N-CSR 1 ncsr.txt 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 ---------- Rydex Variable Trust ----------------------------------------------------------------- (Exact name of registrant as specified in charter) 9601 Blackwell Road, Suite 500 Rockville, Maryland 20850 ----------------------------------------------------------------- (Address of principal executive offices) (Zip code) Carl G. Verboncoeur Rydex Variable Trust 9601 Blackwell Road, Suite 500 Rockville, Maryland 20850 ----------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: 1-301-296-5100 -------------- Date of fiscal year end: December 31, 2003 ----------------- Date of reporting period: December 31, 2003 ----------------- 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 --------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------- [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 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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 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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 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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 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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 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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 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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 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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 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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 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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 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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 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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 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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 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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 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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 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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 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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 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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 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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 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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 This page intentionally left blank. 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 -------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------- This page intentionally left blank. ANNUAL REPORT 21 -------------------------------------------------------------------------------- This page intentionally left blank. 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 ---------------------------------------------------------------------------- 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.