 8,957
8/30/2002 10,733 8,941
8/31/2002 10,733 8,941
9/1/2002 10,733 8,941
9/2/2002 10,733 8,941
9/3/2002 10,615 8,570
9/4/2002 10,664 8,723
9/5/2002 10,607 8,584
9/6/2002 10,664 8,729
9/7/2002 10,664 8,729
9/8/2002 10,664 8,729
9/9/2002 10,644 8,817
9/10/2002 10,636 8,882
9/11/2002 10,628 8,882
9/12/2002 10,567 8,664
9/13/2002 10,628 8,692
9/14/2002 10,628 8,692
9/15/2002 10,628 8,692
9/16/2002 10,579 8,705
9/17/2002 10,522 8,533
9/18/2002 10,490 8,494
9/19/2002 10,413 8,239
9/20/2002 10,498 8,260
9/21/2002 10,498 8,260
9/22/2002 10,498 8,260
9/23/2002 10,442 8,145
9/24/2002 10,348 8,005
9/25/2002 10,300 8,206
9/26/2002 10,433 8,357
9/27/2002 10,312 8,087
9/28/2002 10,312 8,087
9/29/2002 10,312 8,087
9/30/2002 10,276 7,969
10/1/2002 10,259 8,288
10/2/2002 10,122 8,094
10/3/2002 10,122 8,007
10/4/2002 9,952 7,827
10/5/2002 9,952 7,827
10/6/2002 9,952 7,827
10/7/2002 9,665 7,678
10/8/2002 9,552 7,811
10/9/2002 9,268 7,598
10/10/2002 9,511 7,865
10/11/2002 9,665 8,172
10/12/2002 9,665 8,172
10/13/2002 9,665 8,172
10/14/2002 9,543 8,232
10/15/2002 9,766 8,621
10/16/2002 9,661 8,414
10/17/2002 9,802 8,602
10/18/2002 9,778 8,653
10/19/2002 9,778 8,653
10/20/2002 9,778 8,653
10/21/2002 9,758 8,803
10/22/2002 9,612 8,709
10/23/2002 9,620 8,768
10/24/2002 9,717 8,635
10/25/2002 9,847 8,783
10/26/2002 9,847 8,783
10/27/2002 9,847 8,783
10/28/2002 9,790 8,710
10/29/2002 9,730 8,632
10/30/2002 9,746 8,717
10/31/2002 9,782 8,671
11/1/2002 9,887 8,819
11/2/2002 9,887 8,819
11/3/2002 9,887 8,819
11/4/2002 9,988 8,892
11/5/2002 10,029 8,961
11/6/2002 10,102 9,045
11/7/2002 10,045 8,840
11/8/2002 9,988 8,763
11/9/2002 9,988 8,763
11/10/2002 9,988 8,763
11/11/2002 9,908 8,582
11/12/2002 10,001 8,648
11/13/2002 9,944 8,647
11/14/2002 10,118 8,861
11/15/2002 10,077 8,916
11/16/2002 10,077 8,916
11/17/2002 10,077 8,916
11/18/2002 10,041 8,824
11/19/2002 10,033 8,788
11/20/2002 10,077 8,960
11/21/2002 10,102 9,153
11/22/2002 10,154 9,121
11/23/2002 10,154 9,121
11/24/2002 10,154 9,121
11/25/2002 10,162 9,144
11/26/2002 10,154 8,954
11/27/2002 10,259 9,205
11/28/2002 10,259 9,205
11/29/2002 10,231 9,181
11/30/2002 10,231 9,181
12/1/2002 10,231 9,181
12/2/2002 10,320 9,164
12/3/2002 10,264 9,029
12/4/2002 10,223 9,000
12/5/2002 10,227 8,893
12/6/2002 10,215 8,949
12/7/2002 10,215 8,949
12/8/2002 10,215 8,949
12/9/2002 10,247 8,750
12/10/2002 10,231 8,873
12/11/2002 10,223 8,880
12/12/2002 10,235 8,847
12/13/2002 10,182 8,728
12/14/2002 10,182 8,728
12/15/2002 10,182 8,728
12/16/2002 10,281 8,934
12/17/2002 10,194 8,861
12/18/2002 10,128 8,746
12/19/2002 10,120 8,680
12/20/2002 10,157 8,793
12/21/2002 10,157 8,793
12/22/2002 10,157 8,793
12/23/2002 10,223 8,809
12/24/2002 10,239 8,761
12/25/2002 10,239 8,761
12/26/2002 10,231 8,733
12/27/2002 10,231 8,597
12/28/2002 10,231 8,597
12/29/2002 10,231 8,597
12/30/2002 10,281 8,636
12/31/2002 10,293 8,642
1/1/2003 10,293 8,642
1/2/2003 10,338 8,929
1/3/2003 10,400 8,925
1/4/2003 10,400 8,925
1/5/2003 10,400 8,925
1/6/2003 10,495 9,126
1/7/2003 10,351 9,066
1/8/2003 10,252 8,942
1/9/2003 10,277 9,115
1/10/2003 10,182 9,115
1/11/2003 10,182 9,115
1/12/2003 10,182 9,115
1/13/2003 10,145 9,103
1/14/2003 10,165 9,156
1/15/2003 10,116 9,025
1/16/2003 10,029 8,990
1/17/2003 9,938 8,864
1/18/2003 9,938 8,864
1/19/2003 9,938 8,864
1/20/2003 9,938 8,864
1/21/2003 9,905 8,725
1/22/2003 9,897 8,635
1/23/2003 9,926 8,723
1/24/2003 9,827 8,468
1/25/2003 9,827 8,468
1/26/2003 9,827 8,468
1/27/2003 9,761 8,331
1/28/2003 9,794 8,440
1/29/2003 9,881 8,499
1/30/2003 9,819 8,306
1/31/2003 9,963 8,415
2/1/2003 9,963 8,415
2/2/2003 9,963 8,415
2/3/2003 9,922 8,461
2/4/2003 9,959 8,342
2/5/2003 9,951 8,298
2/6/2003 9,951 8,247
2/7/2003 9,856 8,164
2/8/2003 9,856 8,164
2/9/2003 9,856 8,164
2/10/2003 9,938 8,226
2/11/2003 9,844 8,160
2/12/2003 9,794 8,059
2/13/2003 9,806 8,047
2/14/2003 9,761 8,220
2/15/2003 9,761 8,220
2/16/2003 9,761 8,220
2/17/2003 9,761 8,220
2/18/2003 9,868 8,381
2/19/2003 9,918 8,323
2/20/2003 9,926 8,244
2/21/2003 10,021 8,353
2/22/2003 10,021 8,353
2/23/2003 10,021 8,353
2/24/2003 9,926 8,200
2/25/2003 10,029 8,259
2/26/2003 9,984 8,154
2/27/2003 10,054 8,251
2/28/2003 10,062 8,289
3/1/2003 10,062 8,289
3/2/2003 10,062 8,289
3/3/2003 10,075 8,227
3/4/2003 10,017 8,100
3/5/2003 10,037 8,180
3/6/2003 9,980 8,105
3/7/2003 9,967 8,172
3/8/2003 9,967 8,172
3/9/2003 9,967 8,172
3/10/2003 9,864 7,961
3/11/2003 9,860 7,895
3/12/2003 9,839 7,932
3/13/2003 9,930 8,206
3/14/2003 9,922 8,219
3/15/2003 9,922 8,219
3/16/2003 9,922 8,219
3/17/2003 10,091 8,511
3/18/2003 10,120 8,547
3/19/2003 10,202 8,622
3/20/2003 10,293 8,639
3/21/2003 10,458 8,837
3/22/2003 10,458 8,837
3/23/2003 10,458 8,837
3/24/2003 10,227 8,526
3/25/2003 10,330 8,630
3/26/2003 10,359 8,583
3/27/2003 10,318 8,570
3/28/2003 10,272 8,521
3/29/2003 10,272 8,521
3/30/2003 10,272 8,521
3/31/2003 10,215 8,369
4/1/2003 10,425 8,471
4/2/2003 10,512 8,694
4/3/2003 10,446 8,650
4/4/2003 10,371 8,674
4/5/2003 10,371 8,674
4/6/2003 10,371 8,674
4/7/2003 10,495 8,685
4/8/2003 10,433 8,672
4/9/2003 10,462 8,551
4/10/2003 10,442 8,606
4/11/2003 10,400 8,575
4/12/2003 10,400 8,575
4/13/2003 10,400 8,575
4/14/2003 10,536 8,742
4/15/2003 10,574 8,798
4/16/2003 10,619 8,690
4/17/2003 10,668 8,825
4/18/2003 10,668 8,825
4/19/2003 10,668 8,825
4/20/2003 10,668 8,825
4/21/2003 10,743 8,810
4/22/2003 10,837 9,001
4/23/2003 10,870 9,077
4/24/2003 10,767 9,002
4/25/2003 10,685 8,877
4/26/2003 10,685 8,877
4/27/2003 10,685 8,877
4/28/2003 10,681 9,037
4/29/2003 10,701 9,067
4/30/2003 10,623 9,059
5/1/2003 10,689 9,054
5/2/2003 10,792 9,190
5/3/2003 10,792 9,190
5/4/2003 10,792 9,190
5/5/2003 10,862 9,156
5/6/2003 10,945 9,233
5/7/2003 10,883 9,188
5/8/2003 10,932 9,095
5/9/2003 11,019 9,227
5/10/2003 11,019 9,227
5/11/2003 11,019 9,227
5/12/2003 11,077 9,343
5/13/2003 11,081 9,317
5/14/2003 11,044 9,290
5/15/2003 11,089 9,364
5/16/2003 11,143 9,341
5/17/2003 11,143 9,341
5/18/2003 11,143 9,341
5/19/2003 11,081 9,109
5/20/2003 11,155 9,099
5/21/2003 11,204 9,136
5/22/2003 11,299 9,220
5/23/2003 11,336 9,233
5/24/2003 11,336 9,233
5/25/2003 11,336 9,233
5/26/2003 11,336 9,233
5/27/2003 11,345 9,414
5/28/2003 11,209 9,432
5/29/2003 10,974 9,398
5/30/2003 11,122 9,536
5/31/2003 11,122 9,536
6/1/2003 11,122 9,536
6/2/2003 11,167 9,570
6/3/2003 11,209 9,615
6/4/2003 11,316 9,763
6/5/2003 11,324 9,803
6/6/2003 11,423 9,780
6/7/2003 11,423 9,780
6/8/2003 11,423 9,780
6/9/2003 11,324 9,663
6/10/2003 11,485 9,751
6/11/2003 11,567 9,880
6/12/2003 11,440 9,890
6/13/2003 11,287 9,792
6/14/2003 11,287 9,792
6/15/2003 11,287 9,792
6/16/2003 11,394 10,012
6/17/2003 11,299 10,021
6/18/2003 11,192 10,006
6/19/2003 11,171 9,854
6/20/2003 11,196 9,864
6/21/2003 11,196 9,864
6/22/2003 11,196 9,864
6/23/2003 11,068 9,725
6/24/2003 11,118 9,743
6/25/2003 11,176 9,662
6/26/2003 11,320 9,770
6/27/2003 11,332 9,675
6/28/2003 11,332 9,675
6/29/2003 11,332 9,675
6/30/2003 11,332 9,658
7/1/2003 11,423 9,737
7/2/2003 11,580 9,851
7/3/2003 11,625 9,771
7/4/2003 11,625 9,771
7/5/2003 11,625 9,771
7/6/2003 11,625 9,771
7/7/2003 11,741 9,956
7/8/2003 11,749 9,994
7/9/2003 11,691 9,939
7/10/2003 11,522 9,805
7/11/2003 11,637 9,899
7/12/2003 11,637 9,899
7/13/2003 11,637 9,899
7/14/2003 11,736 9,956
7/15/2003 11,720 9,922
7/16/2003 11,724 9,859
7/17/2003 11,551 9,737
7/18/2003 11,629 9,852
7/19/2003 11,629 9,852
7/20/2003 11,629 9,852
7/21/2003 11,571 9,708
7/22/2003 11,642 9,801
7/23/2003 11,576 9,806
7/24/2003 11,670 9,736
7/25/2003 11,728 9,906
7/26/2003 11,728 9,906
7/27/2003 11,728 9,906
7/28/2003 11,683 9,885
7/29/2003 11,778 9,814
7/30/2003 11,934 9,798
7/31/2003 11,914 9,828
8/1/2003 11,835 9,727
8/2/2003 11,835 9,727
8/3/2003 11,835 9,727
8/4/2003 11,753 9,754
8/5/2003 11,724 9,582
8/6/2003 11,708 9,600
8/7/2003 11,753 9,670
8/8/2003 11,732 9,704
8/9/2003 11,732 9,704
8/10/2003 11,732 9,704
8/11/2003 11,749 9,737
8/12/2003 11,757 9,834
8/13/2003 11,699 9,775
8/14/2003 11,769 9,839
8/15/2003 11,699 9,842
8/16/2003 11,699 9,842
8/17/2003 11,699 9,842
8/18/2003 11,769 9,933
8/19/2003 11,827 9,959
8/20/2003 11,848 9,940
8/21/2003 11,885 9,970
8/22/2003 11,774 9,868
8/23/2003 11,774 9,868
8/24/2003 11,774 9,868
8/25/2003 11,683 9,874
8/26/2003 11,778 9,905
8/27/2003 11,889 9,907
8/28/2003 11,873 9,968
8/29/2003 11,910 10,020
8/30/2003 11,910 10,020
8/31/2003 11,910 10,020
9/1/2003 11,910 10,020
9/2/2003 12,099 10,159
9/3/2003 12,215 10,204
9/4/2003 12,231 10,222
9/5/2003 12,172 10,156
9/6/2003 12,172 10,156
9/7/2003 12,172 10,156
9/8/2003 12,226 10,259
9/9/2003 12,180 10,175
9/10/2003 11,999 10,054
9/11/2003 12,090 10,112
9/12/2003 12,114 10,134
9/13/2003 12,114 10,134
9/14/2003 12,114 10,134
9/15/2003 12,077 10,096
9/16/2003 12,110 10,240
9/17/2003 12,048 10,207
9/18/2003 12,114 10,343
9/19/2003 12,189 10,310
9/20/2003 12,189 10,310
9/21/2003 12,189 10,310
9/22/2003 12,205 10,176
9/23/2003 12,275 10,238
9/24/2003 12,185 10,043
9/25/2003 12,164 9,984
9/26/2003 12,143 9,922
9/27/2003 12,143 9,922
9/28/2003 12,143 9,922
9/29/2003 12,226 10,019
9/30/2003 12,280 9,913
10/1/2003 12,383 10,136
10/2/2003 12,490 10,157
10/3/2003 12,606 10,253
10/4/2003 12,606 10,253
10/5/2003 12,606 10,253
10/6/2003 12,742 10,298
10/7/2003 12,713 10,347
10/8/2003 12,701 10,296
10/9/2003 12,746 10,346
10/10/2003 12,721 10,340
10/11/2003 12,721 10,340
10/12/2003 12,721 10,340
10/13/2003 12,763 10,412
10/14/2003 12,800 10,453
10/15/2003 12,759 10,428
10/16/2003 12,792 10,462
10/17/2003 12,680 10,355
10/18/2003 12,680 10,355
10/19/2003 12,680 10,355
10/20/2003 12,672 10,408
10/21/2003 12,664 10,421
10/22/2003 12,523 10,266
10/23/2003 12,428 10,300
10/24/2003 12,346 10,252
10/25/2003 12,346 10,252
10/26/2003 12,346 10,252
10/27/2003 12,474 10,274
10/28/2003 12,395 10,430
10/29/2003 12,494 10,445
10/30/2003 12,527 10,436
10/31/2003 12,490 10,474
11/1/2003 12,490 10,474
11/2/2003 12,490 10,474
11/3/2003 12,651 10,557
11/4/2003 12,676 10,500
11/5/2003 12,659 10,487
11/6/2003 12,767 10,550
11/7/2003 12,816 10,504
11/8/2003 12,816 10,504
11/9/2003 12,816 10,504
11/10/2003 12,792 10,444
11/11/2003 12,717 10,439
11/12/2003 12,887 10,562
11/13/2003 12,940 10,561
11/14/2003 12,969 10,482
11/15/2003 12,969 10,482
11/16/2003 12,969 10,482
11/17/2003 12,948 10,416
11/18/2003 12,936 10,321
11/19/2003 12,887 10,405
11/20/2003 12,763 10,317
11/21/2003 12,721 10,334
11/22/2003 12,721 10,334
11/23/2003 12,721 10,334
11/24/2003 12,808 10,502
11/25/2003 12,924 10,521
11/26/2003 12,986 10,569
11/27/2003 12,986 10,569
11/28/2003 13,019 10,566
11/29/2003 13,019 10,566
11/30/2003 13,019 10,566
12/1/2003 13,188 10,686
12/2/2003 13,147 10,651
12/3/2003 13,134 10,635
12/4/2003 13,081 10,685
12/5/2003 13,068 10,604
12/6/2003 13,068 10,604
12/7/2003 13,068 10,604
12/8/2003 13,171 10,682
12/9/2003 13,180 10,591
12/10/2003 13,147 10,582
12/11/2003 13,233 10,704
12/12/2003 13,279 10,734
12/13/2003 13,279 10,734
12/14/2003 13,279 10,734
12/15/2003 13,184 10,673
12/16/2003 13,271 10,744
12/17/2003 13,279 10,759
12/18/2003 13,283 10,887
12/19/2003 13,304 10,882
12/20/2003 13,304 10,882
12/21/2003 13,304 10,882
12/22/2003 13,361 10,925
12/23/2003 13,349 10,956
12/24/2003 13,382 10,936
12/25/2003 13,382 10,936
12/26/2003 13,394 10,955
12/27/2003 13,394 10,955
12/28/2003 13,394 10,955
12/29/2003 13,477 11,094
12/30/2003 13,514 11,097
12/31/2003 13,413 11,120
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 12/31/03
- -------------------------------------------------------------------------------
SINCE
ONE INCEPTION
YEAR (10/01/01)
- -------------------------------------------------------------------------------
REAL ESTATE FUND 30.31% 13.94%
S&P 500 INDEX 28.68% 4.83%
- -------------------------------------------------------------------------------
The returns presented above do not reflect the effects of taxes. Past
performance is no guarantee of future results. The S&P 500 Index is an
unmanaged stock index and, unlike the fund, has no management fees or other
operating expenses to reduce its repor ted returns. Returns are historical and
include changes in principal and rei nvested dividends and capital gains.
30
RETAILING FUND
- -------------------------------------------------------------------------------
OBJECTIVE: Seeks capital appreciation by investing in companies engaged in
merchandising finished goods and services, including department stores,
restaurant franchises, mail-order operations and other involved in selling
products to consumers.
Inception: July 23, 2001
Though consumer confidence dropped in the days preceding the Iraq war, it
strongly rebounded after the war broke out and uncertainty disappeared. As a
result, retailing stocks performed strongly during the period. Rydex Retailing
Fund gained 35.27% for the year ended December 31, 2003.
Cumulative Fund Performance: July 23, 2001 - December 31, 2003
- -------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
Variable Retailing S&P 500 Index
Date
7/23/2001 $10,000 $10,000
7/24/2001 9,860 9,837
7/25/2001 10,052 9,996
7/26/2001 10,088 10,100
7/27/2001 10,048 10,125
7/28/2001 10,048 10,125
7/29/2001 10,048 10,125
7/30/2001 10,152 10,115
7/31/2001 10,224 10,171
8/1/2001 10,108 10,212
8/2/2001 10,256 10,253
8/3/2001 10,184 10,201
8/4/2001 10,184 10,201
8/5/2001 10,184 10,201
8/6/2001 10,020 10,085
8/7/2001 10,136 10,118
8/8/2001 10,016 9,944
8/9/2001 9,968 9,945
8/10/2001 9,952 10,002
8/11/2001 9,952 10,002
8/12/2001 9,952 10,002
8/13/2001 9,876 10,012
8/14/2001 9,960 9,974
8/15/2001 9,896 9,903
8/16/2001 9,896 9,934
8/17/2001 9,760 9,769
8/18/2001 9,760 9,769
8/19/2001 9,760 9,769
8/20/2001 9,924 9,848
8/21/2001 9,700 9,729
8/22/2001 9,724 9,798
8/23/2001 9,604 9,771
8/24/2001 9,856 9,963
8/25/2001 9,856 9,963
8/26/2001 9,856 9,963
8/27/2001 9,748 9,915
8/28/2001 9,664 9,766
8/29/2001 9,524 9,659
8/30/2001 9,348 9,496
8/31/2001 9,400 9,534
9/1/2001 9,400 9,534
9/2/2001 9,400 9,534
9/3/2001 9,400 9,534
9/4/2001 9,504 9,529
9/5/2001 9,444 9,521
9/6/2001 9,100 9,308
9/7/2001 8,764 9,135
9/8/2001 8,764 9,135
9/9/2001 8,764 9,135
9/10/2001 8,708 9,192
9/11/2001 8,708 9,192
9/12/2001 8,708 9,192
9/13/2001 8,708 9,192
9/14/2001 8,708 9,192
9/15/2001 8,708 9,192
9/16/2001 8,708 9,192
9/17/2001 8,076 8,742
9/18/2001 8,152 8,692
9/19/2001 8,056 8,552
9/20/2001 7,788 8,287
9/21/2001 7,668 8,129
9/22/2001 7,668 8,129
9/23/2001 7,668 8,129
9/24/2001 8,124 8,446
9/25/2001 8,244 8,520
9/26/2001 8,160 8,479
9/27/2001 8,236 8,576
9/28/2001 8,412 8,764
9/29/2001 8,412 8,764
9/30/2001 8,412 8,764
10/1/2001 8,404 8,744
10/2/2001 8,644 8,852
10/3/2001 8,972 9,030
10/4/2001 8,768 9,008
10/5/2001 8,836 9,025
10/6/2001 8,836 9,025
10/7/2001 8,836 9,025
10/8/2001 8,636 8,949
10/9/2001 8,600 8,902
10/10/2001 8,872 9,106
10/11/2001 9,164 9,246
10/12/2001 9,024 9,197
10/13/2001 9,024 9,197
10/14/2001 9,024 9,197
10/15/2001 9,008 9,183
10/16/2001 9,068 9,247
10/17/2001 8,880 9,075
10/18/2001 8,860 9,004
10/19/2001 8,988 9,045
10/20/2001 8,988 9,045
10/21/2001 8,988 9,045
10/22/2001 8,972 9,183
10/23/2001 8,980 9,140
10/24/2001 8,908 9,144
10/25/2001 9,000 9,269
10/26/2001 9,020 9,307
10/27/2001 9,020 9,307
10/28/2001 9,020 9,307
10/29/2001 8,780 9,086
10/30/2001 8,496 8,931
10/31/2001 8,628 8,932
11/1/2001 8,788 9,138
11/2/2001 8,956 9,164
11/3/2001 8,956 9,164
11/4/2001 8,956 9,164
11/5/2001 9,128 9,296
11/6/2001 9,300 9,431
11/7/2001 9,220 9,408
11/8/2001 9,236 9,432
11/9/2001 9,264 9,447
11/10/2001 9,264 9,447
11/11/2001 9,264 9,447
11/12/2001 9,272 9,430
11/13/2001 9,492 9,607
11/14/2001 9,840 9,627
11/15/2001 9,904 9,636
11/16/2001 9,708 9,606
11/17/2001 9,708 9,606
11/18/2001 9,708 9,606
11/19/2001 9,940 9,711
11/20/2001 9,864 9,641
11/21/2001 9,792 9,593
11/22/2001 9,792 9,593
11/23/2001 9,936 9,706
11/24/2001 9,936 9,706
11/25/2001 9,936 9,706
11/26/2001 9,968 9,766
11/27/2001 9,848 9,699
11/28/2001 9,804 9,524
11/29/2001 9,788 9,623
11/30/2001 9,892 9,617
12/1/2001 9,892 9,617
12/2/2001 9,892 9,617
12/3/2001 9,800 9,536
12/4/2001 9,904 9,662
12/5/2001 10,236 9,881
12/6/2001 10,052 9,854
12/7/2001 10,000 9,780
12/8/2001 10,000 9,780
12/9/2001 10,000 9,780
12/10/2001 9,796 9,625
12/11/2001 9,672 9,598
12/12/2001 9,640 9,602
12/13/2001 9,564 9,453
12/14/2001 9,728 9,484
12/15/2001 9,728 9,484
12/16/2001 9,728 9,484
12/17/2001 9,852 9,580
12/18/2001 9,904 9,652
12/19/2001 9,984 9,709
12/20/2001 10,024 9,629
12/21/2001 10,152 9,671
12/22/2001 10,152 9,671
12/23/2001 10,152 9,671
12/24/2001 10,148 9,669
12/25/2001 10,148 9,669
12/26/2001 10,228 9,709
12/27/2001 10,296 9,777
12/28/2001 10,360 9,810
12/29/2001 10,360 9,810
12/30/2001 10,360 9,810
12/31/2001 10,260 9,701
1/1/2002 10,260 9,701
1/2/2002 10,176 9,758
1/3/2002 10,156 9,848
1/4/2002 10,268 9,909
1/5/2002 10,268 9,909
1/6/2002 10,268 9,909
1/7/2002 10,220 9,845
1/8/2002 10,288 9,812
1/9/2002 10,108 9,765
1/10/2002 10,160 9,777
1/11/2002 10,016 9,685
1/12/2002 10,016 9,685
1/13/2002 10,016 9,685
1/14/2002 9,944 9,624
1/15/2002 10,004 9,690
1/16/2002 9,888 9,534
1/17/2002 9,952 9,629
1/18/2002 9,932 9,534
1/19/2002 9,932 9,534
1/20/2002 9,932 9,534
1/21/2002 9,932 9,534
1/22/2002 10,076 9,464
1/23/2002 10,256 9,539
1/24/2002 10,232 9,573
1/25/2002 10,120 9,582
1/26/2002 10,120 9,582
1/27/2002 10,120 9,582
1/28/2002 10,224 9,580
1/29/2002 10,020 9,307
1/30/2002 10,300 9,418
1/31/2002 10,420 9,559
2/1/2002 10,288 9,492
2/2/2002 10,288 9,492
2/3/2002 10,288 9,492
2/4/2002 10,192 9,257
2/5/2002 10,196 9,220
2/6/2002 10,104 9,166
2/7/2002 10,020 9,139
2/8/2002 10,124 9,275
2/9/2002 10,124 9,275
2/10/2002 10,124 9,275
2/11/2002 10,356 9,409
2/12/2002 10,344 9,371
2/13/2002 10,480 9,468
2/14/2002 10,500 9,451
2/15/2002 10,372 9,347
2/16/2002 10,372 9,347
2/17/2002 10,372 9,347
2/18/2002 10,372 9,347
2/19/2002 10,236 9,171
2/20/2002 10,440 9,296
2/21/2002 10,336 9,152
2/22/2002 10,312 9,227
2/23/2002 10,312 9,227
2/24/2002 10,312 9,227
2/25/2002 10,452 9,393
2/26/2002 10,568 9,393
2/27/2002 10,468 9,402
2/28/2002 10,408 9,375
3/1/2002 10,472 9,587
3/2/2002 10,472 9,587
3/3/2002 10,472 9,587
3/4/2002 10,532 9,774
3/5/2002 10,184 9,709
3/6/2002 10,332 9,852
3/7/2002 10,436 9,808
3/8/2002 10,532 9,865
3/9/2002 10,532 9,865
3/10/2002 10,532 9,865
3/11/2002 10,516 9,899
3/12/2002 10,552 9,876
3/13/2002 10,544 9,782
3/14/2002 10,548 9,773
3/15/2002 10,732 9,884
3/16/2002 10,732 9,884
3/17/2002 10,732 9,884
3/18/2002 10,712 9,879
3/19/2002 10,724 9,919
3/20/2002 10,708 9,764
3/21/2002 10,596 9,779
3/22/2002 10,588 9,737
3/23/2002 10,588 9,737
3/24/2002 10,588 9,737
3/25/2002 10,432 9,594
3/26/2002 10,492 9,652
3/27/2002 10,520 9,704
3/28/2002 10,480 9,728
3/29/2002 10,480 9,728
3/30/2002 10,480 9,728
3/31/2002 10,480 9,728
4/1/2002 10,352 9,720
4/2/2002 10,176 9,637
4/3/2002 10,128 9,543
4/4/2002 10,276 9,551
4/5/2002 10,324 9,521
4/6/2002 10,324 9,521
4/7/2002 10,324 9,521
4/8/2002 10,472 9,545
4/9/2002 10,544 9,482
4/10/2002 10,680 9,589
4/11/2002 10,532 9,363
4/12/2002 10,676 9,425
4/13/2002 10,676 9,425
4/14/2002 10,676 9,425
4/15/2002 10,548 9,353
4/16/2002 10,660 9,572
4/17/2002 10,564 9,553
4/18/2002 10,580 9,540
4/19/2002 10,620 9,546
4/20/2002 10,620 9,546
4/21/2002 10,620 9,546
4/22/2002 10,496 9,399
4/23/2002 10,512 9,340
4/24/2002 10,404 9,274
4/25/2002 10,456 9,260
4/26/2002 10,364 9,132
4/27/2002 10,364 9,132
4/28/2002 10,364 9,132
4/29/2002 10,304 9,040
4/30/2002 10,300 9,138
5/1/2002 10,352 9,220
5/2/2002 10,388 9,205
5/3/2002 10,292 9,110
5/4/2002 10,292 9,110
5/5/2002 10,292 9,110
5/6/2002 10,116 8,934
5/7/2002 10,232 8,908
5/8/2002 10,360 9,243
5/9/2002 10,224 9,110
5/10/2002 10,048 8,957
5/11/2002 10,048 8,957
5/12/2002 10,048 8,957
5/13/2002 10,152 9,125
5/14/2002 10,496 9,318
5/15/2002 10,452 9,268
5/16/2002 10,548 9,329
5/17/2002 10,628 9,402
5/18/2002 10,628 9,402
5/19/2002 10,628 9,402
5/20/2002 10,572 9,277
5/21/2002 10,304 9,176
5/22/2002 10,284 9,228
5/23/2002 10,304 9,322
5/24/2002 10,248 9,210
5/25/2002 10,248 9,210
5/26/2002 10,248 9,210
5/27/2002 10,248 9,210
5/28/2002 10,084 9,131
5/29/2002 10,040 9,074
5/30/2002 9,984 9,049
5/31/2002 10,112 9,071
6/1/2002 10,112 9,071
6/2/2002 10,112 9,071
6/3/2002 9,888 8,846
6/4/2002 9,824 8,846
6/5/2002 9,996 8,927
6/6/2002 9,812 8,751
6/7/2002 9,872 8,738
6/8/2002 9,872 8,738
6/9/2002 9,872 8,738
6/10/2002 10,044 8,765
6/11/2002 9,952 8,619
6/12/2002 10,008 8,677
6/13/2002 9,812 8,587
6/14/2002 9,744 8,567
6/15/2002 9,744 8,567
6/16/2002 9,744 8,567
6/17/2002 10,004 8,813
6/18/2002 9,908 8,822
6/19/2002 9,864 8,676
6/20/2002 9,700 8,560
6/21/2002 9,520 8,414
6/22/2002 9,520 8,414
6/23/2002 9,520 8,414
6/24/2002 9,504 8,445
6/25/2002 9,384 8,304
6/26/2002 9,420 8,286
6/27/2002 9,656 8,431
6/28/2002 9,520 8,424
6/29/2002 9,520 8,424
6/30/2002 9,520 8,424
7/1/2002 9,320 8,244
7/2/2002 9,020 8,071
7/3/2002 9,252 8,122
7/4/2002 9,252 8,122
7/5/2002 9,544 8,420
7/6/2002 9,544 8,420
7/7/2002 9,544 8,420
7/8/2002 9,416 8,320
7/9/2002 9,148 8,115
7/10/2002 8,908 7,839
7/11/2002 8,788 7,899
7/12/2002 8,548 7,848
7/13/2002 8,548 7,848
7/14/2002 8,548 7,848
7/15/2002 8,564 7,818
7/16/2002 8,272 7,674
7/17/2002 8,216 7,718
7/18/2002 8,076 7,509
7/19/2002 7,848 7,221
7/20/2002 7,848 7,221
7/21/2002 7,848 7,221
7/22/2002 7,608 6,984
7/23/2002 7,572 6,795
7/24/2002 8,136 7,184
7/25/2002 7,968 7,144
7/26/2002 8,112 7,265
7/27/2002 8,112 7,265
7/28/2002 8,112 7,265
7/29/2002 8,512 7,658
7/30/2002 8,424 7,691
7/31/2002 8,344 7,768
8/1/2002 8,020 7,539
8/2/2002 7,744 7,365
8/3/2002 7,744 7,365
8/4/2002 7,744 7,365
8/5/2002 7,604 7,113
8/6/2002 7,880 7,326
8/7/2002 7,984 7,474
8/8/2002 8,012 7,718
8/9/2002 8,080 7,747
8/10/2002 8,080 7,747
8/11/2002 8,080 7,747
8/12/2002 7,924 7,706
8/13/2002 7,908 7,540
8/14/2002 8,380 7,844
8/15/2002 8,660 7,935
8/16/2002 8,572 7,924
8/17/2002 8,572 7,924
8/18/2002 8,572 7,924
8/19/2002 8,800 8,111
8/20/2002 8,756 7,998
8/21/2002 8,900 8,100
8/22/2002 8,972 8,214
8/23/2002 8,764 8,028
8/24/2002 8,764 8,028
8/25/2002 8,764 8,028
8/26/2002 8,824 8,088
8/27/2002 8,632 7,977
8/28/2002 8,548 7,833
8/29/2002 8,572 7,833
8/30/2002 8,600 7,819
8/31/2002 8,600 7,819
9/1/2002 8,600 7,819
9/2/2002 8,600 7,819
9/3/2002 8,352 7,494
9/4/2002 8,510 7,628
9/5/2002 8,386 7,507
9/6/2002 8,660 7,633
9/7/2002 8,660 7,633
9/8/2002 8,660 7,633
9/9/2002 8,739 7,710
9/10/2002 8,830 7,767
9/11/2002 8,843 7,767
9/12/2002 8,643 7,576
9/13/2002 8,793 7,601
9/14/2002 8,793 7,601
9/15/2002 8,793 7,601
9/16/2002 8,863 7,613
9/17/2002 8,726 7,462
9/18/2002 8,726 7,428
9/19/2002 8,544 7,205
9/20/2002 8,548 7,223
9/21/2002 8,548 7,223
9/22/2002 8,548 7,223
9/23/2002 8,294 7,123
9/24/2002 8,145 7,000
9/25/2002 8,294 7,176
9/26/2002 8,523 7,308
9/27/2002 8,174 7,072
9/28/2002 8,174 7,072
9/29/2002 8,174 7,072
9/30/2002 7,833 6,969
10/1/2002 8,012 7,248
10/2/2002 7,829 7,078
10/3/2002 7,742 7,002
10/4/2002 7,754 6,845
10/5/2002 7,754 6,845
10/6/2002 7,754 6,845
10/7/2002 7,418 6,714
10/8/2002 7,754 6,830
10/9/2002 7,468 6,645
10/10/2002 7,638 6,878
10/11/2002 8,049 7,146
10/12/2002 8,049 7,146
10/13/2002 8,049 7,146
10/14/2002 8,124 7,199
10/15/2002 8,510 7,539
10/16/2002 8,323 7,358
10/17/2002 8,394 7,522
10/18/2002 8,535 7,567
10/19/2002 8,535 7,567
10/20/2002 8,535 7,567
10/21/2002 8,598 7,698
10/22/2002 8,494 7,616
10/23/2002 8,627 7,668
10/24/2002 8,535 7,551
10/25/2002 8,735 7,681
10/26/2002 8,735 7,681
10/27/2002 8,735 7,681
10/28/2002 8,510 7,617
10/29/2002 8,581 7,549
10/30/2002 8,456 7,623
10/31/2002 8,436 7,582
11/1/2002 8,593 7,712
11/2/2002 8,593 7,712
11/3/2002 8,593 7,712
11/4/2002 8,411 7,776
11/5/2002 8,506 7,836
11/6/2002 8,535 7,910
11/7/2002 8,407 7,731
11/8/2002 8,299 7,663
11/9/2002 8,299 7,663
11/10/2002 8,299 7,663
11/11/2002 8,112 7,505
11/12/2002 8,265 7,563
11/13/2002 8,336 7,562
11/14/2002 8,593 7,749
11/15/2002 8,693 7,797
11/16/2002 8,693 7,797
11/17/2002 8,693 7,797
11/18/2002 8,506 7,716
11/19/2002 8,336 7,685
11/20/2002 8,510 7,835
11/21/2002 8,622 8,004
11/22/2002 8,618 7,976
11/23/2002 8,618 7,976
11/24/2002 8,618 7,976
11/25/2002 8,652 7,996
11/26/2002 8,490 7,830
11/27/2002 8,818 8,050
11/28/2002 8,818 8,050
11/29/2002 8,780 8,029
11/30/2002 8,780 8,029
12/1/2002 8,780 8,029
12/2/2002 8,818 8,013
12/3/2002 8,647 7,895
12/4/2002 8,706 7,871
12/5/2002 8,552 7,776
12/6/2002 8,577 7,825
12/7/2002 8,577 7,825
12/8/2002 8,577 7,825
12/9/2002 8,348 7,652
12/10/2002 8,490 7,759
12/11/2002 8,456 7,765
12/12/2002 8,452 7,737
12/13/2002 8,286 7,633
12/14/2002 8,286 7,633
12/15/2002 8,286 7,633
12/16/2002 8,473 7,813
12/17/2002 8,261 7,749
12/18/2002 8,116 7,648
12/19/2002 8,074 7,591
12/20/2002 8,132 7,689
12/21/2002 8,132 7,689
12/22/2002 8,132 7,689
12/23/2002 7,945 7,703
12/24/2002 7,879 7,661
12/25/2002 7,879 7,661
12/26/2002 7,950 7,637
12/27/2002 7,846 7,518
12/28/2002 7,846 7,518
12/29/2002 7,846 7,518
12/30/2002 7,995 7,552
12/31/2002 8,012 7,557
1/1/2003 8,012 7,557
1/2/2003 8,290 7,809
1/3/2003 8,107 7,805
1/4/2003 8,107 7,805
1/5/2003 8,107 7,805
1/6/2003 8,161 7,980
1/7/2003 8,157 7,928
1/8/2003 8,103 7,819
1/9/2003 8,332 7,971
1/10/2003 8,315 7,971
1/11/2003 8,315 7,971
1/12/2003 8,315 7,971
1/13/2003 8,269 7,960
1/14/2003 8,265 8,007
1/15/2003 8,182 7,893
1/16/2003 8,224 7,862
1/17/2003 8,128 7,751
1/18/2003 8,128 7,751
1/19/2003 8,128 7,751
1/20/2003 8,128 7,751
1/21/2003 7,904 7,630
1/22/2003 7,846 7,551
1/23/2003 7,954 7,628
1/24/2003 7,729 7,405
1/25/2003 7,729 7,405
1/26/2003 7,729 7,405
1/27/2003 7,592 7,285
1/28/2003 7,700 7,381
1/29/2003 7,742 7,432
1/30/2003 7,638 7,264
1/31/2003 7,696 7,359
2/1/2003 7,696 7,359
2/2/2003 7,696 7,359
2/3/2003 7,750 7,399
2/4/2003 7,651 7,295
2/5/2003 7,663 7,257
2/6/2003 7,580 7,212
2/7/2003 7,464 7,139
2/8/2003 7,464 7,139
2/9/2003 7,464 7,139
2/10/2003 7,493 7,193
2/11/2003 7,501 7,135
2/12/2003 7,447 7,047
2/13/2003 7,310 7,037
2/14/2003 7,472 7,188
2/15/2003 7,472 7,188
2/16/2003 7,472 7,188
2/17/2003 7,472 7,188
2/18/2003 7,626 7,329
2/19/2003 7,526 7,278
2/20/2003 7,501 7,209
2/21/2003 7,638 7,305
2/22/2003 7,638 7,305
2/23/2003 7,638 7,305
2/24/2003 7,460 7,171
2/25/2003 7,538 7,222
2/26/2003 7,460 7,130
2/27/2003 7,538 7,215
2/28/2003 7,538 7,249
3/1/2003 7,538 7,249
3/2/2003 7,538 7,249
3/3/2003 7,455 7,194
3/4/2003 7,264 7,084
3/5/2003 7,252 7,154
3/6/2003 7,252 7,087
3/7/2003 7,343 7,146
3/8/2003 7,343 7,146
3/9/2003 7,343 7,146
3/10/2003 7,177 6,962
3/11/2003 7,144 6,904
3/12/2003 7,160 6,936
3/13/2003 7,435 7,176
3/14/2003 7,455 7,188
3/15/2003 7,455 7,188
3/16/2003 7,455 7,188
3/17/2003 7,813 7,443
3/18/2003 7,858 7,474
3/19/2003 7,879 7,540
3/20/2003 7,925 7,555
3/21/2003 8,157 7,728
3/22/2003 8,157 7,728
3/23/2003 8,157 7,728
3/24/2003 7,821 7,456
3/25/2003 7,975 7,547
3/26/2003 7,975 7,506
3/27/2003 7,933 7,494
3/28/2003 7,854 7,451
3/29/2003 7,854 7,451
3/30/2003 7,854 7,451
3/31/2003 7,783 7,319
4/1/2003 7,771 7,408
4/2/2003 8,058 7,603
4/3/2003 8,107 7,564
4/4/2003 8,141 7,585
4/5/2003 8,141 7,585
4/6/2003 8,141 7,585
4/7/2003 8,186 7,595
4/8/2003 8,145 7,583
4/9/2003 7,991 7,478
4/10/2003 8,149 7,526
4/11/2003 8,103 7,498
4/12/2003 8,103 7,498
4/13/2003 8,103 7,498
4/14/2003 8,269 7,645
4/15/2003 8,357 7,693
4/16/2003 8,182 7,600
4/17/2003 8,348 7,718
4/18/2003 8,348 7,718
4/19/2003 8,348 7,718
4/20/2003 8,348 7,718
4/21/2003 8,307 7,704
4/22/2003 8,494 7,871
4/23/2003 8,452 7,937
4/24/2003 8,377 7,872
4/25/2003 8,307 7,763
4/26/2003 8,307 7,763
4/27/2003 8,307 7,763
4/28/2003 8,502 7,903
4/29/2003 8,614 7,929
4/30/2003 8,598 7,922
5/1/2003 8,494 7,918
5/2/2003 8,635 8,037
5/3/2003 8,635 8,037
5/4/2003 8,635 8,037
5/5/2003 8,652 8,007
5/6/2003 8,780 8,074
5/7/2003 8,714 8,034
5/8/2003 8,693 7,954
5/9/2003 8,780 8,069
5/10/2003 8,780 8,069
5/11/2003 8,780 8,069
5/12/2003 8,988 8,171
5/13/2003 8,922 8,148
5/14/2003 8,776 8,124
5/15/2003 8,706 8,189
5/16/2003 8,635 8,169
5/17/2003 8,635 8,169
5/18/2003 8,635 8,169
5/19/2003 8,377 7,966
5/20/2003 8,423 7,957
5/21/2003 8,444 7,989
5/22/2003 8,593 8,062
5/23/2003 8,539 8,074
5/24/2003 8,539 8,074
5/25/2003 8,539 8,074
5/26/2003 8,539 8,074
5/27/2003 8,706 8,232
5/28/2003 8,822 8,248
5/29/2003 8,809 8,218
5/30/2003 8,992 8,339
5/31/2003 8,992 8,339
6/1/2003 8,992 8,339
6/2/2003 9,071 8,369
6/3/2003 9,104 8,409
6/4/2003 9,233 8,538
6/5/2003 9,412 8,572
6/6/2003 9,333 8,552
6/7/2003 9,333 8,552
6/8/2003 9,333 8,552
6/9/2003 9,175 8,450
6/10/2003 9,279 8,527
6/11/2003 9,378 8,640
6/12/2003 9,370 8,649
6/13/2003 9,241 8,563
6/14/2003 9,241 8,563
6/15/2003 9,241 8,563
6/16/2003 9,474 8,755
6/17/2003 9,432 8,763
6/18/2003 9,399 8,750
6/19/2003 9,279 8,617
6/20/2003 9,308 8,626
6/21/2003 9,308 8,626
6/22/2003 9,308 8,626
6/23/2003 9,167 8,504
6/24/2003 9,241 8,520
6/25/2003 9,258 8,449
6/26/2003 9,366 8,544
6/27/2003 9,304 8,461
6/28/2003 9,304 8,461
6/29/2003 9,304 8,461
6/30/2003 9,316 8,446
7/1/2003 9,366 8,515
7/2/2003 9,457 8,614
7/3/2003 9,370 8,544
7/4/2003 9,370 8,544
7/5/2003 9,370 8,544
7/6/2003 9,370 8,544
7/7/2003 9,607 8,707
7/8/2003 9,819 8,739
7/9/2003 9,707 8,691
7/10/2003 9,557 8,574
7/11/2003 9,702 8,657
7/12/2003 9,702 8,657
7/13/2003 9,702 8,657
7/14/2003 9,815 8,706
7/15/2003 9,823 8,677
7/16/2003 9,785 8,622
7/17/2003 9,628 8,515
7/18/2003 9,698 8,616
7/19/2003 9,698 8,616
7/20/2003 9,698 8,616
7/21/2003 9,594 8,490
7/22/2003 9,653 8,571
7/23/2003 9,723 8,575
7/24/2003 9,665 8,514
7/25/2003 9,790 8,663
7/26/2003 9,790 8,663
7/27/2003 9,790 8,663
7/28/2003 9,873 8,644
7/29/2003 9,794 8,582
7/30/2003 9,785 8,568
7/31/2003 9,798 8,595
8/1/2003 9,719 8,506
8/2/2003 9,719 8,506
8/3/2003 9,719 8,506
8/4/2003 9,744 8,530
8/5/2003 9,553 8,379
8/6/2003 9,569 8,395
8/7/2003 9,673 8,456
8/8/2003 9,785 8,486
8/9/2003 9,785 8,486
8/10/2003 9,785 8,486
8/11/2003 9,819 8,515
8/12/2003 9,989 8,600
8/13/2003 10,018 8,548
8/14/2003 10,006 8,604
8/15/2003 10,043 8,607
8/16/2003 10,043 8,607
8/17/2003 10,043 8,607
8/18/2003 10,201 8,686
8/19/2003 10,242 8,709
8/20/2003 10,263 8,692
8/21/2003 10,367 8,718
8/22/2003 10,246 8,629
8/23/2003 10,246 8,629
8/24/2003 10,246 8,629
8/25/2003 10,271 8,635
8/26/2003 10,292 8,661
8/27/2003 10,363 8,663
8/28/2003 10,550 8,717
8/29/2003 10,624 8,762
8/30/2003 10,624 8,762
8/31/2003 10,624 8,762
9/1/2003 10,624 8,762
9/2/2003 10,757 8,884
9/3/2003 10,737 8,924
9/4/2003 10,591 8,939
9/5/2003 10,416 8,882
9/6/2003 10,416 8,882
9/7/2003 10,416 8,882
9/8/2003 10,404 8,971
9/9/2003 10,166 8,898
9/10/2003 10,087 8,792
9/11/2003 10,225 8,843
9/12/2003 10,241 8,862
9/13/2003 10,241 8,862
9/14/2003 10,241 8,862
9/15/2003 10,291 8,829
9/16/2003 10,429 8,955
9/17/2003 10,433 8,926
9/18/2003 10,516 9,045
9/19/2003 10,496 9,016
9/20/2003 10,496 9,016
9/21/2003 10,496 9,016
9/22/2003 10,354 8,899
9/23/2003 10,471 8,953
9/24/2003 10,266 8,782
9/25/2003 10,191 8,731
9/26/2003 10,062 8,677
9/27/2003 10,062 8,677
9/28/2003 10,062 8,677
9/29/2003 10,049 8,762
9/30/2003 9,958 8,669
10/1/2003 10,266 8,864
10/2/2003 10,279 8,882
10/3/2003 10,450 8,966
10/4/2003 10,450 8,966
10/5/2003 10,450 8,966
10/6/2003 10,529 9,005
10/7/2003 10,629 9,048
10/8/2003 10,546 9,004
10/9/2003 10,796 9,047
10/10/2003 10,733 9,042
10/11/2003 10,733 9,042
10/12/2003 10,733 9,042
10/13/2003 10,896 9,105
10/14/2003 10,963 9,141
10/15/2003 10,892 9,120
10/16/2003 10,917 9,149
10/17/2003 10,767 9,055
10/18/2003 10,767 9,055
10/19/2003 10,767 9,055
10/20/2003 10,821 9,102
10/21/2003 10,838 9,113
10/22/2003 10,667 8,978
10/23/2003 10,754 9,008
10/24/2003 10,650 8,965
10/25/2003 10,650 8,965
10/26/2003 10,650 8,965
10/27/2003 10,792 8,985
10/28/2003 11,009 9,121
10/29/2003 11,021 9,134
10/30/2003 11,000 9,127
10/31/2003 10,979 9,159
11/1/2003 10,979 9,159
11/2/2003 10,979 9,159
11/3/2003 11,092 9,232
11/4/2003 11,029 9,182
11/5/2003 10,992 9,171
11/6/2003 11,084 9,226
11/7/2003 11,042 9,186
11/8/2003 11,042 9,186
11/9/2003 11,042 9,186
11/10/2003 10,958 9,133
11/11/2003 11,017 9,129
11/12/2003 11,134 9,237
11/13/2003 11,046 9,235
11/14/2003 10,929 9,167
11/15/2003 10,929 9,167
11/16/2003 10,929 9,167
11/17/2003 10,804 9,108
11/18/2003 10,692 9,026
11/19/2003 10,733 9,099
11/20/2003 10,767 9,023
11/21/2003 10,821 9,037
11/22/2003 10,821 9,037
11/23/2003 10,821 9,037
11/24/2003 11,079 9,184
11/25/2003 11,129 9,201
11/26/2003 11,100 9,242
11/27/2003 11,100 9,242
11/28/2003 11,146 9,240
11/29/2003 11,146 9,240
11/30/2003 11,146 9,240
12/1/2003 11,230 9,345
12/2/2003 11,046 9,314
12/3/2003 10,933 9,300
12/4/2003 10,796 9,344
12/5/2003 10,687 9,273
12/6/2003 10,687 9,273
12/7/2003 10,687 9,273
12/8/2003 10,696 9,341
12/9/2003 10,579 9,262
12/10/2003 10,446 9,254
12/11/2003 10,612 9,361
12/12/2003 10,583 9,386
12/13/2003 10,583 9,386
12/14/2003 10,583 9,386
12/15/2003 10,391 9,333
12/16/2003 10,383 9,396
12/17/2003 10,550 9,408
12/18/2003 10,675 9,521
12/19/2003 10,654 9,516
12/20/2003 10,654 9,516
12/21/2003 10,654 9,516
12/22/2003 10,650 9,554
12/23/2003 10,712 9,581
12/24/2003 10,658 9,564
12/25/2003 10,658 9,564
12/26/2003 10,721 9,580
12/27/2003 10,721 9,580
12/28/2003 10,721 9,580
12/29/2003 10,842 9,702
12/30/2003 10,858 9,705
12/31/2003 10,838 9,725
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 12/31/03
- --------------------------------------------------------------------------------
SINCE
ONE INCEPTION
YEAR (07/23/01)
- --------------------------------------------------------------------------------
RETAILING FUND 35.27% 3.35%
S&P 500 INDEX 28.68% -1.14%
- --------------------------------------------------------------------------------
The returns presented above do not reflect the effects of taxes. Past
performance is no guarantee of future results. The S&P 500 Index is an unmanaged
stock index and, unlike the fund, has no management fees or other operating
expenses to reduce its reported returns. Returns are historical and include
changes in principal and reinvested dividends and capital gains.
ANNUAL REPORT 31
TECHNOLOGY FUND
- --------------------------------------------------------------------------------
OBJECTIVE: Seeks capital appreciation by investing in companies that are
involved in the technology sector, including computer software and service
companies, semiconductor manufacturerers, networking and telecommunications
equipment manufacturers and PC hardware and peripherals computers.
Inception: May 2, 2001
Investors expressed optimism over the macroeconomy and companies' earnings
growth during the year ended December 31, 2003. Technology was one of the market
leaders--and Internet software and office electronics were shining stars in the
sector. Rydex Technology Fund gained 61.32% during the year.
Cumulative Fund Performance: May 2, 2001 - December 31, 2003
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
Date Variable Technology S&P 500 Index
5/2/2001 $10,000 $10,000
5/3/2001 9,588 9,853
5/4/2001 9,788 9,996
5/5/2001 9,788 9,996
5/6/2001 9,788 9,996
5/7/2001 9,688 9,971
5/8/2001 9,852 9,954
5/9/2001 9,584 9,911
5/10/2001 9,424 9,909
5/11/2001 9,308 9,835
5/12/2001 9,308 9,835
5/13/2001 9,308 9,835
5/14/2001 9,156 9,861
5/15/2001 9,156 9,866
5/16/2001 9,576 10,148
5/17/2001 9,636 10,176
5/18/2001 9,664 10,205
5/19/2001 9,664 10,205
5/20/2001 9,664 10,205
5/21/2001 10,208 10,370
5/22/2001 10,208 10,343
5/23/2001 9,860 10,182
5/24/2001 10,032 10,215
5/25/2001 9,824 10,095
5/26/2001 9,824 10,095
5/27/2001 9,824 10,095
5/28/2001 9,384 10,095
5/29/2001 9,384 10,017
5/30/2001 8,872 9,862
5/31/2001 8,972 9,924
6/1/2001 9,144 9,962
6/2/2001 9,144 9,962
6/3/2001 9,144 9,962
6/4/2001 9,132 10,013
6/5/2001 9,548 10,144
6/6/2001 9,476 10,038
6/7/2001 9,792 10,093
6/8/2001 9,484 9,998
6/9/2001 9,484 9,998
6/10/2001 9,484 9,998
6/11/2001 9,252 9,915
6/12/2001 9,252 9,926
6/13/2001 8,908 9,816
6/14/2001 8,516 9,644
6/15/2001 8,412 9,601
6/16/2001 8,412 9,601
6/17/2001 8,412 9,601
6/18/2001 8,240 9,554
6/19/2001 8,244 9,587
6/20/2001 8,356 9,671
6/21/2001 8,432 9,781
6/22/2001 8,412 9,689
6/23/2001 8,412 9,689
6/24/2001 8,412 9,689
6/25/2001 8,540 9,635
6/26/2001 8,584 9,621
6/27/2001 8,616 9,577
6/28/2001 8,852 9,697
6/29/2001 8,896 9,682
6/30/2001 8,896 9,682
7/1/2001 8,896 9,682
7/2/2001 8,948 9,780
7/3/2001 8,920 9,763
7/4/2001 8,920 9,763
7/5/2001 8,604 9,645
7/6/2001 8,136 9,420
7/7/2001 8,136 9,420
7/8/2001 8,136 9,420
7/9/2001 8,228 9,485
7/10/2001 7,924 9,349
7/11/2001 7,972 9,339
7/12/2001 8,536 9,561
7/13/2001 8,556 9,620
7/14/2001 8,556 9,620
7/15/2001 8,556 9,620
7/16/2001 8,276 9,516
7/17/2001 8,432 9,610
7/18/2001 8,044 9,558
7/19/2001 8,208 9,616
7/20/2001 8,124 9,583
7/21/2001 8,124 9,583
7/22/2001 8,124 9,583
7/23/2001 7,932 9,426
7/24/2001 7,832 9,273
7/25/2001 7,972 9,422
7/26/2001 8,188 9,520
7/27/2001 8,224 9,544
7/28/2001 8,224 9,544
7/29/2001 8,224 9,544
7/30/2001 8,188 9,534
7/31/2001 8,220 9,587
8/1/2001 8,464 9,626
8/2/2001 8,604 9,665
8/3/2001 8,500 9,615
8/4/2001 8,500 9,615
8/5/2001 8,500 9,615
8/6/2001 8,364 9,506
8/7/2001 8,316 9,537
8/8/2001 8,004 9,373
8/9/2001 8,000 9,374
8/10/2001 7,964 9,428
8/11/2001 7,964 9,428
8/12/2001 7,964 9,428
8/13/2001 8,044 9,438
8/14/2001 7,896 9,402
8/15/2001 7,672 9,335
8/16/2001 7,740 9,364
8/17/2001 7,460 9,208
8/18/2001 7,460 9,208
8/19/2001 7,460 9,208
8/20/2001 7,508 9,283
8/21/2001 7,280 9,171
8/22/2001 7,428 9,235
8/23/2001 7,364 9,210
8/24/2001 7,768 9,391
8/25/2001 7,768 9,391
8/26/2001 7,768 9,391
8/27/2001 7,772 9,346
8/28/2001 7,532 9,206
8/29/2001 7,364 9,105
8/30/2001 7,028 8,951
8/31/2001 7,112 8,987
9/1/2001 7,112 8,987
9/2/2001 7,112 8,987
9/3/2001 7,112 8,987
9/4/2001 6,904 8,982
9/5/2001 6,800 8,974
9/6/2001 6,504 8,774
9/7/2001 6,432 8,610
9/8/2001 6,432 8,610
9/9/2001 6,432 8,610
9/10/2001 6,512 8,664
9/11/2001 6,512 8,664
9/12/2001 6,512 8,664
9/13/2001 6,512 8,664
9/14/2001 6,512 8,664
9/15/2001 6,512 8,664
9/16/2001 6,512 8,664
9/17/2001 6,028 8,240
9/18/2001 5,940 8,193
9/19/2001 5,844 8,061
9/20/2001 5,576 7,811
9/21/2001 5,420 7,662
9/22/2001 5,420 7,662
9/23/2001 5,420 7,662
9/24/2001 5,784 7,961
9/25/2001 5,772 8,031
9/26/2001 5,568 7,992
9/27/2001 5,492 8,084
9/28/2001 5,640 8,261
9/29/2001 5,640 8,261
9/30/2001 5,640 8,261
10/1/2001 5,560 8,242
10/2/2001 5,564 8,344
10/3/2001 5,988 8,512
10/4/2001 6,112 8,491
10/5/2001 6,180 8,507
10/6/2001 6,180 8,507
10/7/2001 6,180 8,507
10/8/2001 6,228 8,436
10/9/2001 6,052 8,391
10/10/2001 6,288 8,584
10/11/2001 6,656 8,715
10/12/2001 6,688 8,669
10/13/2001 6,688 8,669
10/14/2001 6,688 8,669
10/15/2001 6,596 8,656
10/16/2001 6,720 8,716
10/17/2001 6,392 8,554
10/18/2001 6,392 8,487
10/19/2001 6,484 8,525
10/20/2001 6,484 8,525
10/21/2001 6,484 8,525
10/22/2001 6,632 8,656
10/23/2001 6,648 8,615
10/24/2001 6,804 8,619
10/25/2001 6,996 8,737
10/26/2001 6,920 8,773
10/27/2001 6,920 8,773
10/28/2001 6,920 8,773
10/29/2001 6,584 8,565
10/30/2001 6,444 8,418
10/31/2001 6,524 8,419
11/1/2001 6,816 8,613
11/2/2001 6,824 8,638
11/3/2001 6,824 8,638
11/4/2001 6,824 8,638
11/5/2001 7,036 8,762
11/6/2001 7,268 8,890
11/7/2001 7,264 8,868
11/8/2001 7,236 8,890
11/9/2001 7,260 8,905
11/10/2001 7,260 8,905
11/11/2001 7,260 8,905
11/12/2001 7,320 8,889
11/13/2001 7,564 9,055
11/14/2001 7,636 9,074
11/15/2001 7,620 9,082
11/16/2001 7,620 9,055
11/17/2001 7,620 9,055
11/18/2001 7,620 9,055
11/19/2001 7,740 9,153
11/20/2001 7,460 9,087
11/21/2001 7,420 9,043
11/22/2001 7,420 9,043
11/23/2001 7,536 9,149
11/24/2001 7,536 9,149
11/25/2001 7,536 9,149
11/26/2001 7,696 9,205
11/27/2001 7,652 9,142
11/28/2001 7,412 8,977
11/29/2001 7,588 9,071
11/30/2001 7,596 9,065
12/1/2001 7,596 9,065
12/2/2001 7,596 9,065
12/3/2001 7,468 8,989
12/4/2001 7,732 9,107
12/5/2001 8,140 9,314
12/6/2001 8,120 9,288
12/7/2001 7,960 9,218
12/8/2001 7,960 9,218
12/9/2001 7,960 9,218
12/10/2001 7,816 9,072
12/11/2001 7,872 9,047
12/12/2001 7,920 9,051
12/13/2001 7,584 8,910
12/14/2001 7,640 8,940
12/15/2001 7,640 8,940
12/16/2001 7,640 8,940
12/17/2001 7,736 9,030
12/18/2001 7,752 9,098
12/19/2001 7,652 9,151
12/20/2001 7,420 9,076
12/21/2001 7,464 9,116
12/22/2001 7,464 9,116
12/23/2001 7,464 9,116
12/24/2001 7,416 9,114
12/25/2001 7,416 9,114
12/26/2001 7,468 9,151
12/27/2001 7,552 9,216
12/28/2001 7,572 9,247
12/29/2001 7,572 9,247
12/30/2001 7,572 9,247
12/31/2001 7,444 9,144
1/1/2002 7,444 9,144
1/2/2002 7,600 9,198
1/3/2002 7,944 9,282
1/4/2002 8,024 9,340
1/5/2002 8,024 9,340
1/6/2002 8,024 9,340
1/7/2002 7,940 9,279
1/8/2002 7,964 9,248
1/9/2002 7,964 9,205
1/10/2002 7,912 9,216
1/11/2002 7,808 9,129
1/12/2002 7,808 9,129
1/13/2002 7,808 9,129
1/14/2002 7,676 9,072
1/15/2002 7,700 9,134
1/16/2002 7,456 8,986
1/17/2002 7,656 9,076
1/18/2002 7,448 8,986
1/19/2002 7,448 8,986
1/20/2002 7,448 8,986
1/21/2002 7,448 8,986
1/22/2002 7,176 8,921
1/23/2002 7,312 8,991
1/24/2002 7,420 9,023
1/25/2002 7,396 9,032
1/26/2002 7,396 9,032
1/27/2002 7,396 9,032
1/28/2002 7,444 9,030
1/29/2002 7,208 8,773
1/30/2002 7,320 8,877
1/31/2002 7,408 9,011
2/1/2002 7,300 8,947
2/2/2002 7,300 8,947
2/3/2002 7,300 8,947
2/4/2002 7,084 8,726
2/5/2002 6,992 8,691
2/6/2002 6,948 8,640
2/7/2002 6,804 8,615
2/8/2002 6,944 8,743
2/9/2002 6,944 8,743
2/10/2002 6,944 8,743
2/11/2002 7,120 8,869
2/12/2002 7,024 8,833
2/13/2002 7,112 8,924
2/14/2002 7,068 8,909
2/15/2002 6,844 8,811
2/16/2002 6,844 8,811
2/17/2002 6,844 8,811
2/18/2002 6,844 8,811
2/19/2002 6,624 8,645
2/20/2002 6,660 8,762
2/21/2002 6,352 8,626
2/22/2002 6,376 8,697
2/23/2002 6,376 8,697
2/24/2002 6,376 8,697
2/25/2002 6,580 8,854
2/26/2002 6,552 8,854
2/27/2002 6,500 8,862
2/28/2002 6,432 8,837
3/1/2002 6,780 9,037
3/2/2002 6,780 9,037
3/3/2002 6,780 9,037
3/4/2002 7,052 9,213
3/5/2002 7,092 9,152
3/6/2002 7,148 9,286
3/7/2002 7,100 9,245
3/8/2002 7,324 9,299
3/9/2002 7,324 9,299
3/10/2002 7,324 9,299
3/11/2002 7,324 9,331
3/12/2002 7,160 9,309
3/13/2002 6,984 9,220
3/14/2002 6,912 9,212
3/15/2002 6,960 9,317
3/16/2002 6,960 9,317
3/17/2002 6,960 9,317
3/18/2002 6,984 9,312
3/19/2002 6,992 9,350
3/20/2002 6,796 9,203
3/21/2002 6,924 9,217
3/22/2002 6,840 9,178
3/23/2002 6,840 9,178
3/24/2002 6,840 9,178
3/25/2002 6,684 9,044
3/26/2002 6,712 9,098
3/27/2002 6,712 9,147
3/28/2002 6,820 9,169
3/29/2002 6,820 9,169
3/30/2002 6,820 9,169
3/31/2002 6,820 9,169
4/1/2002 6,912 9,162
4/2/2002 6,676 9,084
4/3/2002 6,584 8,995
4/4/2002 6,596 9,003
4/5/2002 6,472 8,974
4/6/2002 6,472 8,974
4/7/2002 6,472 8,974
4/8/2002 6,448 8,997
4/9/2002 6,264 8,937
4/10/2002 6,308 9,039
4/11/2002 6,112 8,825
4/12/2002 6,220 8,884
4/13/2002 6,220 8,884
4/14/2002 6,220 8,884
4/15/2002 6,228 8,816
4/16/2002 6,488 9,023
4/17/2002 6,500 9,005
4/18/2002 6,456 8,992
4/19/2002 6,456 8,998
4/20/2002 6,456 8,998
4/21/2002 6,456 8,998
4/22/2002 6,300 8,859
4/23/2002 6,176 8,804
4/24/2002 6,100 8,742
4/25/2002 6,124 8,728
4/26/2002 5,932 8,608
4/27/2002 5,932 8,608
4/28/2002 5,932 8,608
4/29/2002 5,916 8,521
4/30/2002 6,032 8,613
5/1/2002 5,976 8,690
5/2/2002 5,816 8,676
5/3/2002 5,648 8,587
5/4/2002 5,648 8,587
5/5/2002 5,648 8,587
5/6/2002 5,496 8,421
5/7/2002 5,484 8,396
5/8/2002 6,064 8,712
5/9/2002 5,876 8,587
5/10/2002 5,680 8,443
5/11/2002 5,680 8,443
5/12/2002 5,680 8,443
5/13/2002 5,900 8,601
5/14/2002 6,192 8,783
5/15/2002 6,220 8,736
5/16/2002 6,276 8,794
5/17/2002 6,344 8,863
5/18/2002 6,344 8,863
5/19/2002 6,344 8,863
5/20/2002 6,180 8,745
5/21/2002 6,020 8,649
5/22/2002 6,060 8,699
5/23/2002 6,116 8,787
5/24/2002 5,980 8,681
5/25/2002 5,980 8,681
5/26/2002 5,980 8,681
5/27/2002 5,980 8,681
5/28/2002 5,940 8,607
5/29/2002 5,816 8,553
5/30/2002 5,836 8,530
5/31/2002 5,776 8,550
6/1/2002 5,776 8,550
6/2/2002 5,776 8,550
6/3/2002 5,576 8,338
6/4/2002 5,644 8,338
6/5/2002 5,696 8,415
6/6/2002 5,568 8,249
6/7/2002 5,452 8,236
6/8/2002 5,452 8,236
6/9/2002 5,452 8,236
6/10/2002 5,408 8,262
6/11/2002 5,280 8,124
6/12/2002 5,352 8,179
6/13/2002 5,276 8,094
6/14/2002 5,284 8,075
6/15/2002 5,284 8,075
6/16/2002 5,284 8,075
6/17/2002 5,472 8,307
6/18/2002 5,420 8,315
6/19/2002 5,216 8,178
6/20/2002 5,076 8,068
6/21/2002 4,940 7,931
6/22/2002 4,940 7,931
6/23/2002 4,940 7,931
6/24/2002 5,040 7,960
6/25/2002 4,880 7,827
6/26/2002 4,872 7,810
6/27/2002 4,976 7,947
6/28/2002 4,992 7,941
6/29/2002 4,992 7,941
6/30/2002 4,992 7,941
7/1/2002 4,764 7,771
7/2/2002 4,608 7,608
7/3/2002 4,772 7,655
7/4/2002 4,772 7,655
7/5/2002 5,060 7,937
7/6/2002 5,060 7,937
7/7/2002 5,060 7,937
7/8/2002 4,872 7,842
7/9/2002 4,772 7,649
7/10/2002 4,644 7,389
7/11/2002 4,820 7,445
7/12/2002 4,828 7,397
7/13/2002 4,828 7,397
7/14/2002 4,828 7,397
7/15/2002 4,908 7,369
7/16/2002 4,864 7,234
7/17/2002 4,948 7,275
7/18/2002 4,792 7,078
7/19/2002 4,632 6,807
7/20/2002 4,632 6,807
7/21/2002 4,632 6,807
7/22/2002 4,480 6,583
7/23/2002 4,304 6,405
7/24/2002 4,488 6,772
7/25/2002 4,200 6,734
7/26/2002 4,236 6,848
7/27/2002 4,236 6,848
7/28/2002 4,236 6,848
7/29/2002 4,520 7,219
7/30/2002 4,592 7,250
7/31/2002 4,500 7,322
8/1/2002 4,304 7,106
8/2/2002 4,172 6,942
8/3/2002 4,172 6,942
8/4/2002 4,172 6,942
8/5/2002 4,008 6,705
8/6/2002 4,200 6,905
8/7/2002 4,300 7,045
8/8/2002 4,440 7,275
8/9/2002 4,396 7,303
8/10/2002 4,396 7,303
8/11/2002 4,396 7,303
8/12/2002 4,376 7,264
8/13/2002 4,268 7,107
8/14/2002 4,528 7,393
8/15/2002 4,580 7,480
8/16/2002 4,700 7,469
8/17/2002 4,700 7,469
8/18/2002 4,700 7,469
8/19/2002 4,868 7,645
8/20/2002 4,784 7,538
8/21/2002 4,920 7,635
8/22/2002 4,984 7,743
8/23/2002 4,780 7,567
8/24/2002 4,780 7,567
8/25/2002 4,780 7,567
8/26/2002 4,804 7,624
8/27/2002 4,644 7,519
8/28/2002 4,496 7,384
8/29/2002 4,564 7,384
8/30/2002 4,480 7,370
8/31/2002 4,480 7,370
9/1/2002 4,480 7,370
9/2/2002 4,480 7,370
9/3/2002 4,272 7,064
9/4/2002 4,373 7,190
9/5/2002 4,213 7,076
9/6/2002 4,377 7,195
9/7/2002 4,377 7,195
9/8/2002 4,377 7,195
9/9/2002 4,405 7,268
9/10/2002 4,496 7,321
9/11/2002 4,487 7,321
9/12/2002 4,313 7,141
9/13/2002 4,327 7,165
9/14/2002 4,327 7,165
9/15/2002 4,327 7,165
9/16/2002 4,259 7,176
9/17/2002 4,190 7,034
9/18/2002 4,126 7,002
9/19/2002 3,934 6,792
9/20/2002 3,930 6,808
9/21/2002 3,930 6,808
9/22/2002 3,930 6,808
9/23/2002 3,806 6,714
9/24/2002 3,751 6,598
9/25/2002 3,911 6,764
9/26/2002 3,856 6,888
9/27/2002 3,788 6,666
9/28/2002 3,788 6,666
9/29/2002 3,788 6,666
9/30/2002 3,651 6,569
10/1/2002 3,843 6,832
10/2/2002 3,756 6,672
10/3/2002 3,692 6,600
10/4/2002 3,559 6,452
10/5/2002 3,559 6,452
10/6/2002 3,559 6,452
10/7/2002 3,491 6,329
10/8/2002 3,491 6,438
10/9/2002 3,445 6,263
10/10/2002 3,646 6,483
10/11/2002 3,861 6,736
10/12/2002 3,861 6,736
10/13/2002 3,861 6,736
10/14/2002 3,888 6,785
10/15/2002 4,163 7,107
10/16/2002 3,902 6,936
10/17/2002 4,158 7,091
10/18/2002 4,163 7,133
10/19/2002 4,163 7,133
10/20/2002 4,163 7,133
10/21/2002 4,332 7,256
10/22/2002 4,222 7,179
10/23/2002 4,382 7,227
10/24/2002 4,359 7,117
10/25/2002 4,492 7,240
10/26/2002 4,492 7,240
10/27/2002 4,492 7,240
10/28/2002 4,450 7,180
10/29/2002 4,327 7,115
10/30/2002 4,501 7,186
10/31/2002 4,524 7,147
11/1/2002 4,702 7,270
11/2/2002 4,702 7,270
11/3/2002 4,702 7,270
11/4/2002 4,894 7,329
11/5/2002 4,866 7,386
11/6/2002 4,980 7,456
11/7/2002 4,743 7,287
11/8/2002 4,651 7,223
11/9/2002 4,651 7,223
11/10/2002 4,651 7,223
11/11/2002 4,446 7,074
11/12/2002 4,601 7,129
11/13/2002 4,638 7,128
11/14/2002 4,862 7,304
11/15/2002 4,880 7,350
11/16/2002 4,880 7,350
11/17/2002 4,880 7,350
11/18/2002 4,871 7,273
11/19/2002 4,766 7,244
11/20/2002 4,999 7,385
11/21/2002 5,273 7,544
11/22/2002 5,277 7,518
11/23/2002 5,277 7,518
11/24/2002 5,277 7,518
11/25/2002 5,419 7,537
11/26/2002 5,227 7,381
11/27/2002 5,456 7,588
11/28/2002 5,456 7,588
11/29/2002 5,419 7,568
11/30/2002 5,419 7,568
12/1/2002 5,419 7,568
12/2/2002 5,474 7,553
12/3/2002 5,255 7,442
12/4/2002 5,072 7,419
12/5/2002 4,990 7,330
12/6/2002 4,985 7,376
12/7/2002 4,985 7,376
12/8/2002 4,985 7,376
12/9/2002 4,715 7,213
12/10/2002 4,862 7,314
12/11/2002 4,875 7,319
12/12/2002 4,857 7,292
12/13/2002 4,711 7,195
12/14/2002 4,711 7,195
12/15/2002 4,711 7,195
12/16/2002 4,853 7,364
12/17/2002 4,816 7,304
12/18/2002 4,629 7,209
12/19/2002 4,574 7,155
12/20/2002 4,624 7,248
12/21/2002 4,624 7,248
12/22/2002 4,624 7,248
12/23/2002 4,679 7,261
12/24/2002 4,638 7,221
12/25/2002 4,638 7,221
12/26/2002 4,633 7,199
12/27/2002 4,565 7,086
12/28/2002 4,565 7,086
12/29/2002 4,565 7,086
12/30/2002 4,510 7,119
12/31/2002 4,533 7,123
1/1/2003 4,533 7,123
1/2/2003 4,757 7,360
1/3/2003 4,789 7,357
1/4/2003 4,789 7,357
1/5/2003 4,789 7,357
1/6/2003 4,948 7,522
1/7/2003 5,003 7,473
1/8/2003 4,875 7,370
1/9/2003 5,035 7,514
1/10/2003 5,095 7,513
1/11/2003 5,095 7,513
1/12/2003 5,095 7,513
1/13/2003 5,063 7,503
1/14/2003 5,131 7,547
1/15/2003 5,044 7,439
1/16/2003 4,944 7,410
1/17/2003 4,734 7,306
1/18/2003 4,734 7,306
1/19/2003 4,734 7,306
1/20/2003 4,734 7,306
1/21/2003 4,665 7,192
1/22/2003 4,638 7,117
1/23/2003 4,761 7,190
1/24/2003 4,592 6,980
1/25/2003 4,592 6,980
1/26/2003 4,592 6,980
1/27/2003 4,514 6,867
1/28/2003 4,606 6,957
1/29/2003 4,656 7,005
1/30/2003 4,492 6,847
1/31/2003 4,482 6,937
2/1/2003 4,482 6,937
2/2/2003 4,482 6,937
2/3/2003 4,496 6,974
2/4/2003 4,441 6,876
2/5/2003 4,441 6,840
2/6/2003 4,414 6,798
2/7/2003 4,332 6,729
2/8/2003 4,332 6,729
2/9/2003 4,332 6,729
2/10/2003 4,386 6,780
2/11/2003 4,400 6,726
2/12/2003 4,336 6,643
2/13/2003 4,313 6,633
2/14/2003 4,450 6,775
2/15/2003 4,450 6,775
2/16/2003 4,450 6,775
2/17/2003 4,450 6,775
2/18/2003 4,601 6,908
2/19/2003 4,542 6,860
2/20/2003 4,556 6,796
2/21/2003 4,601 6,885
2/22/2003 4,601 6,885
2/23/2003 4,601 6,885
2/24/2003 4,524 6,759
2/25/2003 4,524 6,808
2/26/2003 4,423 6,721
2/27/2003 4,478 6,801
2/28/2003 4,542 6,832
3/1/2003 4,542 6,832
3/2/2003 4,542 6,832
3/3/2003 4,469 6,781
3/4/2003 4,409 6,677
3/5/2003 4,418 6,743
3/6/2003 4,396 6,681
3/7/2003 4,391 6,736
3/8/2003 4,391 6,736
3/9/2003 4,391 6,736
3/10/2003 4,281 6,562
3/11/2003 4,259 6,507
3/12/2003 4,281 6,538
3/13/2003 4,510 6,764
3/14/2003 4,496 6,775
3/15/2003 4,496 6,775
3/16/2003 4,496 6,775
3/17/2003 4,734 7,015
3/18/2003 4,775 7,045
3/19/2003 4,725 7,107
3/20/2003 4,770 7,121
3/21/2003 4,857 7,284
3/22/2003 4,857 7,284
3/23/2003 4,857 7,284
3/24/2003 4,661 7,028
3/25/2003 4,715 7,113
3/26/2003 4,697 7,075
3/27/2003 4,674 7,064
3/28/2003 4,624 7,023
3/29/2003 4,624 7,023
3/30/2003 4,624 7,023
3/31/2003 4,496 6,899
4/1/2003 4,519 6,983
4/2/2003 4,697 7,166
4/3/2003 4,697 7,130
4/4/2003 4,633 7,150
4/5/2003 4,633 7,150
4/6/2003 4,633 7,150
4/7/2003 4,679 7,159
4/8/2003 4,588 7,148
4/9/2003 4,510 7,049
4/10/2003 4,524 7,094
4/11/2003 4,505 7,068
4/12/2003 4,505 7,068
4/13/2003 4,505 7,068
4/14/2003 4,601 7,206
4/15/2003 4,624 7,252
4/16/2003 4,688 7,163
4/17/2003 4,816 7,275
4/18/2003 4,816 7,275
4/19/2003 4,816 7,275
4/20/2003 4,816 7,275
4/21/2003 4,834 7,262
4/22/2003 4,944 7,419
4/23/2003 5,003 7,482
4/24/2003 4,953 7,420
4/25/2003 4,821 7,317
4/26/2003 4,821 7,317
4/27/2003 4,821 7,317
4/28/2003 4,930 7,449
4/29/2003 4,985 7,474
4/30/2003 4,962 7,467
5/1/2003 5,003 7,463
5/2/2003 5,145 7,576
5/3/2003 5,145 7,576
5/4/2003 5,145 7,576
5/5/2003 5,209 7,547
5/6/2003 5,277 7,611
5/7/2003 5,214 7,573
5/8/2003 5,136 7,497
5/9/2003 5,245 7,606
5/10/2003 5,245 7,606
5/11/2003 5,245 7,606
5/12/2003 5,351 7,702
5/13/2003 5,355 7,680
5/14/2003 5,355 7,657
5/15/2003 5,424 7,719
5/16/2003 5,378 7,700
5/17/2003 5,378 7,700
5/18/2003 5,378 7,700
5/19/2003 5,159 7,508
5/20/2003 5,159 7,500
5/21/2003 5,182 7,531
5/22/2003 5,268 7,600
5/23/2003 5,291 7,611
5/24/2003 5,291 7,611
5/25/2003 5,291 7,611
5/26/2003 5,291 7,611
5/27/2003 5,492 7,760
5/28/2003 5,529 7,775
5/29/2003 5,597 7,746
5/30/2003 5,707 7,860
5/31/2003 5,707 7,860
6/1/2003 5,707 7,860
6/2/2003 5,670 7,889
6/3/2003 5,702 7,926
6/4/2003 5,871 8,048
6/5/2003 5,931 8,080
6/6/2003 5,876 8,061
6/7/2003 5,876 8,061
6/8/2003 5,876 8,061
6/9/2003 5,739 7,965
6/10/2003 5,808 8,038
6/11/2003 5,853 8,144
6/12/2003 5,867 8,152
6/13/2003 5,716 8,072
6/14/2003 5,716 8,072
6/15/2003 5,716 8,072
6/16/2003 5,858 8,253
6/17/2003 5,894 8,260
6/18/2003 5,972 8,248
6/19/2003 5,894 8,122
6/20/2003 5,840 8,131
6/21/2003 5,840 8,131
6/22/2003 5,840 8,131
6/23/2003 5,680 8,016
6/24/2003 5,643 8,031
6/25/2003 5,657 7,964
6/26/2003 5,776 8,053
6/27/2003 5,744 7,975
6/28/2003 5,744 7,975
6/29/2003 5,744 7,975
6/30/2003 5,725 7,961
7/1/2003 5,798 8,026
7/2/2003 5,977 8,120
7/3/2003 5,913 8,054
7/4/2003 5,913 8,054
7/5/2003 5,913 8,054
7/6/2003 5,913 8,054
7/7/2003 6,178 8,207
7/8/2003 6,255 8,238
7/9/2003 6,315 8,192
7/10/2003 6,141 8,082
7/11/2003 6,191 8,160
7/12/2003 6,191 8,160
7/13/2003 6,191 8,160
7/14/2003 6,292 8,207
7/15/2003 6,278 8,178
7/16/2003 6,191 8,127
7/17/2003 5,935 8,026
7/18/2003 5,999 8,121
7/19/2003 5,999 8,121
7/20/2003 5,999 8,121
7/21/2003 5,885 8,003
7/22/2003 6,018 8,079
7/23/2003 6,059 8,083
7/24/2003 5,999 8,026
7/25/2003 6,100 8,165
7/26/2003 6,100 8,165
7/27/2003 6,100 8,165
7/28/2003 6,123 8,148
7/29/2003 6,086 8,090
7/30/2003 6,045 8,076
7/31/2003 6,127 8,101
8/1/2003 6,118 8,018
8/2/2003 6,118 8,018
8/3/2003 6,118 8,018
8/4/2003 6,132 8,040
8/5/2003 5,986 7,898
8/6/2003 5,917 7,913
8/7/2003 5,885 7,971
8/8/2003 5,821 7,999
8/9/2003 5,821 7,999
8/10/2003 5,821 7,999
8/11/2003 5,913 8,026
8/12/2003 6,022 8,106
8/13/2003 6,059 8,057
8/14/2003 6,118 8,110
8/15/2003 6,118 8,113
8/16/2003 6,118 8,113
8/17/2003 6,118 8,113
8/18/2003 6,338 8,188
8/19/2003 6,447 8,209
8/20/2003 6,438 8,193
8/21/2003 6,566 8,218
8/22/2003 6,525 8,134
8/23/2003 6,525 8,134
8/24/2003 6,525 8,134
8/25/2003 6,479 8,139
8/26/2003 6,525 8,164
8/27/2003 6,644 8,166
8/28/2003 6,740 8,216
8/29/2003 6,785 8,259
8/30/2003 6,785 8,259
8/31/2003 6,785 8,259
9/1/2003 6,785 8,259
9/2/2003 6,900 8,374
9/3/2003 6,922 8,411
9/4/2003 7,014 8,426
9/5/2003 6,998 8,372
9/6/2003 6,998 8,372
9/7/2003 6,998 8,372
9/8/2003 7,145 8,456
9/9/2003 7,067 8,387
9/10/2003 6,767 8,287
9/11/2003 6,860 8,335
9/12/2003 6,880 8,353
9/13/2003 6,880 8,353
9/14/2003 6,880 8,353
9/15/2003 6,796 8,322
9/16/2003 6,993 8,441
9/17/2003 6,978 8,414
9/18/2003 7,076 8,525
9/19/2003 7,057 8,499
9/20/2003 7,057 8,499
9/21/2003 7,057 8,499
9/22/2003 6,904 8,388
9/23/2003 6,998 8,439
9/24/2003 6,747 8,278
9/25/2003 6,644 8,230
9/26/2003 6,531 8,178
9/27/2003 6,531 8,178
9/28/2003 6,531 8,178
9/29/2003 6,673 8,259
9/30/2003 6,506 8,171
10/1/2003 6,649 8,355
10/2/2003 6,688 8,372
10/3/2003 6,909 8,451
10/4/2003 6,909 8,451
10/5/2003 6,909 8,451
10/6/2003 6,963 8,488
10/7/2003 7,037 8,529
10/8/2003 6,958 8,487
10/9/2003 7,017 8,528
10/10/2003 7,052 8,523
10/11/2003 7,052 8,523
10/12/2003 7,052 8,523
10/13/2003 7,126 8,583
10/14/2003 7,150 8,617
10/15/2003 7,126 8,596
10/16/2003 7,165 8,623
10/17/2003 7,013 8,535
10/18/2003 7,013 8,535
10/19/2003 7,013 8,535
10/20/2003 7,081 8,579
10/21/2003 7,175 8,590
10/22/2003 6,978 8,462
10/23/2003 6,875 8,490
10/24/2003 6,816 8,451
10/25/2003 6,816 8,451
10/26/2003 6,816 8,451
10/27/2003 6,900 8,469
10/28/2003 7,145 8,597
10/29/2003 7,189 8,610
10/30/2003 7,199 8,603
10/31/2003 7,170 8,634
11/1/2003 7,170 8,634
11/2/2003 7,170 8,634
11/3/2003 7,342 8,702
11/4/2003 7,307 8,655
11/5/2003 7,332 8,644
11/6/2003 7,396 8,697
11/7/2003 7,381 8,658
11/8/2003 7,381 8,658
11/9/2003 7,381 8,658
11/10/2003 7,234 8,609
11/11/2003 7,204 8,605
11/12/2003 7,415 8,706
11/13/2003 7,371 8,705
11/14/2003 7,204 8,641
11/15/2003 7,204 8,641
11/16/2003 7,204 8,641
11/17/2003 7,101 8,585
11/18/2003 6,968 8,508
11/19/2003 7,032 8,577
11/20/2003 6,958 8,505
11/21/2003 6,998 8,518
11/22/2003 6,998 8,518
11/23/2003 6,998 8,518
11/24/2003 7,229 8,657
11/25/2003 7,229 8,672
11/26/2003 7,278 8,711
11/27/2003 7,278 8,711
11/28/2003 7,307 8,710
11/29/2003 7,307 8,710
11/30/2003 7,307 8,710
12/1/2003 7,415 8,808
12/2/2003 7,357 8,779
12/3/2003 7,268 8,766
12/4/2003 7,263 8,808
12/5/2003 7,121 8,740
12/6/2003 7,121 8,740
12/7/2003 7,121 8,740
12/8/2003 7,145 8,805
12/9/2003 6,939 8,730
12/10/2003 6,939 8,722
12/11/2003 7,155 8,823
12/12/2003 7,170 8,848
12/13/2003 7,170 8,848
12/14/2003 7,170 8,848
12/15/2003 6,998 8,798
12/16/2003 7,013 8,856
12/17/2003 6,978 8,868
12/18/2003 7,155 8,974
12/19/2003 7,121 8,970
12/20/2003 7,121 8,970
12/21/2003 7,121 8,970
12/22/2003 7,165 9,005
12/23/2003 7,253 9,031
12/24/2003 7,224 9,014
12/25/2003 7,224 9,014
12/26/2003 7,234 9,030
12/27/2003 7,234 9,030
12/28/2003 7,234 9,030
12/29/2003 7,366 9,145
12/30/2003 7,357 9,147
12/31/2003 7,312 9,166
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 12/31/03
- --------------------------------------------------------------------------------
SINCE
ONE INCEPTION
YEAR (05/02/01)
- --------------------------------------------------------------------------------
TECHNOLOGY FUND 61.32% -11.08%
S&P 500 INDEX 28.68% -3.21%
- --------------------------------------------------------------------------------
The returns presented above do not reflect the effects of taxes. Past
performance is no guarantee of future results. The S&P 500 Index is an unmanaged
stock index and, unlike the fund, has no management fees or other operating
expenses to reduce its reported returns. Returns are historical and include
changes in principal and reinvested dividends and capital gains.
32
TELECOMMUNICATIONS FUND
- --------------------------------------------------------------------------------
OBJECTIVE: Seeks capital appreciation by investing in companies engaged in the
development, manufacture or sale of communications services or communications
equipment.
Inception: July 27, 2001
In the telecommunications sector, communication services companies finished the
year up only 3.3%, as tracked by the S&P 500 Telecommunication Service Index,
while communication equipment makers however had a great year, finishing up
78.4%, as tracked by the S&P 500 Communication Equipment Index. Rydex
Telecommunications Fund returned 33.68% for the year.
Cumulative Fund Performance: July 27, 2001 - December 31, 2003
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
Variable S&P 500
Telecommunications Index
Date
7/27/2001 $10,000 $10,000
7/28/2001 10,000 10,000
7/29/2001 10,000 10,000
7/30/2001 10,024 9,990
7/31/2001 9,960 10,046
8/1/2001 10,136 10,086
8/2/2001 10,184 10,127
8/3/2001 10,076 10,075
8/4/2001 10,076 10,075
8/5/2001 10,076 10,075
8/6/2001 9,968 9,960
8/7/2001 9,956 9,993
8/8/2001 9,664 9,821
8/9/2001 9,608 9,822
8/10/2001 9,660 9,878
8/11/2001 9,660 9,878
8/12/2001 9,660 9,878
8/13/2001 9,728 9,889
8/14/2001 9,752 9,851
8/15/2001 9,512 9,781
8/16/2001 9,536 9,811
8/17/2001 9,228 9,648
8/18/2001 9,228 9,648
8/19/2001 9,228 9,648
8/20/2001 9,328 9,727
8/21/2001 9,216 9,609
8/22/2001 9,280 9,677
8/23/2001 9,164 9,650
8/24/2001 9,452 9,840
8/25/2001 9,452 9,840
8/26/2001 9,452 9,840
8/27/2001 9,352 9,793
8/28/2001 9,204 9,646
8/29/2001 9,084 9,540
8/30/2001 8,884 9,379
8/31/2001 8,932 9,417
9/1/2001 8,932 9,417
9/2/2001 8,932 9,417
9/3/2001 8,932 9,417
9/4/2001 8,744 9,411
9/5/2001 8,596 9,403
9/6/2001 8,284 9,193
9/7/2001 8,232 9,022
9/8/2001 8,232 9,022
9/9/2001 8,232 9,022
9/10/2001 8,464 9,078
9/11/2001 8,464 9,078
9/12/2001 8,464 9,078
9/13/2001 8,464 9,078
9/14/2001 8,464 9,078
9/15/2001 8,464 9,078
9/16/2001 8,464 9,078
9/17/2001 8,368 8,634
9/18/2001 8,540 8,584
9/19/2001 8,660 8,446
9/20/2001 8,568 8,184
9/21/2001 8,316 8,028
9/22/2001 8,316 8,028
9/23/2001 8,316 8,028
9/24/2001 8,688 8,341
9/25/2001 8,884 8,415
9/26/2001 8,772 8,374
9/27/2001 8,680 8,470
9/28/2001 8,804 8,656
9/29/2001 8,804 8,656
9/30/2001 8,804 8,656
10/1/2001 8,732 8,636
10/2/2001 8,780 8,743
10/3/2001 8,852 8,919
10/4/2001 8,816 8,897
10/5/2001 8,820 8,913
10/6/2001 8,820 8,913
10/7/2001 8,820 8,913
10/8/2001 8,912 8,839
10/9/2001 8,872 8,792
10/10/2001 9,148 8,994
10/11/2001 9,168 9,131
10/12/2001 9,096 9,083
10/13/2001 9,096 9,083
10/14/2001 9,096 9,083
10/15/2001 9,064 9,069
10/16/2001 9,040 9,132
10/17/2001 8,968 8,963
10/18/2001 8,816 8,892
10/19/2001 8,860 8,933
10/20/2001 8,860 8,933
10/21/2001 8,860 8,933
10/22/2001 8,812 9,070
10/23/2001 8,688 9,027
10/24/2001 8,820 9,031
10/25/2001 8,876 9,155
10/26/2001 8,928 9,192
10/27/2001 8,928 9,192
10/28/2001 8,928 9,192
10/29/2001 8,716 8,974
10/30/2001 8,496 8,820
10/31/2001 8,524 8,821
11/1/2001 8,740 9,025
11/2/2001 8,728 9,051
11/3/2001 8,728 9,051
11/4/2001 8,728 9,051
11/5/2001 8,892 9,181
11/6/2001 9,012 9,315
11/7/2001 8,900 9,292
11/8/2001 8,952 9,315
11/9/2001 8,956 9,330
11/10/2001 8,956 9,330
11/11/2001 8,956 9,330
11/12/2001 8,920 9,314
11/13/2001 9,124 9,488
11/14/2001 9,292 9,508
11/15/2001 9,428 9,517
11/16/2001 9,512 9,488
11/17/2001 9,512 9,488
11/18/2001 9,512 9,488
11/19/2001 9,576 9,591
11/20/2001 9,312 9,521
11/21/2001 9,296 9,475
11/22/2001 9,296 9,475
11/23/2001 9,416 9,586
11/24/2001 9,416 9,586
11/25/2001 9,416 9,586
11/26/2001 9,564 9,645
11/27/2001 9,360 9,579
11/28/2001 9,076 9,406
11/29/2001 9,160 9,504
11/30/2001 9,092 9,498
12/1/2001 9,092 9,498
12/2/2001 9,092 9,498
12/3/2001 9,072 9,418
12/4/2001 9,284 9,543
12/5/2001 9,560 9,759
12/6/2001 9,548 9,732
12/7/2001 9,332 9,659
12/8/2001 9,332 9,659
12/9/2001 9,332 9,659
12/10/2001 9,184 9,506
12/11/2001 9,260 9,479
12/12/2001 9,236 9,483
12/13/2001 8,904 9,336
12/14/2001 8,988 9,367
12/15/2001 8,988 9,367
12/16/2001 8,988 9,367
12/17/2001 9,204 9,461
12/18/2001 9,140 9,533
12/19/2001 8,980 9,589
12/20/2001 8,852 9,510
12/21/2001 8,920 9,551
12/22/2001 8,920 9,551
12/23/2001 8,920 9,551
12/24/2001 8,892 9,549
12/25/2001 8,892 9,549
12/26/2001 8,968 9,589
12/27/2001 9,064 9,656
12/28/2001 9,136 9,689
12/29/2001 9,136 9,689
12/30/2001 9,136 9,689
12/31/2001 9,024 9,581
1/1/2002 9,024 9,581
1/2/2002 9,256 9,638
1/3/2002 9,508 9,726
1/4/2002 9,444 9,787
1/5/2002 9,444 9,787
1/6/2002 9,444 9,787
1/7/2002 9,264 9,723
1/8/2002 9,168 9,691
1/9/2002 8,884 9,645
1/10/2002 8,876 9,657
1/11/2002 8,800 9,566
1/12/2002 8,800 9,566
1/13/2002 8,800 9,566
1/14/2002 8,620 9,505
1/15/2002 8,676 9,570
1/16/2002 8,456 9,416
1/17/2002 8,612 9,510
1/18/2002 8,480 9,416
1/19/2002 8,480 9,416
1/20/2002 8,480 9,416
1/21/2002 8,480 9,416
1/22/2002 8,200 9,347
1/23/2002 8,364 9,421
1/24/2002 8,444 9,454
1/25/2002 8,320 9,464
1/26/2002 8,320 9,464
1/27/2002 8,320 9,464
1/28/2002 8,348 9,462
1/29/2002 8,068 9,192
1/30/2002 8,088 9,301
1/31/2002 8,180 9,441
2/1/2002 8,068 9,374
2/2/2002 8,068 9,374
2/3/2002 8,068 9,374
2/4/2002 7,712 9,143
2/5/2002 7,456 9,106
2/6/2002 7,336 9,053
2/7/2002 7,448 9,026
2/8/2002 7,644 9,161
2/9/2002 7,644 9,161
2/10/2002 7,644 9,161
2/11/2002 7,720 9,293
2/12/2002 7,580 9,255
2/13/2002 7,548 9,351
2/14/2002 7,420 9,334
2/15/2002 7,252 9,232
2/16/2002 7,252 9,232
2/17/2002 7,252 9,232
2/18/2002 7,252 9,232
2/19/2002 7,056 9,058
2/20/2002 7,184 9,181
2/21/2002 6,980 9,039
2/22/2002 7,056 9,113
2/23/2002 7,056 9,113
2/24/2002 7,056 9,113
2/25/2002 7,288 9,277
2/26/2002 7,264 9,277
2/27/2002 7,340 9,285
2/28/2002 7,292 9,259
3/1/2002 7,464 9,469
3/2/2002 7,464 9,469
3/3/2002 7,464 9,469
3/4/2002 7,672 9,654
3/5/2002 7,624 9,589
3/6/2002 7,892 9,730
3/7/2002 7,868 9,687
3/8/2002 7,908 9,744
3/9/2002 7,908 9,744
3/10/2002 7,908 9,744
3/11/2002 7,880 9,777
3/12/2002 7,672 9,755
3/13/2002 7,556 9,661
3/14/2002 7,528 9,652
3/15/2002 7,568 9,762
3/16/2002 7,568 9,762
3/17/2002 7,568 9,762
3/18/2002 7,584 9,757
3/19/2002 7,468 9,797
3/20/2002 7,360 9,643
3/21/2002 7,444 9,658
3/22/2002 7,304 9,617
3/23/2002 7,304 9,617
3/24/2002 7,304 9,617
3/25/2002 7,164 9,476
3/26/2002 7,172 9,533
3/27/2002 7,148 9,584
3/28/2002 7,216 9,607
3/29/2002 7,216 9,607
3/30/2002 7,216 9,607
3/31/2002 7,216 9,607
4/1/2002 7,248 9,600
4/2/2002 7,128 9,518
4/3/2002 7,124 9,425
4/4/2002 7,116 9,433
4/5/2002 7,040 9,403
4/6/2002 7,040 9,403
4/7/2002 7,040 9,403
4/8/2002 6,952 9,427
4/9/2002 6,672 9,364
4/10/2002 6,684 9,471
4/11/2002 6,332 9,247
4/12/2002 6,472 9,308
4/13/2002 6,472 9,308
4/14/2002 6,472 9,308
4/15/2002 6,508 9,238
4/16/2002 6,972 9,454
4/17/2002 6,984 9,435
4/18/2002 6,740 9,422
4/19/2002 6,600 9,428
4/20/2002 6,600 9,428
4/21/2002 6,600 9,428
4/22/2002 6,236 9,283
4/23/2002 6,160 9,225
4/24/2002 6,164 9,160
4/25/2002 6,280 9,146
4/26/2002 6,124 9,020
4/27/2002 6,124 9,020
4/28/2002 6,124 9,020
4/29/2002 5,960 8,929
4/30/2002 6,076 9,025
5/1/2002 6,200 9,106
5/2/2002 6,092 9,091
5/3/2002 5,848 8,998
5/4/2002 5,848 8,998
5/5/2002 5,848 8,998
5/6/2002 5,740 8,824
5/7/2002 5,700 8,798
5/8/2002 6,080 9,129
5/9/2002 5,952 8,998
5/10/2002 5,716 8,847
5/11/2002 5,716 8,847
5/12/2002 5,716 8,847
5/13/2002 5,912 9,012
5/14/2002 6,104 9,203
5/15/2002 6,168 9,154
5/16/2002 6,260 9,214
5/17/2002 6,256 9,286
5/18/2002 6,256 9,286
5/19/2002 6,256 9,286
5/20/2002 6,172 9,163
5/21/2002 6,112 9,062
5/22/2002 6,096 9,114
5/23/2002 6,192 9,207
5/24/2002 6,092 9,096
5/25/2002 6,092 9,096
5/26/2002 6,092 9,096
5/27/2002 6,092 9,096
5/28/2002 6,084 9,018
5/29/2002 6,000 8,962
5/30/2002 5,936 8,938
5/31/2002 5,936 8,958
6/1/2002 5,936 8,958
6/2/2002 5,936 8,958
6/3/2002 5,788 8,737
6/4/2002 5,800 8,737
6/5/2002 5,788 8,817
6/6/2002 5,548 8,643
6/7/2002 5,584 8,630
6/8/2002 5,584 8,630
6/9/2002 5,584 8,630
6/10/2002 5,532 8,657
6/11/2002 5,464 8,513
6/12/2002 5,500 8,570
6/13/2002 5,408 8,481
6/14/2002 5,308 8,461
6/15/2002 5,308 8,461
6/16/2002 5,308 8,461
6/17/2002 5,448 8,704
6/18/2002 5,416 8,713
6/19/2002 5,204 8,569
6/20/2002 5,144 8,454
6/21/2002 5,156 8,310
6/22/2002 5,156 8,310
6/23/2002 5,156 8,310
6/24/2002 5,132 8,340
6/25/2002 5,028 8,201
6/26/2002 4,976 8,183
6/27/2002 5,056 8,327
6/28/2002 5,176 8,320
6/29/2002 5,176 8,320
6/30/2002 5,176 8,320
7/1/2002 5,048 8,142
7/2/2002 4,792 7,971
7/3/2002 4,892 8,021
7/4/2002 4,892 8,021
7/5/2002 5,112 8,316
7/6/2002 5,112 8,316
7/7/2002 5,112 8,316
7/8/2002 5,072 8,217
7/9/2002 4,988 8,014
7/10/2002 4,880 7,743
7/11/2002 5,044 7,801
7/12/2002 4,980 7,751
7/13/2002 4,980 7,751
7/14/2002 4,980 7,751
7/15/2002 5,000 7,722
7/16/2002 5,036 7,580
7/17/2002 5,056 7,622
7/18/2002 4,992 7,416
7/19/2002 4,768 7,132
7/20/2002 4,768 7,132
7/21/2002 4,768 7,132
7/22/2002 4,496 6,897
7/23/2002 4,232 6,711
7/24/2002 4,392 7,096
7/25/2002 4,264 7,056
7/26/2002 4,196 7,175
7/27/2002 4,196 7,175
7/28/2002 4,196 7,175
7/29/2002 4,432 7,564
7/30/2002 4,500 7,596
7/31/2002 4,576 7,672
8/1/2002 4,408 7,446
8/2/2002 4,388 7,274
8/3/2002 4,388 7,274
8/4/2002 4,388 7,274
8/5/2002 4,164 7,025
8/6/2002 4,260 7,235
8/7/2002 4,264 7,381
8/8/2002 4,440 7,623
8/9/2002 4,456 7,652
8/10/2002 4,456 7,652
8/11/2002 4,456 7,652
8/12/2002 4,412 7,611
8/13/2002 4,348 7,447
8/14/2002 4,552 7,747
8/15/2002 4,548 7,837
8/16/2002 4,700 7,826
8/17/2002 4,700 7,826
8/18/2002 4,700 7,826
8/19/2002 4,920 8,011
8/20/2002 4,804 7,899
8/21/2002 4,936 8,000
8/22/2002 5,028 8,113
8/23/2002 4,852 7,929
8/24/2002 4,852 7,929
8/25/2002 4,852 7,929
8/26/2002 4,948 7,989
8/27/2002 4,872 7,878
8/28/2002 4,700 7,736
8/29/2002 4,764 7,736
8/30/2002 4,668 7,722
8/31/2002 4,668 7,722
9/1/2002 4,668 7,722
9/2/2002 4,668 7,722
9/3/2002 4,380 7,402
9/4/2002 4,532 7,534
9/5/2002 4,448 7,414
9/6/2002 4,588 7,539
9/7/2002 4,588 7,539
9/8/2002 4,588 7,539
9/9/2002 4,616 7,615
9/10/2002 4,640 7,671
9/11/2002 4,740 7,671
9/12/2002 4,608 7,483
9/13/2002 4,568 7,507
9/14/2002 4,568 7,507
9/15/2002 4,568 7,507
9/16/2002 4,512 7,519
9/17/2002 4,416 7,370
9/18/2002 4,368 7,337
9/19/2002 4,196 7,116
9/20/2002 4,288 7,134
9/21/2002 4,288 7,134
9/22/2002 4,288 7,134
9/23/2002 4,184 7,035
9/24/2002 4,084 6,914
9/25/2002 4,192 7,087
9/26/2002 4,224 7,218
9/27/2002 4,044 6,985
9/28/2002 4,044 6,985
9/29/2002 4,044 6,985
9/30/2002 3,948 6,883
10/1/2002 4,224 7,158
10/2/2002 4,168 6,991
10/3/2002 4,300 6,916
10/4/2002 4,184 6,760
10/5/2002 4,184 6,760
10/6/2002 4,184 6,760
10/7/2002 4,072 6,631
10/8/2002 4,060 6,746
10/9/2002 3,956 6,563
10/10/2002 4,200 6,793
10/11/2002 4,380 7,058
10/12/2002 4,380 7,058
10/13/2002 4,380 7,058
10/14/2002 4,424 7,110
10/15/2002 4,692 7,446
10/16/2002 4,448 7,267
10/17/2002 4,648 7,430
10/18/2002 4,696 7,473
10/19/2002 4,696 7,473
10/20/2002 4,696 7,473
10/21/2002 4,812 7,603
10/22/2002 4,944 7,522
10/23/2002 4,912 7,573
10/24/2002 5,012 7,458
10/25/2002 5,048 7,586
10/26/2002 5,048 7,586
10/27/2002 5,048 7,586
10/28/2002 5,144 7,523
10/29/2002 4,972 7,455
10/30/2002 5,188 7,529
10/31/2002 5,148 7,489
11/1/2002 5,376 7,617
11/2/2002 5,376 7,617
11/3/2002 5,376 7,617
11/4/2002 5,564 7,680
11/5/2002 5,548 7,740
11/6/2002 5,552 7,812
11/7/2002 5,384 7,635
11/8/2002 5,316 7,569
11/9/2002 5,316 7,569
11/10/2002 5,316 7,569
11/11/2002 5,080 7,412
11/12/2002 5,328 7,469
11/13/2002 5,320 7,468
11/14/2002 5,564 7,653
11/15/2002 5,636 7,701
11/16/2002 5,636 7,701
11/17/2002 5,636 7,701
11/18/2002 5,628 7,621
11/19/2002 5,532 7,590
11/20/2002 5,788 7,738
11/21/2002 6,036 7,905
11/22/2002 6,072 7,878
11/23/2002 6,072 7,878
11/24/2002 6,072 7,878
11/25/2002 6,204 7,898
11/26/2002 5,984 7,734
11/27/2002 6,228 7,951
11/28/2002 6,228 7,951
11/29/2002 6,188 7,929
11/30/2002 6,188 7,929
12/1/2002 6,188 7,929
12/2/2002 6,336 7,914
12/3/2002 6,080 7,798
12/4/2002 5,972 7,774
12/5/2002 5,872 7,680
12/6/2002 5,936 7,729
12/7/2002 5,936 7,729
12/8/2002 5,936 7,729
12/9/2002 5,588 7,558
12/10/2002 5,672 7,663
12/11/2002 5,636 7,669
12/12/2002 5,640 7,641
12/13/2002 5,572 7,539
12/14/2002 5,572 7,539
12/15/2002 5,572 7,539
12/16/2002 5,764 7,716
12/17/2002 5,776 7,654
12/18/2002 5,640 7,553
12/19/2002 5,564 7,497
12/20/2002 5,656 7,594
12/21/2002 5,656 7,594
12/22/2002 5,656 7,594
12/23/2002 5,724 7,608
12/24/2002 5,628 7,567
12/25/2002 5,628 7,567
12/26/2002 5,628 7,543
12/27/2002 5,500 7,425
12/28/2002 5,500 7,425
12/29/2002 5,500 7,425
12/30/2002 5,452 7,459
12/31/2002 5,452 7,464
1/1/2003 5,452 7,464
1/2/2003 5,776 7,712
1/3/2003 5,768 7,708
1/4/2003 5,768 7,708
1/5/2003 5,768 7,708
1/6/2003 6,100 7,882
1/7/2003 6,060 7,831
1/8/2003 5,872 7,723
1/9/2003 6,012 7,873
1/10/2003 6,112 7,873
1/11/2003 6,112 7,873
1/12/2003 6,112 7,873
1/13/2003 6,132 7,862
1/14/2003 6,296 7,908
1/15/2003 6,196 7,795
1/16/2003 6,056 7,764
1/17/2003 5,824 7,656
1/18/2003 5,824 7,656
1/19/2003 5,824 7,656
1/20/2003 5,824 7,656
1/21/2003 5,732 7,535
1/22/2003 5,724 7,458
1/23/2003 5,652 7,534
1/24/2003 5,456 7,314
1/25/2003 5,456 7,314
1/26/2003 5,456 7,314
1/27/2003 5,372 7,195
1/28/2003 5,428 7,289
1/29/2003 5,468 7,340
1/30/2003 5,348 7,174
1/31/2003 5,420 7,268
2/1/2003 5,420 7,268
2/2/2003 5,420 7,268
2/3/2003 5,416 7,307
2/4/2003 5,340 7,205
2/5/2003 5,348 7,167
2/6/2003 5,300 7,123
2/7/2003 5,244 7,051
2/8/2003 5,244 7,051
2/9/2003 5,244 7,051
2/10/2003 5,352 7,105
2/11/2003 5,340 7,047
2/12/2003 5,252 6,960
2/13/2003 5,200 6,950
2/14/2003 5,316 7,099
2/15/2003 5,316 7,099
2/16/2003 5,316 7,099
2/17/2003 5,316 7,099
2/18/2003 5,428 7,238
2/19/2003 5,340 7,188
2/20/2003 5,232 7,120
2/21/2003 5,260 7,215
2/22/2003 5,260 7,215
2/23/2003 5,260 7,215
2/24/2003 5,200 7,082
2/25/2003 5,180 7,133
2/26/2003 5,068 7,042
2/27/2003 5,120 7,126
2/28/2003 5,184 7,159
3/1/2003 5,184 7,159
3/2/2003 5,184 7,159
3/3/2003 5,144 7,105
3/4/2003 5,076 6,996
3/5/2003 5,128 7,065
3/6/2003 5,060 7,000
3/7/2003 5,048 7,058
3/8/2003 5,048 7,058
3/9/2003 5,048 7,058
3/10/2003 4,876 6,876
3/11/2003 4,860 6,818
3/12/2003 4,880 6,851
3/13/2003 5,140 7,087
3/14/2003 5,128 7,099
3/15/2003 5,128 7,099
3/16/2003 5,128 7,099
3/17/2003 5,336 7,351
3/18/2003 5,356 7,382
3/19/2003 5,372 7,447
3/20/2003 5,372 7,461
3/21/2003 5,436 7,633
3/22/2003 5,436 7,633
3/23/2003 5,436 7,633
3/24/2003 5,204 7,364
3/25/2003 5,288 7,453
3/26/2003 5,296 7,413
3/27/2003 5,252 7,402
3/28/2003 5,192 7,359
3/29/2003 5,192 7,359
3/30/2003 5,192 7,359
3/31/2003 5,096 7,229
4/1/2003 5,184 7,316
4/2/2003 5,348 7,509
4/3/2003 5,268 7,471
4/4/2003 5,276 7,492
4/5/2003 5,276 7,492
4/6/2003 5,276 7,492
4/7/2003 5,332 7,501
4/8/2003 5,260 7,490
4/9/2003 5,192 7,386
4/10/2003 5,208 7,433
4/11/2003 5,184 7,406
4/12/2003 5,184 7,406
4/13/2003 5,184 7,406
4/14/2003 5,288 7,550
4/15/2003 5,256 7,598
4/16/2003 5,200 7,506
4/17/2003 5,328 7,622
4/18/2003 5,328 7,622
4/19/2003 5,328 7,622
4/20/2003 5,328 7,622
4/21/2003 5,308 7,609
4/22/2003 5,360 7,774
4/23/2003 5,552 7,839
4/24/2003 5,484 7,775
4/25/2003 5,412 7,667
4/26/2003 5,412 7,667
4/27/2003 5,412 7,667
4/28/2003 5,540 7,805
4/29/2003 5,612 7,831
4/30/2003 5,588 7,824
5/1/2003 5,612 7,820
5/2/2003 5,720 7,938
5/3/2003 5,720 7,938
5/4/2003 5,720 7,938
5/5/2003 5,764 7,908
5/6/2003 5,872 7,975
5/7/2003 5,724 7,935
5/8/2003 5,624 7,856
5/9/2003 5,752 7,970
5/10/2003 5,752 7,970
5/11/2003 5,752 7,970
5/12/2003 5,844 8,070
5/13/2003 5,848 8,047
5/14/2003 5,852 8,023
5/15/2003 5,896 8,087
5/16/2003 5,924 8,068
5/17/2003 5,924 8,068
5/18/2003 5,924 8,068
5/19/2003 5,736 7,867
5/20/2003 5,760 7,858
5/21/2003 5,808 7,891
5/22/2003 5,904 7,963
5/23/2003 5,964 7,974
5/24/2003 5,964 7,974
5/25/2003 5,964 7,974
5/26/2003 5,964 7,974
5/27/2003 6,048 8,131
5/28/2003 6,060 8,147
5/29/2003 6,120 8,117
5/30/2003 6,188 8,236
5/31/2003 6,188 8,236
6/1/2003 6,188 8,236
6/2/2003 6,188 8,266
6/3/2003 6,152 8,305
6/4/2003 6,276 8,433
6/5/2003 6,312 8,467
6/6/2003 6,248 8,447
6/7/2003 6,248 8,447
6/8/2003 6,248 8,447
6/9/2003 6,136 8,346
6/10/2003 6,192 8,422
6/11/2003 6,280 8,533
6/12/2003 6,300 8,542
6/13/2003 6,160 8,457
6/14/2003 6,160 8,457
6/15/2003 6,160 8,457
6/16/2003 6,300 8,647
6/17/2003 6,308 8,655
6/18/2003 6,416 8,642
6/19/2003 6,396 8,511
6/20/2003 6,412 8,519
6/21/2003 6,412 8,519
6/22/2003 6,412 8,519
6/23/2003 6,236 8,399
6/24/2003 6,244 8,415
6/25/2003 6,224 8,345
6/26/2003 6,332 8,438
6/27/2003 6,268 8,356
6/28/2003 6,268 8,356
6/29/2003 6,268 8,356
6/30/2003 6,216 8,341
7/1/2003 6,292 8,410
7/2/2003 6,448 8,508
7/3/2003 6,372 8,439
7/4/2003 6,372 8,439
7/5/2003 6,372 8,439
7/6/2003 6,372 8,439
7/7/2003 6,520 8,599
7/8/2003 6,564 8,631
7/9/2003 6,564 8,584
7/10/2003 6,372 8,468
7/11/2003 6,424 8,550
7/12/2003 6,424 8,550
7/13/2003 6,424 8,550
7/14/2003 6,436 8,599
7/15/2003 6,400 8,569
7/16/2003 6,316 8,515
7/17/2003 6,004 8,410
7/18/2003 6,136 8,509
7/19/2003 6,136 8,509
7/20/2003 6,136 8,509
7/21/2003 6,004 8,385
7/22/2003 6,156 8,465
7/23/2003 6,160 8,469
7/24/2003 6,160 8,409
7/25/2003 6,260 8,556
7/26/2003 6,260 8,556
7/27/2003 6,260 8,556
7/28/2003 6,328 8,537
7/29/2003 6,268 8,476
7/30/2003 6,236 8,462
7/31/2003 6,232 8,488
8/1/2003 6,184 8,401
8/2/2003 6,184 8,401
8/3/2003 6,184 8,401
8/4/2003 6,224 8,424
8/5/2003 6,080 8,276
8/6/2003 6,044 8,291
8/7/2003 6,012 8,352
8/8/2003 6,004 8,382
8/9/2003 6,004 8,382
8/10/2003 6,004 8,382
8/11/2003 6,060 8,410
8/12/2003 6,148 8,493
8/13/2003 6,124 8,442
8/14/2003 6,208 8,498
8/15/2003 6,212 8,501
8/16/2003 6,212 8,501
8/17/2003 6,212 8,501
8/18/2003 6,328 8,579
8/19/2003 6,404 8,602
8/20/2003 6,380 8,585
8/21/2003 6,436 8,611
8/22/2003 6,336 8,523
8/23/2003 6,336 8,523
8/24/2003 6,336 8,523
8/25/2003 6,292 8,528
8/26/2003 6,364 8,555
8/27/2003 6,424 8,556
8/28/2003 6,472 8,609
8/29/2003 6,488 8,654
8/30/2003 6,488 8,654
8/31/2003 6,488 8,654
9/1/2003 6,488 8,654
9/2/2003 6,588 8,774
9/3/2003 6,660 8,813
9/4/2003 6,732 8,828
9/5/2003 6,732 8,772
9/6/2003 6,732 8,772
9/7/2003 6,732 8,772
9/8/2003 6,848 8,861
9/9/2003 6,752 8,788
9/10/2003 6,592 8,683
9/11/2003 6,652 8,733
9/12/2003 6,716 8,752
9/13/2003 6,716 8,752
9/14/2003 6,716 8,752
9/15/2003 6,664 8,720
9/16/2003 6,808 8,845
9/17/2003 6,808 8,816
9/18/2003 6,912 8,933
9/19/2003 6,884 8,905
9/20/2003 6,884 8,905
9/21/2003 6,884 8,905
9/22/2003 6,804 8,789
9/23/2003 6,820 8,843
9/24/2003 6,640 8,674
9/25/2003 6,572 8,623
9/26/2003 6,508 8,569
9/27/2003 6,508 8,569
9/28/2003 6,508 8,569
9/29/2003 6,628 8,653
9/30/2003 6,512 8,562
10/1/2003 6,628 8,754
10/2/2003 6,672 8,773
10/3/2003 6,828 8,855
10/4/2003 6,828 8,855
10/5/2003 6,828 8,855
10/6/2003 6,928 8,894
10/7/2003 6,976 8,936
10/8/2003 6,908 8,893
10/9/2003 6,956 8,935
10/10/2003 6,976 8,930
10/11/2003 6,976 8,930
10/12/2003 6,976 8,930
10/13/2003 7,008 8,993
10/14/2003 7,000 9,029
10/15/2003 6,992 9,007
10/16/2003 7,004 9,036
10/17/2003 6,932 8,943
10/18/2003 6,932 8,943
10/19/2003 6,932 8,943
10/20/2003 6,984 8,989
10/21/2003 6,988 9,001
10/22/2003 6,872 8,867
10/23/2003 6,812 8,896
10/24/2003 6,752 8,855
10/25/2003 6,752 8,855
10/26/2003 6,752 8,855
10/27/2003 6,812 8,874
10/28/2003 6,984 9,008
10/29/2003 7,056 9,021
10/30/2003 7,012 9,014
10/31/2003 6,992 9,046
11/1/2003 6,992 9,046
11/2/2003 6,992 9,046
11/3/2003 7,100 9,118
11/4/2003 7,040 9,068
11/5/2003 7,000 9,058
11/6/2003 7,048 9,112
11/7/2003 7,040 9,072
11/8/2003 7,040 9,072
11/9/2003 7,040 9,072
11/10/2003 6,948 9,021
11/11/2003 6,908 9,016
11/12/2003 7,068 9,123
11/13/2003 7,028 9,121
11/14/2003 6,972 9,054
11/15/2003 6,972 9,054
11/16/2003 6,972 9,054
11/17/2003 6,888 8,996
11/18/2003 6,832 8,914
11/19/2003 6,868 8,987
11/20/2003 6,808 8,911
11/21/2003 6,856 8,926
11/22/2003 6,856 8,926
11/23/2003 6,856 8,926
11/24/2003 7,004 9,070
11/25/2003 7,028 9,087
11/26/2003 7,056 9,128
11/27/2003 7,056 9,128
11/28/2003 7,068 9,126
11/29/2003 7,068 9,126
11/30/2003 7,068 9,126
12/1/2003 7,148 9,229
12/2/2003 7,100 9,199
12/3/2003 7,056 9,185
12/4/2003 7,132 9,229
12/5/2003 7,092 9,158
12/6/2003 7,092 9,158
12/7/2003 7,092 9,158
12/8/2003 7,092 9,226
12/9/2003 6,932 9,147
12/10/2003 6,928 9,139
12/11/2003 7,064 9,245
12/12/2003 7,072 9,271
12/13/2003 7,072 9,271
12/14/2003 7,072 9,271
12/15/2003 6,972 9,218
12/16/2003 6,964 9,280
12/17/2003 6,952 9,292
12/18/2003 7,088 9,403
12/19/2003 7,032 9,399
12/20/2003 7,032 9,399
12/21/2003 7,032 9,399
12/22/2003 7,084 9,436
12/23/2003 7,156 9,462
12/24/2003 7,124 9,445
12/25/2003 7,124 9,445
12/26/2003 7,128 9,461
12/27/2003 7,128 9,461
12/28/2003 7,128 9,461
12/29/2003 7,248 9,582
12/30/2003 7,268 9,585
12/31/2003 7,288 9,605
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 12/31/03
- --------------------------------------------------------------------------------
SINCE
ONE INCEPTION
YEAR (07/27/01)
- --------------------------------------------------------------------------------
TELECOMMUNICATIONS FUND 33.68% -12.21%
S&P 500 INDEX 28.68% -1.65%
- --------------------------------------------------------------------------------
The returns presented above do not reflect the effects of taxes. Past
performance is no guarantee of future results. The S&P 500 Index is an unmanaged
stock index and, unlike the fund, has no management fees or other operating
expenses to reduce its reported returns. Returns are historical and include
changes in principal and reinvested dividends and capital gains.
ANNUAL REPORT 33
TRANSPORTATION FUND
- --------------------------------------------------------------------------------
OBJECTIVE: Seeks capital appreciation by investing in companies engaged in
providing transportation services or companies engaged in the design,
manufacture, distribution or sale of transportation equipment.
Inception: June 11, 2001
While the entire stock market had a strong year in 2003 due in large part to
investor optimism, the road and rail industry was a shining spot in the
transportation sector. Rydex Transportation Fund gained 20.51% for the year.
Cumulative Fund Performance: June 11, 2001 - December 31, 2003
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
Date Variable S&P 500
Date Transportation Index
6/11/2001 $10,000 $10,000
6/12/2001 9,892 10,012
6/13/2001 9,816 9,901
6/14/2001 9,612 9,728
6/15/2001 9,532 9,684
6/16/2001 9,532 9,684
6/17/2001 9,532 9,684
6/18/2001 9,544 9,637
6/19/2001 9,480 9,670
6/20/2001 9,500 9,755
6/21/2001 9,680 9,866
6/22/2001 9,620 9,773
6/23/2001 9,620 9,773
6/24/2001 9,620 9,773
6/25/2001 9,472 9,719
6/26/2001 9,444 9,704
6/27/2001 9,560 9,660
6/28/2001 9,760 9,781
6/29/2001 10,008 9,766
6/30/2001 10,008 9,766
7/1/2001 10,008 9,766
7/2/2001 10,008 9,865
7/3/2001 10,056 9,848
7/4/2001 10,056 9,848
7/5/2001 10,044 9,729
7/6/2001 9,892 9,502
7/7/2001 9,892 9,502
7/8/2001 9,892 9,502
7/9/2001 10,004 9,568
7/10/2001 9,980 9,430
7/11/2001 10,156 9,420
7/12/2001 10,348 9,643
7/13/2001 10,420 9,704
7/14/2001 10,420 9,704
7/15/2001 10,420 9,704
7/16/2001 10,448 9,598
7/17/2001 10,532 9,694
7/18/2001 10,424 9,641
7/19/2001 10,432 9,699
7/20/2001 10,344 9,666
7/21/2001 10,344 9,666
7/22/2001 10,344 9,666
7/23/2001 10,256 9,508
7/24/2001 9,988 9,353
7/25/2001 10,012 9,504
7/26/2001 10,176 9,603
7/27/2001 10,132 9,627
7/28/2001 10,132 9,627
7/29/2001 10,132 9,627
7/30/2001 10,116 9,617
7/31/2001 10,184 9,670
8/1/2001 10,228 9,709
8/2/2001 10,228 9,749
8/3/2001 10,128 9,699
8/4/2001 10,128 9,699
8/5/2001 10,128 9,699
8/6/2001 10,068 9,588
8/7/2001 10,124 9,620
8/8/2001 10,032 9,455
8/9/2001 9,940 9,456
8/10/2001 10,036 9,509
8/11/2001 10,036 9,509
8/12/2001 10,036 9,509
8/13/2001 9,976 9,519
8/14/2001 10,016 9,483
8/15/2001 9,948 9,415
8/16/2001 9,996 9,445
8/17/2001 9,824 9,288
8/18/2001 9,824 9,288
8/19/2001 9,824 9,288
8/20/2001 9,848 9,364
8/21/2001 9,656 9,250
8/22/2001 9,740 9,316
8/23/2001 9,720 9,290
8/24/2001 9,936 9,473
8/25/2001 9,936 9,473
8/26/2001 9,936 9,473
8/27/2001 9,832 9,427
8/28/2001 9,828 9,286
8/29/2001 9,796 9,184
8/30/2001 9,716 9,028
8/31/2001 9,760 9,065
9/1/2001 9,760 9,065
9/2/2001 9,760 9,065
9/3/2001 9,760 9,065
9/4/2001 9,872 9,060
9/5/2001 9,808 9,052
9/6/2001 9,696 8,850
9/7/2001 9,432 8,685
9/8/2001 9,432 8,685
9/9/2001 9,432 8,685
9/10/2001 9,376 8,739
9/11/2001 9,376 8,739
9/12/2001 9,376 8,739
9/13/2001 9,376 8,739
9/14/2001 9,376 8,739
9/15/2001 9,376 8,739
9/16/2001 9,376 8,739
9/17/2001 8,116 8,312
9/18/2001 7,976 8,264
9/19/2001 7,768 8,131
9/20/2001 7,472 7,879
9/21/2001 7,588 7,729
9/22/2001 7,588 7,729
9/23/2001 7,588 7,729
9/24/2001 7,796 8,030
9/25/2001 7,784 8,101
9/26/2001 7,692 8,061
9/27/2001 7,736 8,154
9/28/2001 8,112 8,333
9/29/2001 8,112 8,333
9/30/2001 8,112 8,333
10/1/2001 7,924 8,314
10/2/2001 8,072 8,416
10/3/2001 8,292 8,586
10/4/2001 8,248 8,564
10/5/2001 8,252 8,580
10/6/2001 8,252 8,580
10/7/2001 8,252 8,580
10/8/2001 8,176 8,509
10/9/2001 8,080 8,464
10/10/2001 8,424 8,658
10/11/2001 8,640 8,790
10/12/2001 8,376 8,744
10/13/2001 8,376 8,744
10/14/2001 8,376 8,744
10/15/2001 8,444 8,731
10/16/2001 8,488 8,791
10/17/2001 8,240 8,628
10/18/2001 8,200 8,560
10/19/2001 8,128 8,599
10/20/2001 8,128 8,599
10/21/2001 8,128 8,599
10/22/2001 8,260 8,731
10/23/2001 8,460 8,690
10/24/2001 8,336 8,693
10/25/2001 8,412 8,813
10/26/2001 8,444 8,849
10/27/2001 8,444 8,849
10/28/2001 8,444 8,849
10/29/2001 8,360 8,639
10/30/2001 8,304 8,491
10/31/2001 8,392 8,492
11/1/2001 8,496 8,688
11/2/2001 8,620 8,713
11/3/2001 8,620 8,713
11/4/2001 8,620 8,713
11/5/2001 8,760 8,838
11/6/2001 8,848 8,967
11/7/2001 8,908 8,945
11/8/2001 8,928 8,968
11/9/2001 8,908 8,982
11/10/2001 8,908 8,982
11/11/2001 8,908 8,982
11/12/2001 8,788 8,966
11/13/2001 9,024 9,134
11/14/2001 9,120 9,153
11/15/2001 9,288 9,161
11/16/2001 9,368 9,133
11/17/2001 9,368 9,133
11/18/2001 9,368 9,133
11/19/2001 9,496 9,233
11/20/2001 9,336 9,166
11/21/2001 9,324 9,121
11/22/2001 9,324 9,121
11/23/2001 9,472 9,228
11/24/2001 9,472 9,228
11/25/2001 9,472 9,228
11/26/2001 9,476 9,285
11/27/2001 9,416 9,221
11/28/2001 9,316 9,055
11/29/2001 9,372 9,149
11/30/2001 9,448 9,143
12/1/2001 9,448 9,143
12/2/2001 9,448 9,143
12/3/2001 9,328 9,067
12/4/2001 9,516 9,186
12/5/2001 9,736 9,394
12/6/2001 9,784 9,369
12/7/2001 9,824 9,298
12/8/2001 9,824 9,298
12/9/2001 9,824 9,298
12/10/2001 9,704 9,151
12/11/2001 9,632 9,125
12/12/2001 9,616 9,129
12/13/2001 9,512 8,987
12/14/2001 9,576 9,017
12/15/2001 9,576 9,017
12/16/2001 9,576 9,017
12/17/2001 9,636 9,108
12/18/2001 9,784 9,177
12/19/2001 9,740 9,231
12/20/2001 9,668 9,155
12/21/2001 9,720 9,195
12/22/2001 9,720 9,195
12/23/2001 9,720 9,195
12/24/2001 9,740 9,193
12/25/2001 9,740 9,193
12/26/2001 9,808 9,231
12/27/2001 9,840 9,296
12/28/2001 9,848 9,327
12/29/2001 9,848 9,327
12/30/2001 9,848 9,327
12/31/2001 9,760 9,223
1/1/2002 9,760 9,223
1/2/2002 9,712 9,278
1/3/2002 10,028 9,363
1/4/2002 10,288 9,421
1/5/2002 10,288 9,421
1/6/2002 10,288 9,421
1/7/2002 10,324 9,360
1/8/2002 10,268 9,329
1/9/2002 10,092 9,284
1/10/2002 10,036 9,296
1/11/2002 9,832 9,208
1/12/2002 9,832 9,208
1/13/2002 9,832 9,208
1/14/2002 9,680 9,151
1/15/2002 9,780 9,213
1/16/2002 9,620 9,064
1/17/2002 9,780 9,155
1/18/2002 9,748 9,064
1/19/2002 9,748 9,064
1/20/2002 9,748 9,064
1/21/2002 9,748 9,064
1/22/2002 9,748 8,998
1/23/2002 10,028 9,069
1/24/2002 10,076 9,101
1/25/2002 10,204 9,110
1/26/2002 10,204 9,110
1/27/2002 10,204 9,110
1/28/2002 10,284 9,109
1/29/2002 10,096 8,849
1/30/2002 10,208 8,954
1/31/2002 10,312 9,089
2/1/2002 10,240 9,024
2/2/2002 10,240 9,024
2/3/2002 10,240 9,024
2/4/2002 10,080 8,801
2/5/2002 10,112 8,766
2/6/2002 9,852 8,715
2/7/2002 9,776 8,689
2/8/2002 9,928 8,819
2/9/2002 9,928 8,819
2/10/2002 9,928 8,819
2/11/2002 10,120 8,945
2/12/2002 10,104 8,910
2/13/2002 10,032 9,001
2/14/2002 10,020 8,986
2/15/2002 10,028 8,887
2/16/2002 10,028 8,887
2/17/2002 10,028 8,887
2/18/2002 10,028 8,887
2/19/2002 9,964 8,720
2/20/2002 10,088 8,838
2/21/2002 10,128 8,701
2/22/2002 10,120 8,773
2/23/2002 10,120 8,773
2/24/2002 10,120 8,773
2/25/2002 10,264 8,931
2/26/2002 10,352 8,931
2/27/2002 10,592 8,939
2/28/2002 10,412 8,913
3/1/2002 10,644 9,115
3/2/2002 10,644 9,115
3/3/2002 10,644 9,115
3/4/2002 11,072 9,293
3/5/2002 10,816 9,231
3/6/2002 10,972 9,367
3/7/2002 10,908 9,325
3/8/2002 10,836 9,380
3/9/2002 10,836 9,380
3/10/2002 10,836 9,380
3/11/2002 10,872 9,412
3/12/2002 10,744 9,390
3/13/2002 10,664 9,300
3/14/2002 10,636 9,292
3/15/2002 10,648 9,398
3/16/2002 10,648 9,398
3/17/2002 10,648 9,398
3/18/2002 10,616 9,393
3/19/2002 10,568 9,431
3/20/2002 10,464 9,283
3/21/2002 10,412 9,297
3/22/2002 10,476 9,258
3/23/2002 10,476 9,258
3/24/2002 10,476 9,258
3/25/2002 10,236 9,122
3/26/2002 10,464 9,177
3/27/2002 10,548 9,226
3/28/2002 10,584 9,249
3/29/2002 10,584 9,249
3/30/2002 10,584 9,249
3/31/2002 10,584 9,249
4/1/2002 10,380 9,242
4/2/2002 10,112 9,163
4/3/2002 10,000 9,073
4/4/2002 10,148 9,081
4/5/2002 10,116 9,052
4/6/2002 10,116 9,052
4/7/2002 10,116 9,052
4/8/2002 10,012 9,075
4/9/2002 10,076 9,015
4/10/2002 10,304 9,117
4/11/2002 10,100 8,902
4/12/2002 10,400 8,961
4/13/2002 10,400 8,961
4/14/2002 10,400 8,961
4/15/2002 10,100 8,893
4/16/2002 10,336 9,101
4/17/2002 10,228 9,083
4/18/2002 10,072 9,070
4/19/2002 10,068 9,076
4/20/2002 10,068 9,076
4/21/2002 10,068 9,076
4/22/2002 9,904 8,936
4/23/2002 9,768 8,880
4/24/2002 9,620 8,817
4/25/2002 9,760 8,804
4/26/2002 9,804 8,683
4/27/2002 9,804 8,683
4/28/2002 9,804 8,683
4/29/2002 9,676 8,595
4/30/2002 9,704 8,688
5/1/2002 9,832 8,766
5/2/2002 9,860 8,752
5/3/2002 9,820 8,662
5/4/2002 9,820 8,662
5/5/2002 9,820 8,662
5/6/2002 9,700 8,495
5/7/2002 9,640 8,469
5/8/2002 9,900 8,788
5/9/2002 9,728 8,662
5/10/2002 9,548 8,516
5/11/2002 9,548 8,516
5/12/2002 9,548 8,516
5/13/2002 9,716 8,675
5/14/2002 9,904 8,859
5/15/2002 9,992 8,812
5/16/2002 9,916 8,870
5/17/2002 9,984 8,940
5/18/2002 9,984 8,940
5/19/2002 9,984 8,940
5/20/2002 9,828 8,821
5/21/2002 9,616 8,724
5/22/2002 9,672 8,774
5/23/2002 9,852 8,864
5/24/2002 9,736 8,756
5/25/2002 9,736 8,756
5/26/2002 9,736 8,756
5/27/2002 9,736 8,756
5/28/2002 9,728 8,682
5/29/2002 9,744 8,627
5/30/2002 9,696 8,604
5/31/2002 9,820 8,624
6/1/2002 9,820 8,624
6/2/2002 9,820 8,624
6/3/2002 9,592 8,410
6/4/2002 9,516 8,410
6/5/2002 9,628 8,488
6/6/2002 9,588 8,320
6/7/2002 9,680 8,307
6/8/2002 9,680 8,307
6/9/2002 9,680 8,307
6/10/2002 9,804 8,333
6/11/2002 9,760 8,195
6/12/2002 9,728 8,250
6/13/2002 9,700 8,164
6/14/2002 9,532 8,145
6/15/2002 9,532 8,145
6/16/2002 9,532 8,145
6/17/2002 9,700 8,379
6/18/2002 9,712 8,387
6/19/2002 9,664 8,249
6/20/2002 9,752 8,138
6/21/2002 9,784 8,000
6/22/2002 9,784 8,000
6/23/2002 9,784 8,000
6/24/2002 9,752 8,029
6/25/2002 9,324 7,895
6/26/2002 9,364 7,878
6/27/2002 9,568 8,016
6/28/2002 9,748 8,010
6/29/2002 9,748 8,010
6/30/2002 9,748 8,010
7/1/2002 9,624 7,838
7/2/2002 9,384 7,674
7/3/2002 9,304 7,722
7/4/2002 9,304 7,722
7/5/2002 9,512 8,005
7/6/2002 9,512 8,005
7/7/2002 9,512 8,005
7/8/2002 9,392 7,910
7/9/2002 9,252 7,715
7/10/2002 9,108 7,453
7/11/2002 8,920 7,510
7/12/2002 8,828 7,461
7/13/2002 8,828 7,461
7/14/2002 8,828 7,461
7/15/2002 8,692 7,433
7/16/2002 8,692 7,297
7/17/2002 8,716 7,338
7/18/2002 8,608 7,140
7/19/2002 8,428 6,866
7/20/2002 8,428 6,866
7/21/2002 8,428 6,866
7/22/2002 8,100 6,640
7/23/2002 7,884 6,460
7/24/2002 8,028 6,831
7/25/2002 8,208 6,792
7/26/2002 8,256 6,907
7/27/2002 8,256 6,907
7/28/2002 8,256 6,907
7/29/2002 8,644 7,281
7/30/2002 8,656 7,313
7/31/2002 8,652 7,385
8/1/2002 8,476 7,168
8/2/2002 8,180 7,003
8/3/2002 8,180 7,003
8/4/2002 8,180 7,003
8/5/2002 7,952 6,763
8/6/2002 8,240 6,965
8/7/2002 8,360 7,106
8/8/2002 8,564 7,338
8/9/2002 8,624 7,366
8/10/2002 8,624 7,366
8/11/2002 8,624 7,366
8/12/2002 8,476 7,327
8/13/2002 8,324 7,169
8/14/2002 8,452 7,458
8/15/2002 8,464 7,545
8/16/2002 8,548 7,533
8/17/2002 8,548 7,533
8/18/2002 8,548 7,533
8/19/2002 8,684 7,712
8/20/2002 8,600 7,604
8/21/2002 8,840 7,701
8/22/2002 8,912 7,810
8/23/2002 8,664 7,633
8/24/2002 8,664 7,633
8/25/2002 8,664 7,633
8/26/2002 8,756 7,690
8/27/2002 8,668 7,584
8/28/2002 8,476 7,448
8/29/2002 8,376 7,448
8/30/2002 8,404 7,434
8/31/2002 8,404 7,434
9/1/2002 8,404 7,434
9/2/2002 8,404 7,434
9/3/2002 8,248 7,125
9/4/2002 8,428 7,252
9/5/2002 8,100 7,137
9/6/2002 8,276 7,257
9/7/2002 8,276 7,257
9/8/2002 8,276 7,257
9/9/2002 8,292 7,331
9/10/2002 8,356 7,385
9/11/2002 8,368 7,385
9/12/2002 8,216 7,203
9/13/2002 8,236 7,227
9/14/2002 8,236 7,227
9/15/2002 8,236 7,227
9/16/2002 8,188 7,238
9/17/2002 8,092 7,095
9/18/2002 8,016 7,063
9/19/2002 8,068 6,850
9/20/2002 8,140 6,867
9/21/2002 8,140 6,867
9/22/2002 8,140 6,867
9/23/2002 8,032 6,772
9/24/2002 7,884 6,655
9/25/2002 8,056 6,822
9/26/2002 8,360 6,948
9/27/2002 8,112 6,724
9/28/2002 8,112 6,724
9/29/2002 8,112 6,724
9/30/2002 8,004 6,626
10/1/2002 8,272 6,891
10/2/2002 7,984 6,730
10/3/2002 8,128 6,657
10/4/2002 7,964 6,508
10/5/2002 7,964 6,508
10/6/2002 7,964 6,508
10/7/2002 7,720 6,384
10/8/2002 7,896 6,494
10/9/2002 7,612 6,317
10/10/2002 7,904 6,539
10/11/2002 8,108 6,794
10/12/2002 8,108 6,794
10/13/2002 8,108 6,794
10/14/2002 8,044 6,844
10/15/2002 8,520 7,168
10/16/2002 8,252 6,996
10/17/2002 8,540 7,152
10/18/2002 8,480 7,194
10/19/2002 8,480 7,194
10/20/2002 8,480 7,194
10/21/2002 8,704 7,319
10/22/2002 8,588 7,241
10/23/2002 8,708 7,290
10/24/2002 8,620 7,179
10/25/2002 8,656 7,302
10/26/2002 8,656 7,302
10/27/2002 8,656 7,302
10/28/2002 8,536 7,242
10/29/2002 8,444 7,177
10/30/2002 8,564 7,248
10/31/2002 8,484 7,209
11/1/2002 8,660 7,333
11/2/2002 8,660 7,333
11/3/2002 8,660 7,333
11/4/2002 8,744 7,393
11/5/2002 8,764 7,451
11/6/2002 9,024 7,520
11/7/2002 8,804 7,350
11/8/2002 8,800 7,286
11/9/2002 8,800 7,286
11/10/2002 8,800 7,286
11/11/2002 8,600 7,135
11/12/2002 8,616 7,190
11/13/2002 8,632 7,189
11/14/2002 8,796 7,367
11/15/2002 8,724 7,413
11/16/2002 8,724 7,413
11/17/2002 8,724 7,413
11/18/2002 8,596 7,337
11/19/2002 8,508 7,307
11/20/2002 8,544 7,449
11/21/2002 8,752 7,610
11/22/2002 8,676 7,584
11/23/2002 8,676 7,584
11/24/2002 8,676 7,584
11/25/2002 8,700 7,603
11/26/2002 8,516 7,445
11/27/2002 8,824 7,654
11/28/2002 8,824 7,654
11/29/2002 8,780 7,633
11/30/2002 8,780 7,633
12/1/2002 8,780 7,633
12/2/2002 8,844 7,619
12/3/2002 8,688 7,507
12/4/2002 8,700 7,483
12/5/2002 8,796 7,394
12/6/2002 8,916 7,440
12/7/2002 8,916 7,440
12/8/2002 8,916 7,440
12/9/2002 8,712 7,275
12/10/2002 8,832 7,377
12/11/2002 8,828 7,383
12/12/2002 8,796 7,356
12/13/2002 8,728 7,257
12/14/2002 8,728 7,257
12/15/2002 8,728 7,257
12/16/2002 8,860 7,428
12/17/2002 8,792 7,368
12/18/2002 8,624 7,271
12/19/2002 8,612 7,217
12/20/2002 8,684 7,311
12/21/2002 8,684 7,311
12/22/2002 8,684 7,311
12/23/2002 8,660 7,324
12/24/2002 8,600 7,284
12/25/2002 8,600 7,284
12/26/2002 8,632 7,261
12/27/2002 8,556 7,148
12/28/2002 8,556 7,148
12/29/2002 8,556 7,148
12/30/2002 8,576 7,181
12/31/2002 8,620 7,185
1/1/2003 8,620 7,185
1/2/2003 8,820 7,424
1/3/2003 8,788 7,421
1/4/2003 8,788 7,421
1/5/2003 8,788 7,421
1/6/2003 8,952 7,587
1/7/2003 8,896 7,538
1/8/2003 8,784 7,434
1/9/2003 8,912 7,579
1/10/2003 8,848 7,579
1/11/2003 8,848 7,579
1/12/2003 8,848 7,579
1/13/2003 8,832 7,568
1/14/2003 8,808 7,613
1/15/2003 8,692 7,504
1/16/2003 8,692 7,475
1/17/2003 8,596 7,370
1/18/2003 8,596 7,370
1/19/2003 8,596 7,370
1/20/2003 8,596 7,370
1/21/2003 8,352 7,254
1/22/2003 8,128 7,179
1/23/2003 8,212 7,253
1/24/2003 7,988 7,041
1/25/2003 7,988 7,041
1/26/2003 7,988 7,041
1/27/2003 7,900 6,927
1/28/2003 7,976 7,017
1/29/2003 7,976 7,066
1/30/2003 7,848 6,906
1/31/2003 7,940 6,997
2/1/2003 7,940 6,997
2/2/2003 7,940 6,997
2/3/2003 7,888 7,035
2/4/2003 7,840 6,936
2/5/2003 7,896 6,899
2/6/2003 7,956 6,857
2/7/2003 7,808 6,788
2/8/2003 7,808 6,788
2/9/2003 7,808 6,788
2/10/2003 7,832 6,839
2/11/2003 7,808 6,784
2/12/2003 7,736 6,701
2/13/2003 7,644 6,691
2/14/2003 7,756 6,834
2/15/2003 7,756 6,834
2/16/2003 7,756 6,834
2/17/2003 7,756 6,834
2/18/2003 7,864 6,968
2/19/2003 7,764 6,920
2/20/2003 7,724 6,855
2/21/2003 7,756 6,945
2/22/2003 7,756 6,945
2/23/2003 7,756 6,945
2/24/2003 7,508 6,818
2/25/2003 7,576 6,867
2/26/2003 7,556 6,779
2/27/2003 7,572 6,860
2/28/2003 7,608 6,892
3/1/2003 7,608 6,892
3/2/2003 7,608 6,892
3/3/2003 7,676 6,840
3/4/2003 7,544 6,735
3/5/2003 7,560 6,801
3/6/2003 7,500 6,739
3/7/2003 7,588 6,794
3/8/2003 7,588 6,794
3/9/2003 7,588 6,794
3/10/2003 7,372 6,619
3/11/2003 7,248 6,564
3/12/2003 7,276 6,595
3/13/2003 7,504 6,822
3/14/2003 7,552 6,834
3/15/2003 7,552 6,834
3/16/2003 7,552 6,834
3/17/2003 7,780 7,076
3/18/2003 7,864 7,106
3/19/2003 7,928 7,169
3/20/2003 8,000 7,183
3/21/2003 8,312 7,348
3/22/2003 8,312 7,348
3/23/2003 8,312 7,348
3/24/2003 8,036 7,089
3/25/2003 8,132 7,175
3/26/2003 8,100 7,136
3/27/2003 8,020 7,125
3/28/2003 7,952 7,084
3/29/2003 7,952 7,084
3/30/2003 7,952 7,084
3/31/2003 7,860 6,959
4/1/2003 7,904 7,043
4/2/2003 8,108 7,228
4/3/2003 7,964 7,192
4/4/2003 8,040 7,212
4/5/2003 8,040 7,212
4/6/2003 8,040 7,212
4/7/2003 8,176 7,221
4/8/2003 8,088 7,210
4/9/2003 8,036 7,110
4/10/2003 8,044 7,156
4/11/2003 8,052 7,129
4/12/2003 8,052 7,129
4/13/2003 8,052 7,129
4/14/2003 8,176 7,268
4/15/2003 8,376 7,315
4/16/2003 8,300 7,225
4/17/2003 8,440 7,338
4/18/2003 8,440 7,338
4/19/2003 8,440 7,338
4/20/2003 8,440 7,338
4/21/2003 8,328 7,325
4/22/2003 8,504 7,484
4/23/2003 8,552 7,547
4/24/2003 8,544 7,484
4/25/2003 8,492 7,381
4/26/2003 8,492 7,381
4/27/2003 8,492 7,381
4/28/2003 8,664 7,513
4/29/2003 8,688 7,539
4/30/2003 8,704 7,532
5/1/2003 8,684 7,528
5/2/2003 8,876 7,641
5/3/2003 8,876 7,641
5/4/2003 8,876 7,641
5/5/2003 8,888 7,613
5/6/2003 8,940 7,677
5/7/2003 8,832 7,639
5/8/2003 8,752 7,562
5/9/2003 8,856 7,672
5/10/2003 8,856 7,672
5/11/2003 8,856 7,672
5/12/2003 8,944 7,768
5/13/2003 8,904 7,746
5/14/2003 8,824 7,724
5/15/2003 8,804 7,785
5/16/2003 8,724 7,767
5/17/2003 8,724 7,767
5/18/2003 8,724 7,767
5/19/2003 8,548 7,573
5/20/2003 8,560 7,565
5/21/2003 8,536 7,596
5/22/2003 8,580 7,665
5/23/2003 8,632 7,677
5/24/2003 8,632 7,677
5/25/2003 8,632 7,677
5/26/2003 8,632 7,677
5/27/2003 8,764 7,827
5/28/2003 8,736 7,842
5/29/2003 8,768 7,813
5/30/2003 8,972 7,929
5/31/2003 8,972 7,929
6/1/2003 8,972 7,929
6/2/2003 9,044 7,957
6/3/2003 9,016 7,995
6/4/2003 9,128 8,118
6/5/2003 9,024 8,150
6/6/2003 8,956 8,131
6/7/2003 8,956 8,131
6/8/2003 8,956 8,131
6/9/2003 8,844 8,034
6/10/2003 8,912 8,107
6/11/2003 8,988 8,214
6/12/2003 9,064 8,223
6/13/2003 8,940 8,142
6/14/2003 8,940 8,142
6/15/2003 8,940 8,142
6/16/2003 9,084 8,324
6/17/2003 9,028 8,332
6/18/2003 9,028 8,319
6/19/2003 8,928 8,193
6/20/2003 8,940 8,201
6/21/2003 8,940 8,201
6/22/2003 8,940 8,201
6/23/2003 8,780 8,085
6/24/2003 8,776 8,100
6/25/2003 8,708 8,033
6/26/2003 8,892 8,123
6/27/2003 8,908 8,044
6/28/2003 8,908 8,044
6/29/2003 8,908 8,044
6/30/2003 8,904 8,030
7/1/2003 8,916 8,096
7/2/2003 8,996 8,190
7/3/2003 8,920 8,124
7/4/2003 8,920 8,124
7/5/2003 8,920 8,124
7/6/2003 8,920 8,124
7/7/2003 9,084 8,278
7/8/2003 9,344 8,309
7/9/2003 9,332 8,264
7/10/2003 9,236 8,152
7/11/2003 9,256 8,230
7/12/2003 9,256 8,230
7/13/2003 9,256 8,230
7/14/2003 9,336 8,278
7/15/2003 9,316 8,249
7/16/2003 9,372 8,197
7/17/2003 9,188 8,096
7/18/2003 9,308 8,192
7/19/2003 9,308 8,192
7/20/2003 9,308 8,192
7/21/2003 9,268 8,072
7/22/2003 9,268 8,149
7/23/2003 9,248 8,153
7/24/2003 9,292 8,095
7/25/2003 9,364 8,236
7/26/2003 9,364 8,236
7/27/2003 9,364 8,236
7/28/2003 9,352 8,218
7/29/2003 9,292 8,160
7/30/2003 9,260 8,146
7/31/2003 9,316 8,171
8/1/2003 9,216 8,088
8/2/2003 9,216 8,088
8/3/2003 9,216 8,088
8/4/2003 9,192 8,110
8/5/2003 9,096 7,967
8/6/2003 9,056 7,982
8/7/2003 9,120 8,040
8/8/2003 9,220 8,069
8/9/2003 9,220 8,069
8/10/2003 9,220 8,069
8/11/2003 9,260 8,095
8/12/2003 9,352 8,176
8/13/2003 9,320 8,127
8/14/2003 9,420 8,181
8/15/2003 9,416 8,183
8/16/2003 9,416 8,183
8/17/2003 9,416 8,183
8/18/2003 9,460 8,259
8/19/2003 9,508 8,280
8/20/2003 9,484 8,264
8/21/2003 9,548 8,289
8/22/2003 9,420 8,205
8/23/2003 9,420 8,205
8/24/2003 9,420 8,205
8/25/2003 9,376 8,210
8/26/2003 9,396 8,235
8/27/2003 9,400 8,237
8/28/2003 9,516 8,287
8/29/2003 9,568 8,331
8/30/2003 9,568 8,331
8/31/2003 9,568 8,331
9/1/2003 9,568 8,331
9/2/2003 9,744 8,446
9/3/2003 9,812 8,484
9/4/2003 9,796 8,499
9/5/2003 9,756 8,444
9/6/2003 9,756 8,444
9/7/2003 9,756 8,444
9/8/2003 9,804 8,530
9/9/2003 9,724 8,460
9/10/2003 9,644 8,359
9/11/2003 9,716 8,407
9/12/2003 9,732 8,426
9/13/2003 9,732 8,426
9/14/2003 9,732 8,426
9/15/2003 9,740 8,394
9/16/2003 9,872 8,514
9/17/2003 9,796 8,487
9/18/2003 10,020 8,599
9/19/2003 9,924 8,573
9/20/2003 9,924 8,573
9/21/2003 9,924 8,573
9/22/2003 9,876 8,461
9/23/2003 9,940 8,512
9/24/2003 9,748 8,350
9/25/2003 9,588 8,301
9/26/2003 9,472 8,249
9/27/2003 9,472 8,249
9/28/2003 9,472 8,249
9/29/2003 9,616 8,330
9/30/2003 9,508 8,242
10/1/2003 9,724 8,427
10/2/2003 9,744 8,445
10/3/2003 9,884 8,525
10/4/2003 9,884 8,525
10/5/2003 9,884 8,525
10/6/2003 9,912 8,562
10/7/2003 9,940 8,603
10/8/2003 9,920 8,561
10/9/2003 10,092 8,602
10/10/2003 9,956 8,597
10/11/2003 9,956 8,597
10/12/2003 9,956 8,597
10/13/2003 10,108 8,657
10/14/2003 10,164 8,691
10/15/2003 10,092 8,671
10/16/2003 10,144 8,698
10/17/2003 10,056 8,609
10/18/2003 10,056 8,609
10/19/2003 10,056 8,609
10/20/2003 10,128 8,654
10/21/2003 10,132 8,665
10/22/2003 9,968 8,536
10/23/2003 9,956 8,564
10/24/2003 9,916 8,524
10/25/2003 9,916 8,524
10/26/2003 9,916 8,524
10/27/2003 9,960 8,542
10/28/2003 10,080 8,672
10/29/2003 10,152 8,685
10/30/2003 10,252 8,677
10/31/2003 10,204 8,709
11/1/2003 10,204 8,709
11/2/2003 10,204 8,709
11/3/2003 10,276 8,777
11/4/2003 10,260 8,730
11/5/2003 10,220 8,719
11/6/2003 10,404 8,772
11/7/2003 10,392 8,734
11/8/2003 10,392 8,734
11/9/2003 10,392 8,734
11/10/2003 10,264 8,684
11/11/2003 10,204 8,679
11/12/2003 10,308 8,782
11/13/2003 10,324 8,781
11/14/2003 10,252 8,715
11/15/2003 10,252 8,715
11/16/2003 10,252 8,715
11/17/2003 10,108 8,660
11/18/2003 9,992 8,582
11/19/2003 10,004 8,651
11/20/2003 9,960 8,578
11/21/2003 9,932 8,592
11/22/2003 9,932 8,592
11/23/2003 9,932 8,592
11/24/2003 10,112 8,732
11/25/2003 10,188 8,748
11/26/2003 10,204 8,787
11/27/2003 10,204 8,787
11/28/2003 10,200 8,785
11/29/2003 10,200 8,785
11/30/2003 10,200 8,785
12/1/2003 10,352 8,884
12/2/2003 10,256 8,856
12/3/2003 10,236 8,842
12/4/2003 10,220 8,884
12/5/2003 10,056 8,816
12/6/2003 10,056 8,816
12/7/2003 10,056 8,816
12/8/2003 10,148 8,881
12/9/2003 10,096 8,806
12/10/2003 10,068 8,798
12/11/2003 10,252 8,900
12/12/2003 10,296 8,924
12/13/2003 10,296 8,924
12/14/2003 10,296 8,924
12/15/2003 10,204 8,874
12/16/2003 10,252 8,933
12/17/2003 10,260 8,945
12/18/2003 10,328 9,052
12/19/2003 10,324 9,048
12/20/2003 10,324 9,048
12/21/2003 10,324 9,048
12/22/2003 10,404 9,083
12/23/2003 10,400 9,109
12/24/2003 10,328 9,093
12/25/2003 10,328 9,093
12/26/2003 10,356 9,108
12/27/2003 10,356 9,108
12/28/2003 10,356 9,108
12/29/2003 10,472 9,224
12/30/2003 10,444 9,227
12/31/2003 10,388 9,246
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 12/31/03
- --------------------------------------------------------------------------------
SINCE
ONE INCEPTION
YEAR (06/11/01)
- --------------------------------------------------------------------------------
TRANSPORTATION FUND 20.51% 1.50%
S&P 500 INDEX 28.68% -3.02%
- --------------------------------------------------------------------------------
The returns presented above do not reflect the effects of taxes. Past
performance is no guarantee of future results. The S&P 500 Index is an unmanaged
stock index and, unlike the fund, has no management fees or other operating
expenses to reduce its reported returns. Returns are historical and include
changes in principal and reinvested dividends and capital gains.
34
UTILITIES FUND
- --------------------------------------------------------------------------------
OBJECTIVE: Seeks capital appreciation by investing in companies that operate
public utilities.
Inception: May 2, 2001
Still reeling from the Enron Scandal, the California power crisis and the
scandals surrounding energy trading, the sector suffered another blow in 2003 as
the U.S. experienced its largest blackout in history. The blackout raised issues
regarding the health of the U.S. power grid and put additional financial strain
on utilities. The Senate failed to pass the Energy Bill in November and thus
spark further reform as well as support for the beleaguered utility sector.
Utility stocks gained ground during the year, but the sector failed to
outperform the broader markets. The S&P 500 Utilities Index rose 26.3%, lagging
the S&P 500's 28.68% gain. Rydex Utilities Fund gained 25.40% for the year.
Cumulative Fund Performance: May 2, 2001 - December 31, 2003
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
Date Variable Utilities S&P 500 Index
5/2/2001 $10,000 $10,000
5/3/2001 9,880 9,853
5/4/2001 10,012 9,996
5/5/2001 10,012 9,996
5/6/2001 10,012 9,996
5/7/2001 9,928 9,971
5/8/2001 9,812 9,954
5/9/2001 9,976 9,911
5/10/2001 9,952 9,909
5/11/2001 9,988 9,835
5/12/2001 9,988 9,835
5/13/2001 9,988 9,835
5/14/2001 10,048 9,861
5/15/2001 9,896 9,866
5/16/2001 9,956 10,148
5/17/2001 9,928 10,176
5/18/2001 10,088 10,205
5/19/2001 10,088 10,205
5/20/2001 10,088 10,205
5/21/2001 10,164 10,370
5/22/2001 10,148 10,343
5/23/2001 10,184 10,182
5/24/2001 10,096 10,215
5/25/2001 9,888 10,095
5/26/2001 9,888 10,095
5/27/2001 9,888 10,095
5/28/2001 9,792 10,095
5/29/2001 9,792 10,017
5/30/2001 9,784 9,862
5/31/2001 9,904 9,924
6/1/2001 9,784 9,962
6/2/2001 9,784 9,962
6/3/2001 9,784 9,962
6/4/2001 9,764 10,013
6/5/2001 9,544 10,144
6/6/2001 9,452 10,038
6/7/2001 9,360 10,093
6/8/2001 9,424 9,998
6/9/2001 9,424 9,998
6/10/2001 9,424 9,998
6/11/2001 9,572 9,915
6/12/2001 9,592 9,926
6/13/2001 9,380 9,816
6/14/2001 9,100 9,644
6/15/2001 9,244 9,601
6/16/2001 9,244 9,601
6/17/2001 9,244 9,601
6/18/2001 9,196 9,554
6/19/2001 9,272 9,587
6/20/2001 9,172 9,671
6/21/2001 8,888 9,781
6/22/2001 8,992 9,689
6/23/2001 8,992 9,689
6/24/2001 8,992 9,689
6/25/2001 8,900 9,635
6/26/2001 8,960 9,621
6/27/2001 9,064 9,577
6/28/2001 9,076 9,697
6/29/2001 9,124 9,682
6/30/2001 9,124 9,682
7/1/2001 9,124 9,682
7/2/2001 9,124 9,780
7/3/2001 9,120 9,763
7/4/2001 9,120 9,763
7/5/2001 9,240 9,645
7/6/2001 9,284 9,420
7/7/2001 9,284 9,420
7/8/2001 9,284 9,420
7/9/2001 9,320 9,485
7/10/2001 9,396 9,349
7/11/2001 9,260 9,339
7/12/2001 9,188 9,561
7/13/2001 9,136 9,620
7/14/2001 9,136 9,620
7/15/2001 9,136 9,620
7/16/2001 9,140 9,516
7/17/2001 9,112 9,610
7/18/2001 9,040 9,558
7/19/2001 9,024 9,616
7/20/2001 8,816 9,583
7/21/2001 8,816 9,583
7/22/2001 8,816 9,583
7/23/2001 8,576 9,426
7/24/2001 8,212 9,273
7/25/2001 8,468 9,422
7/26/2001 8,668 9,520
7/27/2001 8,672 9,544
7/28/2001 8,672 9,544
7/29/2001 8,672 9,544
7/30/2001 8,724 9,534
7/31/2001 8,672 9,587
8/1/2001 8,748 9,626
8/2/2001 8,868 9,665
8/3/2001 8,852 9,615
8/4/2001 8,852 9,615
8/5/2001 8,852 9,615
8/6/2001 8,612 9,506
8/7/2001 8,604 9,537
8/8/2001 8,360 9,373
8/9/2001 8,448 9,374
8/10/2001 8,492 9,428
8/11/2001 8,492 9,428
8/12/2001 8,492 9,428
8/13/2001 8,400 9,438
8/14/2001 8,436 9,402
8/15/2001 8,356 9,335
8/16/2001 8,360 9,364
8/17/2001 8,344 9,208
8/18/2001 8,344 9,208
8/19/2001 8,344 9,208
8/20/2001 8,380 9,283
8/21/2001 8,376 9,171
8/22/2001 8,456 9,235
8/23/2001 8,488 9,210
8/24/2001 8,532 9,391
8/25/2001 8,532 9,391
8/26/2001 8,532 9,391
8/27/2001 8,620 9,346
8/28/2001 8,636 9,206
8/29/2001 8,604 9,105
8/30/2001 8,468 8,951
8/31/2001 8,460 8,987
9/1/2001 8,460 8,987
9/2/2001 8,460 8,987
9/3/2001 8,460 8,987
9/4/2001 8,524 8,982
9/5/2001 8,412 8,974
9/6/2001 8,380 8,774
9/7/2001 8,408 8,610
9/8/2001 8,408 8,610
9/9/2001 8,408 8,610
9/10/2001 8,340 8,664
9/11/2001 8,340 8,664
9/12/2001 8,340 8,664
9/13/2001 8,340 8,664
9/14/2001 8,340 8,664
9/15/2001 8,340 8,664
9/16/2001 8,340 8,664
9/17/2001 8,176 8,240
9/18/2001 8,032 8,193
9/19/2001 7,876 8,061
9/20/2001 7,940 7,811
9/21/2001 7,784 7,662
9/22/2001 7,784 7,662
9/23/2001 7,784 7,662
9/24/2001 7,744 7,961
9/25/2001 7,680 8,031
9/26/2001 7,356 7,992
9/27/2001 7,272 8,084
9/28/2001 7,548 8,261
9/29/2001 7,548 8,261
9/30/2001 7,548 8,261
10/1/2001 7,600 8,242
10/2/2001 7,784 8,344
10/3/2001 7,992 8,512
10/4/2001 8,048 8,491
10/5/2001 8,068 8,507
10/6/2001 8,068 8,507
10/7/2001 8,068 8,507
10/8/2001 8,040 8,436
10/9/2001 7,920 8,391
10/10/2001 8,044 8,584
10/11/2001 8,052 8,715
10/12/2001 8,012 8,669
10/13/2001 8,012 8,669
10/14/2001 8,012 8,669
10/15/2001 7,976 8,656
10/16/2001 8,132 8,716
10/17/2001 8,068 8,554
10/18/2001 7,816 8,487
10/19/2001 7,924 8,525
10/20/2001 7,924 8,525
10/21/2001 7,924 8,525
10/22/2001 7,836 8,656
10/23/2001 7,684 8,615
10/24/2001 7,424 8,619
10/25/2001 7,604 8,737
10/26/2001 7,568 8,773
10/27/2001 7,568 8,773
10/28/2001 7,568 8,773
10/29/2001 7,584 8,565
10/30/2001 7,440 8,418
10/31/2001 7,500 8,419
11/1/2001 7,500 8,613
11/2/2001 7,360 8,638
11/3/2001 7,360 8,638
11/4/2001 7,360 8,638
11/5/2001 7,564 8,762
11/6/2001 7,568 8,890
11/7/2001 7,432 8,868
11/8/2001 7,616 8,890
11/9/2001 7,656 8,905
11/10/2001 7,656 8,905
11/11/2001 7,656 8,905
11/12/2001 7,704 8,889
11/13/2001 7,776 9,055
11/14/2001 7,600 9,074
11/15/2001 7,452 9,082
11/16/2001 7,472 9,055
11/17/2001 7,472 9,055
11/18/2001 7,472 9,055
11/19/2001 7,424 9,153
11/20/2001 7,500 9,087
11/21/2001 7,364 9,043
11/22/2001 7,364 9,043
11/23/2001 7,420 9,149
11/24/2001 7,420 9,149
11/25/2001 7,420 9,149
11/26/2001 7,340 9,205
11/27/2001 7,368 9,142
11/28/2001 7,080 8,977
11/29/2001 7,108 9,071
11/30/2001 7,072 9,065
12/1/2001 7,072 9,065
12/2/2001 7,072 9,065
12/3/2001 6,988 8,989
12/4/2001 7,132 9,107
12/5/2001 7,156 9,314
12/6/2001 7,060 9,288
12/7/2001 7,164 9,218
12/8/2001 7,164 9,218
12/9/2001 7,164 9,218
12/10/2001 7,000 9,072
12/11/2001 6,768 9,047
12/12/2001 6,828 9,051
12/13/2001 6,900 8,910
12/14/2001 6,840 8,940
12/15/2001 6,840 8,940
12/16/2001 6,840 8,940
12/17/2001 6,728 9,030
12/18/2001 6,876 9,098
12/19/2001 7,128 9,151
12/20/2001 7,096 9,076
12/21/2001 7,060 9,116
12/22/2001 7,060 9,116
12/23/2001 7,060 9,116
12/24/2001 7,132 9,114
12/25/2001 7,132 9,114
12/26/2001 7,200 9,151
12/27/2001 7,288 9,216
12/28/2001 7,316 9,247
12/29/2001 7,316 9,247
12/30/2001 7,316 9,247
12/31/2001 7,292 9,144
1/1/2002 7,292 9,144
1/2/2002 7,376 9,198
1/3/2002 7,304 9,282
1/4/2002 7,256 9,340
1/5/2002 7,256 9,340
1/6/2002 7,256 9,340
1/7/2002 7,308 9,279
1/8/2002 7,228 9,248
1/9/2002 7,196 9,205
1/10/2002 7,220 9,216
1/11/2002 7,140 9,129
1/12/2002 7,140 9,129
1/13/2002 7,140 9,129
1/14/2002 7,164 9,072
1/15/2002 7,172 9,134
1/16/2002 7,148 8,986
1/17/2002 7,032 9,076
1/18/2002 7,020 8,986
1/19/2002 7,020 8,986
1/20/2002 7,020 8,986
1/21/2002 7,020 8,986
1/22/2002 6,856 8,921
1/23/2002 6,896 8,991
1/24/2002 6,920 9,023
1/25/2002 6,904 9,032
1/26/2002 6,904 9,032
1/27/2002 6,904 9,032
1/28/2002 6,848 9,030
1/29/2002 6,632 8,773
1/30/2002 6,624 8,877
1/31/2002 6,736 9,011
2/1/2002 6,788 8,947
2/2/2002 6,788 8,947
2/3/2002 6,788 8,947
2/4/2002 6,648 8,726
2/5/2002 6,516 8,691
2/6/2002 6,408 8,640
2/7/2002 6,456 8,615
2/8/2002 6,484 8,743
2/9/2002 6,484 8,743
2/10/2002 6,484 8,743
2/11/2002 6,552 8,869
2/12/2002 6,600 8,833
2/13/2002 6,644 8,924
2/14/2002 6,616 8,909
2/15/2002 6,520 8,811
2/16/2002 6,520 8,811
2/17/2002 6,520 8,811
2/18/2002 6,520 8,811
2/19/2002 6,432 8,645
2/20/2002 6,412 8,762
2/21/2002 6,400 8,626
2/22/2002 6,468 8,697
2/23/2002 6,468 8,697
2/24/2002 6,468 8,697
2/25/2002 6,452 8,854
2/26/2002 6,532 8,854
2/27/2002 6,572 8,862
2/28/2002 6,528 8,837
3/1/2002 6,644 9,037
3/2/2002 6,644 9,037
3/3/2002 6,644 9,037
3/4/2002 6,780 9,213
3/5/2002 6,920 9,152
3/6/2002 7,056 9,286
3/7/2002 7,112 9,245
3/8/2002 7,096 9,299
3/9/2002 7,096 9,299
3/10/2002 7,096 9,299
3/11/2002 7,132 9,331
3/12/2002 7,068 9,309
3/13/2002 6,996 9,220
3/14/2002 7,004 9,212
3/15/2002 7,020 9,317
3/16/2002 7,020 9,317
3/17/2002 7,020 9,317
3/18/2002 7,112 9,312
3/19/2002 7,140 9,350
3/20/2002 7,132 9,203
3/21/2002 7,316 9,217
3/22/2002 7,272 9,178
3/23/2002 7,272 9,178
3/24/2002 7,272 9,178
3/25/2002 7,244 9,044
3/26/2002 7,184 9,098
3/27/2002 7,276 9,147
3/28/2002 7,276 9,169
3/29/2002 7,276 9,169
3/30/2002 7,276 9,169
3/31/2002 7,276 9,169
4/1/2002 7,260 9,162
4/2/2002 7,324 9,084
4/3/2002 7,256 8,995
4/4/2002 7,268 9,003
4/5/2002 7,232 8,974
4/6/2002 7,232 8,974
4/7/2002 7,232 8,974
4/8/2002 7,260 8,997
4/9/2002 7,196 8,937
4/10/2002 7,312 9,039
4/11/2002 7,176 8,825
4/12/2002 7,180 8,884
4/13/2002 7,180 8,884
4/14/2002 7,180 8,884
4/15/2002 7,080 8,816
4/16/2002 7,196 9,023
4/17/2002 7,288 9,005
4/18/2002 7,312 8,992
4/19/2002 7,328 8,998
4/20/2002 7,328 8,998
4/21/2002 7,328 8,998
4/22/2002 7,320 8,859
4/23/2002 7,396 8,804
4/24/2002 7,328 8,742
4/25/2002 7,172 8,728
4/26/2002 7,052 8,608
4/27/2002 7,052 8,608
4/28/2002 7,052 8,608
4/29/2002 7,040 8,521
4/30/2002 7,144 8,613
5/1/2002 7,120 8,690
5/2/2002 7,096 8,676
5/3/2002 7,092 8,587
5/4/2002 7,092 8,587
5/5/2002 7,092 8,587
5/6/2002 7,052 8,421
5/7/2002 6,916 8,396
5/8/2002 6,972 8,712
5/9/2002 6,924 8,587
5/10/2002 6,788 8,443
5/11/2002 6,788 8,443
5/12/2002 6,788 8,443
5/13/2002 6,760 8,601
5/14/2002 6,808 8,783
5/15/2002 6,704 8,736
5/16/2002 6,560 8,794
5/17/2002 6,476 8,863
5/18/2002 6,476 8,863
5/19/2002 6,476 8,863
5/20/2002 6,604 8,745
5/21/2002 6,644 8,649
5/22/2002 6,812 8,699
5/23/2002 6,872 8,787
5/24/2002 6,860 8,681
5/25/2002 6,860 8,681
5/26/2002 6,860 8,681
5/27/2002 6,860 8,681
5/28/2002 6,832 8,607
5/29/2002 6,616 8,553
5/30/2002 6,528 8,530
5/31/2002 6,516 8,550
6/1/2002 6,516 8,550
6/2/2002 6,516 8,550
6/3/2002 6,268 8,338
6/4/2002 6,356 8,338
6/5/2002 6,268 8,415
6/6/2002 6,120 8,249
6/7/2002 6,100 8,236
6/8/2002 6,100 8,236
6/9/2002 6,100 8,236
6/10/2002 6,104 8,262
6/11/2002 6,072 8,124
6/12/2002 6,136 8,179
6/13/2002 6,192 8,094
6/14/2002 6,144 8,075
6/15/2002 6,144 8,075
6/16/2002 6,144 8,075
6/17/2002 6,248 8,307
6/18/2002 6,304 8,315
6/19/2002 6,244 8,178
6/20/2002 6,112 8,068
6/21/2002 6,140 7,931
6/22/2002 6,140 7,931
6/23/2002 6,140 7,931
6/24/2002 6,024 7,960
6/25/2002 5,972 7,827
6/26/2002 5,916 7,810
6/27/2002 5,924 7,947
6/28/2002 6,032 7,941
6/29/2002 6,032 7,941
6/30/2002 6,032 7,941
7/1/2002 5,904 7,771
7/2/2002 5,768 7,608
7/3/2002 5,728 7,655
7/4/2002 5,728 7,655
7/5/2002 5,792 7,937
7/6/2002 5,792 7,937
7/7/2002 5,792 7,937
7/8/2002 5,732 7,842
7/9/2002 5,560 7,649
7/10/2002 5,252 7,389
7/11/2002 5,420 7,445
7/12/2002 5,236 7,397
7/13/2002 5,236 7,397
7/14/2002 5,236 7,397
7/15/2002 5,308 7,369
7/16/2002 5,152 7,234
7/17/2002 5,100 7,275
7/18/2002 4,944 7,078
7/19/2002 4,704 6,807
7/20/2002 4,704 6,807
7/21/2002 4,704 6,807
7/22/2002 4,628 6,583
7/23/2002 4,236 6,405
7/24/2002 4,588 6,772
7/25/2002 4,752 6,734
7/26/2002 4,664 6,848
7/27/2002 4,664 6,848
7/28/2002 4,664 6,848
7/29/2002 4,724 7,219
7/30/2002 5,088 7,250
7/31/2002 5,156 7,322
8/1/2002 5,032 7,106
8/2/2002 4,936 6,942
8/3/2002 4,936 6,942
8/4/2002 4,936 6,942
8/5/2002 4,884 6,705
8/6/2002 5,048 6,905
8/7/2002 5,108 7,045
8/8/2002 5,180 7,275
8/9/2002 5,208 7,303
8/10/2002 5,208 7,303
8/11/2002 5,208 7,303
8/12/2002 5,312 7,264
8/13/2002 5,176 7,107
8/14/2002 5,316 7,393
8/15/2002 5,336 7,480
8/16/2002 5,248 7,469
8/17/2002 5,248 7,469
8/18/2002 5,248 7,469
8/19/2002 5,320 7,645
8/20/2002 5,336 7,538
8/21/2002 5,468 7,635
8/22/2002 5,548 7,743
8/23/2002 5,460 7,567
8/24/2002 5,460 7,567
8/25/2002 5,460 7,567
8/26/2002 5,564 7,624
8/27/2002 5,476 7,519
8/28/2002 5,444 7,384
8/29/2002 5,376 7,384
8/30/2002 5,336 7,370
8/31/2002 5,336 7,370
9/1/2002 5,336 7,370
9/2/2002 5,336 7,370
9/3/2002 5,152 7,064
9/4/2002 5,142 7,190
9/5/2002 5,134 7,076
9/6/2002 5,126 7,195
9/7/2002 5,126 7,195
9/8/2002 5,126 7,195
9/9/2002 5,114 7,268
9/10/2002 4,994 7,321
9/11/2002 5,010 7,321
9/12/2002 4,870 7,141
9/13/2002 4,950 7,165
9/14/2002 4,950 7,165
9/15/2002 4,950 7,165
9/16/2002 4,902 7,176
9/17/2002 4,726 7,034
9/18/2002 4,854 7,002
9/19/2002 4,770 6,792
9/20/2002 4,670 6,808
9/21/2002 4,670 6,808
9/22/2002 4,670 6,808
9/23/2002 4,546 6,714
9/24/2002 4,418 6,598
9/25/2002 4,534 6,764
9/26/2002 4,710 6,888
9/27/2002 4,630 6,666
9/28/2002 4,630 6,666
9/29/2002 4,630 6,666
9/30/2002 4,674 6,569
10/1/2002 4,778 6,832
10/2/2002 4,678 6,672
10/3/2002 4,622 6,600
10/4/2002 4,446 6,452
10/5/2002 4,446 6,452
10/6/2002 4,446 6,452
10/7/2002 4,426 6,329
10/8/2002 4,266 6,438
10/9/2002 3,918 6,263
10/10/2002 4,190 6,483
10/11/2002 4,238 6,736
10/12/2002 4,238 6,736
10/13/2002 4,238 6,736
10/14/2002 4,198 6,785
10/15/2002 4,238 7,107
10/16/2002 4,074 6,936
10/17/2002 4,146 7,091
10/18/2002 4,182 7,133
10/19/2002 4,182 7,133
10/20/2002 4,182 7,133
10/21/2002 4,422 7,256
10/22/2002 4,342 7,179
10/23/2002 4,454 7,227
10/24/2002 4,454 7,117
10/25/2002 4,526 7,240
10/26/2002 4,526 7,240
10/27/2002 4,526 7,240
10/28/2002 4,598 7,180
10/29/2002 4,574 7,115
10/30/2002 4,670 7,186
10/31/2002 4,646 7,147
11/1/2002 4,690 7,270
11/2/2002 4,690 7,270
11/3/2002 4,690 7,270
11/4/2002 4,850 7,329
11/5/2002 4,834 7,386
11/6/2002 4,918 7,456
11/7/2002 4,710 7,287
11/8/2002 4,558 7,223
11/9/2002 4,558 7,223
11/10/2002 4,558 7,223
11/11/2002 4,526 7,074
11/12/2002 4,434 7,129
11/13/2002 4,486 7,128
11/14/2002 4,558 7,304
11/15/2002 4,638 7,350
11/16/2002 4,638 7,350
11/17/2002 4,638 7,350
11/18/2002 4,618 7,273
11/19/2002 4,602 7,244
11/20/2002 4,658 7,385
11/21/2002 4,702 7,544
11/22/2002 4,854 7,518
11/23/2002 4,854 7,518
11/24/2002 4,854 7,518
11/25/2002 4,890 7,537
11/26/2002 4,754 7,381
11/27/2002 4,782 7,588
11/28/2002 4,782 7,588
11/29/2002 4,778 7,568
11/30/2002 4,778 7,568
12/1/2002 4,778 7,568
12/2/2002 4,730 7,553
12/3/2002 4,770 7,442
12/4/2002 4,650 7,419
12/5/2002 4,630 7,330
12/6/2002 4,626 7,376
12/7/2002 4,626 7,376
12/8/2002 4,626 7,376
12/9/2002 4,662 7,213
12/10/2002 4,726 7,314
12/11/2002 4,750 7,319
12/12/2002 4,786 7,292
12/13/2002 4,822 7,195
12/14/2002 4,822 7,195
12/15/2002 4,822 7,195
12/16/2002 4,874 7,364
12/17/2002 4,902 7,304
12/18/2002 4,878 7,209
12/19/2002 4,842 7,155
12/20/2002 4,886 7,248
12/21/2002 4,886 7,248
12/22/2002 4,886 7,248
12/23/2002 4,858 7,261
12/24/2002 4,862 7,221
12/25/2002 4,862 7,221
12/26/2002 4,902 7,199
12/27/2002 4,842 7,086
12/28/2002 4,842 7,086
12/29/2002 4,842 7,086
12/30/2002 4,886 7,119
12/31/2002 4,898 7,123
1/1/2003 4,898 7,123
1/2/2003 5,030 7,360
1/3/2003 5,062 7,357
1/4/2003 5,062 7,357
1/5/2003 5,062 7,357
1/6/2003 5,266 7,522
1/7/2003 5,150 7,473
1/8/2003 5,214 7,370
1/9/2003 5,222 7,514
1/10/2003 5,206 7,513
1/11/2003 5,206 7,513
1/12/2003 5,206 7,513
1/13/2003 5,094 7,503
1/14/2003 5,118 7,547
1/15/2003 5,110 7,439
1/16/2003 5,110 7,410
1/17/2003 5,058 7,306
1/18/2003 5,058 7,306
1/19/2003 5,058 7,306
1/20/2003 5,058 7,306
1/21/2003 4,970 7,192
1/22/2003 4,910 7,117
1/23/2003 4,974 7,190
1/24/2003 4,842 6,980
1/25/2003 4,842 6,980
1/26/2003 4,842 6,980
1/27/2003 4,702 6,867
1/28/2003 4,802 6,957
1/29/2003 4,810 7,005
1/30/2003 4,746 6,847
1/31/2003 4,774 6,937
2/1/2003 4,774 6,937
2/2/2003 4,774 6,937
2/3/2003 4,802 6,974
2/4/2003 4,758 6,876
2/5/2003 4,694 6,840
2/6/2003 4,662 6,798
2/7/2003 4,582 6,729
2/8/2003 4,582 6,729
2/9/2003 4,582 6,729
2/10/2003 4,594 6,780
2/11/2003 4,526 6,726
2/12/2003 4,386 6,643
2/13/2003 4,442 6,633
2/14/2003 4,494 6,775
2/15/2003 4,494 6,775
2/16/2003 4,494 6,775
2/17/2003 4,494 6,775
2/18/2003 4,550 6,908
2/19/2003 4,530 6,860
2/20/2003 4,578 6,796
2/21/2003 4,614 6,885
2/22/2003 4,614 6,885
2/23/2003 4,614 6,885
2/24/2003 4,582 6,759
2/25/2003 4,622 6,808
2/26/2003 4,538 6,721
2/27/2003 4,562 6,801
2/28/2003 4,562 6,832
3/1/2003 4,562 6,832
3/2/2003 4,562 6,832
3/3/2003 4,594 6,781
3/4/2003 4,546 6,677
3/5/2003 4,594 6,743
3/6/2003 4,618 6,681
3/7/2003 4,626 6,736
3/8/2003 4,626 6,736
3/9/2003 4,626 6,736
3/10/2003 4,534 6,562
3/11/2003 4,498 6,507
3/12/2003 4,514 6,538
3/13/2003 4,566 6,764
3/14/2003 4,598 6,775
3/15/2003 4,598 6,775
3/16/2003 4,598 6,775
3/17/2003 4,690 7,015
3/18/2003 4,738 7,045
3/19/2003 4,730 7,107
3/20/2003 4,770 7,121
3/21/2003 4,854 7,284
3/22/2003 4,854 7,284
3/23/2003 4,854 7,284
3/24/2003 4,742 7,028
3/25/2003 4,826 7,113
3/26/2003 4,778 7,075
3/27/2003 4,818 7,064
3/28/2003 4,814 7,023
3/29/2003 4,814 7,023
3/30/2003 4,814 7,023
3/31/2003 4,798 6,899
4/1/2003 4,850 6,983
4/2/2003 4,858 7,166
4/3/2003 4,838 7,130
4/4/2003 4,910 7,150
4/5/2003 4,910 7,150
4/6/2003 4,910 7,150
4/7/2003 4,902 7,159
4/8/2003 4,870 7,148
4/9/2003 4,862 7,049
4/10/2003 4,882 7,094
4/11/2003 4,870 7,068
4/12/2003 4,870 7,068
4/13/2003 4,870 7,068
4/14/2003 4,930 7,206
4/15/2003 4,990 7,252
4/16/2003 4,970 7,163
4/17/2003 5,026 7,275
4/18/2003 5,026 7,275
4/19/2003 5,026 7,275
4/20/2003 5,026 7,275
4/21/2003 5,058 7,262
4/22/2003 5,134 7,419
4/23/2003 5,134 7,482
4/24/2003 5,198 7,420
4/25/2003 5,170 7,317
4/26/2003 5,170 7,317
4/27/2003 5,170 7,317
4/28/2003 5,254 7,449
4/29/2003 5,258 7,474
4/30/2003 5,254 7,467
5/1/2003 5,182 7,463
5/2/2003 5,234 7,576
5/3/2003 5,234 7,576
5/4/2003 5,234 7,576
5/5/2003 5,266 7,547
5/6/2003 5,246 7,611
5/7/2003 5,226 7,573
5/8/2003 5,218 7,497
5/9/2003 5,258 7,606
5/10/2003 5,258 7,606
5/11/2003 5,258 7,606
5/12/2003 5,290 7,702
5/13/2003 5,298 7,680
5/14/2003 5,338 7,657
5/15/2003 5,438 7,719
5/16/2003 5,523 7,700
5/17/2003 5,523 7,700
5/18/2003 5,523 7,700
5/19/2003 5,434 7,508
5/20/2003 5,454 7,500
5/21/2003 5,450 7,531
5/22/2003 5,535 7,600
5/23/2003 5,759 7,611
5/24/2003 5,759 7,611
5/25/2003 5,759 7,611
5/26/2003 5,759 7,611
5/27/2003 5,843 7,760
5/28/2003 5,807 7,775
5/29/2003 5,719 7,746
5/30/2003 5,803 7,860
5/31/2003 5,803 7,860
6/1/2003 5,803 7,860
6/2/2003 5,843 7,889
6/3/2003 5,847 7,926
6/4/2003 5,935 8,048
6/5/2003 5,887 8,080
6/6/2003 5,819 8,061
6/7/2003 5,819 8,061
6/8/2003 5,819 8,061
6/9/2003 5,783 7,965
6/10/2003 5,783 8,038
6/11/2003 5,847 8,144
6/12/2003 5,915 8,152
6/13/2003 5,839 8,072
6/14/2003 5,839 8,072
6/15/2003 5,839 8,072
6/16/2003 5,939 8,253
6/17/2003 5,919 8,260
6/18/2003 5,927 8,248
6/19/2003 5,939 8,122
6/20/2003 5,919 8,131
6/21/2003 5,919 8,131
6/22/2003 5,919 8,131
6/23/2003 5,835 8,016
6/24/2003 5,799 8,031
6/25/2003 5,803 7,964
6/26/2003 5,831 8,053
6/27/2003 5,783 7,975
6/28/2003 5,783 7,975
6/29/2003 5,783 7,975
6/30/2003 5,791 7,961
7/1/2003 5,775 8,026
7/2/2003 5,835 8,120
7/3/2003 5,795 8,054
7/4/2003 5,795 8,054
7/5/2003 5,795 8,054
7/6/2003 5,795 8,054
7/7/2003 5,819 8,207
7/8/2003 5,795 8,238
7/9/2003 5,767 8,192
7/10/2003 5,655 8,082
7/11/2003 5,683 8,160
7/12/2003 5,683 8,160
7/13/2003 5,683 8,160
7/14/2003 5,683 8,207
7/15/2003 5,599 8,178
7/16/2003 5,527 8,127
7/17/2003 5,483 8,026
7/18/2003 5,547 8,121
7/19/2003 5,547 8,121
7/20/2003 5,547 8,121
7/21/2003 5,454 8,003
7/22/2003 5,547 8,079
7/23/2003 5,519 8,083
7/24/2003 5,519 8,026
7/25/2003 5,539 8,165
7/26/2003 5,539 8,165
7/27/2003 5,539 8,165
7/28/2003 5,523 8,148
7/29/2003 5,499 8,090
7/30/2003 5,479 8,076
7/31/2003 5,475 8,101
8/1/2003 5,430 8,018
8/2/2003 5,430 8,018
8/3/2003 5,430 8,018
8/4/2003 5,422 8,040
8/5/2003 5,338 7,898
8/6/2003 5,382 7,913
8/7/2003 5,402 7,971
8/8/2003 5,426 7,999
8/9/2003 5,426 7,999
8/10/2003 5,426 7,999
8/11/2003 5,430 8,026
8/12/2003 5,503 8,106
8/13/2003 5,475 8,057
8/14/2003 5,487 8,110
8/15/2003 5,499 8,113
8/16/2003 5,499 8,113
8/17/2003 5,499 8,113
8/18/2003 5,471 8,188
8/19/2003 5,475 8,209
8/20/2003 5,535 8,193
8/21/2003 5,559 8,218
8/22/2003 5,495 8,134
8/23/2003 5,495 8,134
8/24/2003 5,495 8,134
8/25/2003 5,515 8,139
8/26/2003 5,539 8,164
8/27/2003 5,539 8,166
8/28/2003 5,547 8,216
8/29/2003 5,563 8,259
8/30/2003 5,563 8,259
8/31/2003 5,563 8,259
9/1/2003 5,563 8,259
9/2/2003 5,651 8,374
9/3/2003 5,691 8,411
9/4/2003 5,707 8,426
9/5/2003 5,687 8,372
9/6/2003 5,687 8,372
9/7/2003 5,687 8,372
9/8/2003 5,736 8,456
9/9/2003 5,699 8,387
9/10/2003 5,695 8,287
9/11/2003 5,695 8,335
9/12/2003 5,728 8,353
9/13/2003 5,728 8,353
9/14/2003 5,728 8,353
9/15/2003 5,711 8,322
9/16/2003 5,756 8,441
9/17/2003 5,719 8,414
9/18/2003 5,793 8,525
9/19/2003 5,810 8,499
9/20/2003 5,810 8,499
9/21/2003 5,810 8,499
9/22/2003 5,760 8,388
9/23/2003 5,785 8,439
9/24/2003 5,732 8,278
9/25/2003 5,719 8,230
9/26/2003 5,748 8,178
9/27/2003 5,748 8,178
9/28/2003 5,748 8,178
9/29/2003 5,814 8,259
9/30/2003 5,785 8,171
10/1/2003 5,851 8,355
10/2/2003 5,880 8,372
10/3/2003 5,908 8,451
10/4/2003 5,908 8,451
10/5/2003 5,908 8,451
10/6/2003 5,925 8,488
10/7/2003 5,908 8,529
10/8/2003 5,880 8,487
10/9/2003 5,896 8,528
10/10/2003 5,884 8,523
10/11/2003 5,884 8,523
10/12/2003 5,884 8,523
10/13/2003 5,900 8,583
10/14/2003 5,921 8,617
10/15/2003 5,863 8,596
10/16/2003 5,884 8,623
10/17/2003 5,851 8,535
10/18/2003 5,851 8,535
10/19/2003 5,851 8,535
10/20/2003 5,859 8,579
10/21/2003 5,859 8,590
10/22/2003 5,847 8,462
10/23/2003 5,838 8,490
10/24/2003 5,843 8,451
10/25/2003 5,843 8,451
10/26/2003 5,843 8,451
10/27/2003 5,851 8,469
10/28/2003 5,847 8,597
10/29/2003 5,851 8,610
10/30/2003 5,880 8,603
10/31/2003 5,867 8,634
11/1/2003 5,867 8,634
11/2/2003 5,867 8,634
11/3/2003 5,933 8,702
11/4/2003 5,875 8,655
11/5/2003 5,884 8,644
11/6/2003 5,867 8,697
11/7/2003 5,843 8,658
11/8/2003 5,843 8,658
11/9/2003 5,843 8,658
11/10/2003 5,834 8,609
11/11/2003 5,826 8,605
11/12/2003 5,851 8,706
11/13/2003 5,859 8,705
11/14/2003 5,847 8,641
11/15/2003 5,847 8,641
11/16/2003 5,847 8,641
11/17/2003 5,785 8,585
11/18/2003 5,695 8,508
11/19/2003 5,756 8,577
11/20/2003 5,732 8,505
11/21/2003 5,736 8,518
11/22/2003 5,736 8,518
11/23/2003 5,736 8,518
11/24/2003 5,822 8,657
11/25/2003 5,863 8,672
11/26/2003 5,892 8,711
11/27/2003 5,892 8,711
11/28/2003 5,896 8,710
11/29/2003 5,896 8,710
11/30/2003 5,896 8,710
12/1/2003 5,941 8,808
12/2/2003 5,945 8,779
12/3/2003 5,929 8,766
12/4/2003 5,937 8,808
12/5/2003 5,929 8,740
12/6/2003 5,929 8,740
12/7/2003 5,929 8,740
12/8/2003 5,974 8,805
12/9/2003 5,916 8,730
12/10/2003 5,900 8,722
12/11/2003 5,937 8,823
12/12/2003 5,949 8,848
12/13/2003 5,949 8,848
12/14/2003 5,949 8,848
12/15/2003 5,933 8,798
12/16/2003 5,962 8,856
12/17/2003 5,958 8,868
12/18/2003 6,011 8,974
12/19/2003 6,027 8,970
12/20/2003 6,027 8,970
12/21/2003 6,027 8,970
12/22/2003 6,073 9,005
12/23/2003 6,101 9,031
12/24/2003 6,093 9,014
12/25/2003 6,093 9,014
12/26/2003 6,105 9,030
12/27/2003 6,105 9,030
12/28/2003 6,105 9,030
12/29/2003 6,151 9,145
12/30/2003 6,167 9,147
12/31/2003 6,142 9,166
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 12/31/03
- --------------------------------------------------------------------------------
SINCE
ONE INCEPTION
YEAR (05/02/01)
- --------------------------------------------------------------------------------
UTILITIES FUND 25.40% -16.71%
S&P 500 INDEX 28.68% -3.21%
- --------------------------------------------------------------------------------
The returns presented above do not reflect the effects of taxes. Past
performance is no guarantee of future results. The S&P 500 Index is an unmanaged
stock index and, unlike the fund, has no management fees or other operating
expenses to reduce its reported returns. Returns are historical and include
changes in principal and reinvested dividends and capital gains.
ANNUAL REPORT 35
NOVA FUND
SCHEDULE OF INVESTMENTS December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMMON STOCKS 75.5%
FINANCIALS 15.6%
DIVERSIFIED FINANCIALS 8.0%
Citigroup, Inc. ............................ 30,400 $ 1,475,616
J.P. Morgan Chase & Co. .................... 22,100 811,733
Fannie Mae ................................. 10,700 803,142
American Express Co. ....................... 15,000 723,450
Merrill Lynch & Co.,
Inc.+ .................................... 11,498 674,357
Freddie Mac ................................ 9,800 571,536
SLM Corp. .................................. 10,800 406,944
Golden West Financial
Corp. .................................... 3,800 392,122
State Street Corp. ......................... 7,500 390,600
Bear Stearns Cos., Inc. .................... 4,300 343,785
Charles Schwab Corp. ....................... 23,600 279,424
Capital One Financial
Corp. .................................... 3,900 239,031
Morgan Stanley+ ............................ 2,600 150,462
Northern Trust Corp. ....................... 3,100 143,902
Mellon Financial Corp. ..................... 3,500 112,385
MBNA Corp. ................................. 2,400 59,640
Goldman Sachs Group,
Inc.+ .................................... 400 39,492
-------------
TOTAL DIVERSIFIED FINANCIALS 7,617,621
-------------
INSURANCE 4.3%
American International
Group, Inc. .............................. 20,100 1,332,228
Travelers Property
Casualty Corp. --
Class B .................................. 24,200 410,674
Chubb Corp. ................................ 5,500 374,550
ACE Ltd. ................................... 8,900 368,638
St. Paul Cos. .............................. 8,900 352,885
MBIA, Inc. ................................. 5,900 349,457
Ambac Financial Group,
Inc. ..................................... 4,900 340,011
Aon Corp. .................................. 14,200 339,948
UnumProvident Corp. ........................ 10,400 164,008
Torchmark Corp. ............................ 1,600 72,864
Lincoln National Corp. ..................... 800 32,296
-------------
TOTAL INSURANCE 4,137,559
-------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
BANKS 3.3%
Bank of America Corp.+ ..................... 14,100 $ 1,134,063
Wachovia Corp. ............................. 15,400 717,486
Wells Fargo & Co. .......................... 6,900 406,341
FleetBoston Financial
Corp.+ ................................... 7,700 336,105
PNC Financial Services
Group, Inc. .............................. 2,900 158,717
Zions Bancorporation ....................... 2,500 153,325
U.S. Bancorp+ .............................. 3,800 113,164
Bank One Corp. ............................. 1,600 72,944
First Tennessee National
Corp.+ ................................... 1,300 57,330
-------------
TOTAL BANKS 3,149,475
-------------
REAL ESTATE 0.0%
Equity Office Properties
Trust .................................... 400 11,460
-------------
TOTAL REAL ESTATE 11,460
-------------
TOTAL FINANCIALS 14,916,115
-------------
INFORMATION TECHNOLOGY 13.3%
SOFTWARE 3.8%
Microsoft Corp.+ ........................... 65,400 1,801,116
PeopleSoft, Inc.*+ ......................... 15,200 346,560
Computer Associates
International, Inc.+ ..................... 11,700 319,878
Citrix Systems, Inc.* ...................... 12,100 256,641
Symantec Corp.*+ ........................... 6,400 221,760
Electronic Arts, Inc.*+ .................... 4,600 219,788
Oracle Corp.* .............................. 14,900 196,680
Adobe Systems, Inc. ........................ 3,900 153,270
BMC Software, Inc.* ........................ 4,600 85,790
Siebel Systems, Inc.*+ ..................... 4,000 55,480
-------------
TOTAL SOFTWARE 3,656,963
-------------
COMPUTERS & PERIPHERALS 3.7%
Dell, Inc.* ................................ 26,300 893,148
International Business
Machines Corp.+ .......................... 9,100 843,388
Hewlett-Packard Co. ........................ 34,000 780,980
Apple Computer, Inc.*+ ..................... 16,100 344,057
EMC Corp./
Massachusetts*+ .......................... 25,700 332,044
See Notes to Financial Statements.
36
NOVA FUND
SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Network Appliance,
Inc.*+ ................................... 10,500 $ 215,565
NCR Corp.*+ ................................ 3,100 120,280
-------------
TOTAL COMPUTERS & PERIPHERALS 3,529,462
-------------
COMMUNICATIONS EQUIPMENT 2.4%
Cisco Systems, Inc.*+ ...................... 37,300 906,017
QUALCOMM, Inc.+ ............................ 9,500 512,335
Motorola, Inc.+ ............................ 36,000 506,520
Scientific-Atlanta, Inc. ................... 6,400 174,720
Andrew Corp.*+ ............................. 8,600 98,986
Corning, Inc.*+ ............................ 6,900 71,967
-------------
TOTAL COMMUNICATIONS
EQUIPMENT 2,270,545
-------------
SEMICONDUCTOR EQUIPMENT
& PRODUCTS 2.3%
Intel Corp.+ ............................... 49,500 1,593,900
Texas Instruments, Inc.+ ................... 14,400 423,072
Applied Materials, Inc.* ................... 5,900 132,455
Micron Technology, Inc.* ................... 2,300 30,981
-------------
TOTAL SEMICONDUCTOR EQUIPMENT
& PRODUCTS 2,180,408
-------------
IT CONSULTING & SERVICES 0.5%
SunGard Data Systems,
Inc.* .................................... 12,300 340,833
Computer Sciences
Corp.*+ .................................. 2,400 106,152
Sabre Holdings Corp. ....................... 2,900 62,611
Convergys Corp.* ........................... 800 13,968
-------------
TOTAL IT CONSULTING & SERVICES 523,564
-------------
ELECTRONIC EQUIPMENT
& INSTRUMENTS 0.5%
Jabil Circuit, Inc.* ....................... 11,400 322,620
PerkinElmer, Inc. .......................... 11,000 187,770
-------------
TOTAL ELECTRONIC EQUIPMENT
& INSTRUMENTS 510,390
-------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES 0.1%
Yahoo!, Inc.*+ ............................. 1,900 $ 85,823
-------------
TOTAL INTERNET SOFTWARE
& SERVICES 85,823
-------------
TOTAL INFORMATION TECHNOLOGY 12,757,155
-------------
HEALTH CARE 10.1%
PHARMACEUTICALS 5.7%
Pfizer, Inc. ............................... 46,400 1,639,312
Merck & Co., Inc.+ ......................... 22,000 1,016,400
Johnson & Johnson, Inc. .................... 15,300 790,398
Bristol-Myers Squibb
Co.+ ..................................... 22,600 646,360
Wyeth ...................................... 15,100 640,995
Eli Lilly & Co.+ ........................... 3,800 267,254
Abbott Laboratories ........................ 4,800 223,680
King Pharmaceuticals,
Inc.* .................................... 13,100 199,906
Allergan, Inc. ............................. 300 23,043
-------------
TOTAL PHARMACEUTICALS 5,447,348
-------------
HEALTH CARE EQUIPMENT & SUPPLIES 1.7%
Medtronic, Inc. ............................ 14,400 699,984
C.R. Bard, Inc. ............................ 3,900 316,875
Applera Corp.-- Applied
Biosystems Group+ ........................ 15,300 316,863
Bausch & Lomb, Inc. ........................ 4,900 254,310
Zimmer Holdings, Inc.* ..................... 600 42,240
Millipore Corp.* ........................... 300 12,915
-------------
TOTAL HEALTH CARE EQUIPMENT
& SUPPLIES 1,643,187
-------------
HEALTH CARE PROVIDERS & SERVICES 1.6%
UnitedHealth Group,
Inc.+ .................................... 9,200 535,256
Cardinal Health, Inc.+ ..................... 7,600 464,816
CIGNA Corp. ................................ 6,000 345,000
Anthem, Inc.*+ ............................. 2,100 157,500
-------------
TOTAL HEALTH CARE PROVIDERS
& SERVICES 1,502,572
-------------
See Notes to Financial Statements.
ANNUAL REPORT 37
NOVA FUND
SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
BIOTECHNOLOGY 1.1%
Amgen, Inc.* ............................... 13,700 $ 846,660
Medimmune, Inc.* ........................... 8,300 210,820
-------------
TOTAL BIOTECHNOLOGY 1,057,480
-------------
TOTAL HEALTH CARE 9,650,587
-------------
CONSUMER DISCRETIONARY 8.5%
MEDIA 3.3%
Viacom, Inc.-- Class B ..................... 16,600 736,708
Comcast Corp.--
Class A*+ ................................ 20,500 673,835
Walt Disney Co.+ ........................... 19,300 450,269
New York Times Co. --
Class A .................................. 7,100 339,309
Dow Jones & Co., Inc. ...................... 6,300 314,055
Time Warner, Inc.*+ ........................ 15,600 280,644
Clear Channel
Communications, Inc.+ .................... 4,800 224,784
Omnicom Group+ ............................. 1,900 165,927
-------------
TOTAL MEDIA 3,185,531
-------------
SPECIALTY RETAIL 1.9%
Home Depot, Inc.+ .......................... 18,900 670,761
Sherwin-Williams Co. ....................... 9,400 326,556
Autonation, Inc.* .......................... 17,600 323,312
Lowe's Cos., Inc.+ ......................... 4,400 243,716
Staples, Inc.* ............................. 5,400 147,420
Tiffany & Co. .............................. 1,600 72,320
-------------
TOTAL SPECIALTY RETAIL 1,784,085
-------------
MULTILINE RETAIL 1.0%
Target Corp. ............................... 12,100 464,640
Family Dollar Stores, Inc. ................. 8,300 297,804
Dollar General Corp.+ ...................... 10,700 224,593
Big Lots, Inc.* ............................ 800 11,368
-------------
TOTAL MULTILINE RETAIL 998,405
-------------
HOUSEHOLD DURABLES 0.8%
Whirlpool Corp. ............................ 4,400 319,660
Black & Decker Corp. ....................... 6,400 315,648
Leggett & Platt, Inc. ...................... 7,100 153,573
-------------
TOTAL HOUSEHOLD DURABLES 788,881
-------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
TEXTILES & APPAREL 0.7%
VF Corp. ................................... 7,500 $ 324,300
Liz Claiborne, Inc. ........................ 8,900 315,594
-------------
TOTAL TEXTILES & APPAREL 639,894
-------------
HOTELS RESTAURANTS & LEISURE 0.3%
Starbucks Corp.*+ .......................... 7,000 231,420
Starwood Hotels & Resorts
Worldwide, Inc. .......................... 2,200 79,134
-------------
TOTAL HOTELS RESTAURANTS
& LEISURE 310,554
-------------
INTERNET & CATALOG RETAIL 0.2%
eBay, Inc.*+ ............................... 3,000 193,770
-------------
TOTAL INTERNET & CATALOG RETAIL 193,770
-------------
AUTO COMPONENTS 0.2%
Dana Corp. ................................. 4,800 88,080
Cooper Tire & Rubber
Co.+ ..................................... 2,900 62,002
-------------
TOTAL AUTO COMPONENTS 150,082
-------------
LEISURE EQUIPMENT & PRODUCTS 0.1%
Hasbro, Inc. ............................... 4,600 97,888
-------------
TOTAL LEISURE EQUIPMENT
& PRODUCTS 97,888
-------------
TOTAL CONSUMER DISCRETIONARY 8,149,090
-------------
INDUSTRIALS 8.3%
INDUSTRIAL CONGLOMERATES 3.1%
General Electric Co. ....................... 60,900 1,886,682
3M Co. ..................................... 8,900 756,767
Textron, Inc. .............................. 4,000 228,240
Tyco International Ltd.+ ................... 3,300 87,450
-------------
TOTAL INDUSTRIAL CONGLOMERATES 2,959,139
-------------
AEROSPACE & DEFENSE 1.8%
Honeywell International,
Inc. ..................................... 14,800 494,764
General Dynamics Corp. ..................... 4,600 415,794
United Technologies
Corp. .................................... 3,600 341,172
Rockwell Collins, Inc. ..................... 10,900 327,327
Goodrich Corp.+ ............................ 5,900 175,171
-------------
TOTAL AEROSPACE & DEFENSE 1,754,228
-------------
See Notes to Financial Statements.
38
NOVA FUND
SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
MACHINERY 1.1%
ITT Industries, Inc. ....................... 4,500 $ 333,945
Ingersoll-Rand Co.--
Class A .................................. 3,400 230,792
Eaton Corp. ................................ 1,800 194,364
PACCAR, Inc. ............................... 1,700 144,704
Crane Co. .................................. 4,000 122,960
Danaher Corp.+ ............................. 500 45,875
-------------
TOTAL MACHINERY 1,072,640
-------------
AIR FREIGHT & COURIERS 0.8%
FedEx Corp.+ ............................... 6,300 425,250
United Parcel Service,
Inc.-- Class B+ .......................... 4,100 305,655
-------------
TOTAL AIR FREIGHT & COURIERS 730,905
-------------
COMMERCIAL SERVICES & SUPPLIES 0.6%
Robert Half International,
Inc.* .................................... 9,900 231,066
Pitney Bowes, Inc. ......................... 3,800 154,356
Equifax, Inc. .............................. 3,500 85,750
Monster Worldwide,
Inc.* .................................... 3,200 70,272
-------------
TOTAL COMMERCIAL SERVICES
& SUPPLIES 541,444
-------------
ELECTRICAL EQUIPMENT 0.4%
Cooper Industries Ltd. --
Class A .................................. 3,700 214,341
Thomas & Betts Corp. ....................... 5,737 131,320
Power-One, Inc.* ........................... 6,400 69,312
-------------
TOTAL ELECTRICAL EQUIPMENT 414,973
-------------
BUILDING PRODUCTS 0.4%
Masco Corp. ................................ 13,400 367,294
-------------
TOTAL BUILDING PRODUCTS 367,294
-------------
AIRLINES 0.1%
Southwest Airlines Co. ..................... 8,500 137,190
-------------
TOTAL AIRLINES 137,190
-------------
TOTAL INDUSTRIALS 7,977,813
-------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
CONSUMER STAPLES 8.3%
FOOD & DRUG RETAILING 2.6%
Wal-Mart Stores, Inc. ...................... 36,100 $ 1,915,105
Costco Wholesale
Corp.*+ .................................. 10,900 405,262
Safeway, Inc.* ............................. 4,400 96,404
SUPERVALU, Inc.+ ........................... 2,800 80,052
-------------
TOTAL FOOD & DRUG RETAILING 2,496,823
-------------
HOUSEHOLD PRODUCTS 2.2%
Procter & Gamble Co.+ ...................... 12,000 1,198,560
Colgate-Palmolive Co. ...................... 9,500 475,475
Kimberly-Clark Corp. ....................... 7,900 466,811
-------------
TOTAL HOUSEHOLD PRODUCTS 2,140,846
-------------
BEVERAGES 1.5%
Coca-Cola Co.+ ............................. 11,500 583,625
PepsiCo, Inc. .............................. 11,400 531,468
Adolph Coors Co. --
Class B .................................. 5,400 302,940
Anheuser-Busch Cos.,
Inc. ..................................... 300 15,804
-------------
TOTAL BEVERAGES 1,433,837
-------------
FOOD PRODUCTS 1.1%
ConAgra Foods, Inc. ........................ 14,800 390,572
WM Wrigley Jr Co. .......................... 6,800 382,228
McCormick & Co., Inc. ...................... 7,500 225,750
-------------
TOTAL FOOD PRODUCTS 998,550
-------------
TOBACCO 0.5%
Altria Group, Inc.+ ........................ 8,900 484,338
-------------
TOTAL TOBACCO 484,338
-------------
PERSONAL PRODUCTS 0.4%
Alberto-Culver Co. --
Class B .................................. 5,000 315,400
Avon Products, Inc. ........................ 1,200 80,988
-------------
TOTAL PERSONAL PRODUCTS 396,388
-------------
TOTAL CONSUMER STAPLES 7,950,782
-------------
See Notes to Financial Statements.
ANNUAL REPORT 39
NOVA FUND
SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
ENERGY 4.4%
OIL & GAS 4.0%
Exxon Mobil Corp. .......................... 39,500 $ 1,619,500
ConocoPhillips+ ............................ 9,200 603,244
ChevronTexaco Corp. ........................ 4,200 362,838
EOG Resources, Inc. ........................ 7,000 323,190
Kerr-McGee Corp. ........................... 6,900 320,781
Amerada Hess Corp. ......................... 6,000 319,020
Marathon Oil Corp.+ ........................ 7,900 261,411
-------------
TOTAL OIL & GAS 3,809,984
-------------
ENERGY EQUIPMENT & SERVICES 0.4%
Nabors Industries Ltd.* .................... 5,400 224,100
BJ Services Co.* ........................... 4,200 150,780
Rowan Cos., Inc.* .......................... 600 13,902
-------------
TOTAL ENERGY EQUIPMENT
& SERVICES 388,782
-------------
TOTAL ENERGY 4,198,766
-------------
TELECOMMUNICATION SERVICES 2.6%
DIVERSIFIED TELECOMMUNICATION
SERVICES 2.2%
BellSouth Corp. ............................ 14,300 404,690
Sprint Corp.-FON
Group+ ................................... 24,000 394,080
Verizon Communications,
Inc. ..................................... 11,100 389,388
SBC Communications,
Inc.+ .................................... 14,200 370,194
CenturyTel, Inc.+ .......................... 9,400 306,628
Citizens Communications
Co.*+ .................................... 21,300 264,546
-------------
TOTAL DIVERSIFIED
TELECOMMUNICATION SERVICES 2,129,526
-------------
WIRELESS TELECOMMUNICATION
SERVICES 0.4%
AT&T Wireless Services,
Inc.*+ ................................... 44,300 353,957
-------------
TOTAL WIRELESS
TELECOMMUNICATION SERVICES 353,957
-------------
TOTAL TELECOMMUNICATION
SERVICES 2,483,483
-------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
MATERIALS 2.3%
PAPER & FOREST PRODUCTS 1.1%
International Paper Co. .................... 10,000 $ 431,100
Weyerhaeuser Co. ........................... 6,000 384,000
Louisiana-Pacific Corp.*+ .................. 15,500 277,140
-------------
TOTAL PAPER & FOREST PRODUCTS 1,092,240
-------------
CHEMICALS 0.7%
Ecolab, Inc. ............................... 12,400 339,388
International Flavors &
Fragrances, Inc. ......................... 6,700 233,964
Dow Chemical Co.+ .......................... 1,700 70,669
EI Du Pont de Nemours
& Co. .................................... 700 32,123
-------------
TOTAL CHEMICALS 676,144
-------------
CONSTRUCTION MATERIALS 0.3%
Vulcan Materials Co. ....................... 5,300 252,121
-------------
TOTAL CONSTRUCTION MATERIALS 252,121
-------------
METALS & MINING 0.2%
Phelps Dodge Corp.*+ ....................... 1,000 76,090
Nucor Corp. ................................ 1,200 67,200
-------------
TOTAL METALS & MINING 143,290
-------------
TOTAL MATERIALS 2,163,795
-------------
UTILITIES 2.1%
ELECTRIC UTILITIES 1.2%
Southern Co. ............................... 14,600 441,650
Exelon Corp. ............................... 6,600 437,976
TXU Corp. .................................. 11,700 277,524
-------------
TOTAL ELECTRIC UTILITIES 1,157,150
-------------
GAS UTILITIES 0.7%
NiSource, Inc.+ ............................ 15,000 329,100
KeySpan Corp.+ ............................. 8,900 327,520
Peoples Energy Corp. ....................... 100 4,204
Nicor, Inc. ................................ 100 3,404
-------------
TOTAL GAS UTILITIES 664,228
-------------
MULTI-UTILITIES 0.2%
Williams Cos., Inc. ........................ 11,900 116,858
Calpine Corp.* ............................. 17,400 83,694
See Notes to Financial Statements.
40
NOVA FUND
SCHEDULE OF INVESTMENTS (CONCLUDED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
El Paso Corp. .................................... 2,500 $ 20,475
-----------
TOTAL MULTI-UTILITIES 221,027
-----------
TOTAL UTILITIES 2,042,405
-----------
TOTAL COMMON STOCKS
(Cost $65,854,280) ............................... 72,289,991
-----------
CONTRACTS
---------
OPTIONS PURCHASED 0.5%
Call Options on:
March 2004 S&P 500 Index Futures Contracts
Expiring March 2004 with strike price of 700 .... 5 509,000
Put Options on:
March 2004 S&P 500 Index Futures Contracts
Expiring March 2004 with strike price of 550 .... 150 --
January 2004 S&P 500 Index Futures Contracts
Expiring January 2004 with strike price of 700 .. 50 --
-----------
TOTAL OPTIONS PURCHASED
(Cost $470,455) .................................. 509,000
-----------
FACE
AMOUNT
---------
REPURCHASE AGREEMENTS 5.3%
Repurchase Agreement (Note 5)
0.94% due 01/02/04 ............................... $ 1,106,588 1,106,588
0.85% due 01/02/04 ............................... 1,729,340 1,729,340
0.80% due 01/02/04 ............................... 1,106,588 1,106,588
0.80% due 01/02/04 ............................... 1,106,588 1,106,588
-----------
TOTAL REPURCHASE AGREEMENTS
(Cost $5,049,104) ................................ 5,049,104
-----------
SECURITIES LENDING COLLATERAL 18.7%
Investment in Securities Lending Short Term
Investment Portfolio held by U.S. Bank (Note 9) .. 17,941,282 17,941,282
-----------
TOTAL SECURITIES LENDING COLLATERAL
(Cost $17,941,282) ............................... 17,941,282
-----------
TOTAL INVESTMENTS 100%
(Cost $89,315,121) ............................... $95,789,377
===========
- --------------------------------------------------------------------------------
UNREALIZED
GAIN
CONTRACTS (NOTE 1)
- --------------------------------------------------------------------------------
FUTURES CONTRACTS PURCHASED
March 2004 S&P 500 Index Futures Contracts
(Aggregate Market Value of Contracts $10,246,225) 37 $ 360,888
March 2004 S&P 500 Index Mini Futures Contracts
(Aggregate Market Value of Contracts $39,057,000) 705 1,269,881
-----------
(TOTAL AGGREGATE MARKET VALUE OF CONTRACTS $49,303,225) $ 1,630,769
===========
*NON-INCOME PRODUCING SECURITIES
+ALL OR A PORTION OF THIS SECURITY IS ON LOAN AT DECEMBER 31, 2003--SEE NOTE 9.
See Notes to Financial Statements.
ANNUAL REPORT 41
URSA FUND
SCHEDULE OF INVESTMENTS December 31, 2003
- --------------------------------------------------------------------------------
MARKET
FACE VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
FEDERAL AGENCY DISCOUNT NOTES 63.5%
Farmer Mac*
1.03% due 01/09/04 ............................... $ 2,000,000 $ 1,999,600
1.04% due 01/12/04 ............................... 2,000,000 1,999,422
Federal Home Loan Bank*
1.26% due 01/09/04 ............................... 5,000,000 4,998,775
1.04% due 01/02/04 ............................... 2,000,000 2,000,000
Sallie Mae*
0.99% due 01/06/04 ............................... 2,000,000 1,999,780
0.99% due 01/13/04 ............................... 2,000,000 1,999,395
-----------
TOTAL FEDERAL AGENCY DISCOUNT NOTES
(Cost $14,996,972) ............................... 14,996,972
-----------
CONTRACTS
---------
OPTIONS PURCHASED 2.7%
Call Options on:
March 2004 S&P 500 Index Futures Contracts
Expiring March 2004 with strike price of 1300 ... 100 5,000
Put Options on:
March 2004 S&P 500 Index Futures Contracts
Expiring March 2004 with strike price of 1300 .. 13 623,350
-----------
TOTAL OPTIONS PURCHASED
(Cost $760,615) .................................. 628,350
-----------
FACE
AMOUNT
---------
REPURCHASE AGREEMENTS 33.8%
Repurchase Agreement (Note 5)
0.94% due 01/02/04 ............................... $1,747,414 1,747,414
0.85% due 01/02/04 ............................... 2,730,805 2,730,805
0.80% due 01/02/04 ............................... 1,747,414 1,747,414
0.80% due 01/02/04 ............................... 1,747,414 1,747,414
-----------
TOTAL REPURCHASE AGREEMENTS
(Cost $7,973,047) ................................ 7,973,047
-----------
TOTAL INVESTMENTS 100%
(Cost $23,730,634) ............................... $23,598,369
===========
- --------------------------------------------------------------------------------
UNREALIZED
LOSS
CONTRACTS (NOTE 1)
- --------------------------------------------------------------------------------
FUTURES CONTRACTS SOLD SHORT
March 2004 S&P 500 Index Futures Contracts
(Aggregate Market Value of Contracts $3,876,950) 14 $(158,453)
March 2004 S&P 500 Index Mini Futures Contracts
(Aggregate Market Value of Contracts $10,415,200) 188 (86,985)
---------
(TOTAL AGGREGATE MARKET VALUE OF CONTRACTS $14,292,150) $(245,438)
=========
*THE ISSUER IS A PUBLICALLY TRADED COMPANY THAT OPERATES UNDER A CONGRESSIONAL
CHARTER; ITS SECURITIES ARE NEITHER ISSUED NOR GUARANTEED BY THE U.S.
GOVERNMENT.
See Notes to Financial Statements.
42
OTC FUND
SCHEDULE OF INVESTMENTS December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMMON STOCKS 66.8%
INFORMATION TECHNOLOGY 40.8%
SEMICONDUCTOR EQUIPMENT
& PRODUCTS 12.4%
Intel Corp. ............................... 230,810 $ 7,432,082
Maxim Integrated
Products, Inc.+ ......................... 52,500 2,614,500
Xilinx, Inc.*+ ............................ 53,400 2,068,716
Linear Technology
Corp.+ .................................. 44,900 1,888,943
Applied Materials,
Inc.*+ .................................. 83,510 1,874,800
Altera Corp.*+ ............................ 66,200 1,502,740
KLA-Tencor Corp.*+ ........................ 25,099 1,472,558
Microchip Technology,
Inc. .................................... 21,800 727,248
Broadcom Corp.--
Class A*+ ............................... 15,900 542,031
NVIDIA Corp.*+ ............................ 22,500 523,125
Marvell Technology
Group Ltd.* ............................. 11,903 451,481
Lam Research Corp.*+ ...................... 13,200 426,360
Intersil Corp. - Class A .................. 13,704 340,544
------------
TOTAL SEMICONDUCTOR
EQUIPMENT & PRODUCTS 21,865,128
------------
SOFTWARE 12.4%
Microsoft Corp.+ .......................... 327,420 9,017,147
Oracle Corp.* ............................. 274,620 3,624,984
Veritas Software
Corp.*+ ................................. 44,100 1,638,756
Check Point Software
Technologies Ltd.* ...................... 82,610 1,389,500
Synopsys, Inc.*+ .......................... 32,000 1,080,320
Symantec Corp.*+ .......................... 30,100 1,042,965
Adobe Systems, Inc.+ ...................... 24,700 970,710
BEA Systems, Inc.*+ ....................... 58,600 720,780
Siebel Systems, Inc.*+ .................... 45,600 632,472
Citrix Systems, Inc.* ..................... 22,500 477,225
Electronic Arts, Inc.*+ ................... 9,700 463,466
PeopleSoft, Inc.*+ ........................ 17,800 405,840
Intuit, Inc.*+ ............................ 3,400 179,894
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Mercury Interactive
Corp.* .................................. 2,502 $ 121,697
------------
TOTAL SOFTWARE 21,765,756
------------
COMMUNICATIONS EQUIPMENT 8.7%
QUALCOMM, Inc.+ ........................... 120,810 6,515,283
Cisco Systems, Inc.*+ ..................... 246,120 5,978,255
QLogic Corp.*+ ............................ 15,500 799,800
Tellabs, Inc.* ............................ 84,610 713,262
Juniper Networks,
Inc.*+ .................................. 34,500 644,460
Research In Motion
Ltd.*+ .................................. 7,804 521,542
Comverse Technology,
Inc.*+ .................................. 8,400 147,756
------------
TOTAL COMMUNICATIONS
EQUIPMENT 15,320,358
------------
COMPUTERS & PERIPHERALS 3.4%
Dell, Inc.* ............................... 89,110 3,026,175
Apple Computer,
Inc.*+ .................................. 60,700 1,297,159
Network Appliance,
Inc.* ................................... 39,500 810,935
Sun Microsystems,
Inc.*+ .................................. 105,010 471,495
SanDisk Corp.*+ ........................... 7,100 434,094
------------
TOTAL COMPUTERS
& PERIPHERALS 6,039,858
------------
IT CONSULTING & SERVICES 1.8%
Fiserv, Inc.*+ ............................ 50,500 1,995,255
Paychex, Inc.+ ............................ 33,800 1,257,360
------------
TOTAL IT CONSULTING & SERVICES 3,252,615
------------
INTERNET SOFTWARE & SERVICES 1.4%
Yahoo!, Inc.*+ ............................ 31,200 1,409,304
VeriSign, Inc.*+ .......................... 41,200 671,560
ATI Technologies, Inc.* ................... 23,298 352,266
------------
TOTAL INTERNET SOFTWARE
& SERVICES 2,433,130
------------
See Notes to Financial Statements.
ANNUAL REPORT 43
OTC FUND
SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT
& INSTRUMENTS 0.7%
Sanmina-SCI Corp.* ........................ 57,300 $ 722,553
Molex, Inc.+ .............................. 8,500 296,565
Flextronics International
Ltd.* ................................... 10,300 152,852
------------
TOTAL ELECTRONIC EQUIPMENT
& INSTRUMENTS 1,171,970
------------
TOTAL INFORMATION
TECHNOLOGY 71,848,815
------------
CONSUMER DISCRETIONARY 10.5%
INTERNET & CATALOG RETAIL 4.0%
eBay, Inc.*+ .............................. 48,500 3,132,615
InterActiveCorp*+ ......................... 75,200 2,551,536
Amazon.com, Inc.*+ ........................ 26,800 1,410,752
------------
TOTAL INTERNET
& CATALOG RETAIL 7,094,903
------------
MEDIA 2.7%
Comcast Corp. --
Class A*+ ............................... 90,910 2,988,212
EchoStar
Communications
Corp.*+ ................................. 25,100 853,400
Lamar Advertising
Co.*+ ................................... 10,500 391,860
Pixar, Inc.* .............................. 4,700 325,663
PanAmSat Corp.* ........................... 14,000 301,840
------------
TOTAL MEDIA 4,860,975
------------
SPECIALTY RETAIL 2.0%
Bed Bath & Beyond,
Inc.*+ .................................. 41,100 1,781,685
Staples, Inc.* ............................ 33,400 911,820
Ross Stores, Inc.+ ........................ 16,400 433,452
Petsmart, Inc. ............................ 13,800 328,440
------------
TOTAL SPECIALTY RETAIL 3,455,397
------------
HOTELS RESTAURANTS & LEISURE 1.1%
Starbucks Corp.*+ ......................... 58,200 1,924,092
------------
TOTAL HOTELS RESTAURANTS
& LEISURE 1,924,092
------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
HOUSEHOLD DURABLES 0.3%
Garmin Ltd.+ .............................. 9,900 $ 539,352
------------
TOTAL HOUSEHOLD DURABLES 539,352
------------
MULTILINE RETAIL 0.2%
Dollar Tree Stores,
Inc.*+ .................................. 11,000 330,660
------------
TOTAL MULTILINE RETAIL 330,660
------------
AUTO COMPONENTS 0.2%
Gentex Corp.+ ............................. 6,798 300,200
------------
TOTAL AUTO COMPONENTS 300,200
------------
TOTAL CONSUMER
DISCRETIONARY 18,505,579
------------
HEALTH CARE 8.5%
BIOTECHNOLOGY 6.4%
Amgen, Inc.* .............................. 65,200 4,029,360
Gilead Sciences, Inc.*+ ................... 30,300 1,761,642
Biogen Idec, Inc.*+ ....................... 44,705 1,644,250
Chiron Corp.*+ ............................ 19,400 1,105,606
Genzyme Corp.*+ ........................... 21,000 1,036,140
Millennium
Pharmaceuticals,
Inc.*+ .................................. 40,500 756,135
Cephalon, Inc.*+ .......................... 13,702 663,314
Invitrogen Corp.*+ ........................ 4,800 336,000
------------
TOTAL BIOTECHNOLOGY 11,332,447
------------
HEALTH CARE PROVIDERS & SERVICES 0.9%
Express Scripts, Inc.*+ ................... 8,800 584,584
Patterson Dental Co.*+ .................... 6,100 391,376
First Health Group
Corp.*+ ................................. 16,900 328,874
Henry Schein, Inc.* ....................... 2,800 189,224
Lincare Holdings,
Inc.*+ .................................. 3,800 114,114
------------
TOTAL HEALTH CARE PROVIDERS
& SERVICES 1,608,172
------------
See Notes to Financial Statements.
44
OTC FUND
SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES 0.7%
Biomet, Inc.+ ............................. 17,400 $ 633,534
DENTSPLY
International, Inc. ..................... 11,904 537,704
------------
TOTAL HEALTH CARE EQUIPMENT
& SUPPLIES 1,171,238
------------
PHARMACEUTICALS 0.5%
Teva Pharmaceutical
Industries Ltd. --
SP ADR+ ................................. 15,100 856,321
------------
TOTAL PHARMACEUTICALS 856,321
------------
TOTAL HEALTH CARE 14,968,178
------------
INDUSTRIALS 3.1%
COMMERCIAL SERVICES & SUPPLIES 1.5%
Apollo Group, Inc. --
Class A*+ ............................... 18,400 1,251,200
Cintas Corp.+ ............................. 20,500 1,027,665
Career Education
Corp.*+ ................................. 9,900 396,693
------------
TOTAL COMMERCIAL SERVICES
& SUPPLIES 2,675,558
------------
MACHINERY 0.6%
PACCAR, Inc. .............................. 13,100 1,115,072
------------
TOTAL MACHINERY 1,115,072
------------
AIR FREIGHT & COURIERS 0.4%
Expeditors International
Washington, Inc.+ ....................... 10,700 402,962
C.H. Robinson
Worldwide, Inc.+ ........................ 6,600 250,206
------------
TOTAL AIR FREIGHT & COURIERS 653,168
------------
ELECTRICAL EQUIPMENT 0.3%
American Power
Conversion Corp.+ ....................... 21,200 518,340
------------
TOTAL ELECTRICAL EQUIPMENT 518,340
------------
TRADING COMPANIES & DISTRIBUTORS 0.2%
Fastenal Co. .............................. 6,800 339,592
------------
TOTAL TRADING COMPANIES
& DISTRIBUTORS 339,592
------------
AIRLINES 0.1%
Ryanair Holdings
PLC-- SP ADR*+ .......................... 5,000 253,200
------------
TOTAL AIRLINES 253,200
------------
TOTAL INDUSTRIALS $5,554,930
------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES 2.4%
WIRELESS TELECOMMUNICATION
SERVICES 2.2%
Nextel
Communications,
Inc.-- Class A*+ ........................ 135,110 3,791,186
------------
TOTAL WIRELESS TELECOMMUNICATION
SERVICES 3,791,186
------------
DIVERSIFIED TELECOMMUNICATION
SERVICES 0.2%
Level 3
Communications,
Inc.* ................................... 65,701 374,496
------------
TOTAL DIVERSIFIED
TELECOMMUNICATION
SERVICES 374,496
------------
TOTAL TELECOMMUNICATION
SERVICES 4,165,682
------------
CONSUMER STAPLES 0.8%
FOOD & DRUG RETAILING 0.8%
Costco Wholesale
Corp.*+ ................................. 28,200 1,048,476
Whole Foods Market,
Inc.* ................................... 4,400 295,372
------------
TOTAL FOOD & DRUG RETAILING 1,343,848
------------
TOTAL CONSUMER STAPLES 1,343,848
------------
MATERIALS 0.5%
CHEMICALS 0.3%
Sigma-Aldrich Corp. ....................... 7,300 417,414
------------
TOTAL CHEMICALS 417,414
------------
CONTAINERS & PACKAGING 0.2%
Smurfit-Stone
Container Corp.*+ ....................... 21,200 393,684
------------
TOTAL CONTAINERS & PACKAGING 393,684
------------
TOTAL MATERIALS 811,098
------------
See Notes to Financial Statements.
ANNUAL REPORT 45
OTC FUND
SCHEDULE OF INVESTMENTS (CONCLUDED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
ENERGY 0.2%
ENERGY EQUIPMENT & SERVICES 0.2%
Patterson-UTI Energy, Inc.* ................ 9,100 $ 299,572
------------
TOTAL ENERGY EQUIPMENT & SERVICES 299,572
------------
TOTAL ENERGY 299,572
------------
TOTAL COMMON STOCKS
(Cost $72,837,353) ......................... 117,497,702
------------
FACE
AMOUNT
---------
FEDERAL AGENCY DISCOUNT NOTES 1.1%
Fannie Mae**
1.00% due 01/26/04 ......................... $ 1,000,000 999,333
Farmer Mac**
1.01% due 01/20/04 ......................... 1,000,000 999,495
------------
TOTAL FEDERAL AGENCY DISCOUNT NOTES
(Cost $1,998,828) .......................... 1,998,828
------------
REPURCHASE AGREEMENTS 3.9%
Repurchase Agreement (Note 5)
0.94% due 01/02/04 ......................... 1,509,413 1,509,413
0.85% due 01/02/04 ......................... 2,358,864 2,358,864
0.80% due 01/02/04 ......................... 1,509,413 1,509,413
0.80% due 01/02/04 ......................... 1,509,413 1,509,413
------------
TOTAL REPURCHASE AGREEMENTS
(Cost $6,887,103) .......................... 6,887,103
------------
SECURITIES LENDING COLLATERAL 28.2%
Investment in Securities Lending Short Term
Investment Portfolio held by U.S. Bank. (Note 9) 49,610,060 49,610,060
------------
TOTAL SECURITIES LENDING COLLATERAL
(Cost $49,610,060) ......................... 49,610,060
------------
TOTAL INVESTMENTS 100%
(Cost $131,333,344) ........................ $175,993,693
============
- --------------------------------------------------------------------------------
UNREALIZED
GAIN
CONTRACTS (NOTE 1)
- --------------------------------------------------------------------------------
FUTURES CONTRACTS PURCHASED
March 2004 Nasdaq 100 Index Futures Contracts
(Aggregate Market Value of Contracts $3,805,100) 26 $ 90,895
March 2004 Nasdaq 100 Index Mini Futures Contracts
(Aggregate Market Value of Contracts $6,560,960) 224 305,149
------------
(TOTAL AGGREGATE MARKET VALUE OF CONTRACTS $10,366,060) $396,044
============
*NON-INCOME PRODUCING SECURITIES
**THE ISSUER IS A PUBLICALLY TRADED COMPANY THAT OPERATES UNDER A CONGRESSIONAL
CHARTER; ITS SECURITIES ARE NEITHER ISSUED NOR GUARANTEED BY THE U.S.
GOVERNMENT.
+ALL OR A PORTION OF THIS SECURITY IS ON LOAN AT DECEMBER 31, 2003--SEE NOTE 9.
ADR--AMERICAN DEPOSITORY RECEIPT
See Notes to Financial Statements.
46
ARKTOS FUND
SCHEDULE OF INVESTMENTS December 31, 2003
- --------------------------------------------------------------------------------
MARKET
FACE VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
FEDERAL AGENCY DISCOUNT NOTES 44.8%
Farmer Mac*
1.03% due 01/09/04 ......................... $ 2,000,000 $ 1,999,600
1.04% due 01/12/04 ......................... 2,000,000 1,999,422
Federal Home Loan Bank*
1.04% due 01/02/04 ......................... 5,000,000 5,000,000
Sallie Mae*
0.99% due 01/06/04 ......................... 3,000,000 2,999,670
------------
TOTAL FEDERAL AGENCY DISCOUNT NOTES
(Cost $11,998,692) ......................... 11,998,692
------------
CONTRACTS
---------
OPTIONS PURCHASED 0.0%
Call Options on:
March 2004 Nasdaq 100 Index Futures Contracts
Expiring March 2004 with strike price of 2100 70 --
------------
TOTAL OPTIONS PURCHASED
(Cost $2,030) .............................. --
------------
FACE
AMOUNT
---------
REPURCHASE AGREEMENTS 55.2%
Repurchase Agreement (Note 5)
0.94% due 01/02/04 ......................... $3,241,810 3,241,810
0.85% due 01/02/04 ......................... 5,066,199 5,066,199
0.80% due 01/02/04 ......................... 3,241,810 3,241,810
0.80% due 01/02/04 ......................... 3,241,810 3,241,810
------------
TOTAL REPURCHASE AGREEMENTS
(Cost $14,791,629) ......................... 14,791,629
------------
TOTAL INVESTMENTS 100%
(Cost $26,792,351) ......................... $ 26,790,321
============
- --------------------------------------------------------------------------------
UNREALIZED
GAIN (LOSS)
CONTRACTS (NOTE 1)
- --------------------------------------------------------------------------------
FUTURES CONTRACTS SOLD SHORT
March 2004 Nasdaq 100 Index Futures Contracts
(Aggregate Market Value of Contracts $1,902,550) 13 $ (91,399)
March 2004 Nasdaq 100 Index Mini Futures Contracts
(Aggregate Market Value of Contracts $2,284,620) 78 109
------------
(TOTAL AGGREGATE MARKET VALUE OF CONTRACTS $4,187,170) $ (91,290)
============
UNITS
---------
EQUITY INDEX SWAP AGREEMENT
January 2004 Nasdaq 100 Index Swaps, Maturing 01/07/04**
(Notional Market Value $27,115,613) ........ 19,354 $ (1,271,405)
============
*THE ISSUER IS A PUBLICALLY TRADED COMPANY THAT OPERATES UNDER A CONGRESSIONAL
CHARTER; ITS SECURITIES ARE NEITHER ISSUED NOR GUARANTEED BY THE U.S.
GOVERNMENT. **PRICE RETURN BASED ON NASDAQ 100 INDEX +/- FINANCING AT A VARIABLE
RATE.
See Notes to Financial Statements.
ANNUAL REPORT 47
TITAN 500 FUND
SCHEDULE OF INVESTMENTS December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMMON STOCKS 81.9%
FINANCIALS 16.8%
DIVERSIFIED FINANCIALS 7.6%
Citigroup, Inc. ............................ 11,900 $ 577,626
J.P. Morgan Chase & Co. .................... 4,700 172,631
Fannie Mae ................................. 2,200 165,132
American Express Co. ....................... 3,000 144,690
Morgan Stanley ............................. 2,500 144,675
Merrill Lynch & Co., Inc. .................. 2,200 129,030
Goldman Sachs Group,
Inc. ..................................... 1,100 108,603
Freddie Mac ................................ 1,600 93,312
Washington Mutual, Inc. .................... 2,100 84,252
MBNA Corp. ................................. 2,900 72,065
Bank of New York Co.,
Inc. ..................................... 1,800 59,616
Lehman Brothers Holdings,
Inc. ..................................... 600 46,332
State Street Corp. ......................... 800 41,664
Golden West Financial
Corp. .................................... 400 41,276
SLM Corp. .................................. 1,000 37,680
Charles Schwab Corp. ....................... 3,100 36,704
Mellon Financial Corp. ..................... 1,000 32,110
Franklin Resources, Inc. ................... 600 31,236
Capital One Financial
Corp. .................................... 500 30,645
Countrywide Financial
Corp. .................................... 400 30,340
Northern Trust Corp. ....................... 500 23,210
Principal Financial Group,
Inc. ..................................... 700 23,149
Moody's Corp. .............................. 300 18,165
Bear Stearns Cos., Inc. .................... 200 15,990
T. Rowe Price Group,
Inc. ..................................... 300 14,223
MGIC Investment Corp. ...................... 200 11,388
Janus Capital Group, Inc. .................. 600 9,846
Federated Investors,
Inc.-- Class B ........................... 300 8,808
Providian Financial
Corp.* ................................... 700 8,148
-------------
TOTAL DIVERSIFIED FINANCIALS 2,212,546
-------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
BANKS 5.2%
Bank of America Corp. ...................... 3,400 $ 273,462
Wells Fargo & Co. .......................... 3,900 229,671
Wachovia Corp. ............................. 3,100 144,429
U.S. Bancorp ............................... 4,400 131,032
Bank One Corp. ............................. 2,600 118,534
FleetBoston Financial
Corp. .................................... 2,400 104,760
Fifth Third Bancorp ........................ 1,300 76,830
National City Corp. ........................ 1,400 47,516
BB&T Corp. ................................. 1,200 46,368
SunTrust Banks, Inc. ....................... 600 42,900
PNC Financial Services
Group, Inc. .............................. 600 32,838
KeyCorp .................................... 1,000 29,320
SouthTrust Corp. ........................... 800 26,184
Comerica, Inc. ............................. 400 22,424
Synovus Financial Corp. .................... 700 20,244
AmSouth Bancorp ............................ 800 19,600
Marshall & Ilsley Corp. .................... 500 19,125
Regions Financial Corp. .................... 500 18,600
Charter One Financial,
Inc. ..................................... 500 17,275
North Fork Bancorporation,
Inc. ..................................... 400 16,188
Union Planters Corp. ....................... 500 15,745
First Tennessee National
Corp. .................................... 300 13,230
Zions Bancorporation ....................... 200 12,266
Huntington Bancshares,
Inc. ..................................... 500 11,250
-------------
TOTAL BANKS 1,489,791
-------------
INSURANCE 3.7%
American International
Group, Inc. .............................. 6,000 397,680
Allstate Corp. ............................. 1,600 68,832
MetLife, Inc. ............................. 1,800 60,606
Marsh & McLennan Cos.,
Inc. ..................................... 1,200 57,468
Prudential Financial, Inc. ................. 1,300 54,301
AFLAC, Inc. ................................ 1,200 43,416
Progressive Corp. .......................... 500 41,795
Travelers Property Casualty
Corp.-- Class B .......................... 2,300 39,031
See Notes to Financial Statements.
48
TITAN 500 FUND
SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Hartford Financial Services
Group, Inc. .............................. 600 $ 35,418
Chubb Corp. ................................ 400 27,240
John Hancock Financial
Services, Inc. ........................... 700 26,250
ACE Ltd. ................................... 600 24,852
XL Capital Ltd. ............................ 300 23,265
St. Paul Cos. .............................. 500 19,825
Loews Corp. ................................ 400 19,780
MBIA, Inc. ................................. 300 17,769
Aon Corp. .................................. 700 16,758
Cincinnati Financial Corp. ................. 400 16,752
Lincoln National Corp. ..................... 400 16,148
Jefferson-Pilot Corp. ...................... 300 15,195
Ambac Financial Group,
Inc. ..................................... 200 13,878
Torchmark Corp. ............................ 300 13,662
SAFECO Corp. ............................... 300 11,679
UnumProvident Corp. ........................ 700 11,039
-----------
TOTAL INSURANCE 1,072,639
-----------
REAL ESTATE 0.3%
Equity Office Properties
Trust .................................... 900 25,785
Simon Property Group,
Inc. ..................................... 400 18,536
Equity Residential ......................... 600 17,706
Prologis ................................... 400 12,836
Plum Creek Timber (REIT)
Co., Inc. ................................ 400 12,180
Apartment Investment &
Management Co. --
Class A .................................. 200 6,900
-----------
TOTAL REAL ESTATE 93,943
-----------
TOTAL FINANCIALS 4,868,919
-----------
INFORMATION TECHNOLOGY 14.5%
SOFTWARE 3.8%
Microsoft Corp. ............................ 24,900 685,746
Oracle Corp.* .............................. 12,100 159,720
Veritas Software Corp.* .................... 1,000 37,160
Computer Associates
International, Inc. ...................... 1,300 35,542
Electronic Arts, Inc.* ..................... 700 33,446
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Intuit, Inc.* .............................. 500 $ 26,455
Symantec Corp.* ............................ 700 24,255
Adobe Systems, Inc. ........................ 500 19,650
PeopleSoft, Inc.* .......................... 800 18,240
Siebel Systems, Inc.* ...................... 1,100 15,257
Mercury Interactive
Corp.* ................................... 200 9,728
Novell, Inc.* .............................. 900 9,468
BMC Software, Inc.* ........................ 500 9,325
Citrix Systems, Inc.* ...................... 400 8,484
Autodesk, Inc. ............................. 300 7,374
Compuware Corp.* ........................... 900 5,436
Parametric Technology
Corp.* ................................... 600 2,364
-----------
TOTAL SOFTWARE 1,107,650
-----------
SEMICONDUCTOR EQUIPMENT
& PRODUCTS 3.3%
Intel Corp. ................................ 15,000 483,000
Texas Instruments, Inc. .................... 4,000 117,520
Applied Materials, Inc.* ................... 3,800 85,310
Maxim Integrated
Products, Inc. ........................... 700 34,860
Xilinx, Inc.* .............................. 800 30,992
Linear Technology Corp. .................... 700 29,449
Broadcom Corp. --
Class A* ................................. 700 23,863
KLA-Tencor Corp.* .......................... 400 23,468
Altera Corp.* .............................. 900 20,430
Micron Technology, Inc.* ................... 1,400 18,858
National Semiconductor
Corp.* ................................... 400 15,764
Novellus Systems, Inc.* .................... 300 12,615
Advanced Micro Devices,
Inc.* .................................... 800 11,920
Teradyne, Inc.* ............................ 400 10,180
NVIDIA Corp.* .............................. 400 9,300
PMC - Sierra, Inc.* ........................ 400 8,060
LSI Logic Corp.* ........................... 900 7,983
Applied Micro Circuits
Corp.* ................................... 700 4,186
-----------
TOTAL SEMICONDUCTOR EQUIPMENT
& PRODUCTS 947,758
-----------
See Notes to Financial Statements.
ANNUAL REPORT 49
TITAN 500 FUND
SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMPUTERS & PERIPHERALS 3.1%
International Business
Machines Corp. ........................... 4,000 $ 370,720
Dell, Inc.* ................................ 5,900 200,364
Hewlett-Packard Co. ........................ 7,000 160,790
EMC Corp./
Massachusetts* ........................... 5,100 65,892
Sun Microsystems, Inc.* .................... 7,400 33,226
Lexmark International,
Inc.* .................................... 300 23,592
Apple Computer, Inc.* ...................... 800 17,096
Network Appliance, Inc.* ................... 800 16,424
NCR Corp.* ................................. 200 7,760
Gateway, Inc.* ............................. 700 3,220
-----------
TOTAL COMPUTERS & PERIPHERALS 899,084
-----------
COMMUNICATIONS EQUIPMENT 2.4%
Cisco Systems, Inc.* ....................... 16,200 393,498
QUALCOMM, Inc. ............................. 1,800 97,074
Motorola, Inc. ............................. 5,400 75,978
Corning, Inc.* ............................. 3,100 32,333
Lucent Technologies,
Inc.* .................................... 9,600 27,264
Avaya, Inc.* ............................... 1,000 12,940
JDS Uniphase Corp.* ........................ 3,300 12,045
QLogic Corp.* .............................. 200 10,320
Tellabs, Inc.* ............................. 1,000 8,430
Scientific-Atlanta, Inc. ................... 300 8,190
CIENA Corp.* ............................... 1,100 7,304
Comverse Technology,
Inc.* .................................... 400 7,036
ADC Telecommunications,
Inc.* .................................... 1,900 5,643
Andrew Corp.* .............................. 400 4,604
-----------
TOTAL COMMUNICATIONS
EQUIPMENT 702,659
-----------
IT CONSULTING & SERVICES 1.0%
First Data Corp. ........................... 1,700 69,853
Automatic Data Processing,
Inc. ..................................... 1,400 55,454
Paychex, Inc. .............................. 900 33,480
Electronic Data Systems
Corp. .................................... 1,100 26,994
MARKET
VALUE
SHARES (NOTE 1)
- -------------------------------------------------------------------------------
SunGard Data Systems,
Inc.* .................................... 700 $ 19,397
Computer Sciences Corp.* ................... 400 17,692
Concord EFS, Inc.* ......................... 1,100 16,324
Fiserv, Inc.* .............................. 400 15,804
Unisys Corp.* .............................. 800 11,880
Sabre Holdings Corp. ....................... 300 6,477
Convergys Corp.* ........................... 300 5,238
-----------
TOTAL IT CONSULTING & SERVICES 278,593
-----------
ELECTRONIC EQUIPMENT
& INSTRUMENTS 0.6%
Analog Devices, Inc. ....................... 800 36,520
Agilent Technologies, Inc.* ................ 1,100 32,164
Sanmina-SCI Corp.* ......................... 1,200 15,132
Jabil Circuit, Inc.* ....................... 500 14,150
Molex, Inc. ................................ 400 13,956
Solectron Corp.* ........................... 1,900 11,229
Thermo Electron Corp.* ..................... 400 10,080
Waters Corp.* .............................. 300 9,948
Symbol Technologies, Inc. .................. 500 8,445
Tektronix, Inc. ............................ 200 6,320
PerkinElmer, Inc. .......................... 300 5,121
-----------
TOTAL ELECTRONIC EQUIPMENT
& INSTRUMENTS 163,065
-----------
INTERNET SOFTWARE & SERVICES 0.2%
Yahoo!, Inc.* .............................. 1,500 67,755
-----------
TOTAL INTERNET SOFTWARE
& SERVICES 67,755
-----------
OFFICE ELECTRONICS 0.1%
Xerox Corp.* ............................... 1,800 24,840
-----------
TOTAL OFFICE ELECTRONICS 24,840
-----------
TOTAL INFORMATION TECHNOLOGY 4,191,404
-----------
HEALTH CARE 10.9%
PHARMACEUTICALS 6.8%
Pfizer, Inc. ............................... 17,900 632,407
Johnson & Johnson, Inc. .................... 6,800 351,288
Merck & Co., Inc. .......................... 5,200 240,240
Eli Lilly & Co. ............................ 2,600 182,858
Abbott Laboratories ........................ 3,600 167,760
Wyeth ...................................... 3,100 131,595
See Notes to Financial Statements.
50
TITAN 500 FUND
SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Bristol-Myers Squibb Co. ................... 4,500 $ 128,700
Schering-Plough Corp. ...................... 3,400 59,126
Forest Laboratories, Inc.* ................. 800 49,440
Allergan, Inc. ............................. 300 23,043
Watson Pharmaceuticals,
Inc.* .................................... 200 9,200
King Pharmaceuticals,
Inc.* .................................... 600 9,156
-----------
TOTAL PHARMACEUTICALS 1,984,813
-----------
HEALTH CARE EQUIPMENT & SUPPLIES 1.6%
Medtronic, Inc. ............................ 2,800 136,108
Boston Scientific Corp.* ................... 1,900 69,844
Baxter International, Inc. ................. 1,400 42,728
Stryker Corp. .............................. 500 42,505
Guidant Corp. .............................. 700 42,140
Zimmer Holdings, Inc.* ..................... 500 35,200
Becton Dickinson & Co. ..................... 600 24,684
St. Jude Medical, Inc.* .................... 400 24,540
Biomet, Inc. ............................... 600 21,846
Applera Corp.-- Applied
Biosystems Group ......................... 500 10,355
C.R. Bard, Inc. ............................ 100 8,125
Bausch & Lomb, Inc. ........................ 100 5,190
Millipore Corp.* ........................... 100 4,305
-----------
TOTAL HEALTH CARE EQUIPMENT
& SUPPLIES 467,570
-----------
HEALTH CARE PROVIDERS & SERVICES 1.5%
UnitedHealth Group, Inc. ................... 1,400 81,452
Cardinal Health, Inc. ...................... 1,000 61,160
HCA, Inc. .................................. 1,200 51,552
WellPoint Health Networks,
Inc.* .................................... 300 29,097
Aetna, Inc. ................................ 400 27,032
McKesson Corp. ............................. 700 22,512
Anthem, Inc.* .............................. 300 22,500
Medco Health Solutions,
Inc.* .................................... 600 20,394
Tenet Healthcare Corp.* .................... 1,100 17,655
CIGNA Corp. ................................ 300 17,250
AmerisourceBergen
Corp. .................................... 300 16,845
IMS Health, Inc. ........................... 600 14,916
Quest Diagnostics, Inc.* ................... 200 14,622
MARKET
VALUE
SHARES (NOTE 1)
- -------------------------------------------------------------------------------
Health Management
Associates, Inc. --
Class A .................................. 600 $ 14,400
Express Scripts, Inc.* ..................... 200 13,286
Humana, Inc.* .............................. 400 9,140
Manor Care, Inc. ........................... 200 6,914
-----------
TOTAL HEALTH CARE PROVIDERS
& SERVICES 440,727
-----------
BIOTECHNOLOGY 1.0%
Amgen, Inc.* ............................... 3,000 185,400
Biogen Idec, Inc.* ......................... 800 29,424
Genzyme Corp.* ............................. 500 24,670
Chiron Corp.* .............................. 400 22,796
Medimmune, Inc.* ........................... 600 15,240
-----------
TOTAL BIOTECHNOLOGY 277,530
-----------
TOTAL HEALTH CARE 3,170,640
-----------
CONSUMER DISCRETIONARY 9.2%
MEDIA 3.3%
Time Warner, Inc.* ......................... 10,400 187,096
Viacom, Inc.-- Class B ..................... 4,000 177,520
Comcast Corp. --
Class A* ................................. 5,200 170,924
Walt Disney Co. ............................ 4,700 109,651
Clear Channel
Communications, Inc. ..................... 1,400 65,562
Gannett Co., Inc. .......................... 600 53,496
Tribune Co. ................................ 700 36,120
Omnicom Group .............................. 400 34,932
McGraw-Hill Cos., Inc. ..................... 400 27,968
Univision Communications,
Inc.-- Class A* .......................... 700 27,783
Knight-Ridder, Inc. ........................ 200 15,474
New York Times Co. --
Class A .................................. 300 14,337
Interpublic Group of Cos.,
Inc.* .................................... 900 14,040
Dow Jones & Co., Inc. ...................... 200 9,970
Meredith Corp. ............................. 100 4,881
-----------
TOTAL MEDIA 949,754
-----------
SPECIALTY RETAIL 2.0%
Home Depot, Inc. ........................... 5,300 188,097
See Notes to Financial Statements.
ANNUAL REPORT 51
TITAN 500 FUND
SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Lowe's Cos., Inc. .......................... 1,800 $ 99,702
Gap, Inc. .................................. 2,100 48,741
Best Buy Co., Inc. ......................... 700 36,568
Bed Bath & Beyond, Inc.* ................... 700 30,345
Staples, Inc.* ............................. 1,100 30,030
TJX Cos., Inc. ............................. 1,200 26,460
Limited Brands, Inc. ....................... 1,200 21,636
AutoZone, Inc.* ............................ 200 17,042
Tiffany & Co. .............................. 300 13,560
RadioShack Corp. ........................... 400 12,272
Office Depot, Inc.* ........................ 700 11,697
Autonation, Inc.* .......................... 600 11,022
Sherwin-Williams Co. ....................... 300 10,422
Toys `R' Us, Inc.* ......................... 500 6,320
Circuit City Stores, Inc. .................. 500 5,065
Boise Cascade Corp. ........................ 100 3,286
-----------
TOTAL SPECIALTY RETAIL 572,265
-----------
HOTELS RESTAURANTS & LEISURE 1.0%
McDonald's Corp. ........................... 2,900 72,007
Carnival Corp. ............................. 1,500 59,595
Starbucks Corp.* ........................... 900 29,754
International Game
Technology, Inc. ......................... 800 28,560
Yum! Brands, Inc.* ......................... 700 24,080
Marriott International,
Inc.-- Class A ........................... 500 23,100
Starwood Hotels & Resorts
Worldwide, Inc. .......................... 500 17,985
Hilton Hotels Corp. ........................ 900 15,417
Harrah's Entertainment,
Inc. ..................................... 300 14,931
Wendy's International, Inc. ................ 300 11,772
Darden Restaurants, Inc. ................... 400 8,416
-----------
TOTAL HOTELS RESTAURANTS
& LEISURE 305,617
-----------
MULTILINE RETAIL 0.9%
Target Corp. ............................... 2,100 80,640
Kohl's Corp.* .............................. 800 35,952
Sears Roebuck and Co. ...................... 600 27,294
May Department Stores
Co. ...................................... 700 20,349
Federated Department
Stores, Inc. ............................. 400 18,852
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Dollar General Corp. ....................... 800 $ 16,792
JC Penney Holding Co.,
Inc. ..................................... 600 15,768
Family Dollar Stores, Inc. ................. 400 14,352
Nordstrom, Inc. ............................ 300 10,290
Big Lots, Inc.* ............................ 300 4,263
Dillard's/AR, Inc. --
Class A .................................. 200 3,292
-----------
TOTAL MULTILINE RETAIL 247,844
-----------
AUTOMOBILES 0.6%
General Motors Corp. ....................... 1,300 69,420
Ford Motor Co. ............................. 4,200 67,200
Harley-Davidson, Inc. ...................... 700 33,271
-----------
TOTAL AUTOMOBILES 169,891
-----------
HOUSEHOLD DURABLES 0.4%
Fortune Brands, Inc. ....................... 300 21,447
Whirlpool Corp. ............................ 200 14,530
Newell Rubbermaid, Inc. .................... 600 13,662
Centex Corp. ............................... 100 10,765
Black & Decker Corp. ....................... 200 9,864
Pulte Homes, Inc. .......................... 100 9,362
Leggett & Platt, Inc. ...................... 400 8,652
Stanley Works .............................. 200 7,574
KB Home .................................... 100 7,252
Maytag Corp. ............................... 200 5,570
American Greetings --
Class A* ................................. 200 4,374
Snap-On, Inc. .............................. 100 3,224
Tupperware Corp. ........................... 100 1,734
-----------
TOTAL HOUSEHOLD DURABLES 118,010
-----------
INTERNET & CATALOG RETAIL 0.3%
eBay, Inc.* ................................ 1,500 96,885
-----------
TOTAL INTERNET & CATALOG RETAIL 96,885
-----------
TEXTILES & APPAREL 0.3%
Nike, Inc. - Class B ....................... 600 41,076
Liz Claiborne, Inc. ........................ 300 10,638
Jones Apparel Group, Inc. .................. 300 10,569
VF Corp. ................................... 200 8,648
See Notes to Financial Statements.
52
TITAN 500 FUND
SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Reebok International
Ltd. ..................................... 100 $ 3,932
-----------
TOTAL TEXTILES & APPAREL 74,863
-----------
AUTO COMPONENTS 0.2%
Johnson Controls, Inc. ..................... 200 23,224
Delphi Corp. ............................... 1,300 13,273
Dana Corp. ................................. 300 5,505
Cooper Tire & Rubber Co. ................... 200 4,276
Goodyear Tire & Rubber
Co.* ..................................... 400 3,144
Visteon Corp. .............................. 300 3,123
-----------
TOTAL AUTO COMPONENTS 52,545
-----------
LEISURE EQUIPMENT & PRODUCTS 0.2%
Mattel, Inc. ............................... 1,000 19,270
Eastman Kodak Co. .......................... 700 17,969
Hasbro, Inc. ............................... 400 8,512
Brunswick Corp. ............................ 200 6,366
-----------
TOTAL LEISURE EQUIPMENT
& PRODUCTS 52,117
-----------
DISTRIBUTORS 0.0%
Genuine Parts Co. .......................... 400 13,280
-----------
TOTAL DISTRIBUTORS 13,280
-----------
TOTAL CONSUMER DISCRETIONARY 2,653,071
-----------
INDUSTRIALS 9.1%
INDUSTRIAL CONGLOMERATES 3.5%
General Electric Co. ....................... 23,100 715,638
3M Co. ..................................... 1,800 153,054
Tyco International Ltd. .................... 4,600 121,900
Textron, Inc. .............................. 300 17,118
-----------
TOTAL INDUSTRIAL CONGLOMERATES 1,007,710
-----------
AEROSPACE & DEFENSE 1.5%
United Technologies Corp. .................. 1,100 104,247
Boeing Co. ................................. 1,900 80,066
Honeywell International,
Inc. ..................................... 2,000 66,860
Lockheed Martin Corp. ...................... 1,000 51,400
General Dynamics Corp. ..................... 500 45,195
Northrop Grumman Corp. ..................... 400 38,240
Raytheon Co. ............................... 1,000 30,040
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Rockwell Collins, Inc. ..................... 400 $ 12,012
Goodrich Corp. ............................. 300 8,907
-----------
TOTAL AEROSPACE & DEFENSE 436,967
-----------
MACHINERY 1.2%
Caterpillar, Inc. .......................... 800 66,416
Illinois Tool Works, Inc. .................. 700 58,737
Deere & Co. ................................ 600 39,030
Danaher Corp. .............................. 400 36,700
Ingersoll-Rand Co. --
Class A .................................. 400 27,152
PACCAR, Inc. ............................... 300 25,536
Eaton Corp. ................................ 200 21,596
Dover Corp. ................................ 500 19,875
Parker Hannifin Corp. ...................... 300 17,850
ITT Industries, Inc. ....................... 200 14,842
Navistar International
Corp.* ................................... 200 9,578
Pall Corp. ................................. 300 8,049
Cummins, Inc. .............................. 100 4,894
Crane Co. .................................. 100 3,074
-----------
TOTAL MACHINERY 353,329
-----------
AIR FREIGHT & COURIERS 0.9%
United Parcel Service,
Inc.-- Class B ........................... 2,600 193,830
FedEx Corp. ................................ 700 47,250
Ryder System, Inc. ......................... 100 3,415
-----------
TOTAL AIR FREIGHT & COURIERS 244,495
-----------
COMMERCIAL SERVICES & SUPPLIES 0.8%
Cendant Corp.* ............................. 2,300 51,221
Waste Management, Inc. ..................... 1,400 41,440
Apollo Group, Inc. --
Class A* ................................. 400 27,200
H&R Block, Inc. ............................ 400 22,148
Pitney Bowes, Inc. ......................... 500 20,310
Cintas Corp. ............................... 400 20,052
Avery Dennison Corp. ....................... 300 16,806
Robert Half International,
Inc.* .................................... 400 9,336
RR Donnelley & Sons Co. .................... 300 9,045
Equifax, Inc. .............................. 300 7,350
See Notes to Financial Statements.
ANNUAL REPORT 53
TITAN 500 FUND
SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Allied Waste Industries,
Inc.* .................................... 500 $ 6,940
Monster Worldwide,
Inc.* .................................... 300 6,588
Deluxe Corp. ............................... 100 4,133
-----------
TOTAL COMMERCIAL SERVICES
& SUPPLIES 242,569
-----------
ELECTRICAL EQUIPMENT 0.5%
Emerson Electric Co. ....................... 1,000 64,750
Thomas & Betts Corp. ....................... 1,943 44,475
Rockwell Automation,
Inc. ..................................... 400 14,240
American Power
Conversion Corp. ......................... 500 12,225
Cooper Industries Ltd.--
Class A .................................. 200 11,586
Power-One, Inc.* ........................... 200 2,166
-----------
TOTAL ELECTRICAL EQUIPMENT 149,442
-----------
ROAD & RAIL 0.4%
Union Pacific Corp. ........................ 600 41,688
Burlington Northern
Santa Fe Corp. ........................... 900 29,115
Norfolk Southern Corp. ..................... 900 21,285
CSX Corp. .................................. 500 17,970
-----------
TOTAL ROAD & RAIL 110,058
-----------
BUILDING PRODUCTS 0.2%
Masco Corp. ................................ 1,100 30,151
American Standard Cos.,
Inc.* .................................... 200 20,140
-----------
TOTAL BUILDING PRODUCTS 50,291
-----------
AIRLINES 0.1%
Southwest Airlines Co. ..................... 1,800 29,052
Delta Air Lines, Inc. ...................... 300 3,543
-----------
TOTAL AIRLINES 32,595
-----------
TRADING COMPANIES & DISTRIBUTORS 0.0%
W.W. Grainger, Inc. ........................ 200 9,478
-----------
TOTAL TRADING COMPANIES
& DISTRIBUTORS 9,478
-----------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
CONSTRUCTION & ENGINEERING 0.0%
Fluor Corp. ................................ 200 $ 7,928
-----------
TOTAL CONSTRUCTION
& ENGINEERING 7,928
-----------
TOTAL INDUSTRIALS 2,644,862
-----------
CONSUMER STAPLES 9.0%
FOOD & DRUG RETAILING 2.9%
Wal-Mart Stores, Inc. ...................... 10,100 535,805
Walgreen Co. ............................... 2,400 87,312
Sysco Corp. ................................ 1,500 55,845
Costco Wholesale Corp.* .................... 1,100 40,898
CVS Corp. .................................. 900 32,508
Kroger Co.* ................................ 1,700 31,467
Safeway, Inc.* ............................. 1,000 21,910
Albertson's, Inc. .......................... 800 18,120
SUPERVALU, Inc. ............................ 300 8,577
Winn-Dixie Stores, Inc. .................... 300 2,985
-----------
TOTAL FOOD & DRUG RETAILING 835,427
-----------
BEVERAGES 2.1%
Coca-Cola Co. .............................. 5,700 289,275
PepsiCo, Inc. .............................. 4,000 186,480
Anheuser-Busch Cos.,
Inc. ..................................... 1,900 100,092
Coca-Cola Enterprises,
Inc. ..................................... 1,000 21,870
Pepsi Bottling Group,
Inc. ..................................... 600 14,508
Brown-Forman Corp.--
Class B .................................. 100 9,345
Adolph Coors Co.--
Class B .................................. 100 5,610
-----------
TOTAL BEVERAGES 627,180
-----------
HOUSEHOLD PRODUCTS 1.6%
Procter & Gamble Co. ....................... 3,000 299,640
Kimberly-Clark Corp. ....................... 1,200 70,908
Colgate-Palmolive Co. ...................... 1,200 60,060
Clorox Co. ................................. 500 24,280
-----------
TOTAL HOUSEHOLD PRODUCTS 454,888
-----------
See Notes to Financial Statements.
54
TITAN 500 FUND
SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
FOOD PRODUCTS 1.0%
General Mills, Inc. ........................ 900 $ 40,770
Sara Lee Corp. ............................. 1,800 39,078
Kellogg Co. ................................ 900 34,272
ConAgra Foods, Inc. ........................ 1,200 31,668
H.J. Heinz Co. ............................. 800 29,144
WM Wrigley Jr Co. .......................... 500 28,105
Campbell Soup Co. .......................... 900 24,120
Hershey Foods Corp. ........................ 300 23,097
Archer-Daniels-Midland
Co. ...................................... 1,500 22,830
McCormick & Co., Inc. ...................... 300 9,030
-----------
TOTAL FOOD PRODUCTS 282,114
-----------
TOBACCO 1.0%
Altria Group, Inc. ......................... 4,700 255,774
UST, Inc. .................................. 400 14,276
R.J. Reynolds Tobacco
Holdings, Inc. ........................... 200 11,630
-----------
TOTAL TOBACCO 281,680
-----------
PERSONAL PRODUCTS 0.4%
Gillette Co. ............................... 2,300 84,479
Avon Products, Inc. ........................ 500 33,745
Alberto-Culver Co. --
Class B .................................. 100 6,308
-----------
TOTAL PERSONAL PRODUCTS 124,532
-----------
TOTAL CONSUMER STAPLES 2,605,821
-----------
ENERGY 4.8%
OIL & GAS 4.2%
Exxon Mobil Corp. .......................... 15,300 627,300
ChevronTexaco Corp. ........................ 2,500 215,975
ConocoPhillips ............................. 1,600 104,912
Occidental Petroleum
Corp. .................................... 900 38,016
Apache Corp. ............................... 400 32,440
Anadarko Petroleum
Corp. .................................... 600 30,606
Devon Energy Corp. ......................... 500 28,630
Burlington Resources,
Inc. ..................................... 500 27,690
Marathon Oil Corp. ......................... 700 23,163
Unocal Corp. ............................... 600 22,098
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
EOG Resources, Inc. ........................ 300 $ 13,851
Amerada Hess Corp. ......................... 200 10,634
Sunoco, Inc. ............................... 200 10,230
Kerr-McGee Corp. ........................... 200 9,298
Ashland, Inc. .............................. 200 8,812
-----------
TOTAL OIL & GAS 1,203,655
-----------
ENERGY EQUIPMENT & SERVICES 0.6%
Schlumberger Ltd. .......................... 1,300 71,136
Halliburton Co. ............................ 1,000 26,000
Baker Hughes, Inc. ......................... 800 25,728
Transocean, Inc.* .......................... 700 16,807
BJ Services Co.* ........................... 400 14,360
Nabors Industries Ltd.* .................... 300 12,450
Noble Corp.* ............................... 300 10,734
Rowan Cos., Inc.* .......................... 200 4,634
-----------
TOTAL ENERGY EQUIPMENT
& SERVICES 181,849
-----------
TOTAL ENERGY 1,385,504
-----------
TELECOMMUNICATION SERVICES 2.8%
DIVERSIFIED TELECOMMUNICATION
SERVICES 2.3%
Verizon Communications,
Inc. ..................................... 6,300 221,004
SBC Communications,
Inc. ..................................... 7,700 200,739
BellSouth Corp. ............................ 4,300 121,690
AT&T Corp. ................................. 1,800 36,540
Sprint Corp.-FON Group ..................... 2,100 34,482
ALLTEL Corp. ............................... 700 32,606
Qwest Communications
International* ........................... 3,900 16,848
CenturyTel, Inc. ........................... 300 9,786
Citizens Communications
Co.* ..................................... 700 8,694
-----------
TOTAL DIVERSIFIED
TELECOMMUNICATION SERVICES 682,389
-----------
WIRELESS TELECOMMUNICATION
SERVICES 0.5%
Nextel Communications,
Inc.-- Class A* .......................... 2,500 70,150
See Notes to Financial Statements.
ANNUAL REPORT 55
TITAN 500 FUND
SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
AT&T Wireless Services,
Inc.* .................................... 6,200 $ 49,538
Sprint Corp.-PCS Group* .................... 2,400 13,488
-----------
TOTAL WIRELESS
TELECOMMUNICATION SERVICES 133,176
-----------
TOTAL TELECOMMUNICATION
SERVICES 815,565
-----------
MATERIALS 2.5%
CHEMICALS 1.3%
EI Du Pont de Nemours
& Co. .................................... 2,300 105,547
Dow Chemical Co. ........................... 2,100 87,297
Praxair, Inc. .............................. 800 30,560
Air Products & Chemicals,
Inc. ..................................... 500 26,415
PPG Industries, Inc. ....................... 400 25,608
Rohm & Haas Co. ............................ 500 21,355
Monsanto Co. ............................... 600 17,268
Ecolab, Inc. ............................... 600 16,422
Sigma-Aldrich Corp. ........................ 200 11,436
Engelhard Corp. ............................ 300 8,985
Eastman Chemical Co. ....................... 200 7,906
International Flavors &
Fragrances, Inc. ......................... 200 6,984
Hercules, Inc.* ............................ 300 3,660
Great Lakes Chemical
Corp. .................................... 100 2,719
-----------
TOTAL CHEMICALS 372,162
-----------
METALS & MINING 0.6%
Alcoa, Inc. ................................ 1,900 72,200
Newmont Mining Corp. ....................... 1,000 48,610
Freeport-McMoRan
Copper & Gold, Inc. --
Class B .................................. 400 16,852
Phelps Dodge Corp.* ........................ 200 15,218
Nucor Corp. ................................ 200 11,200
United States Steel Corp. .................. 200 7,004
Worthington Industries,
Inc. ..................................... 200 3,606
Allegheny Technologies,
Inc. ..................................... 200 2,644
-----------
TOTAL METALS & MINING 177,334
-----------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
PAPER & FOREST PRODUCTS 0.4%
International Paper Co. .................... 1,100 $ 47,421
Weyerhaeuser Co. ........................... 500 32,000
Georgia-Pacific Corp. ...................... 600 18,402
MeadWestvaco Corp. ......................... 500 14,875
Louisiana-Pacific Corp.* ................... 200 3,576
-----------
TOTAL PAPER & FOREST PRODUCTS 116,274
-----------
CONTAINERS & PACKAGING 0.1%
Sealed Air Corp.* .......................... 200 10,828
Pactiv Corp.* .............................. 400 9,560
Temple-Inland, Inc. ........................ 100 6,267
Ball Corp. ................................. 100 5,957
Bemis Co. .................................. 100 5,000
-----------
TOTAL CONTAINERS & PACKAGING 37,612
-----------
CONSTRUCTION MATERIALS 0.1%
Vulcan Materials Co. ....................... 200 9,514
-----------
TOTAL CONSTRUCTION MATERIALS 9,514
-----------
TOTAL MATERIALS 712,896
-----------
UTILITIES 2.3%
ELECTRIC UTILITIES 1.7%
Exelon Corp. ............................... 800 53,088
Southern Co. ............................... 1,700 51,425
Dominion Resources,
Inc./VA .................................. 700 44,681
Entergy Corp. .............................. 500 28,565
FirstEnergy Corp. .......................... 800 28,160
American Electric Power
Co., Inc. ................................ 900 27,459
Progress Energy, Inc. ...................... 600 27,156
FPL Group, Inc. ............................ 400 26,168
PG&E Corp.* ................................ 900 24,993
Consolidated Edison, Inc. .................. 500 21,505
Ameren Corp. ............................... 400 18,400
Edison International* ...................... 800 17,544
PPL Corp. .................................. 400 17,500
TXU Corp. .................................. 700 16,604
DTE Energy Co. ............................. 400 15,760
Cinergy Corp. .............................. 400 15,524
Xcel Energy, Inc. .......................... 900 15,282
Pinnacle West Capital
Corp. .................................... 200 8,004
CenterPoint Energy, Inc. ................... 700 6,783
See Notes to Financial Statements.
56
TITAN 500 FUND
SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
TECO Energy, Inc. .................................... 400 $ 5,764
Allegheny Energy, Inc.* .............................. 300 3,828
CMS Energy Corp.* .................................... 400 3,408
-----------
TOTAL ELECTRIC UTILITIES 477,601
-----------
MULTI-UTILITIES 0.4%
Duke Energy Corp. .................................... 2,100 42,945
Public Service Enterprise Group, Inc. ................ 500 21,900
Constellation Energy Group, Inc. ..................... 400 15,664
AES Corp.* ........................................... 1,400 13,216
Williams Cos., Inc. .................................. 1,200 11,784
El Paso Corp. ........................................ 1,400 11,466
Calpine Corp.* ....................................... 1,000 4,810
Dynegy, Inc. - Class A* .............................. 900 3,852
-----------
TOTAL MULTI-UTILITIES 125,637
-----------
GAS UTILITIES 0.2%
Kinder Morgan, Inc. .................................. 300 17,730
Sempra Energy ........................................ 500 15,030
KeySpan Corp. ........................................ 400 14,720
NiSource, Inc. ....................................... 600 13,164
Peoples Energy Corp. ................................. 100 4,204
Nicor, Inc. .......................................... 100 3,404
-----------
TOTAL GAS UTILITIES 68,252
-----------
TOTAL UTILITIES 671,490
-----------
TOTAL COMMON STOCKS
(Cost $22,611,652) ................................... 23,720,172
-----------
FACE
AMOUNT
---------
FEDERAL AGENCY DISCOUNT NOTES 3.4%
Farmer Mac**
1.01% due 01/20/04 ...................................$ 500,000 499,747
Federal Home Loan Bank**
1.00% due 01/16/04 ................................... 500,000 499,806
-----------
TOTAL FEDERAL AGENCY DISCOUNT NOTES
(Cost $999,553) ...................................... 999,553
-----------
CONTRACTS
---------
OPTIONS PURCHASED 7.0%
Call Options on:
March 2004 S&P 500 Index Futures Contracts
Expiring March 2004 with strike price of 700 ........ 20 2,036,000
Put Options on:
January 2004 S&P 500 Index Futures Contracts
Expiring January 2004 with strike price of 625 ...... 120 --
-----------
TOTAL OPTIONS PURCHASED
(Cost $1,862,060) .................................... 2,036,000
-----------
See Notes to Financial Statements.
ANNUAL REPORT 57
TITAN 500 FUND
SCHEDULE OF INVESTMENTS (CONCLUDED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
FACE VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS 7.7%
Repurchase Agreement (Note 5)
0.94% due 01/02/04 ................................ $ 487,068 $ 487,068
0.85% due 01/02/04 ................................ 761,172 761,172
0.80% due 01/02/04 ................................ 487,068 487,068
0.80% due 01/02/04 ................................ 487,068 487,068
-----------
TOTAL REPURCHASE AGREEMENTS
(Cost $2,222,376) ................................. 2,222,376
-----------
TOTAL INVESTMENTS 100%
(Cost $27,695,641) ................................ $28,978,101
===========
- --------------------------------------------------------------------------------
UNREALIZED
GAIN
CONTRACTS (NOTE 1)
- --------------------------------------------------------------------------------
FUTURES CONTRACTS PURCHASED
March 2004 S&P 500 Index Futures Contracts
(Aggregate Market Value of Contracts $12,184,700) . 44 $429,186
March 2004 S&P 500 Index Mini Futures Contracts
(Aggregate Market Value of Contracts $19,611,600) . 354 510,757
--------
(TOTAL AGGREGATE MARKET VALUE OF CONTRACTS $31,796,300) $939,943
========
** NON-INCOME PRODUCING SECURITIES
** THE ISSUER IS A PUBLICALLY TRADED COMPANY THAT OPERATES UNDER A CONGRESSIONAL
CHARTER; ITS SECURITIES ARE NEITHER ISSUED NOR GUARANTEED BY THE U.S.
GOVERNMENT.
REIT--REAL ESTATE INVESTMENT TRUST
See Notes to Financial Statements.
58
VELOCITY 100 FUND
SCHEDULE OF INVESTMENTS December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMMON STOCKS 76.2%
INFORMATION TECHNOLOGY 46.5%
SOFTWARE 15.5%
Microsoft Corp. ............................ 76,300 $ 2,101,302
Oracle Corp.* .............................. 44,700 590,040
Veritas Software Corp.* .................... 9,000 334,440
Electronic Arts, Inc.* ..................... 6,200 296,236
Intuit, Inc.* .............................. 5,100 269,841
PeopleSoft, Inc.* .......................... 10,900 248,520
Symantec Corp.* ............................ 6,600 228,690
Adobe Systems, Inc. ........................ 4,700 184,710
Siebel Systems, Inc.* ...................... 11,900 165,053
Synopsys, Inc.* ............................ 2,900 97,904
Mercury
Interactive Corp.* ....................... 2,003 97,426
Check Point Software
Technologies Ltd.* ....................... 5,750 96,715
BEA Systems, Inc.* ......................... 7,700 94,710
Citrix Systems, Inc.* ...................... 4,000 84,840
Compuware Corp.* ........................... 4,900 29,596
-------------
TOTAL SOFTWARE 4,920,023
-------------
SEMICONDUCTOR EQUIPMENT
& PRODUCTS 13.7%
Intel Corp. ................................ 46,900 1,510,180
Maxim Integrated
Products, Inc. ........................... 9,400 468,120
Applied Materials, Inc.* ................... 17,600 395,120
Linear Technology Corp. .................... 8,600 361,802
Xilinx, Inc.* .............................. 9,300 360,282
KLA-Tencor Corp.* .......................... 4,800 281,616
Altera Corp.* .............................. 10,900 247,430
Broadcom Corp. --
Class A* ................................. 4,400 149,996
Novellus Systems, Inc.* .................... 3,200 134,560
Microchip
Technology, Inc. ......................... 3,500 116,760
Marvell Technology
Group Ltd.* .............................. 2,498 94,749
Lam Research Corp.* ........................ 2,800 90,440
NVIDIA Corp.* .............................. 3,600 83,700
Intersil Corp.-- Class A ................... 2,900 72,065
-------------
TOTAL SEMICONDUCTOR EQUIPMENT & PRODUCTS 4,366,820
-------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT 8.9%
Cisco Systems, Inc.* ....................... 50,600 $ 1,229,074
QUALCOMM, Inc. ............................. 19,800 1,067,814
JDS Uniphase Corp.* ........................ 33,300 121,545
Research In
Motion Ltd.* ............................. 1,600 106,928
QLogic Corp.* .............................. 2,000 103,200
Juniper Networks, Inc.* .................... 5,200 97,136
Comverse
Technology, Inc.* ........................ 4,100 72,119
Tellabs, Inc.* ............................. 4,900 41,307
-------------
TOTAL COMMUNICATIONS
EQUIPMENT 2,839,123
-------------
COMPUTERS & PERIPHERALS 4.0%
Dell, Inc.* ................................ 19,300 655,428
Apple Computer, Inc.* ...................... 10,500 224,385
Network Appliance, Inc.* ................... 7,400 151,922
Sun Microsystems, Inc.* .................... 29,100 130,659
SanDisk Corp.* ............................. 1,500 91,710
-------------
TOTAL COMPUTERS & PERIPHERALS 1,254,104
-------------
ELECTRONIC EQUIPMENT
& INSTRUMENTS 1.5%
Flextronics
International Ltd.* ...................... 11,700 173,628
Sanmina-SCI Corp.* ......................... 11,300 142,493
CDW Corp. .................................. 1,800 103,968
Molex, Inc. ................................ 2,000 69,780
-------------
TOTAL ELECTRONIC EQUIPMENT
& INSTRUMENTS 489,869
-------------
IT CONSULTING & SERVICES 1.5%
Paychex, Inc. .............................. 7,300 271,560
Fiserv, Inc.* .............................. 5,000 197,550
-------------
TOTAL IT CONSULTING & SERVICES 469,110
-------------
INTERNET SOFTWARE & SERVICES 1.4%
Yahoo!, Inc.* .............................. 6,500 293,605
VeriSign, Inc.* ............................ 4,700 76,610
ATI Technologies, Inc.* .................... 4,897 74,043
-------------
TOTAL INTERNET SOFTWARE
& SERVICES 444,258
-------------
TOTAL INFORMATION
TECHNOLOGY 14,783,307
-------------
See Notes to Financial Statements.
ANNUAL REPORT 59
VELOCITY 100 FUND
SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
CONSUMER DISCRETIONARY 12.0%
INTERNET & CATALOG RETAIL 4.5%
eBay, Inc.* ................................ 9,900 $ 639,441
InterActiveCorp* ........................... 15,100 512,343
Amazon.com, Inc.* .......................... 5,500 289,520
-------------
TOTAL INTERNET & CATALOG RETAIL 1,441,304
-------------
MEDIA 3.3%
Comcast Corp. --
Class A* ................................. 19,500 640,965
EchoStar Communications
Corp.* ................................... 5,200 176,800
PanAmSat Corp.* ............................ 4,100 88,396
Pixar, Inc.* ............................... 1,100 76,219
Lamar Advertising Co.* ..................... 1,700 63,444
-------------
TOTAL MEDIA 1,045,824
-------------
SPECIALTY RETAIL 2.2%
Bed Bath &
Beyond, Inc.* ............................ 8,200 355,470
Staples, Inc.* ............................. 6,800 185,640
Ross Stores, Inc. .......................... 3,100 81,933
Petsmart, Inc. ............................. 2,900 69,020
-------------
TOTAL SPECIALTY RETAIL 692,063
-------------
HOTELS RESTAURANTS & LEISURE 1.2%
Starbucks Corp.* ........................... 11,200 370,272
-------------
TOTAL HOTELS RESTAURANTS
& LEISURE 370,272
-------------
HOUSEHOLD DURABLES 0.4%
Garmin Ltd. ................................ 2,100 114,408
-------------
TOTAL HOUSEHOLD DURABLES 114,408
-------------
AUTO COMPONENTS 0.2%
Gentex Corp. ............................... 1,604 70,832
-------------
TOTAL AUTO COMPONENTS 70,832
-------------
MULTILINE RETAIL 0.2%
Dollar Tree Stores, Inc.* .................. 2,300 69,138
-------------
TOTAL MULTILINE RETAIL 69,138
-------------
TOTAL CONSUMER
DISCRETIONARY 3,803,841
-------------
MARKET
VALUE
SHARES (NOTE 1)
- ------------------------------------------------------------------------------
HEALTH CARE 9.9%
BIOTECHNOLOGY 7.1%
Amgen, Inc.* ............................... 12,300 $ 760,140
Chiron Corp.* .............................. 5,400 307,746
Biogen Idec, Inc.* ......................... 7,800 286,884
Genzyme Corp.* ............................. 5,800 286,172
Gilead Sciences, Inc.* ..................... 4,100 238,374
Medimmune, Inc.* ........................... 5,400 137,160
Millennium
Pharmaceuticals, Inc.* ................... 6,800 126,956
Invitrogen Corp.* .......................... 1,000 70,000
Cephalon, Inc.* ............................ 1,000 48,410
-------------
TOTAL BIOTECHNOLOGY 2,261,842
-------------
HEALTH CARE EQUIPMENT & SUPPLIES 1.1%
Biomet, Inc. ............................... 7,100 258,511
DENTSPLY
International, Inc. ...................... 1,600 72,272
-------------
TOTAL HEALTH CARE
EQUIPMENT & SUPPLIES 330,783
-------------
HEALTH CARE PROVIDERS & SERVICES 1.0%
Express Scripts, Inc.* ..................... 1,400 93,002
Patterson Dental Co.* ...................... 1,300 83,408
Lincare Holdings, Inc.* .................... 1,900 57,057
Henry Schein, Inc.* ........................ 800 54,064
First Health Group
Corp.* ................................... 2,000 38,920
-------------
TOTAL HEALTH CARE
PROVIDERS & SERVICES 326,451
-------------
PHARMACEUTICALS 0.7%
Teva Pharmaceutical
Industries Ltd. --
SP ADR ................................... 3,900 221,169
-------------
TOTAL PHARMACEUTICALS 221,169
-------------
TOTAL HEALTH CARE 3,140,245
-------------
INDUSTRIALS 3.6%
COMMERCIAL SERVICES & SUPPLIES 1.7%
Apollo Group, Inc. --
Class A* ................................. 3,700 251,600
Cintas Corp. ............................... 4,200 210,546
See Notes to Financial Statements.
60
VELOCITY 100 FUND
SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Career Education Corp.* .................... 2,100 $ 84,147
-------------
TOTAL COMMERCIAL SERVICES
& SUPPLIES 546,293
-------------
MACHINERY 0.7%
PACCAR, Inc. ............................... 2,700 229,824
-------------
TOTAL MACHINERY 229,824
-------------
AIR FREIGHT & COURIERS 0.5%
Expeditors International
Washington, Inc. ......................... 2,100 79,086
C.H. Robinson
Worldwide, Inc. .......................... 1,700 64,447
-------------
TOTAL AIR FREIGHT & COURIERS 143,533
-------------
ELECTRICAL EQUIPMENT 0.3%
American Power
Conversion Corp. ......................... 4,100 100,245
-------------
TOTAL ELECTRICAL EQUIPMENT 100,245
-------------
TRADING COMPANIES & DISTRIBUTORS 0.2%
Fastenal Co. ............................... 1,500 74,910
-------------
TOTAL TRADING COMPANIES
& DISTRIBUTORS 74,910
-------------
AIRLINES 0.2%
Ryanair Holdings PLC --
SP ADR* .................................. 1,200 60,768
-------------
TOTAL AIRLINES 60,768
-------------
TOTAL INDUSTRIALS 1,155,573
-------------
TELECOMMUNICATION SERVICES 2.7%
WIRELESS TELECOMMUNICATION SERVICES 2.5%
Nextel Communications,
Inc.-- Class A* .......................... 28,100 788,486
-------------
TOTAL WIRELESS TELECOMMUNICATION
SERVICES 788,486
-------------
DIVERSIFIED TELECOMMUNICATION
SERVICES 0.2%
Level 3 Communications,
Inc.* .................................... 13,704 78,113
-------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES $ 78,113
-------------
TOTAL TELECOMMUNICATION
SERVICES 866,599
-------------
CONSUMER STAPLES 0.8%
FOOD & DRUG RETAILING 0.8%
Costco Wholesale Corp.* .................... 4,900 182,182
Whole Foods
Market, Inc.* ............................ 1,200 80,556
-------------
TOTAL FOOD & DRUG RETAILING 262,738
-------------
TOTAL CONSUMER STAPLES 262,738
-------------
MATERIALS 0.5%
CONTAINERS & PACKAGING 0.3%
Smurfit-Stone
Container Corp.* ......................... 5,000 92,850
-------------
TOTAL CONTAINERS & PACKAGING 92,850
-------------
CHEMICALS 0.2%
Sigma-Aldrich Corp. ........................ 1,400 80,052
-------------
TOTAL CHEMICALS 80,052
-------------
TOTAL MATERIALS 172,902
-------------
ENERGY 0.2%
ENERGY EQUIPMENT & SERVICES 0.2%
Patterson-UTI
Energy, Inc.* ............................ 1,700 55,964
-------------
TOTAL ENERGY EQUIPMENT &
SERVICES 55,964
-------------
TOTAL ENERGY 55,964
-------------
TOTAL COMMON STOCKS
(Cost $22,044,136) ......................... 24,241,169
-------------
See Notes to Financial Statements.
ANNUAL REPORT 61
VELOCITY 100 FUND
SCHEDULE OF INVESTMENTS (CONCLUDED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
FACE VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
FEDERAL AGENCY DISCOUNT NOTES 6.3%
Farmer Mac**
1.01% due 01/20/04 ......................... $ 1,000,000 $ 999,495
Federal Home Loan Bank**
1.00% due 01/16/04 ......................... 1,000,000 999,611
-------------
TOTAL FEDERAL AGENCY DISCOUNT NOTES
(Cost $1,999,106) .......................... 1,999,106
-------------
REPURCHASE AGREEMENTS 17.5%
Repurchase Agreement (Note 5)
0.94% due 01/02/04 ......................... 1,218,100 1,218,100
0.85% due 01/02/04 ......................... 1,903,609 1,903,609
0.80% due 01/02/04 ......................... 1,218,100 1,218,100
0.80% due 01/02/04 ......................... 1,218,100 1,218,100
-------------
TOTAL REPURCHASE AGREEMENTS
(Cost $5,557,909) .......................... 5,557,909
-------------
TOTAL INVESTMENTS 100%
(Cost $29,601,151) ......................... $ 31,798,184
=============
- --------------------------------------------------------------------------------
UNREALIZED
GAIN
CONTRACTS (NOTE 1)
- --------------------------------------------------------------------------------
FUTURES CONTRACTS PURCHASED
March 2004 Nasdaq 100 Index Futures Contracts
(Aggregate Market Value of Contracts $731,750) 5 $ 17,437
March 2004 Nasdaq 100 Index Mini Futures Contracts
(Aggregate Market Value of Contracts $11,716,000) 400 200,596
-------------
(TOTAL AGGREGATE MARKET VALUE OF CONTRACTS $12,447,750) $ 218,033
=============
UNITS
---------
EQUITY INDEX SWAP AGREEMENT
January 2004 Nasdaq 100 Index Swap, Maturing 01/09/04***
(Notional Value $50,602,719) ............... 35,805 $ 1,496,342
=============
* NON-INCOME PRODUCING SECURITIES
** THE ISSUER IS A PUBLICALLY TRADED COMPANY THAT OPERATES UNDER A CONGRESSIONAL
CHARTER; ITS SECURITIES ARE NEITHER ISSUED NOR GUARANTEED BY THE U.S.
GOVERNMENT.
*** PRICE RETURN BASED ON NASDAQ 100 INDEX +/- FINANCING AT A VARIABLE RATE.
ADR--AMERICAN DEPOSITORY RECEIPT.
See Notes to Financial Statements.
62
MEDIUS FUND
SCHEDULE OF INVESTMENTS December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMMON STOCKS 63.7%
FINANCIALS 13.0%
BANKS 5.4%
M&T Bank Corp. ............................. 1,900 $ 186,770
Compass Bancshares, Inc. ................... 3,000 117,930
Banknorth Group, Inc. ...................... 3,500 113,855
Hibernia Corp. - Class A ................... 3,600 84,636
Investors Financial Services
Corp. .................................... 2,200 84,502
Associated Banc-Corp. ...................... 1,700 72,505
New York Community
Bancorp, Inc. ............................ 1,800 68,490
Sovereign Bancorp, Inc. .................... 2,500 59,375
Webster Financial Corp. .................... 1,200 55,032
Greater Bay Bancorp ........................ 1,300 37,024
Colonial BancGroup, Inc. ................... 1,900 32,908
FirstMerit Corp. ........................... 1,200 32,364
National Commerce
Financial Corp. .......................... 1,100 30,008
TCF Financial Corp. ........................ 200 10,270
---------
TOTAL BANKS 985,669
---------
INSURANCE 3.6%
Radian Group, Inc. ......................... 2,300 112,125
Everest Re Group Ltd. ...................... 1,300 109,980
W.R. Berkley Corp. ......................... 2,700 94,365
First American Corp. ....................... 2,900 86,333
PMI Group, Inc. ............................ 2,300 85,629
AmerUs Group Co. ........................... 1,700 59,449
Old Republic International
Corp. .................................... 1,400 35,504
Stancorp Financial Group,
Inc. ..................................... 400 25,152
Fidelity National Financial,
Inc. ..................................... 500 19,390
Allmerica Financial Corp.* ................. 400 12,308
HCC Insurance Holdings,
Inc. ..................................... 300 9,540
MONY Group, Inc.* .......................... 300 9,387
---------
TOTAL INSURANCE 659,162
---------
DIVERSIFIED FINANCIALS 3.0%
Leucadia National Corp. .................... 2,100 96,810
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
SEI Investments Co. ........................ 3,100 $ 94,457
A.G. Edwards, Inc. ......................... 2,200 79,706
Raymond James
Financial, Inc. .......................... 2,100 79,170
E*Trade Financial Corp.* ................... 5,200 65,780
Legg Mason, Inc. ........................... 700 54,026
Independence Community
Bank Corp. ............................... 1,100 39,567
AmeriCredit Corp.* ......................... 1,500 23,895
Investment Technology
Group, Inc.* ............................. 400 6,460
Waddell & Reed Financial,
Inc.-- Class A ........................... 200 4,692
---------
TOTAL DIVERSIFIED FINANCIALS 544,563
---------
REAL ESTATE 1.0%
Mack-Cali Realty Corp. ..................... 1,900 79,078
New Plan Excel Realty
Trust .................................... 2,700 66,609
Liberty Property Trust ..................... 600 23,340
---------
TOTAL REAL ESTATE 169,027
---------
TOTAL FINANCIALS 2,358,421
---------
INFORMATION TECHNOLOGY 10.5%
SEMICONDUCTOR EQUIPMENT
& PRODUCTS 2.8%
Microchip Technology,
Inc. ..................................... 2,600 86,736
Integrated Circuit Systems,
Inc.* .................................... 2,400 68,376
Micrel, Inc.* .............................. 2,900 45,182
Cabot Microelectronics
Corp.* ................................... 900 44,100
RF Micro Devices, Inc.* .................... 4,100 41,205
Cypress Semiconductor
Corp.* ................................... 1,800 38,448
Silicon Laboratories, Inc.* ................ 800 34,576
Atmel Corp.* ............................... 5,500 33,055
Cree, Inc.* ................................ 1,800 31,842
Credence Systems Corp.* .................... 2,100 27,636
International Rectifier
Corp.* ................................... 400 19,764
Lam Research Corp.* ........................ 600 19,380
See Notes to Financial Statements.
ANNUAL REPORT 63
MEDIUS FUND
SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Integrated Device
Technology, Inc.* ........................ 1,100 $ 18,887
---------
TOTAL SEMICONDUCTOR EQUIPMENT
& PRODUCTS 509,187
---------
IT CONSULTING & SERVICES 2.2%
DST Systems, Inc.* ......................... 2,800 116,928
Ceridian Corp.* ............................ 2,800 58,632
Acxiom Corp.* .............................. 2,600 48,282
Titan Corp.* ............................... 1,900 41,439
CheckFree Corp.* ........................... 1,400 38,710
MPS Group, Inc.* ........................... 3,200 29,920
Affiliated Computer
Services, Inc. --
Class A* ................................. 500 27,230
Certegy, Inc. .............................. 600 19,680
Keane, Inc.* ............................... 900 13,176
---------
TOTAL IT CONSULTING & SERVICES 393,997
---------
SOFTWARE 1.9%
Synopsys, Inc.* ............................ 3,600 121,536
Fair Isaac Corp. ........................... 1,700 83,572
Network Associates, Inc.* .................. 3,200 48,128
Jack Henry & Associates,
Inc. ..................................... 1,900 39,102
Wind River Systems,
Inc.* .................................... 2,600 22,776
Transaction Systems
Architects, Inc. --
Class A* ................................. 900 20,367
RSA Security, Inc.* ........................ 900 12,780
Cadence Design Systems,
Inc.* .................................... 100 1,798
Mentor Graphics Corp.* ..................... 100 1,454
---------
TOTAL SOFTWARE 351,513
---------
COMMUNICATIONS EQUIPMENT 1.5%
Harris Corp. ............................... 2,100 79,695
Avocent Corp.* ............................. 1,600 58,432
ADTRAN, Inc. ............................... 1,600 49,600
Polycom, Inc.* ............................. 2,200 42,944
CommScope, Inc.* ........................... 1,700 27,761
Plantronics, Inc.* ......................... 300 9,795
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Advanced Fibre
Communications, Inc.* .................... 200 $ 4,030
---------
TOTAL COMMUNICATIONS
EQUIPMENT 272,257
---------
COMPUTERS & PERIPHERALS 1.2%
Storage Technology
Corp.* ................................... 2,800 72,100
SanDisk Corp.* ............................. 1,000 61,140
Diebold, Inc. .............................. 900 48,483
Quantum Corp.* ............................. 5,600 17,472
Imation Corp. .............................. 400 14,060
---------
TOTAL COMPUTERS & PERIPHERALS 213,255
---------
ELECTRONIC EQUIPMENT
& INSTRUMENTS 0.9%
CDW Corp. .................................. 1,400 80,864
Vishay Intertechnology,
Inc.* .................................... 1,400 32,060
Arrow Electronics, Inc.* ................... 700 16,198
National Instruments
Corp. .................................... 300 13,641
KEMET Corp.* ............................... 900 12,321
---------
TOTAL ELECTRONIC EQUIPMENT
& INSTRUMENTS 155,084
---------
INTERNET SOFTWARE & SERVICES 0.0%
Retek, Inc.* ............................... 1,000 9,280
---------
TOTAL INTERNET SOFTWARE
& SERVICES 9,280
---------
TOTAL INFORMATION TECHNOLOGY 1,904,573
---------
CONSUMER DISCRETIONARY 10.3%
SPECIALTY RETAIL 2.6%
Williams-Sonoma, Inc.* ..................... 2,500 86,925
O'Reilly Automotive,
Inc.* .................................... 1,700 65,212
Chico's FAS, Inc.* ......................... 1,700 62,815
Michaels Stores, Inc. ...................... 1,200 53,040
Petsmart, Inc. ............................. 2,200 52,360
Abercrombie & Fitch
Co.-- Class A* ........................... 1,600 39,536
See Notes to Financial Statements.
64
MEDIUS FUND
SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Rent-A-Center, Inc.* ....................... 1,200 $ 35,856
CarMax, Inc.* .............................. 900 27,837
Borders Group, Inc.* ....................... 1,200 26,304
Barnes & Noble, Inc.* ...................... 800 26,280
---------
TOTAL SPECIALTY RETAIL 476,165
---------
HOTELS RESTAURANTS & LEISURE 2.5%
International Speedway
Corp.-- Class A .......................... 1,900 84,854
Krispy Kreme Doughnuts,
Inc.* .................................... 2,200 80,520
Brinker International,
Inc.* .................................... 2,000 66,320
Ruby Tuesday, Inc. ......................... 2,000 56,980
Bob Evans Farms, Inc. ...................... 1,400 45,444
Applebee's International,
Inc. ..................................... 1,000 39,270
Park Place Entertainment
Corp.* ................................... 3,100 33,573
GTECH Holdings Corp. ....................... 400 19,796
Mandalay Resort Group ...................... 200 8,944
Cheesecake Factory, Inc.* .................. 200 8,806
Extended Stay America,
Inc. ..................................... 300 4,344
---------
TOTAL HOTELS RESTAURANTS
& LEISURE 448,851
---------
HOUSEHOLD DURABLES 1.5%
Lennar Corp.-- Class A ..................... 1,100 105,600
D.R. Horton, Inc. .......................... 2,100 90,846
Mohawk Industries, Inc.* ................... 1,100 77,594
---------
TOTAL HOUSEHOLD DURABLES 274,040
---------
MEDIA 1.2%
Entercom Communications
Corp.* ................................... 1,700 90,032
Emmis Communications
Corp.-- Class A* ......................... 2,700 73,035
Lee Enterprises, Inc. ...................... 700 30,555
Belo Corp.-- Class A ....................... 500 14,170
Reader's Digest Association,
Inc. ..................................... 300 4,398
---------
TOTAL MEDIA 212,190
---------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
AUTO COMPONENTS 1.1%
Lear Corp. ................................. 1,700 $ 104,261
BorgWarner, Inc. ........................... 800 68,056
Modine Manufacturing
Co. ...................................... 1,300 35,074
---------
TOTAL AUTO COMPONENTS 207,391
---------
MULTILINE RETAIL 0.9%
Dollar Tree Stores, Inc.* .................. 2,800 84,168
99 Cents Only Stores* ...................... 1,800 49,014
Neiman-Marcus Group,
Inc.-- Class A* .......................... 400 21,468
Saks, Inc.* ................................ 500 7,520
---------
TOTAL MULTILINE RETAIL 162,170
---------
TEXTILES & APPAREL 0.5%
Coach, Inc.* ............................... 2,300 86,825
Timberland Co.--
Class A* ................................. 200 10,414
---------
TOTAL TEXTILES & APPAREL 97,239
---------
TOTAL CONSUMER DISCRETIONARY 1,878,046
---------
HEALTH CARE 7.9%
HEALTH CARE EQUIPMENT & SUPPLIES 2.9%
Hillenbrand Industries,
Inc. ..................................... 1,700 105,502
DENTSPLY International,
Inc. ..................................... 2,200 99,374
Beckman Coulter, Inc. ...................... 1,600 81,328
Cytyc Corp.* ............................... 5,400 74,304
Edwards Lifesciences
Corp.* ................................... 2,200 66,176
Varian Medical Systems,
Inc.* .................................... 900 62,190
VISX, Inc.* ................................ 1,400 32,410
---------
TOTAL HEALTH CARE EQUIPMENT
& SUPPLIES 521,284
---------
HEALTH CARE PROVIDERS & SERVICES 2.0%
Lincare Holdings, Inc.* .................... 3,100 93,093
Patterson Dental Co.* ...................... 900 57,744
AdvancePCS* ................................ 900 47,394
Coventry Health Care,
Inc.* .................................... 600 38,694
See Notes to Financial Statements.
ANNUAL REPORT 65
MEDIUS FUND
SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Omnicare, Inc. ............................. 900 $ 36,351
Apria Healthcare Group,
Inc.* .................................... 1,200 34,164
First Health Group
Corp.* ................................... 1,000 19,460
Pacificare Health Systems,
Inc.* .................................... 200 13,520
Covance, Inc.* ............................. 500 13,400
Oxford Health Plans,
Inc.* .................................... 300 13,050
---------
TOTAL HEALTH CARE PROVIDERS
& SERVICES 366,870
---------
PHARMACEUTICALS 1.5%
Barr Pharmaceuticals,
Inc.* .................................... 1,100 84,645
Pharmaceutical Resources,
Inc.* .................................... 800 52,120
Mylan Laboratories, Inc. ................... 1,900 47,994
Sepracor, Inc.* ............................ 1,400 33,502
SICOR, Inc.* ............................... 1,200 32,640
IVAX Corp.* ................................ 1,100 26,268
---------
TOTAL PHARMACEUTICALS 277,169
---------
BIOTECHNOLOGY 1.5%
Gilead Sciences, Inc.* ..................... 2,200 127,908
Millennium Pharmaceuticals,
Inc.* .................................... 5,300 98,951
Vertex Pharmaceuticals,
Inc.* .................................... 3,600 36,828
Protein Design Labs, Inc.* ................. 400 7,160
Charles River Laboratories
International, Inc.* ..................... 100 3,433
---------
TOTAL BIOTECHNOLOGY 274,280
---------
TOTAL HEALTH CARE 1,439,603
---------
INDUSTRIALS 7.7%
COMMERCIAL SERVICES & SUPPLIES 1.6%
Career Education Corp.* .................... 1,900 76,133
Copart, Inc.* .............................. 3,100 51,150
Manpower, Inc. ............................. 1,000 47,080
Education Management
Corp.* ................................... 1,300 40,352
Stericycle, Inc.* .......................... 600 28,020
United Rentals, Inc.* ...................... 1,100 21,186
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Corinthian Colleges,
Inc.* .................................... 200 $ 11,112
D&B Corp.* ................................. 200 10,142
---------
TOTAL COMMERCIAL SERVICES
& SUPPLIES 285,175
---------
MACHINERY 1.4%
AGCO Corp.* ................................ 3,800 76,532
Tecumseh Products
Co.-- Class A ............................ 1,400 67,802
Graco, Inc. ................................ 1,200 48,120
Harsco Corp. ............................... 800 35,056
Donaldson Co., Inc. ........................ 400 23,664
SPX Corp.* ................................. 100 5,881
Flowserve Corp.* ........................... 100 2,088
---------
TOTAL MACHINERY 259,143
---------
AEROSPACE & DEFENSE 0.8%
L-3 Communications
Holdings, Inc.* .......................... 1,800 92,448
Precision Castparts Corp. .................. 900 40,869
Sequa Corp.-- Class A* ..................... 200 9,800
---------
TOTAL AEROSPACE & DEFENSE 143,117
---------
INDUSTRIAL CONGLOMERATES 0.8%
ALLETE, Inc. ............................... 2,700 82,620
Teleflex, Inc. ............................. 1,200 57,996
---------
TOTAL INDUSTRIAL CONGLOMERATES 140,616
---------
CONSTRUCTION & ENGINEERING 0.8%
Jacobs Engineering
Group, Inc.* ............................. 1,900 91,219
Dycom Industries, Inc.* .................... 700 18,774
Quanta Services, Inc.* ..................... 2,500 18,250
Granite Construction,
Inc. ..................................... 400 9,396
---------
TOTAL CONSTRUCTION
& ENGINEERING 137,639
---------
ROAD & RAIL 0.6%
Swift Transportation
Co., Inc.* ............................... 3,300 69,366
Werner Enterprises, Inc. ................... 2,500 48,725
---------
TOTAL ROAD & RAIL 118,091
---------
See Notes to Financial Statements.
66
MEDIUS FUND
SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
AIRLINES 0.5%
Alaska Air Group, Inc.* .................... 1,700 $ 46,393
JetBlue Airways Corp.* ..................... 1,700 45,084
---------
TOTAL AIRLINES 91,477
---------
ELECTRICAL EQUIPMENT 0.5%
AMETEK, Inc. ............................... 900 43,434
Hubbell, Inc.-- Class B .................... 900 39,690
---------
TOTAL ELECTRICAL EQUIPMENT 83,124
---------
MARINE 0.4%
Alexander & Baldwin,
Inc. ..................................... 2,200 74,118
---------
TOTAL MARINE 74,118
---------
AIR FREIGHT & COURIERS 0.2%
J.B.Hunt Transport
Services, Inc.* .......................... 1,600 43,216
---------
TOTAL AIR FREIGHT & COURIERS 43,216
---------
BUILDING PRODUCTS 0.1%
York International Corp. ................... 400 14,720
---------
TOTAL BUILDING PRODUCTS 14,720
---------
TOTAL INDUSTRIALS 1,390,436
---------
UTILITIES 4.1%
ELECTRIC UTILITIES 1.9%
Pepco Holdings, Inc. ....................... 5,100 99,654
Alliant Energy Corp. ....................... 3,500 87,150
WPS Resources Corp. ........................ 1,600 73,968
Great Plains Energy, Inc. .................. 1,700 54,094
OGE Energy Corp. ........................... 500 12,095
Black Hills Corp. .......................... 300 8,949
PNM Resources, Inc. ........................ 200 5,620
---------
TOTAL ELECTRIC UTILITIES 341,530
---------
MULTI-UTILITIES 1.4%
SCANA Corp. ................................ 3,000 102,750
MDU Resources Group,
Inc. ..................................... 2,900 69,049
Westar Energy, Inc. ........................ 2,700 54,675
Aquila, Inc.* .............................. 6,500 22,035
---------
TOTAL MULTI-UTILITIES 248,509
---------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
GAS UTILITIES 0.8%
AGL Resources, Inc. ........................ 2,800 $ 81,480
WGL Holdings, Inc. ......................... 2,700 75,033
---------
TOTAL GAS UTILITIES 156,513
---------
TOTAL UTILITIES 746,552
---------
ENERGY 4.1%
OIL & GAS 2.2%
Valero Energy Corp. ........................ 2,600 120,484
Noble Energy, Inc. ......................... 2,000 88,860
Murphy Oil Corp. ........................... 900 58,779
Pioneer Natural Resources
Co.* ..................................... 1,300 41,509
Overseas Shipholding
Group, Inc. .............................. 1,000 34,050
XTO Energy, Inc. ........................... 1,100 31,130
Forest Oil Corp.* .......................... 800 22,856
Pogo Producing Co. ......................... 100 4,830
---------
TOTAL OIL & GAS 402,498
---------
ENERGY EQUIPMENT & SERVICES 1.9%
Patterson-UTI Energy,
Inc.* .................................... 2,700 88,884
Pride International, Inc.* ................. 4,700 87,608
ENSCO International,
Inc. ..................................... 2,400 65,208
Weatherford International
Ltd.* .................................... 1,800 64,800
Helmerich & Payne, Inc. .................... 1,100 30,723
Hanover Compressor
Co.* ..................................... 300 3,345
---------
TOTAL ENERGY EQUIPMENT
& SERVICES 340,568
---------
TOTAL ENERGY 743,066
---------
CONSUMER STAPLES 2.9%
FOOD PRODUCTS 1.5%
Tyson Foods, Inc. --
Class A .................................. 6,300 83,412
Tootsie Roll Industries,
Inc. ..................................... 2,200 79,200
Sensient Technologies
Corp. .................................... 2,100 41,517
J.M. Smucker Co. ........................... 800 36,232
See Notes to Financial Statements.
ANNUAL REPORT 67
MEDIUS FUND
SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Dean Foods Co.* ............................ 600 $ 19,722
Hormel Foods Corp. ......................... 500 12,905
----------
TOTAL FOOD PRODUCTS 272,988
----------
BEVERAGES 0.5%
PepsiAmericas, Inc. ........................ 5,100 87,312
----------
TOTAL BEVERAGES 87,312
----------
HOUSEHOLD PRODUCTS 0.4%
Church & Dwight Co.,
Inc. ..................................... 1,900 75,240
----------
TOTAL HOUSEHOLD PRODUCTS 75,240
----------
TOBACCO 0.4%
Universal Corp./Richmond
VA ....................................... 1,600 70,672
----------
TOTAL TOBACCO 70,672
----------
FOOD & DRUG RETAILING 0.1%
Ruddick Corp. .............................. 1,100 19,690
BJ's Wholesale Club,
Inc.* .................................... 400 9,184
----------
TOTAL FOOD & DRUG RETAILING 28,874
----------
TOTAL CONSUMER STAPLES 535,086
----------
MATERIALS 2.8%
CHEMICALS 1.6%
Lubrizol Corp. ............................. 2,400 78,048
Scotts Co. - Class A* ...................... 1,300 76,908
Olin Corp. ................................. 3,500 70,210
Minerals Technologies, Inc. ................ 500 29,625
Cabot Corp. ................................ 600 19,104
FMC Corp.* ................................. 200 6,826
Airgas, Inc. ............................... 300 6,444
----------
TOTAL CHEMICALS 287,165
----------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
METALS & MINING 0.5%
Peabody Energy Corp. ....................... 1,800 $ 75,078
Carpenter Technology
Corp. .................................... 600 17,742
----------
TOTAL METALS & MINING 92,820
----------
PAPER & FOREST PRODUCTS 0.4%
Potlatch Corp. ............................. 1,700 59,109
Wausau-Mosinee Paper
Corp. .................................... 500 6,760
----------
TOTAL PAPER & FOREST PRODUCTS 65,869
----------
CONTAINERS & PACKAGING 0.3%
Sonoco Products Co. ........................ 1,800 44,316
Longview Fibre Co. ......................... 400 4,940
----------
TOTAL CONTAINERS & PACKAGING 49,256
----------
CONSTRUCTION MATERIALS 0.0%
Martin Marietta Materials,
Inc. ..................................... 100 4,697
----------
TOTAL CONSTRUCTION MATERIALS 4,697
----------
TOTAL MATERIALS 499,807
----------
TELECOMMUNICATION SERVICES 0.4%
WIRELESS TELECOMMUNICATION
SERVICES 0.4%
Telephone & Data Systems,
Inc. ..................................... 1,100 68,805
----------
TOTAL WIRELESS TELECOMMUNICATION
SERVICES 68,805
----------
TOTAL TELECOMMUNICATION
SERVICES 68,805
----------
TOTAL COMMON STOCKS
(Cost $10,379,092) ......................... 11,564,395
----------
See Notes to Financial Statements.
68
MEDIUS FUND
SCHEDULE OF INVESTMENTS (CONCLUDED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
FACE VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS 36.3%
Repurchase Agreement (Note 5)
0.94% due 01/02/04 ............................. $ 1,444,958 $ 1,444,958
0.85% due 01/02/04 ............................. 2,258,134 2,258,134
0.80% due 01/02/04 ............................. 1,444,958 1,444,958
0.80% due 01/02/04 ............................. 1,444,958 1,444,958
-----------
TOTAL REPURCHASE AGREEMENTS
(Cost $6,593,008) .............................. 6,593,008
-----------
TOTAL INVESTMENTS 100%
(Cost $16,972,100) ............................. $18,157,403
===========
- --------------------------------------------------------------------------------
UNREALIZED
GAIN
CONTRACTS (NOTE 1)
- --------------------------------------------------------------------------------
FUTURES CONTRACTS PURCHASED
March 2004 S&P Mid Cap 400 Index Futures Contracts
(Aggregate Market Value of Contracts $16,114,000) 56 $ 488,586
===========
* NON-INCOME PRODUCING SECURITIES
See Notes to Financial Statements.
ANNUAL REPORT 69
MEKROS FUND
SCHEDULE OF INVESTMENTS December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMMON STOCKS 63.4%
FINANCIALS 13.4%
BANKS 5.1%
Oriental Financial
Group ................................... 19,510 $ 501,397
NetBank, Inc. ............................. 31,309 417,975
Provident Bankshares
Corp. ................................... 14,100 415,104
Irwin Financial Corp. ..................... 13,200 414,480
WSFS Financial Corp. ...................... 9,204 412,800
Citizens Banking
Corp./MI ................................ 11,300 369,736
Prosperity Bancshares,
Inc. .................................... 15,505 349,173
Flagstar Bancorp, Inc. .................... 13,900 297,738
Local Financial Corp.* .................... 11,300 235,492
Hawthorne Financial
Corp.* .................................. 7,500 209,850
Greater Bay Bancorp+ ...................... 6,000 170,880
Connecticut
Bancshares/de, Inc. ..................... 3,300 170,082
Independent Bank
Corp./MI ................................ 5,797 164,403
FirstFed Financial
Corp.* .................................. 3,498 152,163
UCBH Holdings, Inc. ....................... 3,700 144,189
Nara Bancorp, Inc. ........................ 5,203 142,042
Hancock Holding Co. ....................... 2,496 136,207
Resource Bankshares
Corp. /VA ............................... 3,600 113,508
Westcorp .................................. 3,100 113,305
First Citizens BancShares,
Inc.-- Class A .......................... 889 108,040
Bank of the Ozarks, Inc. .................. 4,400 99,044
Glacier Bancorp, Inc. ..................... 3,001 97,232
Community Bank
System, Inc. ............................ 1,800 88,200
Provident Financial
Services, Inc. .......................... 3,999 75,581
Sterling Bancorp/NY ....................... 2,598 74,043
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Silicon Valley
Bancshares* ............................. 2,000 $ 72,140
Firstfed America
Bancorp, Inc. ........................... 2,600 67,678
City Holding Co. .......................... 1,800 63,000
Harleysville National
Corp. ................................... 1,800 54,180
Independent Bank
Corp./MA ................................ 1,802 51,934
UMB Financial Corp. ....................... 995 47,302
PrivateBancorp, Inc. ...................... 1,000 45,520
Mercantile Bank Corp. ..................... 1,100 40,150
Amcore Financial, Inc. .................... 1,396 37,720
East-West Bancorp, Inc. ................... 700 37,576
First Community
Bancorp/CA .............................. 1,015 36,682
Wintrust Financial
Corp. ................................... 800 36,080
S&T Bancorp, Inc. ......................... 1,200 35,880
First Republic Bank ....................... 998 35,728
Susquehanna Bancshares,
Inc. .................................... 1 25
------------
TOTAL BANKS 6,134,259
------------
REAL ESTATE 4.1%
Pennsylvania Real Estate
Investment Trust ........................ 28,506 1,034,768
Equity One, Inc. .......................... 32,909 555,504
Lexington Corporate
Properties Trust ........................ 20,406 411,997
Kilroy Realty Corp. ....................... 10,204 334,181
Getty Realty Corp. ........................ 10,100 264,115
Newcastle Investment
Corp. ................................... 9,500 257,450
Correctional Properties
Trust .................................. 8,707 250,762
Anworth Mortgage
Asset Corp.+ ............................ 16,107 224,370
Capital Automotive
REIT .................................... 6,605 211,360
Parkway Properties/Md,
Inc. .................................... 4,300 178,880
See Notes to Financial Statements.
70
MEKROS FUND
SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Keystone Property Trust ................... 7,898 $ 174,467
Corporate Office
Properties Trust SBI
MD ...................................... 7,400 155,400
Glimcher Realty Trust ..................... 5,797 129,737
Commercial Net
Lease Realty ............................ 5,206 92,667
Orleans Homebuilders,
Inc.* ................................... 3,000 84,990
Meristar Hospitality
Corp.* .................................. 12,701 82,683
Manufactured Home
Communities, Inc. ....................... 2,097 78,952
Entertainment
Properties Trust ........................ 1,997 69,316
Novastar Financial,
Inc.+ ................................... 1,500 64,440
Omega Healthcare
Investors, Inc. ......................... 5,600 52,248
Sovran Self Storage,
Inc. .................................... 1,097 40,753
Tanger Factory Outlet
Centers, Inc. ........................... 998 40,619
Nationwide Health
Properties, Inc. ........................ 1,997 39,041
Heritage Property
Investment Trust ........................ 1,300 36,985
------------
TOTAL REAL ESTATE 4,865,685
------------
INSURANCE 2.4%
Hilb Rogal & Hamilton
Co. ..................................... 11,308 362,648
Commerce Group,
Inc. .................................... 7,700 304,150
RLI Corp. ................................. 6,006 224,985
LandAmerica Financial
Group, Inc. ............................. 4,300 224,718
Triad Guaranty, Inc.* ..................... 4,300 216,505
Navigators Group,
Inc.* ................................... 6,500 200,655
AmerUs Group Co.+ ......................... 5,100 178,347
ProAssurance Corp.* ....................... 4,203 135,126
Philadelphia
Consolidated
Holding Co.* ............................ 2,700 131,841
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Allmerica Financial
Corp.* .................................. 4,198 $ 129,173
Zenith National
Insurance Corp. ......................... 3,497 113,827
State Auto Financial
Corp. ................................... 4,398 102,869
Universal American
Financial Corp.* ........................ 9,000 89,190
UICI* ..................................... 5,807 77,117
Delphi Financial Group
-- Class A ............................... 1,700 61,200
Fremont General Corp. ..................... 2,799 47,331
Clark, Inc.* .............................. 2,300 44,252
Phoenix Cos., Inc. ........................ 3,299 39,720
Ohio Casualty Corp.* ...................... 2,200 38,192
Infinity Property &
Casualty Corp. .......................... 1,098 36,289
American Medical
Security Group,
Inc.* ................................... 1,596 35,782
Selective Insurance
Group ................................... 1,100 35,596
------------
TOTAL INSURANCE 2,829,513
------------
DIVERSIFIED FINANCIALS 1.8%
Affiliated Managers
Group* .................................. 4,100 285,319
New Century Financial
Corp.+ .................................. 5,900 234,053
Saxon Capital, Inc.* ...................... 10,000 209,500
WFS Financial, Inc.* ...................... 3,706 157,357
Knight Trading Group,
Inc.*+ .................................. 10,107 147,966
eSpeed, Inc.--
Class A* ................................ 5,700 133,437
PFF Bancorp, Inc. ......................... 3,300 119,724
SWS Group, Inc. ........................... 6,499 115,682
Investment Technology
Group, Inc.* ............................ 6,600 106,590
Cash America
International, Inc. ..................... 4,900 103,782
MCG Capital Corp. ......................... 4,598 89,661
Financial Federal
Corp.* .................................. 2,500 76,375
See Notes to Financial Statements.
ANNUAL REPORT 71
MEKROS FUND
SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Anchor BanCorp
Wisconsin, Inc. ......................... 2,800 $ 69,720
World Acceptance
Corp.* .................................. 3,500 69,685
Sterling Financial
Corp./WA* ............................... 1,600 54,768
CompuCredit Corp.* ........................ 2,300 48,944
Rewards Network,
Inc.* ................................... 4,200 44,772
TierOne Corp.* ............................ 1,799 41,305
BankAtlantic Bancorp,
Inc.-- Class A .......................... 2,000 38,000
Bank Mutual Corp. ......................... 3,200 36,448
United PanAm Financial
Corp.* .................................. 1,998 33,387
First Federal Capital
Corp. ................................... 9 203
------------
TOTAL DIVERSIFIED FINANCIALS 2,216,678
------------
TOTAL FINANCIALS 16,046,135
------------
INFORMATION TECHNOLOGY 13.0%
ELECTRONIC EQUIPMENT
& INSTRUMENTS 3.9%
Anixter International,
Inc.* ................................... 42,717 1,105,516
Park Electrochemical
Corp. ................................... 37,607 996,210
Cognex Corp. .............................. 22,010 621,562
Technitrol, Inc.* ......................... 18,707 387,983
Global Imaging Systems,
Inc.* ................................... 10,900 346,075
Landauer, Inc. ............................ 7,100 289,538
Trimble Navigation
Ltd.* ................................... 7,200 268,128
Lexar Media, Inc.* ........................ 8,702 151,676
MTS Systems Corp. ......................... 6,100 117,303
Methode Electronics,
Inc.-- Class A .......................... 8,500 103,955
Identix, Inc.* ............................ 19,607 87,251
Littelfuse, Inc.* ......................... 2,300 66,286
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Daktronics, Inc.* ......................... 2,500 $ 62,900
Planar Systems, Inc.* ..................... 2,300 55,936
Scansource, Inc.* ......................... 1,100 50,182
------------
TOTAL ELECTRONIC EQUIPMENT
& INSTRUMENTS 4,710,501
------------
COMMUNICATIONS EQUIPMENT 1.9%
Adaptec, Inc.*+ ........................... 65,826 581,244
F5 Networks, Inc.* ........................ 15,810 396,831
Sonus Networks, Inc.* ..................... 22,510 170,176
CommScope, Inc.* .......................... 9,800 160,034
Comtech
Telecommunications
Corp.* .................................. 4,698 135,631
C-COR.net Corp.* .......................... 11,002 122,452
ViaSat, Inc.* ............................. 5,199 99,509
Packeteer, Inc.* .......................... 5,696 96,718
Ixia* ..................................... 7,805 91,318
Aspect Communications
Corp.* .................................. 5,306 83,623
Audiovox Corp.--
Class A* ................................ 6,300 80,892
Centillium
Communications,
Inc.* ................................... 13,807 77,733
Plantronics, Inc.* ........................ 2,300 75,095
Terayon Corp.* ............................ 15,902 71,559
Andrew Corp.*+ ............................ 5,400 62,154
------------
TOTAL COMMUNICATIONS
EQUIPMENT 2,304,969
------------
INTERNET SOFTWARE & SERVICES 1.7%
AsiaInfo Holdings,
Inc.* ................................... 34,814 232,557
aQuantive, Inc.* .......................... 21,410 219,452
EarthLink, Inc.* .......................... 21,310 213,100
Sohu.com, Inc.* ........................... 6,798 204,008
United Online, Inc.* ...................... 9,800 164,542
Digital River, Inc.* ...................... 7,199 159,098
Kana Software, Inc.* ...................... 42,515 143,276
Interland, Inc.* .......................... 19,409 126,741
See Notes to Financial Statements.
72
MEKROS FUND
SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Ask Jeeves, Inc.*+ ........................ 5,600 $ 101,472
SupportSoft, Inc.* ........................ 7,406 97,389
ValueClick, Inc.* ......................... 8,700 78,996
Digital Insight Corp.* .................... 3,000 74,700
eCollege.com, Inc.* ....................... 3,506 64,721
j2 Global
Communications,
Inc.* ................................... 2,600 64,402
Retek, Inc.* .............................. 6,306 58,520
Akamai Technologies,
Inc.*+ .................................. 5,400 58,050
------------
TOTAL INTERNET SOFTWARE
& SERVICES 2,061,024
------------
SOFTWARE 1.6%
Digimarc Corp.* ........................... 14,600 194,180
RSA Security, Inc.* ....................... 12,807 181,859
THQ, Inc.* ................................ 8,900 150,499
Sybase, Inc.*+ ............................ 6,900 142,002
MRO Software, Inc.* ....................... 9,499 127,857
SPSS, Inc.* ............................... 7,001 125,178
Magma Design
Automation, Inc.*+ ...................... 5,298 123,655
Quest Software, Inc.* ..................... 8,500 120,700
Progress Software
Corp.* .................................. 5,500 112,530
Inet Technologies, Inc.* .................. 8,800 105,600
Epicor Software Corp.* .................... 6,999 89,307
Transaction Systems
Architects, Inc. --
Class A* ................................ 3,700 83,731
Micros Systems, Inc.* ..................... 1,800 78,048
Take-Two Interactive
Software, Inc.*+ ........................ 2,200 63,382
Portal Software, Inc.* .................... 9,399 63,255
Sonic Solutions, Inc.* .................... 4,000 61,200
InterVoice, Inc.* ......................... 5,000 59,350
Manugistics Group,
Inc.* ................................... 7,700 48,125
EPIQ Systems, Inc.* ....................... 14 240
------------
TOTAL SOFTWARE 1,930,698
------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMPUTERS & PERIPHERALS 1.6%
Hutchinson Technology,
Inc.*+ .................................. 9,308 $ 286,128
Rainbow Technologies,
Inc.* ................................... 24,610 277,108
Advanced Digital
Information Corp.* ...................... 12,400 173,600
Avid Technology, Inc.* .................... 3,306 158,688
Applied Films Corp.* ...................... 4,800 158,496
Hypercom Corp.* ........................... 28,710 136,659
Synaptics, Inc.* .......................... 6,698 100,336
Komag, Inc.* .............................. 6,700 98,021
Dot Hill Systems
Corp.* .................................. 6,300 95,445
Transmeta
Corp./Delaware* ......................... 26,207 89,104
Sigma Designs, Inc.* ...................... 11,405 85,880
PalmOne, Inc.* ............................ 7,200 84,600
UNOVA, Inc.* .............................. 3,306 75,873
Electronics for
Imaging* ................................ 2,300 59,846
------------
TOTAL COMPUTERS
& PERIPHERALS 1,879,784
------------
SEMICONDUCTOR EQUIPMENT
& PRODUCTS 1.3%
Cabot Microelectronics
Corp.*+ ................................. 4,300 210,700
Conexant Systems,
Inc.*+ .................................. 38,309 190,396
Rudolph Technologies,
Inc.* ................................... 7,100 174,234
RF Micro Devices,
Inc.*+ .................................. 15,700 157,785
OmniVision
Technologies, Inc.* ..................... 2,200 121,550
Credence Systems
Corp.*+ ................................. 7,600 100,016
Vitesse Semiconductor
Corp.* .................................. 15,007 88,091
Power Integrations,
Inc.* ................................... 2,300 76,958
See Notes to Financial Statements.
ANNUAL REPORT 73
MEKROS FUND
SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Cymer, Inc.*+ ............................. 1,600 $ 73,904
Ultratech, Inc.* .......................... 2,497 73,337
Brooks Automation,
Inc.* ................................... 2,899 70,069
Microsemi Corp.* .......................... 2,597 63,834
Micrel, Inc.* ............................. 3,900 60,762
Cirrus Logic, Inc.* ....................... 6,605 50,660
------------
TOTAL SEMICONDUCTOR EQUIPMENT
& PRODUCTS 1,512,296
------------
IT CONSULTING & SERVICES 1.0%
MedQuist, Inc.* ........................... 26,009 417,705
Perot Systems Corp.--
Class A* ................................ 18,701 252,089
Titan Corp.* .............................. 9,500 207,195
Tyler Technologies,
Inc.* ................................... 18,306 176,287
eFunds Corp.* ............................. 4,100 71,135
------------
TOTAL IT CONSULTING & SERVICES 1,124,411
------------
TOTAL INFORMATION
TECHNOLOGY 15,523,683
------------
CONSUMER DISCRETIONARY 9.2%
SPECIALTY RETAIL 3.1%
Dress Barn, Inc.* ......................... 46,311 694,202
Payless Shoesource,
Inc.* ................................... 12,900 172,860
AnnTaylor Stores
Corp.*+ ................................. 3,900 152,100
Pacific Sunwear of
California* ............................. 6,700 141,504
HOT Topic, Inc.*+ ......................... 4,700 138,462
PEP Boys-
Manny Moe & Jack ........................ 5,300 121,211
Group 1 Automotive,
Inc.* ................................... 3,006 108,787
Aaron Rents, Inc. ......................... 5,300 106,689
Tractor Supply Co.* ....................... 2,600 101,114
Ultimate Electronics,
Inc.* ................................... 12,404 94,643
Mothers Work, Inc.* ....................... 3,801 92,744
Urban Outfitters,
Inc.* ................................... 2,200 81,510
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Sports Authority, Inc.* ................... 2,100 $ 80,640
PETCO Animal
Supplies, Inc.* ......................... 2,600 79,170
United Auto Group,
Inc. .................................... 2,500 78,250
Big 5 Sporting Goods
Corp.* .................................. 3,600 75,420
CSK Auto Corp.* ........................... 3,500 65,695
Asbury Automotive
Group, Inc.* ............................ 3,300 59,103
Men's Wearhouse,
Inc.* ................................... 2,300 57,523
Finish Line, Inc.--
Class A* ................................ 1,900 56,943
Charming Shoppes,
Inc.* ................................... 10,100 54,540
Hollywood
Entertainment
Corp.* .................................. 3,900 53,625
Zale Corp.*+ .............................. 1,000 53,200
Aeropostale, Inc.* ........................ 1,800 49,356
Sonic Automotive, Inc. .................... 1,997 45,771
Cost Plus, Inc.* .......................... 1,100 45,100
TBC Corp.* ................................ 1,700 43,877
Dick's Sporting Goods,
Inc.* ................................... 900 43,794
Haverty Furniture Cos.,
Inc. .................................... 2,100 41,706
Tweeter Home
Entertainment
Group, Inc.* ............................ 4,400 41,580
Linens `N Things, Inc.* ................... 1,300 39,104
Intertan, Inc.* ........................... 3,799 38,446
Lithia Motors, Inc. --
Class A ................................. 1,500 37,815
Cato Corp.-- Class A ...................... 1,800 36,900
Sharper Image Corp.* ...................... 1,100 35,915
Hibbett Sporting Goods,
Inc.* ................................... 1,200 35,760
Children's Place Retail
Stores, Inc.*+ .......................... 1,300 34,749
Select Comfort Corp.* ..................... 1,400 34,664
See Notes to Financial Statements.
74
MEKROS FUND
SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Charlotte Russe
Holding, Inc.* .......................... 2,500 $ 34,650
Brookstone, Inc.* ......................... 1,600 34,096
Too, Inc.* ................................ 2,000 33,760
Galyan's Trading Co.,
Inc.* ................................... 2,800 33,712
Stage Stores, Inc.* ....................... 1,200 33,480
American Eagle
Outfitters, Inc.* ....................... 2,000 32,800
A.C. Moore Arts &
Crafts, Inc.* ........................... 1,700 32,742
Monro Muffler Brake,
Inc.* ................................... 1,600 32,016
Kirkland's, Inc.* ......................... 1,800 31,788
Guess ?, Inc.* ............................ 2,600 31,382
Casual Male Retail
Group, Inc.* ............................ 4,300 29,842
Wilsons The Leather
Experts* ................................ 7,799 27,219
------------
TOTAL SPECIALTY RETAIL 3,711,959
------------
HOTELS RESTAURANTS & LEISURE 1.9%
Six Flags, Inc.* .......................... 40,910 307,643
P.F. Chang's China
Bistro, Inc.* ........................... 3,300 167,904
Sonic Corp.* .............................. 4,800 146,976
Shuffle Master, Inc.* ..................... 3,100 107,322
CEC Entertainment,
Inc.* ................................... 2,200 104,258
Panera Bread Co.--
Class A* ................................ 2,300 90,919
Vail Resorts, Inc.* ....................... 5,300 90,100
O'Charleys, Inc.* ......................... 3,700 66,415
Landry's Restaurants,
Inc.+ ................................... 2,300 59,156
La Quinta Corp.* .......................... 8,300 53,203
Rare Hospitality
International, Inc.* .................... 2,100 51,324
Papa John's International,
Inc.*+ .................................. 1,400 46,732
Red Robin Gourmet
Burgers, Inc.* .......................... 1,400 42,616
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Scientific Games
Corp.-- Class A* ........................ 2,500 $ 42,525
Marcus Corp. .............................. 2,498 40,967
California Pizza Kitchen,
Inc.* ................................... 2,000 40,260
Ameristar Casinos,
Inc.* ................................... 1,598 39,103
Argosy Gaming Co.* ........................ 1,500 38,985
Bob Evans Farms, Inc. ..................... 1,200 38,952
Chicago Pizza &
Brewery, Inc.* .......................... 2,600 38,792
Isle of Capri Casinos,
Inc.* ................................... 1,800 38,646
IHOP Corp. ................................ 1,000 38,480
Jack in the Box, Inc.* .................... 1,800 38,448
Pinnacle Entertainment,
Inc.* ................................... 4,103 38,240
Ryan's Family Steak
Houses, Inc.* ........................... 2,500 37,850
CKE Restaurants, Inc.* .................... 5,900 37,701
Extended Stay America,
Inc. .................................... 2,600 37,648
Speedway Motorsports,
Inc. .................................... 1,300 37,596
Steak N Shake Co.* ........................ 2,100 37,485
Boyd Gaming Corp. ......................... 2,300 37,122
Multimedia Games,
Inc.* ................................... 900 36,990
Penn National Gaming,
Inc.* ................................... 1,600 36,928
Aztar Corp.* .............................. 1,600 36,000
Choice Hotels
International, Inc.* .................... 996 35,109
Alliance Gaming
Corp.* .................................. 1,400 34,510
MTR Gaming Group,
Inc.* ................................... 3,300 33,990
Prime Hospitality
Corp.* .................................. 3,300 33,660
Dave & Buster's, Inc.* .................... 2,600 32,968
------------
TOTAL HOTELS RESTAURANTS
& LEISURE .................................. 2,273,523
------------
See Notes to Financial Statements.
ANNUAL REPORT 75
MEKROS FUND
SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
AUTO COMPONENTS 1.3%
Visteon Corp. ............................. 85,530 $ 890,367
Goodyear Tire & Rubber
Co.*+ ................................... 29,109 228,797
Cooper Tire & Rubber
Co.+ .................................... 7,200 153,936
Tenneco Automotive,
Inc.* ................................... 20,502 137,158
Dura Automotive
Systems, Inc. --
Class A* ................................ 3,600 45,972
Modine Manufacturing
Co. ..................................... 1,700 45,866
Keystone Automotive
Industries, Inc.* ....................... 1,500 38,040
Superior Industries
International ........................... 800 34,816
------------
TOTAL AUTO COMPONENTS 1,574,952
------------
MEDIA 1.1%
Mediacom
Communications
Corp.* .................................. 18,201 157,803
RH Donnelley Corp.* ....................... 3,599 143,384
Saga Communications,
Inc.-- Class A* ......................... 5,100 94,503
Insight Communications
Co., Inc.* .............................. 8,400 86,604
Cumulus Media, Inc.--
Class A* ................................ 3,697 81,334
Charter Communications,
Inc.-- Class A* ......................... 17,710 71,194
ProQuest Co.*+ ............................ 2,400 70,680
Emmis Communications
Corp.-- Class A*+ ....................... 2,600 70,330
Grey Global Group, Inc. ................... 100 68,305
Gray Television, Inc. ..................... 4,000 60,480
Pegasus Communications
Corp.*+ ................................. 1,800 50,544
Harris Interactive, Inc.* ................. 5,400 44,820
Digital Generation
Systems, Inc.* .......................... 20,002 44,804
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Salem Communications
Corp. /DE --
Class A* ................................ 1,500 $ 40,680
Catalina Marketing
Corp.* .................................. 2,000 40,320
ADVO, Inc. ................................ 1,200 38,112
Journal Register Co.* ..................... 1,800 37,260
4Kids Entertainment,
Inc.* ................................... 1,400 36,428
Hollinger International,
Inc. .................................... 2,300 35,926
------------
TOTAL MEDIA 1,273,511
------------
TEXTILES & APPAREL 0.5%
Phillips-Van Heusen ....................... 7,200 127,728
K-Swiss, Inc.--
Class A ................................. 3,400 81,804
Skechers U.S.A.,
Inc.-- Class A* ......................... 9,999 81,492
Fossil, Inc.* ............................. 2,000 56,020
Quiksilver, Inc.* ......................... 3,100 54,963
Brown Shoe Co., Inc. ...................... 1,100 41,723
Warnaco Group, Inc.* ...................... 2,500 39,875
Stride Rite Corp. ......................... 3,200 36,416
DHB Industries, Inc.* ..................... 4,906 34,342
------------
TOTAL TEXTILES & APPAREL 554,363
------------
LEISURE EQUIPMENT & PRODUCTS 0.4%
Callaway Golf Co. ......................... 10,100 170,185
SCP Pool Corp.* ........................... 3,900 127,452
Arctic Cat, Inc. .......................... 4,698 116,041
Oakley, Inc. .............................. 3,100 42,904
Nautilus Group, Inc.+ ..................... 2,600 36,530
RC2 Corp.* ................................ 1,699 35,254
------------
TOTAL LEISURE EQUIPMENT
& PRODUCTS 528,366
------------
HOUSEHOLD DURABLES 0.3%
Standard-Pacific Corp. .................... 3,200 155,360
Beazer Homes USA,
Inc. .................................... 1,000 97,660
Yankee Candle Co.,
Inc.* ................................... 2,100 57,393
See Notes to Financial Statements.
76
MEKROS FUND
SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Champion Enterprises,
Inc.*+ .................................. 5,600 $ 39,200
Interface, Inc.--
Class A* ................................ 6,507 35,984
------------
TOTAL HOUSEHOLD DURABLES 385,597
------------
AUTOMOBILES 0.2%
Thor Industries, Inc. ..................... 1,700 95,574
Monaco Coach Corp.* ....................... 3,800 90,440
Winnebago Industries,
Inc. .................................... 1,196 82,225
Fleetwood Enterprises,
Inc.* ................................... 3,600 36,936
------------
TOTAL AUTOMOBILES 305,175
------------
INTERNET & CATALOG RETAIL 0.2%
Insight Enterprises,
Inc.* ................................... 3,800 71,440
Netflix, Inc.* ............................ 800 43,752
ValueVision Media,
Inc.-- Class A* ......................... 2,400 40,080
GSI Commerce, Inc.* ....................... 3,797 37,063
Priceline.com, Inc.* ...................... 1,998 35,764
------------
TOTAL INTERNET &
CATALOG RETAIL 228,099
------------
MULTILINE RETAIL 0.1%
Fred's, Inc. .............................. 3,300 102,234
ShopKo Stores, Inc.* ...................... 2,200 33,550
------------
TOTAL MULTILINE RETAIL 135,784
------------
DISTRIBUTORS 0.1%
Source Interlink Cos.,
Inc.* ................................... 3,997 42,448
Blue Rhino Corp.*+ ........................ 2,900 40,281
------------
TOTAL DISTRIBUTORS 82,729
------------
TOTAL CONSUMER
DISCRETIONARY 11,054,058
------------
INDUSTRIALS 9.1%
MACHINERY 2.1%
Tecumseh Products
Co.-- Class A ........................... 16,008 775,267
Kadant, Inc.*+ ............................ 17,503 378,940
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Toro Co. .................................. 6,203 $ 287,819
Reliance Steel &
Aluminum Co. ............................ 4,298 142,737
Oshkosh Truck Corp. ....................... 2,796 142,680
ASV, Inc.* ................................ 3,300 123,288
Terex Corp.* .............................. 3,600 102,528
EnPro Industries,
Inc.* ................................... 7,200 100,440
ESCO Technologies,
Inc.* ................................... 2,100 91,665
Ceradyne, Inc.* ........................... 2,100 71,526
Albany International
Corp.-- Class A ......................... 1,400 47,460
NACCO Industries,
Inc.-- Class A .......................... 500 44,740
Thomas Industries,
Inc. .................................... 1,200 41,592
Kaydon Corp. .............................. 1,500 38,760
Barnes Group, Inc. ........................ 1,196 38,643
Robbins & Myers, Inc. ..................... 2,004 38,056
IDEX Corp. ................................ 900 37,431
Flowserve Corp.* .......................... 1,700 35,496
CLARCOR, Inc. ............................. 800 35,280
------------
TOTAL MACHINERY 2,574,348
------------
COMMERCIAL SERVICES & SUPPLIES 1.8%
Mobile Mini, Inc.* ........................ 12,503 246,559
NCO Group, Inc.* .......................... 9,199 209,461
Kroll, Inc.*+ ............................. 7,406 192,556
United Rentals, Inc.* ..................... 9,300 179,118
Copart, Inc.* ............................. 9,099 150,134
Angelica Corp. ............................ 6,500 143,000
FTI Consulting, Inc.* ..................... 4,600 107,502
Navigant Consulting,
Inc.* ................................... 5,098 96,148
Rollins, Inc. ............................. 3,700 83,435
Tetra Tech, Inc.* ......................... 3,200 79,552
CoStar Group, Inc.* ....................... 1,600 66,688
Consolidated Graphics,
Inc.* ................................... 1,700 53,686
SOURCECORP, Inc.* ......................... 2,000 51,260
G & K Services, Inc. --
Class A ................................. 1,297 47,665
Roto-Rooter, Inc. ......................... 1,000 46,100
See Notes to Financial Statements.
ANNUAL REPORT 77
MEKROS FUND
SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Strayer Education, Inc. ................... 400 $ 43,532
Charles River Associates,
Inc.* ................................... 1,300 41,587
Waste Connections,
Inc.* ................................... 1,100 41,547
Imagistics International,
Inc.* ................................... 1,100 41,250
United Stationers, Inc.* .................. 1,000 40,920
Right Management
Consultants, Inc.* ...................... 2,100 39,186
Casella Waste Systems,
Inc.-- Class A* ......................... 2,800 38,332
Arbitron, Inc.* ........................... 900 37,548
PRG-Schultz
International, Inc.* .................... 7,500 36,750
Portfolio Recovery
Associates, Inc.* ....................... 1,298 34,462
Bowne & Co., Inc. ......................... 2,497 33,859
------------
TOTAL COMMERCIAL SERVICES
& SUPPLIES 2,181,837
------------
ROAD & RAIL 1.7%
Kansas City Southern* ..................... 38,516 551,549
Dollar Thrifty
Automotive Group,
Inc.* ................................... 18,709 485,312
Yellow Roadway
Corp.*+ ................................. 4,900 177,233
Knight Transportation,
Inc.* ................................... 6,200 159,030
USF Corp. ................................. 4,200 143,598
Covenant Transport,
Inc.-- Class A* ......................... 6,705 127,462
Heartland Express, Inc. ................... 4,306 104,162
Old Dominion Freight
Line, Inc.* ............................. 2,599 88,574
Genesee & Wyoming,
Inc.-- Class A* ......................... 2,600 81,900
Arkansas Best Corp. ....................... 1,996 62,654
RailAmerica, Inc.* ........................ 3,300 38,940
------------
TOTAL ROAD & RAIL 2,020,414
------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT 0.8%
Franklin Electric Co.,
Inc. .................................... 3,900 $ 235,911
Genlyte Group, Inc.* ...................... 2,306 134,624
Roper Industries, Inc. .................... 2,497 123,002
Regal-Beloit Corp. ........................ 4,500 99,000
Ii-Vi, Inc.* .............................. 3,598 92,829
Belden, Inc. .............................. 3,600 75,924
Acuity Brands, Inc. ....................... 2,700 69,660
General Cable Corp.* ...................... 5,999 48,892
FuelCell Energy, Inc.* .................... 3,100 40,300
Baldor Electric Co. ....................... 1,700 38,845
C&D Technologies, Inc. .................... 1,900 36,423
------------
TOTAL ELECTRICAL EQUIPMENT 995,410
------------
AIRLINES 0.8%
Alaska Air Group,
Inc.* ................................... 8,900 242,881
AirTran Holdings,
Inc.* ................................... 15,608 185,735
SkyWest, Inc. ............................. 9,198 166,668
AMR Corp.*+ ............................... 10,800 139,860
Frontier Airlines, Inc.* .................. 6,400 91,264
Mesa Air Group,
Inc.*+ .................................. 4,500 56,340
America West Holdings
Corp.-- Class B*+ ....................... 4,498 55,775
Atlantic Coast Airlines
Holdings, Inc.* ......................... 4,600 45,540
------------
TOTAL AIRLINES 984,063
------------
AEROSPACE & DEFENSE 0.7%
Esterline Technologies
Corp.* .................................. 6,700 178,689
Triumph Group, Inc.* ...................... 3,700 134,680
Aviall, Inc.* ............................. 8,200 127,182
AAR Corp.* ................................ 7,398 110,600
MTC Technologies,
Inc.* ................................... 2,000 64,440
Cubic Corp. ............................... 1,900 43,700
United Industrial
Corp./New York .......................... 2,200 39,710
See Notes to Financial Statements.
78
MEKROS FUND
SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Teledyne Technologies,
Inc.* ................................... 2,100 $ 39,585
Moog, Inc.--
Class A* ................................ 800 39,520
DRS Technologies,
Inc.* ................................... 1,400 38,892
------------
TOTAL AEROSPACE & DEFENSE 816,998
------------
BUILDING PRODUCTS 0.5%
Griffon Corp.* ............................ 9,100 184,366
ElkCorp ................................... 5,100 136,170
York International
Corp. ................................... 3,098 114,006
NCI Building Systems,
Inc.* ................................... 3,000 71,700
Universal Forest
Products, Inc. .......................... 1,597 51,392
Simpson Manufacturing
Co., Inc.* .............................. 800 40,688
------------
TOTAL BUILDING PRODUCTS 598,322
------------
MARINE 0.3%
Alexander & Baldwin,
Inc. .................................... 5,600 188,664
Kirby Corp.* .............................. 4,700 163,936
------------
TOTAL MARINE 352,600
------------
CONSTRUCTION & ENGINEERING 0.3%
Dycom Industries,
Inc.* ................................... 5,100 136,782
Quanta Services, Inc.* .................... 9,100 66,430
URS Corp.* ................................ 2,500 62,525
Shaw Group, Inc.* ......................... 2,797 38,095
------------
TOTAL CONSTRUCTION
& ENGINEERING 303,832
------------
INDUSTRIAL CONGLOMERATES 0.1%
Tredegar Corp. ............................ 6,300 97,839
------------
TOTAL INDUSTRIAL
CONGLOMERATES 97,839
------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
AIR FREIGHT & COURIERS 0.0%
Forward Air Corp.* ........................ 1,300 $ 35,750
------------
TOTAL AIR FREIGHT & COURIERS 35,750
------------
TOTAL INDUSTRIALS 10,961,413
------------
HEALTH CARE 8.6%
BIOTECHNOLOGY 4.2%
Gene Logic, Inc.*1 ........................ 22,938 638,048
Diversa Corp.* ............................ 48,208 445,924
United Therapeutics
Corp.* .................................. 18,705 429,280
Lexicon Genetics/tx,
Inc.* ................................... 68,521 403,589
CuraGen Corp.* ............................ 28,107 206,024
Incyte Corp.* ............................. 29,813 203,921
Alexion Pharmaceuticals,
Inc.* ................................... 11,307 192,445
InterMune, Inc.* .......................... 7,000 162,120
Isis Pharmaceuticals,
Inc.* ................................... 23,906 155,389
Regeneron
Pharmaceuticals,
Inc.* ................................... 9,808 144,276
Cell Genesys, Inc.* ....................... 11,099 143,621
Transkaryotic Therapies,
Inc.* ................................... 9,100 142,051
Martek Biosciences
Corp.*+ ................................. 2,100 136,437
Gen-Probe, Inc.* .......................... 3,600 131,292
Abgenix, Inc.* ............................ 10,100 125,846
Medarex, Inc.* ............................ 19,807 123,398
Ligand Pharmaceuticals,
Inc.-- Class B*+ ........................ 7,300 107,237
Connetics Corp.* .......................... 5,599 101,678
ILEX Oncology, Inc.* ...................... 3,600 76,500
Applera Corp. --
Celera Genomics
Group* .................................. 5,000 69,550
Tularik, Inc.* ............................ 4,100 66,215
OSI Pharmaceuticals,
Inc.* ................................... 2,000 64,420
Digene Corp.* ............................. 1,600 64,160
See Notes to Financial Statements.
ANNUAL REPORT 79
MEKROS FUND
SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
DECODE Genetics,
Inc.* ................................... 7,600 $ 62,244
Alkermes, Inc.* ........................... 4,606 62,181
Onyx Pharmaceuticals,
Inc.* ................................... 2,200 62,106
Seattle Genetics /wa,
Inc.* ................................... 7,102 60,935
Techne Corp.* ............................. 1,500 56,670
Exact Sciences Corp.* ..................... 4,999 50,590
Progenics
Pharmaceuticals,
Inc.* ................................... 2,602 49,074
Pharmacopeia, Inc.* ....................... 3,300 46,893
Geron Corp.* .............................. 4,600 45,862
Encysive Pharmaceuticals,
Inc.* ................................... 5,100 45,645
NPS Pharmaceuticals,
Inc.* ................................... 1,300 39,962
AVI BioPharma, Inc.*+ ..................... 9,000 36,630
Ariad Pharmaceuticals,
Inc.* ................................... 4,399 32,772
------------
TOTAL BIOTECHNOLOGY 4,984,985
------------
HEALTH CARE EQUIPMENT & SUPPLIES 2.2%
Igen International,
Inc.* ................................... 4,800 282,768
Kensey Nash Corp.* ........................ 9,300 216,225
Dade Behring Holdings,
Inc.* ................................... 5,500 196,570
Thoratec Corp.* ........................... 12,300 160,023
INAMED Corp.* ............................. 3,102 149,082
West Pharmaceutical
Services, Inc. .......................... 4,397 149,058
Cyberonics, Inc.* ......................... 4,500 144,045
Advanced
Neuromodulation
Systems, Inc.* .......................... 2,900 133,342
Nektar Therapeutics* ...................... 8,600 117,046
Therasense, Inc.* ......................... 5,300 107,590
Ventana Medical
Systems, Inc.* .......................... 2,600 102,440
Kyphon, Inc.* ............................. 3,500 86,905
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
VISX, Inc.* ............................... 3,700 $ 85,655
Alaris Medical Systems,
Inc.* ................................... 5,400 82,134
Wilson Greatbatch
Technologies,
Inc.*+ .................................. 1,900 80,313
Wright Medical Group,
Inc.* ................................... 2,600 79,144
Align Technology, Inc.* ................... 4,100 67,732
CardioDynamics
International Corp.* .................... 10,400 62,088
Cytyc Corp.*+ ............................. 4,500 61,920
Arrow International,
Inc.+ ................................... 2,399 59,927
SonoSite, Inc.* ........................... 2,700 57,888
EPIX Medical, Inc.* ....................... 3,200 52,096
TriPath Imaging, Inc.* .................... 6,298 49,125
Cardiac Science, Inc.* .................... 11,300 45,087
Integra LifeSciences
Holdings Corp.* ......................... 1,299 37,190
------------
TOTAL HEALTH CARE EQUIPMENT
& SUPPLIES 2,665,393
------------
PHARMACEUTICALS 1.2%
Bentley Pharmaceuticals,
Inc.* ................................... 20,203 268,700
Adolor Corp.* ............................. 6,700 134,134
Esperion Therapeutics,
Inc.* ................................... 3,797 131,414
Guilford Pharmaceuticals,
Inc.*+ .................................. 17,510 118,718
CollaGenex
Pharmaceuticals,
Inc.* ................................... 10,100 113,221
Medicines Co.* ............................ 3,700 109,002
Durect Corp.*+ ............................ 38,304 98,824
Kos Pharmaceuticals,
Inc.* ................................... 2,200 94,688
MGI Pharma, Inc.* ......................... 1,900 78,185
Salix Pharmaceuticals
Ltd.* ................................... 3,200 72,544
Alteon, Inc.* ............................. 38,105 59,825
See Notes to Financial Statements.
80
MEKROS FUND
SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Penwest Pharmaceuticals
Co.* .................................... 3,300 $ 57,024
SuperGen, Inc.*+ .......................... 4,097 45,067
Inspire Pharmaceuticals,
Inc.* ................................... 2,700 38,232
Pozen, Inc.* .............................. 3,500 35,700
------------
TOTAL PHARMACEUTICALS 1,455,278
------------
HEALTH CARE PROVIDERS &
SERVICES 1.0%
Cerner Corp.* ............................. 6,106 231,112
NDCHealth Corp. ........................... 7,404 189,690
Accredo Health, Inc.* ..................... 4,300 135,923
Pediatrix Medical
Group, Inc.* ............................ 1,896 104,451
Select Medical Corp. ...................... 5,800 94,424
eResearch Technology,
Inc.* ................................... 3,700 94,054
Omnicell, Inc.* ........................... 4,300 69,660
American Healthways,
Inc.* ................................... 2,500 59,675
Odyssey HealthCare,
Inc.* ................................... 2,000 58,520
Vital Images, Inc.* ....................... 3,000 53,520
United Surgical Partners
International, Inc.* .................... 1,500 50,220
VistaCare, Inc.--
Class A* ................................ 1,000 35,150
------------
TOTAL HEALTH CARE PROVIDERS
& SERVICES 1,176,399
------------
TOTAL HEALTH CARE 10,282,055
------------
MATERIALS 3.2%
CHEMICALS 1.3%
Olin Corp. ................................ 55,314 1,109,599
FMC Corp.* ................................ 5,700 194,541
Hercules, Inc.*+ .......................... 9,100 111,020
Symyx Technologies,
Inc.* ................................... 4,597 94,468
------------
TOTAL CHEMICALS 1,509,628
------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
CONTAINERS & PACKAGING 0.8%
Silgan Holdings, Inc.* .................... 12,298 $ 523,772
Crown Holdings,
Inc.* ................................... 49,111 444,946
------------
TOTAL CONTAINERS & PACKAGING 968,718
------------
PAPER & FOREST PRODUCTS 0.6%
Louisiana-Pacific
Corp.*+ ................................. 18,507 330,905
Potlatch Corp. ............................ 6,900 239,913
Schweitzer-Mauduit
International, Inc. ..................... 3,804 113,283
------------
TOTAL PAPER & FOREST PRODUCTS 684,101
------------
METALS & MINING 0.5%
Quanex Corp. .............................. 2,697 124,332
Royal Gold, Inc.+ ......................... 5,900 123,487
Liquidmetal
Technologies, Inc.*+ .................... 30,707 87,208
Century Aluminum
Co.* .................................... 4,100 77,941
Arch Coal, Inc.+ .......................... 2,200 68,574
Carpenter Technology
Corp. ................................... 2,300 68,011
Coeur D'alene Mines
Corp.* .................................. 9,000 52,020
GrafTech International
Ltd.* ................................... 3,800 51,300
------------
TOTAL METALS & MINING 652,873
------------
CONSTRUCTION MATERIALS 0.0%
Amcol International
Corp. ................................... 2,800 56,840
------------
TOTAL CONSTRUCTION MATERIALS 56,840
------------
TOTAL MATERIALS 3,872,160
------------
ENERGY 2.4%
OIL & GAS 2.2%
Vintage Petroleum,
Inc. .................................... 93,030 1,119,151
Houston Exploration
Co.* .................................... 10,008 365,492
Tom Brown, Inc.* .......................... 11,007 354,975
See Notes to Financial Statements.
ANNUAL REPORT 81
MEKROS FUND
SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Energy Partners Ltd.* ..................... 23,410 $ 325,399
Tesoro Petroleum
Corp.* .................................. 6,700 97,619
Range Resources
Corp.* .................................. 9,107 86,061
Nuevo Energy Co.* ......................... 2,799 67,652
Overseas Shipholding
Group, Inc.+ ............................ 1,896 64,559
Meridian Resource
Corp.*+ ................................. 8,101 48,120
Swift Energy Co.* ......................... 2,600 43,810
KCS Energy, Inc.* ......................... 4,100 43,255
Plains Exploration &
Production Co.* ......................... 2,600 40,014
------------
TOTAL OIL & GAS 2,656,107
------------
ENERGY EQUIPMENT & SERVICES 0.2%
Tetra Technologies,
Inc.* ................................... 4,399 106,632
Cal Dive International,
Inc.* ................................... 2,199 53,018
Lone Star Technologies,
Inc.* ................................... 2,700 43,146
------------
TOTAL ENERGY EQUIPMENT
& SERVICES 202,796
------------
TOTAL ENERGY 2,858,903
------------
CONSUMER STAPLES 1.9%
FOOD PRODUCTS 0.8%
Central Garden and
Pet Co.* ................................ 9,001 252,298
Chiquita Brands
International, Inc.* .................... 10,008 225,480
Corn Products
International, Inc. ..................... 4,506 155,232
Pilgrim's Pride Corp. ..................... 8,500 138,805
John B. Sanfilippo
& SON* .................................. 2,400 122,496
Flowers Foods, Inc. ....................... 3,297 85,063
------------
TOTAL FOOD PRODUCTS 979,374
------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
BEVERAGES 0.7%
Boston Beer Co., Inc.
-- Class A* .............................. 44,911 $ 814,685
------------
TOTAL BEVERAGES 814,685
------------
FOOD & DRUG RETAILING 0.3%
Longs Drug Stores
Corp. ................................... 6,800 168,232
7-Eleven, Inc.* ........................... 6,998 112,318
Nash Finch Co. ............................ 3,405 76,068
------------
TOTAL FOOD & DRUG RETAILING 356,618
------------
PERSONAL PRODUCTS 0.1%
USANA Health
Sciences, Inc.* ......................... 2,300 70,380
------------
TOTAL PERSONAL PRODUCTS 70,380
------------
TOTAL CONSUMER STAPLES 2,221,057
------------
UTILITIES 1.8%
GAS UTILITIES 1.0%
Atmos Energy Corp. ........................ 27,010 656,343
Southwestern Energy
Co.* .................................... 13,606 325,184
Southern Union Co.* ....................... 10,006 184,110
------------
TOTAL GAS UTILITIES 1,165,637
------------
MULTI-UTILITIES 0.5%
Westar Energy, Inc. ....................... 9,606 194,522
Avista Corp. .............................. 7,803 141,390
Aquila, Inc.* ............................. 31,310 106,141
Energen Corp. ............................. 1,400 57,442
Sierra Pacific Resources
Corp.*+ ................................. 6,407 47,027
------------
TOTAL MULTI-UTILITIES 546,522
------------
WATER UTILITIES 0.3%
California Water Service
Group ................................... 14,801 405,547
------------
TOTAL WATER UTILITIES 405,547
------------
See Notes to Financial Statements.
82
MEKROS FUND
SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
ELECTRIC UTILITIES 0.0%
Black Hills Corp. .......................... 2,100 $ 62,643
-----------
TOTAL ELECTRIC UTILITIES 62,643
-----------
TOTAL UTILITIES 2,180,349
-----------
TELECOMMUNICATION SERVICES 0.8%
WIRELESS TELECOMMUNICATION SERVICES 0.6%
Boston Communications Group, Inc.* ......... 40,310 374,480
At Road, Inc.* ............................. 17,708 235,516
NII Holdings, Inc.-- Class B* .............. 1,396 104,184
-----------
TOTAL WIRELESS TELECOMMUNICATION SERVICES 714,180
-----------
DIVERSIFIED TELECOMMUNICATION SERVICES 0.2%
Golden Telecom, Inc.* ...................... 4,102 113,831
Primus Telecommunications Group, Inc.*+ .... 9,400 95,692
PTEK Holdings, Inc.*+ ...................... 8,699 76,638
SureWest Communications .................... 3 121
-----------
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES 286,282
-----------
TOTAL TELECOMMUNICATION SERVICES 1,000,462
-----------
TOTAL COMMON STOCKS
(Cost $73,707,739) ......................... 76,000,275
-----------
FACE
AMOUNT
---------
FEDERAL AGENCY DISCOUNT NOTES 6.7%
Fannie Mae**
1.00% due 01/26/04 .........................$5,000,000 4,996,667
Farmer Mac**
1.01% due 01/20/04 ......................... 1,000,000 999,495
Federal Home Loan Bank**
1.00% due 01/16/04 ......................... 1,000,000 999,611
Sallie Mae**
0.99% due 01/13/04 ......................... 1,000,000 999,697
-----------
TOTAL FEDERAL AGENCY DISCOUNT NOTES
(Cost $7,995,470) 7,995,470
-----------
See Notes to Financial Statements.
ANNUAL REPORT 83
MEKROS FUND
SCHEDULE OF INVESTMENTS (CONCLUDED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
FACE VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS 27.2%
Repurchase Agreement (Note 5)
0.94% due 01/02/04 ........................$ 7,148,562 $ 7,148,562
0.85% due 01/02/04 ........................ 11,171,545 11,171,545
0.80% due 01/02/04 ........................ 7,148,562 7,148,562
0.80% due 01/02/04 ........................ 7,148,562 7,148,562
------------
TOTAL REPURCHASE AGREEMENTS
(Cost $32,617,231) 32,617,231
------------
SECURITIES LENDING COLLATERAL 2.7%
Investment in Securities Lending Short Term
Investment Portfolio held by U.S. Bank.
(Note 9) .................................. 3,260,716 3,260,716
------------
TOTAL SECURITIES LENDING COLLATERAL
(Cost $3,260,716) ......................... 3,260,716
------------
TOTAL INVESTMENTS 100%
(Cost $117,581,156) ....................... $119,873,692
============
- --------------------------------------------------------------------------------
UNREALIZED
GAIN
CONTRACTS (NOTE 1)
- --------------------------------------------------------------------------------
FUTURES CONTRACTS PURCHASED
March 2004 Russell 2000 Index Futures
Contracts (Aggregate Market Value of
Contracts $8,343,750) ..................... 30 $ 409,401
March 2004 Russell 2000 Index Mini Futures
Contracts (Aggregate Market Value of
Contracts $39,935,160) .................... 718 350,121
------------
(TOTAL AGGREGATE MARKET VALUE OF CONTRACTS
$48,278,910) .............................. $ 759,522
============
UNITS
---------
EQUITY INDEX SWAP AGREEMENT
January 2004 Russell 2000 Index Swap,
Maturing 01/20/04***
(Notional Value $62,441,944) .............. 112,805 $ 390,131
============
* NON-INCOME PRODUCING SECURITIES
** THE ISSUER IS A PUBLICALLY TRADED COMPANY THAT OPERATES UNDER A CONGRESSIONAL
CHARTER; ITS SECURITIES ARE NEITHER ISSUED NOR GUARANTEED BY THE U.S.
GOVERNMENT.
*** PRICE RETURN BASED ON RUSSELL 2000 INDEX +/- FINANCING AT A VARIABLE RATE.
+ ALL OR A PORTION OF THIS SECURITY IS ON LOAN AT DECEMBER 31, 2003--SEE NOTE 9.
REIT--REAL ESTATE INVESTMENT TRUST
See Notes to Financial Statements.
84
U.S. GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS December 31, 2003
- ----------------------------------------------------------------------------------------
MARKET
FACE VALUE
AMOUNT (NOTE 1)
- ----------------------------------------------------------------------------------------
FEDERAL AGENCY DISCOUNT NOTES 11.0%
Fannie Mae*
1.01% due 01/09/04 ............................... $ 3,000,000 $2,999,411
Farmer Mac*
1.01% due 01/20/04 ............................... 1,000,000 999,495
Freddie Mac*
1.00% due 01/20/04 ............................... 3,000,000 2,998,500
---------------
TOTAL FEDERAL AGENCY DISCOUNT NOTES
(Cost $6,997,406) ................................ 6,997,406
---------------
U.S. TREASURY OBLIGATIONS 45.9%
U.S. Treasury Bond
5.38% due 02/15/31 ............................... 28,112,000 29,311,152
---------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $28,318,878) ............................... 29,311,152
---------------
REPURCHASE AGREEMENTS 43.1%
Repurchase Agreement (Note 5)
0.94% due 01/02/04 ............................... 6,032,031 6,032,031
0.85% due 01/02/04 ............................... 9,426,666 9,426,666
0.80% due 01/02/04 ............................... 6,032,031 6,032,031
0.80% due 01/02/04 ............................... 6,032,031 6,032,031
---------------
TOTAL REPURCHASE AGREEMENTS
(Cost $27,522,759) ............................... 27,522,759
---------------
TOTAL INVESTMENTS 100%
(Cost $62,839,043) $63,831,317
===============
- ----------------------------------------------------------------------------------------
UNREALIZED
LOSS
CONTRACTS (NOTE 1)
- ----------------------------------------------------------------------------------------
FUTURES CONTRACTS PURCHASED
March 2004 U.S. Treasury Bond
Futures Contracts
(Aggregate Market Value of
Contracts $57,935,625) ........................... 530 $(80,520)
===============
* THE ISSUER IS A PUBLICALLY TRADED COMPANY THAT OPERATES UNDER A CONGRESSIONAL CHARTER;
ITS SECURITIES ARE NEITHER ISSUED NOR GUARANTEED
BY THE U.S. GOVERNMENT.
See Notes to Financial Statements.
ANNUAL REPORT 85
JUNO FUND
SCHEDULE OF INVESTMENTS December 31, 2003
- ----------------------------------------------------------------------------------------
MARKET
FACE VALUE
AMOUNT (NOTE 1)
- ----------------------------------------------------------------------------------------
FEDERAL AGENCY DISCOUNT NOTES 16.0%
Federal Home Loan Bank*
1.00% due 01/16/04 ............................... $ 500,000 $499,805
Freddie Mac*
1.02% due 01/13/04 ............................... 2,000,000 1,999,377
Sallie Mae*
0.99% due 01/13/04 ............................... 1,000,000 999,697
---------------
TOTAL FEDERAL AGENCY DISCOUNT NOTES
(Cost $3,498,879) ................................ 3,498,879
---------------
REPURCHASE AGREEMENTS 84.0%
Repurchase Agreement (Note 5)
0.94% due 01/02/04 ............................... 4,014,443 4,014,443
0.85% due 01/02/04 ............................... 6,273,642 6,273,642
0.80% due 01/02/04 ............................... 4,014,443 4,014,443
0.80% due 01/02/04 ............................... 4,014,443 4,014,443
---------------
TOTAL REPURCHASE AGREEMENTS
(Cost $18,316,971) ............................... 18,316,971
---------------
TOTAL INVESTMENTS 100%
(Cost $21,815,850) ............................... $21,815,850
=============
- ----------------------------------------------------------------------------------------
UNREALIZED
LOSS
CONTRACTS (NOTE 1)
- ----------------------------------------------------------------------------------------
FUTURES CONTRACTS SOLD SHORT
March 2004 U.S. Treasury Bond Futures Contracts
(Aggregate Market Value of Contracts
$26,016,375) ..................................... 238 $(79,239)
=============
* THE ISSUER IS A PUBLICALLY TRADED COMPANY THAT OPERATES UNDER A CONGRESSIONAL CHARTER;
ITS SECURITIES ARE NEITHER ISSUED NOR GUARANTEED BY THE U.S. GOVERNMENT.
See Notes to Financial Statements.
86
LARGE-CAP EUROPE FUND
SCHEDULE OF INVESTMENTS December 31, 2003
- ----------------------------------------------------------------------------------------
MARKET
FACE VALUE
AMOUNT (NOTE 1)
- ----------------------------------------------------------------------------------------
FEDERAL AGENCY DISCOUNT NOTES 42.5%
Fannie Mae*
1.00% due 01/26/04 ............................... $ 3,000,000 $2,998,000
Farmer Mac*
1.03% due 01/09/04 ............................... 2,000,000 1,999,599
Federal Home Loan Bank*
1.00% due 01/16/04 ............................... 2,000,000 1,999,222
Freddie Mac*
1.02% due 01/13/04 ............................... 3,000,000 2,999,065
Sallie Mae*
0.99% due 01/06/04 ............................... 2,000,000 1,999,780
---------------
TOTAL FEDERAL AGENCY DISCOUNT NOTES
(Cost $11,995,666) ............................... 11,995,666
---------------
REPURCHASE AGREEMENTS 57.5%
Repurchase Agreement (Note 5)
0.94% due 01/02/04 ............................... 3,555,609 3,555,609
0.85% due 01/02/04 ............................... 5,556,593 5,556,593
0.80% due 01/02/04 ............................... 3,555,609 3,555,609
0.80% due 01/02/04 ............................... 3,555,609 3,555,609
---------------
TOTAL REPURCHASE AGREEMENTS
(Cost $16,223,420) ............................... 16,223,420
---------------
TOTAL INVESTMENTS 100%
(Cost $28,219,086) ............................... $28,219,086
=============
- ----------------------------------------------------------------------------------------
UNREALIZED
GAIN
CONTRACTS (NOTE 1)
- ----------------------------------------------------------------------------------------
FUTURES CONTRACTS PURCHASED
March 2004 Euro Currency Futures Contracts
(Aggregate Market Value of Contracts
$1,880,100) ...................................... 12 $35,387
=============
UNITS
---------
EQUITY INDEX SWAP AGREEMENT
January 2004 Dow Jones Europe STOXX 50 Index Swap,
Maturing 01/20/04**
(Notional Value $42,854,690) ..................... 13,145 $1,428,449
=============
*THE ISSUER IS A PUBLICALLY TRADED COMPANY THAT OPERATES UNDER A CONGRESSIONAL
CHARTER; ITS SECURITIES ARE NEITHER ISSUED NOR GUARANTEED BY THE U.S.
GOVERNMENT.
** PRICE RETURN BASED ON DOW JONES EUROPE STOXX 50 INDEX +/- FINANCING AT A
VARIABLE RATE.
See Notes to Financial Statements.
ANNUAL REPORT 87
LARGE-CAP JAPAN FUND
SCHEDULE OF INVESTMENTS December 31, 2003
- ----------------------------------------------------------------------------------------
MARKET
FACE VALUE
AMOUNT (NOTE 1)
- ----------------------------------------------------------------------------------------
FEDERAL AGENCY DISCOUNT NOTES 34.3%
Fannie Mae*
1.00% due 01/26/04 ............................... $1,000,000 $999,333
Federal Home Loan Bank*
1.00% due 01/16/04 ............................... 1,000,000 999,611
Sallie Mae*
0.99% due 01/13/04 ............................... 1,000,000 999,698
-----------------
TOTAL FEDERAL AGENCY DISCOUNT NOTES
(Cost $2,998,642) ................................ 2,998,642
-----------------
REPURCHASE AGREEMENTS 65.7%
Repurchase Agreement (Note 5)
0.94% due 01/02/04 ............................... 1,259,068 1,259,068
0.85% due 01/02/04 ............................... 1,967,633 1,967,633
0.80% due 01/02/04 ............................... 1,259,068 1,259,068
0.80% due 01/02/04 ............................... 1,259,068 1,259,068
-----------------
TOTAL REPURCHASE AGREEMENTS
(Cost $5,744,837) ................................ 5,744,837
-----------------
TOTAL INVESTMENTS 100%
(Cost $8,743,479) ................................ $8,743,479
=================
- ----------------------------------------------------------------------------------------
UNREALIZED
GAIN (LOSS)
CONTRACTS (NOTE 1)
- ----------------------------------------------------------------------------------------
FUTURES CONTRACTS PURCHASED
March 2004 Nikkei 225
Index Futures Contracts
(Aggregate Market Value of
Contracts $755,300) ............................. 14 $43,634
March 2004 Yen Currency Exchange
Futures Contracts
(Aggregate Market Value of
Contracts $1,281,225) ............................ 11 (5,323)
-----------------
(TOTAL AGGREGATE MARKET VALUE OF
CONTRACTS $2,036,525) ............................ $38,311
=================
UNITS
-----
EQUITY INDEX SWAP AGREEMENT
January 2004 Topix 100 Index Swap, Maturing 01/26/04**
(Notional Market Value $12,882,133) .............. 1,829,978 $452,027
=================
* THE ISSUER IS A PUBLICALLY TRADED COMPANY THAT OPERATES UNDER A
CONGRESSIONAL CHARTER; ITS SECURITIES ARE NEITHER ISSUED NOR GUARANTEED BY
THE U.S. GOVERNMENT.
** PRICE RETURN BASED ON TOPIX 100 INDEX +/- FINANCING AT A VARIABLE RATE.
See Notes to Financial Statements.
88
SECTOR ROTATION FUND
SCHEDULE OF INVESTMENTS December 31, 2003
- ----------------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- ----------------------------------------------------------------------------------------
COMMON STOCKS 96.7%
INFORMATION TECHNOLOGY 32.7%
ELECTRONIC EQUIPMENT
& INSTRUMENTS 9.2%
Agilent Technologies,
Inc.* .......................................... 7,060 $206,434
Flextronics International
Ltd.* .......................................... 10,730 159,233
Sanmina-SCI Corp.* ............................... 12,290 154,977
Jabil Circuit, Inc.* ............................. 4,480 126,784
Symbol Technologies, Inc. ........................ 7,340 123,973
CDW Corp. ........................................ 2,000 115,520
Vishay Intertechnology,
Inc.* .......................................... 4,990 114,271
Thermo Electron Corp.* ........................... 4,440 111,888
Molex, Inc. ...................................... 3,140 109,555
Waters Corp.* .................................... 3,270 108,433
AVX Corp. ........................................ 6,290 104,540
Solectron Corp.* ................................. 17,360 102,598
Analog Devices, Inc. ............................. 2,020 92,213
Amphenol Corp. --
Class A* ....................................... 1,300 83,109
Celestica, Inc.* ................................. 5,490 82,734
National Instruments
Corp. .......................................... 1,730 78,663
---------------
TOTAL ELECTRONIC EQUIPMENT
& INSTRUMENTS .................................... 1,874,925
---------------
COMMUNICATIONS EQUIPMENT 8.3%
Cisco Systems, Inc.* ............................. 14,880 361,435
Nokia OYJ-- SP ADR ............................... 13,120 223,040
QUALCOMM, Inc. ................................... 3,470 187,137
Motorola, Inc. ................................... 11,470 161,383
Nortel Networks Corp.* ........................... 25,200 106,596
Corning, Inc.* ................................... 9,610 100,232
Alcatel SA - SP ADR* ............................. 7,720 99,202
Lucent Technologies,
Inc.* .......................................... 32,950 93,578
Juniper Networks, Inc.* .......................... 3,390 63,325
Avaya, Inc.* ..................................... 4,660 60,300
JDS Uniphase Corp.* .............................. 14,690 53,619
QLogic Corp.* .................................... 970 50,052
- ----------------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- ----------------------------------------------------------------------------------------
Tellabs, Inc.* ................................... 5,810 $48,978
Utstarcom, Inc.* ................................. 1,250 46,338
Scientific-Atlanta, Inc. ......................... 1,470 40,131
---------------
TOTAL COMMUNICATIONS
EQUIPMENT ........................................ 1,695,346
---------------
INTERNET SOFTWARE & SERVICES 7.7%
Yahoo!, Inc.* .................................... 14,186 640,782
VeriSign, Inc.* .................................. 10,560 172,128
WebEx Communications,
Inc.* .......................................... 5,870 117,987
EarthLink, Inc.* ................................. 11,050 110,500
Internet Security Systems,
Inc.* .......................................... 5,140 96,786
DoubleClick, Inc.* ............................... 8,770 89,629
United Online, Inc.* ............................. 4,440 74,548
Open Text Corp.* ................................. 3,760 72,079
RealNetworks, Inc.* .............................. 12,530 71,546
PEC Solutions, Inc.* ............................. 4,020 68,139
Ariba, Inc.* ..................................... 20,380 61,140
---------------
TOTAL INTERNET SOFTWARE
& SERVICES ....................................... 1,575,264
---------------
SEMICONDUCTOR EQUIPMENT
& PRODUCTS 7.5%
Intel Corp. ...................................... 10,500 338,100
Texas Instruments, Inc. .......................... 5,710 167,760
Applied Materials, Inc.* ......................... 5,986 134,386
STMicroelectronics NV ............................ 4,292 115,927
Taiwan Semiconductor
Manufacturing Co.
Ltd.-- SP ADR* ................................. 11,198 114,668
United Microelectronics
Corp.-- SP ADR* ................................ 17,774 87,981
Xilinx, Inc.* .................................... 2,210 85,615
Maxim Integrated Products,
Inc. ........................................... 1,666 82,967
Linear Technology Corp. .......................... 1,850 77,830
ASML Holding NV* ................................. 3,754 75,268
KLA-Tencor Corp.* ................................ 1,258 73,807
Infineon Technologies
AG-- SP ADR* ................................... 4,916 67,398
See Notes to Financial Statements.
ANNUAL REPORT 89
SECTOR ROTATION FUND
SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2003
- ----------------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- ----------------------------------------------------------------------------------------
Micron Technology, Inc.* ......................... 4,854 $65,383
Altera Corp.* .................................... 2,622 59,519
---------------
TOTAL SEMICONDUCTOR EQUIPMENT
& PRODUCTS ....................................... 1,546,609
---------------
TOTAL INFORMATION TECHNOLOGY ....................... 6,692,144
CONSUMER DISCRETIONARY 32.6%
INTERNET & CATALOG RETAIL 9.0%
eBay, Inc.* ...................................... 9,940 642,025
Amazon.com, Inc.* ................................ 8,960 471,654
InterActiveCorp* ................................. 10,695 362,881
Netflix, Inc.* ................................... 2,630 143,835
Insight Enterprises, Inc.* ....................... 4,360 81,968
Priceline.com, Inc.* ............................. 3,051 54,613
ValueVision Media,
Inc.-- Class A* ................................ 2,910 48,597
Alloy, Inc.* ..................................... 3,910 20,371
J Jill Group, Inc.* .............................. 1,430 18,175
---------------
TOTAL INTERNET & CATALOG RETAIL .................... 1,844,119
---------------
HOTELS RESTAURANTS & LEISURE 8.2%
McDonald's Corp. ................................. 7,630 189,453
Carnival Corp. ................................... 4,650 184,745
Starbucks Corp.* ................................. 4,430 146,456
International Game
Technology, Inc. ............................... 3,770 134,589
Marriott International,
Inc.-- Class A ................................. 2,750 127,050
Yum! Brands, Inc.* ............................... 3,420 117,648
Hilton Hotels Corp. .............................. 6,240 106,891
Royal Caribbean Cruises
Ltd. ........................................... 3,070 106,805
Starwood Hotels & Resorts
Worldwide, Inc. ................................ 2,920 105,032
Harrah's Entertainment,
Inc. ........................................... 1,800 89,586
Wendy's International,
Inc. ........................................... 2,230 87,505
MGM Mirage, Inc.* ................................ 2,110 79,357
Darden Restaurants, Inc. ......................... 3,370 70,905
Outback Steakhouse, Inc. ......................... 1,400 61,894
Brinker International,
Inc.* .......................................... 1,800 $59,688
---------------
TOTAL HOTELS RESTAURANTS
& LEISURE ........................................ 1,667,604
---------------
HOUSEHOLD DURABLES 7.9%
Fortune Brands, Inc. ............................. 2,210 157,993
Garmin Ltd. ...................................... 2,350 128,028
Centex Corp. ..................................... 1,140 122,721
Newell Rubbermaid, Inc. .......................... 5,320 121,136
D.R. Horton, Inc. ................................ 2,800 121,128
Pulte Homes, Inc. ................................ 1,190 111,408
Lennar Corp. - Class A ........................... 1,140 109,440
Whirlpool Corp. .................................. 1,450 105,343
Leggett & Platt, Inc. ............................ 4,800 103,824
Mohawk Industries, Inc.* ......................... 1,390 98,051
Harman International
Industries, Inc. ............................... 1,300 96,174
Black & Decker Corp. ............................. 1,840 90,749
KB Home .......................................... 1,220 88,474
Stanley Works .................................... 2,320 87,858
NVR, Inc.* ....................................... 170 79,220
---------------
TOTAL HOUSEHOLD DURABLES ........................... 1,621,547
---------------
SPECIALTY RETAIL 7.5%
Home Depot, Inc. ................................. 7,070 250,914
Lowe's Cos., Inc. ................................ 3,200 177,248
Gap, Inc. ........................................ 6,380 148,080
Best Buy Co., Inc. ............................... 2,080 108,659
Staples, Inc.* ................................... 3,830 104,559
Bed Bath & Beyond, Inc.* ......................... 2,390 103,606
TJX Cos., Inc. ................................... 4,390 96,800
Limited Brands, Inc. ............................. 4,800 86,544
AutoZone, Inc.* .................................. 880 74,985
Office Depot, Inc.* .............................. 4,250 71,018
Tiffany & Co. .................................... 1,450 65,540
Sherwin-Williams Co. ............................. 1,880 65,311
RadioShack Corp. ................................. 2,120 65,042
Autonation, Inc.* ................................ 3,520 64,662
Weight Watchers
International, Inc.* ........................... 1,500 57,555
---------------
TOTAL SPECIALTY RETAIL ............................. 1,540,523
---------------
TOTAL CONSUMER DISCRETIONARY ....................... 6,673,793
---------------
See Notes to Financial Statements.
90
SECTOR ROTATION FUND
SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2003
- ----------------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- ----------------------------------------------------------------------------------------
HEALTH CARE 8.1%
BIOTECHNOLOGY 8.1%
Genentech, Inc.* ................................. 3,720 $348,081
Amgen, Inc.* ..................................... 4,540 280,572
Biogen Idec, Inc.* ............................... 4,356 160,214
Chiron Corp.* .................................... 2,120 120,819
Gilead Sciences, Inc.* ........................... 2,060 119,768
Genzyme Corp.* ................................... 2,280 112,495
Invitrogen Corp.* ................................ 1,310 91,700
Millennium Pharmaceuticals,
Inc.* .......................................... 4,520 84,388
Celgene Corp.* ................................... 1,620 72,932
Medimmune, Inc.* ................................. 2,650 67,310
Cephalon, Inc.* .................................. 1,220 59,060
Affymetrix, Inc.* ................................ 2,270 55,865
Amylin Pharmaceuticals,
Inc.* .......................................... 2,190 48,662
Neurocrine Biosciences,
Inc.* .......................................... 770 41,996
---------------
TOTAL BIOTECHNOLOGY ................................ 1,663,862
---------------
TOTAL HEALTH CARE .................................. 1,663,862
---------------
MATERIALS 7.9%
METALS & MINING 7.9%
Alcoa, Inc. ...................................... 5,740 218,120
Newmont Mining Corp. ............................. 3,180 154,580
Alcan, Inc. ...................................... 3,190 149,771
POSCO - SP ADR ................................... 3,860 131,124
Barrick Gold Corp. ............................... 5,310 120,590
AngloGold Ltd. --
SP ADR ......................................... 2,290 106,943
Inco Ltd.* ....................................... 2,590 103,134
Phelps Dodge Corp.* .............................. 1,320 100,439
Gold Fields Ltd. --
SP ADR ......................................... 7,050 98,277
Freeport-McMoRan
Copper & Gold,
Inc.-- Class B ................................. 2,210 93,107
Placer Dome, Inc. ................................ 5,120 91,699
Nucor Corp. ...................................... 1,320 73,920
Harmony Gold Mining
Co. Ltd.-- SP ADR .............................. 4,520 73,360
- ----------------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- ----------------------------------------------------------------------------------------
Goldcorp, Inc. ................................... 3,460 $55,187
Kinross Gold Corp.* .............................. 6,760 54,012
---------------
TOTAL METALS & MINING .............................. 1,624,263
---------------
TOTAL MATERIALS .................................... 1,624,263
---------------
INDUSTRIALS 7.9%
CONSTRUCTION & ENGINEERING 7.9%
Fluor Corp. ...................................... 6,040 239,426
Jacobs Engineering Group,
Inc.* .......................................... 4,500 216,045
Chicago Bridge & Iron
NV Co. ......................................... 5,340 154,326
Dycom Industries, Inc.* .......................... 5,670 152,069
McDermott International,
Inc.* .......................................... 11,050 132,047
Granite Construction,
Inc. ........................................... 5,500 129,195
Quanta Services, Inc.* ........................... 16,780 122,494
Washington Group
International, Inc.* ........................... 3,560 120,933
Mastec, Inc.* .................................... 7,910 117,147
URS Corp.* ....................................... 4,660 116,547
EMCOR Group, Inc.* ............................... 2,460 107,994
---------------
TOTAL CONSTRUCTION
& ENGINEERING .................................... 1,608,223
---------------
TOTAL INDUSTRIALS .................................. 1,608,223
---------------
FINANCIALS 7.5%
DIVERSIFIED FINANCIALS 7.5%
UBS AG ........................................... 2,800 190,372
J.P. Morgan Chase & Co. .......................... 4,760 174,835
Morgan Stanley ................................... 2,950 170,716
Merrill Lynch & Co., Inc. ........................ 2,510 147,212
Goldman Sachs Group,
Inc. ........................................... 1,470 145,133
Bank of New York Co.,
Inc. ........................................... 2,960 98,035
Lehman Brothers Holdings,
Inc. ........................................... 1,190 91,892
State Street Corp. ............................... 1,530 79,682
Charles Schwab Corp. ............................. 6,650 78,736
Mellon Financial Corp. ........................... 2,370 76,101
Franklin Resources, Inc. ......................... 1,380 71,843
See Notes to Financial Statements.
ANNUAL REPORT 91
SECTOR ROTATION FUND
SCHEDULE OF INVESTMENTS (CONCLUDED) December 31, 2003
- ----------------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- ----------------------------------------------------------------------------------------
Northern Trust Corp. ............................. 1,380 $64,060
Bear Stearns Cos., Inc. .......................... 720 57,564
T. Rowe Price Group, Inc. ........................ 980 46,462
Legg Mason, Inc. ................................. 580 44,764
---------------
TOTAL DIVERSIFIED FINANCIALS ....................... 1,537,407
---------------
TOTAL FINANCIALS ................................... 1,537,407
---------------
TOTAL COMMON STOCKS
(Cost $17,235,873) ............................... 19,799,692
---------------
FACE
AMOUNT
-------
REPURCHASE AGREEMENTS 3.3%
Repurchase Agreement (Note 5)
0.94% due 01/02/04 ............................... $ 148,960 148,960
0.85% due 01/02/04 ............................... 232,791 232,791
0.80% due 01/02/04 ............................... 148,960 148,960
0.80% due 01/02/04 ............................... 148,960 148,960
---------------
TOTAL REPURCHASE AGREEMENTS
(Cost $679,671) .................................. 679,671
---------------
TOTAL INVESTMENTS 100%
(Cost $17,915,544) ............................... $20,479,363
===============
* NON-INCOME PRODUCING SECURITIES
ADR--AMERICAN DEPOSITORY RECEIPT
See Notes to Financial Statements.
92
U.S. GOVERNMENT MONEY MARKET FUND
SCHEDULE OF INVESTMENTS December 31, 2003
- ----------------------------------------------------------------------------------------
MARKET
FACE VALUE
AMOUNT (NOTE 1)
- ----------------------------------------------------------------------------------------
FEDERAL AGENCY DISCOUNT NOTES 89.7%
Fannie Mae*
1.04% due 01/07/04 ............................... $20,000,000 $19,997,111
1.05% due 01/14/04 ............................... 20,000,000 19,993,000
Farmer Mac*
1.06% due 01/20/04 ............................... 25,000,000 24,986,750
1.02% due 01/12/04 ............................... 15,000,000 14,995,750
1.06% due 02/02/04 ............................... 10,000,000 9,990,872
Federal Farm Credit Bank*
1.00% due 01/13/04 ............................... 15,000,000 14,995,416
1.20% due 01/29/04 ............................... 5,000,000 4,995,500
Federal Home Loan Bank*
1.04% due 01/30/04 ............................... 15,000,000 14,987,867
1.02% due 01/02/04 ............................... 10,000,000 10,000,000
1.08% due 04/28/04 ............................... 10,000,000 9,964,900
Freddie Mac*
1.05% due 03/11/04 ............................... 20,000,000 19,959,750
Sallie Mae*
0.99% due 01/06/04 ............................... 20,000,000 19,997,800
1.34% due 01/13/04 ............................... 5,000,000 4,997,953
---------------
TOTAL FEDERAL AGENCY DISCOUNT NOTES
(Cost $189,862,669) .............................. 189,862,669
---------------
REPURCHASE AGREEMENTS 10.3%
Repurchase Agreement (Note 5)
0.94% due 01/02/04 ............................... 4,782,897 4,782,897
0.85% due 01/02/04 ............................... 7,474,557 7,474,557
0.80% due 01/02/04 ............................... 4,782,897 4,782,897
0.80% due 01/02/04 ............................... 4,782,897 4,782,897
---------------
TOTAL REPURCHASE AGREEMENTS
(Cost $21,823,248) ............................... 21,823,248
---------------
TOTAL INVESTMENTS 100%
(Cost $211,685,917) .............................. $211,685,917
===============
* THE ISSUER IS A PUBLICALLY TRADED COMPANY THAT OPERATES UNDER A CONGRESSIONAL
CHARTER; ITS SECURITIES ARE NEITHER ISSUED NOR GUARANTEED BY THE U.S.
GOVERNMENT.
See Notes to Financial Statements.
ANNUAL REPORT 93
BANKING FUND
SCHEDULE OF INVESTMENTS December 31, 2003
- ----------------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- ----------------------------------------------------------------------------------------
COMMON STOCKS 88.8%
Bank of America Corp.+ ............................. 10,100 $812,343
Wachovia Corp. ..................................... 16,390 763,610
FleetBoston Financial
Corp.+ ........................................... 17,300 755,145
J.P. Morgan Chase & Co. ............................ 20,010 734,967
Bank One Corp. ..................................... 14,690 669,717
Wells Fargo & Co. .................................. 8,320 489,965
Washington Mutual, Inc.+ ........................... 11,690 469,003
KeyCorp ............................................ 15,754 461,907
Regions Financial Corp. ............................ 10,980 408,456
Charter One
Financial, Inc.+ ................................. 11,285 389,897
U.S. Bancorp+ ...................................... 12,640 376,419
Union Planters Corp. ............................... 11,945 376,148
Huntington
Bancshares, Inc. ................................. 16,310 366,975
First Tennessee National
Corp. ............................................ 8,300 366,030
PNC Financial Services
Group, Inc. ...................................... 6,510 356,292
Greater Bay Bancorp .............................. 10,900 310,432
Golden West Financial
Corp. ............................................ 3,000 309,570
Provident Financial
Group, Inc. ...................................... 9,350 298,733
Hudson United Bancorp .............................. 8,000 295,600
Downey Financial Corp. ............................. 5,900 290,870
Commercial Federal
Corp. ............................................ 10,264 274,151
Anchor BanCorp
Wisconsin, Inc. .................................. 10,119 251,963
Hibernia Corp.-- Class A ........................... 10,610 249,441
Zions Bancorporation ............................... 3,990 244,707
Bank of New York Co.,
Inc.+ ............................................ 6,890 228,197
Colonial BancGroup, Inc. ........................... 12,910 223,601
Webster Financial Corp. ............................ 4,783 219,348
Fannie Mae ......................................... 2,900 217,674
Comerica, Inc.+ .................................... 3,870 216,952
Freddie Mac ........................................ 3,700 215,784
United Bankshares, Inc. ............................ 6,900 215,280
MGIC Investment Corp.+ ............................. 3,750 213,525
- ----------------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- ----------------------------------------------------------------------------------------
PMI Group, Inc.+ ................................... 5,700 $212,211
Brookline Bancorp, Inc. ............................ 13,619 208,916
M&T Bank Corp. ..................................... 2,100 206,430
Flagstar Bancorp, Inc. ............................. 9,600 205,632
Radian Group, Inc. ................................. 4,200 204,750
Susquehanna
Bancshares, Inc. ................................. 8,107 202,756
Riggs National Corp. ............................... 12,256 202,592
Fifth Third Bancorp+ ............................... 3,050 180,255
Hudson City
Bancorp, Inc.+ ................................... 4,500 171,810
Independence Community
Bank Corp. ....................................... 4,700 169,059
Provident Bankshares
Corp. ............................................ 5,716 168,279
National City Corp. ................................ 4,910 166,645
New Century
Financial Corp. .................................. 4,200 166,614
Valley National Bancorp ............................ 4,622 134,962
Citigroup, Inc. .................................... 2,750 133,485
Waypoint Financial Corp. ........................... 6,000 130,140
Fulton Financial Corp. ............................. 5,114 112,048
SunTrust Banks, Inc. ............................... 1,550 110,825
FirstMerit Corp. ................................... 4,095 110,442
Astoria Financial Corp. ............................ 2,700 100,440
Park National Corp. ................................ 880 99,572
National Commerce
Financial Corp. .................................. 3,500 95,480
Commerce
Bancshares, Inc. ................................. 1,819 89,167
Mercantile Bankshares
Corp. ............................................ 1,930 87,969
Texas Regional Bancshares,
Inc.-- Class A ................................... 2,326 86,062
W Holding Co., Inc. ................................ 4,509 83,913
BB&T Corp. ......................................... 1,970 76,121
SouthTrust Corp. ................................... 2,300 75,279
Republic Bancorp/
MI, Inc. ......................................... 5,340 72,037
Popular, Inc. ...................................... 1,600 71,904
Trustmark Corp. .................................... 2,340 68,492
Northern Trust Corp. ............................... 1,470 68,237
First Republic Bank ................................ 1,900 68,020
See Notes to Financial Statements.
94
BANKING FUND
SCHEDULE OF INVESTMENTS (CONCLUDED) December 31, 2003
- ----------------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- ----------------------------------------------------------------------------------------
UnionBanCal Corp. .................................. 1,140 $65,596
FirstFed Financial Corp.* .......................... 1,500 65,250
Pacific Capital Bancorp ............................ 1,640 60,385
Compass Bancshares, Inc. ........................... 1,440 56,606
Sky Financial Group, Inc. .......................... 1,700 44,098
Silicon Valley Bancshares* ......................... 1,100 39,677
Whitney Holding Corp. .............................. 900 36,891
BancorpSouth, Inc. ................................. 1,400 33,208
Southwest Bancorp of
Texas, Inc. ...................................... 329 12,782
Marshall & Ilsley Corp. ............................ 100 3,825
---------------
TOTAL COMMON STOCKS
(Cost $15,692,194) ............................... 16,831,564
---------------
FACE
AMOUNT
---------
SECURITIES LENDING COLLATERAL 11.2%
Investment in Securities Lending Short Term
Investment Portfolio held by
U.S. Bank. (Note 9) .............................. $2,132,804 2,132,804
---------------
TOTAL SECURITIES LENDING COLLATERAL
(Cost $2,132,804) ................................ 2,132,804
---------------
TOTAL INVESTMENTS 100%
(Cost $17,824,998) ............................... $18,964,368
===============
*NON-INCOME PRODUCING SECURITIES
+ALL OR A PORTION OF THIS SECURITY IS ON LOAN AT DECEMBER 31, 2003 - SEE NOTE 9.
See Notes to Financial Statements.
ANNUAL REPORT 95
BASIC MATERIALS FUND
SCHEDULE OF INVESTMENTS December 31, 2003
- ----------------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- ----------------------------------------------------------------------------------------
COMMON STOCKS 86.4%
EI Du Pont de
Nemours & Co. ...................................... 41,847 $1,920,359
Dow Chemical Co.+ .................................. 44,063 1,831,699
Alcoa, Inc.+ ....................................... 47,290 1,797,020
Newmont Mining Corp.+ .............................. 26,882 1,306,734
International Paper Co.+ ........................... 30,171 1,300,672
Weyerhaeuser Co. ................................... 16,624 1,063,936
Praxair, Inc. ...................................... 27,220 1,039,804
PPG Industries, Inc. ............................... 15,032 962,349
Air Products &
Chemicals, Inc. .................................. 17,737 937,046
Rohm & Haas Co. .................................... 21,383 913,268
Phelps Dodge Corp.*+ ............................... 11,525 876,937
Georgia-Pacific Corp. .............................. 26,927 825,851
Monsanto Co. ....................................... 27,550 792,889
Freeport-McMoRan Copper
& Gold, Inc.-- Class B+ .......................... 17,463 735,716
Ecolab, Inc.+ ...................................... 26,701 730,806
United States Steel Corp. .......................... 19,786 692,906
MeadWestvaco Corp. ................................. 23,288 692,818
Martin Marietta
Materials, Inc. .................................. 14,181 666,082
Vulcan Materials Co. ............................... 13,302 632,776
Nucor Corp. ........................................ 10,847 607,432
Sealed Air Corp.* .................................. 11,121 602,091
Sigma-Aldrich Corp. ................................ 10,121 578,719
Airgas, Inc. ....................................... 26,849 576,716
Florida Rock
Industries, Inc. ................................. 10,362 568,356
Pactiv Corp.* ...................................... 23,137 552,974
Lubrizol Corp. ..................................... 16,910 549,913
Hercules, Inc.*+ ................................... 45,071 549,866
Temple-Inland, Inc.+ ............................... 8,745 548,049
Olin Corp. ......................................... 26,460 530,788
Engelhard Corp. .................................... 17,708 530,355
Ball Corp. ......................................... 8,506 506,702
Eastman Chemical Co. ............................... 12,794 505,747
Lyondell Chemical Co. .............................. 29,626 502,161
International Flavors &
Fragrances, Inc. ................................. 14,002 488,950
Bemis Co. .......................................... 9,170 458,500
Peabody Energy Corp. ............................... 10,900 454,639
Potlatch Corp. ..................................... 12,691 441,266
- ----------------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- ----------------------------------------------------------------------------------------
Sonoco Products Co. ................................ 17,431 $429,151
Bowater, Inc. ...................................... 9,200 426,052
Commercial Metals Co. .............................. 13,764 418,426
Massey Energy Co. .................................. 19,800 411,840
Louisiana-Pacific Corp.*+ .......................... 22,910 409,631
Arch Coal, Inc.+ ................................... 12,800 398,976
Boise Cascade Corp. ................................ 12,100 397,606
Cabot Corp. ........................................ 12,218 389,021
Scotts Co.-- Class A* .............................. 6,281 371,584
Great Lakes
Chemical Corp. ................................... 13,200 358,908
RPM International, Inc. ............................ 21,684 356,919
Rayonier, Inc. ..................................... 8,500 352,835
Quanex Corp. ....................................... 7,554 348,239
Steel Dynamics, Inc.* .............................. 14,700 345,303
FMC Corp.* ......................................... 9,802 334,542
Worthington
Industries, Inc. ................................. 18,166 327,533
Cytec Industries, Inc.* ............................ 8,405 322,668
AptarGroup, Inc. ................................... 8,200 319,800
Ferro Corp. ........................................ 11,500 312,915
Minerals Technologies,
Inc. ............................................. 5,241 310,529
MacDermid, Inc. .................................... 9,000 308,160
Albemarle Corp. .................................... 10,200 305,694
OM Group, Inc.* .................................... 11,555 302,625
Texas Industries, Inc. ............................. 7,700 284,900
Georgia Gulf Corp. ................................. 9,800 283,024
Crompton Corp. ..................................... 36,400 260,988
PolyOne Corp.* ..................................... 40,200 256,878
Carpenter Technology
Corp. ............................................ 8,500 251,345
Schulman A, Inc. ................................... 11,400 243,048
Longview Fibre Co. ................................. 19,056 235,342
Valspar Corp. ...................................... 4,724 233,460
Packaging Corp. of
America .......................................... 10,266 224,415
Century Aluminum Co.* .............................. 11,700 222,417
Rock-Tenn Co.-- Class A ............................ 12,802 220,962
Allegheny Technologies,
Inc. ............................................. 15,439 204,104
Chesapeake Corp. ................................... 7,624 201,884
Cleveland-Cliffs, Inc.* ............................ 3,788 192,999
See Notes to Financial Statements.
96
BASIC MATERIALS FUND
SCHEDULE OF INVESTMENTS (CONCLUDED) December 31, 2003
- ----------------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- ----------------------------------------------------------------------------------------
Schweitzer-Mauduit International, Inc. ............. 6,400 $190,592
IMC Global, Inc. ................................... 18,600 184,698
Cambrex Corp. ...................................... 7,051 178,108
Myers Industries, Inc. ............................. 14,400 174,528
Ryerson Tull, Inc. ................................. 14,800 169,460
Brush Engineered Materials, Inc.* .................. 10,624 162,653
Deltic Timber Corp. ................................ 5,024 152,730
Pope & Talbot, Inc. ................................ 8,484 149,403
Glatfelter ......................................... 11,386 141,756
RTI International Metals, Inc.* .................... 8,141 137,339
Steel Technologies, Inc. ........................... 7,400 130,906
H.B. Fuller Co. .................................... 4,364 129,785
IMCO Recycling, Inc.* .............................. 13,105 129,608
Caraustar Industries, Inc.* ........................ 7,940 109,572
Commonwealth Industries, Inc. ...................... 10,752 107,950
Wellman, Inc. ...................................... 10,504 107,246
Arch Chemicals, Inc. ............................... 4,093 105,026
Material Sciences Corp.* ........................... 9,800 99,078
Wausau-Mosinee Paper Corp. ......................... 7,074 95,640
Penford Corp. ...................................... 6,700 91,991
Quaker Chemical Corp. .............................. 2,800 86,100
Omnova Solutions, Inc.* ............................ 14,850 71,280
Buckeye Technologies, Inc.* ........................ 6,961 69,958
A.M. Castle & Co.* ................................. 7,010 51,173
AK Steel Holding Corp.* ............................ 9,127 46,547
---------------
TOTAL COMMON STOCKS
(Cost $40,350,122) ............................... 43,920,742
---------------
FACE
AMOUNT
---------------
REPURCHASE AGREEMENTS 0.8%
Repurchase Agreement (Note 5)
0.94% due 01/02/04 ............................... $ 91,308 91,308
0.85% due 01/02/04 ............................... 142,692 142,692
0.80% due 01/02/04 ............................... 91,308 91,308
0.80% due 01/02/04 ............................... 91,308 91,308
---------------
TOTAL REPURCHASE AGREEMENTS
(Cost $416,616) .................................. 416,616
---------------
SECURITIES LENDING COLLATERAL 12.8%
Investment in Securities Lending Short Term
Investment Portfolio held by
U.S. Bank. (Note 9) .............................. 6,499,240 6,499,240
---------------
TOTAL SECURITIES LENDING COLLATERAL
(Cost $6,499,240) ................................ 6,499,240
---------------
TOTAL INVESTMENTS 100%
(Cost $47,265,978) ............................... $50,836,598
===============
*NON-INCOME PRODUCING SECURITIES
+ALL OR A PORTION OF THIS SECURITY IS ON LOAN AT DECEMBER 31, 2003 - SEE NOTE 9.
See Notes to Financial Statements.
ANNUAL REPORT 97
BIOTECHNOLOGY FUND
SCHEDULE OF INVESTMENTS December 31, 2003
- ----------------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- ----------------------------------------------------------------------------------------
COMMON STOCKS 83.9%
Amgen, Inc.* ....................................... 20,642 $1,275,676
Genentech, Inc.*+ .................................. 11,100 1,038,627
Chiron Corp.*+ ..................................... 8,563 488,005
Serono SA-- SP ADR ................................. 25,975 455,861
Genzyme Corp.*+ .................................... 8,632 425,903
Medimmune, Inc.* ................................... 16,508 419,303
Gilead Sciences, Inc.*+ ............................ 7,013 407,736
Millennium Pharmaceuticals,
Inc.*+ ........................................... 20,068 374,670
Gen-Probe, Inc.* ................................... 9,754 355,728
Celgene Corp.* ..................................... 6,415 288,803
Invitrogen Corp.*+ ................................. 4,075 285,250
Cephalon, Inc.* .................................... 5,260 254,637
ICOS Corp.* ........................................ 5,773 238,309
Human Genome
Sciences, Inc.* .................................. 17,484 231,663
ImClone Systems, Inc.* ............................. 5,839 231,575
Biogen Idec, Inc.*+ ................................ 5,618 206,630
Protein Design
Labs, Inc.* ...................................... 10,200 182,580
Amylin Pharmaceuticals,
Inc.* ............................................ 7,949 176,627
Charles River Laboratories
International, Inc.* ............................. 5,100 175,083
Affymetrix, Inc.* .................................. 7,068 173,943
QLT, Inc.* ......................................... 9,130 172,100
IDEXX Laboratories,
Inc.* ............................................ 3,709 171,653
Abgenix, Inc.*+ .................................... 13,039 162,466
Onyx Pharmaceuticals,
Inc.* ............................................ 5,500 155,265
Digene Corp.* ...................................... 3,730 149,573
Telik, Inc.* ....................................... 6,350 146,114
Vertex Pharmaceuticals,
Inc.* ............................................ 14,000 143,220
Martek Biosciences
Corp.*+ .......................................... 2,200 142,934
Alkermes, Inc.*+ ................................... 10,408 140,508
Techne Corp.* ...................................... 3,659 138,237
Vicuron Pharmaceuticals,
Inc.* ............................................ 7,237 134,970
Genta, Inc.*+ ...................................... 12,800 133,248
- ----------------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- ----------------------------------------------------------------------------------------
Trimeris, Inc.*+ ................................... 6,300 $132,174
Applera Corp.-- Celera
Genomics Group* .................................... 9,175 127,624
OSI Pharmaceuticals,
Inc.* ........................................... 3,945 127,068
Tularik, Inc.* ..................................... 7,699 124,339
ILEX Oncology, Inc.* ............................... 5,795 123,144
XOMA Ltd.* ......................................... 18,354 121,136
United Therapeutics
Corp.* ........................................... 5,193 119,179
Medarex, Inc.* ..................................... 19,100 118,993
Transkaryotic Therapies,
Inc.* ............................................ 7,583 118,371
Regeneron Pharmaceuticals,
Inc.* ............................................ 7,800 114,738
Tanox, Inc.* ....................................... 7,446 110,573
Cubist Pharmaceuticals,
Inc.* ............................................ 8,830 107,373
Cell Therapeutics, Inc.*+ .......................... 12,078 105,079
Connetics Corp.* ................................... 5,779 104,947
Myriad Genetics, Inc.* ............................. 7,694 98,945
Cell Genesys, Inc.* ................................ 7,381 95,510
Exelixis, Inc.* .................................... 13,147 93,081
Albany Molecular Research,
Inc.* ............................................ 6,147 92,328
Enzo Biochem, Inc.* ................................ 5,069 90,786
Corixa Corp.* ...................................... 15,000 90,600
InterMune, Inc.* ................................... 3,737 86,549
Isis Pharmaceuticals,
Inc.* ............................................ 12,660 82,290
Enzon Pharmaceuticals,
Inc.* ............................................ 6,667 80,004
Indevus Pharmaceuticals,
Inc.* ............................................ 12,906 76,016
Incyte Corp.* ...................................... 9,327 63,797
Serologicals Corp.*+ ............................... 3,200 59,520
Neurocrine Biosciences,
Inc.* ............................................ 1,050 57,267
Qiagen NV* ......................................... 4,300 51,428
Ligand Pharmaceuticals,
Inc.-- Class B* .................................. 3,500 51,415
ID Biomedical Corp.*+ .............................. 3,585 42,518
Gene Logic, Inc.* .................................. 8,044 41,748
See Notes to Financial Statements.
98
BIOTECHNOLOGY FUND
SCHEDULE OF INVESTMENTS (CONCLUDED) December 31, 2003
- ----------------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- ----------------------------------------------------------------------------------------
NPS Pharmaceuticals, Inc.*+ ........................ 1,200 $36,888
Antigenics, Inc.* .................................. 2,295 25,979
BioMarin Pharmaceuticals, Inc.* .................... 1,895 14,722
Emisphere Technologies, Inc.* ...................... 45 247
Medicines Co.* ..................................... 1 29
Geron Corp.* ....................................... 1 10
Dendreon Corp.* .................................... 1 9
---------------
TOTAL COMMON STOCKS
(Cost $10,429,328) ............................... 12,463,321
---------------
FACE
AMOUNT
---------------
REPURCHASE AGREEMENTS 1.3%
Repurchase Agreement (Note 5)
0.94% due 01/02/04 ............................... $ 42,071 42,071
0.85% due 01/02/04 ............................... 65,746 65,746
0.80% due 01/02/04 ............................... 42,071 42,071
0.80% due 01/02/04 ............................... 42,071 42,071
---------------
TOTAL REPURCHASE AGREEMENTS
(Cost $191,959) .................................. 191,959
---------------
SECURITIES LENDING COLLATERAL 14.8%
Investment in Securities Lending Short Term
Investment Portfolio held by
U.S. Bank. (Note 9) .............................. 2,204,258 2,204,258
---------------
TOTAL SECURITIES LENDING COLLATERAL
(Cost $2,204,258) ................................ 2,204,258
---------------
TOTAL INVESTMENTS 100%
(Cost $12,825,545) ............................... $14,859,538
===============
*NON-INCOME PRODUCING SECURITIES
+ALL OR A PORTION OF THIS SECURITY IS ON LOAN AT DECEMBER 31, 2003 - SEE NOTE 9.
ADR--AMERICAN DEPOSITORY RECEIPT
See Notes to Financial Statements.
ANNUAL REPORT 99
CONSUMER PRODUCTS FUND
SCHEDULE OF INVESTMENTS December 31, 2003
- ----------------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- ----------------------------------------------------------------------------------------
COMMON STOCKS 84.0%
Procter & Gamble Co.+ .............................. 5,510 $550,339
Coca-Cola Co.+ ..................................... 9,650 489,738
PepsiCo, Inc. ...................................... 9,433 439,767
Altria Group, Inc.+ ................................ 5,820 316,724
Colgate-Palmolive Co.+ ............................. 5,950 297,798
General Mills, Inc. ................................ 5,980 270,894
WM Wrigley Jr Co. .................................. 4,610 259,128
H.J. Heinz Co. ..................................... 7,080 257,924
Campbell Soup Co. .................................. 9,610 257,548
eBay, Inc.*+ ....................................... 3,760 242,858
Dreyer's Grand Ice Cream
Holdings, Inc.+ .................................. 2,700 209,925
Alberto-Culver Co. -
Class B .......................................... 3,300 208,164
Safeway, Inc.*+ .................................... 9,500 208,145
Archer-Daniels-
Midland Co. ...................................... 13,200 200,904
Cendant Corp.*+ .................................... 8,580 191,077
Adolph Coors Co. --
Class B .......................................... 3,400 190,740
Kraft Foods, Inc.--
Class A .......................................... 5,410 174,310
Universal Corp./
Richmond VA ...................................... 3,900 172,263
Sensient Technologies
Corp. ............................................ 8,400 166,068
NBTY, Inc.* ........................................ 5,900 158,474
International Multifoods
Corp.* ........................................... 8,714 156,852
Avon Products, Inc. ................................ 2,250 151,853
UST, Inc. .......................................... 4,100 146,329
American Italian Pasta
Co.-- Class A*+ .................................. 3,400 142,460
Clorox Co. ......................................... 2,810 136,454
Wal-Mart Stores, Inc. .............................. 2,500 132,625
Anheuser-Busch
Cos., Inc. ....................................... 2,490 131,173
Performance Food
Group Co.*+ ...................................... 3,400 122,978
H&R Block, Inc.+ ................................... 2,070 114,616
Apollo Group, Inc. --
Class A* ......................................... 1,685 114,580
Gillette Co. ....................................... 3,010 110,557
- ----------------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- ----------------------------------------------------------------------------------------
Tyson Foods, Inc. --
Class A .......................................... 8,200 $108,568
Hershey Foods Corp. ................................ 1,400 107,786
Kimberly-Clark Corp. ............................... 1,500 88,635
Sysco Corp.+ ....................................... 2,300 85,629
Weight Watchers
International, Inc.* ............................. 2,190 84,030
DIMON, Inc. ........................................ 11,921 80,467
Career Education
Corp.*+ .......................................... 1,840 73,729
Fortune Brands, Inc. ............................... 980 70,060
Stanley Works ...................................... 1,830 69,302
Energizer Holdings, Inc.* .......................... 1,800 67,608
SUPERVALU, Inc.+ ................................... 2,300 65,757
Black & Decker Corp. ............................... 1,280 63,130
Newell Rubbermaid, Inc. ............................ 2,760 62,845
Duane Reade, Inc.* ................................. 3,500 59,220
Kroger Co.* ........................................ 3,060 56,641
ServiceMaster Co. .................................. 4,850 56,503
Estee Lauder Cos., Inc. --
Class A .......................................... 1,420 55,749
Corinthian Colleges,
Inc.* ............................................ 1,000 55,560
Rent-A-Center, Inc.* ............................... 1,825 54,531
ITT Educational Services,
Inc.* ............................................ 1,160 54,485
Albertson's, Inc.+ ................................. 2,200 49,830
DeVry, Inc.* ....................................... 1,940 48,752
Sylvan Learning
Systems, Inc.* ................................... 1,690 48,655
Coca-Cola
Enterprises, Inc. ................................ 2,200 48,114
United Rentals, Inc.*+ ............................. 2,490 47,957
Education Management
Corp.* ........................................... 1,520 47,181
Service Corp.
International/US* ............................... 8,010 43,174
J.M. Smucker Co. ................................... 900 40,761
United Natural
Foods, Inc.* ..................................... 1,100 39,501
Stewart Enterprises, Inc. -
Class A* ......................................... 6,694 38,022
Snap-On, Inc. ...................................... 1,070 34,497
Roto-Rooter, Inc. .................................. 700 32,270
See Notes to Financial Statements.
100
CONSUMER PRODUCTS FUND
SCHEDULE OF INVESTMENTS (CONCLUDED) December 31, 2003
- ----------------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- ----------------------------------------------------------------------------------------
Learning Tree International, Inc.* ................. 1,780 $30,954
Sotheby's Holdings, Inc.-- Class A* ................ 2,240 30,598
Pepsi Bottling Group, Inc. ......................... 1,200 29,016
Schweitzer-Mauduit International, Inc. ............. 900 26,802
J&J Snack Foods Corp.* ............................. 700 26,432
Regis Corp. ........................................ 600 23,712
Scotts Co.-- Class A* .............................. 390 23,072
Tupperware Corp. ................................... 1,330 23,062
Priceline.com, Inc.* ............................... 1,085 19,422
Krispy Kreme Doughnuts, Inc.* ...................... 480 17,568
Robert Mondavi-- Class A* .......................... 400 15,536
Wild Oats Markets, Inc.* ........................... 1,200 15,516
Sara Lee Corp. ..................................... 660 14,329
Blyth, Inc. ........................................ 360 11,599
Kellogg Co. ........................................ 290 11,043
ConAgra Foods, Inc. ................................ 410 10,820
Pre-Paid Legal Services, Inc.* ..................... 320 8,358
---------------
TOTAL COMMON STOCKS
(Cost $7,952,198) ................................ 9,000,053
---------------
FACE
AMOUNT
--------------
REPURCHASE AGREEMENTS 0.9%
Repurchase Agreement (Note 5)
0.94% due 01/02/04 ............................... $ 22,100 22,100
0.85% due 01/02/04 ................................. 34,537 34,537
0.80% due 01/02/04 ................................. 22,100 22,100
0.80% due 01/02/04 ................................. 22,100 22,100
---------------
TOTAL REPURCHASE AGREEMENTS
(Cost $100,837) .................................. 100,837
---------------
SECURITIES LENDING COLLATERAL 15.1%
Investment in Securities Lending
Short Term Investment Portfolio
held by U.S. Bank. (Note 9) ...................... 1,620,505 1,620,505
---------------
TOTAL SECURITIES LENDING COLLATERAL
(Cost $1,620,505) ................................ 1,620,505
---------------
TOTAL INVESTMENTS 100%
(Cost $9,673,540) ................................ $10,721,395
................................................... ===============
*NON-INCOME PRODUCING SECURITIES
+ALL OR A PORTION OF THIS SECURITY IS ON LOAN AT DECEMBER 31, 2003 - SEE NOTE 9.
See Notes to Financial Statements.
ANNUAL REPORT 101
ELECTRONICS FUND
SCHEDULE OF INVESTMENTS December 31, 2003
- ----------------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- ----------------------------------------------------------------------------------------
COMMON STOCKS 77.9%
Intel Corp. ........................................ 102,020 $3,285,044
Texas Instruments, Inc.+ ........................... 57,080 1,677,010
Applied Materials, Inc.* ........................... 61,415 1,378,767
Maxim Integrated
Products, Inc.+ .................................. 19,450 968,610
Analog Devices, Inc.+ .............................. 19,580 893,827
Linear Technology Corp. ............................ 20,360 856,545
Micron Technology,
Inc.*+ ........................................... 61,080 822,748
KLA-Tencor Corp.*+ ................................. 13,600 797,912
Broadcom Corp. --
Class A*+ ........................................ 21,990 749,639
Xilinx, Inc.*+ ..................................... 17,230 667,490
Microchip Technology,
Inc. ............................................. 19,679 656,491
National Semiconductor
Corp.* ........................................... 16,000 630,560
Altera Corp.*+ ..................................... 26,400 599,280
Cypress Semiconductor
Corp.*+ .......................................... 24,860 531,010
Advanced Micro Devices,
Inc.*+ ........................................... 35,250 525,225
Silicon Laboratories, Inc.* ........................ 11,610 501,784
Teradyne, Inc.*+ ................................... 19,610 499,074
Integrated Circuit Systems,
Inc.* ............................................ 17,300 492,877
Lam Research Corp.*+ ............................... 13,910 449,293
Atmel Corp.*+ ...................................... 72,420 435,244
Credence Systems Corp.*+ ........................... 31,500 414,540
Cabot Microelectronics
Corp.*+ .......................................... 8,350 409,150
RF Micro Devices, Inc.*+ ........................... 39,674 398,724
Ultratech, Inc.* ................................... 12,940 380,048
International Rectifier
Corp.* ........................................... 7,665 378,728
Novellus Systems, Inc.*+ ........................... 9,000 378,450
Photronics, Inc.*+ ................................. 18,683 372,165
Intersil Corp.-- Class A ........................... 14,821 368,302
LSI Logic Corp.*+ .................................. 41,260 365,976
Micrel, Inc.* ...................................... 19,100 297,578
Integrated Device
Technology, Inc.* ............................... 17,296 296,972
Cree, Inc.*+ ....................................... 15,320 271,011
- ----------------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- ----------------------------------------------------------------------------------------
PMC - Sierra, Inc.* ................................ 13,285 $267,693
NVIDIA Corp.*+ ..................................... 11,405 265,166
Cymer, Inc.*+ ...................................... 5,510 254,507
Semtech Corp.* ..................................... 10,920 248,212
DSP Group, Inc.* ................................... 9,674 240,979
Varian Semiconductor
Equipment Associates,--
Inc.*+ ........................................... 5,450 238,110
Power Integrations, Inc.* .......................... 6,860 229,536
Fairchild Semiconductor
International, Inc.* ............................. 9,010 224,980
Applied Micro Circuits
Corp.* ........................................... 37,540 224,489
Microsemi Corp.* ................................... 9,080 223,186
Siliconware Precision
Industries Co. --
SP ADR* .......................................... 40,900 210,635
Agere Systems, Inc. --
Class A*+ ........................................ 68,900 210,145
Kulicke & Soffa Industries,
Inc.* ............................................ 14,531 208,956
Rudolph Technologies,
Inc.*+ ........................................... 8,487 208,271
United Microelectronics
Corp. -- SP ADR* ................................. 40,804 201,980
Marvell Technology Group
Ltd.* ............................................ 5,300 201,029
Infineon Technologies
AG-- SP ADR*+ .................................... 14,497 198,754
Brooks Automation, Inc.*+ .......................... 8,200 198,194
OmniVision Technologies,
Inc.* ............................................ 3,330 183,982
ASE Test Ltd.*+ .................................... 12,240 183,233
Actel Corp.*+ ...................................... 7,470 180,027
LTX Corp.* ......................................... 11,233 168,832
Standard Microsystems
Corp.* ........................................... 6,343 160,478
Amkor Technology, Inc.* ............................ 8,700 158,427
Dupont Photomasks, Inc.* ........................... 6,000 144,840
Conexant Systems, Inc.*+ ........................... 23,000 114,310
ATMI, Inc.* ........................................ 4,898 113,340
MEMC Electronic Materials,
Inc.* ............................................ 11,500 110,630
Supertex, Inc.* .................................... 5,586 106,693
See Notes to Financial Statements.
102
ELECTRONICS FUND
SCHEDULE OF INVESTMENTS (CONCLUDED) December 31, 2003
- ----------------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- ----------------------------------------------------------------------------------------
FEI Co.* ........................................... 2,521 $56,723
Entegris, Inc.*+ ................................... 3,800 48,830
Lattice Semiconductor Corp.* ....................... 3,731 36,116
Skyworks Solutions, Inc.* .......................... 3,391 29,502
Advanced Energy Industries, Inc.* .................. 1,100 28,655
Triquint Semiconductor, Inc.* ...................... 4,000 28,280
Axcelis Technologies, Inc.* ........................ 2,700 27,594
ON Semiconductor Corp.* ............................ 21 135
---------------
TOTAL COMMON STOCKS
(Cost $24,680,194) ............................... 27,685,523
---------------
FACE
AMOUNT
------------
REPURCHASE AGREEMENTS 0.5%
Repurchase Agreement (Note 5)
0.94% due 01/02/04 ............................... $ 35,136 35,136
0.85% due 01/02/04 ............................... 54,911 54,911
0.80% due 01/02/04 ............................... 35,136 35,136
0.80% due 01/02/04 ............................... 35,136 35,136
---------------
TOTAL REPURCHASE AGREEMENTS
(Cost $160,319) .................................. 160,319
---------------
SECURITIES LENDING COLLATERAL 21.6%
Investment in Securities Lending Short Term
Investment Portfolio held
by U.S. Bank. (Note 9) ........................... 7,676,125 7,676,125
---------------
TOTAL SECURITIES LENDING COLLATERAL
(Cost $7,676,125) ................................ 7,676,125
---------------
TOTAL INVESTMENTS 100%
(Cost $32,516,638) ............................... $35,521,967
===============
*NON-INCOME PRODUCING SECURITIES
+ALL OR A PORTION OF THIS SECURITY IS ON LOAN AT DECEMBER 31, 2003--SEE NOTE 9.
ADR--AMERICAN DEPOSITORY RECEIPT
See Notes to Financial Statements.
ANNUAL REPORT 103
ENERGY FUND
SCHEDULE OF INVESTMENTS December 31, 2003
- ----------------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- ----------------------------------------------------------------------------------------
COMMON STOCKS 84.4%
Exxon Mobil Corp. .................................. 76,620 $3,141,420
ChevronTexaco Corp. ................................ 20,510 1,771,859
ConocoPhillips+ .................................... 26,989 1,769,669
Devon Energy Corp.+ ................................ 19,348 1,107,866
Apache Corp. ....................................... 12,099 981,229
Schlumberger Ltd.+ ................................. 15,750 861,840
Valero Energy Corp. ................................ 17,400 806,316
BJ Services Co.*+ .................................. 22,270 799,493
EOG Resources, Inc. ................................ 16,990 784,428
Kerr-McGee Corp. ................................... 16,145 750,581
Pioneer Natural
Resources Co.* ................................... 23,300 743,969
Sunoco, Inc.+ ...................................... 14,410 737,071
Weatherford International
Ltd.*+ ........................................... 19,800 712,800
Newfield Exploration
Co.* ............................................. 14,460 644,048
Marathon Oil Corp. ................................. 19,045 630,199
Murphy Oil Corp. ................................... 9,160 598,240
Rowan Cos., Inc.*+ ................................. 25,420 588,981
Overseas Shipholding
Group, Inc.+ ..................................... 17,260 587,703
Forest Oil Corp.*+ ................................. 20,050 572,829
Evergreen Resources,
Inc.*+ ........................................... 17,580 571,526
Tom Brown, Inc.* ................................... 17,700 570,825
Burlington Resources,
Inc.+ ............................................ 9,860 546,047
Unit Corp.* ........................................ 23,120 544,476
Occidental Petroleum
Corp.+ ........................................... 12,880 544,051
Cal Dive International,
Inc.*+ ........................................... 22,000 530,420
Cabot Oil & Gas Corp. .............................. 17,460 512,451
Vintage Petroleum, Inc. ............................ 41,900 504,057
Patterson-UTI Energy,
Inc.* ............................................ 14,360 472,731
Anadarko Petroleum
Corp. ............................................ 9,100 464,191
St. Mary Land &
Exploration Co. .................................. 15,998 455,943
Helmerich & Payne, Inc. ............................ 15,900 444,087
- ----------------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- ----------------------------------------------------------------------------------------
ENSCO International,
Inc.+ ............................................ 14,858 $403,692
Stone Energy Corp.* ................................ 9,145 388,205
Halliburton Co.+ ................................... 14,655 381,030
Tetra Technologies, Inc.* .......................... 15,300 370,872
Baker Hughes, Inc.+ ................................ 11,330 364,373
Unocal Corp.+ ...................................... 9,040 332,943
Teekay Shipping Corp. .............................. 5,670 323,360
XTO Energy, Inc.+ .................................. 11,360 321,488
Precision Drilling Corp.* .......................... 7,100 310,128
Westport Resources
Corp.* ........................................... 10,330 308,454
W-H Energy Services,
Inc.* ............................................ 17,600 285,120
Amerada Hess Corp.+ ................................ 5,030 267,445
Nuevo Energy Co.* .................................. 9,798 236,818
China Petroleum & Chemical
Corp. - SP ADR ................................... 5,200 230,932
Chesapeake Energy
Corp.+ ........................................... 16,690 226,650
EnCana Corp. ....................................... 5,330 210,215
Patina Oil & Gas Corp. ............................. 4,100 200,859
Petrofund Energy Trust+ ............................ 12,800 185,088
Swift Energy Co.* .................................. 10,510 177,094
Ultra Petroleum Corp.* ............................. 6,400 157,568
Prima Energy Corp.* ................................ 4,406 154,915
Noble Corp.* ....................................... 4,265 152,602
Lone Star Technologies,
Inc.* ............................................ 8,100 129,438
Smith International,
Inc.*+ ........................................... 2,890 119,993
Tesoro Petroleum Corp.* ............................ 8,200 119,474
Dril-Quip, Inc.* ................................... 6,497 105,901
Ashland, Inc. ...................................... 2,070 91,204
Western Gas Resources,
Inc. ............................................. 1,900 89,775
Cimarex Energy Co.* ................................ 1,755 46,841
Pogo Producing Co. ................................. 945 45,644
National-Oilwell, Inc.* ............................ 1,700 38,012
Noble Energy, Inc. ................................. 840 37,321
Cooper Cameron Corp.* .............................. 760 35,416
Pride International, Inc.* ......................... 1,690 31,502
---------------
TOTAL COMMON STOCKS
(Cost $29,405,549) ............................... 31,631,718
---------------
See Notes to Financial Statements.
104
ENERGY FUND
SCHEDULE OF INVESTMENTS (CONCLUDED) December 31, 2003
- ----------------------------------------------------------------------------------------
MARKET
FACE VALUE
AMOUNT (NOTE 1)
- ----------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS 0.8%
Repurchase Agreement (Note 5)
0.94% due 01/02/04 ............................... $ 67,746 $67,746
0.85% due 01/02/04 ............................... 105,871 105,871
0.80% due 01/02/04 ............................... 67,746 67,746
0.80% due 01/02/04 ............................... 67,746 67,746
---------------
TOTAL REPURCHASE AGREEMENTS
(Cost $309,109) .................................. 309,109
---------------
SECURITIES LENDING COLLATERAL 14.8%
Investment in Securities Lending Short Term
Investment Portfolio held by
U.S. Bank. (Note 9) .............................. 5,560,020 5,560,020
---------------
TOTAL SECURITIES LENDING COLLATERAL
(Cost $5,560,020) ................................ 5,560,020
---------------
TOTAL INVESTMENTS 100%
(Cost $35,274,678) ............................... $37,500,847
===============
*NON-INCOME PRODUCING SECURITIES
+ALL OR A PORTION OF THIS SECURITY IS ON LOAN AT DECEMBER 31, 2003 - SEE NOTE 9.
ADR--AMERICAN DEPOSITORY RECEIPT
See Notes to Financial Statements.
ANNUAL REPORT 105
ENERGY SERVICES FUND
SCHEDULE OF INVESTMENTS December 31, 2003
- ----------------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- ----------------------------------------------------------------------------------------
COMMON STOCKS 84.4%
Schlumberger Ltd.+ ................................. 12,726 $696,367
Transocean, Inc.* .................................. 19,022 456,718
BJ Services Co.*+ .................................. 11,536 414,142
Halliburton Co.+ ................................... 14,295 371,670
Nabors Industries Ltd.*+ ........................... 8,862 367,773
Baker Hughes, Inc. ................................. 11,161 358,938
Weatherford
International Ltd.* .............................. 9,932 357,552
ENSCO International,
Inc.+ ............................................ 13,018 353,699
Patterson-UTI
Energy, Inc.* .................................... 9,996 329,068
National-Oilwell, Inc.* ............................ 13,228 295,778
Noble Corp.* ....................................... 8,121 290,569
Rowan Cos., Inc.*+ ................................. 11,995 277,924
Helmerich & Payne, Inc. ............................ 9,102 254,219
Cal Dive International,
Inc.*+ ........................................... 9,503 229,117
Tidewater, Inc. .................................... 6,709 200,465
Smith International,
Inc.*+ ........................................... 4,809 199,670
Unit Corp.* ........................................ 7,663 180,464
Hanover Compressor
Co.* ............................................. 15,084 168,187
- ----------------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- ----------------------------------------------------------------------------------------
Oceaneering
International, Inc.* ............................. 5,836 $163,408
FMC Technologies, Inc.* ............................ 6,938 161,655
Lone Star Technologies,
Inc.* ............................................ 9,535 152,369
CARBO Ceramics, Inc. ............................... 2,747 140,784
Varco International, Inc.* ......................... 6,669 137,581
Grant Prideco, Inc.* ............................... 10,197 132,765
Seacor Smit, Inc.* ................................. 3,019 126,889
Cooper Cameron Corp.* .............................. 2,714 126,472
Pride International, Inc.* ......................... 6,694 124,776
Tetra Technologies, Inc.* .......................... 4,450 107,868
GlobalSantaFe Corp. ................................ 3,744 92,964
Precision Drilling Corp.* .......................... 2,070 90,418
W-H Energy Services,
Inc.* ............................................ 5,128 83,074
Dril-Quip, Inc.* ................................... 4,241 69,128
Maverick Tube Corp.* ............................... 2,492 47,971
Offshore Logistics, Inc.* .......................... 1,643 40,286
Hydril* ............................................ 963 23,045
Atwood Oceanics, Inc.* ............................. 350 11,179
---------------
TOTAL COMMON STOCKS
(Cost $6,963,696) ................................ 7,634,952
---------------
FACE
AMOUNT
-----------
REPURCHASE AGREEMENTS 0.8%
Repurchase Agreement (Note 5)
0.94% due 01/02/04 ............................... $ 15,187 15,187
0.85% due 01/02/04 ............................... 23,732 23,732
0.80% due 01/02/04 ............................... 15,187 15,187
0.80% due 01/02/04 ............................... 15,187 15,187
-----------------
TOTAL REPURCHASE AGREEMENTS
(Cost $69,293) ................................... 69,293
-----------------
SECURITIES LENDING COLLATERAL 14.8%
Investment in Securities Lending Short Term
Investment Portfolio held by
U.S. Bank. (Note 9) .............................. 1,340,393 1,340,393
-----------------
TOTAL SECURITIES LENDING COLLATERAL
(Cost $1,340,393) ................................ 1,340,393
-----------------
TOTAL INVESTMENTS 100%
(Cost $8,373,382) ................................ $9,044,638
=================
*NON-INCOME PRODUCING SECURITIES
+ALL OR A PORTION OF THIS SECURITY IS ON LOAN AT DECEMBER 31, 2003 - SEE NOTE 9.
See Notes to Financial Statements.
106
FINANCIAL SERVICES FUND
SCHEDULE OF INVESTMENTS December 31, 2003
- ----------------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- ----------------------------------------------------------------------------------------
COMMON STOCKS 91.6%
Citigroup, Inc. .................................... 10,840 $526,174
Bank of America Corp.+ ............................. 6,319 508,237
J.P. Morgan Chase & Co. ............................ 12,025 441,678
Wachovia Corp. ..................................... 9,072 422,664
American International
Group, Inc. ...................................... 6,102 404,441
Fannie Mae ......................................... 5,110 383,557
Freddie Mac ........................................ 6,500 379,080
Bank One Corp. ..................................... 7,885 359,477
MetLife, Inc.+ ..................................... 10,199 343,400
Prudential Financial, Inc. ......................... 7,945 331,863
Travelers Property Casualty
Corp.-- Class B .................................. 18,600 315,642
Charles Schwab Corp. ............................... 26,135 309,438
SLM Corp. .......................................... 8,179 308,185
ACE Ltd. ........................................... 7,320 303,194
KeyCorp ............................................ 10,200 299,064
Lehman Brothers Holdings,
Inc.+ ............................................ 3,823 295,212
John Hancock Financial
Services, Inc. ................................... 7,056 264,600
Washington Mutual, Inc.+ ........................... 6,522 261,663
MGIC Investment Corp.+ ............................. 4,520 257,369
First Tennessee National
Corp. ............................................ 5,800 255,780
Huntington Bancshares,
Inc. ............................................. 11,350 255,375
W.R. Berkley Corp. ................................. 7,035 245,873
Radian Group, Inc. ................................. 4,970 242,287
PMI Group, Inc.+ ................................... 6,400 238,272
Greater Bay Bancorp ................................ 8,100 230,688
GATX Corp. ......................................... 8,200 229,436
UnumProvident Corp. ................................ 14,289 225,338
Downey Financial Corp. ............................. 4,450 219,385
Zenith National Insurance
Corp. ............................................ 6,724 218,866
Brookline Bancorp, Inc. ............................ 14,116 216,539
MONY Group, Inc.*+ ................................. 6,900 215,901
AmerUs Group Co.+ .................................. 6,090 212,967
Provident Bankshares
Corp. ............................................ 7,200 211,968
Regions Financial Corp. ............................ 5,650 210,180
- ----------------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- ----------------------------------------------------------------------------------------
Merrill Lynch & Co.,
Inc.+ ............................................ 3,526 $206,800
Riggs National Corp. ............................... 12,209 201,815
SWS Group, Inc. .................................... 11,300 201,140
Flagstar Bancorp, Inc. ............................. 9,300 199,206
MBNA Corp. ......................................... 7,830 194,575
Union Planters Corp. ............................... 5,770 181,697
Provident Financial Group,
Inc. ............................................. 5,000 159,750
SEI Investments Co. ................................ 5,019 152,929
FleetBoston Financial
Corp. ............................................ 3,500 152,775
Principal Financial Group,
Inc. ............................................. 4,609 152,420
Brown & Brown, Inc. .............................. 4,600 150,006
Equity Residential ................................. 4,848 143,064
AmeriCredit Corp.*+ ................................ 8,900 141,777
Equity Office Properties
Trust ............................................ 4,819 138,064
Susquehanna Bancshares,
Inc. ............................................. 5,418 135,504
UICI* .............................................. 9,400 124,832
American Express Co. ............................... 2,522 121,636
Simon Property Group,
Inc. ............................................. 2,579 119,511
Plum Creek Timber (REIT)
Co., Inc.+ ....................................... 3,829 116,593
LaBranche & Co., Inc. .............................. 9,240 107,831
Hudson United Bancorp .............................. 2,800 103,460
Morgan Stanley+ .................................... 1,766 102,198
Wells Fargo & Co. .................................. 1,672 98,464
Prologis ........................................... 2,900 93,061
Everest Re Group Ltd. .............................. 1,100 93,060
E*Trade Financial Corp.*+ .......................... 7,346 92,927
Golden West Financial
Corp. ............................................ 786 81,107
PNC Financial Services
Group, Inc. ...................................... 1,460 79,906
Southwest Bancorp of
Texas, Inc. ...................................... 1,965 76,340
Hilb Rogal & Hamilton Co. .......................... 2,366 75,878
T. Rowe Price Group,
Inc.+ ............................................ 1,500 71,115
See Notes to Financial Statements.
ANNUAL REPORT 107
FINANCIAL SERVICES FUND
SCHEDULE OF INVESTMENTS (CONCLUDED) December 31, 2003
- ----------------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- ----------------------------------------------------------------------------------------
Capital One Financial
Corp. ............................................ 1,133 $69,442
Providian Financial
Corp.* ........................................... 5,900 68,676
Zions Bancorporation ............................... 1,100 67,463
Essex Property Trust, Inc. ......................... 1,040 66,789
Janus Capital Group, Inc. .......................... 3,666 60,159
Lincoln National Corp.+ ............................ 1,430 57,729
Webster Financial Corp. ............................ 1,132 51,914
Waddell & Reed Financial,
Inc.-- Class A ................................... 2,200 51,612
New Century Financial
Corp. ............................................ 1,300 51,571
First Republic Bank ................................ 1,420 50,836
Liberty Property Trust+ ............................ 1,306 50,803
United Dominion Realty
Trust, Inc. .................................... 2,630 50,496
New Plan Excel Realty
Trust ............................................ 1,876 46,281
Comerica, Inc. ..................................... 823 46,137
Fidelity National Financial,
Inc. ............................................. 1,169 45,334
- ----------------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- ----------------------------------------------------------------------------------------
RLI Corp. .......................................... 1,000 $37,460
Legg Mason, Inc. ................................... 470 36,275
U.S. Bancorp+ ...................................... 1,100 32,758
SAFECO Corp.+ ...................................... 823 32,039
Apartment Investment &
Management Co. --
Class A .......................................... 886 30,567
Shurgard Storage Centers,
Inc.-- Class A ................................... 770 28,991
Mack-Cali Realty Corp. ............................. 570 23,723
MAF Bancorp, Inc. .................................. 478 20,028
Ambac Financial Group, Inc. ........................ 240 16,654
Capital Automotive REIT ............................ 440 14,080
Chubb Corp. ........................................ 200 13,620
Aon Corp. .......................................... 363 8,690
Bankunited Financial
Corp.-- Class A* ................................. 197 5,081
Gables Residential Trust ........................... 40 1,390
Kilroy Realty Corp. ................................ 30 983
................................................... ---------------
TOTAL COMMON STOCKS
(Cost $14,220,052) ............................... 15,350,815
---------------
FACE
AMOUNT
---------------
SECURITIES LENDING COLLATERAL 8.4%
Investment in Securities Lending Short Term
Investment Portfolio held by
U.S. Bank. (Note 9) .............................. $1,412,734 1,412,734
---------------
TOTAL SECURITIES LENDING COLLATERAL
(Cost $1,412,734) ................................ 1,412,734
---------------
TOTAL INVESTMENTS 100%
(Cost $15,632,786) ............................... $16,763,549
===============
*NON-INCOME PRODUCING SECURITIES
+ALL OR A PORTION OF THIS SECURITY IS ON LOAN AT DECEMBER 31, 2003--SEE NOTE 9.
REIT--REAL ESTATE INVESTMENT TRUST.
See Notes to Financial Statements.
108
HEALTH CARE FUND
SCHEDULE OF INVESTMENTS December 31, 2003
- ----------------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- ----------------------------------------------------------------------------------------
COMMON STOCKS 83.0%
Johnson & Johnson, Inc. ............................ 23,348 $1,206,158
Pfizer, Inc. ....................................... 32,162 1,136,284
Amgen, Inc.* ....................................... 16,524 1,021,183
Merck & Co., Inc.+ ................................. 19,920 920,304
Eli Lilly & Co.+ ................................... 10,180 715,959
Bristol-Myers Squibb
Co.+ ............................................. 23,560 673,816
Medtronic, Inc. .................................... 13,480 655,263
Abbott Laboratories ................................ 13,860 645,876
UnitedHealth Group,
Inc.+ ............................................ 9,400 546,892
Stryker Corp.+ ..................................... 5,860 498,159
Cardinal Health, Inc.+ ............................. 8,120 496,619
Smith & Nephew
PLC-- SP ADR ..................................... 11,200 469,504
Boston Scientific Corp.*+ .......................... 11,260 413,918
WellPoint Health
Networks, Inc.* .................................. 4,040 391,840
Wyeth .............................................. 8,860 376,107
Lincare Holdings, Inc.* ............................ 12,400 372,372
CIGNA Corp. ........................................ 6,450 370,875
Guidant Corp.+ ..................................... 6,060 364,812
Zimmer Holdings, Inc.* ............................. 5,100 359,040
Invacare Corp. ..................................... 8,700 351,219
Schering AG-- SP ADR+ .............................. 6,638 339,202
Cephalon, Inc.*+ ................................... 7,000 338,870
Baxter International,
Inc.+ ............................................ 10,590 323,207
Applera Corp.-- Applied
Biosystems Group+ ................................ 15,400 318,934
Celgene Corp.* ..................................... 6,800 306,136
Biomet, Inc.+ ...................................... 8,300 302,203
Edwards Lifesciences
Corp.* ........................................... 9,900 297,792
DENTSPLY International,
Inc. ............................................. 6,550 295,864
Anthem, Inc.*+ ..................................... 3,907 293,025
Forest Laboratories,
Inc.*+ ........................................... 4,630 286,134
Aetna, Inc. ........................................ 4,230 285,863
Medco Health Solutions,
Inc.*+ ........................................... 8,400 285,516
NDCHealth Corp. .................................... 11,100 284,382
- ----------------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- ----------------------------------------------------------------------------------------
Vertex Pharmaceuticals,
Inc.* ............................................ 27,100 $277,233
Express Scripts, Inc.*+ ............................ 4,100 272,363
St. Jude Medical, Inc.* ............................ 4,400 269,940
Tenet Healthcare Corp.*+ ........................... 16,745 268,757
C.R. Bard, Inc. .................................... 3,300 268,125
Igen International, Inc.* .......................... 4,500 265,095
Quest Diagnostics, Inc.*+ .......................... 3,600 263,196
Millennium Pharmaceuticals,
Inc.* ............................................ 14,000 261,380
Allergan, Inc. ..................................... 3,300 253,473
HCA, Inc.+ ......................................... 5,850 251,316
Bausch & Lomb, Inc. ................................ 4,800 249,120
Celltech Group PLC --
SP ADR* .......................................... 18,354 245,209
Health Net, Inc.*+ ................................. 7,350 240,345
Gilead Sciences, Inc.* ............................. 4,100 238,374
Medimmune, Inc.*+ .................................. 9,200 233,680
INAMED Corp.*+ ..................................... 4,850 233,091
AdvancePCS* ........................................ 4,150 218,539
ResMed, Inc.* ...................................... 5,200 216,008
Wilson Greatbatch
Technologies, Inc.*+ ............................. 5,100 215,577
Beckman Coulter, Inc. .............................. 4,070 206,878
Oxford Health Plans,
Inc.* ............................................ 4,720 205,320
Humana, Inc.* ...................................... 8,900 203,365
Cerner Corp.*+ ..................................... 5,300 200,605
Omnicare, Inc. ..................................... 4,900 197,911
Coventry Health Care,
Inc.* ............................................ 3,000 193,470
Patterson Dental Co.*+ ............................. 3,000 192,480
Barr Pharmaceuticals,
Inc.* ............................................ 2,500 192,375
Apria Healthcare Group,
Inc.* ............................................ 6,700 190,749
Possis Medical, Inc.* .............................. 9,344 184,544
Renal Care Group, Inc.* ............................ 4,400 181,280
Varian Medical Systems,
Inc.* .............................................. 2,600 179,660
Pharmaceutical Resources,
Inc.* ............................................ 2,700 175,905
Pacificare Health
Systems* ......................................... 2,550 172,380
See Notes to Financial Statements.
ANNUAL REPORT 109
HEALTH CARE FUND
SCHEDULE OF INVESTMENTS (CONCLUDED) December 31, 2003
- ----------------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- ----------------------------------------------------------------------------------------
Mylan Laboratories ................................. 6,700 $169,242
AmerisourceBergen Corp. ............................ 3,000 168,450
IMS Health, Inc. ................................... 6,700 166,562
US Oncology, Inc.* ................................. 15,100 162,476
SICOR, Inc.* ....................................... 5,900 160,480
IVAX Corp.*+ ....................................... 6,700 159,996
Manor Care, Inc. ................................... 4,500 155,565
Mid Atlantic Medical
Services, Inc.* .................................. 2,400 155,520
Covance, Inc.* ..................................... 5,800 155,440
Millipore Corp.* ................................... 3,600 154,980
King Pharmaceuticals,
Inc.* ............................................ 10,062 153,546
Health Management
Associates, Inc. --
Class A .......................................... 6,300 151,200
Schering-Plough Corp.+ ............................. 8,670 150,771
Savient Pharmaceuticals,
Inc.* ............................................ 31,600 145,676
Datascope Corp. .................................... 4,000 143,400
Regeneron Pharmaceuticals,
Inc.* ............................................ 9,600 141,216
Becton Dickinson & Co. ............................. 3,410 140,287
CONMED Corp.* ...................................... 5,800 138,040
- ----------------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- ----------------------------------------------------------------------------------------
Watson Pharmaceuticals,
Inc.* ............................................ 3,000 $138,000
Diagnostic Products Corp. .......................... 3,000 137,730
Pediatrix Medical Group,
Inc.* ............................................ 2,500 137,725
Respironics, Inc.* ................................. 3,000 135,270
Dade Behring Holdings,
Inc.* ............................................ 3,600 128,664
Cooper Cos., Inc.+ ................................. 2,700 127,251
Sepracor, Inc.* .................................... 5,300 126,829
Haemonetics Corp./Mass* ............................ 5,300 126,617
Chiron Corp.*+ ..................................... 2,200 125,378
Novo-Nordisk A/S --
SP ADR ........................................... 2,995 122,675
Accredo Health, Inc.* .............................. 3,800 120,118
VISX, Inc.* ........................................ 5,100 118,065
Biogen Idec, Inc.*+ ................................ 3,150 115,857
Integra LifeSciences
Holdings Corp.* .................................. 4,000 114,520
IDEXX Laboratories,
Inc.* ............................................ 2,400 111,072
Altana AG-- SP ADR ................................. 1,700 102,510
Connetics Corp.*+ .................................. 3,500 63,560
---------------
TOTAL COMMON STOCKS
(Cost $25,935,074) ............................... 28,185,759
---------------
FACE
AMOUNT
---------
REPURCHASE AGREEMENTS 1.7%
Repurchase Agreement (Note 5)
0.94% due 01/02/04 ............................... $ 125,873 125,873
0.85% due 01/02/04 ............................... 196,708 196,708
0.80% due 01/02/04 ............................... 125,873 125,873
0.80% due 01/02/04 ............................... 125,873 125,873
---------------
TOTAL REPURCHASE AGREEMENTS
(Cost $574,327) .................................. 574,327
---------------
SECURITIES LENDING COLLATERAL 15.3%
Investment in Securities Lending Short Term
Investment Portfolio held by
U.S. Bank. (Note 9) .............................. 5,189,437 5,189,437
---------------
TOTAL SECURITIES LENDING COLLATERAL
(Cost $5,189,437) ................................ 5,189,437
---------------
TOTAL INVESTMENTS 100%
(Cost $31,698,838) ............................... $33,949,523
===============
*NON-INCOME PRODUCING SECURITIES
+ALL OR A PORTION OF THIS SECURITY IS ON LOAN AT DECEMBER 31, 2003--SEE NOTE 9.
ADR--AMERICAN DEPOSITORY RECEIPT
See Notes to Financial Statements.
110
INTERNET FUND
SCHEDULE OF INVESTMENTS December 31, 2003
- ----------------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- ----------------------------------------------------------------------------------------
COMMON STOCKS 72.5%
Cisco Systems, Inc.*+ .............................. 120,675 $2,931,196
Time Warner, Inc.*+ ................................ 102,374 1,841,708
QUALCOMM, Inc.+ .................................... 33,768 1,821,108
eBay, Inc.*+ ....................................... 23,297 1,504,753
Yahoo!, Inc.*+ ..................................... 27,532 1,243,620
Symantec Corp.*+ ................................... 26,896 931,946
Qwest Communications
International* ................................... 215,692 931,789
Amazon.com, Inc.*+ ................................. 14,571 767,017
Juniper Networks, Inc.*+ ........................... 40,376 754,224
InterActiveCorp*+ .................................. 20,903 709,239
Red Hat, Inc.* ..................................... 37,502 703,913
Sun Microsystems, Inc.*+ ........................... 153,963 691,294
Research In Motion Ltd.* ........................... 10,241 684,406
Check Point Software
Technologies Ltd.* ............................... 39,112 657,864
Broadcom Corp.--
Class A*+ ........................................ 18,170 619,415
E*Trade Financial
Corp.*+ .......................................... 47,393 599,522
WebMD Corp.* ....................................... 59,615 535,939
VeriSign, Inc.*+ ................................... 32,555 530,647
EarthLink, Inc.* ................................... 53,000 530,000
Network Associates,
Inc.*+ ........................................... 34,104 512,924
Foundry Networks, Inc.* ............................ 18,566 507,966
Intuit, Inc.*+ ..................................... 9,098 481,375
- ----------------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- ----------------------------------------------------------------------------------------
F5 Networks, Inc.* ................................. 17,658 $443,216
CheckFree Corp.*+ .................................. 15,376 425,146
Siebel Systems, Inc.* .............................. 30,280 419,984
BEA Systems, Inc.*+ ................................ 30,082 370,009
CIENA Corp.* ....................................... 41,374 274,723
aQuantive, Inc.* ................................... 24,900 255,225
United Online, Inc.* ............................... 14,936 250,775
WebEx Communications,
Inc.* ............................................ 11,800 237,180
RADWARE Ltd.* ...................................... 8,600 234,350
Digital River, Inc.* ............................... 9,400 207,740
Digital Insight Corp.* ............................. 7,169 178,508
Sohu.com, Inc.* .................................... 5,400 162,054
Priceline.com, Inc.*+ .............................. 8,400 150,360
S1 Corp.* .......................................... 18,538 149,231
Websense, Inc.* .................................... 4,356 127,369
ValueClick, Inc.* .................................. 13,700 124,396
CNET Networks, Inc.* ............................... 15,075 102,812
Register.com, Inc.* ................................ 16,802 88,211
Internet Security Systems,
Inc.*+ ........................................... 3,763 70,857
TIBCO Software, Inc.* .............................. 7,692 52,075
SupportSoft, Inc.* ................................. 3,400 44,710
Sina Corp.* ........................................ 1,300 43,875
---------------
TOTAL COMMON STOCKS
(Cost $20,677,281) ............................... 24,904,671
---------------
FACE
AMOUNT
------------
REPURCHASE AGREEMENTS 0.7%
Repurchase Agreement (Note 5)
0.94% due 01/02/04 ............................... $ 55,666 55,666
0.85% due 01/02/04 ............................... 86,991 86,991
0.80% due 01/02/04 ............................... 55,666 55,666
0.80% due 01/02/04 ............................... 55,666 55,666
---------------
TOTAL REPURCHASE AGREEMENTS
(Cost $253,989) 253,989
---------------
SECURITIES LENDING COLLATERAL 26.8%
Investment in Securities Lending Short Term
Investment Portfolio held by U.S. Bank. (Note 9) . 9,191,764 9,191,764
---------------
TOTAL SECURITIES LENDING COLLATERAL
(Cost $9,191,764) ................................ 9,191,764
---------------
TOTAL INVESTMENTS 100%
(Cost $30,123,034) ............................... $34,350,424
-------------
- -------------------
*NON-INCOME PRODUCING SECURITIES
+ALL OR A PORTION OF THIS SECURITY IS ON LOAN AT DECEMBER 31, 2003--SEE NOTE 9.
See Notes to Financial Statements.
ANNUAL REPORT 111
LEISURE FUND
SCHEDULE OF INVESTMENTS December 31, 2003
- ----------------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- ----------------------------------------------------------------------------------------
COMMON STOCKS 80.2%
McDonald's Corp. ................................... 62,009 $1,539,683
Carnival Corp.+ .................................... 32,603 1,295,317
Harley-Davidson, Inc. .............................. 27,220 1,293,767
Electronic Arts, Inc.*+ ............................ 24,230 1,157,709
Yum! Brands, Inc.* ................................. 30,661 1,054,738
Starbucks Corp.*+ .................................. 30,445 1,006,512
International Game
Technology, Inc. ................................. 26,736 954,475
Eastman Kodak Co.+ ................................. 35,685 916,034
Mattel, Inc. ....................................... 46,739 900,660
Darden Restaurants, Inc.+ .......................... 40,135 844,440
ARAMARK Corp. --
Class B+ ......................................... 29,260 802,309
International Speedway
Corp.-- Class A .................................. 17,529 782,845
Hilton Hotels Corp. ................................ 45,250 775,132
Royal Caribbean Cruises
Ltd.+ ............................................ 21,535 749,203
Papa John's International,
Inc.*+ ........................................... 20,390 680,618
Harman International
Industries, Inc. ................................. 9,070 670,999
Callaway Golf Co. .................................. 39,553 666,468
Hasbro, Inc. ....................................... 29,965 637,655
Brinker International, Inc.* ....................... 19,081 632,726
Starwood Hotels & Resorts
Worldwide, Inc. .................................. 17,080 614,368
Brunswick Corp. .................................... 19,285 613,841
Marriott International,
Inc.-- Class A+ .................................. 12,385 572,187
Take-Two Interactive
Software, Inc.*+ ................................. 19,130 551,135
Applebee's International,
Inc. ............................................. 14,015 550,369
Lone Star Steakhouse &
Saloon, Inc. ..................................... 23,461 543,826
Nautilus Group, Inc.+ .............................. 38,075 534,954
Park Place Entertainment
Corp.*+ .......................................... 47,761 517,252
MGM Mirage, Inc.* .................................. 13,062 491,262
Polaris Industries, Inc.+ .......................... 5,451 482,850
Winnebago Industries,
Inc.+ ............................................ 7,000 481,250
- ----------------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- ----------------------------------------------------------------------------------------
Wendy's International,
Inc. ............................................. 11,733 $460,403
CBRL Group, Inc.+ .................................. 11,095 424,495
CEC Entertainment, Inc.* ........................... 8,616 408,312
GTECH Holdings Corp. ............................... 7,780 385,032
News Corp. Ltd.--
SP ADR+ .......................................... 10,100 364,610
Harrah's Entertainment,
Inc. ............................................. 6,568 326,889
Ruby Tuesday, Inc. ................................. 10,349 294,843
Extended Stay America,
Inc. ............................................. 19,168 277,553
Sony Corp.-- SP ADR+ ............................... 7,000 242,690
Viacom, Inc.-- Class B ............................. 5,200 230,776
Station Casinos, Inc. .............................. 6,693 205,007
Penn National Gaming,
Inc.* ............................................ 8,200 189,256
Outback Steakhouse, Inc. ........................... 4,275 188,998
JAKKS Pacific, Inc.* ............................... 13,825 181,937
Reader's Digest Association,
Inc. ............................................. 11,400 167,124
Bob Evans Farms, Inc. .............................. 4,700 152,562
Panera Bread Co. --
Class A* ......................................... 3,600 142,308
New York Times Co.--
Class A+ ......................................... 2,700 129,033
Westwood One, Inc.* ................................ 3,600 123,156
Activision, Inc.* ................................ 6,710 122,122
Six Flags, Inc.* ................................... 15,915 119,681
Ryan's Family Steak Houses,
Inc.* ............................................ 7,385 111,809
Mandalay Resort Group+ ............................. 2,425 108,446
Krispy Kreme Doughnuts,
Inc.* ............................................ 2,900 106,140
Cheesecake Factory, Inc.* .......................... 2,020 88,941
Bally Total Fitness Holding
Corp.* ........................................... 12,524 87,668
Dow Jones & Co., Inc. .............................. 1,600 79,760
Marvel Enterprises, Inc.* .......................... 2,600 75,686
ProQuest Co.* ...................................... 2,400 70,680
Leapfrog Enterprises,
Inc.*+ ........................................... 2,400 63,672
Aztar Corp.* ....................................... 2,700 60,750
Four Seasons Hotels, Inc. .......................... 1,100 56,265
See Notes to Financial Statements.
112
LEISURE FUND
SCHEDULE OF INVESTMENTS (CONCLUDED) December 31, 2003
- ----------------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- ----------------------------------------------------------------------------------------
Meredith Corp. ..................................... 1,100 $53,691
Sinclair Broadcast Group, Inc.-- Class A* .......... 3,400 50,728
Getty Images, Inc.* ................................ 900 45,117
Triarc Cos.-- Class A+ ............................. 3,600 42,552
SCP Pool Corp.* .................................... 1,200 39,216
IHOP Corp. ......................................... 900 34,632
UnitedGlobalCom, Inc.-- Class A* ................... 4,000 33,920
WMS Industries, Inc.* .............................. 1,200 31,440
---------------
TOTAL COMMON STOCKS
(Cost $27,666,851) ............................... 29,692,484
---------------
FACE
AMOUNT
-----------
REPURCHASE AGREEMENTS 1.2%
Repurchase Agreement (Note 5)
0.94% due 01/02/04 ............................... $ 94,236 94,236
0.85% due 01/02/04 ............................... 147,267 147,267
0.80% due 01/02/04 ............................... 94,236 94,236
0.80% due 01/02/04 ............................... 94,236 94,236
---------------
TOTAL REPURCHASE AGREEMENTS
(Cost $429,975) .................................. 429,975
---------------
SECURITIES LENDING COLLATERAL 18.6%
Investment in Securities Lending Short Term
Investment Portfolio held by U.S. Bank. (Note 9) . 6,910,132 6,910,132
---------------
TOTAL SECURITIES LENDING COLLATERAL
(Cost $6,910,132) ................................ 6,910,132
---------------
TOTAL INVESTMENTS 100%
(Cost $35,006,958) ............................... $37,032,591
===============
*NON-INCOME PRODUCING SECURITIES
+ALL OR A PORTION OF THIS SECURITY IS ON LOAN AT DECEMBER 31, 2003--SEE NOTE 9.
ADR--AMERICAN DEPOSITORY RECEIPT
See Notes to Financial Statements.
ANNUAL REPORT 113
PRECIOUS METALS FUND
SCHEDULE OF INVESTMENTS December 31, 2003
- ----------------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- ----------------------------------------------------------------------------------------
COMMON STOCKS 72.4%
Newmont Mining Corp.+ .............................. 116,789 $5,677,113
Freeport-McMoRan Copper & Gold, Inc.-- Class B+ .... 74,342 3,132,029
Barrick Gold Corp.+ ................................ 122,751 2,787,675
AngloGold Ltd. - SP ADR+ ........................... 54,118 2,527,311
Placer Dome, Inc.+ ................................. 123,670 2,214,930
Coeur D'alene Mines Corp.* ......................... 371,500 2,147,270
Harmony Gold Mining Co. Ltd. - SP ADR+ ............. 114,766 1,862,652
Gold Fields Ltd. - SP ADR+ ......................... 124,612 1,737,091
Goldcorp, Inc.+ .................................... 105,024 1,675,133
Hecla Mining Co.* .................................. 185,583 1,538,483
Glamis Gold Ltd.* .................................. 86,831 1,486,547
Bema Gold Corp.*+ .................................. 381,142 1,417,848
PAN American Silver Corp.*+ ........................ 98,439 1,407,678
Royal Gold, Inc.+ .................................. 64,742 1,355,050
Durban Roodepoort Deep Ltd. - SP ADR*+ ............. 418,755 1,340,016
Golden Star Resources Ltd.*+ ....................... 189,834 1,323,143
Cia de Minas Buenaventura SA - SP ADR .............. 46,717 1,321,157
Kinross Gold Corp.* ................................ 158,055 1,262,859
Meridian Gold, Inc.* ............................... 84,254 1,230,951
Randgold Resources Ltd. - SP ADR*+ ................. 45,019 1,229,019
Wheaton River Minerals Ltd.* ....................... 401,399 1,200,183
Apex Silver Mines Ltd.* ............................ 54,499 1,139,029
Agnico-Eagle Mines Ltd.+ ........................... 92,215 1,113,035
Ashanti Goldfields Co. Ltd.* ....................... 81,358 1,060,908
Stillwater Mining Co.* ............................. 81,948 784,242
---------------
Total Common Stocks
(Cost $30,067,072) ............................... 43,971,352
---------------
FACE
AMOUNT
----------
REPURCHASE AGREEMENTS 0.5%
Repurchase Agreement (Note 5)
0.94% due 01/02/04 ............................... $ 62,356 62,356
0.85% due 01/02/04 ............................... 97,450 97,450
0.80% due 01/02/04 ............................... 62,356 62,356
0.80% due 01/02/04 ............................... 62,356 62,356
---------------
TOTAL REPURCHASE AGREEMENTS
(Cost $284,518) .................................. 284,518
---------------
SECURITIES LENDING COLLATERAL 27.1%
Investment in Securities Lending Short Term
Investment Portfolio held by U.S. Bank. (Note 9) . 16,462,334 16,462,334
---------------
TOTAL SECURITIES LENDING COLLATERAL
(Cost $16,462,334) ............................... 16,462,334
---------------
TOTAL INVESTMENTS 100%
(Cost $46,813,924) ............................... $60,718,204
===============
*NON-INCOME PRODUCING SECURITIES
+ALL OR A PORTION OF THIS SECURITY IS ON LOAN AT DECEMBER 31, 2003 - SEE NOTE 9.
ADR--AMERICAN DEPOSITORY RECEIPT
See Notes to Financial Statements.
114
REAL ESTATE FUND
SCHEDULE OF INVESTMENTS December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMMON STOCKS 99.7%
Equity Office Properties
Trust ............................................ 26,095 $ 747,623
Simon Property Group,
Inc. ............................................. 12,383 573,828
Equity Residential ................................. 17,741 523,537
Vornado Realty Trust ............................... 7,301 399,730
Prologis ........................................... 11,690 375,132
Plum Creek Timber (REIT)
Co., Inc. ........................................ 11,912 362,720
Public Storage, Inc. ............................... 8,156 353,889
General Growth Properties,
Inc. ............................................. 12,390 343,822
Archstone-Smith Trust .............................. 12,124 339,230
KIMCO Realty Corp. ................................. 6,965 311,684
Boston Properties, Inc. ............................ 6,365 306,729
Duke Realty Corp. .................................. 8,980 278,380
Rouse Co. .......................................... 5,801 272,647
iStar Financial, Inc. .............................. 6,500 252,850
Host Marriott Corp.* ............................... 17,585 216,647
AvalonBay Communities,
Inc. ............................................. 4,500 215,100
Apartment Investment &
Management Co. --
Class A .......................................... 6,201 213,934
Health Care Property
Investors, Inc. .................................. 4,053 205,892
Liberty Property Trust ............................. 4,953 192,672
Developers Diversified
Realty Corp. ..................................... 5,523 185,407
AMB Property Corp. ................................. 5,482 180,248
Chelsea Property Group,
Inc. ............................................. 3,121 171,062
Hospitality Properties Trust ....................... 4,046 167,019
Mack-Cali Realty Corp. ............................. 3,858 160,570
New Plan Excel Realty
Trust ............................................ 6,405 158,011
Macerich Co. ....................................... 3,420 152,190
Weingarten Realty
Investors ........................................ 3,395 150,568
United Dominion Realty
Trust, Inc. ...................................... 7,320 140,544
Mills Corp. ........................................ 3,164 139,216
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Pan Pacific Retail
Properties, Inc. ................................. 2,873 $136,898
Arden Realty, Inc. ................................. 4,128 125,244
Federal Realty Investment
Trust ............................................ 3,210 123,232
Camden Property Trust .............................. 2,764 122,445
Crescent Real Estate
EQT Co. .......................................... 6,940 118,882
Realty Income Corp. ................................ 2,926 117,040
BRE Properties --
Class A .......................................... 3,370 112,558
Healthcare Realty Trust,
Inc. ............................................. 3,144 112,398
CBL & Associates
Properties, Inc. ................................. 1,985 112,153
Thornburg Mortgage, Inc. ........................... 4,048 110,106
HRPT Properties Trust .............................. 10,789 108,861
CenterPoint Properties
Trust ............................................ 1,450 108,605
CarrAmerica Realty
Corp. ............................................ 3,434 102,265
Health Care REIT, Inc. ............................. 2,800 100,800
Cousins Properties, Inc. ........................... 3,160 96,696
Highwoods Properties,
Inc. ............................................. 3,785 96,139
Prentiss Properties Trust .......................... 2,911 96,034
Shurgard Storage Centers,
Inc.-- Class A ................................... 2,511 94,539
Washington Real Estate
Investment Trust ................................. 3,195 93,294
Reckson Associates Realty
Corp. ............................................ 3,628 88,160
Essex Property Trust, Inc. ......................... 1,340 86,055
First Industrial Realty Trust,
Inc. ............................................. 2,470 83,363
SL Green Realty Corp. .............................. 1,964 80,622
Nationwide Health
Properties, Inc. ................................. 4,100 80,155
Post Properties, Inc. .............................. 2,795 78,036
Colonial Properties Trust .......................... 1,925 76,230
Taubman Centers, Inc. .............................. 3,430 70,658
Alexandria Real Estate
Equities, Inc. ................................... 1,200 69,480
Home Properties, Inc. .............................. 1,670 67,451
See Notes to Financial Statements.
ANNUAL REPORT 115
REAL ESTATE FUND
SCHEDULE OF INVESTMENTS (CONCLUDED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Brandywine Realty Trust ............................ 2,440 $ 65,319
Kilroy Realty Corp. ................................ 1,800 58,950
Commercial Net Lease
Realty ........................................... 3,190 56,782
Capital Automotive REIT ............................ 1,748 55,936
Gables Residential Trust ........................... 1,600 55,584
Manufactured Home
Communities, Inc. ................................ 1,400 52,710
Lexington Corporate
Properties Trust ................................. 2,499 50,455
PS Business Parks, Inc. ............................ 1,100 45,386
Glimcher Realty Trust .............................. 2,000 44,760
FelCor Lodging Trust,
Inc.* ............................................ 3,925 43,489
National Health Investors,
Inc. ............................................. 1,735 43,167
Summit Properties, Inc. ............................ 1,700 40,834
Corporate Office Properties
Trust SBI MD ..................................... 1,940 40,740
Mid-America Apartment
Communities, Inc. ................................ 1,195 40,128
Pennsylvania Real Estate
Investment Trust ................................. 1,100 39,930
Glenborough Realty Trust,
Inc. ............................................. 2,000 39,900
Entertainment Properties
Trust ............................................ 1,126 39,083
Eastgroup Properties ............................... 1,144 37,043
Cornerstone Realty Income
Trust, Inc. ...................................... 3,830 33,551
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Sun Communities, Inc. .............................. 800 $ 30,960
Sovran Self Storage, Inc. .......................... 800 29,720
Koger Equity, Inc. ................................. 1,400 29,302
Keystone Property Trust ............................ 1,300 28,717
Town & Country Trust ............................... 1,020 25,857
Equity Inns, Inc. .................................. 2,800 25,340
Parkway Properties,
Inc./MD .......................................... 600 24,960
Innkeepers USA Trust ............................... 2,800 23,436
Saul Centers, Inc. ................................. 800 22,936
Ramco-Gershenson
Properties ....................................... 800 22,640
AMLI Residential
Properties Trust ................................. 830 22,244
Meristar Hospitality
Corp.* ........................................... 3,300 21,483
LaSalle Hotel Properties ........................... 1,100 20,405
Kramont Realty Trust ............................... 1,100 19,910
US Restaurant Properties,
Inc. ............................................. 1,100 18,744
Bedford Property Investors,
Inc. ............................................. 600 17,178
Great Lakes REIT ................................... 805 12,639
Winston Hotels, Inc. ............................... 1,200 12,240
Associated Estates Realty .......................... 1,000 7,310
Prime Group Realty Trust* .......................... 1,100 6,897
-----------
TOTAL COMMON STOCKS
(Cost $11,119,253) 12,265,945
-----------
FACE
AMOUNT
-------
REPURCHASE AGREEMENTS 0.3%
Repurchase Agreement (Note 5)
0.94% due 01/02/04 ............................... $ 9,274 9,274
0.85% due 01/02/04 ............................... 14,495 14,495
0.80% due 01/02/04 ............................... 9,274 9,274
0.80% due 01/02/04 ............................... 9,274 9,274
-----------
TOTAL REPURCHASE AGREEMENTS
(Cost $42,317) ................................... 42,317
-----------
TOTAL INVESTMENTS 100%
(Cost $11,161,570) ............................... $12,308,262
===========
* NON-INCOME PRODUCING SECURITIES
REIT--REAL ESTATE INVESTMENT TRUST
See Notes to Financial Statements.
116
RETAILING FUND
SCHEDULE OF INVESTMENTS December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMMON STOCKS 76.6%
Wal-Mart Stores, Inc. .............................. 19,870 $ 1,054,103
Home Depot, Inc.+ .................................. 21,465 761,793
Gap, Inc.+ ......................................... 23,345 541,837
Lowe's Cos., Inc.+ ................................. 9,510 526,759
Costco Wholesale Corp.*+ ........................... 12,970 482,225
Bed Bath & Beyond, Inc.*+ .......................... 9,440 409,224
TJX Cos., Inc. ..................................... 18,450 406,822
Target Corp. ....................................... 10,215 392,256
Cardinal Health, Inc.+ ............................. 6,345 388,060
Staples, Inc.* ..................................... 12,855 350,942
Walgreen Co.+ ...................................... 9,170 333,605
AutoZone, Inc.*+ ................................... 3,820 325,502
Amazon.com, Inc.*+ ................................. 6,135 322,946
Best Buy Co., Inc. ................................. 5,925 309,522
CVS Corp. .......................................... 8,155 294,559
Sears Roebuck and Co.+ ............................. 5,975 271,803
Chico's FAS, Inc.*+ ................................ 7,180 265,301
JC Penney Holding Co.,
Inc.+ ............................................ 10,030 263,588
Limited Brands, Inc. ............................... 12,805 230,874
McKesson Corp. ..................................... 6,830 219,653
Nordstrom, Inc.+ ................................... 5,920 203,056
Dollar General Corp.+ .............................. 9,440 198,146
Federated Department
Stores, Inc.+ .................................... 4,035 190,170
Coach, Inc.* ....................................... 5,010 189,128
AmerisourceBergen Corp. ............................ 3,330 186,980
Claire's Stores, Inc. .............................. 9,200 173,328
Pacific Sunwear of
California* ...................................... 8,120 171,494
Office Depot, Inc.*+ ............................... 9,700 162,087
Sherwin-Williams Co. ............................... 4,600 159,804
Autonation, Inc.* .................................. 8,620 158,349
Movie Gallery, Inc.* ............................... 8,300 155,044
Foot Locker, Inc.+ ................................. 6,550 153,598
Petsmart, Inc. ..................................... 6,420 152,796
Building Material Holding
Corp. ............................................ 9,833 152,706
Casey's General Stores,
Inc. ............................................. 8,589 151,682
CarMax, Inc.* ...................................... 4,670 144,443
Tiffany & Co. ...................................... 3,195 144,414
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
O'Reilly Automotive,
Inc.*+ ........................................... 3,700 $141,932
eBay, Inc.*+ ....................................... 2,100 135,639
AnnTaylor Stores Corp.*+ ........................... 3,465 135,135
Sysco Corp.+ ....................................... 3,600 134,028
Children's Place Retail
Stores, Inc.*+ ................................... 4,900 130,977
Insight Enterprises, Inc.* ......................... 6,775 127,370
Family Dollar Stores, Inc. ......................... 3,430 123,068
Advance Auto Parts, Inc.* .......................... 1,480 120,472
Kohl's Corp.*+ ..................................... 2,660 119,540
PEP Boys-Manny
Moe & Jack ....................................... 5,200 118,924
Rite Aid Corp.* .................................... 19,070 115,183
Williams-Sonoma, Inc.*+ ............................ 3,300 114,741
RadioShack Corp. ................................... 3,660 112,289
Dollar Tree Stores, Inc.*+ ......................... 3,705 111,372
Ross Stores, Inc. .................................. 4,170 110,213
HOT Topic, Inc.*+ .................................. 3,600 106,056
Michaels Stores, Inc.+ ............................. 2,375 104,975
Performance Food Group
Co.*+ ............................................ 2,900 104,893
BJ's Wholesale Club, Inc.* ......................... 4,190 96,202
CDW Corp.+ ......................................... 1,560 90,106
Priority Healthcare Corp. --
Class B* ......................................... 3,375 81,371
May Department Stores
Co.+ ............................................. 2,770 80,524
Abercrombie & Fitch Co.--
Class A* ......................................... 2,995 74,006
Nash Finch Co. ..................................... 3,000 67,020
Rent-A-Center, Inc.* ............................... 2,200 65,736
Regis Corp. ........................................ 1,600 63,232
Charming Shoppes, Inc.* ............................ 11,175 60,345
Linens `N Things, Inc.* ............................ 2,000 60,160
Saks, Inc.* ........................................ 4,000 60,160
SUPERVALU, Inc.+ ................................... 2,100 60,039
Talbots, Inc. ...................................... 1,760 54,173
Men's Wearhouse, Inc.* ............................. 2,075 51,896
Trans World Entertainment
Corp.* ........................................... 7,126 50,737
Goody's Family Clothing,
Inc. ............................................. 5,100 47,736
See Notes to Financial Statements.
ANNUAL REPORT 117
RETAILING FUND
SCHEDULE OF INVESTMENTS (CONCLUDED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
99 Cents Only Stores* .............................. 1,550 $ 42,207
Whole Foods Market, Inc.* .......................... 600 40,278
Guitar Center, Inc.* ............................... 1,200 39,096
Longs Drug Stores Corp. ............................ 1,500 37,110
Neiman-Marcus Group, Inc.-- Class A* ............... 600 32,202
Fastenal Co. ....................................... 600 29,964
Christopher & Banks Corp. .......................... 1,300 25,389
Haverty Furniture Cos., Inc. ....................... 1,200 23,832
Urban Outfitters, Inc.* ............................ 600 22,230
Group 1 Automotive, Inc.* .......................... 600 21,714
Fred's, Inc. ....................................... 600 18,588
Barnes & Noble, Inc.* .............................. 500 16,425
American Eagle Outfitters, Inc.* ................... 955 15,662
TBC Corp.* ......................................... 600 15,486
-----------
TOTAL COMMON STOCKS
(Cost $11,938,315) ............................... 14,609,032
-----------
FACE
AMOUNT
---------
REPURCHASE AGREEMENTS 1.1%
Repurchase Agreement (Note 5)
0.94% due 01/02/04 ...............................$ 46,519 46,519
0.85% due 01/02/04 ............................... 72,696 72,696
0.80% due 01/02/04 ............................... 46,519 46,519
0.80% due 01/02/04 ............................... 46,519 46,519
-----------
TOTAL REPURCHASE AGREEMENTS
(Cost $212,253) .................................. 212,253
-----------
SECURITIES LENDING COLLATERAL 22.3%
Investment in Securities Lending Short Term
Investment Portfolio held by U.S. Bank. (Note 9) 4,247,457 4,247,457
-----------
TOTAL SECURITIES LENDING COLLATERAL
(Cost $4,247,457) ................................ 4,247,457
-----------
TOTAL INVESTMENTS 100%
(Cost $16,398,025) ............................... $19,068,742
===========
*NON-INCOME PRODUCING SECURITIES
+ALL OR A PORTION OF THIS SECURITY IS ON LOAN AT DECEMBER 31, 2003--SEE NOTE 9.
See Notes to Financial Statements.
118
TECHNOLOGY FUND
SCHEDULE OF INVESTMENTS December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMMON STOCKS 78.8%
Intel Corp. ........................................ 19,430 $625,646
Cisco Systems, Inc.*+ .............................. 22,420 544,582
Microsoft Corp.+ ................................... 16,530 455,236
Dell, Inc.* ........................................ 13,040 442,838
Hewlett-Packard Co.+ ............................... 18,359 421,706
International Business
Machines Corp.+ .................................. 3,910 362,379
QUALCOMM, Inc.+ .................................... 6,370 343,534
Texas Instruments, Inc.+ ........................... 11,580 340,220
Applied Materials, Inc.* ........................... 12,220 274,339
Yahoo!, Inc.*+ ..................................... 5,846 264,064
Motorola, Inc. ..................................... 18,440 259,451
Oracle Corp.* ...................................... 19,050 251,460
EMC Corp./
Massachusetts*+ .................................. 19,400 250,648
Anixter International, Inc.* ....................... 9,402 243,324
Apple Computer, Inc.* .............................. 9,300 198,741
Linear Technology Corp. ............................ 4,680 196,888
Veritas Software Corp.*+ ........................... 5,110 189,888
Computer Associates
International, Inc.+ ............................. 6,940 189,740
Park Electrochemical Corp. ......................... 7,127 188,794
Adobe Systems, Inc.+ ............................... 4,750 186,675
Lucent Technologies, Inc.*+ ........................ 65,260 185,338
Paychex, Inc.+ ..................................... 4,900 182,280
Electronic Arts, Inc.*+ ............................ 3,800 181,564
Symantec Corp.*+ ................................... 5,200 180,180
Maxim Integrated Products,
Inc.+ ............................................ 3,610 179,778
Synopsys, Inc.*+ ................................... 5,300 178,928
Analog Devices, Inc.+ .............................. 3,900 178,035
Storage Technology Corp.* .......................... 6,800 175,100
SunGard Data Systems, Inc.* ........................ 6,300 174,573
Corning, Inc.*+ .................................... 16,400 171,052
Acxiom Corp.* ...................................... 9,200 170,844
Automatic Data Processing,
Inc. ............................................. 4,300 170,323
Micron Technology, Inc.*+ .......................... 12,600 169,722
Agilent Technologies, Inc. ......................... 5,700 166,668
Computer Sciences
Corp.*+ .......................................... 3,500 154,805
DST Systems, Inc.*+ ................................ 3,700 154,512
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
ADC Telecommunications,
Inc.* ............................................ 51,900 $154,143
Kyocera Corp. - SP ADR ............................. 2,300 154,100
KLA-Tencor Corp.*+ ................................. 2,620 153,715
Integrated Circuit Systems,
Inc.* ............................................ 5,389 153,533
Autodesk, Inc. ..................................... 6,200 152,396
Electronic Data Systems
Corp. ............................................ 6,200 152,148
Quest Software, Inc.* .............................. 10,300 146,260
Network Appliance, Inc.* ........................... 7,120 146,174
Convergys Corp.* ................................... 8,300 144,918
Broadcom Corp. --
Class A*+ ........................................ 4,200 143,178
Siebel Systems, Inc.*+ ............................. 10,100 140,087
Diebold, Inc. ...................................... 2,600 140,062
Fair Isaac Corp. ................................... 2,800 137,648
Microchip Technology, Inc. ......................... 4,091 136,476
Jabil Circuit, Inc.* ............................... 4,700 133,010
Molex, Inc.+ ....................................... 3,800 132,582
Sabre Holdings Corp. ............................... 6,100 131,699
Sun Microsystems, Inc.*+ ........................... 29,000 130,210
Xilinx, Inc.*+ ..................................... 3,360 130,166
Avocent Corp.* ..................................... 3,500 127,820
National Semiconductor
Corp.*+ .......................................... 3,240 127,688
BEA Systems, Inc.* ................................. 10,100 124,230
NCR Corp.*+ ........................................ 3,200 124,160
Progress Software Corp.* ........................... 6,000 122,760
CheckFree Corp.*+ .................................. 4,400 121,660
Sanmina-SCI Corp.* ................................. 9,470 119,417
Adaptec, Inc.*+ .................................... 13,500 119,205
Avaya, Inc.*+ ...................................... 9,190 118,919
Ingram Micro, Inc. --
Class A* ......................................... 7,245 115,195
Certegy, Inc. ...................................... 3,500 114,800
PeopleSoft, Inc.* .................................. 5,000 114,000
BARRA, Inc.* ....................................... 3,200 113,568
Cabot Microelectronics
Corp.*+ .......................................... 2,313 113,337
Ceridian Corp.* .................................... 5,400 113,076
Kronos/MA, Inc.* ................................... 2,800 110,908
See Notes to Financial Statements.
ANNUAL REPORT 119
TECHNOLOGY FUND
SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Teradyne, Inc.* .................................... 4,300 $ 109,435
Rudolph Technologies, Inc.* ........................ 4,400 107,976
Credence Systems Corp.*+ ........................... 8,200 107,912
Harris Corp. ....................................... 2,800 106,260
SPSS, Inc.* ........................................ 5,915 105,760
Polycom, Inc.*+ .................................... 5,400 105,408
Intersil Corp.-- Class A ........................... 4,233 105,190
Jack Henry & Associates,
Inc. ............................................. 5,100 104,958
PerkinElmer, Inc. .................................. 6,130 104,639
Lam Research Corp.*+ ............................... 3,230 104,329
Fiserv, Inc.* ...................................... 2,600 102,726
Network Associates, Inc.*+ ......................... 6,818 102,543
Cognex Corp. ....................................... 3,625 102,370
Citrix Systems, Inc.* .............................. 4,780 101,384
MRO Software, Inc.* ................................ 7,525 101,286
JDS Uniphase Corp.*+ ............................... 27,600 100,740
Advanced Micro Devices,
Inc.*+ ........................................... 6,700 99,830
Photronics, Inc.* .................................. 5,000 99,600
Silicon Laboratories, Inc.* ........................ 2,300 99,406
Scientific-Atlanta, Inc. ........................... 3,600 98,280
Rainbow Technologies, Inc.* ........................ 8,683 97,771
Altera Corp.*+ ..................................... 4,280 97,156
Bel Fuse, Inc. - Class B ........................... 2,964 96,715
SanDisk Corp.* ..................................... 1,560 95,378
Hutchinson Technology,
Inc.*+ ........................................... 3,100 95,294
Micrel, Inc.* ...................................... 6,100 95,038
Comverse Technology, Inc.*+ ........................ 5,400 94,986
First Data Corp.+ .................................. 2,300 94,507
Factset Research Systems,
Inc.+ ............................................ 2,436 93,080
ADTRAN, Inc. ....................................... 3,000 93,000
Unisys Corp.*+ ..................................... 6,200 92,070
LSI Logic Corp.*+ .................................. 10,200 90,474
International Rectifier
Corp.* ........................................... 1,800 88,938
Red Hat, Inc.* ..................................... 4,700 88,219
Roxio, Inc.* ....................................... 18,300 87,657
Cypress Semiconductor
Corp.*+ .......................................... 4,100 87,576
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Titan Corp.* ....................................... 4,000 $ 87,240
Vishay Intertechnology,
Inc.*+ ........................................... 3,800 87,020
PMC - Sierra, Inc.* ................................ 4,300 86,645
CommScope, Inc.* ................................... 5,300 86,549
MPS Group, Inc.* ................................... 9,200 86,020
Atmel Corp.*+ ...................................... 14,300 85,943
Check Point Software
Technologies Ltd.* ............................... 5,100 85,782
Global Imaging Systems,
Inc.* ............................................ 2,700 85,725
Solectron Corp.* ................................... 14,500 85,695
QLogic Corp.*+ ..................................... 1,610 83,076
Varian Semiconductor
Equipment Associates,
Inc.* ............................................ 1,900 83,011
Waters Corp.* ...................................... 2,500 82,900
Symbol Technologies, Inc. .......................... 4,900 82,761
Fairchild Semiconductor
International, Inc.* ............................. 3,300 82,401
Standard Microsystems
Corp.* ........................................... 3,244 82,073
Novell, Inc.* ...................................... 7,800 82,056
Filenet Corp.* ..................................... 3,000 81,240
Arrow Electronics, Inc.* ........................... 3,500 80,990
WebEx Communications,
Inc.* ............................................ 4,011 80,621
Marvell Technology Group
Ltd.* ............................................ 2,100 79,653
Cymer, Inc.*+ ...................................... 1,700 78,523
Take-Two Interactive
Software, Inc.* .................................. 2,700 77,787
JDA Software Group, Inc.* .......................... 4,700 77,597
Andrew Corp.*+ ..................................... 6,700 77,117
Power Integrations, Inc.* .......................... 2,300 76,958
Avid Technology, Inc.* ............................. 1,600 76,800
RF Micro Devices, Inc.*+ ........................... 7,600 76,380
Semtech Corp.* ..................................... 3,200 72,736
Transaction Systems
Architects, Inc. --
Class A* ......................................... 3,200 72,416
RSA Security, Inc.* ................................ 5,000 71,000
See Notes to Financial Statements.
120
TECHNOLOGY FUND
SCHEDULE OF INVESTMENTS (CONCLUDED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Trimble Navigation Ltd.* ........................... 1,900 $ 70,756
Global Payments, Inc. .............................. 1,497 70,539
Gateway, Inc.* ..................................... 15,100 69,460
CDW Corp. .......................................... 1,200 69,312
Hitachi Ltd.-- SP ADR .............................. 1,136 68,240
Mercury Interactive Corp.* ......................... 1,400 68,096
Ascential Software Corp.* .......................... 2,600 67,418
Cree, Inc.*+ ....................................... 3,580 63,330
NVIDIA Corp.*+ ..................................... 2,660 61,845
eFunds Corp.* ...................................... 3,442 59,719
Integrated Device Technology, Inc.* ................ 3,300 56,661
Retek, Inc.* ....................................... 5,900 54,752
Canon, Inc. - SP ADR ............................... 1,100 52,404
Novellus Systems, Inc.* ............................ 700 29,435
Supertex, Inc.* .................................... 1,225 23,397
-----------
TOTAL COMMON STOCKS
(Cost $18,041,238) ............................... 20,495,073
-----------
FACE
AMOUNT
---------
REPURCHASE AGREEMENTS 0.8%
Repurchase Agreement (Note 5)
0.94% due 01/02/04 ............................... $ 46,979 46,979
0.85% due 01/02/04 ............................... 73,416 73,416
0.80% due 01/02/04 ............................... 46,979 46,979
0.80% due 01/02/04 ............................... 46,979 46,979
-----------
TOTAL REPURCHASE AGREEMENTS
(Cost $214,353) 214,353
-----------
SECURITIES LENDING COLLATERAL 20.4%
Investment in Securities Lending Short Term
Investment Portfolio held by U.S. Bank. (Note 9) .5,314,704 5,314,704
-----------
TOTAL SECURITIES LENDING COLLATERAL
(Cost $5,314,704) ................................ 5,314,704
-----------
TOTAL INVESTMENTS 100%
(Cost $23,570,295) ............................... $26,024,130
===========
*NON-INCOME PRODUCING SECURITIES
+ALL OR A PORTION OF THIS SECURITY IS ON LOAN AT DECEMBER 31, 2003--SEE NOTE 9.
ADR--AMERICAN DEPOSITORY RECEIPT
See Notes to Financial Statements.
ANNUAL REPORT 121
TELECOMMUNICATIONS FUND
SCHEDULE OF INVESTMENTS December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMMON STOCKS 84.5%
Vodafone Group
PLC-- SP ADR ..................................... 53,730 $ 1,345,399
Cisco Systems, Inc.*+ .............................. 44,700 1,085,763
QUALCOMM, Inc.+ .................................... 14,060 758,256
Verizon Communications,
Inc. ............................................. 19,830 695,637
SBC Communications, Inc. ........................... 26,090 680,166
Motorola, Inc.+ .................................... 46,880 659,602
Nokia OYJ-- SP ADR ................................. 38,700 657,900
AT&T Wireless Services,
Inc.*+ ........................................... 63,570 507,924
BellSouth Corp. .................................... 17,870 505,721
Telefonaktiebolaget LM
Ericsson-- SP ADR*+ .............................. 22,225 393,383
Nextel Communications,
Inc.-- Class A*+ ................................. 13,310 373,479
Corning, Inc.*+ .................................... 33,140 345,650
AT&T Corp.+ ........................................ 15,598 316,639
Citizens Communications
Co.*+ ............................................ 24,570 305,159
Telephone & Data Systems,
Inc. ............................................. 4,860 303,993
ADC Telecommunications,
Inc.* ............................................ 96,800 287,496
Harris Corp. ....................................... 7,100 269,445
Polycom, Inc.*+ .................................... 12,830 250,442
Adaptec, Inc.*+ .................................... 25,400 224,282
Alcatel SA-- SP ADR* ............................... 15,520 199,432
CommScope, Inc.* ................................... 11,710 191,224
Lucent Technologies,
Inc.*+ ........................................... 65,370 185,651
Sprint Corp.-FON Group+ ............................ 11,050 181,441
ALLTEL Corp. ....................................... 3,660 170,483
Avaya, Inc.*+ ...................................... 12,700 164,338
Vimpel-Communications --
SP ADR* .......................................... 2,100 154,350
ADTRAN, Inc. ....................................... 4,840 150,040
Deutsche Telekom AG --
SP ADR* .......................................... 8,000 145,040
NetScreen Technologies,
Inc.*+ ........................................... 5,800 143,550
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
KT Corp. - SP ADR .................................. 7,400 $141,118
BCE, Inc. .......................................... 6,300 140,868
America Movil SA de CV --
SP ADR ........................................... 4,900 133,966
Boston Communications
Group, Inc.* ..................................... 14,300 132,847
Scientific-Atlanta, Inc. ........................... 4,480 122,304
Interdigital Communications
Corp.* ........................................... 5,500 113,520
SK Telecom Co. Ltd.--
SP ADR ........................................... 6,000 111,900
QLogic Corp.* ...................................... 2,100 108,360
Avocent Corp.* ..................................... 2,900 105,908
C-COR.net Corp.* ................................... 9,100 101,283
Brooktrout, Inc.* .................................. 8,000 100,640
Digi International, Inc.* .......................... 10,400 99,840
Audiovox Corp. --
Class A* ......................................... 7,505 96,364
ViaSat, Inc.* ...................................... 4,910 93,977
American Tower Corp. --
Class A* ......................................... 8,500 91,970
Utstarcom, Inc.* ................................... 2,400 88,968
Juniper Networks, Inc.*+ ........................... 4,400 82,192
Black Box Corp.+ ................................... 1,760 81,083
Research In Motion Ltd.*+ .......................... 1,200 80,196
Spectrasite, Inc.* ................................. 2,200 76,450
Qwest Communications
International* ................................... 17,400 75,168
Aspect Communications
Corp.* ........................................... 4,700 74,072
Concerto Software, Inc.* ........................... 5,206 62,368
Andrew Corp.*+ ..................................... 5,157 59,357
Bel Fuse, Inc.-- Class B ........................... 1,700 55,471
Cable Design Technologies
Corp.* ........................................... 5,800 52,142
China Mobile Hong Kong
Ltd.-- SP ADR .................................... 3,200 49,696
Plantronics, Inc.* ................................. 1,300 42,445
JDS Uniphase Corp.*+ ............................... 10,910 39,822
Foundry Networks, Inc.* ............................ 1,400 38,304
Sonus Networks, Inc.* .............................. 5,000 37,800
See Notes to Financial Statements.
122
TELECOMMUNICATIONS FUND
SCHEDULE OF INVESTMENTS (CONCLUDED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Nextel Partners, Inc.-- Class A* ................... 2,800 $ 37,660
Harmonic, Inc.* .................................... 4,900 35,525
China Telecom Corp. Ltd.-- SP ADR .................. 800 32,648
CenturyTel, Inc. ................................... 910 29,684
Sprint Corp.--PCS Group* ........................... 4,890 27,482
Tellabs, Inc.* ..................................... 2,480 20,906
3Com Corp.* ........................................ 2,300 18,791
Comverse Technology, Inc.* ......................... 1,030 18,118
Inter-Tel, Inc. .................................... 600 14,988
NII Holdings, Inc.-- Class B* ...................... 200 14,926
-----------
TOTAL COMMON STOCKS
(Cost $12,663,378) ............................... 14,593,012
-----------
FACE
AMOUNT
---------
REPURCHASE AGREEMENTS 0.7%
Repurchase Agreement (Note 5)
0.94% due 01/02/04 ...............................$ 27,944 27,944
0.85% due 01/02/04 ............................... 43,669 43,669
0.80% due 01/02/04 ............................... 27,944 27,944
0.80% due 01/02/04 ............................... 27,944 27,944
-----------
TOTAL REPURCHASE AGREEMENTS
(Cost $127,501) .................................. 127,501
-----------
SECURITIES LENDING COLLATERAL 14.8%
Investment in Securities Lending Short Term
Investment Portfolio held by U.S. Bank. (Note 9) .2,544,193 2,544,193
-----------
TOTAL SECURITIES LENDING COLLATERAL
(Cost $2,544,193) ................................ 2,544,193
-----------
TOTAL INVESTMENTS 100%
(Cost $15,335,072) ............................... $17,264,706
===========
*NON-INCOME PRODUCING SECURITIES
+ALL OR A PORTION OF THIS SECURITY IS ON LOAN AT DECEMBER 31, 2003--SEE NOTE 9.
ADR--AMERICAN DEPOSITORY RECEIPT
See Notes to Financial Statements.
ANNUAL REPORT 123
TRANSPORTATION FUND
SCHEDULE OF INVESTMENTS December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMMON STOCKS 82.1%
United Parcel Service,
Inc. -- Class B+ ................................. 15,880 $1,183,854
FedEx Corp.+ ....................................... 9,400 634,500
Burlington Northern
Santa Fe Corp. ................................... 19,050 616,267
Union Pacific Corp. ................................ 8,750 607,950
Norfolk Southern Corp. ............................. 25,404 600,805
Southwest Airlines Co. ............................. 25,110 405,275
Ryder System, Inc. ................................. 9,470 323,401
Yellow Roadway Corp.*+ ............................. 8,337 301,549
J.B.Hunt Transport
Services, Inc.* .................................. 8,500 229,585
CNF, Inc. .......................................... 6,440 218,316
CSX Corp.+ ......................................... 6,020 216,359
Werner Enterprises, Inc. ........................... 10,436 203,398
Alexander & Baldwin,
Inc. ............................................. 5,396 181,791
Swift Transportation Co.,
Inc.* ............................................ 8,160 171,523
JetBlue Airways Corp.*+ ............................ 5,930 157,264
Heartland Express, Inc. ............................ 6,200 149,978
USF Corp. .......................................... 4,270 145,991
Forward Air Corp.* ................................. 4,900 134,750
C.H. Robinson Worldwide, Inc. ...................... 3,410 129,273
Alaska Air Group, Inc.* ............................ 4,520 123,351
SkyWest, Inc. ...................................... 6,500 117,780
Expeditors International
Washington, Inc.+ ................................ 2,930 110,344
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Mesa Air Group, Inc.*+ ............................. 7,840 $ 98,157
Atlantic Coast Airlines
Holdings, Inc.* .................................. 9,820 97,218
Knight Transportation,
Inc.* ............................................ 3,600 92,340
Delta Air Lines, Inc.+ ............................. 7,610 89,874
Frontier Airlines, Inc.* ........................... 5,370 76,576
Landstar System, Inc.* ............................. 1,760 66,950
UTI Worldwide, Inc. ................................ 1,700 64,481
Kansas City Southern* .............................. 4,100 58,712
Kirby Corp.* ....................................... 1,500 52,320
EGL, Inc.* ......................................... 2,570 45,129
Genesee & Wyoming,
Inc.-- Class A* .................................. 1,290 40,635
Grupo Aeroportuario del
Sureste SA de
CV-- SP ADR ...................................... 2,100 36,960
AirTran Holdings, Inc.* ............................ 825 9,818
Arkansas Best Corp. ................................ 300 9,417
ExpressJet Holdings, Inc.*+ ........................ 500 7,500
America West Holdings
Corp.-- Class B*+ ................................ 500 6,200
Continental Airlines,
Inc. - Class B* .................................. 300 4,881
Old Dominion Freight Line,
Inc.* ............................................ 100 3,408
----------
TOTAL COMMON STOCKS
(Cost $7,096,248) 7,823,880
----------
FACE
AMOUNT
-------
REPURCHASE AGREEMENTS 0.8%
Repurchase Agreement (Note 5)
0.94% due 01/02/04 ...............................$ 16,599 16,599
0.85% due 01/02/04 ............................... 25,942 25,942
0.80% due 01/02/04 ............................... 16,599 16,599
0.80% due 01/02/04 ............................... 16,599 16,599
----------
TOTAL REPURCHASE AGREEMENTS
(Cost $75,739) ................................... 75,739
----------
SECURITIES LENDING COLLATERAL 17.1%
Investment in Securities Lending Short Term
Investment Portfolio held by U.S. Bank. (Note 9) 1,629,735 1,629,735
----------
TOTAL SECURITIES LENDING COLLATERAL
(Cost $1,629,735) ................................ 1,629,735
----------
TOTAL INVESTMENTS 100%
(Cost $8,801,722) ................................ $9,529,354
==========
*NON-INCOME PRODUCING SECURITIES
+ALL OR A PORTION OF THIS SECURITY IS ON LOAN AT DECEMBER 31, 2003--SEE NOTE 9.
ADR--AMERICAN DEPOSITORY RECEIPT.
See Notes to Financial Statements.
124
UTILITIES FUND
SCHEDULE OF INVESTMENTS December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMMON STOCKS 88.1%
Entergy Corp. ...................................... 9,090 $ 519,312
FPL Group, Inc. .................................... 7,497 490,454
Progress Energy, Inc.+ ............................. 10,741 486,138
Edison International*+ ............................. 20,173 442,394
Ameren Corp.+ ...................................... 9,395 432,170
TXU Corp.+ ......................................... 18,191 431,491
Xcel Energy, Inc. .................................. 24,802 421,138
Constellation Energy
Group, Inc. ...................................... 10,647 416,937
Sempra Energy ...................................... 13,583 408,305
Pepco Holdings, Inc. ............................... 18,159 354,827
SCANA Corp. ........................................ 10,140 347,295
Southern Co. ....................................... 11,408 345,092
CenterPoint Energy, Inc. ........................... 33,777 327,299
Northeast Utilities ................................ 16,034 323,406
MDU Resources Group,
Inc. ............................................. 13,379 318,554
Alliant Energy Corp.+ .............................. 12,662 315,284
Great Plains Energy, Inc.+ ......................... 9,536 303,436
OGE Energy Corp. ................................... 12,400 299,956
AGL Resources, Inc. ................................ 10,100 293,910
AES Corp.* ......................................... 31,048 293,093
WPS Resources Corp. ................................ 6,200 286,626
Exelon Corp.+ ...................................... 4,248 281,897
Westar Energy, Inc. ................................ 13,920 281,880
WGL Holdings, Inc. ................................. 9,954 276,622
Dominion Resources,
Inc./VA+ ......................................... 4,184 267,065
PG&E Corp.*+ ....................................... 9,480 263,260
Williams Cos., Inc.+ ............................... 26,574 260,957
PNM Resources, Inc. ................................ 9,202 258,576
Duke Energy Corp.+ ................................. 12,479 255,196
Black Hills Corp. .................................. 7,998 238,580
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Kinder Morgan, Inc. ................................ 3,795 $ 224,300
Public Service Enterprise
Group, Inc.+ ..................................... 5,055 221,409
Southwestern Energy
Co.* ............................................. 7,800 186,420
Aquila, Inc.* ...................................... 52,100 176,619
Avista Corp. ....................................... 8,987 162,844
Southern Union Co.* ................................ 8,700 160,080
FirstEnergy Corp. .................................. 4,504 158,541
Dynegy, Inc.-- Class A* ............................ 36,880 157,846
American Electric Power
Co., Inc.+ ....................................... 5,135 156,669
Atmos Energy Corp. ................................. 6,400 155,520
Sierra Pacific Resources
Corp.*+ .......................................... 21,100 154,874
Calpine Corp.* ..................................... 31,693 152,443
PPL Corp. .......................................... 3,336 145,950
KeySpan Corp. ...................................... 3,868 142,342
Consolidated Edison, Inc. .......................... 3,113 133,890
DTE Energy Co.+ .................................... 3,243 127,774
Cinergy Corp. ...................................... 2,269 88,060
Pinnacle West Capital Corp. ........................ 1,771 70,875
NiSource, Inc. ..................................... 3,184 69,857
National Fuel Gas Co. .............................. 2,252 55,039
Equitable Resources, Inc. .......................... 1,200 51,504
El Paso Corp.+ ..................................... 4,602 37,690
Wisconsin Energy Corp. ............................. 1,010 33,784
Energy East Corp. .................................. 776 17,382
Green Mountain Power
Corp. ............................................ 400 9,440
Questar Corp. ...................................... 200 7,030
----------
TOTAL COMMON STOCKS
(Cost $12,403,429) 13,299,332
----------
See Notes to Financial Statements.
ANNUAL REPORT 125
UTILITIES FUND
SCHEDULE OF INVESTMENTS (CONCLUDED) December 31, 2003
- --------------------------------------------------------------------------------
MARKET
FACE VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS 1.3%
Repurchase Agreement (Note 5)
0.94% due 01/02/04 ...............................$ 44,085 $ 44,085
0.85% due 01/02/04 ............................... 68,895 68,895
0.80% due 01/02/04 ............................... 44,085 44,085
0.80% due 01/02/04 ............................... 44,085 44,085
-----------
TOTAL REPURCHASE AGREEMENTS
(Cost $201,150) 201,150
-----------
SECURITIES LENDING COLLATERAL 10.6%
Investment in Securities Lending Short Term
Investment Portfolio held by U.S. Bank. (Note 9) .1,602,538 1,602,538
-----------
TOTAL SECURITIES LENDING COLLATERAL
(Cost $1,602,538) ................................ 1,602,538
-----------
TOTAL INVESTMENTS 100%
(Cost $14,207,117) ............................... $15,103,020
===========
*NON-INCOME PRODUCING SECURITIES
+ALL OR A PORTION OF THIS SECURITY IS ON LOAN AT DECEMBER 31, 2003--SEE NOTE 9.
See Notes to Financial Statements.
126
STATEMENTS OF ASSETS AND LIABILITIES
- --------------------------------------------------------------------------------
NOVA URSA OTC ARKTOS
FUND FUND FUND FUND
------------ ------------ ------------ ------------
ASSETS
Securities at Value*
(Notes 1, 2, 5 and 9) ......... $ 95,789,377 $ 23,598,369 $175,993,693 $ 26,790,321
Segregated Cash with Broker ..... 2,224,390 981,350 1,167,000 7,202,004
Receivable for Equity Index
Swap Settlement (Note 1) ...... -- -- -- --
Receivable for Futures
Contracts Settlement (Note 1) . 6,558 -- -- 29,900
Receivable for Securities Sold
(Note 1) ...................... 17,848,162 -- 7,504,852 --
Receivable for Shares Purchased . 3,704,721 -- 2,691,982 2,736,286
Investment Income Receivable
(Note 1) ...................... 86,639 376 19,020 697
------------ ------------ ------------ ------------
TOTAL ASSETS .................. 119,659,847 24,580,095 187,376,547 36,759,208
------------ ------------ ------------ ------------
LIABILITIES
Payable for Equity Index
Swap Settlement (Note 1) ...... -- -- -- 1,281,175
Payable for Futures
Contracts Settlement (Note 1) . -- 10,854 73,400 --
Payable upon Return of Securities
Loaned (Note 9) ............... 17,941,282 -- 49,610,060 --
Payable for Securities Purchased
(Note 1) ...................... 18,081,599 -- -- --
Liability for Shares Redeemed ... 1,705,746 6,695,019 9,617,258 839,705
Investment Advisory Fee Payable
(Note 3) ...................... 43,291 17,401 84,715 29,869
Transfer Agent Fee Payable
(Note 3) ...................... 14,430 4,834 28,238 8,297
Distribution and Service
Fee Payable (Note 3) .......... 14,430 4,834 28,238 8,297
Portfolio Accounting Fee Payable
(Note 3) ...................... 5,772 1,933 11,295 3,319
Custody Fees Payable ............ 1,929 638 3,728 1,126
Other Liabilities ............... 35,802 23,047 84,100 24,335
------------ ------------ ------------ ------------
TOTAL LIABILITIES ............. 37,844,281 6,758,560 59,541,032 2,196,123
------------ ------------ ------------ ------------
NET ASSETS (NOTE 8) ............. $ 81,815,566 $ 17,821,535 $127,835,515 $ 34,563,085
============ ============ ============ ============
Shares Outstanding .............. 11,345,862 3,086,777 9,716,677 1,434,943
Net Asset Value Per Share ....... $ 7.21 $ 5.77 $ 13.16 $ 24.09
* THE COST OF SECURITIES AT VALUE IS $89,315,121, $23,730,634, $131,333,344,
$26,792,351, $27,695,641, $29,601,151, $16,972,100, $117,581,156, AND
$62,839,043, RESPECTIVELY.
See Notes to Financial Statements.
ANNUAL REPORT 127
December 31, 2003
- --------------------------------------------------------------------------------
U.S.
TITAN 500 VELOCITY 100 MEDIUS MEKROS GOVERNMENT
FUND FUND FUND FUND BOND FUND
------------ ------------ ------------ ------------ ------------
ASSETS
Securities at Value*
(Notes 1, 2, 5 and 9) ......... $ 28,978,101 $ 31,798,184 $ 18,157,403 $119,873,692 $ 63,831,317
Segregated Cash with Broker ..... -- 11,126,011 840,000 15,922,418 1,192,500
Receivable for Equity Index
Swap Settlement (Note 1) ...... -- 1,914,997 -- 390,130 --
Receivable for Futures
Contracts Settlement (Note 1) . 1,628 -- -- -- 66,250
Receivable for Securities Sold
(Note 1) ...................... 9,307,601 2,316,073 2,919,589 6,947,754 494,344
Receivable for Shares Purchased . 1,524,120 426,545 80,431 -- 2,923
Investment Income Receivable
(Note 1) ...................... 27,418 4,770 14,419 48,134 576,373
------------ ------------ ------------ ------------ ------------
TOTAL ASSETS .................. 39,838,868 47,586,580 22,011,842 143,182,128 66,163,707
------------ ------------ ------------ ------------ ------------
LIABILITIES
Payable for Equity Index
Swap Settlement (Note 1) ...... -- -- -- -- --
Payable for Futures
Contracts Settlement (Note 1) . -- 85,500 112,074 848,612 --
Payable upon Return of Securities
Loaned (Note 9) ............... -- -- -- 3,260,716 --
Payable for Securities Purchased
(Note 1) ...................... 9,365,566 2,334,176 2,900,431 -- --
Liability for Shares Redeemed ... -- 4,461,817 413,474 15,941,224 729,589
Investment Advisory Fee Payable
(Note 3) ...................... 18,900 33,831 16,734 61,183 24,186
Transfer Agent Fee Payable
(Note 3) ...................... 5,250 9,397 4,648 16,995 9,675
Distribution and Service
Fee Payable (Note 3) .......... 5,250 9,397 4,648 16,995 12,093
Portfolio Accounting Fee Payable
(Note 3) ...................... 2,100 3,759 1,859 6,798 4,837
Custody Fees Payable ............ 693 1,990 808 2,243 1,597
Other Liabilities ............... 12,852 14,718 12,869 32,561 23,349
------------ ------------ ------------ ------------ ------------
TOTAL LIABILITIES ............. 9,410,611 6,954,585 3,467,545 20,187,327 805,326
------------ ------------ ------------ ------------ ------------
NET ASSETS (NOTE 8) ............. $ 30,428,257 $ 40,631,995 $ 18,544,297 $122,994,801 $ 65,358,381
============ ============ ============ ============ ============
Shares Outstanding .............. 1,409,164 1,870,026 749,596 4,134,535 5,602,856
Net Asset Value Per Share ....... $ 21.59 $ 21.73 $ 24.74 $ 29.75 $ 11.67
128
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
- --------------------------------------------------------------------------------
LARGE-CAP LARGE-CAP SECTOR
JUNO EUROPE JAPAN ROTATION
FUND FUND FUND FUND
------------ ------------ ------------ ------------
ASSETS
Securities at Value*
(Notes 1, 2, 5 and 9) ......... $ 21,815,850 $ 28,219,086 $ 8,743,479 $ 20,479,363
Segregated Cash with Broker ..... 535,500 5,922,814 2,153,085 --
Receivable for Equity Index
Swap Settlement (Note 1) ...... -- 1,428,449 449,264 --
Receivable for Futures
Contracts Settlement (Note 1) . -- 660 -- --
Receivable for Securities Sold
(Note 1) ...................... -- -- -- --
Receivable for Shares Purchased . 75,910 2,922,853 285,861 152,633
Investment Income Receivable
(Note 1) ...................... 863 764 271 8,996
------------ ------------ ------------ ------------
TOTAL ASSETS .................. 22,428,123 38,494,626 11,631,960 20,640,992
------------ ------------ ------------ ------------
LIABILITIES
Payable for Futures
Contracts Settlement (Note 1) . 29,749 -- 1,644 --
Payable upon Return of Securities
Loaned (Note 9) ............... -- -- -- --
Payable for Securities Purchased
(Note 1) ...................... -- -- -- --
Liability for Shares Redeemed ... 256 16 66,527 11,443
Investment Advisory Fee Payable
(Note 3) ...................... 16,802 24,629 7,164 15,225
Transfer Agent Fee Payable
(Note 3) ...................... 4,667 6,841 1,990 4,229
Distribution and Service
Fee Payable (Note 3) .......... 4,667 6,841 1,990 4,229
Portfolio Accounting Fee Payable
(Note 3) ...................... 1,867 2,737 796 1,692
Custody Fees Payable ............ 616 903 263 795
Cash Payable to Custodian Bank .. -- -- -- --
Excise Tax Payable .............. -- 8,341 -- --
Other Liabilities ............... 14,658 1,756 10,102 9,648
------------ ------------ ------------ ------------
TOTAL LIABILITIES ............. 73,282 52,064 90,476 47,261
------------ ------------ ------------ ------------
NET ASSETS (NOTE 8) ............. $ 22,354,841 $ 38,442,562 $ 11,541,484 $ 20,593,731
============ ============ ============ ============
Shares Outstanding .............. 900,757 1,680,793 458,477 2,042,351
Net Asset Value Per Share ....... $ 24.82 $ 22.87 $ 25.17 $ 10.08
* THE COST OF SECURITIES AT VALUE IS $21,815,850, $28,219,086, $8,743,479,
$17,915,544, $211,685,917, $17,824,998, $47,265,978, $12,825,545, AND
$9,673,540, RESPECTIVELY.
See Notes to Financial Statements.
ANNUAL REPORT 129
December 31, 2003
- --------------------------------------------------------------------------------
U.S.
GOVERNMENT BASIC CONSUMER
MONEY MARKET BANKING MATERIALS BIOTECHNOLOGY PRODUCTS
FUND FUND FUND FUND FUND
------------ ------------ ------------ ------------ ------------
ASSETS
Securities at Value*
(Notes 1, 2, 5 and 9) ......... $211,685,917 $ 18,964,368 $ 50,836,598 $ 14,859,538 $ 10,721,395
Segregated Cash with Broker ..... -- -- -- -- --
Receivable for Equity Index
Swap Settlement (Note 1) ...... -- -- -- -- --
Receivable for Futures
Contracts Settlement (Note 1) . -- -- -- -- --
Receivable for Securities Sold
(Note 1) ...................... -- 354,782 11,269,582 5,416,398 --
Receivable for Shares Purchased . 21,283,415 -- 2,558,388 -- 244,539
Investment Income Receivable
(Note 1) ...................... 1,028 29,746 37,300 9 11,233
------------ ------------ ------------ ------------ ------------
TOTAL ASSETS .................. 232,970,360 19,348,896 64,701,868 20,275,945 10,977,167
------------ ------------ ------------ ------------ ------------
LIABILITIES
Payable for Futures
Contracts Settlement (Note 1) . -- -- -- -- --
Payable upon Return of Securities
Loaned (Note 9) ............... -- 2,132,804 6,499,240 2,204,258 1,620,505
Payable for Securities Purchased
(Note 1) ...................... -- -- 13,576,918 1,528,955 253,328
Liability for Shares Redeemed ... 82,087 10,387 3,074 3,961,261 269,046
Investment Advisory Fee Payable
(Note 3) ...................... 122,350 13,603 28,992 9,288 6,136
Transfer Agent Fee Payable
(Note 3) ...................... 48,940 4,001 8,527 2,732 1,805
Distribution and Service
Fee Payable (Note 3) .......... 9,935 4,001 8,527 2,732 1,805
Portfolio Accounting Fee Payable
(Note 3) ...................... 23,679 1,600 3,411 1,093 722
Custody Fees Payable ............ 8,078 528 1,125 366 243
Cash Payable to Custodian Bank .. -- 60,233 -- -- --
Excise Tax Payable .............. -- -- -- -- --
Other Liabilities ............... 182,390 6,711 11,361 7,848 5,117
------------ ------------ ------------ ------------ ------------
TOTAL LIABILITIES ............. 477,459 2,233,868 20,141,175 7,718,533 2,158,707
------------ ------------ ------------ ------------ ------------
NET ASSETS (NOTE 8) ............. $232,492,901 $ 17,115,028 $ 44,560,693 $ 12,557,412 $ 8,818,460
============ ============ ============ ============ ============
Shares Outstanding .............. 232,506,562 526,648 1,609,290 657,392 300,073
Net Asset Value Per Share ....... $ 1.00 $ 32.50 $ 27.69 $ 19.10 $ 29.39
130
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
- --------------------------------------------------------------------------------
ENERGY FINANCIAL
ELECTRONICS ENERGY SERVICES SERVICES
FUND FUND FUND FUND
----------- ----------- ----------- -----------
ASSETS
Securities at Value*
(Notes 1, 2, 5 and 9) ......... $35,521,967 $37,500,847 $ 9,044,638 $16,763,549
Receivable for Securities Sold
(Note 1) ...................... 964,988 -- -- 190,872
Receivable for Shares Purchased . -- 98,868 59,117 170,286
Investment Income Receivable
(Note 1) ...................... 378 9,437 2,236 14,210
----------- ----------- ----------- -----------
TOTAL ASSETS .................. 36,487,333 37,609,152 9,105,991 17,138,917
----------- ----------- ----------- -----------
LIABILITIES
Payable upon Return of Securities
Loaned (Note 9) ............... 7,676,125 5,560,020 1,340,393 1,412,734
Payable for Securities Purchased
(Note 1) ...................... -- -- -- --
Liability for Shares Redeemed ... 846,002 183,024 60 2,310
Investment Advisory Fee Payable
(Note 3) ...................... 21,006 16,024 4,672 9,994
Transfer Agent Fee Payable
(Note 3) ...................... 6,178 4,713 1,374 2,939
Distribution and Service
Fee Payable (Note 3) .......... 6,178 4,713 1,374 2,939
Portfolio Accounting Fee Payable
(Note 3) ...................... 2,471 1,885 550 1,176
Custody Fees Payable ............ 816 622 228 388
Cash Payable to Custodian Bank .. -- -- -- 117,633
Other Liabilities ............... 10,308 6,093 3,059 7,613
----------- ----------- ----------- -----------
TOTAL LIABILITIES ............. 8,569,084 5,777,094 1,351,710 1,557,726
----------- ----------- ----------- -----------
NET ASSETS (NOTE 8) ............. $27,918,249 $31,832,058 $ 7,754,281 $15,581,191
=========== =========== =========== ===========
Shares Outstanding .............. 1,654,097 1,417,870 497,542 599,185
Net Asset Value Per Share ....... $ 16.88 $ 22.45 $ 15.59 $ 26.00
* THE COST OF SECURITIES AT VALUE IS $32,516,638, $35,274,678, $8,373,382,
$15,632,786, $31,698,838, $30,123,034, $35,006,958, $46,813,924, AND
$11,161,570, RESPECTIVELY.
See Notes to Financial Statements.
ANNUAL REPORT 131
December 31, 2003
- --------------------------------------------------------------------------------
HEALTH PRECIOUS REAL
CARE INTERNET LEISURE METALS ESTATE
FUND FUND FUND FUND FUND
----------- ----------- ----------- ----------- -----------
ASSETS
Securities at Value*
(Notes 1, 2, 5 and 9) ......... $33,949,523 $34,350,424 $37,032,591 $60,718,204 $12,308,262
Receivable for Securities Sold
(Note 1) ...................... -- -- -- -- --
Receivable for Shares Purchased . 2,923 543,345 112,092 1,663,787 146,319
Investment Income Receivable
(Note 1) ...................... 26,860 12 16,380 2,374 59,307
----------- ----------- ----------- ----------- -----------
TOTAL ASSETS .................. 33,979,306 34,893,781 37,161,063 62,384,365 12,513,888
----------- ----------- ----------- ----------- -----------
LIABILITIES
Payable upon Return of Securities
Loaned (Note 9) ............... 5,189,437 9,191,764 6,910,132 16,462,334 --
Payable for Securities Purchased
(Note 1) ...................... -- 501,754 -- 1,243,333 --
Liability for Shares Redeemed ... 863,502 64,964 193,231 994 308,933
Investment Advisory Fee Payable
(Note 3) ...................... 20,391 14,830 18,528 28,117 8,798
Transfer Agent Fee Payable
(Note 3) ...................... 5,997 4,362 5,449 9,372 2,588
Distribution and Service
Fee Payable (Note 3) .......... 5,997 4,362 5,449 9,372 2,588
Portfolio Accounting Fee Payable
(Note 3) ...................... 2,399 1,745 2,180 3,749 1,035
Custody Fees Payable ............ 792 575 720 1,237 351
Cash Payable to Custodian Bank .. -- -- -- -- --
Other Liabilities ............... 11,273 8,416 9,338 20,103 6,873
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES ............. 6,099,788 9,792,772 7,145,027 17,778,611 331,166
----------- ----------- ----------- ----------- -----------
NET ASSETS (NOTE 8) ............. $27,879,518 $25,101,009 $30,016,036 $44,605,754 $12,182,722
=========== =========== =========== =========== ===========
Shares Outstanding .............. 1,148,072 1,709,887 1,442,960 4,463,271 402,761
Net Asset Value Per Share ....... $24.28 $14.68 $20.80 $9.99 $30.25
132
STATEMENTS OF ASSETS AND LIABILITIES (CONCLUDED)
- --------------------------------------------------------------------------------
TELECOM- TRANS-
RETAILING TECHNOLOGY MUNICATIONS PORTATION
FUND FUND FUND FUND
----------- ------------ ----------- -----------
ASSETS
Securities at Value*
(Notes 1, 2, 5 and 9) ......... $19,068,742 $26,024,130 $17,264,706 $ 9,529,354
Receivable for Securities Sold
(Note 1) ...................... 1,507,544 2,444,874 -- --
Receivable for Shares Purchased . 511,114 126,298 143,111 136,281
Investment Income Receivable
(Note 1) ...................... 7,725 2,960 15,631 9,401
----------- ------------ ----------- -----------
TOTAL ASSETS .................. 21,095,125 28,598,262 17,423,448 9,675,036
----------- ------------ ------------- ----------
LIABILITIES
Payable upon Return of Securities
Loaned (Note 9) ............... 4,247,457 5,314,704 2,544,193 1,629,735
Payable for Securities Purchased
(Note 1) ...................... -- 2,565,149 187,624 --
Liability for Shares Redeemed ... 1,668,178 38,921 129,192 95
Investment Advisory Fee Payable
(Note 3) ...................... 12,407 15,043 8,090 5,380
Transfer Agent Fee Payable
(Note 3) ...................... 3,649 4,424 2,380 1,582
Distribution and Service
Fee Payable (Note 3) .......... 3,649 4,424 2,380 1,582
Portfolio Accounting Fee Payable
(Note 3) ...................... 1,460 1,770 952 633
Custody Fees Payable ............ 481 584 314 209
Other Liabilities ............... 8,675 12,160 5,235 3,669
----------- ------------ ----------- -----------
TOTAL LIABILITIES ............. 5,945,956 7,957,179 2,880,360 1,642,885
----------- ------------ ------------- ----------
NET ASSETS (NOTE 8) ............. $15,149,169 $20,641,083 $14,543,088 $ 8,032,151
=========== ============ =========== ===========
Shares Outstanding .............. 582,777 1,387,588 798,338 309,318
Net Asset Value Per Share ....... $25.99 $14.88 $18.22 $25.97
* THE COST OF SECURITIES AT VALUE IS $16,398,025, $23,570,295, $15,335,072,
$8,801,722, AND $14,207,117, RESPECTIVELY.
See Notes to Financial Statements.
ANNUAL REPORT 133
December 31, 2003
- --------------------------------------------------------------------------------
UTILITIES
FUND
-----------
ASSETS
Securities at Value*
(Notes 1, 2, 5 and 9) ......... $15,103,020
Receivable for Securities Sold
(Note 1) ...................... --
Receivable for Shares Purchased . 10,361
Investment Income Receivable
(Note 1) ...................... 15,608
-----------
TOTAL ASSETS .................. 15,128,989
-----------
LIABILITIES
Payable upon Return of Securities
Loaned (Note 9) ............... 1,602,538
Payable for Securities Purchased
(Note 1) ...................... --
Liability for Shares Redeemed ... 78,411
Investment Advisory Fee Payable
(Note 3) ...................... 6,846
Transfer Agent Fee Payable
(Note 3) ...................... 2,013
Distribution and Service
Fee Payable (Note 3) .......... 2,013
Portfolio Accounting Fee Payable
(Note 3) ...................... 805
Custody Fees Payable ............ 266
Other Liabilities ............... 6,079
-----------
TOTAL LIABILITIES ............. 1,698,971
-----------
NET ASSETS (NOTE 8) ............. $13,430,018
===========
Shares Outstanding .............. 898,022
Net Asset Value Per Share ....... $14.96
STATEMENTS OF OPERATIONS
- --------------------------------------------------------------------------------
NOVA URSA OTC ARKTOS
FUND FUND FUND FUND
----------- ------------ ----------- ------------
INVESTMENT INCOME
Interest (Note 1) ................... $ 69,003 $ 452,436 $ 99,195 $ 354,391
Interest from Securities Lending, net 920 -- 15,758 --
Dividends, Net of Foreign
Tax Withheld* (Note 1) ............ 669,553 -- 254,924 --
----------- ------------ ----------- ------------
Total Income ...................... 739,476 452,436 369,877 354,391
----------- ------------ ----------- ------------
EXPENSES
Advisory Fees (Note 3) .............. 341,660 374,282 841,013 336,956
Transfer Agent Fees (Note 3) ........ 113,887 103,967 280,338 93,599
Accounting Fees (Note 3) ............ 45,555 41,587 112,135 37,440
Trustees' Fees ...................... 8,606 5,158 20,076 3,714
Service Fees ........................ 113,887 103,967 280,338 93,599
Custodian Fees ...................... 16,091 15,023 38,578 13,021
Miscellaneous ....................... 58,516 53,086 144,217 50,041
----------- ------------ ----------- ------------
Total Expenses .................... 698,202 697,070 1,716,695 628,370
----------- ------------ ----------- ------------
Net Investment Income (Loss) .......... 41,274 (244,634) (1,346,818) (273,979)
----------- ------------ ----------- ------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (NOTE 1)
Net Realized Gain (Loss) on:
Investment Securities ............... 4,346,283 (666,212) 7,353,835 (6,745)
Equity Index Swaps .................. -- -- -- (17,208,875)
Futures Contracts ................... 5,277,090 (11,061,796) 2,491,064 (1,629,641)
----------- ------------ ----------- ------------
Total Net Realized Gain (Loss) .... 9,623,373 (11,728,008) 9,844,899 (18,845,261)
----------- ------------ ----------- ------------
Net Change in Unrealized
Appreciation (Depreciation) on:
Investment Securities ............... 5,581,602 (170,591) 31,907,312 (1,255)
Equity Index Swaps .................. -- -- -- (1,904,314)
Futures Contracts ................... 2,059,294 (665,301) 643,188 (152,895)
----------- ------------ ----------- ------------
Net Change in Unrealized
Appreciation (Depreciation) ........ 7,640,896 (835,892) 32,550,500 (2,058,464)
----------- ------------ ----------- ------------
Net Gain (Loss) on Investments .... 17,264,269 (12,563,900) 42,395,399 (20,903,725)
----------- ------------ ----------- ------------
NET INCREASE (DECREASE) IN
NET ASSETS FROM OPERATIONS .......... $17,305,543 $(12,808,534) $41,048,581 $(21,177,704)
=========== ============ =========== ============
* NET OF FOREIGN TAX WITHHELD OF $0, $0, $1,029, $0, $0, $35, $0, $83 AND $0,
RESPECTIVELY.
See Notes to Financial Statements.
ANNUAL REPORT 135
Year Ended December 31, 2003
- --------------------------------------------------------------------------------
U.S.
TITAN 500 VELOCITY 100 MEDIUS MEKROS GOVERNMENT
FUND FUND FUND FUND BOND FUND
---------- ------------ ---------- ----------- ----------
INVESTMENT INCOME
Interest (Note 1) ................... $ 96,149 $ 67,155 $ 25,872 $ 133,270 $1,653,604
Interest from Securities Lending, net -- -- -- 1,190 --
Dividends, Net of Foreign
Tax Withheld* (Note 1) ............ 76,936 18,970 147,384 243,936 --
---------- ------------ ---------- ----------- ----------
Total Income ...................... 173,085 86,125 173,256 378,396 1,653,604
---------- ------------ ---------- ----------- ----------
EXPENSES
Advisory Fees (Note 3) .............. 136,383 128,599 134,885 328,502 184,395
Transfer Agent Fees (Note 3) ........ 37,884 35,722 37,468 91,251 73,758
Accounting Fees (Note 3) ............ 15,154 14,289 14,987 36,500 36,879
Trustees' Fees ...................... 1,086 1,060 1,002 2,355 2,921
Service Fees ........................ 37,884 35,722 37,468 91,251 92,198
Custodian Fees ...................... 5,344 5,705 6,121 12,332 13,927
Miscellaneous ....................... 21,872 21,478 21,941 53,374 49,990
---------- ------------ ---------- ----------- ----------
Total Expenses .................... 255,607 242,575 253,872 615,565 454,068
---------- ------------ ---------- ----------- ----------
Net Investment Income (Loss) .......... (82,522) (156,450) (80,616) (237,169) 1,199,536
---------- ------------ ---------- ----------- ----------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (NOTE 1)
Net Realized Gain (Loss) on:
Investment Securities ............... 1,610,136 (966,167) 1,348,641 6,251,285 51,875
Equity Index Swaps .................. -- 3,952,431 -- 5,579,600 --
Futures Contracts ................... 3,934,919 361,645 1,758,876 4,607,691 539,881
---------- ------------ ---------- ----------- ----------
Total Net Realized Gain (Loss) .... 5,545,055 3,347,909 3,107,517 16,438,576 591,756
---------- ------------ ---------- ----------- ----------
Net Change in Unrealized
Appreciation (Depreciation) on:
Investment Securities ............... 1,317,780 2,197,393 1,185,033 2,367,662 (208,642)
Equity Index Swaps .................. -- 1,561,468 -- 465,385 --
Futures Contracts ................... 947,908 263,672 509,861 785,232 (506,983)
---------- ------------ ---------- ----------- ----------
Net Change in Unrealized
Appreciation (Depreciation) ........ 2,265,688 4,022,533 1,694,894 3,618,279 (715,625)
---------- ------------ ---------- ----------- ----------
Net Gain (Loss) on Investments .... 7,810,743 7,370,442 4,802,411 20,056,855 (123,869)
---------- ------------ ---------- ----------- ----------
NET INCREASE (DECREASE) IN
NET ASSETS FROM OPERATIONS .......... $7,728,221 $7,213,992 $4,721,795 $19,819,686 $1,075,667
========== ============ ========== =========== ==========
136
STATEMENTS OF OPERATIONS (CONTINUED)
- --------------------------------------------------------------------------------
LARGE-CAP LARGE-CAP SECTOR
JUNO EUROPE JAPAN ROTATION
FUND** FUND FUND FUND
--------- ---------- ----------- ----------
INVESTMENT INCOME
Interest (Note 1) ................... $ 138,453 $ 105,936 $ 115,109 $ 3,906
Interest from Securities Lending, net -- -- -- --
Dividends, Net of Foreign
Tax Withheld* (Note 1) ............ -- -- -- 98,603
--------- ---------- ----------- ----------
Total Income ...................... 138,453 105,936 115,109 102,509
--------- ---------- ----------- ----------
EXPENSES
Advisory Fees (Note 3) .............. 130,497 101,801 109,997 100,422
Transfer Agent Fees (Note 3) ........ 36,249 28,278 30,555 27,895
Accounting Fees (Note 3) ............ 14,499 11,311 12,222 11,158
Trustees' Fees ...................... 905 742 1,150 870
Service Fees ........................ 36,249 28,278 30,555 27,895
Custodian Fees ...................... 4,556 3,817 4,282 4,565
Excise Tax Expense .................. -- 8,341 -- --
Miscellaneous ....................... 22,142 8,044 17,618 16,171
--------- ---------- ----------- ----------
Total Expenses .................... 245,097 190,612 206,379 188,976
--------- ---------- ----------- ----------
Less Expenses Waived by Distributor-- -- -- -- --
--------- ---------- ----------- ----------
Total Waived Expenses ............. -- -- -- --
--------- ---------- ----------- ----------
Net Expenses ........................ 245,097 190,612 206,379 188,976
--------- ---------- ----------- ----------
Net Investment Income (Loss) .......... (106,644) (84,676) (91,270) (86,467)
--------- ---------- ----------- ----------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (NOTE 1)
Net Realized Gain (Loss) on:
Investment Securities ............... (13) (1) (93) 199,930
Equity Index Swaps .................. -- 5,507,422 (4,378,284) --
Futures Contracts ................... 679,506 97,094 448 --
Forward Foreign
Exchange Contracts ................ -- (24) (16) --
Foreign Currency .................... -- 219 172 --
--------- ---------- ----------- ----------
Total Net Realized Gain (Loss) .... 679,493 5,604,710 (4,377,773) 199,930
--------- ---------- ----------- ----------
Net Change in Unrealized
Appreciation (Depreciation) on:
Investment Securities ............... -- -- -- 2,671,217
Equity Index Swaps .................. -- 1,415,446 360,365 --
Futures Contracts ................... (79,239) 31,305 38,311 --
Foreign Currency .................... -- (172) (216) --
--------- ---------- ----------- ----------
Net Change in Unrealized
Appreciation (Depreciation) ........ (79,239) 1,446,579 398,460 2,671,217
--------- ---------- ----------- ----------
Net Gain (Loss) on Investments .... 600,254 7,051,289 (3,979,313) 2,871,147
--------- ---------- ----------- ----------
NET INCREASE (DECREASE) IN
NET ASSETS FROM OPERATIONS .......... $ 493,610 $6,966,613 $(4,070,583) $2,784,680
========= ========== =========== ==========
* NET OF FOREIGN TAX WITHHELD OF $0, $0, $0, $525, $0, $93, $33, $0,AND $0,
RESPECTIVELY. ** SINCE THE COMMENCEMENT OF OPERATIONS: MAY 1, 2003--JUNO FUND.
See Notes to Financial Statements.
ANNUAL REPORT 137
Year Ended December 31, 2003
- --------------------------------------------------------------------------------
U.S.
GOVERNMENT BASIC BIO- CONSUMER
MONEY MARKET BANKING MATERIALS TECHNOLOGY PRODUCTS
FUND FUND FUND FUND FUND
---------- ---------- ----------- ---------- ----------
INVESTMENT INCOME
Interest (Note 1) ................... $3,218,603 $ 983 $ 1,124 $ 1,659 $ 1,298
Interest from Securities Lending, net -- 92 161 1,441 235
Dividends, Net of Foreign
Tax Withheld* (Note 1) ............ -- 204,275 173,501 -- 126,647
---------- ---------- ----------- ---------- ----------
Total Income ...................... 3,218,603 205,350 174,786 3,100 128,180
---------- ---------- ----------- ---------- ----------
EXPENSES
Advisory Fees (Note 3) .............. 1,438,328 60,734 82,112 83,232 62,336
Transfer Agent Fees (Note 3) ........ 575,285 17,863 24,151 24,480 18,334
Accounting Fees (Note 3) ............ 277,494 7,145 9,660 9,792 7,334
Trustees' Fees ...................... 25,155 659 580 989 822
Service Fees ........................ 719,164 17,863 24,151 24,480 18,334
Custodian Fees ...................... 101,033 2,733 3,182 3,500 2,652
Excise Tax Expense .................. -- -- -- -- --
Miscellaneous ....................... 388,413 10,371 15,162 13,648 9,854
---------- ---------- ----------- ---------- ----------
Total Expenses .................... 3,524,872 117,368 158,998 160,121 119,666
---------- ---------- ----------- ---------- ----------
Less Expenses Waived by Distributor-- (337,934) -- -- -- --
---------- ---------- ----------- ---------- ----------
Total Waived Expenses ............. (337,934) -- -- -- --
---------- ---------- ----------- ---------- ----------
Net Expenses ........................ 3,186,938 117,368 158,998 160,121 119,666
---------- ---------- ----------- ---------- ----------
Net Investment Income (Loss) .......... 31,665 87,982 15,788 (157,021) 8,514
---------- ---------- ----------- ---------- ----------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (NOTE 1)
Net Realized Gain (Loss) on:
Investment Securities ............... (33) 1,068,269 1,357,868 (540,830) 484,691
Equity Index Swaps .................. -- -- -- -- --
Futures Contracts ................... -- -- -- -- --
Forward Foreign
Exchange Contracts ................ -- -- -- -- --
Foreign Currency .................... -- -- -- -- --
---------- ---------- ----------- ---------- ----------
Total Net Realized Gain (Loss) .... (33) 1,068,269 1,357,868 (540,830) 484,691
---------- ---------- ----------- ---------- ----------
Net Change in Unrealized
Appreciation (Depreciation) on:
Investment Securities ............... -- 939,638 3,456,467 1,733,969 822,685
Equity Index Swaps .................. -- -- -- -- --
Futures Contracts ................... -- -- -- -- --
Foreign Currency .................... -- -- -- -- --
---------- ---------- ----------- ---------- ----------
Net Change in Unrealized
Appreciation (Depreciation) ........ -- 939,638 3,456,467 1,733,969 822,685
---------- ---------- ----------- ---------- ----------
Net Gain (Loss) on Investments .... (33) 2,007,907 4,814,335 1,193,139 1,307,376
---------- ---------- ----------- ---------- ----------
NET INCREASE (DECREASE) IN
NET ASSETS FROM OPERATIONS .......... $ 31,632 $2,095,889 $ 4,830,123 $1,036,118 $1,315,890
========== ========== =========== ========== ==========
138
STATEMENTS OF OPERATIONS (CONTINUED)
- --------------------------------------------------------------------------------
ENERGY FINANCIAL
ELECTRONICS ENERGY SERVICES SERVICES
FUND FUND FUND FUND
----------- ---------- --------- ----------
INVESTMENT INCOME
Interest (Note 1) ................... $ 1,775 $ 1,251 $ 1,017 $ 1,727
Interest from Securities Lending, net 806 88 52 169
Dividends, Net of Foreign
Tax Withheld* (Note 1) ............ 12,807 112,157 21,578 207,196
----------- ---------- --------- ----------
Total Income ...................... 15,388 113,496 22,647 209,092
----------- ---------- --------- ----------
EXPENSES
Advisory Fees (Note 3) .............. 92,901 57,365 37,301 79,263
Transfer Agent Fees (Note 3) ........ 27,324 16,872 10,971 23,313
Accounting Fees (Note 3) ............ 10,930 6,749 4,389 9,325
Trustees' Fees ...................... 805 571 530 1,076
Service Fees ........................ 27,324 16,872 10,971 23,313
Custodian Fees ...................... 4,364 2,485 2,099 3,411
Miscellaneous ....................... 16,049 9,680 5,824 12,914
----------- ---------- --------- ----------
Total Expenses .................... 179,697 110,594 72,085 152,615
----------- ---------- --------- ----------
Net Investment Income (Loss) .......... (164,309) 2,902 (49,438) 56,477
----------- ---------- --------- ----------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (NOTE 1)
Net Realized Gain (Loss) on:
Investment Securities ............... (1,750,944) 328,296 (634,164) 304,534
----------- ---------- --------- ----------
Total Net Realized Gain (Loss) .... (1,750,944) 328,296 (634,164) 304,534
----------- ---------- --------- ----------
Net Change in Unrealized
Appreciation (Depreciation) on:
Investment Securities ............... 3,018,119 1,861,724 372,677 922,451
----------- ---------- --------- ----------
Net Change in Unrealized
Appreciation (Depreciation) ........ 3,018,119 1,861,724 372,677 922,451
----------- ---------- --------- ----------
Net Gain (Loss) on Investments .... 1,267,175 2,190,020 (261,487) 1,226,985
----------- ---------- --------- ----------
NET INCREASE (DECREASE) IN
NET ASSETS FROM OPERATIONS .......... $ 1,102,866 $2,192,922 $(310,925) $1,283,462
=========== ========== ========= ==========
* NET OF FOREIGN TAX WITHHELD OF $323, $5,241, $0, $34, $13, $0, $0, $12,204,
AND $0, RESPECTIVELY.
See Notes to Financial Statements.
139
Year Ended December 31, 2003
- --------------------------------------------------------------------------------
HEALTH PRECIOUS
CARE INTERNET LEISURE METALS REAL ESTATE
FUND FUND FUND FUND FUND
---------- ---------- ---------- ---------- ----------
INVESTMENT INCOME
Interest (Note 1) ................... $ 2,327 $ 1,591 $ 1,413 $ 4,415 $ 1,238
Interest from Securities Lending, net 473 1,050 840 6,045 --
Dividends, Net of Foreign
Tax Withheld* (Note 1) ............ 99,988 2,872 111,895 287,393 393,290
---------- ---------- ---------- ---------- ----------
Total Income ...................... 102,788 5,513 114,148 297,853 394,528
---------- ---------- ---------- ---------- ----------
EXPENSES
Advisory Fees (Note 3) .............. 115,299 75,586 78,914 194,035 68,602
Transfer Agent Fees (Note 3) ........ 33,912 22,231 23,210 64,679 20,177
Accounting Fees (Note 3) ............ 13,565 8,892 9,284 25,871 8,071
Trustees' Fees ...................... 1,064 635 649 2,495 567
Service Fees ........................ 33,912 22,231 23,210 64,679 20,177
Custodian Fees ...................... 4,728 2,965 3,094 9,401 2,765
Miscellaneous ....................... 19,363 13,203 13,872 36,064 11,789
---------- ---------- ---------- ---------- ----------
Total Expenses .................... 221,843 145,743 152,233 397,224 132,148
---------- ---------- ---------- ---------- ----------
Net Investment Income (Loss) .......... (119,055) (140,230) (38,085) (99,371) 262,380
---------- ---------- ---------- ---------- ----------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (NOTE 1)
Net Realized Gain (Loss) on:
Investment Securities ............... 77,261 (784,989) 544,615 (762,245) 805,833
---------- ---------- ---------- ---------- ----------
Total Net Realized Gain (Loss) .... 77,261 (784,989) 544,615 (762,245) 805,833
---------- ---------- ---------- ---------- ----------
Net Change in Unrealized
Appreciation (Depreciation) on:
Investment Securities ............... 1,826,299 3,854,984 1,913,050 8,327,537 1,090,483
---------- ---------- ---------- ---------- ----------
Net Change in Unrealized
Appreciation (Depreciation) ........ 1,826,299 3,854,984 1,913,050 8,327,537 1,090,483
---------- ---------- ---------- ---------- ----------
Net Gain (Loss) on Investments .... 1,903,560 3,069,995 2,457,665 7,565,292 1,896,316
---------- ---------- ---------- ---------- ----------
NET INCREASE (DECREASE) IN
NET ASSETS FROM OPERATIONS .......... $1,784,505 $2,929,765 $2,419,580 $7,465,921 $2,158,696
========== ========== ========== ========== ==========
140
STATEMENTS OF OPERATIONS (CONCLUDED) Year Ended December 31, 2003
- --------------------------------------------------------------------------------
TELECOM- TRANS-
RETAILING TECHNOLOGY MUNICATIONS PORTATION UTILITIES
FUND FUND FUND FUND FUND
---------- ---------- ---------- -------- ----------
INVESTMENT INCOME
Interest (Note 1) .............. $ 1,652 $ 2,542 $ 1,195 $ 737 $ 2,346
Interest from Securities
Lending, net .................. 406 942 441 166 250
Dividends, Net of Foreign
Tax Withheld* (Note 1) ...... 58,291 33,103 87,589 44,082 451,185
---------- ---------- ---------- -------- ----------
Total Income ................. 60,349 36,587 89,225 44,985 453,781
---------- ---------- ---------- -------- ----------
EXPENSES
Advisory Fees (Note 3) ......... 85,879 123,353 52,234 38,636 98,256
Transfer Agent Fees (Note 3) ... 25,259 36,280 15,363 11,363 28,899
Accounting Fees (Note 3) ....... 10,103 14,512 6,145 4,545 11,560
Trustees' Fees ................. 839 1,339 487 481 1,185
Service Fees ................... 25,259 36,280 15,363 11,363 28,899
Custodian Fees ................. 3,414 4,951 2,137 1,571 4,564
Miscellaneous .................. 14,501 20,618 8,874 6,322 14,875
---------- ---------- ---------- -------- ----------
Total Expenses ............... 165,254 237,333 100,603 74,281 188,238
---------- ---------- ---------- -------- ----------
Net Investment Income (Loss) ..... (104,905) (200,746) (11,378) (29,296) 265,543
---------- ---------- ---------- -------- ----------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (NOTE 1)
Net Realized Gain (Loss) on:
Investment Securities .......... 156,865 454,360 (581,652) 399,470 1,934,205
---------- ---------- ---------- -------- ----------
Total Net Realized Gain (Loss) 156,865 454,360 (581,652) 399,470 1,934,205
---------- ---------- ---------- -------- ----------
Net Change in Unrealized
Appreciation (Depreciation) on:
Investment Securities .......... 2,495,981 2,144,236 1,614,830 385,698 (101,993)
---------- ---------- ---------- -------- ----------
Net Change in Unrealized
Appreciation (Depreciation) .... 2,495,981 2,144,236 1,614,830 385,698 (101,993)
---------- ---------- ---------- -------- ----------
Net Gain on Investments ...... 2,652,846 2,598,596 1,033,178 785,168 1,832,212
---------- ---------- ---------- -------- ----------
NET INCREASE IN NET
ASSETS FROM OPERATIONS ......... $2,547,941 $2,397,850 $1,021,800 $755,872 $2,097,755
========== ========== ========== ======== ==========
* NET OF FOREIGN TAX WITHHELD OF $0, $522, $695, $0 AND $0, RESPECTIVELY.
See Notes to Financial Statements.
ANNUAL REPORT 141
- --------------------------------------------------------------------------------
This page intentionally left blank.
142
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
NOVA FUND URSA FUND
---------------------------- -----------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2003 2002
------------ ------------- ------------ ------------
FROM OPERATIONS
Net Investment Income (Loss) .......................... $ 41,274 $ (63,096) $ (244,634) $ (61,967)
Net Realized Gain (Loss) on Investments ............... 9,623,373 (22,000,232) (11,728,008) 1,443,584
Net Change in Unrealized Appreciation (Depreciation)
on Investments ...................................... 7,640,896 (1,082,392) (835,892) 751,151
------------- ------------- ------------- -------------
Net Increase (Decrease) in Net Assets from Operations . 17,305,543 (23,145,720) (12,808,534) 2,132,768
------------- ------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (NOTE 1)
Net Investment Income ................................. -- (2,528,913) -- (348,637)
Realized Gain on Investment ........................... -- -- -- --
------------- ------------- ------------- -------------
Total Distributions to Shareholders ................... -- (2,528,913) -- (348,637)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM SHARE TRANSACTIONS (NOTE 7) ...................... 30,492,782 (1,249,550) (5,565,271) 15,414,014
------------- ------------- ------------- -------------
Net Increase (Decrease) in Net Assets ................. 47,798,325 (26,924,183) (18,373,805) 17,198,145
NET ASSETS--BEGINNING OF YEAR ........................... 34,017,241 60,941,424 36,195,340 18,997,195
------------- ------------- ------------- -------------
NET ASSETS--END OF YEAR (NOTE 8) ........................ $ 81,815,566 $ 34,017,241 $ 17,821,535 $ 36,195,340
============= ============= ============= =============
See Notes to Financial Statements.
ANNUAL REPORT 143
OTC FUND ARKTOS FUND
----------------------------- ------------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2003 2002
------------ ------------ ------------ --------------
FROM OPERATIONS
Net Investment Income (Loss) .......................... $ (1,346,818) $ (1,693,023) $ (273,979) $ (85,613)
Net Realized Gain (Loss) on Investments ............... 9,844,899 (41,035,867) (18,845,261) 27,542
Net Change in Unrealized Appreciation (Depreciation)
on Investments ...................................... 32,550,500 (18,685,727) (2,058,464) 736,354
------------ ------------ ------------ -------------
Net Increase (Decrease) in Net Assets from Operations . 41,048,581 (61,414,617) (21,177,704) 678,283
------------ ------------ ------------ -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (NOTE 1)
Net Investment Income ................................. -- -- -- (249,439)
Realized Gain on Investment ........................... -- -- (463,435) --
------------ ------------ ------------ -------------
Total Distributions to Shareholders ................... -- -- (463,435) (249,439)
------------ ------------ ------------ -------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM SHARE TRANSACTIONS (NOTE 7) ...................... 9,152,119 (25,569,452) 31,975,685 17,844,911
------------ ------------ ------------ -------------
Net Increase (Decrease) in Net Assets ................. 50,200,700 (86,984,069) 10,334,546 18,273,755
NET ASSETS--BEGINNING OF YEAR ........................... 77,634,815 164,618,884 24,228,539 5,954,784
------------ ------------ ------------ -------------
NET ASSETS--END OF YEAR (NOTE 8) ........................ $127,835,515 $ 77,634,815 $ 34,563,085 $ 24,228,539
============ ============ ============ =============
144
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
- --------------------------------------------------------------------------------
TITAN 500 FUND VELOCITY 100 FUND
------------------------------ ------------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2003 2002
------------- ------------- ------------- -------------
FROM OPERATIONS
Net Investment Loss ................................. $ (82,522) $ (10,975) $ (156,450) $ (31,302)
Net Realized Gain (Loss) on Investments ............. 5,545,055 (572,515) 3,347,909 (4,710,694)
Net Change in Unrealized Appreciation (Depreciation)
on Investments .................................... 2,265,688 (58,815) 4,022,533 (65,009)
------------- ------------- ------------- -------------
Net Increase (Decrease) in Net Assets from Operations 7,728,221 (642,305) 7,213,992 (4,807,005)
------------- ------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (NOTE 1)
Net Investment Income ............................... -- -- -- --
Realized Gain on Investment ......................... (3,872,004) (5,447) (3,604,922) --
------------- ------------- ------------- -------------
Total Distributions to Shareholders ................. (3,872,004) (5,447) (3,604,922) --
------------- ------------- ------------- -------------
NET INCREASE IN NET ASSETS
FROM SHARE TRANSACTIONS (NOTE 7) .................... 24,450,444 2,458,357 33,676,462 7,676,051
------------- ------------- ------------- -------------
Net Increase in Net Assets .......................... 28,306,661 1,810,605 37,285,532 2,869,046
NET ASSETS--BEGINNING OF YEAR ......................... 2,121,596 310,991 3,346,463 477,417
------------- ------------- ------------- -------------
NET ASSETS--END OF YEAR (NOTE 8) ...................... $ 30,428,257 $ 2,121,596 $ 40,631,995 $ 3,346,463
============= ============= ============= =============
See Notes to Financial Statements.
ANNUAL REPORT 145
MEDIUS FUND MEKROS FUND
------------------------------ -----------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2003 2002
------------- ------------- ------------- -------------
FROM OPERATIONS
Net Investment Loss ................................. $ (80,616) $ (9,635) $ (237,169) $ (33,472)
Net Realized Gain (Loss) on Investments ............. 3,107,517 (1,204,853) 16,438,576 (2,087,895)
Net Change in Unrealized Appreciation (Depreciation)
on Investments .................................... 1,694,894 (67,065) 3,618,279 (224,876)
------------- ------------- ------------- -------------
Net Increase (Decrease) in Net Assets from Operations 4,721,795 (1,281,553) 19,819,686 (2,346,243)
------------- ------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (NOTE 1)
Net Investment Income ............................... -- -- -- --
Realized Gain on Investment ......................... (1,635,558) (124,717) (13,820,181) (180,469)
------------- ------------- ------------- -------------
Total Distributions to Shareholders ................. (1,635,558) (124,717) (13,820,181) (180,469)
------------- ------------- ------------- -------------
NET INCREASE IN NET ASSETS
FROM SHARE TRANSACTIONS (NOTE 7) .................... 8,750,867 7,359,451 104,048,405 6,949,530
------------- ------------- ------------- -------------
Net Increase in Net Assets .......................... 11,837,104 5,953,181 110,047,910 4,422,818
NET ASSETS--BEGINNING OF YEAR ......................... 6,707,193 754,012 12,946,891 8,524,073
------------- ------------- ------------- -------------
NET ASSETS--END OF YEAR (NOTE 8) ...................... $ 18,544,297 $ 6,707,193 $ 122,994,801 $ 12,946,891
============= ============= ============= =============
146
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
- --------------------------------------------------------------------------------
U.S. GOVERNMENT JUNO
BOND FUND FUND
---------------------------- ------------
YEAR YEAR PERIOD
ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2003*
------------ ------------ ------------
FROM OPERATIONS
Net Investment Income (Loss) ........................ $ 1,199,536 $ 648,221 $ (106,644)
Net Realized Gain (Loss) on Investments ............. 591,756 1,752,214 679,493
Net Change in Unrealized Appreciation (Depreciation)
on Investments .................................... (715,625) 1,569,992 (79,239)
------------ ------------ ------------
Net Increase (Decrease) in Net Assets from Operations 1,075,667 3,970,427 493,610
------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (NOTE 1)
Net Investment Income ............................... (1,202,776) (648,221) --
Realized Gain on Investment ......................... (1,602,254) -- --
------------ ------------ ------------
Total Distributions to Shareholders ................. (2,805,030) (648,221) --
------------ ------------ ------------
NET INCREASE IN NET ASSETS
FROM SHARE TRANSACTIONS (NOTE 7) .................... 41,897,561 17,346,961 21,861,231
------------ ------------ ------------
Net Increase in Net Assets .......................... 40,168,198 20,669,167 22,354,841
NET ASSETS--BEGINNING OF PERIOD ....................... 25,190,183 4,521,016 --
------------ ------------ ------------
NET ASSETS--END OF PERIOD (NOTE 8) .................... $ 65,358,381 $ 25,190,183 $ 22,354,841
============ ============ ============
* SINCE THE COMMENCEMENT OF OPERATIONS: MAY 1, 2003--JUNO FUND.
See Notes to Financial Statements.
ANNUAL REPORT 147
LARGE-CAP LARGE-CAP
EUROPE FUND JAPAN FUND
---------------------------- ----------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2003 2002
------------ ------------ ------------ ------------
FROM OPERATIONS
Net Investment Income (Loss) ........................ $ (84,676) $ (10,896) $ (91,270) $ (15,700)
Net Realized Gain (Loss) on Investments ............. 5,604,710 (1,214,234) (4,377,773) (1,495,522)
Net Change in Unrealized Appreciation (Depreciation)
on Investments .................................... 1,446,579 (11,968) 398,460 98,793
------------ ------------ ------------ ------------
Net Increase (Decrease) in Net Assets from Operations 6,966,613 (1,237,098) (4,070,583) (1,412,429)
------------ ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (NOTE 1)
Net Investment Income ............................... -- (796) -- --
Realized Gain on Investment ......................... (6,433,360) (66,697) -- (10,127)
------------ ------------ ------------ ------------
Total Distributions to Shareholders ................. (6,433,360) (67,493) -- (10,127)
------------ ------------ ------------ ------------
NET INCREASE IN NET ASSETS
FROM SHARE TRANSACTIONS (NOTE 7) .................... 34,827,461 3,064,354 12,022,471 4,369,397
------------ ------------ ------------ ------------
Net Increase in Net Assets .......................... 35,360,714 1,759,763 7,951,888 2,946,841
NET ASSETS--BEGINNING OF PERIOD ....................... 3,081,848 1,322,085 3,589,596 642,755
------------ ------------ ------------ ------------
NET ASSETS--END OF PERIOD (NOTE 8) .................... $ 38,442,562 $ 3,081,848 $ 11,541,484 $ 3,589,596
============ ============ ============ ============
148
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
- --------------------------------------------------------------------------------
SECTOR ROTATION U.S. GOVERNMENT
FUND MONEY MARKET FUND
------------------------------ ------------------------------
YEAR PERIOD YEAR YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002* 2003 2002
------------- ------------- ------------- -------------
FROM OPERATIONS
Net Investment Income (Loss) .................................. $ (86,467) $ (6,560) $ 31,665 $ 712,674
Net Realized Gain (Loss) on Investments ....................... 199,930 (1,611,110) (33) (386)
Net Change in Unrealized Appreciation (Depreciation)
on Investments .............................................. 2,671,217 (107,398) -- --
------------- ------------- ------------- -------------
Net Increase (Decrease) in Net Assets from Operations ......... 2,784,680 (1,725,068) 31,632 712,288
------------- ------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (NOTE 1)
Net Investment Income ......................................... -- -- (31,663) (712,671)
------------- ------------- ------------- -------------
Total Distributions to Shareholders ........................... -- -- (31,663) (712,671)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM SHARE TRANSACTIONS (NOTE 7) .............................. 11,140,396 8,393,723 (26,459,660) 162,437,506
------------- ------------- ------------- -------------
Net Increase (Decrease) in Net Assets ......................... 13,925,076 6,668,655 (26,459,691) 162,437,123
NET ASSETS--BEGINNING OF PERIOD ................................. 6,668,655 -- 258,952,592 96,515,469
------------- ------------- ------------- -------------
NET ASSETS--END OF PERIOD (NOTE 8) .............................. $ 20,593,731 $ 6,668,655 $ 232,492,901 $ 258,952,592
============= ============= ============= =============
* SINCE THE COMMENCEMENT OF OPERATIONS: MAY 1, 2002--SECTOR ROTATION FUND.
See Notes to Financial Statements.
ANNUAL REPORT 149
BASIC
BANKING FUND MATERIALS FUND
------------------------------ ------------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2003 2002
------------- ------------- ------------- -------------
FROM OPERATIONS
Net Investment Income (Loss) .................................. $ 87,982 $ 48,501 $ 15,788 $ 8,471
Net Realized Gain (Loss) on Investments ....................... 1,068,269 (683,092) 1,357,868 (972,966)
Net Change in Unrealized Appreciation (Depreciation)
on Investments .............................................. 939,638 157,531 3,456,467 6,705
------------- ------------- ------------- -------------
Net Increase (Decrease) in Net Assets from Operations ......... 2,095,889 (477,060) 4,830,123 (957,790)
------------- ------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (NOTE 1)
Net Investment Income ......................................... (48,501) (10,488) (8,471) (6,585)
------------- ------------- ------------- -------------
Total Distributions to Shareholders ........................... (48,501) (10,488) (8,471) (6,585)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM SHARE TRANSACTIONS (NOTE 7) .............................. 10,059,914 4,865,333 38,838,379 936,119
------------- ------------- ------------- -------------
Net Increase (Decrease) in Net Assets ......................... 12,107,302 4,377,785 43,660,031 (28,256)
NET ASSETS--BEGINNING OF PERIOD ................................ 5,007,726 629,941 900,662 928,918
------------- ------------- ------------- -------------
NET ASSETS--END OF PERIOD (NOTE 8) ............................. $ 17,115,028 $ 5,007,726 $ 44,560,693 $ 900,662
============= ============= ============= =============
150
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
- --------------------------------------------------------------------------------
BIOTECHNOLOGY CONSUMER
FUND PRODUCTS FUND
---------------------------- ----------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2003 2002
------------ ------------ ------------ ------------
FROM OPERATIONS
Net Investment Income (Loss) .................................. $ (157,021) $ (44,880) $ 8,514 $ 7,419
Net Realized Gain (Loss) on Investments ....................... (540,830) (2,268,874) 484,691 (700,206)
Net Change in Unrealized Appreciation (Depreciation)
on Investments .............................................. 1,733,969 147,031 822,685 140,410
------------ ------------ ------------ ------------
Net Increase (Decrease) in Net Assets from Operations ......... 1,036,118 (2,166,723) 1,315,890 (552,377)
------------ ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (NOTE 1)
Net Investment Income ......................................... -- -- (7,419) (1,267)
Realized Gain on Investment ................................... -- (6,158) (79,427) (8,315)
------------ ------------ ------------ ------------
Total Distributions to Shareholders ........................... -- (6,158) (86,846) (9,582)
------------ ------------ ------------ ------------
NET INCREASE IN NET ASSETS
FROM SHARE TRANSACTIONS (NOTE 7) .............................. 7,946,075 3,789,067 1,436,318 5,410,192
------------ ------------ ------------ ------------
Net Increase in Net Assets .................................... 8,982,193 1,616,186 2,665,362 4,848,233
NET ASSETS--BEGINNING OF YEAR ................................... 3,575,219 1,959,033 6,153,098 1,304,865
------------ ------------ ------------ ------------
NET ASSETS--END OF YEAR (NOTE 8) ................................ $ 12,557,412 $ 3,575,219 $ 8,818,460 $ 6,153,098
============ ============ ============ ============
See Notes to Financial Statements.
ANNUAL REPORT 151
ELECTRONICS FUND ENERGY FUND
---------------------------- ---------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2003 2002
------------ ------------ ------------ ------------
FROM OPERATIONS
Net Investment Income (Loss) .................................. $ (164,309) $ (32,493) $ 2,902 $ (3,687)
Net Realized Gain (Loss) on Investments ....................... (1,750,944) (2,368,566) 328,296 (431,732)
Net Change in Unrealized Appreciation (Depreciation)
on Investments .............................................. 3,018,119 (19,002) 1,861,724 308,828
------------ ------------ ------------ ------------
Net Increase (Decrease) in Net Assets from Operations ......... 1,102,866 (2,420,061) 2,192,922 (126,591)
------------ ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (NOTE 1)
Net Investment Income ......................................... -- -- -- --
Realized Gain on Investment ................................... -- (20,087) -- --
------------ ------------ ------------ ------------
Total Distributions to Shareholders ........................... -- (20,087) -- --
------------ ------------ ------------ ------------
NET INCREASE IN NET ASSETS
FROM SHARE TRANSACTIONS (NOTE 7) .............................. 22,431,542 5,401,424 23,805,489 3,783,194
------------ ------------ ------------ ------------
Net Increase in Net Assets .................................... 23,534,408 2,961,276 25,998,411 3,656,603
NET ASSETS--BEGINNING OF YEAR ................................... 4,383,841 1,422,565 5,833,647 2,177,044
------------ ------------ ------------ ------------
NET ASSETS--END OF YEAR (NOTE 8) ................................ $ 27,918,249 $ 4,383,841 $ 31,832,058 $ 5,833,647
============ ============ ============ ============
152
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
- --------------------------------------------------------------------------------
ENERGY FINANCIAL
SERVICES FUND SERVICES FUND
---------------------------- ----------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2003 2002
------------ ------------ ------------ ------------
FROM OPERATIONS
Net Investment Income (Loss) .................................. $ (49,438) $ (32,232) $ 56,477 $ 17,051
Net Realized Gain (Loss) on Investments ....................... (634,164) (1,510,252) 304,534 (2,021,382)
Net Change in Unrealized Appreciation (Depreciation)
on Investments .............................................. 372,677 181,259 922,451 100,301
------------ ------------ ------------ ------------
Net Increase (Decrease) in Net Assets from Operations ......... (310,925) (1,361,225) 1,283,462 (1,904,030)
------------ ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (NOTE 1)
Net Investment Income ......................................... -- -- (17,051) --
Realized Gain on Investment ................................... -- (99,830) -- (20,507)
------------ ------------ ------------ ------------
Total Distributions to Shareholders ........................... -- (99,830) (17,051) (20,507)
------------ ------------ ------------ ------------
NET INCREASE IN NET ASSETS
FROM SHARE TRANSACTIONS (NOTE 7) .............................. 3,637,924 4,337,782 11,567,024 2,064,858
------------ ------------ ------------ ------------
Net Increase in Net Assets .................................... 3,326,999 2,876,727 12,833,435 140,321
NET ASSETS--BEGINNING OF YEAR ................................... 4,427,282 1,550,555 2,747,756 2,607,435
------------ ------------ ------------ ------------
NET ASSETS--END OF YEAR (NOTE 8) ................................ $ 7,754,281 $ 4,427,282 $ 15,581,191 $ 2,747,756
============ ============ ============ ============
See Notes to Financial Statements.
ANNUAL REPORT 153
HEALTH CARE FUND INTERNET FUND
---------------------------- ----------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2003 2002
------------ ------------ ------------ ------------
FROM OPERATIONS
Net Investment Income (Loss) .................................. $ (119,055) $ (25,321) $ (140,230) $ (19,611)
Net Realized Gain (Loss) on Investments ....................... 77,261 (1,086,702) (784,989) (465,292)
Net Change in Unrealized Appreciation (Depreciation)
on Investments .............................................. 1,826,299 360,491 3,854,984 299,102
------------ ------------ ------------ ------------
Net Increase (Decrease) in Net Assets from Operations ......... 1,784,505 (751,532) 2,929,765 (185,801)
------------ ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (NOTE 1)
Net Investment Income ......................................... -- -- -- --
Realized Gain on Investment ................................... -- (13,492) -- --
------------ ------------ ------------ ------------
Total Distributions to Shareholders ........................... -- (13,492) -- --
------------ ------------ ------------ ------------
NET INCREASE IN NET ASSETS
FROM SHARE TRANSACTIONS (NOTE 7) .............................. 20,930,530 4,978,983 18,468,298 2,997,642
------------ ------------ ------------ ------------
Net Increase in Net Assets .................................... 22,715,035 4,213,959 21,398,063 2,811,841
NET ASSETS--BEGINNING OF YEAR ................................... 5,164,483 950,524 3,702,946 891,105
------------ ------------ ------------ ------------
NET ASSETS--END OF YEAR (NOTE 8) ................................ $ 27,879,518 $ 5,164,483 $ 25,101,009 $ 3,702,946
============ ============ ============ ============
154
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
- --------------------------------------------------------------------------------
PRECIOUS
LEISURE FUND METALS FUND
---------------------------- ----------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2003 2002
------------ ------------ ------------ ------------
FROM OPERATIONS
Net Investment Income (Loss) ........................ $ (38,085) $ (25,211) $ (99,371) $ (38,192)
Net Realized Gain (Loss) on Investments ............. 544,615 (1,026,397) (762,245) (2,420,247)
Net Change in Unrealized Appreciation (Depreciation)
on Investments .................................... 1,913,050 72,442 8,327,537 5,344,755
------------ ------------ ------------ ------------
Net Increase (Decrease) in Net Assets from Operations 2,419,580 (979,166) 7,465,921 2,886,316
------------ ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (NOTE 1)
Net Investment Income ............................... -- -- -- --
Realized Gain on Investment ......................... -- -- -- --
------------ ------------ ------------ ------------
Total Distributions to Shareholders ................. -- -- -- --
------------ ------------ ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM SHARE TRANSACTIONS (NOTE 7) .................... 25,581,728 2,190,226 (1,698,803) 35,077,021
------------ ------------ ------------ ------------
Net Increase in Net Assets .......................... 28,001,308 1,211,060 5,767,118 37,963,337
NET ASSETS--BEGINNING OF YEAR ......................... 2,014,728 803,668 38,838,636 875,299
------------ ------------ ------------ ------------
NET ASSETS--END OF YEAR (NOTE 8) ...................... $ 30,016,036 $ 2,014,728 $ 44,605,754 $ 38,838,636
============ ============ ============ ============
See Notes to Financial Statements.
ANNUAL REPORT 155
REAL ESTATE RETAILING
FUND FUND
---------------------------- ----------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2003 2002
------------ ------------ ------------ ------------
FROM OPERATIONS
Net Investment Income (Loss) ........................ $ 262,380 $ 57,867 $ (104,905) $ (26,397)
Net Realized Gain (Loss) on Investments ............. 805,833 (181,990) 156,865 (426,645)
Net Change in Unrealized Appreciation (Depreciation)
on Investments .................................... 1,090,483 54,792 2,495,981 77,967
------------ ------------ ------------ ------------
Net Increase (Decrease) in Net Assets from Operations 2,158,696 (69,331) 2,547,941 (375,075)
------------ ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (NOTE 1)
Net Investment Income ............................... (316,642) (32,584) -- --
Realized Gain on Investment ......................... (539,225) (1,612) (64,492) (47,670)
------------ ------------ ------------ ------------
Total Distributions to Shareholders ................. (855,867) (34,196) (64,492) (47,670)
------------ ------------ ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM SHARE TRANSACTIONS (NOTE 7) .................... 8,978,171 1,842,836 9,564,199 1,530,139
------------ ------------ ------------ ------------
Net Increase in Net Assets .......................... 10,281,000 1,739,309 12,047,648 1,107,394
NET ASSETS--BEGINNING OF YEAR ......................... 1,901,722 162,413 3,101,521 1,994,127
------------ ------------ ------------ ------------
NET ASSETS--END OF YEAR (NOTE 8) ...................... $ 12,182,722 $ 1,901,722 $ 15,149,169 $ 3,101,521
============ ============ ============ ============
156
STATEMENTS OF CHANGES IN NET ASSETS (CONCLUDED)
- --------------------------------------------------------------------------------
TECHNOLOGY TELECOMMUNICATIONS
FUND FUND
---------------------------- ----------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2003 2002
------------ ------------ ------------ ------------
FROM OPERATIONS
Net Investment Income (Loss) ........................ $ (200,746) $ (62,375) $ (11,378) $ (5,501)
Net Realized Gain (Loss) on Investments ............. 454,360 641,084 (581,652) (406,827)
Net Change in Unrealized Appreciation (Depreciation)
on Investments .................................... 2,144,236 205,370 1,614,830 289,075
------------ ------------ ------------ ------------
Net Increase (Decrease) in Net Assets from Operations 2,397,850 784,079 1,021,800 (123,253)
------------ ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (NOTE 1)
Net Investment Income ............................... -- -- -- --
Realized Gain on Investment ......................... (1,373,910) (185,003) (77) --
------------ ------------ ------------ ------------
Total Distributions to Shareholders ................. (1,373,910) (185,003) (77) --
------------ ------------ ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM SHARE TRANSACTIONS (NOTE 7) .................... 14,596,198 3,205,767 7,415,825 5,822,107
------------ ------------ ------------ ------------
Net Increase (Decrease) in Net Assets ............... 15,620,138 3,804,843 8,437,548 5,698,854
NET ASSETS--BEGINNING OF YEAR ......................... 5,020,945 1,216,102 6,105,540 406,686
------------ ------------ ------------ ------------
NET ASSETS--END OF YEAR (NOTE 8) ...................... $ 20,641,083 $ 5,020,945 $ 14,543,088 $ 6,105,540
============ ============ ============ ============
See Notes to Financial Statements.
ANNUAL REPORT 157
TRANSPORTATION FUND UTILITIES FUND
---------------------------- -----------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2003 2002
------------ ------------ ------------ ------------
FROM OPERATIONS
Net Investment Income (Loss) ........................ $ (29,296) $ (15,783) $ 265,543 $ 176,841
Net Realized Gain (Loss) on Investments ............. 399,470 (469,888) 1,934,205 (4,442,699)
Net Change in Unrealized Appreciation (Depreciation)
on Investments .................................... 385,698 284,354 (101,993) 969,197
------------ ------------ ------------ ------------
Net Increase (Decrease) in Net Assets from Operations 755,872 (201,317) 2,097,755 (3,296,661)
------------ ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (NOTE 1)
Net Investment Income ............................... -- -- (176,841) (3,534)
Realized Gain on Investment ......................... -- -- -- --
------------ ------------ ------------ ------------
Total Distributions to Shareholders ................. -- -- (176,841) (3,534)
------------ ------------ ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM SHARE TRANSACTIONS (NOTE 7) .................... 975,451 5,980,139 (12,336,407) 26,237,305
------------ ------------ ------------ ------------
Net Increase (Decrease) in Net Assets ............... 1,731,323 5,778,822 (10,415,493) 22,937,110
NET ASSETS--BEGINNING OF YEAR ......................... 6,300,828 522,006 23,845,511 908,401
------------ ------------ ------------ ------------
NET ASSETS--END OF YEAR (NOTE 8) ...................... $ 8,032,151 $ 6,300,828 $ 13,430,018 $ 23,845,511
============ ============ ============ ============
158
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
NOVA FUND
--------------------------
YEAR YEAR
ENDED ENDED
DECEMBER 31, DECEMBER 31,
2003 2002
------------- ------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF YEAR ..................... $ 5.18 $ 8.67
------- ---------
Net Investment Income (Loss)+ .......................... .01 (.01)
Net Realized and Unrealized Gains (Losses) on Securities 2.02 (3.07)
------- ---------
Net Increase (Decrease) in Net Asset Value Resulting
From Operations ...................................... 2.03 (3.08)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Investment Income ................................ -- (.41)
Net Realized Capital Gains ........................... -- --
------- ---------
Net Increase (Decrease) in Net Asset Value ............. 2.03 (3.49)
------- ---------
NET ASSET VALUE--END OF YEAR ........................... $ 7.21 $ 5.18
======= =========
TOTAL INVESTMENT RETURN ................................ 39.19% (35.72)%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses ......................................... 1.54% 1.72%
Net Expenses ........................................... 1.54% 1.72%
Net Investment Income (Loss) ........................... 0.09% (0.14)%
SUPPLEMENTARY DATA:
Portfolio Turnover Rate* ............................... 729% 570%
Net Assets, END OF YEAR (000's omitted) ................ $81,816 $ 34,017
* PORTFOLIO TURNOVER RATION IS CALCULATED WITHOUT REGARD TO SHORT-TERM
SECURITIES HAVING A MATURITY OF LESS THAN ONE YEAR.
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE PERIOD.
See Notes to Financial Statements.
ANNUAL REPORT 159
NOVA FUND
--------------------------------------------
YEAR YEAR YEAR
ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31,
2001 2000 1999
------------ ------------- ------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF YEAR .................. $ 13.88 $ 18.57 $ 15.88
---------- ----------- ----------
Net Investment Income (Loss)+ ....................... .30 .74 .49
Net Realized and Unrealized Gains (Losses) on Securities) (3.81) (4.16) 3.10
---------- ----------- ----------
Net Increase (Decrease) in Net Asset Value Resulting
From Operations ................................... (3.51) (3.42) 3.59
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Investment Income ............................. (1.70) (.15) (.01)
Net Realized Capital Gains ........................ -- (1.12) (.89)
---------- ----------- ----------
Net Increase (Decrease) in Net Asset Value .......... (5.21) (4.69) 2.69
---------- ----------- ----------
NET ASSET VALUE--END OF YEAR ........................ $ 8.67 $ 13.88 $ 18.57
========== =========== ==========
TOTAL INVESTMENT RETURN ............................. (23.58)% (20.30)% 23.28%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses ...................................... 1.45% 1.42% 1.55%
Net Expenses ........................................ 1.45% 1.42% 1.55%
Net Investment Income (Loss) ........................ 2.61% 4.45% 2.90%
SUPPLEMENTARY DATA:
Portfolio Turnover Rate* ............................ -- -- --
Net Assets, END OF YEAR (000's omitted) ............. $ 60,941 $ 178,118 $ 92,922
160
FINANCIAL HIGHLIGHTS (CONTINUED)
- --------------------------------------------------------------------------------
URSA FUND
--------------------------
YEAR YEAR
ENDED ENDED
DECEMBER 31, DECEMBER 31,
2003 2002
------------ ------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF YEAR ..................... $ 7.57 $ 6.29
--------- --------
Net Investment Income (Loss)+ .......................... (.04) (.02)
Net Realized and Unrealized Gains (Losses) on Securities (1.76) 1.38
--------- --------
Net Increase (Decrease) in Net Asset Value
Resulting from Operations ............................ (1.80) 1.36
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Investment Income ................................ -- (.08)
--------- --------
Net Increase (Decrease) in Net Asset Value ............. (1.80) 1.28
--------- --------
NET ASSET VALUE--END OF YEAR ........................... $ 5.77 $ 7.57
========= ========
TOTAL INVESTMENT RETURN ................................ (23.78)% 21.64%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses ......................................... 1.67% 1.79%
Net Expenses ........................................... 1.67% 1.79%
Net Investment Income (Loss) ........................... (0.59)% (0.24)%
SUPPLEMENTARY DATA:
Net Assets, END OF YEAR (000's omitted) ................ $ 17,822 $ 36,195
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE PERIOD.
See Notes to Financial Statements.
ANNUAL REPORT 161
URSA FUND
----------------------------------------
YEAR YEAR YEAR
ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31,
2001 2000 1999
------------ ------------ ------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF YEAR ..................... $ 6.09 $ 5.35 $ 6.30
------------ ------------ ------------
Net Investment Income (Loss)+ .......................... .12 .22 .20
Net Realized and Unrealized Gains (Losses) on Securities .88 .70 (1.15)
------------ ------------ ------------
Net Increase (Decrease) in Net Asset Value
Resulting from Operations ............................ 1.00 .92 (.95)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Investment Income ................................ (.80) (.18) --
------------ ------------ ------------
Net Increase (Decrease) in Net Asset Value ............. .20 .74 (.95)
------------ ------------ ------------
NET ASSET VALUE--END OF YEAR ........................... $ 6.29 $ 6.09 $ 5.35
============ ============ ============
TOTAL INVESTMENT RETURN ................................ 14.99% 16.05% (15.06)%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses ......................................... 1.89% 1.59% 1.73%
Net Expenses ........................................... 1.89% 1.59% 1.73%
Net Investment Income (Loss) ........................... 1.85% 4.02% 3.34%
SUPPLEMENTARY DATA:
Net Assets, END OF YEAR (000's omitted) ................ $18,997 $31,829 $ 32,310
162
FINANCIAL HIGHLIGHTS (CONTINUED)
- --------------------------------------------------------------------------------
OTC FUND
--------------------------
YEAR YEAR
ENDED ENDED
DECEMBER 31, DECEMBER 31,
2003 2002
------------ ------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF YEAR ..................... $9.05 $14.80
------------ ------------
Net Investment Loss+ ................................... (.13) (.17)
Net Realized and Unrealized Gains (Losses) on Securities 4.24 (5.58)
------------ ------------
Net Increase (Decrease) in Net Asset Value
Resulting From Operations ............................ 4.11 (5.75)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Realized Capital Gains ........................... -- --
------------ ------------
Net Increase (Decrease) in Net Asset Value ............. 4.11 (5.75)
------------ ------------
NET ASSET VALUE--END OF YEAR ........................... $13.16 $9.05
============ ============
TOTAL INVESTMENT RETURN ................................ 45.41% (38.85)%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses ......................................... 1.53% 1.74%
Net Expenses ........................................... 1.53% 1.74%
Net Investment Loss .................................... (1.20)% (1.58)%
SUPPLEMENTARY DATA:
Portfolio Turnover Rate* ............................... 482% 183%
Net Assets, End of Year (000's omitted) ................ $127,836 $77,635
* PORTFOLIO TURNOVER RATIO IS CALCULATED WITHOUT REGARD TO SHORT-TERM
SECURITIES HAVING A MATURITY OF LESS THAN ONE YEAR.
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE PERIOD.
See Notes to Financial Statements.
ANNUAL REPORT 163
OTC FUND
---------------------------------------------
YEAR YEAR YEAR
ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31,
2001 2000 1999
------------ ------------ ------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF YEAR ..................... $22.83 $38.52 $19.57
------------ ------------ ------------
Net Investment Loss+ ................................... (.23) (.44) (.33)
Net Realized and Unrealized Gains (Losses) on Securities (7.80) (13.50) 19.88
------------ ------------ ------------
Net Increase (Decrease) in Net Asset Value
Resulting From Operations ............................ (8.03) (13.94) 19.55
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Realized Capital Gains ........................... -- (1.75) (.60)
------------ ------------ ------------
Net Increase (Decrease) in Net Asset Value ............. (8.03) (15.69) 18.95
------------ ------------ ------------
NET ASSET VALUE--END OF YEAR ........................... $14.80 $22.83 $38.52
============ ============ ============
TOTAL INVESTMENT RETURN ................................ (35.17)% (38.19)% 101.32%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses ......................................... 1.45% 1.46% 1.55%
Net Expenses ........................................... 1.45% 1.46% 1.55%
Net Investment Loss .................................... (1.31)% (1.23)% (1.24)%
SUPPLEMENTARY DATA:
Portfolio Turnover Rate* ............................... 139% 324% 953%
Net Assets, End of Year (000's omitted) ................ $164,619 $420,674 $373,458
164
FINANCIAL HIGHLIGHTS (CONTINUED)
- --------------------------------------------------------------------------------
ARKTOS FUND
----------------------------------------
YEAR YEAR PERIOD
ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2001*
------------ ------------ ------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF PERIOD ................... $ 39.04 $ 29.48 $ 25.00
------------ ------------ ------------
Net Investment Income (Loss)+ .......................... (.22) (.19) .03
Net Realized and Unrealized Gains (Losses) on Securities (14.33) 10.22 4.45
------------ ------------ ------------
Net Increase (Decrease) in Net Asset Value
Resulting From Operations ............................ (14.55) 10.03 4.48
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Investment Income ................................ -- (.47) --
Net Realized Capital Gains ........................... (.40) -- --
------------ ------------ ------------
Net Increase (Decrease) in Net Asset Value ............. (14.95) 9.56 4.48
------------ ------------ ------------
NET ASSET VALUE--END OF PERIOD ......................... $ 24.09 $ 39.04 $ 29.48
============ ============ ============
TOTAL INVESTMENT RETURN ................................ (37.37)% 33.85% 17.92%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses ......................................... 1.68% 1.77% 2.23%**
Net Expenses ........................................... 1.68% 1.77% 2.23%**
Net Investment Income (Loss) ........................... (0.73)% (0.49)% 0.10%**
SUPPLEMENTARY DATA:
Portfolio Turnover Rate*** ............................. -- -- --
Net Assets, End of Period (000's omitted) .............. $ 34,563 $ 24,229 $ 5,955
* SINCE THE COMMENCEMENT OF OPERATIONS: MAY 21, 2001--ARKTOS FUND; OCTOBER 1,
2001--TITAN 500 FUND.
** ANNUALIZED.
*** PORTFOLIO TURNOVER RATIO IS CALCULATED WITHOUT REGARD TO SHORT-TERM
SECURITIES HAVING A MATURITY OF LESS THAN ONE YEAR.
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE PERIOD.
See Notes to Financial Statements.
ANNUAL REPORT 165
TITAN 500 FUND
------------------------------------------
YEAR YEAR PERIOD
ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2001*
------------ ------------ ------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF PERIOD ................... $ 16.09 $ 29.87 $ 25.00
------------ ------------ ------------
Net Investment Income (Loss)+ .......................... (.11) (.09) (.25)
Net Realized and Unrealized Gains (Losses) on Securities 8.95 (13.65) 5.12
------------ ------------ ------------
Net Increase (Decrease) in Net Asset Value
Resulting From Operations ............................ 8.84 (13.74) 4.87
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Investment Income ................................ -- -- --
Net Realized Capital Gains ........................... (3.34) (.04) --
------------ ------------ ------------
Net Increase (Decrease) in Net Asset Value ............. 5.50 (13.78) 4.87
------------ ------------ ------------
NET ASSET VALUE--END OF PERIOD ......................... $ 21.59 $ 16.09 $ 29.87
============ ============ ============
TOTAL INVESTMENT RETURN ................................ 54.94% (46.00)% 19.48%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses ......................................... 1.69% 1.74% 2.22%**
Net Expenses ........................................... 1.69% 1.74% 2.22%**
Net Investment Income (Loss) ........................... (0.55)% (0.49)% (1.11)%**
SUPPLEMENTARY DATA:
Portfolio Turnover Rate*** ............................. 1,085% -- --
Net Assets, End of Period (000's omitted) .............. $ 30,428 $ 2,122 $ 311
166
FINANCIAL HIGHLIGHTS (CONTINUED)
- --------------------------------------------------------------------------------
VELOCITY 100 FUND
-----------------------------------------
YEAR YEAR PERIOD
ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2001*
------------ ------------ ------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF PERIOD ................... $ 11.90 $ 38.97 $ 25.00
------------ ------------ ------------
Net Investment Loss+ ................................... (.21) (.13) (.59)
Net Realized and Unrealized Gains (Losses) on Securities 11.95 (26.94) 14.56
------------ ------------ ------------
Net Increase (Decrease) in Net Asset Value
Resulting From Operations ............................ 11.74 (27.07) 13.97
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Realized Capital Gains ........................... (1.91) -- --
------------ ------------ ------------
Net Increase (Decrease) in Net Asset Value ............. 9.83 (27.07) 13.97
------------ ------------ ------------
NET ASSET VALUE--END OF PERIOD ......................... $ 21.73 $ 11.90 $ 38.97
============ ============ ============
TOTAL INVESTMENT RETURN ................................ 98.63% (69.46)% 55.88%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses ......................................... 1.71% 1.77% 2.34%**
Net Expenses ........................................... 1.71% 1.77% 2.34%**
Net Investment Loss .................................... (1.10)% (0.79)% (1.77)%**
SUPPLEMENTARY DATA:
Portfolio Turnover Rate*** ............................. 959% -- --
Net Assets, End of Period (000's omitted) .............. $ 40,632 $ 3,346 $ 477
* SINCE THE COMMENCEMENT OF OPERATIONS: OCTOBER 1, 2001--VELOCITY 100 FUND
AND MEDIUS FUND.
** ANNUALIZED.
*** PORTFOLIO TURNOVER RATIO IS CALCULATED WITHOUT REGARD TO SHORT-TERM
SECURITIES HAVING A MATURITY OF LESS THAN ONE YEAR.
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE PERIOD.
See Notes to Financial Statements.
ANNUAL REPORT 167
MEDIUS FUND
----------------------------------------
YEAR YEAR PERIOD
ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2001*
------------ ------------ ------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF PERIOD ................... $17.77 $31.21 $25.00
------------ ------------ ------------
Net Investment Loss+ ................................... (.12) (.12) (.20)
Net Realized and Unrealized Gains (Losses) on Securities 9.44 (7.18) 6.88
------------ ------------ ------------
Net Increase (Decrease) in Net Asset Value
Resulting From Operations ............................ 9.32 (7.30) 6.68
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Realized Capital Gains ........................... (2.35) (6.14) (.47)
------------ ------------ ------------
Net Increase (Decrease) in Net Asset Value ............. 6.97 (13.44) 6.21
------------ ------------ ------------
NET ASSET VALUE--END OF PERIOD ......................... $24.74 $17.77 $31.21
============ ============ ============
TOTAL INVESTMENT RETURN ................................ 52.43% (24.44)% 26.67%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses ......................................... 1.70% 1.75% 2.27%**
Net Expenses ........................................... 1.70% 1.75% 2.27%**
Net Investment Loss .................................... (0.54)% (0.49)% (0.87)%**
SUPPLEMENTARY DATA:
Portfolio Turnover Rate*** ............................. 1,665% 4,320% 3,707%
Net Assets, End of Period (000's omitted) .............. $ 18,544 $ 6,707 $ 754
168
FINANCIAL HIGHLIGHTS (CONTINUED)
- --------------------------------------------------------------------------------
MEKROS FUND
----------------------------------------------
YEAR YEAR PERIOD
ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2001*
------------ ------------- -------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF PERIOD .... $20.11 $31.91 $25.00
------------ ------------- -------------
Net Investment Income (Loss)+ ............ (.18) (.17) (.31)
Net Realized and Unrealized Gains (Losses)
on Securities .......................... 13.11 (11.08) 7.56
------------ ------------- -------------
Net Increase (Decrease) in Net Asset Value
Resulting from Operations .............. 12.93 (11.25) 7.25
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Investment Income .................. -- -- --
Net Realized Capital Gains ............. (3.29) (.55) (.34)
------------ ------------- -------------
Net Increase (Decrease) in Net Asset Value 9.64 (11.80) 6.91
------------ ------------- -------------
NET ASSET VALUE--END OF PERIOD .......... $29.75 $20.11 $31.91
============ ============= =============
TOTAL INVESTMENT RETURN .................. 64.28% (35.45)% 28.97%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses ........................... 1.70% 1.74% 2.26%**
Net Expenses ............................. 1.70% 1.74% 2.26%**
Net Investment Income (Loss) ............. (0.66)% (0.70)% (0.96)%**
SUPPLEMENTARY DATA:
Portfolio Turnover Rate*** ............... 1,135% 1,940% 848%
Net Assets, END OF PERIOD (000's omitted) $122,995 $12,947 $8,524
* SINCE THE COMMENCEMENT OF OPERATIONS: OCTOBER 1, 2001--MEKROS FUND.
** ANNUALIZED.
*** PORTFOLIO TURNOVER RATIO IS CALCULATED WITHOUT REGARD TO SHORT-TERM
SECURITIES HAVING A MATURITY OF LESS THAN ONE YEAR.
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE PERIOD.
See Notes to Financial Statements.
ANNUAL REPORT 169
U.S. GOVERNMENT BOND FUND
--------------------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2001 2000 1999
------------ ------------ ------------ ------------ ------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF PERIOD .... $13.08 $11.44 $11.80 $10.17 $13.28
------------ ------------ ------------ ------------ ------------
Net Investment Income (Loss)+ ............ .41 .44 .37 .38 .41
Net Realized and Unrealized Gains (Losses)
on Securities .......................... (.52) 1.64 (.36) 1.63 (3.09)
------------ ------------ ------------ ------------ ------------
Net Increase (Decrease) in Net Asset Value
Resulting from Operations .............. (.11) 2.08 .01 2.01 (2.68)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Investment Income .................. (.41) (.44) (.37) (.38) (.43)
Net Realized Capital Gains ............. (.89) -- -- -- --
------------ ------------ ------------ ------------ ------------
Net Increase (Decrease) in Net Asset Value (1.41) 1.64 (.36) 1.63 (3.11)
------------ ------------ ------------ ------------ ------------
NET ASSET VALUE--END OF PERIOD .......... $11.67 $13.08 $11.44 $11.80 $10.17
============ ============ ============ ============ ============
TOTAL INVESTMENT RETURN .................. (0.64)% 18.62% 0.08% 20.16% (20.45)%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses ........................... 1.23% 1.24% 2.37% 1.89% 1.52%
Net Expenses ............................. 1.23% 1.24% 2.01% 1.89% 1.52%
Net Investment Income (Loss) ............. 3.26% 3.65% 3.22% 3.47% 3.55%
SUPPLEMENTARY DATA:
Portfolio Turnover Rate*** ............... 1,272% 1,239% 1,247% 1,505% 1,611%
Net Assets, END OF PERIOD (000's omitted) $65,358 $25,190 $4,521 $5,011 $1,136
170
FINANCIAL HIGHLIGHTS (CONTINUED)
- --------------------------------------------------------------------------------
JUNO LARGE-CAP
FUND EUROPE FUND
------------ ---------------------------------------------
PERIOD YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003* 2003 2002 2001*
------------ ------------ ------------ ------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF PERIOD ................... $25.00 $19.52 $28.01 $25.00
------------- ------------- ------------ ------------
Net Investment Loss+ ................................... (.13) (.17) (.09) (.16)
Net Realized and Unrealized Gains (Losses) on Securities (.05) 8.58 (7.84) 3.17
------------- ------------- ------------ ------------
Net Increase (Decrease) in Net Asset Value
Resulting From Operations ............................ (.18) 8.41 (7.93) 3.01
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Investment Income ................................ -- -- (.01) --
Net Realized Capital Gains ........................... -- (5.06) (.55) --
------------- ------------- ------------ ------------
Net Increase (Decrease) in Net Asset Value ............. (.18) 3.35 (8.49) 3.01
------------- ------------- ------------ ------------
NET ASSET VALUE--END OF PERIOD ......................... $24.82 $22.87 $19.52 $28.01
============= ============= ============ ============
TOTAL INVESTMENT RETURN ................................ (0.72)% 43.08% (28.35)% 12.04%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses ......................................... 1.69%** 1.70% 1.78% 2.17%**
Net Expenses ........................................... 1.69%** 1.70% 1.78% 2.17%**
Net Investment Loss .................................... (0.74)%** (0.75)% (0.41)% (0.55)%**
SUPPLEMENTARY DATA:
Net Assets, End of Period (000's omitted) .............. $22,355 $38,443 $3,082 $1,322
* SINCE THE COMMENCEMENT OF OPERATIONS: OCTOBER 1, 2001--LARGE-CAP EUROPE FUND
AND LARGE-CAP JAPAN FUND; MAY 1, 2003--JUNO FUND.
** ANNUALIZED.
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE PERIOD.
See Notes to Financial Statements.
ANNUAL REPORT 171
FINANCIAL HIGHLIGHTS (CONTINUED)
- --------------------------------------------------------------------------------
LARGE-CAP
JAPAN FUND
----------------------------------------------
YEAR YEAR PERIOD
ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2001*
------------- ------------ ------------
-
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF PERIOD ................... $18.29 $21.91 $25.00
------- -------- ---------
Net Investment Loss+ ................................... (.16) (.08) (.16)
Net Realized and Unrealized Gains (Losses) on Securities 7.04 (3.46) (2.93)
------- -------- ---------
Net Increase (Decrease) in Net Asset Value
Resulting From Operations ............................ 6.88 (3.54) (3.09)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Investment Income ................................ -- -- --
Net Realized Capital Gains ........................... -- (.08) --
------- -------- ---------
Net Increase (Decrease) in Net Asset Value ............. 6.88 (3.62) (3.09)
------- -------- ---------
NET ASSET VALUE--END OF PERIOD ......................... $25.17 $18.29 $21.91
======= ======== =========
TOTAL INVESTMENT RETURN ................................ 37.62% (16.20)% (12.36)%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses ......................................... 1.69% 1.80% 2.23%**
Net Expenses ........................................... 1.69% 1.80% 2.23%**
Net Investment Loss .................................... (0.75)% (0.38)% (0.62)%**
SUPPLEMENTARY DATA:
Net Assets, End of Period (000's omitted) .............. $11,541 $3,590 $643
172
FINANCIAL HIGHLIGHTS (CONTINUED)
- --------------------------------------------------------------------------------
SECTOR ROTATION
FUND
---------------------------
YEAR PERIOD
ENDED ENDED
DECEMBER 31, DECEMBER 31,
2003 2002*
------------- ------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF PERIOD ................... $7.76 $10.00
------------- ------------
Net Investment Income (Loss)+ (.07) (.01)
Net Realized and Unrealized Gains (Losses) on Securities 2.39 (2.23)
------------- ------------
Net Increase (Decrease) in Net Asset Value
Resulting From Operations ............................ 2.32 (2.24)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Investment Income ................................ -- --
------------- ------------
Net Increase (Decrease) in Net Asset Value ............. 2.32 (2.24)
------------- ------------
NET ASSET VALUE--END OF PERIOD ......................... $10.08 $7.76
============= ===========
TOTAL INVESTMENT RETURN ................................ 29.97% (22.40)%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses ......................................... 1.70% 1.69%**
Net Expenses ........................................... 1.70% 1.69%**
Net Investment Income (Loss) ........................... (0.78)% (0.16)%**
SUPPLEMENTARY DATA:
Portfolio Turnover Rate*** ............................. 401% 357%
Net Assets, End of Period (000's omitted) .............. $20,594 $6,669
* SINCE THE COMMENCEMENT OF OPERATIONS: MAY 1, 2002--SECTOR ROTATION FUND.
** ANNUALIZED.
*** PORTFOLIO TURNOVER RATIO IS CALCULATED WITHOUT REGARD TO SHORT-TERM
SECURITIES HAVING A MATURITY OF LESS THAN ONE YEAR.
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE PERIOD.
SS. LESS THAN $.01 PER SHARE. ACTUAL AMOUNT = $.00471.
SS.SS. LESS THAN $.01 PER SHARE. ACTUAL AMOUNT = $.00011.
See Notes to Financial Statements.
ANNUAL REPORT 173
U.S. GOVERNMENT
MONEY MARKET FUND
----------------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2001 2000 1999
------------ ------------ ------------ ------------ ------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF PERIOD ................... $1.00 $1.00 $1.00 $1.00 $1.00
------------ ------------ ------------ ------------ ------------
Net Investment Income (Loss)+ --ss.ss. --ss. .03 .05 .04
Net Realized and Unrealized Gains (Losses) on Securities -- -- -- -- --
------------ ------------ ------------ ------------ ------------
Net Increase (Decrease) in Net Asset Value
Resulting From Operations ............................ -- -- .03 .05 .04
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Investment Income ................................ --ss.ss. --ss. (.03) (.05) (.04)
------------ ------------ ------------ ------------ ------------
Net Increase (Decrease) in Net Asset Value ............. -- -- -- -- --
------------ ------------ ------------ ------------ ------------
NET ASSET VALUE--END OF PERIOD ......................... $1.00 $1.00 $1.00 $1.00 $1.00
============ ============ ============ ============ ============
TOTAL INVESTMENT RETURN ................................ 0.01% 0.47% 2.77% 5.20% 3.92%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses ......................................... 1.22% 1.23% 1.19% 1.14% 1.39%
Net Expenses ........................................... 1.11% 1.23% 1.19% 1.14% 1.39%
Net Investment Income (Loss) ........................... 0.01% 0.44% 2.48% 4.99% 3.64%
SUPPLEMENTARY DATA:
Portfolio Turnover Rate*** ............................. -- -- -- -- --
Net Assets, End of Period (000's omitted) .............. $232,493 $258,953 $96,515 $39,492 $99,396
174
FINANCIAL HIGHLIGHTS (CONTINUED)
- --------------------------------------------------------------------------------
BANKING FUND
--------------------------
YEAR YEAR
ENDED ENDED
DECEMBER 31, DECEMBER 31,
2003 2002
------------ ------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF PERIOD ................... $ 24.95 $ 25.21
------------ ------------
Net Investment Income+ ................................. .36 .28
Net Realized and Unrealized Gains (Losses) on Securities 7.52 (.47)
------------ ------------
Net Increase (Decrease) in Net Asset Value
Resulting From Operations ............................ 7.88 (.19)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Investment Income ................................ (.33) (.07)
------------ ------------
Net Increase (Decrease) in Net Asset Value ............. 7.55 (.26)
------------ ------------
NET ASSET VALUE--END OF PERIOD ......................... $ 32.50 $ 24.95
============ ============
TOTAL INVESTMENT RETURN ................................ 31.74% (0.78)%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses ......................................... 1.65% 1.67%
Net Expenses ........................................... 1.65% 1.67%
Net Investment Income .................................. 1.24% 1.10%
SUPPLEMENTARY DATA:
Portfolio Turnover Rate*** ............................. 1,268% 1,813%
Net Assets, End of Period (000's omitted) .............. $17,115 $ 5,008
* SINCE THE COMMENCEMENT OF OPERATIONS: MAY 2, 2001--BANKING FUND AND BASIC
MATERIALS FUND.
** ANNUALIZED.
*** PORTFOLIO TURNOVER RATIO IS CALCULATED WITHOUT REGARD TO SHORT-TERM
SECURITIES HAVING A MATURITY OF LESS THAN ONE YEAR.
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE PERIOD.
See Notes to Financial Statements.
ANNUAL REPORT 175
BANKING FUND BASIC MATERIALS FUND
------------ ----------------------------------------
PERIOD YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2001* 2003 2002 2001*
------------ ------------ ------------ ------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF PERIOD ................... $25.00 $21.07 $24.21 $25.00
------------ ------------ ------------ ------------
Net Investment Income+ ................................. .45 .04 .09 .22
Net Realized and Unrealized Gains (Losses) on Securities (.24) 6.59 (3.17) (1.01)
------------ ------------ ------------ ------------
Net Increase (Decrease) in Net Asset Value
Resulting From Operations ............................ .21 6.63 (3.08) (.79)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Investment Income ................................ -- (.01) (.06) --
------------ ------------ ------------ ------------
Net Increase (Decrease) in Net Asset Value ............. .21 6.62 (3.14) (.79)
------------ ------------ ------------ ------------
NET ASSET VALUE--END OF PERIOD ......................... $25.21 $27.69 $21.07 $24.21
============ ============ ============ ============
TOTAL INVESTMENT RETURN ................................ 0.84% 31.46% (12.75)% (3.16)%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses ......................................... 1.99%** 1.67% 1.75% 1.95%**
Net Expenses ........................................... 1.99%** 1.67% 1.75% 1.95%**
Net Investment Income .................................. 1.80%** 0.17% 0.38% 0.85%**
SUPPLEMENTARY DATA:
Portfolio Turnover Rate*** ............................. 605% 1,175% 1,848% 929%
Net Assets, End of Period (000's omitted) .............. $630 $44,561 $901 $929
176
FINANCIAL HIGHLIGHTS (CONTINUED)
- --------------------------------------------------------------------------------
BIOTECHNOLOGY
FUND
---------------------------
YEAR YEAR
ENDED ENDED
DECEMBER 31, DECEMBER 31,
2003 2002
------------ ------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF PERIOD ................... $13.44 $24.67
------------ ------------
Net Investment Income (Loss)+ .......................... (.28) (.28)
Net Realized and Unrealized Gains (Losses) on Securities 5.94 (10.91)
------------ ------------
Net Increase (Decrease) in Net Asset Value
Resulting From Operations ............................ 5.66 (11.19)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Investment Income ................................ -- --
Net Realized Capital Gains ........................... -- (.04)
------------ ------------
Net Increase (Decrease) in Net Asset Value ............. 5.66 (11.23)
------------ ------------
NET ASSET VALUE--END OF PERIOD ......................... $19.10 $13.44
============ ============
TOTAL INVESTMENT RETURN ................................ 42.11% (45.35)%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses ......................................... 1.64% 1.79%
Net Expenses ........................................... 1.64% 1.79%
Net Investment Income (Loss) ........................... (1.61)% (1.76)%
SUPPLEMENTARY DATA:
Portfolio Turnover Rate*** ............................. 1,475% 3,483%
Net Assets, End of Period (000's omitted) .............. $12,557 $3,575
* SINCE THE COMMENCEMENT OF OPERATIONS: MAY 2, 2001--BIOTECHNOLOGY FUND;
MAY 29, 2001--CONSUMER PRODUCTS FUND.
** ANNUALIZED.
*** PORTFOLIO TURNOVER RATIO IS CALCULATED WITHOUT REGARD TO SHORT-TERM
SECURITIES HAVING A MATURITY OF LESS THAN ONE YEAR.
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE PERIOD.
See Notes to Financial Statements.
ANNUAL REPORT 177
BIOTECHNOLOGY CONSUMER PRODUCTS
FUND FUND
------------ ----------------------------------------
PERIOD YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2001* 2003 2002 2001*
------------ ------------ ------------ ------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF PERIOD ................... $25.00 $24.36 $25.32 $25.00
------------ ------------ ------------ ------------
Net Investment Income (Loss)+ .......................... (.55) .01 .04 .05
Net Realized and Unrealized Gains (Losses) on Securities .22 5.29 (.95) .27
------------ ------------ ------------ ------------
Net Increase (Decrease) in Net Asset Value
Resulting From Operations ............................ (.33) 5.30 (.91) .32
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Investment Income ................................ -- (.02) (.01) --
Net Realized Capital Gains ........................... -- (.25) (.04) --
------------ ------------ ------------ ------------
Net Increase (Decrease) in Net Asset Value ............. (.33) 5.03 (.96) .32
------------ ------------ ------------ ------------
NET ASSET VALUE--END OF PERIOD ......................... $24.67 $29.39 $24.36 $25.32
============ ============ ============ ============
TOTAL INVESTMENT RETURN ................................ (1.32)% 21.86% (3.61)% 1.28%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses ......................................... 2.27%** 1.63% 1.72% 2.07%**
Net Expenses ........................................... 2.27%** 1.63% 1.72% 2.07%**
Net Investment Income (Loss) ........................... (2.24)%** 0.12% 0.18% 0.19%**
SUPPLEMENTARY DATA:
Portfolio Turnover Rate*** ............................. 720% 936% 985% 285%
Net Assets, End of Period (000's omitted) .............. $1,959 $8,818 $6,153 $1,305
178
FINANCIAL HIGHLIGHTS (CONTINUED)
- --------------------------------------------------------------------------------
ELECTRONICS FUND
----------------------------------------
YEAR YEAR PERIOD
ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2001*
------------ ------------ ------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF PERIOD ............................ $9.94 $20.64 $25.00
------------ ------------ ------------
Net Investment Income (Loss)+ ................................... (.21) (.24) (.43)
Net Realized and Unrealized Gains (Losses) on Securities ........ 7.15 (9.67) (3.93)
------------ ------------ ------------
Net Increase (Decrease) in Net Asset Value
Resulting from Operations ..................................... 6.94 (9.91) (4.36)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Realized Capital Gains .................................... -- (.79) --
------------ ------------ ------------
Net Increase (Decrease) in Net Asset Value ...................... 6.94 (10.70) (4.36)
------------ ------------ ------------
NET ASSET VALUE--END OF PERIOD .................................. $16.88 $9.94 $20.64
============ ============ ============
TOTAL INVESTMENT RETURN ......................................... 69.82% (48.21)% (17.44)%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses .................................................. 1.65% 1.84% 2.36%**
Net Expenses .................................................... 1.65% 1.84% 2.36%**
Net Investment Income (Loss) .................................... (1.51)% (1.63)% (2.13)%**
SUPPLEMENTARY DATA:
Portfolio Turnover Rate*** ...................................... 1,264% 2,685% 466%
Net Assets, End of Period (000's omitted) ....................... $27,918 $4,384 $1,423
* SINCE THE COMMENCEMENT OF OPERATIONS: MAY 29,2001--ENERGY FUND;
AUGUST 3, 2001--ELECTRONICS FUND.
** ANNUALIZED.
*** PORTFOLIO TURNOVER RATIO IS CALCULATED WITHOUT REGARD TO SHORT-TERM
SECURITIES HAVING A MATURITY OF LESS THAN ONE YEAR.
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE PERIOD.
See Notes to Financial Statements.
ANNUAL REPORT 179
ENERGY FUND
------------------------------------------
YEAR YEAR PERIOD
ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2001*
------------ ------------ ------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF PERIOD ............................ $18.25 $21.10 $25.00
------------ ------------ ------------
Net Investment Income (Loss)+ ................................... .01 (.02) (.11)
Net Realized and Unrealized Gains (Losses) on Securities ........ 4.19 (2.83) (3.79)
------------ ------------ ------------
Net Increase (Decrease) in Net Asset Value
Resulting from Operations ..................................... 4.20 (2.85) (3.90)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Realized Capital Gains .................................... -- -- --
------------ ------------ ------------
Net Increase (Decrease) in Net Asset Value ...................... 4.20 (2.85) (3.90)
------------ ------------ ------------
NET ASSET VALUE--END OF PERIOD .................................. $22.45 $18.25 $21.10
============ ============ ============
TOTAL INVESTMENT RETURN ......................................... 23.01% (13.51)% (15.60)%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses .................................................. 1.66% 1.72% 2.05%**
Net Expenses .................................................... 1.66% 1.72% 2.05%**
Net Investment Income (Loss) .................................... 0.04% (0.13)% (0.50)%**
SUPPLEMENTARY DATA:
Portfolio Turnover Rate*** ...................................... 1,225% 1,341% 478%
Net Assets, End of Period (000's omitted) ....................... $31,832 $5,834 $2,177
180
FINANCIAL HIGHLIGHTS (CONTINUED)
- --------------------------------------------------------------------------------
ENERGY SERVICES
FUND
--------------------------
YEAR YEAR
ENDED ENDED
DECEMBER 31, DECEMBER 31,
2003 2002
------------ ------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF PERIOD ....................... $14.38 $17.74
------------ ------------
Net Investment Income (Loss)+ .............................. (.16) (.17)
Net Realized and Unrealized Gains (Losses) on Securities ... 1.37 (2.08)
------------ ------------
Net Increase (Decrease) in Net Asset Value
Resulting from Operations ................................ 1.21 (2.25)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Investment Income .................................... -- --
Net Realized Capital Gains ............................... -- (1.11)
------------ ------------
Net Increase (Decrease) in Net Asset Value ................. 1.21 (3.36)
------------ ------------
NET ASSET VALUE--END OF PERIOD ............................. $15.59 $14.38
============ ============
TOTAL INVESTMENT RETURN .................................... 8.41% (12.07)%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses ............................................. 1.65% 1.71%
Net Expenses ............................................... 1.65% 1.71%
Net Investment Income (Loss) ............................... (1.13)% (1.00)%
SUPPLEMENTARY DATA:
Portfolio Turnover Rate*** ................................. 2,691% 2,159%
Net Assets, End of Period (000's omitted) .................. $7,754 $4,427
* SINCE THE COMMENCEMENT OF OPERATIONS: MAY 2, 2001--ENERGY SERVICES FUND;
JULY 20, 2001--FINANCIAL SERVICES FUND.
** ANNUALIZED.
*** PORTFOLIO TURNOVER RATIO IS CALCULATED WITHOUT REGARD TO SHORT-TERM
SECURITIES HAVING A MATURITY OF LESS THAN ONE YEAR.
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE PERIOD.
See Notes to Financial Statements.
ANNUAL REPORT 181
ENERGY SERVICES FINANCIAL SERVICES
FUND FUND
--------------- -----------------------------------------
PERIOD YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2001* 2003 2002 2001*
------------ ------------ ------------ ------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF PERIOD ....................... $25.00 $20.19 $23.90 $25.00
------------ ------------ ------------ ------------
Net Investment Income (Loss)+ .............................. (.24) .14 .09 (.02)
Net Realized and Unrealized Gains (Losses) on Securities ... (7.02) 5.70 (3.69) (1.08)
------------ ------------ ------------ ------------
Net Increase (Decrease) in Net Asset Value
Resulting from Operations ................................ (7.26) 5.84 (3.60) (1.10)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Investment Income .................................... -- (.03) -- --
Net Realized Capital Gains ............................... -- -- (.11) --
------------ ------------ ------------ ------------
Net Increase (Decrease) in Net Asset Value ................. (7.26) 5.81 (3.71) (1.10)
------------ ------------ ------------ ------------
NET ASSET VALUE--END OF PERIOD ............................. $17.74 $26.00 $20.19 $23.90
============ ============ ============ ============
TOTAL INVESTMENT RETURN .................................... (29.04)% 28.92% (15.10)% (4.40)%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses ............................................. 2.06%** 1.64% 1.85% 2.19%**
Net Expenses ............................................... 2.06%** 1.64% 1.85% 2.19%**
Net Investment Income (Loss) ............................... (1.26)%** 0.61% 0.41% (0.11)%**
SUPPLEMENTARY DATA:
Portfolio Turnover Rate*** ................................. 3,182% 2,039% 1,727% 315%
Net Assets, End of Period (000's omitted) .................. $1,551 $15,581 $2,748 $2,607
182
FINANCIAL HIGHLIGHTS (CONTINUED)
- --------------------------------------------------------------------------------
HEALTH CARE FUND
--------------------------
YEAR YEAR
ENDED ENDED
DECEMBER 31, DECEMBER 31,
2003 2002
------------ ------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF PERIOD .......................... $18.71 $23.82
------------ ------------
Net Investment Loss+ .......................................... (.19) (.09)
Net Realized and Unrealized Gains (Losses) on Securities ...... 5.76 (4.98)
------------ ------------
Net Increase (Decrease) in Net Asset Value
Resulting From Operations ................................... 5.57 (5.07)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Realized Capital Gains .................................. -- (.04)
------------ ------------
Net Increase (Decrease) in Net Asset Value .................... 5.57 (5.11)
------------ ------------
NET ASSET VALUE--END OF PERIOD ................................ $24.28 $18.71
============ ============
TOTAL INVESTMENT RETURN ....................................... 29.77% (21.31)%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses ................................................ 1.64% 1.70%
Net Expenses .................................................. 1.64% 1.70%
Net Investment Loss ........................................... (0.88)% (0.45)%
SUPPLEMENTARY DATA:
Portfolio Turnover Rate*** .................................... 1,222% 1,617%
Net Assets, End of Period (000's omitted) ..................... $27,880 $5,164
* SINCE THE COMMENCEMENT OF OPERATIONS: MAY 24, 2001--INTERNET FUND; JUNE
19, 2001--HEALTH CARE FUND.
** ANNUALIZED.
*** PORTFOLIO TURNOVER RATIO IS CALCULATED WITHOUT REGARD TO SHORT-TERM
SECURITIES HAVING A MATURITY OF LESS THAN ONE YEAR.
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE PERIOD.
See Notes to Financial Statements.
ANNUAL REPORT 183
FINANCIAL HIGHLIGHTS (CONTINUED)
- --------------------------------------------------------------------------------
HEALTH CARE FUND INTERNET FUND
---------------- ------------------------------------------
PERIOD YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2001* 2003 2002 2001*
------------ ------------ ------------ ------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF PERIOD .......................... $25.00 $8.93 $15.76 $25.00
------------ ------------ ------------ ------------
Net Investment Loss+ .......................................... (.30) (.20) (.17) (.37)
Net Realized and Unrealized Gains (Losses) on Securities ...... (.88) 5.95 (6.66) (8.87)
------------ ------------ ------------ ------------
Net Increase (Decrease) in Net Asset Value
Resulting From Operations ................................... (1.18) 5.75 (6.83) (9.24)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Realized Capital Gains .................................. -- -- -- --
------------ ------------ ------------ ------------
Net Increase (Decrease) in Net Asset Value .................... (1.18) 5.75 (6.83) (9.24)
------------ ------------ ------------ ------------
NET ASSET VALUE--END OF PERIOD ................................ $23.82 $14.68 $8.93 $15.76
============ ============ ============ ============
TOTAL INVESTMENT RETURN ....................................... (4.72)% 64.39% (43.34)% (36.96)%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses ................................................ 2.23%** 1.65% 1.75% 2.33%**
Net Expenses .................................................. 2.23%** 1.65% 1.75% 2.33%**
Net Investment Loss ........................................... (1.33)%** (1.59)% (1.69)% (2.29)%**
SUPPLEMENTARY DATA:
Portfolio Turnover Rate*** .................................... 757% 957% 3,041% 2,341%
Net Assets, End of Period (000's omitted) ..................... $951 $25,101 $3,703 $891
184
FINANCIAL HIGHLIGHTS (CONTINUED)
- --------------------------------------------------------------------------------
LEISURE FUND
-------------------------------
YEAR YEAR
ENDED ENDED
DECEMBER 31, DECEMBER 31,
2003 2002
------------ ------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF PERIOD ........................... $15.42 $18.09
------------ ------------
Net Investment Loss+ ........................................... (.08) (.18)
Net Realized and Unrealized Gains (Losses) on Securities ...... 5.46 (2.49)
------------ ------------
Net Increase (Decrease) in Net Asset Value
Resulting From Operations .................................... 5.38 (2.67)
DISTRIBUTIONS TO SHAREHOLDERS .................................. -- --
------------ ------------
Net Increase (Decrease) in Net Asset Value ..................... 5.38 (2.67)
------------ ------------
NET ASSET VALUE--END OF PERIOD ................................. $20.80 $15.42
============ ============
TOTAL INVESTMENT RETURN ........................................ 34.89% (14.76)%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses ................................................. 1.65% 1.74%
Net Expenses ................................................... 1.65% 1.74%
Net Investment Loss ............................................ (0.41)% (0.98)%
SUPPLEMENTARY DATA:
Portfolio Turnover Rate*** ..................................... 1,353% 1,976%
Net Assets, End of Period (000's omitted) ...................... $30,016 $2,015
* SINCE THE COMMENCEMENT OF OPERATIONS: MAY 22, 2001--LEISURE FUND.
** ANNUALIZED.
*** PORTFOLIO TURNOVER RATIO IS CALCULATED WITHOUT REGARD TO SHORT-TERM
SECURITIES HAVING A MATURITY OF LESS THAN ONE YEAR.
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE PERIOD.
See Notes to Financial Statements.
ANNUAL REPORT 185
LEISURE FUND
------------
PERIOD
ENDED
DECEMBER 31,
2001*
------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF PERIOD ........................... $25.00
------------
Net Investment Loss+ ........................................... (.30)
Net Realized and Unrealized Gains (Losses) on Securities ...... (6.61)
------------
Net Increase (Decrease) in Net Asset Value
Resulting From Operations .................................... (6.91)
DISTRIBUTIONS TO SHAREHOLDERS .................................. --
------------
Net Increase (Decrease) in Net Asset Value ..................... (6.91)
------------
NET ASSET VALUE--END OF PERIOD ................................. $18.09
============
TOTAL INVESTMENT RETURN ........................................ (27.64)%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses ................................................. 1.98%**
Net Expenses ................................................... 1.98%**
Net Investment Loss ............................................ (1.49)%**
SUPPLEMENTARY DATA:
Portfolio Turnover Rate*** ..................................... 269%
Net Assets, End of Period (000's omitted) ...................... $804
186
FINANCIAL HIGHLIGHTS (CONTINUED)
- --------------------------------------------------------------------------------
PRECIOUS METALS FUND
---------------------------
YEAR YEAR
ENDED ENDED
DECEMBER 31, DECEMBER 31,
2003 2002
------------ ------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF YEAR ........................ $7.09 $4.87
------------ ------------
Net Investment Loss+ ...................................... (.03) (.02)
Net Realized and Unrealized Gains (Losses) on Securities .. 2.93 2.24
------------ ------------
Net Increase (Decrease) in Net Asset Value
Resulting from Operations ............................... 2.90 2.22
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Realized Capital Gains .............................. -- --
------------ ------------
Net Increase (Decrease) in Net Asset Value ................ 2.90 2.22
------------ ------------
NET ASSET VALUE--END OF YEAR ............................. $9.99 $7.09
============ ============
TOTAL INVESTMENT RETURN ................................... 40.90% 45.59%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses ............................................ 1.54% 1.67%
Net Expenses .............................................. 1.54% 1.67%
Net Investment Loss ....................................... (0.38)% (0.29)%
SUPPLEMENTARY DATA:
Portfolio Turnover Rate* .................................. 658% 1,001%
Net Assets, END OF YEAR (000's omitted) ................... $44,606 $38,839
* PORTFOLIO TURNOVER RATIO IS CALCULATED WITHOUT REGARD TO SHORT-TERM SECURITIES
HAVING A MATURITY OF LESS THAN ONE YEAR.
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE PERIOD.
See Notes to Financial Statements.
ANNUAL REPORT 187
PRECIOUS METALS FUND
--------------------------------------
YEAR YEAR YEAR
ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31,
2001 2000 1999
------------ ------------ ------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF YEAR ....................... $4.31 $5.43 $5.81
------------ ------------ ------------
Net Investment Loss+ ...................................... (.04) (.07) (.07)
Net Realized and Unrealized Gains (Losses) on Securities .. .60 (1.05) (.14)
------------ ------------ ------------
Net Increase (Decrease) in Net Asset Value
Resulting from Operations ............................... .56 (1.12) (.21)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Realized Capital Gains .............................. -- -- (.17)
------------ ------------ ------------
Net Increase (Decrease) in Net Asset Value ................ .56 (1.12) (.38)
------------ ------------ ------------
NET ASSET VALUE--END OF YEAR ............................. $4.87 $4.31 $5.43
============ ============ ============
TOTAL INVESTMENT RETURN ................................... 12.99% (20.63)% (3.58)%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses ............................................ 2.18% 2.04% 2.17%
Net Expenses .............................................. 2.18% 2.04% 2.17%
Net Investment Loss ....................................... (0.79)% (1.45)% (1.39)%
SUPPLEMENTARY DATA:
Portfolio Turnover Rate* .................................. 957% 965% 1,239%
Net Assets, END OF YEAR (000's omitted) .................. $875 $3,400 $6,992
188
FINANCIAL HIGHLIGHTS (CONTINUED)
- --------------------------------------------------------------------------------
REAL ESTATE FUND
---------------------------
YEAR YEAR
ENDED ENDED
DECEMBER 31, DECEMBER 31,
2003 2002
------------ ------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF PERIOD ......................... $24.96 $25.77
------------ ------------
Net Investment Income (Loss)+ ................................ .94 1.97
Net Realized and Unrealized Gains (Losses) on Securities ..... 6.62 (2.26)
------------ ------------
Net Increase (Decrease) in Net Asset Value
Resulting from Operations .................................. 7.56 (.29)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Investment Income ...................................... (.85) (.48)
Net Realized Capital Gains ................................. (1.42) (.04)
------------ ------------
Net Increase (Decrease) in Net Asset Value ................... 5.29 (.81)
------------ ------------
NET ASSET VALUE--END OF PERIOD ............................... $30.25 $24.96
============ ============
TOTAL INVESTMENT RETURN ...................................... 30.31% (1.12)%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses ............................................... 1.64% 1.68%
Net Expenses ................................................. 1.64% 1.68%
Net Investment Income (Loss) ................................. 3.26% 7.60%
SUPPLEMENTARY DATA:
Portfolio Turnover Rate*** ................................... 1,478% 1,927%
Net Assets, End of Period (000's omitted) .................... $12,183 $1,902
* SINCE THE COMMENCEMENT OF OPERATIONS: JULY 23, 2001--RETAILING FUND;
OCTOBER 1, 2001--REAL ESTATE FUND.
** ANNUALIZED.
*** PORTFOLIO TURNOVER RATIO IS CALCULATED WITHOUT REGARD TO SHORT-TERM
SECURITIES HAVING A MATURITY OF LESS THAN ONE YEAR.
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE PERIOD.
See Notes to Financial Statements.
ANNUAL REPORT 189
REAL ESTATE FUND RETAILING FUND
---------------- ----------------------------------------
PERIOD YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2001* 2003 2002 2001*
------------ ------------ ------------ ------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF PERIOD ......................... $25.00 $19.29 $25.65 $25.00
------------ ------------ ------------ ------------
Net Investment Income (Loss)+ ................................ 1.44 (.25) (.27) (.38)
Net Realized and Unrealized Gains (Losses) on Securities ..... (.42) 7.05 (5.30) 1.03
------------ ------------ ------------ ------------
Net Increase (Decrease) in Net Asset Value
Resulting from Operations .................................. 1.02 6.80 (5.57) .65
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Investment Income ...................................... (.25) -- -- --
Net Realized Capital Gains ................................. -- (.10) (.79) --
------------ ------------ ------------ ------------
Net Increase (Decrease) in Net Asset Value ................... .77 6.70 (6.36) .65
------------ ------------ ------------ ------------
NET ASSET VALUE--END OF PERIOD ............................... $25.77 $25.99 $19.29 $25.65
============ ============ ============ ============
TOTAL INVESTMENT RETURN ...................................... 4.09% 35.27% (21.91)% 2.60%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses ............................................... 2.31%** 1.64% 1.81% 2.24%**
Net Expenses ................................................. 2.31%** 1.64% 1.81% 2.24%**
Net Investment Income (Loss) ................................. 5.75%** (1.04)% (1.23)% (1.65)%**
SUPPLEMENTARY DATA:
Portfolio Turnover Rate*** ................................... 17% 785% 1,668% 740%
Net Assets, End of Period (000's omitted) .................... $162 $15,149 $3,102 $1,994
190
FINANCIAL HIGHLIGHTS (CONTINUED)
- --------------------------------------------------------------------------------
TECHNOLOGY FUND
------------------------------------------
YEAR YEAR PERIOD
ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2001*
------------ ------------ ------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF PERIOD ................... $9.92 $18.61 $25.00
------------ ------------ ------------
Net Investment Loss+ ................................... (.18) (.18) (.39)
Net Realized and Unrealized Gains (Losses) on Securities 6.21 (7.15) (6.00)
------------ ------------ ------------
Net Increase (Decrease) in Net Asset Value
Resulting from Operations ............................ 6.03 (7.33) (6.39)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Realized Capital Gains ........................... (1.07) (1.36) --
------------ ------------ ------------
Net Increase (Decrease) in Net Asset Value ............. 4.96 (8.69) (6.39)
------------ ------------ ------------
NET ASSET VALUE--END OF PERIOD ......................... $14.88 $9.92 $18.61
============ ============ ============
TOTAL INVESTMENT RETURN ................................ 61.32% (39.11)% (25.56)%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses ......................................... 1.64% 1.71% 2.34%**
Net Expenses ........................................... 1.64% 1.71% 2.34%**
Net Investment Loss .................................... (1.39)% (1.52)% (2.08)%**
SUPPLEMENTARY DATA:
Portfolio Turnover Rate*** ............................. 1,302% 1,098% 490%
Net Assets, End of Period (000's omitted) .............. $20,641 $5,021 $1,216
* SINCE THE COMMENCEMENT OF OPERATIONS: MAY 2, 2001--TECHNOLOGY FUND;
JULY 27, 2001--TELECOMMUNICATIONS FUND.
** ANNUALIZED.
*** PORTFOLIO TURNOVER RATIO IS CALCULATED WITHOUT REGARD TO SHORT-TERM
SECURITIES HAVING A MATURITY OF LESS THAN ONE YEAR.
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE PERIOD.
SS. LESS THAN $.01 PER SHARE. ACTUAL AMOUNT = $.00019538.
See Notes to Financial Statements.
ANNUAL REPORT 191
TELECOMMUNICATIONS FUND
----------------------------------------
YEAR YEAR PERIOD
ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2001*
------------ ------------ ------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF PERIOD ................... $13.63 $22.56 $25.00
------------ ------------ ------------
Net Investment Loss+ ................................... (.03) (.05) (.36)
Net Realized and Unrealized Gains (Losses) on Securities 4.62 (8.88) (2.08)
------------ ------------ ------------
Net Increase (Decrease) in Net Asset Value
Resulting from Operations ............................ 4.59 (8.93) (2.44)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Realized Capital Gains ........................... --ss. -- --
------------ ------------ ------------
Net Increase (Decrease) in Net Asset Value ............. 4.59 (8.93) (2.44)
------------ ------------ ------------
NET ASSET VALUE--END OF PERIOD ......................... $18.22 $13.63 $22.56
============ ============ ============
TOTAL INVESTMENT RETURN ................................ 33.68% (39.58)% (9.76)%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses ......................................... 1.64% 1.69% 2.25%**
Net Expenses ........................................... 1.64% 1.69% 2.25%**
Net Investment Loss .................................... (0.19)% (0.39)% (1.61)%**
SUPPLEMENTARY DATA:
Portfolio Turnover Rate*** ............................. 974% 855% 1,316%
Net Assets, End of Period (000's omitted) .............. $14,543 $6,106 $407
FINANCIAL HIGHLIGHTS (CONCLUDED)
- --------------------------------------------------------------------------------
TRANSPORTATION FUND
--------------------------
YEAR YEAR
ENDED ENDED
DECEMBER 31, DECEMBER 31,
2003 2002
------------ ------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF PERIOD ................... $21.55 $24.40
------------ ------------
Net Investment Income (Loss)+ .......................... (.15) (.14)
Net Realized and Unrealized Gains (Losses) on Securities 4.57 (2.71)
------------ ------------
Net Increase (Decrease) in Net Asset Value
Resulting From Operations ............................ 4.42 (2.85)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Investment Income ................................ -- --
------------ ------------
Net Increase (Decrease) in Net Asset Value ............. 4.42 (2.85)
------------ ------------
NET ASSET VALUE--END OF PERIOD ......................... $25.97 $21.55
============ ============
TOTAL INVESTMENT RETURN ................................ 20.51% (11.68)%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses ......................................... 1.64% 1.69%
Net Expenses ........................................... 1.64% 1.69%
Net Investment Income (Loss) ........................... (0.65)% (0.63)%
SUPPLEMENTARY DATA:
Portfolio Turnover Rate*** ............................. 1,045% 1,435%
Net Assets, End of Period (000's omitted) .............. $8,032 $6,301
* SINCE THE COMMENCEMENT OF OPERATIONS: MAY 2, 2001--UTILITIES FUND; JUNE
11, 2001--TRANSPORTATION FUND.
** ANNUALIZED.
*** PORTFOLIO TURNOVER RATIO IS CALCULATED WITHOUT REGARD TO SHORT-TERM
SECURITIES HAVING A MATURITY OF LESS THAN ONE YEAR.
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE PERIOD.
See Notes to Financial Statements.
ANNUAL REPORT 193
TRANSPORTATION FUND UTILITIES FUND
-------------------------- --------------------------
PERIOD YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2001* 2003 2002 2001*
------------ ------------ ------------ ------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF PERIOD ................... $25.00 $12.24 $18.23 $25.00
------------ ------------ ------------ ------------
Net Investment Income (Loss)+ .......................... (.20) .31 .33 .33
Net Realized and Unrealized Gains (Losses) on Securities (.40) 2.77 (6.31) (7.10)
------------ ------------ ------------ ------------
Net Increase (Decrease) in Net Asset Value
Resulting From Operations ............................ (.60) 3.08 (5.98) (6.77)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Investment Income ................................ -- (.36) (.01) --
------------ ------------ ------------ ------------
Net Increase (Decrease) in Net Asset Value ............. (.60) 2.72 (5.99) (6.77)
------------ ------------ ------------ ------------
NET ASSET VALUE--END OF PERIOD ......................... $24.40 $14.96 $12.24 $18.23
============ ============ ============ ============
TOTAL INVESTMENT RETURN ................................ (2.40)% 25.40% (32.83)% (27.08)%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses ......................................... 2.16%** 1.62% 1.67% 2.08%**
Net Expenses ........................................... 2.16%** 1.62% 1.67% 2.08%**
Net Investment Income (Loss) ........................... (0.89)%** 2.29% 2.54% 1.59%**
SUPPLEMENTARY DATA:
Portfolio Turnover Rate*** ............................. 609% 1,491% 829% 1,040%
Net Assets, End of Period (000's omitted) .............. $522 $13,430 $23,846 $908
194
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
The Rydex Variable Trust (the "Trust") is registered with the Securities and
Exchange Commission under the Investment Company Act of 1940 as a
non-diversified, open-ended investment company and is authorized to issue an
unlimited number of no par value shares. As of December 31, 2003, the Trust
consisted of thirty-four operating Funds: twelve Benchmark funds, one Strategic
fund, one Money Market fund, eighteen Sector funds, and two CLS AdvisorOne
Funds. This report covers the Benchmark, Strategic, Money Market, and Sector
Funds (the "Funds"), while the CLS AdvisorOne Funds are contained in a separate
report. Rydex Global Advisors (the "Advisor") serves as investment advisor to
the Funds. Rydex Distributors, Inc. acts as principal underwriter for the Trust.
The Trust was organized on June 11, 1998 as a Delaware business trust. Effective
November 2, 1998, the fund assets and liabilities of the Rydex Advisor Variable
Annuity Account (the "Separate Account"), a segregated investment account of
Conseco Variable Insurance Company (formerly Great American Reserve Insurance
Company), were transferred to the Trust in exchange for shares of the Funds of
the Trust (the "Separate Account Restructuring"). Shares of the Funds (full and
fractional) were issued to corresponding subaccounts of the Separate Account.
The value per share of each Fund was equivalent in value to the value of
outstanding accumulation units of the corresponding subaccount. The Trust offers
shares of the Funds to insurance companies for their variable annuity and
variable life insurance contracts.
The following significant accounting policies are in conformity with accounting
principles generally accepted in the United States of America and are
consistently followed by the Trust.
A. Equity securities listed on an exchange (New York Stock Exchange or American
Stock Exchange) are valued at the last quoted sales price as of close of
business on the New York Stock Exchange, usually 4:00 p.m., Eastern Time, on the
valuation date. Equity securities listed on the Nasdaq market system are valued
at the Nasdaq Official Closing Price, usually as of 4:00 p.m., Eastern Time, on
the valuation date. Listed options held by the Trust are valued at their last
bid price. Over-the-counter options held by the Trust are valued using the
average bid price obtained from one or more security dealers.The value of
futures contracts purchased and sold by the Trust is accounted for using the
unrealized gain or loss on the contracts that is determined by marking the
contracts to their current realized settlement prices. Financial futures
contracts are valued at the last quoted sales price, usually as of 4:00 p.m.,
Eastern Time, on the valuation date.
The value of domestic equity index swap agreements entered into by the funds is
accounted for using the unrealized gain or loss on the agreements that is
determined by marking the agreements to the last quoted value of the index that
the swap pertains to at the close of the NYSE, usually 4:00 p.m., Eastern Time.
The swap's market value is then adjusted to include dividends accrued, financing
charges and/or interest associated with the swap agreement.
- --------------------------------------------------------------------------------
ANNUAL REPORT 195
ANNUAL REPORT (CONTINUED)
- --------------------------------------------------------------------------------
The value of foreign equity index swap agreements entered into by the funds is
accounted for using the unrealized gain or loss on the agreements that is
determined by marking the agreement to the average price at which orders are
being filled (the "average fill price") at the close of the NYSE, usually 4:00
p.m., Eastern Time. The swap's market is then adjusted to include dividends
accrued, financing charges and/or interest associated with the swap agreement.
Short-term securities, if any, are valued at amortized cost, which approximates
market value. Securities and assets for which market quotations are not readily
available are valued at fair value as determined in good faith by or under
direction of the Board of Trustees or by the Advisor using methods established
or ratified by the Board of Trustees.
B. Securities transactions are recorded on the trade date for financial
reporting purposes. Realized gains and losses from securities transactions are
recorded using the identified cost basis. Dividend income is recorded on the
ex-dividend date, net of applicable taxes withheld by foreign countries.
Interest income, including amortization of premiums and accretion of discount,
is accrued on a daily basis.
C. Distributions to shareholders are recorded on the ex-dividend date.
Distributions from net investment income and net realized capital gains are
determined in accordance with income tax regulations which may differ from
accounting principles generally accepted in the United States of America. These
differences are primarily due to differing treatments for items such as deferral
of wash sales and post-October losses and regulated futures contracts and
options. Net investment income and loss, net realized gains and losses, and net
assets were not affected by these differences.
D. Upon the purchase of an option by a Fund, the premium paid is recorded as an
investment, the value of which is marked-to-market daily. When a purchased
option expires, the Fund will realize a loss in the amount of the cost of the
option. When a fund enters into a closing sale transaction, the Fund will
realize a gain or loss depending on whether the proceeds from the closing sale
transaction are greater or less than the cost of the option. When a Fund
exercises a put option, it will realize a gain or loss from the sale of the
underlying security and the proceeds from such sale will be decreased by the
premium originally paid. When a Fund exercises a call option, the cost of the
security that the Fund purchases upon exercise will be increased by the premium
originally paid. When a Fund writes (sells) an option, an amount equal to the
premium received is entered in the Trust's accounting records as an asset and
equivalent liability. The amount of the liability is subsequently
marked-to-market to reflect the current value of the option written. When an
option expires, or if the Fund enters into a closing purchase transaction, the
Fund realizes a gain (or loss if the cost of a closing purchase transaction
exceeds the premium received when the option was sold).
E. The Trust may purchase or sell stock and bond index futures contracts and
options on such futures contracts. Futures contracts are contracts for delayed
delivery of securities at a specified future delivery date and at a specific
price. Upon entering into a contract,
196
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
the Fund deposits and maintains as collateral such initial margin as required by
the exchange on which the transaction is effected. Pursuant to the contract, the
Fund agrees to receive from or pay to the broker an amount of cash equal to the
daily fluctuation in value of the contract. Such receipts or payments are known
as variation margin and are recorded by the Fund as unrealized gains or losses.
When the contract is closed, the Fund records a realized gain or loss equal to
the difference between the value of the contract at the time it was opened and
the value at the time it was closed.
F. The Trust may enter into equity index swap agreements, which are
over-the-counter contracts in which one party agrees to make periodic payments
based on the change in market value of a specified equity security, basket of
equity securities, or equity index in return for periodic payments based on a
fixed or variable interest rate or the change in market value of a different
equity security, basket of equity securities, or equity index. Swap agreements
are used to obtain exposure to an equity or market without owning or taking
physical custody of securities.
G. When a Trust engages in a short sale, an amount equal to the proceeds is
reflected as an asset and an equivalent liability. The amount of the liability
is subsequently marked-to-market to reflect the market value of the short sale.
The Fund maintains a segregated account of securities as collateral for short
sales. The Fund is exposed to market risk based on the amount, if any, that the
market value of the stock exceeds the market value of the securities in the
segregated account.
H. Investment securities and other assets and liabilities denominated in foreign
currencies are translated into U.S. dollar amounts at the date of valuation.
Purchases and sales of investment securities and income and expense items
denominated in foreign currencies are translated into U.S. dollar amounts on the
respective dates of such transactions. The Trust does not isolate that portion
of the results of operations resulting from changes in foreign exchange rates on
investments from the fluctuations arising from changes in market prices of
securities held. Such fluctuations are included with the net realized and
unrealized gain and loss from investments.
Reported net realized foreign exchange gains or losses arise from sales of
foreign currencies and currency gains or losses realized between the trade and
settlement dates on investment transactions. Net unrealized exchange gains and
losses arise from changes in the fair values of assets and liabilities other
than investments in securities at the fiscal period end, resulting from changes
in exchange rates.
I. The Trust may enter into forward currency contracts primarily to hedge
against foreign currency exchange rate risks on its non-U.S. dollar denominated
investment securities. When entering into a forward currency contract, the fund
agrees to receive or deliver a fixed quantity of foreign currency for an
agreed-upon price on an agreed future date. These contracts are valued daily and
the corresponding unrealized gain or loss on the contracts, as measured by the
difference between the forward foreign exchange rates at the dates of entry into
the contracts and the forward rates at the reporting date, is
ANNUAL REPORT 197
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
included in the statement of assets and liabilities. Realized and unrealized
gains and losses are included in the statement of operations.
J. The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amount of
assets and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from these
estimates.
2. FINANCIAL INSTRUMENTS
As part of its investment strategy, the Trust may utilize a variety of
derivative instruments, including options, futures, and swap agreements. These
investments involve, to varying degrees, elements of market risk and risks in
excess of the amounts recognized in the Statements of Assets and Liabilities.
The risk associated with purchasing options is limited to the premium originally
paid. Options written by a fund involve, to varying degrees, risk of loss in
excess of the option value reflected in the Statement of Assets and Liabilities.
The risk in writing a covered call option is that a fund may forego the
opportunity for profit if the market price of the underlying security increases
and the option is exercised. The risk in writing a covered put option is that a
fund may incur a loss if the market price of the underlying security decreases
and the option is exercised. In addition, there is the risk that a fund may not
be able to enter into a closing transaction because of an illiquid secondary
market or, for over-the-counter options, because of the counterparty's inability
to perform. The Trust has established strict counterparty credit guidelines and
enters into transactions only with financial institutions of investment grade or
better.
There are several risks in connection with the use of futures contracts. Futures
contracts involve, to varying degrees, risk of loss in excess of amounts
reflected in the financial statements. Risks may be caused by an imperfect
correlation between movements in the price of the instruments and the price of
the underlying securities. In addition, there is the risk that a fund may not be
able to enter into a closing transaction because of an illiquid secondary
market.
The use of equity swaps involves risks that are different from those associated
with ordinary portfolio securities transactions. Swap agreements may be
considered to be illiquid. Although a fund will not enter into any swap
agreement unless the Advisor believes that the other party to the transaction is
creditworthy, a fund does bear the risk of loss of the amount expected to be
received under a swap agreement in the event of the default or bankruptcy of the
agreement counterparty. The Trust has established strict counterparty credit
guidelines and enter into transactions only with financial institutions of
investment grade or better.
198
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
In conjunction with the use of options, futures, options on futures and swap
agreements, as well as short sales of securities, the Funds are required to
maintain collateral in various forms. The Funds use, where appropriate,
depending on the financial instrument utilized and the broker involved, margin
deposits at the broker, cash segregated at the custodian bank, or the repurchase
agreements allocated to each Fund.
The risks inherent in the use of options, futures contracts, options on futures
contracts, and swap agreements include 1) adverse changes in the value of such
instruments; 2) imperfect correlation between the price of the instruments and
movements in the price of the underlying securities, indices, or futures
contracts; 3) the possible absence of a liquid secondary market for any
particular instrument at any time; and 4) the potential of counterparty default.
3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Under the terms of an investment advisory contract, the Trust pays Rydex Global
Advisors, an affiliated entity, investment advisory fees calculated at an annual
percentage rate of 0.50% of the average daily net assets of the U.S. Government
Money Market Fund and the U.S. Government Bond Fund, 0.75% of the average daily
net assets of the Nova Fund, the Precious Metals Fund, and the OTC Fund, 0.85%
of the average daily net assets of the Banking Fund, the Basic Materials Fund,
the Biotechnology Fund, the Consumer Products Fund, the Electronics Fund, the
Energy Fund, the Energy Services Fund, the Financial Services Fund, the Health
Care Fund, the Internet Fund, the Leisure Fund, the Real Estate Fund, the
Retailing Fund, the Technology Fund, the Telecommunications Fund, the
Transportation Fund, and the Utilities Fund, and 0.90% of the average daily net
assets of the Ursa Fund, the Arktos Fund, the Titan 500 Fund, the Velocity 100
Fund, the Medius Fund, the Mekros Fund, the Juno Fund, the Large-Cap Europe
Fund, the Large-Cap Japan Fund, and the Sector Rotation Fund. Certain officers
of the Trust are also officers of the Advisor.
Rydex Fund Services Company, Inc. (the "Servicer"), an affiliated entity,
provides transfer agent and administrative services to the Trust calculated at
an annual percentage rate of 0.20% of the average daily net assets of the U.S.
Government Money Market Fund and the U.S. Government Bond Fund; and at an annual
percentage rate of 0.25% of the average daily net assets of the Nova Fund, the
Ursa Fund, the OTC Fund, the Arktos Fund, the Titan 500 Fund, the Velocity 100
Fund, the Medius Fund, the Mekros Fund, the Juno Fund, the Large-Cap Europe
Fund, the Large-Cap Japan Fund, the Sector Rotation Fund, the Banking Fund, the
Basic Materials Fund, the Biotechnology Fund, the Consumer Products Fund, the
Electronics Fund, the Energy Fund, the Energy Services Fund, the Financial
Services, the Health Care Fund, the Internet Fund, the Leisure Fund, the
Precious Metals Fund, the Real Estate Fund, the Retailing Fund, the Technology
Fund, the Telecommunications Fund, the Transportation Fund, and the Utilities
Fund.
ANNUAL REPORT 199
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
The Servicer also provides accounting services to the Trust calculated at an
annualized rate of 0.10% on the first $250 million of the average daily net
assets, 0.075% on the next $250 million of the average daily net assets, 0.05%
on the next $250 million of the average daily net assets, and 0.03% on the
average daily net assets over $750 million of each of the funds.
Certain officers of the trust are also officers of the Servicer.
The Servicer also provides other necessary services to the Trust, such as
accounting and auditing services, legal services, custody, printing and mailing,
etc., on a pass-through basis. Such expenses vary from Fund to Fund and are
allocated to the Funds based on relative net assets or average net assets, as
applicable.
The Trust has adopted an Investor Services Plan for which Rydex Distributors,
Inc., an affiliated entity, and other firms that provide shareholder services
("Service Providers") may receive compensation. The Trust will pay fees to Rydex
Distributors, Inc. at an annual rate not to exceed 0.25% of average daily net
assets. Rydex Distributors, Inc., in turn, will compensate Service Providers for
providing such services, while retaining a portion of such payments to
compensate it for shareholder services it performs. For the period ending
December 31, 2003, Rydex Distributors, Inc. voluntarily waived service fees in
the amount of $337,934 in the U.S. Government Money Market Fund.
4. FEDERAL INCOME TAX INFORMATION
The Funds intend to comply with the provisions of the Internal Revenue Code
applicable to regulated investment companies and will distribute all net
investment income to shareholders. Therefore, no provision for Federal income
taxes is required.
Income and capital gain distributions are determined in accordance with federal
income tax regulations, which may differ from accounting principles generally
accepted in the United States. These differences are primarily due to differing
treatments for futures and options transactions, foreign currency transactions,
losses deferred due to wash sales, losses deferred due to post-October losses,
and excise tax regulations.
Permanent book and tax basis differences, if any, relating to shareholder
distributions will result in reclassifications to paid-in capital. This includes
net operating losses not utilized during the current year and differences in the
treatment of certain notional principal contracts. These reclassifications have
no effect on net assets or net asset values per share. Any taxable gain
remaining at fiscal year end is distributed in the following year.
200
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
The tax character of distributions paid during 2003 was as follows:
ORDINARY LONG-TERM TOTAL
FUND INCOME CAPITAL GAIN DISTRIBUTIONS
- ------ ----------- ------------- --------------
Nova Fund ....................... $ -- $ -- $ --
Ursa Fund ....................... -- -- --
OTC Fund ........................ -- -- --
Arktos Fund ..................... 463,435 -- 463,435
Titan 500 Fund .................. 1,364,324 2,507,680 3,872,004
Velocity 100 Fund ............... 3,604,922 -- 3,604,922
Medius Fund ..................... 741,236 894,322 1,635,558
Mekros Fund ..................... 11,106,539 2,713,642 13,820,181
U.S. Government Bond Fund ....... 2,371,394 433,636 2,805,030
Juno Fund ....................... -- -- --
Large-Cap Europe Fund ........... 6,433,360 -- 6,433,360
Large-Cap Japan Fund ............ -- -- --
Sector Rotation Fund ............ -- -- --
U.S. Government Money
Market Fund .................... 31,663 -- 31,663
Banking Fund .................... 48,501 -- 48,501
Basic Materials Fund ............ 8,471 -- 8,471
Biotechnology Fund .............. -- -- --
Consumer Products Fund .......... 85,897 949 86,846
Electronics Fund ................ -- -- --
Energy Fund ..................... -- -- --
Energy Services Fund ............ -- -- --
Financial Services Fund ......... 17,051 -- 17,051
Health Care Fund ................ -- -- --
Internet Fund ................... -- -- --
Leisure Fund .................... -- -- --
Precious Metals Fund ............ -- -- --
Real Estate Fund ................ 797,747 58,120 855,867
Retailing Fund .................. 63,856 636 64,492
Technology Fund ................. 1,373,910 -- 1,373,910
Telecommunications Fund ......... 77 -- 77
Transportation Fund ............. -- -- --
Utilities Fund .................. 176,841 -- 176,841
ANNUAL REPORT 201
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
The tax character of distributions paid during 2002 was as follows:
ORDINARY LONG-TERM TOTAL
FUND INCOME CAPITAL GAIN DISTRIBUTIONS
- ------ ------------ --------------- --------------
US Gov't Money
Market Fund ............... $ 712,671 $ -- $ 712,671
Nova Fund .................. 2,528,913 -- 2,528,913
Ursa Fund .................. 348,637 -- 348,637
OTC Fund ................... -- -- --
Arktos Fund ................ 249,439 -- 249,439
Titan 500 Fund ............. -- 5,447 5,447
Velocity 100 Fund .......... -- -- --
Medius Fund ................ 86,009 38,798 124,717
Mekros Fund ................ 180,469 -- 180,469
US Gov't Bond Fund ......... 648,221 -- 648,221
Large-Cap Europe Fund ...... 67,493 -- 67,493
Large-Cap Japan Fund ....... -- 10,127 10,127
Sector Rotation Fund ....... -- -- --
Banking Fund ............... 10,488 -- 10,488
Basic Materials Fund ....... 6,585 -- 6,585
Biotechnology Fund ......... 6,158 -- 6,158
Consumer Products Fund ..... 9,582 -- 9,582
Electronics Fund ........... 20,087 -- 20,087
Energy Fund ................ -- -- --
Energy Services Fund ....... 99,830 -- 99,830
Financial Services Fund .... 20,507 -- 20,507
Health Care Fund ........... 13,492 -- 13,492
Internet Fund .............. -- -- --
Leisure Fund ............... -- -- --
Precious Metals Fund ....... -- -- --
Real Estate Fund ........... 33,887 309 34,196
Retailing Fund ............. 47,670 -- 47,670
Technology Fund ............ 185,003 -- 185,003
Telecommunications Fund .... -- -- --
Transportation Fund ........ -- -- --
Utilities Fund ............. 3,534 -- 3,534
202
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
The tax character of distributable earnings/(accumulated losses) at December 31,
2003 was a follows:
UNDISTRIBUTED UNDISTRIBUTED NET UNREALIZED
ORDINARY REALIZED APPRECIATION/ CAPITAL LOSS
FUND INCOME GAIN (DEPRECIATION) CARRYFORWARD
- ------ -------------- ------------- --------------- ---------------
Nova Fund .................. $ 40,441 $ -- $ 1,250,375 $(114,587,763) 4
Ursa Fund .................. -- -- (174,503) (14,773,441) 4
OTC Fund ................... -- -- (8,781,058) (369,328,746) 4
Arktos Fund ................ -- -- (1,271,405) (3,439,519) 4
Titan 500 Fund ............. 1,510,878 989,294 724,715 --
Velocity 100 Fund .......... 1,687,402 75,105 592,758 --
Medius Fund ................ 1,589,650 409,464 (154,912) --
Mekros Fund ................ 1,944,101 789,421 1,199,014 --
U.S. Government
Bond Fund ................. 1,721,456 503,757 (2,227,194) --
Juno Fund .................. 133,449 360,161 -- --
Large-Cap Europe Fund ...... 460,917 69,035 1,428,449 --
Large-Cap Japan Fund ....... -- -- 452,027 (45,228) 2
Sector Rotation Fund ....... -- -- 2,372,325 (1,219,686) 2
U.S. Government Money
Market Fund ............... 7,493 -- -- (1,546) 4
Banking Fund ............... 762,000 1,558 677,875 --
Basic Materials Fund ....... 912,124 -- 2,752,701 --
Biotechnology Fund ......... -- -- (417,243) (608,485) 2
Consumer Products Fund ..... 375,373 -- 314,516 --
Electronics Fund ........... -- -- (902,339) (324,070) 2
Energy Fund ................ 22,679 -- 1,816,192 --
Energy Services Fund ....... -- -- (903,613) (755,138) 2
Financial Services Fund .... 56,477 -- 523,756 (1,188,026) 2
Health Care Fund ........... 272,867 7,789 583,478 --
Internet Fund .............. -- -- 2,627,306 (128,371) 4
Leisure Fund ............... 176,049 -- 859,836 --
Precious Metals Fund ....... -- -- 8,191,990 (87,863) 3
Real Estate Fund ........... 355,525 29,677 817,517 --
Retailing Fund ............. 859,770 5,766 1,298,747 --
Technology Fund ............ 1,130,753 -- 576,546 --
Telecommunications Fund .... -- -- 921,583 (71,603) 1
Transportation Fund ........ 315,578 -- 255,363 --
Utilities Fund ............. 265,543 -- (238,697) (1,537,696) 4
1 EXPIRES IN 2011
2 EXPIRES IN 2010
3 EXPIRES IN 2009
4 NOVA FUND: $57,655,063 EXPIRES IN 2008, $40,390,472 EXPIRES IN 2009, AND
$16,542,228 EXPIRES IN 2010
URSA FUND: $2,209,540 EXPIRES IN 2007, AND $12,563,901 EXPIRES IN 2011
OTC FUND: $79,883,109 EXPIRES IN 2008, $180,736,125 EXPIRES IN 2009,
$98,591,246 EXPIRES IN 2010, AND $10,118,266 EXPIRES IN 2011
ARKTOS FUND: $1,648,984 EXPIRES IN 2009, AND $1,790,535 EXPIRES IN 2011
U.S. GOVERNMENT MONEY MARKET FUND: $1,127 EXPIRES IN 2008, $386 EXPIRES IN 2010,
AND $33 EXPIRES IN 2011
INTERNET FUND: $47,882 EXPIRES IN 2009 AND $80,489 EXPIRES IN 2010
UTILITIES FUND: $51,514 EXPIRES IN 2009, $929,519 EXPIRES IN
2010, AND $556,663 EXPIRES IN 2011
ENERGY SERVICES FUND: $672,703 EXPIRES IN 2010, $82,435 EXPIRES IN 2011
ANNUAL REPORT 203
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
TAX BASIS UNREALIZED GAIN (LOSS) ON INVESTMENTS AND DISTRIBUTIONS
At December 31, 2003, the cost of securities for federal income tax purposes,
the aggregate gross unrealized gain for all securities for which there was an
excess of value over tax cost and the aggregate gross unrealized loss for all
securities for which there was an excess of tax cost over value were as follows:
TAX TAX NET
TAX UNREALIZED UNREALIZED UNREALIZED
FUND COST GAIN LOSS GAIN/(LOSS)
- ------ ------------ ----------- ----------- ------------
Nova Fund ............. $ 96,169,771 $ 1,340,296 $ (89,921) $ 1,250,375
Ursa Fund ............. 23,527,434 -- (174,503) (174,503)
OTC Fund .............. 185,170,795 -- (8,781,058) (8,781,058)
Arktos Fund ........... 26,699,031 91,290 (1,362,691) (1,271,401)
Titan 500 Fund ........ 29,193,329 753,995 (29,280) 724,715
Velocity 100 Fund ..... 31,423,459 604,081 (11,323) 592,758
Medius Fund ........... 18,800,901 -- (154,912) (154,912)
Mekros Fund ........... 119,824,331 1,335,333 (136,319) 1,199,014
U.S. Government .......
Bond Fund ............ 65,977,991 -- (2,227,194) (2,227,194)
Juno Fund ............. 21,736,611 -- -- --
Large-Cap
Europe Fund .......... 28,254,473 1,428,449 -- 1,428,449
Large-Cap Japan Fund .. 8,781,790 452,027 -- 452,027
Sector Rotation Fund .. 18,107,038 2,526,900 (154,575) 2,372,325
U.S.Government Money ..
Market Fund .......... 211,685,917 -- -- --
Banking Fund .......... 18,286,493 716,916 (39,041) 677,875
Basic Materials Fund .. 48,083,897 2,819,238 (66,537) 2,752,701
Biotechnology Fund .... 15,276,781 -- (417,243) (417,243)
Consumer
Products Fund ........ 10,406,879 325,819 (11,303) 314,516
Electronics Fund ...... 36,424,306 -- (902,339) (902,339)
Energy Fund ........... 35,684,655 1,816,192 -- 1,816,192
Energy Services Fund .. 9,948,251 -- (903,613) (903,613)
Financial
Services Fund ........ 16,239,793 560,758 (37,002) 523,756
Health Care Fund ...... 33,366,045 732,318 (148,840) 583,478
Internet Fund ......... 31,723,118 2,634,670 (7,364) 2,627,306
Leisure Fund .......... 36,172,755 994,104 (134,268) 859,836
Precious Metals Fund .. 52,526,214 8,191,990 - 8,191,990
Real Estate Fund ...... 11,490,745 821,038 (3,521) 817,517
Retailing Fund ........ 17,769,995 1,341,852 (43,105) 1,298,747
Technology Fund ....... 25,447,584 782,876 (206,330) 576,546
Telecommunications
Fund ................. 16,343,123 927,417 (5,834) 921,583
Transportation Fund ... 9,273,991 366,678 (111,315) 255,363
Utilities Fund ........ 15,341,717 -- (238,697) (238,697)
204
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
5. REPURCHASE AGREEMENTS
The Trust transfers uninvested cash balances into a single joint account, the
daily aggregate balance of which is invested in one or more repurchase
agreements collateralized by obligations of the U. S. Treasury or U.S.
Government Agencies. The collateral is in the possession of the Trusts'
custodians and is evaluated daily to ensure that its market value exceeds the
delivery value of the repurchase agreements at maturity.
The repurchase agreements that were executed by the joint account and
outstanding as of December 31, 2003 are as follows:
COUNTERPARTY TERMS OF AGREEMENT FACE VALUE MARKET VALUE MATURITY VALUE
- --------------- ------------------ ----------- ------------ -------------
Lehman Brothers,
Inc. ........... 0.85% due 01/02/04 $60,166,568 $60,166,568 $60,169,370
Paine
Webber, Inc. ... 0.94% due 01/02/04 38,500,000 38,500,000 38,501,983
U.S. Bank NA .... 0.80% due 01/02/04 38,500,000 38,500,000 38,501,688
Morgan
Stanley, Inc. .. 0.80% due 01/02/04 38,500,000 38,500,000 38,501,688
------------ ------------
$175,666,568 $175,674,729
============ ============
As of December 31, 2003, the collateral for the repurchase agreements in the
joint account was as follows:
SECURITY TYPE RANGE OF RATES PAR VALUE MARKET VALUE
- --------------- ----------------- ------------ ------------
U. S. Treasury Bonds ..... 3.375% - 3.875% $31,803,854 $39,655,031
U. S. Treasury Notes ..... 5.000% 56,370,000 61,375,675
Ginnie Mae ............... 4.500% - 6.500% 78,383,514 78,751,139
--------------
$179,781,845
==============
In the event of counterparty default, the Trust has the right to collect the
collateral to offset losses incurred. There is potential loss to the Trust in
the event the Trust is delayed or prevented from exercising its rights to
dispose of the collateral securities, including the risk of a possible decline
in the value of the underlying securities during the period while the Trust
seeks to assert its rights. The Trust's investment advisor, acting under the
supervision of the Board of Trustees, reviews the value of the collateral and
the credit worthiness of those banks and dealers with which the Trust enters
into repurchase agreements to evaluate potential risks.
ANNUAL REPORT 205
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
6. SECURITIES TRANSACTIONS
During the year ended December 31, 2003, purchases and sales of investment
securities, excluding short-term and temporary cash investments, were:
NOVA URSA OTC ARKTOS TITAN 500
FUND FUND FUND FUND FUND
------------- ------------- ------------- ------------- -------------
Purchases ....... $321,788,999 $-- $532,151,841 $-- $ 77,893,042
Sales ........... $284,162,321 $-- $527,092,935 $-- $ 55,926,103
U.S.
VELOCITY 100 MEDIUS MEKROS GOVERNMENT JUNO
FUND FUND FUND BOND FUND FUND
------------- ------------- ------------- ------------- -------------
Purchases ....... $ 94,797,679 $182,818,670 $334,382,335 $349,146,390 $--
Sales ........... $ 71,793,005 $178,807,853 $274,677,654 $333,841,743 $--
U.S.
LARGE-CAP LARGE-CAP SECTOR GOVERNMENT
EUROPE JAPAN ROTATION MONEY MARKET
FUND FUND FUND FUND
------------- ------------- ------------- -------------
Purchases ....... $-- $-- $ 53,753,922 $ --
Sales ........... $-- $-- $ 43,259,626 $ --
BASIC BIOTECH- CONSUMER
BANKING MATERIALS NOLOGY PRODUCTS ELECTRONICS
FUND FUND FUND FUND FUND
------------- ------------- ------------- ------------- -------------
Purchases ....... $102,340,929 $155,817,584 $140,104,174 $ 71,313,029 $160,056,050
Sales ........... $ 92,430,207 $117,605,264 $132,338,803 $ 69,585,963 $137,927,895
ENERGY FINANCIAL HEALTH
ENERGY SERVICES SERVICES CARE INTERNET
FUND FUND FUND FUND FUND
------------- ------------- ------------- ------------- -------------
Purchases ....... $109,421,648 $119,806,866 $152,729,204 $174,705,131 $100,507,050
Sales ........... $ 85,711,563 $116,250,759 $141,303,554 $153,444,605 $ 82,300,401
PRECIOUS REAL
LEISURE METALS ESTATE RETAILING TECHNOLOGY
FUND FUND FUND FUND FUND
------------- ------------- ------------- ------------- -------------
Purchases ....... $133,456,801 $182,055,576 $108,703,311 $ 87,312,347 $188,294,114
Sales ........... $108,197,768 $183,766,508 $100,006,102 $ 78,353,044 $175,319,502
TELECOMMU- TRANS-
NICATIONS PORTATION UTILITIES
FUND FUND FUND
------------- ------------- -------------
Purchases ....... $ 69,788,548 $ 43,873,071 $183,037,117
Sales ........... $ 62,275,482 $ 43,013,277 $194,932,918
206
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
7. SHARE TRANSACTIONS
The Trust is authorized to distribute an unlimited number of no par value
shares. Transactions in shares for the period ended December 31, 2003 were:
NOVA URSA OTC ARKTOS TITAN 500
FUND FUND FUND FUND FUND
------------- ------------- ------------- ------------- -------------
Shares Purchased .... 70,190,590 78,165,149 59,664,726 21,595,420 10,698,005
Purchased through
Dividend
Reinvestment ...... -- -- -- 17,541 179,342
------------- ------------- ------------- ------------- -------------
Total Purchased ..... 70,190,590 78,165,149 59,664,726 21,612,961 10,877,347
Shares Redeemed ..... (65,407,027) (79,859,968) (58,522,050) (20,798,627) (9,600,028)
------------- ------------- ------------- ------------- -------------
Net Shares Purchased
(Redeemed) ........ 4,783,563 (1,694,819) 1,142,676 814,334 1,277,319
============= ============= ============= ============= =============
U.S.
GOVERNMENT
VELOCITY 100 MEDIUS MEKROS BOND JUNO
FUND FUND FUND FUND FUND*
------------- ------------- ------------- ------------- -------------
Shares Purchased .... 20,238,606 10,727,657 20,715,509 31,159,927 7,680,164
Purchased through
Dividend
Reinvestment ...... 165,896 66,110 464,544 236,360 --
------------- ------------- ------------- ------------- -------------
Total Purchased ..... 20,404,502 10,793,767 21,180,053 31,396,287 7,680,164
Shares Redeemed ..... (18,815,756) (10,421,602) (17,689,286) (27,718,749) (6,779,407)
------------- ------------- ------------- ------------- -------------
Net Shares
Purchased .......... 1,588,746 372,165 3,490,767 3,677,538 900,757
============= ============= ============= ============= =============
U.S.
LARGE-CAP LARGE-CAP SECTOR GOVERNMENT
EUROPE JAPAN ROTATION MONEY MARKET
FUND FUND FUND FUND
------------- ------------- ------------- -------------
Shares Purchased ... 6,843,913 10,951,913 3,842,582 2,702,076,887
Purchased through
Dividend
Reinvestment ..... 281,301 -- -- 31,663
------------- ------------- ------------- -------------
Total Purchased .... 7,125,214 10,951,913 3,842,582 2,702,108,550
Shares Redeemed .... (5,602,282) (10,689,717) (2,660,088) (2,728,568,211)
------------- ------------- ------------- -------------
Net Shares Purchased
(Redeemed) ....... 1,522,932 262,196 1,182,494 (26,459,661)
============= ------------- ------------- -------------
BASIC BIOTECH- CONSUMER
BANKING MATERIALS NOLOGY PRODUCTS
FUND FUND FUND FUND
------------- ------------- ------------- -------------
Shares Purchased ... 3,574,744 5,809,129 8,662,456 2,543,918
Purchased through
Dividend
Reinvestment ..... 1,683 360 -- 3,223
------------- ------------- ------------- -------------
Total Purchased .... 3,576,427 5,809,489 8,662,456 2,547,141
Shares Redeemed .... (3,250,459) (4,242,939) (8,270,998) (2,499,621)
------------- ------------- ------------- -------------
Net Shares
Purchased ......... 325,968 1,566,550 391,458 47,520
============= ============= ============= =============
*SINCE THE COMMENCEMENT OF OPERATIONS: MAY 1, 2003--JUNO FUND.
ANNUAL REPORT 207
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
ELEC- ENERGY FINANCIAL HEALTH
TRONICS ENERGY SERVICES SERVICES CARE
FUND FUND FUND FUND FUND
------------ ------------ ----------- ------------ ------------
Shares Purchased ............. 12,048,385 5,733,444 8,824,839 6,631,185 7,584,082
Purchased through
Dividend Reinvestment ...... -- -- -- 725 --
------------ ------------ ----------- ------------ ------------
Total Purchased .............. 12,048,385 5,733,444 8,824,839 6,631,910 7,584,082
Shares Redeemed .............. (10,835,485) (4,635,225) (8,635,159) (6,168,839) (6,712,061)
------------ ------------ ----------- ------------ ------------
Net Shares Purchased ......... 1,212,900 1,098,219 189,680 463,071 872,021
============ ============ =========== ============ ============
PRECIOUS REAL
INTERNET LEISURE METALS ESTATE RETAILING
FUND FUND FUND FUND FUND
------------ ------------ ----------- ------------ ------------
Shares Purchased ............. 8,715,820 7,051,556 30,086,397 4,137,376 3,760,584
Purchased through
Dividend Reinvestment ...... -- -- -- 28,299 2,582
------------ ------------ ----------- ------------ ------------
Total Purchased .............. 8,715,820 7,051,556 30,086,397 4,165,675 3,763,166
Shares Redeemed .............. (7,420,644) (5,739,289) (31,099,542) (3,839,111) (3,341,193)
------------ ------------ ----------- ------------ ------------
Net Shares Purchased
(Redeemed) ................. 1,295,176 1,312,267 (1,013,145) 326,564 421,973
============ ============ =========== ============ ============
TELECOM- TRANS-
TECHNOLOGY MUNICATIONS PORTATION UTILITIES
FUND FUND FUND FUND
------------ ------------ ----------- ------------
Shares Purchased ............. 13,347,902 4,230,010 1,924,295 13,587,884
Purchased through
Dividend Reinvestment ...... 96,482 4 -- 12,768
------------ ------------ ----------- ------------
Total Purchased .............. 13,444,384 4,230,014 1,924,295 13,600,652
Shares Redeemed .............. (12,562,742) (3,879,691) (1,907,370) (14,650,041)
------------ ------------ ----------- ------------
Net Shares Purchased
(Redeemed) ................. 881,642 350,323 16,925 (1,049,389)
============ ============ =========== ============
Transactions in shares for the period ended December 31, 2002 were:
NOVA URSA OTC ARKTOS TITAN 500
FUND FUND FUND FUND FUND
------------ ------------ ----------- ------------ ------------
Shares Purchased ............. 57,568,644 50,533,155 27,863,909 13,532,953 5,614,574
Purchased through
Dividend Reinvestment ...... 469,186 45,514 -- 5,668 324
------------ ------------ ----------- ------------ ------------
Total Purchased .............. 58,037,830 50,578,669 27,863,909 13,538,621 5,614,898
Shares Redeemed .............. (58,506,486) (48,817,139) (30,415,304) (13,119,984) (5,493,465)
------------ ------------ ----------- ------------ ------------
Net Shares Purchased
(Redeemed) ................. (468,656) 1,761,530 (2,551,395) 418,637 121,433
============ ============ =========== ============ ============
208
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
U.S.
GOVERNMENT LARGE-CAP
VELOCITY 100 MEDIUS MEKROS BOND EUROPE
FUND FUND FUND FUND FUND
------------ ------------ ----------- ------------ ------------
Shares Purchased ............. 17,580,327 4,829,534 5,944,900 10,296,483 4,255,114
Purchased through
Dividend Reinvestment ...... -- 6,641 7,940 53,942 3,414
------------ ------------ ----------- ------------ ------------
Total Purchased .............. 17,580,327 4,836,175 5,952,840 10,350,425 4,258,528
Shares Redeemed .............. (17,311,299) (4,482,904) (5,576,201) (8,820,404) (4,147,869)
------------ ------------ ----------- ------------ ------------
Net Shares Purchased ......... 269,028 353,271 376,639 1,530,021 110,659
============ ============ =========== ============ ============
LARGE-CAP SECTOR U.S. GOVERNMENT BASIC
JAPAN ROTATION MONEY MARKET BANKING MATERIALS
FUND FUND* FUND FUND FUND
------------ ------------ --------------- ------------ ------------
Shares Purchased ............. 6,275,811 1,882,283 3,440,863,455 2,995,755 1,738,691
Purchased through
Dividend Reinvestment ...... 504 -- 712,694 396 300
------------ ------------ --------------- ------------ ------------
Total Purchased .............. 6,276,315 1,882,283 3,441,576,149 2,996,151 1,738,991
Shares Redeemed .............. (6,109,370) (1,022,426) (3,279,138,643) (2,820,462) (1,734,615)
------------ ------------ --------------- ------------ ------------
Net Shares Purchased ......... 166,945 859,857 162,437,506 175,689 4,376
============ ============ =============== ============ ============
BIOTECH- CONSUMER ELEC- ENERGY
NOLOGY PRODUCTS TRONICS ENERGY SERVICES
FUND FUND FUND FUND FUND
------------ ------------ --------------- ------------ ------------
Shares Purchased ............. 5,157,807 1,758,277 4,902,798 2,374,285 4,220,444
Purchased through
Dividend Reinvestment ...... 465 379 1,908 -- 7,597
------------ ------------ --------------- ------------ ------------
Total Purchased .............. 5,158,272 1,758,656 4,904,706 2,374,285 4,228,041
Shares Redeemed .............. (4,971,735) (1,557,646) (4,532,434) (2,157,819) (4,007,575)
------------ ------------ --------------- ------------ ------------
Net Shares Purchased ......... 186,537 201,010 372,272 216,466 220,466
============ ============ =============== ============ ============
FINANCIAL HEALTH PRECIOUS
SERVICES CARE INTERNET LEISURE METALS
FUND FUND FUND FUND FUND
------------ ------------ --------------- ------------ ------------
Shares Purchased ............. 3,393,441 4,343,805 3,705,923 2,386,197 28,155,111
Purchased through
Dividend Reinvestment ...... 961 709 -- -- --
------------ ------------ --------------- ------------ ------------
Total Purchased .............. 3,394,402 4,344,514 3,705,923 2,386,197 28,155,111
Shares Redeemed .............. (3,367,403) (4,108,372) (3,347,741) (2,299,942) (22,858,512)
------------ ------------ --------------- ------------ ------------
Net Shares Purchased ......... 26,999 236,142 358,182 86,255 5,296,599
============ ============ =============== ============ ============
* SINCE THE COMMENCEMENT OF OPERATIONS: MAY 1, 2002--SECTOR ROTATION FUND.
ANNUAL REPORT 209
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
REAL TELECOM- TRANS-
ESTATE RETAILING TECHNOLOGY MUNICATIONS PORTATION
FUND FUND FUND FUND FUND
------------ ------------ --------------- ------------ ------------
Shares Purchased ............. 664,541 1,722,299 5,039,265 1,766,095 1,711,214
Purchased through
Dividend Reinvestment ...... 1,381 2,327 19,332 -- --
------------ ------------ --------------- ------------ ------------
Total Purchased .............. 665,922 1,724,626 5,058,597 1,766,095 1,711,214
Shares Redeemed .............. (596,027) (1,641,565) (4,618,013) (1,336,109) (1,440,215)
------------ ------------ --------------- ------------ ------------
Net Shares Purchased ......... 69,895 83,061 440,584 429,986 270,999
============ ============ =============== ============ ============
UTILITIES
FUND
------------
Shares Purchased ............. 6,694,705
Purchased through
Dividend Reinvestment ...... 275
------------
Total Purchased .............. 6,694,980
Shares Redeemed .............. (4,797,389)
------------
Net Shares Purchased ......... 1,897,591
============
TRANSACTIONS IN DOLLARS FOR THE PERIOD ENDED DECEMBER 31, 2003 WERE:
NOVA URSA OTC ARKTOS TITAN 500
FUND FUND FUND FUND FUND
------------ ------------ --------------- ------------ ------------
Shares Purchased ............. $403,934,995 $537,797,863 $650,650,500 $653,818,874 $196,423,855
Purchased through
Dividend Reinvestment ...... -- -- -- 463,435 3,872,004
------------ ------------ --------------- ------------ ------------
Total Purchased .............. 403,934,995 537,797,863 650,650,500 654,282,309 200,295,859
Shares Redeemed .............. (373,442,213) (543,363,134) (641,498,381) (622,306,624) (175,845,415)
------------ ------------ --------------- ------------ ------------
Net Change ................... $ 30,492,782 $ (5,565,271) $ 9,152,119 $ 31,975,685 $ 24,450,444
============ ============ =============== ============ ============
U.S.
GOVERNMENT
VELOCITY 100 MEDIUS MEKROS BOND JUNO
FUND FUND FUND FUND FUND*
------------ ------------ --------------- ------------ ------------
Shares Purchased ............. $351,821,838 $231,342,986 $550,390,026 $387,766,317 $195,649,061
Purchased through
Dividend Reinvestment ...... 3,604,922 1,635,558 13,820,181 2,805,030 --
------------ ------------ --------------- ------------ ------------
Total Purchased .............. 355,426,760 232,978,544 564,210,207 390,571,347 195,649,061
Shares Redeemed .............. (321,750,298) (224,227,677) (460,161,802) (348,673,786) (173,787,830)
------------ ------------ --------------- ------------ ------------
Net Change ................... $ 33,676,462 $ 8,750,867 $104,048,405 $ 41,897,561 $ 21,861,231
============ ============ =============== ============ ============
*SINCE THE COMMENCEMENT OF OPERATIONS: MAY 1, 2003--JUNO FUND.
210
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
LARGE-CAP LARGE-CAP SECTOR U.S. GOVERNMENT
EUROPE JAPAN ROTATION MONEY MARKET
FUND FUND FUND FUND
------------ ------------ --------------- ---------------
Shares Purchased ............ $149,850,310 $224,872,561 $ 34,469,458 $ 2,702,076,887
Purchase through Dividend
Reinvestment .............. 6,433,360 -- -- 31,663
------------ ------------ --------------- ---------------
Total Purchased ............. 156,283,670 224,872,561 34,469,458 2,702,108,550
Shares Redeemed ............. (121,456,209) (212,850,090) (23,329,062) (2,728,568,210)
------------ ------------ --------------- ---------------
Net Change .................. $ 34,827,461 $ 12,022,471 $ 11,140,396 $ (26,459,660)
============ ============ =============== ===============
BASIC BIOTECH- CONSUMER
BANKING MATERIALS NOLOGY PRODUCTS ELECTRONICS
FUND FUND FUND FUND FUND
------------ ------------ --------------- ------------ ------------
Shares Purchased ............ $100,981,465 $138,932,693 $145,115,461 $ 66,804,158 $160,585,681
Purchase through Dividend
Reinvestment .............. 48,501 8,471 -- 86,846 --
------------ ------------ --------------- ------------ ------------
Total Purchased ............. 101,029,966 138,941,164 145,115,461 66,891,004 160,585,681
Shares Redeemed ............. (90,970,052) (100,102,785) (137,169,386) (65,454,686) (138,154,139)
------------ ------------ --------------- ------------ ------------
Net Change .................. $ 10,059,914 $ 38,838,379 $ 7,946,075 $ 1,436,318 $ 22,431,542
============ ============ =============== ============ ============
ENERGY FINANCIAL HEALTH
ENERGY SERVICES SERVICES CARE INTERNET
FUND FUND FUND FUND FUND
------------ ------------ --------------- ------------ ------------
Shares Purchased ............ $112,136,062 $129,065,660 $150,394,455 $165,734,777 $101,859,827
Purchase through Dividend
Reinvestment .............. -- -- 17,051 -- --
------------ ------------ --------------- ------------ ------------
Total Purchased ............. 112,136,062 129,065,660 150,411,506 165,734,777 101,859,827
Shares Redeemed ............. (88,330,573) (125,427,736) (138,844,482) (144,804,247) (83,391,529)
------------ ------------ --------------- ------------ ------------
Net Change .................. $ 23,805,489 $ 3,637,924 $ 11,567,024 $ 20,930,530 $ 18,468,298
============ ============ =============== ============ ============
PRECIOUS REAL
LEISURE METALS ESTATE RETAILING
FUND FUND FUND FUND
------------ ------------ --------------- ------------
Shares Purchased ............ $124,654,537 $222,563,028 $114,889,069 $ 86,085,351
Purchase through Dividend
Reinvestment .............. -- -- 855,867 64,492
------------ ------------ --------------- ------------
Total Purchased ............. 124,654,537 222,563,028 115,744,936 86,149,843
Shares Redeemed ............. (99,072,809) (224,261,831) (106,766,765) (76,585,644)
------------ ------------ --------------- ------------
Net Change .................. $ 25,581,728 $ (1,698,803) $ 8,978,171 $ 9,564,199
============ ============ =============== ============
TELECOM TRANS-
TECHNOLOGY MUNICATIONS PORTATION UTILITIES
FUND FUND FUND FUND
------------ ------------ --------------- ------------
Shares Purchased ............ $167,024,357 $ 66,566,298 $ 43,242,848 $183,355,226
Purchase through Dividend
Reinvestment .............. 1,373,910 77 -- 176,841
------------ ------------ --------------- ------------
Total Purchased ............. 168,398,267 66,566,375 43,242,848 183,532,067
Shares Redeemed ............. (153,802,069) (59,150,550) (42,267,397) (195,868,474)
------------ ------------ --------------- ------------
Net Change .................. $ 14,596,198 $ 7,415,825 $ 975,451 $(12,336,407)
============ ============ =============== ============
ANNUAL REPORT 211
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Transactions in dollars for the period ended December 31, 2002 were:
NOVA URSA OTC ARKTOS TITAN 500
FUND FUND FUND FUND FUND
------------ ------------ ------------ ------------ ------------
Shares Purchased ............ $384,057,478 $364,596,570 $290,979,771 $499,417,217 $105,443,899
Purchased through
Dividend Reinvestment ..... 2,528,913 348,637 -- 249,439 5,447
------------ ------------ ------------ ------------ ------------
Total Purchased ............. 386,586,391 364,945,207 290,979,771 499,666,656 105,449,346
Shares Redeemed ............. (387,835,941) (349,531,193) (316,549,223) (481,821,745) (102,990,989)
------------ ------------ ------------ ------------ ------------
Net Change .................. $ (1,249,550) $ 15,414,014 $ (25,569,452) $ 17,844,911 $ 2,458,357
============ ============ ============= ============ ============
U.S.
GOVERNMENT LARGE-CAP
VELOCITY 100 MEDIUS MEKROS BOND EUROPE
FUND FUND FUND FUND FUND
------------ ------------ ------------ ------------ ------------
Shares Purchased ............ $311,148,647 $111,443,802 $145,838,088 $124,001,378 $ 94,732,057
Purchased through
Dividend Reinvestment ..... -- 124,717 180,469 648,076 67,493
------------ ------------ ------------ ------------ ------------
Total Purchased ............. 311,148,647 111,568,519 146,018,557 124,649,454 94,799,550
Shares Redeemed ............. (303,472,596) (104,209,068) (139,069,027) (107,302,493) (91,735,196)
------------ ------------ ------------ ------------ ------------
Net Change .................. $ 7,676,051 $ 7,359,451 $ 6,949,530 $ 17,346,961 $ 3,064,354
============ ============ ============= ============ ============
U.S.
GOVERNMENT
LARGE-CAP SECTOR MONEY BASIC
JAPAN ROTATION MARKET BANKING MATERIALS
FUND FUND* FUND FUND FUND
------------ ------------ -------------- ------------ ------------
Shares Purchased ............ $136,176,034 $ 16,794,037 $3,440,863,455 $ 79,602,120 $ 40,996,771
Purchased through
Dividend Reinvestment ..... 10,127 -- 712,694 10,488 6,585
------------ ------------ -------------- ------------ ------------
Total Purchased ............. 136,186,161 16,794,037 3,441,576,149 79,612,608 41,003,356
Shares Redeemed ............. (131,816,764) (8,400,314) (3,279,138,643) (74,747,275) (40,067,237)
------------ ------------ -------------- ------------ ------------
Net Change .................. $ 4,369,397 $ 8,393,723 $ 162,437,506 $ 4,865,333 $ 936,119
============ ============ ============== ============ ============
CONSUMER ELEC- ENERGY
BIOTECHNOLOGY PRODUCTS TRONICS ENERGY SERVICES
FUND FUND FUND FUND FUND
------------ ------------ ------------ ------------ ------------
Shares Purchased ............ $ 85,553,170 $ 45,226,198 $ 72,279,956 $ 45,033,585 $ 70,873,409
Purchased through
Dividend Reinvestment ..... 6,158 9,582 20,087 -- 99,830
------------ ------------ ------------ ------------ ------------
Total Purchased ............. 85,559,328 45,235,780 72,300,043 45,033,585 70,973,239
Shares Redeemed ............. (81,770,261) (39,825,588) (66,898,619) (41,250,391) (66,635,457)
------------ ------------ ------------ ------------ ------------
Net Change .................. $ 3,789,067 $ 5,410,192 $ 5,401,424 $ 3,783,194 $ 4,337,782
============ ============ ============= ============ ============
*SINCE THE COMMENCEMENT OF OPERATIONS: MAY 1, 2002--SECTOR ROTATION FUND.
212
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FINANCIAL HEALTH PRECIOUS
SERVICES CARE INTERNET LEISURE METALS
FUND FUND FUND FUND FUND
------------ ------------ ------------ ------------ ------------
Shares Purchased ............ $ 76,156,255 $87,359,263 $ 40,389,729 $ 43,457,219 $179,139,242
Purchased through
Dividend Reinvestment ..... 20,507 13,492 -- -- --
------------ ------------ ------------ ------------ ------------
Total Purchased ............. 76,176,762 87,372,755 40,389,729 43,457,219 179,139,242
Shares Redeemed ............. (74,111,904) (82,393,772) (37,392,087) (41,266,993) (144,062,221)
------------ ------------ ------------ ------------ ------------
Net Change .................. $ 2,064,858 $ 4,978,983 $ 2,997,642 $ 2,190,226 $ 35,077,021
============ ============ ============= ============ ============
TELECOM- TRANS-
REAL ESTATE RETAILING TECHNOLOGY MUNICATIONS PORTATION
FUND FUND FUND FUND FUND
------------ ------------ ------------ ------------ ------------
Shares Purchased ............ $ 17,498,873 $ 39,187,335 $54,578,686 $ 24,667,781 $ 39,601,850
Purchased through
Dividend Reinvestment ..... 34,196 47,670 185,003 -- --
------------ ------------ ------------ ------------ ------------
Total Purchased ............. 17,533,069 39,235,005 54,763,689 24,667,781 39,601,850
Shares Redeemed ............. (15,690,233) (37,704,866) (51,557,922) (18,845,674) (33,621,711)
------------ ------------ ------------ ------------ ------------
Net Change .................. $ 1,842,836 $ 1,530,139 $ 3,205,767 $ 5,822,107 $ 5,980,139
============ ============ ============= ============ ============
UTILITIES
FUND
------------
Shares Purchased ............ $ 91,615,245
Purchased through
Dividend Reinvestment ..... 3,534
------------
Total Purchased ............. 91,618,779
Shares Redeemed ............. (65,381,474)
------------
Net Change .................. $ 26,237,305
============
ANNUAL REPORT 213
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
8. NET ASSETS
At December 31, 2003, net assets consisted of:
NOVA URSA OTC ARKTOS TITAN 500
FUND FUND FUND FUND FUND
------------- ------------- -------------- ------------ ------------
Paid-In-Capital ............. $ 195,112,513 $ 32,769,479 $ 505,945,319 $39,274,009 $27,203,370
Undistributed Net
Investment Income (Loss) .. 40,441 -- -- -- --
Accumulated Net Realized
Gain (Loss) on Investments,
Equity Index Swaps, and
Futures Contracts ......... (121,442,413) (14,570,241) (423,166,197) (3,346,199) 1,002,484
Net Unrealized Appreciation
(Depreciation) on
Investments, Options and
Futures Contracts ......... 8,105,025 (377,703) 45,056,393 (1,364,725) 2,222,403
------------- ------------- -------------- ------------ ------------
Net Assets .................. $ 81,815,566 $ 17,821,535 $ 127,835,515 $34,563,085 $30,428,257
============= ============= ============== ============ ============
U.S.
GOVERNMENT
VELOCITY 100 MEDIUS MEKROS BOND JUNO
FUND FUND FUND FUND FUND
------------- ------------- -------------- ------------ ------------
Paid-In-Capital ............. $36,780,388 $16,700,095 $119,062,265 $65,360,362 $21,861,231
Undistributed Net
Investment Income (Loss) .. 1,687,402 -- -- -- --
Accumulated Net Realized
Gain (Loss) on Investments,
Equity Index Swaps, and
Futures Contracts ......... (1,747,203) 170,313 490,347 (913,735) 572,849
Net Unrealized Appreciation
(Depreciation) on
Investments, Options and
Futures Contracts ......... 3,911,408 1,673,889 3,442,189 911,754 (79,239)
------------- ------------- -------------- ------------ ------------
Net Assets .................. $40,631,995 $18,544,297 $122,994,801 $65,358,381 $22,354,841
============= ============= ============== ============ ============
LARGE-CAP LARGE-CAP SECTOR U.S. GOVERNMENT
EUROPE JAPAN ROTATION MONEY MARKET
FUND FUND FUND FUND
------------- ------------- -------------- ------------
Paid-In-Capital ............. $36,484,161 $11,134,685 $19,441,092 $232,486,954
Undistributed Net
Investment Income (Loss) .. 418,030 -- -- 7,493
Accumulated Net Realized
Gain (Loss) on Investments,
Equity Index Swaps, and
Futures Contracts ......... 76,535 (83,539) (1,411,180) (1,546)
Net Unrealized Appreciation
(Depreciation) on
Investments, Options and
Futures Contracts ......... 1,463,836 490,338 2,563,819 --
------------- ------------- -------------- ------------
Net Assets .................. $38,442,562 $11,541,484 $20,593,731 $232,492,901
============= ============= ============== ============
214
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
BASIC BIOTECH- CONSUMER ELEC-
BANKING MATERIALS NOLOGY PRODUCTS TRONICS
FUND FUND FUND FUND FUND
------------- ------------- -------------- ------------ ------------
Paid-In-Capital ............. $15,673,595 $40,895,868 $13,583,140 $8,128,571 $29,144,658
Undistributed Net
Investment Income (Loss) .. 87,982 15,788 -- 8,514 --
Accumulated Net Realized
Gain (Loss) on
Investments ............... 214,081 78,417 (3,059,721) (366,480) (4,231,738)
Net Unrealized Appreciation
(Depreciation) on
Investments ............... 1,139,370 3,570,620 2,033,993 1,047,855 3,005,329
------------- ------------- -------------- ------------ ------------
Net Assets .................. $17,115,028 $44,560,693 $12,557,412 $8,818,460 $27,918,249
============= ============= ============== ============ ============
ENERGY FINANCIAL HEALTH
ENERGY SERVICES SERVICES CARE INTERNET
FUND FUND FUND FUND FUND
------------- ------------- -------------- ------------ ------------
Paid-In-Capital ............. $29,993,187 $9,413,032 $16,188,984 $27,015,384 $22,602,074
Undistributed Net Investment
Income (Loss) ............. 2,902 -- 56,477 -- --
Accumulated Net Realized
Loss on Investments ....... (390,200) (2,330,007) (1,795,033) (1,386,551) (1,728,455)
Net Unrealized Appreciation
(Depreciation) on
Investments ............... 2,226,169 671,256 1,130,763 2,250,685 4,227,390
------------- ------------- -------------- ------------ ------------
Net Assets .................. $31,832,058 $ 7,754,281 $15,581,191 $27,879,518 $25,101,009
============= ============= ============== ============ ============
PRECIOUS REAL
LEISURE METALS ESTATE RETAILING
FUND FUND FUND FUND
------------- ------------- -------------- ------------
Paid-In-Capital ............. $28,980,151 $36,501,627 $10,980,003 $12,984,886
Undistributed Net Investment
Income (Loss) ............. -- -- -- --
Accumulated Net Realized
Gain (Loss) on
Investments ............... (989,748) (5,800,153) 56,027 (506,434)
Net Unrealized Appreciation
(Depreciation) on
Investments ............... 2,025,633 13,904,280 1,146,692 2,670,717
------------- ------------- -------------- ------------
Net Assets .................. $30,016,036 $44,605,754 $12,182,722 $15,149,169
============= ============= ============== ============
ANNUAL REPORT 215
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
TELECOM-
TECHNOLOGY MUNICATIONS TRANSPORTATION UTILITIES
FUND FUND FUND FUND
------------- ------------- -------------- ------------
Paid-In-Capital ............. $18,933,784 $13,693,108 $7,461,210 $14,940,868
Undistributed Net Investment
Income (Loss) ............. -- -- -- 265,543
Accumulated Net Realized
Loss on Investments ....... (746,536) (1,079,654) (156,691) (2,672,296)
Net Unrealized Appreciation
on Investments ............ 2,453,835 1,929,634 727,632 895,903
------------- ------------- -------------- ------------
Net Assets .................. $20,641,083 $14,543,088 $8,032,151 $13,430,018
============= ============= ============== ============
9. PORTFOLIO SECURITIES LOANED
The Trust lends its securities to approved brokers to earn additional income.
Within this arrangement, the Trust acts as the lender, U.S. Bank acts as the
agent, and other approved registered broker dealers act as the borrowers. The
Trust receives cash collateral, valued at 102% of the value of the securities on
loan, which is initially held in a segregated account at U.S. Bank. As agent,
U.S. Bank may, for investment purposes, pool the Trust's collateral in joint
accounts with cash collateral from one or more other securities lending
customers of U.S. Bank. Under the terms of the Trust's securities lending
agreement with U.S. Bank, cash collateral may be invested by U.S. Bank in
certain high quality, liquid investments. At December 31, 2003, the pooled cash
collateral investments consisted of repurchase agreements (69.79%), commercial
paper (26.24%), and money market mutual funds (3.97%). Collateral is maintained
over the life of the loan in an amount not less than the value of loaned
securities, as determined at the close of fund business each day; any additional
collateral required due to changes in security values is delivered to the fund
the next business day. The Trust holds the cash collateral in a segregated
account at its custodian bank. Although the collateral mitigates risk, the Trust
could experience a delay in recovering its securities and a possible loss of
income or value if the borrower fails to return the securities. The Trust has
the right under the securities lending agreement to recover the securities from
the borrower on demand.
216
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
At December 31, 2003 the following funds participated in securities lending and
received cash collateral:
VALUE OF
CASH SECURITIES
FUND COLLATERAL LOANED
- ------ ------------ -------------
Nova Fund .................... $17,941,282 $17,324,832
OTC Fund ..................... 49,610,060 47,906,152
Mekros Fund .................. 3,260,716 3,034,131
Banking Fund ................. 2,132,804 2,069,803
Basic Materials Fund ......... 6,499,240 6,273,022
Biotechnology Fund ........... 2,204,258 2,109,236
Consumer Products Fund ....... 1,620,505 1,576,124
Electronics Fund ............. 7,676,125 7,214,461
Energy Fund .................. 5,560,020 5,322,269
Energy Services Fund ......... 1,340,393 1,273,203
Financial Services Fund ...... 1,412,734 1,366,751
Health Care Fund ............. 5,189,437 5,034,451
Internet Fund ................ 9,191,764 8,845,724
Leisure Fund ................. 6,910,132 6,656,977
Precious Metals Fund ......... 16,462,334 15,363,199
Retailing Fund ............... 4,247,457 4,096,682
Technology Fund............... 5,314,704 5,062,257
Telecommunications Fund ...... 2,544,193 2,414,008
Transportation Fund .......... 1,629,735 1,574,589
Utilities Fund ............... 1,602,538 1,530,974
ANNUAL REPORT 217
INDEPENDENT AUDITORS' REPORT
To the Board of Trustees and Shareholders
of Rydex Variable Trust:
In our opinion, the accompanying statements of assets and liabilities, including
the schedules of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Nova Fund, Ursa Fund, OTC Fund,
Arktos Fund, Titan 500 Fund, Velocity 100 Fund, Medius Fund, Mekros Fund, U.S.
Government Bond Fund, Juno Fund, Large-Cap Europe Fund, Large-Cap Japan Fund,
Sector Rotation Fund, U.S. Government Money Market Fund, Banking Fund, Basic
Materials Fund, Biotechnology Fund, Consumer Products Fund, Electronics Fund,
Energy Fund, Energy Services Fund, Financial Services Fund, Health Care Fund,
Internet Fund, Leisure Fund, Precious Metals Fund, Real Estate Fund, Retailing
Fund, Technology Fund, Telecommunications Fund, Transportation Fund and
Utilities Fund (thirty-two of the funds comprising the Rydex Variable Trust,
hereafter referred to as the "Funds") at December 31, 2003, the results of each
of their operations for the period then ended, the changes in each of their net
assets for each of the two years in the period then ended and the financial
highlights for each of the four years in the period then ended, in conformity
with accounting principles generally accepted in the United States of America.
These financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Funds' management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with auditing standards generally accepted in the United States of America,
which require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities at December 31, 2003 by correspondence with the
custodian and brokers, provide a reasonable basis for our opinion. The financial
highlights for the period ended December 31, 1999 were audited by other
independent auditors whose report dated February 8, 2000 expressed an
unqualified opinion thereon.
PricewaterhouseCoopers LLP
Baltimore, Maryland
February 19, 2004
218
UNAUDITED TAX INFORMATION
This information is being provided as required by the Internal Revenue Code.
Amounts shown may differ from those elsewhere in the report because of
difference in tax and financial reporting practice.
Of the ordinary income distributions paid during the year for Velocity 100 Fund,
0.24% qualifies for the dividends received deduction for corporations. No
portion of the ordinary income distributions paid by any other funds during the
year qualifies for the dividends received deduction for corporations.
The Funds distributions to shareholders included:
U.S.
TITAN 500 MEDIUS MEKROS GOVERNMENT
FUND FUND FUND BOND FUND
---------- --------- ---------- ------------
From short-term capital gains: ............... $1,364,324 $741,236 $4,379,071 $1,168,618
From long-term capital gains,
subject to the 20% rate gains
category: .................................. $2,507,680 $894,322 $2,713,642 $433,636
CONSUMER REAL
PRODUCTS ESTATE RETAILING TECHNOLOGY
FUND FUND FUND FUND
---------- --------- ---------- ------------
From short-term capital gains: ............... $78,478 $481,105 $63,856 $1,373,910
From long-term capital gains,
subject to the 20% rate gains
category: .................................. $949 $58,120 $636 --
TELECOMMUNI-
CATIONS
FUND
--------------
From short-term capital gains: ............... $77
From long-term capital gains,
subject to the 20% rate gains
category: .................................. --
ANNUAL REPORT 219
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220
UNAUDITED INFORMATION
ON BOARD OF TRUSTEES
Each Trust is served by a separate Board of Trustees composed of five members.
The membership of each Board is the same. There is no stated term of service,
and Trustees continue to serve after election until resignation.
POSITIONS HELD LENGTH OF SERVICE
NAME, AGE, AND ADDRESS WITH FUND AS TRUSTEE (YEAR BEGAN)
- -------------------------- --------------- ----------------------------
Corey A. Colehour (58) Trustee Rydex Series Funds - 1993
9601 Blackwell Rd., Suite 500 Rydex Variable Trust - 1998
Rockville, MD 20850 Rydex Dynamic Funds - 1999
Rydex ETF Trust - 2003
J. Kenneth Dalton (62) Trustee Rydex Series Funds - 1995
9601 Blackwell Rd., Suite 500 Rydex Variable Trust - 1998
Rockville, MD 20850 Rydex Dynamic Funds - 1999
Rydex ETF Trust - 2003
John O. Demaret (63) Trustee Rydex Series Funds - 1997
9601 Blackwell Rd., Suite 500 Rydex Variable Trust - 1998
Rockville, MD 20850 Rydex Dynamic Funds - 1999
Rydex ETF Trust - 2003
Rydex Capital Partners SPhinX Fund - 2003
Patrick T. McCarville (61) Trustee Rydex Series Funds - 1997
9601 Blackwell Rd., Suite 500 Rydex Variable Trust - 1998
Rockville, MD 20850 Rydex Dynamic Funds - 1999
Rydex ETF Trust - 2003
Roger Somers (59) Trustee Rydex Series Funds - 1993
9601 Blackwell Rd., Suite 500 Rydex Variable Trust - 1998
Rockville, MD 20850 Rydex Dynamic Funds - 1999
Rydex ETF Trust - 2003
ANNUAL REPORT 221
UNAUDITED INFORMATION
ON BOARD OF TRUSTEES (CONCLUDED)
The Statement of Additional Information, a separate document with supplemental
information not contained in the Prospectus, includes additional information
about Fund Trustees and can be obtained without charge by calling (800)
820-0888.
NUMBER OF PORTFOLIOS
PRINCIPAL OCCUPATIONS IN FUND COMPLEX
DURING PAST 5 YEARS OVERSEEN OTHER TRUSTEESHIPS
- ------------------------- --------------------- ------------------
Senior Vice President of Marketing/
Co-Owner Schield Management Company 77 None
Mortgage Banking Consultant and Investor
The Dalton Group 77 None
Retired 78 None
Founder and Chief Executive Officer
Par Industries, Inc. 77 None
Owner
Arrow Limousine 77 None
PROXY VOTING INFORMATION
A description of the policies and procedures that the Trust uses to determine
how to vote proxies relating to securities held in the Funds' portfolios is
available, without charge and upon request, by calling 1-800-820-0888. This
information is also available from the EDGAR database on the SEC's site at
http://www.sec.gov.
[GRAPHIC OMITTED]
RYDEX INVESTMENTS
Essential for modern markets(TM)
9601 Blackwell Road
Suite 500
Rockville, MD 20850
800.820.0888
www.rydexfunds.com
THE RYDEX VARIABLE TRUST
CLS ADVISORONE FUNDS
ANNUAL REPORT
DECEMBER 31, 2003
AMERIGO FUND
CLERMONT FUND
[GRAPHIC OMITTED]
RYDEX INVESTMENTS
Essential for modern markets(TM)
VA-ANNCLS-1203
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR THE
GENERAL INFORMATION OF OUR SHAREHOLDERS. THE REPORT IS NOT AUTHORIZED FOR
DISTRIBUTION TO PROSPECTIVE INVESTORS UNLESS PRECEDED OR ACCOMPANIED BY AN
EFFECTIVE PROSPECTUS.
DISTRIBUTED BY RYDEX DISTRIBUTORS, INC.
ANNUAL REPORT 1
TABLE OF CONTENTS
- ---------------------------------------------------------------------------
LETTER TO OUR SHAREHOLDERS ......................................... 2
PERFORMANCE REPORTS ................................................ 3
SCHEDULES OF INVESTMENTS ........................................... 5
STATEMENTS OF ASSETS AND LIABILITIES ............................... 7
STATEMENTS OF OPERATIONS ........................................... 8
STATEMENTS OF CHANGES IN NET ASSETS ................................ 9
FINANCIAL HIGHLIGHTS ............................................... 10
NOTES TO FINANCIAL STATEMENTS ...................................... 11
INDEPENDENT AUDITORS' REPORT ....................................... 17
UNAUDITED INFORMATION ON BOARD OF TRUSTEES ......................... 18
2
- --------------------------------------------------------------------------------
DEAR SHAREHOLDER:
The equity markets turned in a strong performance over the past six months with
the Standard and Poor's 500 gaining 14.15%. The key theme to the equity market
over the past six months was the dominant performance of small-capitalization
stocks. Whether companies were more growth- or value-oriented really did not
seem to matter as much as the market capitalization of the companies. In the
end, smaller companies far outperformed their larger-cap peers.
International equity markets also came alive as emerging market equities,
Asia/Pacific and Japan turned in extremely strong performances versus the more
domestic S&P(R) 500 index as a global economic recovery finally began to take
hold.
Within AdvisorOne Amerigo VA, trading directly reflected the dominant themes in
the market discussed above. With regard to portfolio composition, the market
capitalization of the portfolio is smaller than that of its benchmark,
overweighted in international equity in general and Asia/Pacific in particular.
At the sector level, the portfolio is essentially sector neutral versus our
benchmark.
The economic recovery that investors have been waiting for appears to have long
last arrived. In recent months, nearly all economic reports have turned
positive, the stock market has continued to trade higher, earnings reports have
been surprisingly good, retail sales have improved and the manufacturing sector
is once again showing signs of life. The economic recovery appears to be much
more global in nature with major leadership coming from the Far East,
particularly Japan and China, as well as signs of recovery in parts of Europe.
As investor focus shifts from "when will the recovery occur" to "how strong will
the recovery be," we anticipate that the risk of rising interest rates will
continue into 2004. If we are close to the mark in that assumption, equities
will likely outperform bonds. While the trend over the last two quarters has
tended to favor smaller-cap equities, emerging markets and high yield bonds, we
continue to be watchful as these trends mature for new leadership to emerge.
Sincerely,
/S/ CARL G. VERBONCOEUR
Carl G. Verboncoeur
Chief Executive Officer
ANNUAL REPORT 3
AMERIGO FUND
- --------------------------------------------------------------------------------
OBJECTIVE: To provide long-term growth of capital without regard to current
income.
Inception: July 1, 2003
Amerigo VA's 10 largest holdings reflect our overweighting in small caps and
international securities. Over the past six months, we reduced our allocations
to the iShares S&P 500 Index with proceeds being reinvested into iShares MSCI
EAFE international index, the small-cap iShares Russell 2000 Index, iShares MSCI
Emerging Markets, and iShares Japan. These trades from large-cap to small-cap,
from domestic to international had a significant positive impact on fund
performance over the past six months, helping the fund significantly outperform
the S&P 500 Index (its benchmark) over the past six months.
CUMULATIVE FUND PERFORMANCE: JULY 1, 2003 - DECEMBER 31, 2003
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
Date Amerigo Fund S&P 500 Index
7/1/2003 $10,000 $10,000
7/2/2003 10,080 10,116
7/3/2003 10,032 10,035
7/4/2003 10,032 10,035
7/5/2003 10,032 10,035
7/6/2003 10,032 10,035
7/7/2003 10,140 10,225
7/8/2003 10,192 10,264
7/9/2003 10,180 10,207
7/10/2003 10,044 10,070
7/11/2003 10,120 10,166
7/12/2003 10,120 10,166
7/13/2003 10,120 10,166
7/14/2003 10,200 10,225
7/15/2003 10,152 10,190
7/16/2003 10,092 10,125
7/17/2003 9,920 10,000
7/18/2003 10,012 10,118
7/19/2003 10,012 10,118
7/20/2003 10,012 10,118
7/21/2003 9,896 9,971
7/22/2003 9,992 10,065
7/23/2003 10,004 10,071
7/24/2003 9,972 9,999
7/25/2003 10,084 10,173
7/26/2003 10,084 10,173
7/27/2003 10,084 10,173
7/28/2003 10,096 10,151
7/29/2003 10,052 10,079
7/30/2003 10,012 10,062
7/31/2003 10,040 10,093
8/1/2003 9,956 9,990
8/2/2003 9,956 9,990
8/3/2003 9,956 9,990
8/4/2003 9,936 10,017
8/5/2003 9,768 9,841
8/6/2003 9,776 9,859
8/7/2003 9,828 9,931
8/8/2003 9,848 9,967
8/9/2003 9,848 9,967
8/10/2003 9,848 9,967
8/11/2003 9,900 10,000
8/12/2003 10,000 10,099
8/13/2003 10,004 10,039
8/14/2003 10,068 10,105
8/15/2003 10,064 10,108
8/16/2003 10,064 10,108
8/17/2003 10,064 10,108
8/18/2003 10,188 10,201
8/19/2003 10,252 10,228
8/20/2003 10,256 10,208
8/21/2003 10,328 10,239
8/22/2003 10,228 10,134
8/23/2003 10,228 10,134
8/24/2003 10,228 10,134
8/25/2003 10,196 10,141
8/26/2003 10,212 10,172
8/27/2003 10,256 10,174
8/28/2003 10,316 10,237
8/29/2003 10,368 10,290
8/30/2003 10,368 10,290
8/31/2003 10,368 10,290
9/1/2003 10,368 10,290
9/2/2003 10,540 10,433
9/3/2003 10,588 10,480
9/4/2003 10,596 10,498
9/5/2003 10,540 10,431
9/6/2003 10,540 10,431
9/7/2003 10,540 10,431
9/8/2003 10,656 10,536
9/9/2003 10,584 10,449
9/10/2003 10,428 10,325
9/11/2003 10,476 10,385
9/12/2003 10,516 10,407
9/13/2003 10,516 10,407
9/14/2003 10,516 10,407
9/15/2003 10,476 10,369
9/16/2003 10,648 10,517
9/17/2003 10,624 10,483
9/18/2003 10,752 10,622
9/19/2003 10,716 10,589
9/20/2003 10,716 10,589
9/21/2003 10,716 10,589
9/22/2003 10,584 10,451
9/23/2003 10,656 10,515
9/24/2003 10,484 10,314
9/25/2003 10,356 10,254
9/26/2003 10,304 10,190
9/27/2003 10,304 10,190
9/28/2003 10,304 10,190
9/29/2003 10,400 10,290
9/30/2003 10,316 10,181
10/1/2003 10,544 10,409
10/2/2003 10,612 10,431
10/3/2003 10,740 10,530
10/4/2003 10,740 10,530
10/5/2003 10,740 10,530
10/6/2003 10,792 10,576
10/7/2003 10,836 10,626
10/8/2003 10,792 10,574
10/9/2003 10,860 10,625
10/10/2003 10,896 10,619
10/11/2003 10,896 10,619
10/12/2003 10,896 10,619
10/13/2003 10,980 10,693
10/14/2003 11,004 10,736
10/15/2003 10,960 10,710
10/16/2003 11,000 10,744
10/17/2003 10,884 10,634
10/18/2003 10,884 10,634
10/19/2003 10,884 10,634
10/20/2003 10,936 10,689
10/21/2003 10,968 10,703
10/22/2003 10,808 10,543
10/23/2003 10,740 10,578
10/24/2003 10,712 10,529
10/25/2003 10,712 10,529
10/26/2003 10,712 10,529
10/27/2003 10,776 10,551
10/28/2003 10,936 10,712
10/29/2003 10,984 10,727
10/30/2003 11,000 10,718
10/31/2003 10,952 10,757
11/1/2003 10,952 10,757
11/2/2003 10,952 10,757
11/3/2003 11,068 10,842
11/4/2003 11,068 10,783
11/5/2003 11,072 10,770
11/6/2003 11,076 10,835
11/7/2003 11,060 10,788
11/8/2003 11,060 10,788
11/9/2003 11,060 10,788
11/10/2003 10,968 10,726
11/11/2003 10,896 10,721
11/12/2003 11,060 10,847
11/13/2003 11,088 10,846
11/14/2003 10,972 10,765
11/15/2003 10,972 10,765
11/16/2003 10,972 10,765
11/17/2003 10,824 10,697
11/18/2003 10,772 10,600
11/19/2003 10,820 10,686
11/20/2003 10,736 10,596
11/21/2003 10,792 10,613
11/22/2003 10,792 10,613
11/23/2003 10,792 10,613
11/24/2003 10,948 10,786
11/25/2003 10,984 10,805
11/26/2003 11,052 10,854
11/27/2003 11,052 10,854
11/28/2003 11,084 10,852
11/29/2003 11,084 10,852
11/30/2003 11,084 10,852
12/1/2003 11,252 10,974
12/2/2003 11,228 10,938
12/3/2003 11,196 10,922
12/4/2003 11,204 10,974
12/5/2003 11,116 10,890
12/6/2003 11,116 10,890
12/7/2003 11,116 10,890
12/8/2003 11,180 10,970
12/9/2003 11,080 10,877
12/10/2003 11,016 10,867
12/11/2003 11,184 10,993
12/12/2003 11,224 11,023
12/13/2003 11,224 11,023
12/14/2003 11,224 11,023
12/15/2003 11,140 10,961
12/16/2003 11,184 11,034
12/17/2003 11,164 11,049
12/18/2003 11,292 11,181
12/19/2003 11,276 11,176
12/20/2003 11,276 11,176
12/21/2003 11,276 11,176
12/22/2003 11,352 11,220
12/23/2003 11,396 11,252
12/24/2003 11,384 11,231
12/25/2003 11,384 11,231
12/26/2003 11,416 11,250
12/27/2003 11,416 11,250
12/28/2003 11,416 11,250
12/29/2003 11,548 11,394
12/30/2003 11,584 11,397
12/31/2003 11,596 11,421
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 12/31/03
- --------------------------------------------------------------------------------
SINCE
INCEPTION
(07/01/03)
- --------------------------------------------------------------------------------
AMERIGO FUND 15.96%
S&P 500 INDEX 14.21%
- --------------------------------------------------------------------------------
THE RETURNS PRESENTED ABOVE DO NOT REFLECT THE EFFECTS OF TAXES. PAST
PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE S&P 500 INDEX IS AN UNMANAGED
STOCK INDEX AND, UNLIKE THE FUND, HAS NO MANAGEMENT FEES OR OTHER OPERATING
EXPENSES TO REDUCE ITS REPORTED RETURNS. RETURNS ARE HISTORICAL AND INCLUDE
CHANGES IN PRINCIPAL AND REINVESTED DIVIDENDS AND CAPITAL GAINS.
4
CLERMONT FUND
- --------------------------------------------------------------------------------
OBJECTIVE: Is a combination of current income and growth of capital.
Inception: July 1, 2003
The portfolio of AdvisorOne VA Clermont, a conservative balanced fund with an
income and growth objective, was also repositioned during the past six months.
We reduced our holdings in iShares S&P 500 and GS$ Investor Corporate Bond
exchange traded funds. Proceeds were reinvested primarily into shorter maturity
U.S. Treasury Inflation Protected Bonds (TIPS), Cohen and Steers Dow Jones Real
Estate and also a modest increase in Van Kampen Senior Income Trust--which
invests in floating rate senior securities. These transactions were made to in
an effort to reduce the interest rate sensitivity of AdvisorOne VA Clermont.
CUMULATIVE FUND PERFORMANCE: JULY 1, 2003 - DECEMBER 31, 2003
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
Date Clermont Fund S&P 500 Index
7/1/2003 $10,000 $10,000
7/2/2003 10,056 10,116
7/3/2003 10,016 10,035
7/4/2003 10,016 10,035
7/5/2003 10,016 10,035
7/6/2003 10,016 10,035
7/7/2003 10,052 10,225
7/8/2003 10,036 10,264
7/9/2003 10,008 10,207
7/10/2003 9,948 10,070
7/11/2003 10,000 10,166
7/12/2003 10,000 10,166
7/13/2003 10,000 10,166
7/14/2003 10,004 10,225
7/15/2003 9,908 10,190
7/16/2003 9,836 10,125
7/17/2003 9,772 10,000
7/18/2003 9,868 10,118
7/19/2003 9,868 10,118
7/20/2003 9,868 10,118
7/21/2003 9,748 9,971
7/22/2003 9,828 10,065
7/23/2003 9,836 10,071
7/24/2003 9,824 9,999
7/25/2003 9,888 10,173
7/26/2003 9,888 10,173
7/27/2003 9,888 10,173
7/28/2003 9,836 10,151
7/29/2003 9,784 10,079
7/30/2003 9,780 10,062
7/31/2003 9,748 10,093
8/1/2003 9,700 9,990
8/2/2003 9,700 9,990
8/3/2003 9,700 9,990
8/4/2003 9,708 10,017
8/5/2003 9,616 9,841
8/6/2003 9,668 9,859
8/7/2003 9,716 9,931
8/8/2003 9,736 9,967
8/9/2003 9,736 9,967
8/10/2003 9,736 9,967
8/11/2003 9,744 10,000
8/12/2003 9,796 10,099
8/13/2003 9,740 10,039
8/14/2003 9,784 10,105
8/15/2003 9,776 10,108
8/16/2003 9,776 10,108
8/17/2003 9,776 10,108
8/18/2003 9,780 10,201
8/19/2003 9,808 10,228
8/20/2003 9,828 10,208
8/21/2003 9,844 10,239
8/22/2003 9,792 10,134
8/23/2003 9,792 10,134
8/24/2003 9,792 10,134
8/25/2003 9,764 10,141
8/26/2003 9,800 10,172
8/27/2003 9,816 10,174
8/28/2003 9,852 10,237
8/29/2003 9,880 10,290
8/30/2003 9,880 10,290
8/31/2003 9,880 10,290
9/1/2003 9,880 10,290
9/2/2003 9,952 10,433
9/3/2003 9,992 10,480
9/4/2003 9,996 10,498
9/5/2003 9,992 10,431
9/6/2003 9,992 10,431
9/7/2003 9,992 10,431
9/8/2003 10,032 10,536
9/9/2003 10,012 10,449
9/10/2003 9,964 10,325
9/11/2003 9,984 10,385
9/12/2003 10,016 10,407
9/13/2003 10,016 10,407
9/14/2003 10,016 10,407
9/15/2003 9,992 10,369
9/16/2003 10,036 10,517
9/17/2003 10,036 10,483
9/18/2003 10,096 10,622
9/19/2003 10,104 10,589
9/20/2003 10,104 10,589
9/21/2003 10,104 10,589
9/22/2003 10,060 10,451
9/23/2003 10,088 10,515
9/24/2003 10,028 10,314
9/25/2003 10,000 10,254
9/26/2003 10,008 10,190
9/27/2003 10,008 10,190
9/28/2003 10,008 10,190
9/29/2003 10,056 10,290
9/30/2003 10,056 10,181
10/1/2003 10,144 10,409
10/2/2003 10,172 10,431
10/3/2003 10,192 10,530
10/4/2003 10,192 10,530
10/5/2003 10,192 10,530
10/6/2003 10,228 10,576
10/7/2003 10,220 10,626
10/8/2003 10,220 10,574
10/9/2003 10,236 10,625
10/10/2003 10,248 10,619
10/11/2003 10,248 10,619
10/12/2003 10,248 10,619
10/13/2003 10,288 10,693
10/14/2003 10,300 10,736
10/15/2003 10,264 10,710
10/16/2003 10,268 10,744
10/17/2003 10,228 10,634
10/18/2003 10,228 10,634
10/19/2003 10,228 10,634
10/20/2003 10,248 10,689
10/21/2003 10,248 10,703
10/22/2003 10,204 10,543
10/23/2003 10,184 10,578
10/24/2003 10,176 10,529
10/25/2003 10,176 10,529
10/26/2003 10,176 10,529
10/27/2003 10,220 10,551
10/28/2003 10,248 10,712
10/29/2003 10,268 10,727
10/30/2003 10,300 10,718
10/31/2003 10,288 10,757
11/1/2003 10,288 10,757
11/2/2003 10,288 10,757
11/3/2003 10,324 10,842
11/4/2003 10,316 10,783
11/5/2003 10,304 10,770
11/6/2003 10,308 10,835
11/7/2003 10,308 10,788
11/8/2003 10,308 10,788
11/9/2003 10,308 10,788
11/10/2003 10,288 10,726
11/11/2003 10,272 10,721
11/12/2003 10,344 10,847
11/13/2003 10,376 10,846
11/14/2003 10,372 10,765
11/15/2003 10,372 10,765
11/16/2003 10,372 10,765
11/17/2003 10,324 10,697
11/18/2003 10,304 10,600
11/19/2003 10,324 10,686
11/20/2003 10,292 10,596
11/21/2003 10,288 10,613
11/22/2003 10,288 10,613
11/23/2003 10,288 10,613
11/24/2003 10,344 10,786
11/25/2003 10,384 10,805
11/26/2003 10,416 10,854
11/27/2003 10,416 10,854
11/28/2003 10,424 10,852
11/29/2003 10,424 10,852
11/30/2003 10,424 10,852
12/1/2003 10,492 10,974
12/2/2003 10,496 10,938
12/3/2003 10,480 10,922
12/4/2003 10,492 10,974
12/5/2003 10,492 10,890
12/6/2003 10,492 10,890
12/7/2003 10,492 10,890
12/8/2003 10,540 10,970
12/9/2003 10,496 10,877
12/10/2003 10,480 10,867
12/11/2003 10,564 10,993
12/12/2003 10,580 11,023
12/13/2003 10,580 11,023
12/14/2003 10,580 11,023
12/15/2003 10,540 10,961
12/16/2003 10,584 11,034
12/17/2003 10,616 11,049
12/18/2003 10,668 11,181
12/19/2003 10,668 11,176
12/20/2003 10,668 11,176
12/21/2003 10,668 11,176
12/22/2003 10,696 11,220
12/23/2003 10,708 11,252
12/24/2003 10,732 11,231
12/25/2003 10,732 11,231
12/26/2003 10,748 11,250
12/27/2003 10,748 11,250
12/28/2003 10,748 11,250
12/29/2003 10,808 11,394
12/30/2003 10,816 11,397
12/31/2003 10,820 11,421
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 12/31/03
- --------------------------------------------------------------------------------
SINCE
INCEPTION
(07/01/03)
- --------------------------------------------------------------------------------
CLERMONT FUND 8.20%
S&P 500 INDEX 14.21%
- --------------------------------------------------------------------------------
THE RETURNS PRESENTED ABOVE DO NOT REFLECT THE EFFECTS OF TAXES. PAST
PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE S&P 500 INDEX IS AN UNMANAGED
STOCK INDEX AND, UNLIKE THE FUND, HAS NO MANAGEMENT FEES OR OTHER OPERATING
EXPENSES TO REDUCE ITS REPORTED RETURNS. RETURNS ARE HISTORICAL AND INCLUDE
CHANGES IN PRINCIPAL AND REINVESTED DIVIDENDS AND CAPITAL GAINS.
ANNUAL REPORT 5
AMERIGO FUND
SCHEDULE OF INVESTMENTS December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
EXCHANGE TRADED FUNDS 94.8%
iShares Russell 1000 Value
Index Fund ............................ 100,300 $ 5,853,508
iShares S&P 500 Index
Fund/US ............................... 49,900 5,555,866
iShares MSCI EAFE Index
Fund .................................. 39,650 5,412,621
iShares Russell 2000 Index
Fund .................................. 35,900 3,977,720
iShares MSCI Emerging
Markets Index Fund .................... 24,000 3,934,320
iShares MSCI Japan Index
Fund .................................. 387,300 3,733,572
iShares Russell Midcap
Growth Index Fund ..................... 44,800 3,301,760
Nasdaq-100 Index
Tracking Stock ........................ 45,250 1,648,005
iShares MSCI Pacific
ex-Japan Index Fund ................... 21,300 1,543,824
iShares S&P MidCap
400/BARRA Growth
Index Fund ............................ 11,500 1,365,050
iShares Cohen & Steers
Realty Majors
Index Fund ............................ 12,200 1,294,420
iShares Dow Jones US
Industrial Sector
Index Fund ............................ 19,000 932,520
Financial Select Sector
SPDR Fund ............................. 32,800 922,664
iShares Russell 3000
Growth Index Fund ..................... 18,850 712,530
iShares Dow Jones US
Utilities Sector
Index Fund ............................ 10,900 627,731
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
iShares Russell 1000
Growth Index Fund ..................... 12,000 $ 561,720
iShares S&P SmallCap
600/BARRA Growth
Index Fund ............................ 5,300 470,110
iShares MSCI EMU
Index Fund ............................ 7,600 465,500
iShares MSCI Hong Kong
Index Fund ............................ 46,500 465,000
iShares MSCI Singapore
Index Fund ............................ 76,350 458,100
iShares Dow Jones
Select Dividend
Index Fund ............................ 3,000 161,640
-----------
TOTAL EXCHANGE TRADED FUNDS
(Cost $39,037,991) ...................... 43,398,181
-----------
MONEY MARKET MUTUAL FUNDS 4.8%
First American Prime
Obligations Fund ......................2,178,029 2,178,029
-----------
TOTAL MONEY MARKET MUTUAL FUNDS
(Cost $2,178,029) ....................... 2,178,029
-----------
MUTUAL FUNDS 0.4%
Templeton Emerging
Markets Fund .......................... 13,700 197,554
-----------
TOTAL MUTUAL FUNDS
(Cost $164,700) ......................... 197,554
-----------
TOTAL INVESTMENTS 100%
(Cost $41,380,720) ...................... $45,773,764
===========
See Notes to Financial Statements.
6
CLERMONT FUND
SCHEDULE OF INVESTMENTS December 31, 2003
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
EXCHANGE TRADED FUNDS 72.3%
iShares Cohen & Steers
Realty Majors
Index Fund ............................ 20,300 $ 2,153,830
iShares MSCI EAFE
Index Fund ............................ 14,500 1,979,395
Utilities Select Sector
SPDR Fund ............................. 84,500 1,971,385
iShares S&P 500 Index
Fund/US ............................... 16,000 1,781,440
iShares Russell 1000
Value Index Fund ...................... 29,000 1,692,440
iShares GS$ InvesTop
Corporate Bond Fund ................... 12,700 1,404,239
iShares Lehman 1-3 Year
Treasury Bond Fund .................... 16,200 1,336,014
iShares Dow Jones
US Real Estate
Index Fund ............................ 9,000 894,690
iShares Dow Jones
Select Dividend
Index Fund ............................ 14,000 754,320
iShares S&P MidCap
400/BARRA Value
Index Fund ............................ 6,000 662,940
iShares Lehman Aggregate
Bond Fund ............................. 5,600 572,040
iShares Dow Jones US
Consumer Cyclical
Sector Index Fund ..................... 8,500 470,900
iShares Russell 2000
Value Index Fund ...................... 2,000 321,600
-----------
TOTAL EXCHANGE TRADED FUNDS
(Cost $14,873,622) ...................... 15,995,233
- --------------------------------------------------------------------------------
MARKET
VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
MONEY MARKET MUTUAL FUNDS 4.6%
First American Prime
Obligations Fund ......................1,009,718 $ 1,009,718
-----------
TOTAL MONEY MARKET MUTUAL FUNDS
(Cost $1,009,718) ....................... 1,009,718
-----------
MUTUAL FUNDS 11.4%
Van Kampen Senior
Income Trust .......................... 130,000 1,121,900
Templeton Global
Income Fund, Inc. ..................... 108,900 1,036,728
PIMCO High
Income Fund ........................... 23,500 353,205
-----------
TOTAL MUTUAL FUNDS
(Cost $2,266,736) ....................... 2,511,833
-----------
FACE
AMOUNT
---------
FEDERAL AGENCY BONDS 11.7%
U.S. Treasury
Inflation Indexed Bonds
3.38% due 01/15/07 $2,393,806 ........... 2,592,791
-----------
TOTAL FEDERAL AGENCY BONDS
(Cost $2,589,305) ....................... 2,592,791
-----------
TOTAL INVESTMENTS 100%
(Cost $20,739,381) ...................... $22,109,575
===========
See Notes to Financial Statements.
ANNUAL REPORT 7
STATEMENTS OF ASSETS AND LIABILITIES December 31, 2003
- --------------------------------------------------------------------------------
AMERIGO CLERMONT
FUND FUND
----------- -----------
ASSETS
Securities at Value (Notes 1 and 2) * ......... $45,773,764 $22,109,575
Receivable for Shares Purchased ............... -- 112,180
Investment Income Receivable (Note 1) ......... 137,443 90,770
----------- -----------
TOTAL ASSETS ................................ 45,911,207 22,312,525
----------- -----------
LIABILITIES
Liability for Shares Redeemed ................. 788 -
Investment Advisory Fee Payable (Note 3) ...... 32,071 15,979
Transfer Agent Fee Payable (Note 3) ........... 8,909 4,439
Distribution and Service Fee Payable (Note 3) . 8,909 4,439
Portfolio Accounting Fee Payable (Note 3) ..... 3,563 1,775
Custody Fees Payable .......................... 1,176 586
Other Liabilities ............................. 16,325 8,618
----------- -----------
TOTAL LIABILITIES ........................... 71,741 35,836
----------- -----------
NET ASSETS (NOTE 7) ........................... $45,839,466 $22,276,689
=========== ===========
Shares Outstanding ............................ 1,581,213 823,610
Net Asset Value Per Share ..................... $28.99 $27.05
* THE COST OF SECURITIES AT VALUE IS $41,380,720 AND $20,739,381, RESPECTIVELY.
See Notes to Financial Statements.
8
STATEMENTS OF OPERATIONS Period Ended December 31, 2003
- --------------------------------------------------------------------------------
AMERIGO CLERMONT
FUND** FUND**
---------- ---------
INVESTMENT INCOME
Interest (Note 1) ........................... $ -- $ 12,424
Dividends, Net of Foreign Tax Withheld*
(Note 1) .................................... 318,801 292,425
---------- ----------
Total Income .............................. 318,801 304,849
---------- ----------
EXPENSES
Advisory Fees (Note 3) ...................... 129,011 69,268
Transfer Agent Fees (Note 3) ................ 35,836 19,241
Accounting Fees (Note 3) .................... 14,335 7,696
Trustees' Fees .............................. 735 409
Service Fees ................................ 35,836 19,241
Miscellaneous ............................... 27,144 14,517
---------- ----------
Total Expenses ............................ 242,897 130,372
---------- ----------
Net Investment Income ......................... 75,904 174,477
---------- ----------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (NOTE 1)
Net Realized Loss on:
Investment Securities ....................... (20,953) (105,424)
---------- ----------
Total Net Realized Loss ................... (20,953) (105,424)
---------- ----------
Net Change in Unrealized Appreciation
(Depreciation) on:
Investment Securities ....................... 4,393,044 1,370,194
---------- ----------
Net Change in Unrealized Appreciation
(Depreciation) .............................. 4,393,044 1,370,194
---------- ----------
Net Gain on Investments ................... 4,372,091 1,264,770
---------- ----------
NET INCREASE IN NET ASSETS FROM OPERATIONS .... $4,447,995 $1,439,247
========== ==========
* NET OF FOREIGN TAX WITHHELD OF $0 AND $0, RESPECTIVELY.
** SINCE THE COMMENCEMENT OF OPERATIONS: JULY 1, 2003.
See Notes to Financial Statements.
ANNUAL REPORT 9
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
AMERIGO CLERMONT
FUND FUND
------------ ------------
PERIOD PERIOD
ENDED ENDED
DECEMBER 31, DECEMBER 31,
2003* 2003*
------------ ------------
FROM OPERATIONS
Net Investment Income ....................... $ 75,904 $ 174,477
Net Realized Loss on Investments ............ (20,953) (105,424)
Net Change in Unrealized Appreciation
(Depreciation) on Investments ............. 4,393,044 1,370,194
----------- -----------
Net Increase in Net Assets from Operations .. 4,447,995 1,439,247
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS: (NOTE 1) ....... -- --
----------- -----------
NET INCREASE IN NET ASSETS FROM SHARE
TRANSACTIONS (NOTE 6) ....................... 41,391,471 20,837,442
----------- -----------
Net Increase in Net Assets .................. 45,839,466 22,276,689
NET ASSETS--BEGINNING OF PERIOD ............... -- --
----------- -----------
NET ASSETS--END OF PERIOD (NOTE 7) ............ $45,839,466 $22,276,689
=========== ===========
* SINCE THE COMMENCEMENT OF OPERATIONS: JULY 1, 2003.
See Notes to Financial Statements.
10
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
AMERIGO CLERMONT
FUND FUND
------------ ------------
PERIOD PERIOD
ENDED ENDED
DECEMBER 31, DECEMBER 31,
2003* 2003*
------------ ------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF PERIOD .......... $25.00 $25.00
------- -------
Net Investment Income+ ........................ .07 .29
Net Realized and Unrealized Gains on Securities 3.92 1.76
------- -------
Net Increase in Net Asset Value
Resulting From Operations ................... 3.99 2.05
DISTRIBUTIONS TO SHAREHOLDERS ................. -- --
------- -------
Net Increase in Net Asset Value ............... 3.99 2.05
------- -------
NET ASSET VALUE--END OF PERIOD ................ $28.99 $27.05
======= =======
TOTAL INVESTMENT RETURN ....................... 15.96% 8.20%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses ................................ 1.71%** 1.71%**
Net Expenses .................................. 1.71%** 1.71%**
Net Investment Income ......................... 0.53%** 2.29%**
SUPPLEMENTARY DATA:
Portfolio Turnover Rate*** .................... 63% 113%
Net Assets, End of Period (000's omitted) ..... $45,839 $22,277
* SINCE THE COMMENCEMENT OF OPERATIONS: JULY 1, 2003.
** ANNUALIZED.
*** PORTFOLIO TURNOVER RATE IS CALCULATED WITHOUT REGARD TO SHORT-TERM
SECURITIES HAVING A MATURITY OF LESS THAN ONE YEAR.
+ CALCULATED USING THE DAILY SHARES OUTSTANDING FOR THE PERIOD.
See Notes to Financial Statements.
ANNUAL REPORT 11
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
The Rydex Variable Trust (the "Trust") is registered with the Securities and
Exchange Commission under the Investment Company Act of 1940 as a
non-diversified, open-ended investment company and is authorized to issue an
unlimited number of no par value shares. As of December 31, 2003, the Trust
consisted of thirty-four operating Funds: twelve Benchmark funds, one Money
Market fund, eighteen Sector funds, one Strategic fund, and two CLS AdvisorOne
Funds. This report covers the CLS AdvisorOne Funds (the "Funds"), while the
Benchmark, Money Market, Sector and Strategic Funds are contained in a separate
report. Rydex Global Advisors (the "Advisor") serves as the investment advisor
to the Funds and is responsible for the Funds' overall administration. Clarke
Lanzen Skalla Investment Firm, LLC serves as investment sub-advisor to the CLS
AdvisorOne Funds and is responsible for the day-to-day management of each Fund's
portfolio. Rydex Distributors, Inc. acts as principal underwriter for the Trust.
The Trust offers shares of the Funds to insurance companies for their variable
annuity and variable life insurance contracts.
The following significant accounting policies are in conformity with accounting
principles generally accepted in the United States of America and are
consistently followed by the Trust.
A. Exchange Traded Funds and closed-end Mutual Funds are valued at the last
quoted sales price as of the close of business, usually 4:00 p.m., Eastern Time,
on the valuation date. Equity securities listed on an exchange (New York Stock
Exchange or American Stock Exchange) are valued at the last quoted sales price
as of close of business on the New York Stock Exchange, usually 4:00 p.m.,
Eastern Time, on the valuation date. Equity securities listed on the Nasdaq
market system are valued at the Nasdaq Official Closing Price, usually as of
4:00 p.m., Eastern Time, on the valuation date. Listed options held by the Trust
are valued at their last bid price. Over-the-counter options held by the Trust
are valued using the average bid price obtained from one or more security
dealers.The value of futures contracts purchased and sold by the Trust is
accounted for using the unrealized gain or loss on the contracts that is
determined by marking the contracts to their current realized settlement prices.
Financial futures contracts are valued at the last quoted sales price, usually
as of 4:00 p.m., Eastern Time, on the valuation date. Short-term securities, if
any, are valued at amortized cost, which approximates market value. Securities
and assets for which market quotations are not readily available are valued at
fair value as determined in good faith by or under direction of the Board of
Trustees or by the Advisor using methods established or ratified by the Board of
Trustees.
B. Securities transactions are recorded on the trade date for financial
reporting purposes. Realized gains and losses from securities transactions are
recorded using the identified cost basis. Dividend income is recorded on the
ex-dividend date, net of applicable taxes withheld by foreign countries.
Interest income, including amortization of premiums and accretion of discount,
is accrued on a daily basis.
12
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
C. Distributions to shareholders are recorded on the ex-dividend date.
Distributions from net investment income and net realized capital gains are
determined in accordance with income tax regulations which may differ from
accounting principles generally accepted in the United States of America. These
differences are primarily due to differing treatments for items such as deferral
of wash sales and post-October losses and regulated futures contracts and
options. Net investment income and loss, net realized gains and losses, and net
assets were not affected by these differences.
D. The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amount of
assets and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from these
estimates.
2. FINANCIAL INSTRUMENTS
As part of its investment strategy, the Trust may utilize a variety of
derivative instruments, including options, futures, and swap agreements. These
investments involve, to varying degrees, elements of market risk and risks in
excess of the amounts recognized in the Statements of Assets and Liabilities.
The risk associated with purchasing options is limited to the premium originally
paid. Options written by a fund involve, to varying degrees, risk of loss in
excess of the option value reflected in the Statement of Assets and Liabilities.
The risk in writing a covered call option is that a fund may forego the
opportunity for profit if the market price of the underlying security increases
and the option is exercised. The risk in writing a covered put option is that a
fund may incur a loss if the market price of the underlying security decreases
and the option is exercised. In addition, there is the risk that a fund may not
be able to enter into a closing transaction because of an illiquid secondary
market or, for over-the-counter options, because of the counterparty's inability
to perform. The Trust has established strict counterparty credit guidelines and
enters into transactions only with financial institutions of investment grade or
better.
There are several risks in connection with the use of futures contracts. Futures
contracts involve, to varying degrees, risk of loss in excess of amounts
reflected in the financial statements. Risks may be caused by an imperfect
correlation between movements in the price of the instruments and the price of
the underlying securities. In addition, there is the risk that a fund may not be
able to enter into a closing transaction because of an illiquid secondary
market.
In conjunction with the use of options, futures, options on futures and swap
agreements, as well as short sales of securities, the Funds are required to
maintain collateral in various forms. The Funds use, where appropriate,
depending on the financial instrument utilized
ANNUAL REPORT 13
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
and the broker involved, margin deposits at the broker, cash segregated at the
custodian bank, or the repurchase agreements allocated to each Fund.
The risks inherent in the use of options, futures contracts, options on futures
contracts, and swap agreements include 1) adverse changes in the value of such
instruments; 2) imperfect correlation between the price of the instruments and
movements in the price of the underlying securities, indices, or futures
contracts; 3) the possible absence of a liquid secondary market for any
particular instrument at any time; and 4) the potential of counterparty default.
Each CLS AdvisorOne Fund operates primarily as a "fund of funds." In other
words, each Fund pursues its investment goal by investing primarily in exchange
traded funds ("ETFs"), traditional open-end investment companies ("mutual
funds"), and closed-end investment companies ("closed-end funds"). In this
Annual Report, the ETFs, mutual funds and closed-end funds in which the Funds
invest are referred to as "underlying funds." In addition to investing in
underlying funds, each Fund may invest a portion of its assets directly in
individual securities or in derivatives, such as options and futures.
The Funds invest in underlying funds that invest primarily in common stock or
securities convertible into or exchangeable for common stock, such as
convertible preferred stock, convertible debentures, warrants, options and
bonds. Because the Funds invest primarily in underlying funds, the value of your
investment will fluctuate in response to the performance of the underlying
funds. In addition, investing through the Funds in a portfolio of underlying
funds involves certain additional expenses that would not arise if you invested
directly in the underlying funds. By investing indirectly in underlying funds
through a Fund, you will bear not only your proportionate share of a Fund's
expenses (including operating costs and investment advisory, 12b-1 and
administrative fees), but also, indirectly, similar expenses and charges of the
underlying funds. In addition, to the extent these underlying funds trade their
portfolios actively, they will incur higher brokerage commissions, as well as
increased realization of taxable gains.
3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Under the terms of an investment advisory contract, the Trust pays Rydex Global
Advisors (the "Advisor"), an affiliated entity, investment advisory fees
calculated at an annual percentage rate of 0.90% of the average daily net assets
of the Amerigo Fund and the Clermont Fund. Certain officers of the Trust are
also officers of the Advisor.
The Advisor pays the Sub-Advisor out of the advisory fees it receives. In
addition, the Advisor bears all of its own costs associated with providing these
services and the expenses of the Trustees that are affiliated with the Advisor.
The Advisor may make payments from its own resources to broker-dealers and other
financial insitutions in connection with the sale of Fund shares.
14
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
Rydex Fund Services Company, Inc. (the "Servicer"), an affiliated entity,
provides transfer agent and administrative services to the Trust calculated at
an annual percentage rate of 0.25% of the average daily net assets of the
Amerigo Fund and the Clermont Fund.
The Servicer also provides accounting services to the Trust calculated at an
annualized rate of 0.10% on the first $250 million of the average daily net
assets, 0.075% on the next $250 million of the average daily net assets, 0.05%
on the next $250 million of the average daily net assets, and 0.03% on the
average daily net assets over $750 million of each of the funds.
Certain officers of the Trust are also officers of the Servicer.
The Servicer also provides other necessary services to the Trust, such as
accounting and auditing services, legal services, custody, printing and mailing,
etc., on a pass-through basis. Such expenses vary from Fund to Fund and are
allocated to the Funds based on relative net assets or average net assets, as
applicable.
The Trust has adopted an Investor Services Plan for which Rydex Distributors,
Inc., an affiliated entity, and other firms that provide shareholder services
("Service Providers") may receive compensation. The Trust will pay fees to Rydex
Distributors, Inc. at an annual rate not to exceed 0.25% of average daily net
assets. Rydex Distributors, Inc., in turn, will compensate Service Providers for
providing such services, while retaining a portion of such payments to
compensate it for shareholder services it performs.
4. FEDERAL INCOME TAX INFORMATION
The Funds intend to comply with the provisions of the Internal Revenue Code
applicable to regulated investment companies and will distribute all net
investment income to its shareholders. Therefore, no provision for Federal
income taxes is required.
Income and capital gain distributions are determined in accordance with federal
income tax regulations, which may differ from accounting principles generally
accepted in the United States. These differences are primarily due to differing
treatments for futures and options transactions, losses deferred due to wash
sales, losses deferred due to post-October losses, and excise tax regulations.
Permanent book and tax basis differences, if any, relating to shareholder
distributions will result in reclassifications to paid-in capital. This includes
net operating losses not utilized during the current year and differences in the
treatment of certain notional principal contracts. These reclassifications have
no effect on net assets or net asset values per share. Any taxable gain
remaining at fiscal year end is distributed in the following year.
ANNUAL REPORT 15
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
The tax character of distributable earnings/(accumulated losses) at December 31,
2003 was a follows:
UNDISTRIBUTED NET UNREALIZED
ORDINARY UNDISTRIBUTED APPRECIATION/ CAPITAL LOSS
FUND INCOME REALIZED GAIN DEPRECIATION CARRYFORWARD
- ------ ------------- ------------- -------------- ------------
Amerigo Fund ....... $75,904 $ -- $4,375,115 $ (3,024)1
Clermont Fund ...... 174,477 -- 1,305,918 (41,148)1
1 EXPIRES IN 2011
TAX BASIS UNREALIZED GAIN (LOSS) ON INVESTMENTS AND DISTRIBUTIONS
At December 31, 2003, the cost of securities for federal income tax purposes,
the aggregate gross unrealized gain for all securities for which there was an
excess of value over tax cost, and the aggregate gross unrealized loss for all
securities for which there was an excess of tax cost over value were as follows:
TAX TAX NET
TAX UNREALIZED UNREALIZED UNREALIZED
FUND COST GAIN (LOSS) GAIN (LOSS)
- ------ ----------- ---------- ---------- -----------
Amerigo Fund ......... $41,398,649 $4,380,577 $(5,462) $4,375,115
Clermont Fund ........ 20,803,657 1,316,878 (10,960) 1,305,918
5. SECURITIES TRANSACTIONS
During the period ended December 31, 2003, purchases and sales of investment
securities, excluding short-term and temporary cash investments, were:
AMERIGO CLERMONT
FUND FUND
----------- -----------
Purchases ................................... $58,138,226 $36,625,206
Sales ....................................... $16,736,553 $15,767,281
16
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
- --------------------------------------------------------------------------------
6. SHARE TRANSACTIONS
The Trust is authorized to distribute an unlimited number of no par value
shares. Transactions in shares for the period ended December 31, 2003 were:
AMERIGO CLERMONT
FUND* FUND*
----------- -----------
Shares Purchased ............................. 1,594,166 854,031
Purchased through Dividend Reinvestment ...... -- --
----------- -----------
Total Purchased .............................. 1,594,166 854,031
Shares Redeemed .............................. (12,953) (30,421)
----------- -----------
Net Shares Purchased ......................... 1,581,213 823,610
=========== ===========
Transactions in dollars for the period ended December 31, 2003 were:
AMERIGO CLERMONT
FUND* FUND*
----------- -----------
Shares Purchased ............................. $41,736,183 $21,601,251
Purchased through Dividend Reinvestment ...... -- --
----------- -----------
Total Purchased .............................. 41,736,183 21,601,251
Shares Redeemed .............................. (344,712) (763,809)
----------- -----------
Net Change ................................... $41,391,471 $20,837,442
=========== ===========
7. NET ASSETS
At December 31, 2003, net assets consisted of:
AMERIGO CLERMONT
FUND FUND
----------- -----------
Paid-In-Capital .............................. $41,391,471 $20,837,442
Undistributed Net Investment Income .......... 75,904 174,477
Accumulated Net Realized Loss on Investments . (20,953) (105,424)
Net Unrealized Appreciation (Depreciation)
on Investments ............................. 4,393,044 1,370,194
----------- -----------
Net Assets ................................... $45,839,466 $22,276,689
=========== ===========
* SINCE THE COMMENCEMENT OF OPERATIONS: JULY 1, 2003.
ANNUAL REPORT 17
INDEPENDENT AUDITORS' REPORT
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To the Board of Trustees and Shareholders
of Rydex Variable Trust:
In our opinion, the accompanying statements of assets and liabilities, including
the schedules of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Amerigo Fund and Clermont Fund (two
of the funds comprising the Rydex Variable Trust, hereafter referred to as the
"Funds") at December 31, 2003, the results of each of their operations, the
changes in each of their net assets and the financial highlights for the period
July 1, 2003 (commencement of operations) through December 31, 2003, in
conformity with accounting principles generally accepted in the United States of
America. These financial statements and financial highlights (hereafter referred
to as "financial statements") are the responsibility of the Funds' management;
our responsibility is to express an opinion on these financial statements based
on our audits. We conducted our audits of these financial statements in
accordance with auditing standards generally accepted in the United States of
America, which require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at December 31, 2003 by
correspondence with the custodian and brokers, provide a reasonable basis for
our opinion.
PricewaterhouseCoopers LLP
Baltimore, Maryland
February 19, 2004
18
UNAUDITED INFORMATION
ON BOARD OF TRUSTEES
- --------------------------------------------------------------------------------
Each Trust is served by a separate Board of Trustees composed of five members.
The membership of each Board is the same. There is no stated term of service,
and Trustees continue to serve after election until resignation.
POSITIONS HELD LENGTH OF SERVICE
NAME, AGE, AND ADDRESS WITH FUND AS TRUSTEE (YEAR BEGAN)
- ---------------------- -------------- -----------------------
Corey A. Colehour (58) Trustee Rydex Series Funds - 1993
9601 Blackwell Rd., Suite 500 Rydex Variable Trust - 1998
Rockville, MD 20850 Rydex Dynamic Funds - 1999
Rydex ETF Trust - 2003
J. Kenneth Dalton (62) Trustee Rydex Series Funds - 1995
9601 Blackwell Rd., Suite 500 Rydex Variable Trust - 1998
Rockville, MD 20850 Rydex Dynamic Funds - 1999
Rydex ETF Trust - 2003
John O. Demaret (63) Trustee Rydex Series Funds - 1997
9601 Blackwell Rd., Suite 500 Rydex Variable Trust - 1998
Rockville, MD 20850 Rydex Dynamic Funds - 1999
Rydex ETF Trust - 2003
Rydex Capital Partners SPhinX Fund - 2003
Patrick T. McCarville (61) Trustee Rydex Series Funds - 1997
9601 Blackwell Rd., Suite 500 Rydex Variable Trust - 1998
Rockville, MD 20850 Rydex Dynamic Funds - 1999
Rydex ETF Trust - 2003
Roger Somers (59) Trustee Rydex Series Funds - 1993
9601 Blackwell Rd., Suite 500 Rydex Variable Trust - 1998
Rockville, MD 20850 Rydex Dynamic Funds - 1999
Rydex ETF Trust - 2003
- --------------------------------------------------------------------------------
ANNUAL REPORT 19
UNAUDITED INFORMATION
ON BOARD OF TRUSTEES (CONCLUDED)
- --------------------------------------------------------------------------------
The Statement of Additional Information, a separate document with supplemental
information not contained in the Prospectus, includes additional information
about Fund Trustees and can be obtained without charge by calling (800)
820-0888.
NUMBER OF PORTFOLIOS
PRINCIPAL OCCUPATIONS IN FUND COMPLEX
DURING PAST 5 YEARS OVERSEEN OTHER TRUSTEESHIPS
- --------------------- --------------------- ------------------
Senior Vice President of Marketing/
Co-Owner
Schield Management Company 77 None
Mortgage Banking Consultant and Investor
The Dalton Group 77 None
Retired 78 None
Founder and Chief Executive Officer
Par Industries, Inc. 77 None
Owner
Arrow Limousine 77 None
PROXY VOTING INFORMATION
A description of the policies and procedures that the Trust uses to determine
how to vote proxies relating to securities held in the Funds' portfolios is
available, without charge and upon request, by calling 1-800-820-0888. This
information is also available from the EDGAR database on the SEC's site at
http://www.sec.gov.
20
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ANNUAL REPORT 21
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ITEM 2. CODE OF ETHICS.
The Board of Trustees of the Trust has adopted a Combined Code of Ethics (the
"Code") pursuant to Rule 17j-1 under the 1940 Act. The Advisor and Distributor
are also covered by the Code. The Code applies to the personal investing
activities of trustees, directors, officers, and certain employees ("access
persons"). Rule 17j-1 and the Code are designed to prevent unlawful practices in
connection with the purchase or sale of securities by access persons. Under the
Code, access persons are permitted to engage in personal securities
transactions, but are required to report their personal securities transactions
for monitoring purposes. In addition, certain access persons are required to
obtain approval before investing in initial public offerings or private
placements. No substantive amendments were approved or waivers were granted to
the Code during the period covered by this report. The Code is filed as an
exhibit to this Form N-CSR.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Although the audit committee has not determined that any of its members is an
"audit committee financial expert" as defined by the Rule, the audit committee
members collectively have many years of experience in business and finance,
including working with fund financial statements and auditors.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a)-(d) The aggregate Audit Fees billed by PricewaterhouseCoopers LLP ("PWC"),
the Trust's principal accountant, for the audit of the annual financial
statements in connection with statutory and regulatory filings for the fiscal
years ended December 31, 2003 and December 31, 2002 were $338,000 and $357,300,
respectively. The aggregate Tax Fees billed by PWC for professional services
rendered for tax compliance, tax advice, and tax planning, including preparation
of tax returns and distribution assistance, for the fiscal years ended December
31, 2003 and December 31, 2002 were $126,100 and $128,052, respectively. In
addition to the Audit Fees and Tax Fees, the Trust also paid PWC $2,493.90 for
the fiscal year ended December 31, 2002 for services rendered in connection with
responding to a regulatory agency's request for comments.
(e) The audit committee has adopted a policy whereby audit and non-audit
services performed by the registrant's principal accountant for the registrant,
its investment advisor, and any entity controlling, controlled by, or under
common control with the investment advisor that provides ongoing services to the
registrant require pre-approval in advance at regularly scheduled audit
committee meetings. If such service is required between regularly scheduled
audit committee meetings, the chairman of the audit committee, J. Kenneth
Dalton, is authorized to pre-approve
the service with full committee approval at the next scheduled meeting. There
shall be no waivers of the pre-approval process. No services described in
(b)-(d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of
Regulation S-X.
(f) Not applicable.
(g) The aggregate non-audit fees billed by the registrant's accountant for the
most recent fiscal year and the preceding fiscal year for services rendered to
the registrant, the investment advisor, and any entity controlling, controlled
by, or under common control with the advisor that provides ongoing services to
the registrant were $368,100 and $250,672, respectively. These aggregate fees
were less than the aggregate fees billed for the same periods by the
registrant's principal accountant for audit services rendered to the registrant,
the investment advisor, and any entity controlling, controlled by, or under
common control with the advisor that provides ongoing services to the
registrant.
(h) All non-audit services rendered in (g) above were pre-approved by the
registrant's audit committee. As such, the audit committee has considered these
services in maintaining the principal accountant's independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. [RESERVED]
ITEM 9. CONTROLS AND PROCEDURES.
(a) Based on their evaluation on February 26, 2004, the President (principal
executive officer) and the Treasurer (principal financial officer) of the Rydex
Variable Trust (the "Trust") believe that there were no significant deficiencies
in the design or operation of the internal controls of the Trust or Rydex Global
Advisors ("RGA"), the investment advisor and manager of the Trust, or Rydex
Distributors, Inc. ("RD"), which acts as distributor for the Trust, including
disclosure controls and procedures (as defined in Rule 30a-2(c) under the
Investment Company Act of 1940) which would have adversely affected the ability
of the Trust or RGA on behalf of the Trust, to record, process, summarize, and
report the subject matter contained in this Report, and the President and
Treasurer of the Trust have identified no material weaknesses in such internal
controls on behalf of the Trust.
There was no fraud, whether or not material, involving officers or employees of
RGA, RD or the Trust who have a significant role in the Trust's internal
controls, including disclosure controls and procedures (as defined in Rule
30a-2(c) under the Investment Company Act of 1940) that has come to the
attention of the advisor or the officers of the Trust, including its President
and Treasurer.
(b) There were no significant changes in the Trust's and RGA's internal
controls, including disclosure controls and procedures (as defined in Rule
30a-2(c) under the Investment Company Act of 1940) that apply to the Trust or in
other factors with respect to the Trust that could have significantly affected
the Trust's or RGA's internal controls during the period covered by this Form
N-CSR, and no corrective actions with regard to significant deficiencies or
material weaknesses were taken by the Trust or RGA during such period.
ITEM 10. EXHIBITS.
(a)(1) The registrant's code of ethics pursuant to Item 2 of Form N-CSR is
attached.
(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.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Rydex Variable Trust
---------------------------------------------------
By (Signature and Title)* /s/ Carl G. Verboncoeur
---------------------------------------------------------
Carl G. Verboncoeur, President
Date February 26, 2004
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Carl G. Verboncoeur
-------------------------------------------------------
Carl G. Verboncoeur, President
Date February 26, 2004
----------------------------------------------------------------------------
By (Signature and Title)* /s/ Nick Bonos
----------------------------------------------
Nick Bonos, Treasurer
Date February 26, 2004
----------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.