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Previous: GEON CO, 8-K, 1999-06-02 |
Next: RYDEX SERIES TRUST, N-30D, 1999-06-02 |
<PAGE>
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RYDEX SERIES TRUST
[RYDEX LOGO] ANNUAL REPORT
March 31, 1999
6116 Executive Boulevard, Suite 400
Rockville, MD 20852
(301) 468-8520 (800) 820-0888
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- --------------------------------------------------------------------------------
DEAR SHAREHOLDER:
The latest fiscal year was characterized by a robust, low inflationary
economic environment, as well as the highest stock market volatility in over a
decade. After a strong first half, the stock market endured a severe correction
in the third quarter, triggered by economic instability in Asia, Russia, and
Latin America and the disruption of several key financial markets due to the
collapse of a prominent hedge fund. However, three successive rate cuts by the
Federal Reserve helped restore investor confidence in the U.S. equity markets
and sent stocks roaring back at year-end, making the fourth quarter performance
one of the decade's best. Consolidation was also a major theme, as the total
value of announced mergers increased 78% in 1998 from 1997.
FISCAL YEAR IN REVIEW
Stocks staged a powerful rally during the first half of 1998, propelled by a
favorable economic environment of low interest rates and strong consumer
spending. In June, as the broad market touched new highs, Federal Reserve
Chairman Allen Greenspan described our nation's current economy as the most
impressive he has ever witnessed.
By late summer, U.S. stocks came under severe selling pressure as investor's
grew bearish amid the global economic crisis that began in Asia, moved to
Russia, and threatened several emerging markets in Latin America. The pullback
culminated on August 31, when the Dow Jones Industrial Average tumbled 512
points to post its second worst point loss in history. The S&P 500-TM- Index and
the NASDAQ 100 Index-TM- also fell sharply. The next day, Greenspan encouraged
investors by announcing that the Fed had to take action to contain the effects
of global economic turmoil on U.S. growth. As a result, the Fed cut the federal
funds rate by one quarter of a percentage point in late September, marking the
end of the worst quarter for U.S. stocks in eight years.
After the summer's global economic turmoil wiped out most of 1998's stock
market gains, the Fed followed its September rate cut with two more in the fall.
Fourth quarter GDP grew faster than expected, increasing 5.6%. Consumer
spending, which contributed to the strong GDP rate, was up an astonishing 4.8%
in 1998--the strongest growth experienced in over a decade. The S&P 500's gains
for the last half of the reporting period catapulted the Index to a 16.76%
return for the fiscal year. This marks the fourth consecutive year of
<PAGE>
double-digit returns, a feat that has occurred only once before in the post-war
period. The NASDAQ 100 Index-TM- had an even more impressive year, posting a
gain of 72.56%.
IN SUMMARY
Over the past year, technology and large-cap growth companies, many of which
make up the S&P 500-TM- Index and NASDAQ 100 Index-TM-, continue to lead the
equity markets. Despite volatility, the U.S. equity markets have responded to an
impressive economy that continues to expand with benign inflation. Our current
economic expansion, which began in April 1991, is the longest peacetime
expansion in our nation's economic history.
Sincerely,
/s/ Albert P. Viragh, Jr.
Albert P. (Skip) Viragh, Jr.
Chairman of the Board
2
<PAGE>
RYDEX SERIES TRUST
FUND STRATEGY AND PERFORMANCE
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- --------------------------------------------------------------------------------
In this section you will find information regarding the performance of each
Rydex Fund during the latest fiscal year in comparison to its benchmark index.
In addition, each Fund's investment strategy will be briefly described to
provide an understanding of the factors that affected the Funds' performance
during the period. If you have any questions or comments, call us at (800)
820-0888 or (301) 468-8520.
THE U.S. GOVERNMENT MONEY MARKET FUND
THE INVESTMENT OBJECTIVE OF THE U. S. GOVERNMENT MONEY MARKET FUND IS TO PROVIDE
SECURITY OF PRINCIPAL, HIGH CURRENT INCOME, AND LIQUIDITY.
INCEPTION: DECEMBER 3, 1993
From April 1, 1998 to March 31, 1999 short-term interest rates remained
relatively stable. The yield on the three-month U.S. Treasury Bill ranged from a
high of 5.10% to a low of 4.48%.
In order to provide security of principal, current income, and liquidity, the
Money Market Fund invested in U. S. Treasury Bills, short-term Government Agency
discount notes, and overnight repurchase agreements fully collateralized by U.
S. Government securities. As a policy, the advisor kept the Fund's weighted
average maturity relatively short in order to maximize liquidity and maintain a
stable net asset value. For the year ended March 31, 1999, the Fund returned
4.55% and 4.02% for the Investor and Advisor Class shares, respectively.
3
<PAGE>
THE NOVA FUND
BENCHMARK: 150% OF THE PERFORMANCE OF THE S&P 500-TM- COMPOSITE STOCK PRICE
INDEX
INCEPTION: JULY 12, 1993
The S&P 500-TM- Index, a benchmark for large-cap growth stock performance, rose
16.76% for the reporting period. For the past 12 months, large-cap stocks
outperformed mid-cap and small-cap stocks. The S&P 500-TM- reached an all time
high of 1316.55 on March 18, 1999. To achieve its objective, approximately 60%
of the Nova portfolio is invested in the stocks that comprise the S&P 500-TM-
Index, weighted according to the Index. The Fund also invests in S&P 500 futures
contracts and call options on S&P futures contracts. By using call options and
futures contracts, the Fund attempts to maintain a 150% exposure to the S&P 500
Index. For the year ended March 31, 1999, the Nova Fund returned 18.54%.
CUMULATIVE FUND PERFORMANCE: JULY 12, 1993--MARCH 31, 1999
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
RYDEX NOVA FUND S&P 500 INDEX
<S> <C> <C>
7/12/93 $10,000 $10,000
7/13/93 9,980 9,980
7/14/93 10,030 10,024
7/15/93 10,010 10,005
7/16/93 9,910 9,928
7/19/93 9,900 9,934
7/20/93 9,940 9,963
7/21/93 9,930 9,960
7/22/93 9,860 9,900
7/23/93 9,920 9,958
7/26/93 9,980 10,002
7/27/93 9,930 9,984
7/28/93 9,940 9,960
7/29/93 10,020 10,028
7/30/93 9,940 9,981
8/2/93 9,990 10,026
8/3/93 9,970 10,006
8/4/93 9,980 9,990
8/5/93 9,960 9,981
8/6/93 9,980 9,993
8/9/93 10,070 10,039
8/10/93 10,070 10,010
8/11/93 10,070 10,033
8/12/93 10,040 10,000
8/13/93 10,060 10,026
8/16/93 10,140 10,076
8/17/93 10,200 10,092
8/18/93 10,280 10,157
8/19/93 10,290 10,166
8/20/93 10,280 10,160
8/23/93 10,240 10,139
8/24/93 10,430 10,240
8/25/93 10,450 10,248
8/26/93 10,450 10,269
8/27/93 10,430 10,257
8/30/93 10,470 10,288
8/31/93 10,509 10,325
9/1/93 10,490 10,316
9/2/93 10,430 10,274
9/3/93 10,450 10,275
9/7/93 10,350 10,212
9/8/93 10,250 10,171
9/9/93 10,310 10,190
9/10/93 10,460 10,284
9/13/93 10,460 10,291
9/14/93 10,410 10,243
9/15/93 10,450 10,281
9/16/93 10,390 10,233
9/17/93 10,340 10,219
9/20/93 10,230 10,135
9/21/93 10,150 10,088
9/22/93 10,300 10,161
9/23/93 10,360 10,195
9/24/93 10,370 10,193
9/27/93 10,490 10,286
9/28/93 10,470 10,280
9/29/93 10,430 10,248
9/30/93 10,390 10,222
10/1/93 10,500 10,274
10/4/93 10,509 10,275
10/5/93 10,480 10,272
10/6/93 10,490 10,262
10/7/93 10,400 10,227
10/8/93 10,450 10,252
10/11/93 10,460 10,265
10/12/93 10,470 10,270
10/13/93 10,470 10,279
10/14/93 10,719 10,398
10/15/93 10,809 10,457
10/18/93 10,769 10,434
10/19/93 10,659 10,384
10/20/93 10,699 10,381
10/21/93 10,659 10,365
10/22/93 10,569 10,318
10/25/93 10,679 10,339
10/26/93 10,679 10,341
10/27/93 10,719 10,348
10/28/93 10,809 10,418
10/29/93 10,809 10,420
11/1/93 10,849 10,448
11/2/93 10,829 10,433
11/3/93 10,599 10,313
11/4/93 10,450 10,190
11/5/93 10,509 10,236
11/8/93 10,549 10,250
11/9/93 10,559 10,253
11/10/93 10,689 10,328
11/11/93 10,629 10,304
11/12/93 10,749 10,365
11/15/93 10,669 10,329
11/16/93 10,759 10,396
11/17/93 10,669 10,353
11/18/93 10,629 10,326
11/19/93 10,559 10,303
11/22/93 10,480 10,226
11/23/93 10,549 10,268
11/24/93 10,599 10,298
11/26/93 10,609 10,314
11/29/93 10,549 10,288
11/30/93 10,569 10,285
12/1/93 10,599 10,288
12/2/93 10,619 10,315
12/3/93 10,689 10,354
12/6/93 10,759 10,389
12/7/93 10,739 10,396
12/8/93 10,709 10,386
12/9/93 10,659 10,339
12/10/93 10,639 10,333
12/13/93 10,729 10,372
12/14/93 10,589 10,314
12/15/93 10,609 10,286
12/16/93 10,679 10,320
12/17/93 10,749 10,388
12/20/93 10,759 10,376
12/21/93 10,739 10,363
12/22/93 10,809 10,408
12/23/93 10,799 10,410
12/27/93 10,909 10,480
12/28/93 10,919 10,489
12/29/93 10,889 10,481
12/30/93 10,809 10,438
12/31/93 10,699 10,389
1/3/94 10,649 10,367
1/4/94 10,709 10,399
1/5/94 10,729 10,414
1/6/94 10,719 10,404
1/7/94 10,839 10,466
1/10/94 11,009 10,586
1/11/94 10,979 10,560
1/12/94 10,939 10,561
1/13/94 10,909 10,523
1/14/94 10,939 10,578
1/17/94 10,899 10,542
1/18/94 10,929 10,563
1/19/94 10,919 10,564
1/20/94 10,959 10,579
1/21/94 10,899 10,573
1/24/94 10,859 10,512
1/25/94 10,819 10,489
1/26/94 10,899 10,539
1/27/94 11,029 10,625
1/28/94 11,069 10,662
1/31/94 11,169 10,727
2/1/94 11,109 10,682
2/2/94 11,199 10,735
2/3/94 11,119 10,707
2/4/94 10,689 10,464
2/7/94 10,739 10,507
2/8/94 10,739 10,492
2/9/94 10,789 10,530
2/10/94 10,649 10,444
2/11/94 10,669 10,472
2/14/94 10,709 10,473
2/15/94 10,789 10,524
2/16/94 10,769 10,530
2/17/94 10,679 10,476
2/18/94 10,589 10,417
2/22/94 10,729 10,501
2/23/94 10,679 10,484
2/24/94 10,450 10,340
2/25/94 10,539 10,381
2/28/94 10,539 10,404
3/1/94 10,450 10,344
3/2/94 10,470 10,353
3/3/94 10,400 10,312
3/4/94 10,460 10,351
3/7/94 10,549 10,399
3/8/94 10,490 10,376
3/9/94 10,559 10,403
3/10/94 10,440 10,332
3/11/94 10,509 10,389
3/14/94 10,529 10,410
3/15/94 10,519 10,402
3/16/94 10,619 10,455
3/17/94 10,639 10,488
3/18/94 10,599 10,492
3/21/94 10,569 10,436
3/22/94 10,629 10,441
3/23/94 10,629 10,436
3/24/94 10,440 10,342
3/25/94 10,270 10,258
3/28/94 10,320 10,245
3/29/94 9,950 10,078
3/30/94 9,800 9,924
3/31/94 9,810 9,928
4/4/94 9,580 9,776
4/5/94 9,900 9,985
4/6/94 9,850 9,979
4/7/94 9,960 10,042
4/8/94 9,850 9,958
4/11/94 9,960 10,020
4/12/94 9,880 9,969
4/13/94 9,810 9,939
4/14/94 9,810 9,942
4/15/94 9,810 9,938
4/18/94 9,690 9,855
4/19/94 9,720 9,857
4/20/94 9,700 9,844
4/21/94 9,920 9,994
4/22/94 9,880 9,970
4/25/94 10,010 10,083
4/26/94 9,990 10,064
4/28/94 9,900 10,003
4/29/94 9,940 10,043
5/2/94 10,030 10,090
5/3/94 10,000 10,090
5/4/94 9,970 10,061
5/5/94 9,950 10,061
5/6/94 9,820 9,974
5/9/94 9,670 9,852
5/10/94 9,800 9,934
5/11/94 9,640 9,833
5/12/94 9,710 9,884
5/13/94 9,740 9,892
5/16/94 9,750 9,900
5/17/94 9,960 10,009
5/18/94 10,080 10,009
5/19/94 10,150 10,167
5/20/94 10,100 10,132
5/23/94 10,070 10,094
5/24/94 10,120 10,130
5/25/94 10,150 10,164
5/26/94 10,190 10,180
5/27/94 10,180 10,186
5/31/94 10,170 10,168
6/1/94 10,220 10,193
6/2/94 10,220 10,193
6/3/94 10,310 10,248
6/6/94 10,280 10,220
6/7/94 10,240 10,206
6/8/94 10,210 10,180
6/9/94 10,240 10,198
6/10/94 10,270 10,216
6/13/94 10,290 10,225
6/14/94 10,380 10,298
6/15/94 10,310 10,259
6/16/94 10,350 10,288
6/17/94 10,240 10,211
6/20/94 10,140 10,145
6/21/94 10,000 10,053
6/22/94 10,060 10,092
6/23/94 9,930 10,014
6/24/94 9,660 9,862
6/27/94 9,900 9,963
6/28/94 9,830 9,935
6/29/94 9,890 9,970
6/30/94 9,760 9,895
7/1/94 9,810 9,938
7/5/94 9,830 9,942
7/6/94 9,820 9,937
7/7/94 9,910 9,987
7/8/94 9,930 10,013
7/11/94 9,840 9,980
7/12/94 9,900 9,977
7/13/94 9,920 9,994
7/14/94 10,070 10,099
7/15/94 10,100 10,115
7/18/94 10,120 10,139
7/19/94 10,100 10,109
7/20/94 10,000 10,058
7/21/94 10,050 10,081
7/22/94 10,060 10,092
7/25/94 10,090 10,117
7/26/94 10,080 10,098
7/27/94 10,050 10,080
7/28/94 10,110 10,117
7/29/94 10,240 10,207
8/1/94 10,320 10,268
8/2/94 10,310 10,258
8/3/94 10,330 10,278
8/4/94 10,230 10,210
8/5/94 10,190 10,181
8/8/94 10,210 10,198
8/9/94 10,230 10,199
8/10/94 10,320 10,252
8/11/94 10,230 10,220
8/12/94 10,380 10,289
8/15/94 10,360 10,273
8/16/94 10,470 10,357
8/17/94 10,450 10,361
8/18/94 10,390 10,316
8/19/94 10,410 10,327
8/22/94 10,380 10,297
8/23/94 10,460 10,346
8/24/94 10,609 10,447
8/25/94 10,569 10,425
8/26/94 10,809 10,553
8/29/94 10,799 10,570
8/30/94 10,839 10,604
8/31/94 10,769 10,591
9/1/94 10,759 10,539
9/2/94 10,679 10,490
9/6/94 10,679 10,490
9/7/94 10,649 10,510
9/8/94 10,729 10,490
9/9/94 10,559 10,538
9/12/94 10,480 10,428
9/13/94 10,529 10,384
9/14/94 10,579 10,413
9/15/94 10,749 10,575
9/16/94 10,639 10,495
9/19/94 10,639 10,487
9/20/94 10,360 10,320
9/21/94 10,340 10,278
9/22/94 10,310 10,274
9/23/94 10,280 10,238
9/26/94 10,330 10,264
9/27/94 10,350 10,291
9/28/94 10,430 10,353
9/29/94 10,350 10,295
9/30/94 10,320 10,306
10/3/94 10,320 10,284
10/4/94 10,040 10,125
10/5/94 10,020 10,101
10/6/94 10,000 10,075
10/7/94 10,090 10,136
10/10/94 10,220 10,224
10/11/94 10,450 10,375
10/12/94 10,460 10,367
10/13/94 10,509 10,419
10/14/94 10,579 10,448
10/17/94 10,539 10,445
10/18/94 10,490 10,416
10/19/94 10,569 10,474
10/20/94 10,450 10,398
10/21/94 10,400 10,354
10/24/94 10,280 10,264
10/25/94 10,280 10,279
10/26/94 10,320 10,304
10/27/94 10,440 10,376
10/28/94 10,749 10,552
10/31/94 10,619 10,521
11/1/94 10,509 10,433
11/2/94 10,430 10,390
11/3/94 10,500 10,422
11/4/94 10,290 10,296
11/7/94 10,360 10,314
11/8/94 10,440 10,371
11/9/94 10,400 10,366
11/10/94 10,380 10,342
11/11/94 10,310 10,298
11/14/94 10,460 10,380
11/15/94 10,410 10,357
11/16/94 10,450 10,371
11/17/94 10,360 10,325
11/18/94 10,330 10,278
11/21/94 10,150 10,207
11/22/94 9,810 10,024
11/23/94 9,920 10,021
11/25/94 10,030 10,074
11/28/94 10,080 10,115
11/29/94 10,120 10,138
11/30/94 10,040 10,105
12/1/94 9,880 9,999
12/2/94 10,040 10,096
12/5/94 10,040 10,097
12/6/94 10,030 10,092
12/7/94 9,970 10,050
12/8/94 9,770 9,921
12/9/94 9,840 9,955
12/12/94 9,910 10,011
12/13/94 9,940 10,026
12/14/94 10,070 10,133
12/15/94 10,090 10,142
12/16/94 10,190 10,219
12/19/94 10,200 10,199
12/20/94 10,150 10,181
12/21/94 10,300 10,237
12/22/94 10,454 10,238
12/23/94 10,250 10,242
12/27/94 10,342 10,300
12/28/94 10,280 10,265
12/29/94 10,291 10,272
12/30/94 10,189 10,229
1/3/95 10,189 10,226
1/4/95 10,270 10,261
1/5/95 10,250 10,253
1/6/95 10,250 10,261
1/9/95 10,270 10,264
1/10/95 10,291 10,283
1/11/95 10,301 10,283
1/12/95 10,291 10,282
1/13/95 10,454 10,378
1/16/95 10,546 10,454
1/17/95 10,556 10,469
1/18/95 10,525 10,462
1/19/95 10,433 10,400
1/20/95 10,393 10,352
1/23/95 10,423 10,375
1/24/95 10,433 10,376
1/25/95 10,484 10,411
1/26/95 10,525 10,431
1/27/95 10,546 10,477
1/30/95 10,484 10,435
1/31/95 10,566 10,478
2/1/95 10,556 10,477
2/2/95 10,648 10,530
2/3/95 10,862 10,661
2/6/95 10,923 10,716
2/7/95 10,933 10,709
2/8/95 10,913 10,717
2/9/95 10,923 10,695
2/10/95 10,953 10,723
2/13/95 10,943 10,728
2/14/95 10,964 10,748
2/15/95 11,066 10,792
2/16/95 11,045 10,807
2/17/95 10,984 10,735
2/21/95 10,984 10,751
2/22/95 11,076 10,804
2/23/95 11,137 10,845
2/24/95 11,137 10,875
2/27/95 11,004 10,779
2/28/95 11,127 10,855
3/1/95 11,045 10,817
3/2/95 11,055 10,805
3/3/95 11,035 10,812
3/6/95 11,055 10,816
3/7/95 10,913 10,738
3/8/95 10,964 10,761
3/9/95 10,953 10,761
3/10/95 11,219 10,904
3/13/95 11,188 10,915
3/14/95 11,300 10,978
3/15/95 11,249 10,955
3/16/95 11,372 11,034
3/17/95 11,382 11,037
3/20/95 11,392 11,050
3/21/95 11,361 11,027
3/22/95 11,361 11,040
3/23/95 11,372 11,046
3/24/95 11,576 11,158
3/27/95 11,647 11,208
3/28/95 11,647 11,223
3/29/95 11,616 11,206
3/30/95 11,606 11,186
3/31/95 11,545 11,152
4/3/95 11,555 11,178
4/4/95 11,667 11,253
4/5/95 11,708 11,260
4/6/95 11,729 11,272
4/7/95 11,698 11,279
4/10/95 11,739 11,292
4/11/95 11,678 11,260
4/12/95 11,749 11,296
4/13/95 11,820 11,342
4/17/95 11,698 11,273
4/18/95 11,678 11,256
4/19/95 11,637 11,246
4/20/95 11,657 11,254
4/21/95 11,759 11,325
4/24/95 11,922 11,423
4/25/95 11,871 11,407
4/26/95 11,902 11,418
4/27/95 11,933 11,438
4/28/95 11,994 11,464
5/1/95 11,943 11,454
5/2/95 11,984 11,467
5/3/95 12,198 11,592
5/4/95 12,208 11,594
5/5/95 12,157 11,584
5/8/95 12,290 11,670
5/9/95 12,259 11,661
5/10/95 12,290 11,679
5/11/95 12,340 11,679
5/12/95 12,361 11,705
5/15/95 12,453 11,754
5/16/95 12,442 11,764
5/17/95 12,381 11,739
5/18/95 12,086 11,572
5/19/95 12,126 11,564
5/22/95 12,300 11,663
5/23/95 12,463 11,773
5/24/95 12,442 11,774
5/25/95 12,453 11,773
5/26/95 12,249 11,663
5/30/95 12,228 11,662
5/31/95 12,575 11,880
6/1/95 12,595 11,882
6/2/95 12,534 11,860
6/5/95 12,697 11,929
6/6/95 12,657 11,928
6/7/95 12,575 11,874
6/8/95 12,524 11,857
6/9/95 12,422 11,759
6/12/95 12,544 11,824
6/13/95 12,687 11,939
6/14/95 12,687 11,949
6/15/95 12,759 11,963
6/16/95 12,810 12,023
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11/19/97 26,834 21,039
11/20/97 27,479 21,359
11/21/97 27,745 21,451
11/24/97 26,923 21,085
11/25/97 27,012 21,177
11/26/97 27,145 21,196
11/28/97 27,167 21,279
12/1/97 28,201 21,711
12/2/97 28,012 21,642
12/3/97 28,134 21,755
12/4/97 28,090 21,674
12/5/97 28,524 21,912
12/8/97 28,446 21,880
12/9/97 28,190 21,733
12/10/97 27,834 21,600
12/11/97 27,154 21,269
12/12/97 27,199 21,235
12/15/97 27,544 21,457
12/16/97 27,800 21,561
12/17/97 27,600 21,505
12/18/97 27,154 21,277
12/19/97 26,831 21,087
12/22/97 27,065 21,241
12/23/97 26,330 20,917
12/24/97 26,208 20,774
12/26/97 26,364 20,857
12/29/97 27,188 21,234
12/30/97 27,778 21,623
12/31/97 27,767 21,614
1/2/98 28,012 21,716
1/5/98 28,112 21,762
1/6/98 27,444 21,528
1/7/98 27,555 21,471
1/8/98 27,032 21,294
1/9/98 25,718 20,662
1/12/98 26,364 20,919
1/13/98 26,954 21,206
1/14/98 27,121 21,336
1/15/98 26,776 21,175
1/16/98 27,333 21,415
1/20/98 28,057 21,796
1/21/98 27,645 21,622
1/22/98 27,266 21,450
1/23/98 27,166 21,328
1/26/98 27,132 21,314
1/27/98 27,578 21,583
1/28/98 27,934 21,771
1/29/98 28,168 21,950
1/30/98 28,168 21,833
2/2/98 28,892 22,301
2/3/98 29,170 22,406
2/4/98 29,137 22,426
2/5/98 29,115 22,352
2/6/98 29,516 22,550
2/9/98 29,371 22,512
2/10/98 29,772 22,696
2/11/98 29,761 22,718
2/12/98 29,894 22,810
2/13/98 29,705 22,720
2/17/98 29,928 22,780
2/18/98 30,273 22,987
2/19/98 30,084 22,903
2/20/98 30,384 23,035
2/23/98 30,552 23,122
2/24/98 30,217 22,953
2/25/98 30,741 23,228
2/26/98 31,030 23,357
2/27/98 30,975 23,372
3/2/98 30,952 23,335
3/3/98 31,186 23,431
3/4/98 30,863 23,327
3/5/98 30,440 23,053
3/6/98 31,275 23,513
3/9/98 31,131 23,438
3/10/98 31,632 23,704
3/11/98 31,788 23,798
3/12/98 31,955 23,830
3/13/98 31,832 23,800
3/16/98 32,311 24,038
3/17/98 32,412 24,065
3/18/98 32,579 24,177
3/19/98 32,757 24,271
3/20/98 33,191 24,481
3/23/98 33,058 24,401
3/24/98 33,470 24,626
3/25/98 33,314 24,543
3/26/98 33,191 24,518
3/27/98 33,046 24,398
3/30/98 32,980 24,356
3/31/98 33,214 24,539
4/1/98 33,559 24,682
4/2/98 34,127 24,946
4/3/98 34,305 25,006
4/6/98 33,971 24,976
4/7/98 33,603 24,713
4/8/98 33,269 24,537
4/9/98 33,637 24,738
4/13/98 33,537 24,716
4/14/98 33,893 24,851
4/15/98 34,038 24,930
4/16/98 33,470 24,682
4/17/98 34,149 25,006
4/20/98 34,093 25,027
4/21/98 34,372 25,087
4/22/98 34,428 25,168
4/23/98 33,982 24,936
4/24/98 33,369 24,676
4/27/98 32,490 24,200
4/28/98 32,389 24,168
4/29/98 32,668 24,380
4/30/98 33,648 24,762
5/1/98 34,116 24,968
5/4/98 34,060 24,992
5/5/98 33,704 24,849
5/6/98 33,124 24,610
5/7/98 32,735 24,392
5/8/98 33,492 24,681
5/11/98 33,358 24,648
5/12/98 33,804 24,852
5/13/98 33,893 24,920
5/14/98 33,704 24,887
5/15/98 33,381 24,694
5/18/98 33,202 24,630
5/19/98 33,503 24,712
5/20/98 33,904 24,924
5/21/98 33,648 24,826
5/22/98 33,470 24,733
5/26/98 32,590 24,367
5/27/98 32,679 24,327
5/28/98 32,868 24,446
5/29/98 32,456 24,296
6/1/98 32,623 24,299
6/2/98 32,657 24,345
6/3/98 31,933 24,115
6/4/98 32,735 24,385
6/5/98 33,626 24,809
6/8/98 33,614 24,850
6/9/98 33,737 24,910
6/10/98 33,447 24,773
6/11/98 32,512 24,379
6/12/98 32,868 24,474
6/15/98 31,699 23,988
6/16/98 32,311 24,224
6/17/98 33,291 24,658
6/18/98 33,136 24,642
6/19/98 32,879 24,514
6/22/98 33,058 24,572
6/23/98 33,670 24,934
6/24/98 34,372 25,232
6/25/98 34,260 25,152
6/26/98 34,450 25,239
6/29/98 34,639 25,357
6/30/98 34,272 25,254
7/1/98 34,884 25,582
7/2/98 34,951 25,534
7/6/98 35,475 25,776
7/7/98 35,374 25,717
7/8/98 35,742 25,978
7/9/98 35,397 25,804
7/10/98 35,630 25,933
7/13/98 35,697 25,952
7/14/98 36,254 26,228
7/15/98 36,143 26,166
7/16/98 36,510 26,371
7/17/98 36,633 26,432
7/20/98 36,611 26,373
7/21/98 35,664 25,949
7/22/98 35,619 25,927
7/23/98 34,506 25,385
7/24/98 34,517 25,409
7/27/98 34,784 25,553
7/28/98 33,982 25,174
7/29/98 33,715 25,061
7/30/98 34,483 25,455
7/31/98 33,436 24,960
8/3/98 33,180 24,777
8/4/98 31,264 23,879
8/5/98 31,844 24,086
8/6/98 32,066 24,269
8/7/98 32,144 24,265
8/10/98 31,866 24,124
8/11/98 31,131 23,809
8/12/98 31,944 24,149
8/13/98 31,353 23,941
8/14/98 30,785 23,670
8/17/98 31,732 24,136
8/18/98 32,623 24,527
8/19/98 32,478 24,457
8/20/98 32,144 24,313
8/21/98 31,777 24,081
8/24/98 32,055 24,236
8/25/98 32,189 24,341
8/26/98 31,832 24,148
8/27/98 29,716 23,221
8/28/98 29,371 22,880
8/31/98 26,241 21,327
9/1/98 27,912 22,144
9/2/98 27,611 22,061
9/3/98 27,355 21,878
9/4/98 26,976 21,691
9/8/98 29,059 22,795
9/9/98 28,146 22,411
9/10/98 26,887 21,831
9/11/98 28,368 22,474
9/14/98 29,159 22,935
9/15/98 29,438 23,112
9/16/98 29,861 23,286
9/17/98 28,669 22,693
9/18/98 28,725 22,720
9/21/98 28,769 22,805
9/22/98 29,092 22,936
9/23/98 30,685 23,745
9/24/98 29,649 23,224
9/25/98 29,627 23,269
9/28/98 30,006 23,357
9/29/98 29,839 23,365
9/30/98 28,491 22,652
10/1/98 27,199 21,970
10/2/98 27,923 22,331
10/5/98 27,221 22,018
10/6/98 27,166 21,929
10/7/98 26,564 21,620
10/8/98 26,152 21,369
10/9/98 27,099 21,923
10/12/98 27,656 22,222
10/13/98 27,555 22,157
10/14/98 27,934 22,396
10/15/98 29,972 23,330
10/16/98 30,173 23,529
10/19/98 30,351 23,662
10/20/98 30,496 23,697
10/21/98 30,540 23,830
10/22/98 31,064 24,021
10/23/98 30,574 23,847
10/26/98 30,785 23,883
10/27/98 30,518 23,728
10/28/98 30,440 23,789
10/29/98 31,443 24,187
10/30/98 31,855 24,470
11/2/98 32,523 24,758
11/3/98 32,267 24,741
11/4/98 32,701 24,916
11/5/98 33,392 25,250
11/6/98 33,716 25,413
11/9/98 33,219 25,173
11/10/98 32,948 25,129
11/11/98 32,779 24,967
11/12/98 32,666 24,894
11/13/98 33,050 25,073
11/16/98 33,467 25,299
11/17/98 33,547 25,376
11/18/98 33,818 25,491
11/19/98 34,201 25,672
11/20/98 34,608 25,915
11/23/98 35,771 26,465
11/24/98 35,455 26,348
11/25/98 35,489 26,435
11/27/98 35,816 26,556
11/30/98 34,427 25,917
12/1/98 34,947 26,177
12/2/98 34,834 26,087
12/3/98 33,930 25,617
12/4/98 35,139 26,209
12/7/98 35,511 26,453
12/8/98 35,229 26,313
12/9/98 35,342 26,360
12/10/98 34,540 25,948
12/11/98 34,472 25,980
12/14/98 33,298 25,418
12/15/98 34,359 25,899
12/16/98 34,359 25,880
12/17/98 35,139 26,281
12/18/98 35,398 26,461
12/21/98 36,144 26,791
12/22/98 36,200 26,807
12/23/98 37,386 27,363
12/24/98 37,261 27,312
12/28/98 37,047 27,295
12/29/98 37,961 27,658
12/30/98 37,431 27,438
12/31/98 37,521 27,378
1/4/99 37,363 27,353
1/5/99 37,961 27,725
1/6/99 39,203 28,338
1/7/99 39,079 28,280
1/8/99 39,463 28,400
1/11/99 38,865 28,150
1/12/99 37,803 27,607
1/13/99 37,363 27,493
1/14/99 36,415 26,999
1/15/99 37,781 27,691
1/19/99 38,153 27,861
1/20/99 38,571 27,988
1/21/99 37,160 27,510
1/22/99 36,990 27,288
1/25/99 37,453 27,484
1/26/99 38,402 27,892
1/27/99 37,769 27,689
1/28/99 38,639 28,183
1/29/99 39,294 28,501
2/1/99 38,978 28,353
2/2/99 38,526 28,108
2/3/99 39,091 28,332
2/4/99 38,131 27,807
2/5/99 37,476 27,605
2/8/99 37,668 27,702
2/9/99 36,392 27,087
2/10/99 36,697 27,252
2/11/99 38,278 27,931
2/12/99 37,205 27,398
2/16/99 37,476 27,660
2/17/99 36,821 27,262
2/18/99 37,295 27,558
2/19/99 37,476 27,600
2/22/99 38,910 28,334
2/23/99 38,921 28,313
2/24/99 37,984 27,917
2/25/99 37,510 27,730
2/26/99 37,227 27,581
3/1/99 37,284 27,533
3/2/99 36,844 27,295
3/3/99 37,013 27,344
3/4/99 37,758 27,766
3/5/99 39,068 28,408
3/8/99 39,339 28,570
3/9/99 39,192 28,506
3/10/99 39,565 28,661
3/11/99 40,208 28,903
3/12/99 39,791 28,834
3/15/99 40,457 29,116
3/16/99 40,423 29,096
3/17/99 40,073 28,906
3/18/99 40,931 29,323
3/19/99 40,005 28,939
3/22/99 40,005 28,888
3/23/99 38,300 28,111
3/24/99 38,616 28,255
3/25/99 39,689 28,732
3/26/99 39,384 28,571
3/29/99 40,536 29,181
3/30/99 40,129 28,971
3/31/99 39,373 28,651
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 3-31-99
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
ADVISOR
INVESTOR CLASS CLASS
(7-12-93) (10-15-98)
--------------------------------- -----------
ONE FIVE SINCE SINCE
YEAR YEAR INCEPTION INCEPTION
<S> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------------
Nova Fund 18.54% 32.02% 27.07% 31.03%
S&P 500-TM- Composite Stock Price Index 16.76% 23.60% 20.20% 22.80%
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE S&P 500 COMPOSITE STOCK
PRICE INDEX IS AN UNMANAGED STOCK INDEX AND, UNLIKE THE FUND, HAS NO MANAGEMENT
FEES OR OTHER OPERATING EXPENSES TO REDUCE ITS REPORTED RETURN. RETURNS ARE
HISTORICAL AND INCLUDE CHANGES IN PRINCIPAL AND REINVESTED DIVIDENDS AND CAPITAL
GAINS. THE GRAPH IS BASED ON INVESTOR CLASS SHARES ONLY; PERFORMANCE FOR ADVISOR
CLASS SHARES WILL VARY DUE TO DIFFERENCES IN FEE STRUCTURES.
4
<PAGE>
THE URSA FUND
BENCHMARK: INVERSE (OPPOSITE) OF THE S&P 500-TM- COMPOSITE STOCK PRICE INDEX
INCEPTION: JANUARY 7, 1994
The Ursa Fund is designed to be 100% short the market at all times. To achieve
its objective, the Fund sold S&P 500 futures contracts and purchased put options
on S&P 500 futures contracts. Designed to inversely correlate to the S&P 500-TM-
Index, the Ursa Fund posted a -12.47% total return for the period as a result of
its short position compared to the 16.76% return for the S&P 500-TM-. Although
Ursa remained 100% short the market on each trading day, over the entire period
the Fund tended to deviate, to the benefit of shareholders due to a negative
compounding effect.
CUMULATIVE FUND PERFORMANCE: JANUARY 7, 1994--MARCH 31, 1999
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
RYDEX URSA FUND S&P 500 INDEX
<S> <C> <C>
1/7/94 $10,000 $10,000
1/10/94 9,900 10,114
1/11/94 9,920 10,090
1/12/94 9,940 10,091
1/13/94 9,940 10,055
1/14/94 9,910 10,107
1/17/94 9,950 10,072
1/18/94 9,930 10,093
1/19/94 9,940 10,094
1/20/94 9,910 10,108
1/21/94 9,950 10,103
1/24/94 9,970 10,044
1/25/94 9,990 10,022
1/26/94 9,940 10,070
1/27/94 9,860 10,152
1/28/94 9,840 10,187
1/31/94 9,770 10,249
2/1/94 9,810 10,207
2/2/94 9,760 10,258
2/3/94 9,810 10,230
2/4/94 10,050 9,998
2/7/94 9,980 10,040
2/8/94 9,980 10,024
2/9/94 9,950 10,061
2/10/94 10,030 9,979
2/11/94 10,010 10,006
2/14/94 9,990 10,007
2/15/94 9,920 10,056
2/16/94 9,930 10,062
2/17/94 9,990 10,009
2/18/94 10,040 9,953
2/22/94 9,950 10,033
2/23/94 9,960 10,017
2/24/94 10,120 9,880
2/25/94 10,060 9,918
2/28/94 10,050 9,941
3/1/94 10,100 9,884
3/2/94 10,090 9,892
3/3/94 10,130 9,853
3/4/94 10,090 9,890
3/7/94 10,040 9,936
3/8/94 10,080 9,914
3/9/94 10,040 9,940
3/10/94 10,100 9,872
3/11/94 10,050 9,926
3/14/94 10,040 9,947
3/15/94 10,050 9,938
3/16/94 9,990 9,990
3/17/94 9,970 10,021
3/18/94 10,000 10,025
3/21/94 10,020 9,971
3/22/94 10,000 9,977
3/23/94 9,990 9,971
3/24/94 10,110 9,882
3/25/94 10,220 9,802
3/28/94 10,190 9,789
3/29/94 10,410 9,629
3/30/94 10,520 9,482
3/31/94 10,500 9,486
4/4/94 10,670 9,341
4/5/94 10,460 9,540
4/6/94 10,470 9,535
4/7/94 10,390 9,595
4/8/94 10,470 9,515
4/11/94 10,400 9,574
4/12/94 10,450 9,525
4/13/94 10,500 9,497
4/14/94 10,500 9,499
4/15/94 10,500 9,495
4/18/94 10,580 9,416
4/19/94 10,560 9,418
4/20/94 10,570 9,405
4/21/94 10,410 9,549
4/22/94 10,440 9,526
4/25/94 10,350 9,634
4/26/94 10,360 9,616
4/28/94 10,420 9,557
4/29/94 10,390 9,596
5/2/94 10,340 9,641
5/3/94 10,360 9,641
5/4/94 10,380 9,613
5/5/94 10,390 9,613
5/6/94 10,480 9,530
5/9/94 10,580 9,413
5/10/94 10,490 9,492
5/11/94 10,600 9,395
5/12/94 10,550 9,443
5/13/94 10,530 9,452
5/16/94 10,530 9,459
5/17/94 10,370 9,563
5/18/94 10,290 9,563
5/19/94 10,240 9,714
5/20/94 10,280 9,681
5/23/94 10,300 9,645
5/24/94 10,270 9,679
5/25/94 10,250 9,711
5/26/94 10,230 9,727
5/27/94 10,240 9,732
5/31/94 10,250 9,715
6/1/94 10,220 9,739
6/2/94 10,230 9,739
6/3/94 10,170 9,792
6/6/94 10,190 9,765
6/7/94 10,210 9,751
6/8/94 10,230 9,727
6/9/94 10,210 9,744
6/10/94 10,190 9,761
6/13/94 10,180 9,770
6/14/94 10,120 9,840
6/15/94 10,170 9,802
6/16/94 10,140 9,830
6/17/94 10,220 9,756
6/20/94 10,290 9,693
6/21/94 10,380 9,605
6/22/94 10,330 9,642
6/23/94 10,410 9,569
6/24/94 10,610 9,423
6/27/94 10,440 9,519
6/28/94 10,490 9,493
6/29/94 10,450 9,526
6/30/94 10,540 9,455
7/1/94 10,510 9,496
7/5/94 10,500 9,499
7/6/94 10,510 9,494
7/7/94 10,450 9,542
7/8/94 10,440 9,567
7/11/94 10,500 9,535
7/12/94 10,470 9,533
7/13/94 10,450 9,549
7/14/94 10,350 9,649
7/15/94 10,330 9,665
7/18/94 10,310 9,688
7/19/94 10,330 9,659
7/20/94 10,390 9,611
7/21/94 10,360 9,632
7/22/94 10,360 9,643
7/25/94 10,340 9,667
7/26/94 10,350 9,648
7/27/94 10,370 9,631
7/28/94 10,320 9,667
7/29/94 10,240 9,752
8/1/94 10,190 9,811
8/2/94 10,190 9,801
8/3/94 10,180 9,820
8/4/94 10,250 9,755
8/5/94 10,280 9,727
8/8/94 10,260 9,744
8/9/94 10,250 9,745
8/10/94 10,200 9,796
8/11/94 10,250 9,765
8/12/94 10,160 9,831
8/15/94 10,170 9,815
8/16/94 10,100 9,896
8/17/94 10,110 9,899
8/18/94 10,140 9,857
8/19/94 10,130 9,868
8/22/94 10,150 9,838
8/23/94 10,100 9,885
8/24/94 10,000 9,981
8/25/94 10,030 9,961
8/26/94 9,880 10,083
8/29/94 9,890 10,100
8/30/94 9,860 10,132
8/31/94 9,900 10,119
9/1/94 9,910 10,070
9/2/94 9,960 10,023
9/6/94 9,960 10,023
9/7/94 9,980 10,042
9/8/94 9,930 10,023
9/9/94 10,040 10,069
9/12/94 10,090 9,963
9/13/94 10,060 9,921
9/14/94 10,030 9,949
9/15/94 9,920 10,104
9/16/94 9,990 10,027
9/19/94 9,990 10,020
9/20/94 10,170 9,861
9/21/94 10,180 9,820
9/22/94 10,200 9,816
9/23/94 10,220 9,782
9/26/94 10,190 9,807
9/27/94 10,180 9,833
9/28/94 10,120 9,892
9/29/94 10,180 9,837
9/30/94 10,200 9,847
10/3/94 10,200 9,826
10/4/94 10,380 9,674
10/5/94 10,400 9,651
10/6/94 10,410 9,627
10/7/94 10,350 9,685
10/10/94 10,260 9,769
10/11/94 10,100 9,913
10/12/94 10,100 9,906
10/13/94 10,070 9,955
10/14/94 10,030 9,983
10/17/94 10,050 9,980
10/18/94 10,090 9,952
10/19/94 10,040 10,008
10/20/94 10,120 9,935
10/21/94 10,150 9,893
10/24/94 10,230 9,807
10/25/94 10,230 9,822
10/26/94 10,210 9,845
10/27/94 10,120 9,914
10/28/94 9,930 10,082
10/31/94 10,010 10,052
11/1/94 10,080 9,969
11/2/94 10,130 9,928
11/3/94 10,090 9,958
11/4/94 10,230 9,838
11/7/94 10,180 9,854
11/8/94 10,130 9,910
11/9/94 10,160 9,904
11/10/94 10,170 9,882
11/11/94 10,230 9,839
11/14/94 10,140 9,918
11/15/94 10,170 9,896
11/16/94 10,140 9,909
11/17/94 10,200 9,865
11/18/94 10,220 9,821
11/21/94 10,350 9,753
11/22/94 10,590 9,578
11/23/94 10,510 9,575
11/25/94 10,450 9,625
11/28/94 10,410 9,665
11/29/94 10,390 9,687
11/30/94 10,440 9,655
12/1/94 10,550 9,554
12/2/94 10,440 9,647
12/5/94 10,440 9,647
12/6/94 10,450 9,643
12/7/94 10,490 9,603
12/8/94 10,630 9,480
12/9/94 10,590 9,512
12/12/94 10,530 9,565
12/13/94 10,513 9,580
12/14/94 10,422 9,682
12/15/94 10,402 9,690
12/16/94 10,332 9,764
12/19/94 10,332 9,745
12/20/94 10,372 9,728
12/21/94 10,271 9,781
12/22/94 10,312 9,783
12/23/94 10,312 9,786
12/27/94 10,251 9,842
12/28/94 10,291 9,808
12/29/94 10,281 9,814
12/30/94 10,372 9,774
1/3/95 10,372 9,770
1/4/95 10,322 9,804
1/5/95 10,332 9,797
1/6/95 10,342 9,804
1/9/95 10,322 9,807
1/10/95 10,312 9,825
1/11/95 10,312 9,825
1/12/95 10,312 9,824
1/13/95 10,211 9,916
1/16/95 10,151 9,989
1/17/95 10,151 10,003
1/18/95 10,171 9,996
1/19/95 10,221 9,937
1/20/95 10,261 9,891
1/23/95 10,241 9,913
1/24/95 10,231 9,914
1/25/95 10,201 9,948
1/26/95 10,181 9,966
1/27/95 10,171 10,010
1/30/95 10,201 9,970
1/31/95 10,151 10,011
2/1/95 10,161 10,011
2/2/95 10,100 10,062
2/3/95 9,969 10,186
2/6/95 9,939 10,239
2/7/95 9,929 10,232
2/8/95 9,949 10,240
2/9/95 9,939 10,219
2/10/95 9,929 10,246
2/13/95 9,929 10,250
2/14/95 9,929 10,269
2/15/95 9,869 10,312
2/16/95 9,879 10,326
2/17/95 9,919 10,257
2/21/95 9,919 10,273
2/22/95 9,869 10,323
2/23/95 9,828 10,362
2/24/95 9,838 10,391
2/27/95 9,909 10,299
2/28/95 9,838 10,372
3/1/95 9,889 10,335
3/2/95 9,879 10,324
3/3/95 9,899 10,330
3/6/95 9,889 10,335
3/7/95 9,979 10,260
3/8/95 9,949 10,282
3/9/95 9,949 10,282
3/10/95 9,798 10,419
3/13/95 9,818 10,429
3/14/95 9,748 10,489
3/15/95 9,778 10,468
3/16/95 9,707 10,543
3/17/95 9,707 10,545
3/20/95 9,707 10,558
3/21/95 9,717 10,536
3/22/95 9,717 10,548
3/23/95 9,717 10,554
3/24/95 9,607 10,661
3/27/95 9,577 10,709
3/28/95 9,577 10,724
3/29/95 9,597 10,707
3/30/95 9,597 10,688
3/31/95 9,637 10,656
4/3/95 9,637 10,680
4/4/95 9,577 10,752
4/5/95 9,556 10,759
4/6/95 9,546 10,770
4/7/95 9,566 10,777
4/10/95 9,546 10,790
4/11/95 9,577 10,758
4/12/95 9,546 10,793
4/13/95 9,506 10,837
4/17/95 9,577 10,771
4/18/95 9,587 10,755
4/19/95 9,607 10,745
4/20/95 9,597 10,753
4/21/95 9,546 10,821
4/24/95 9,456 10,915
4/25/95 9,486 10,899
4/26/95 9,476 10,910
4/27/95 9,456 10,929
4/28/95 9,436 10,954
5/1/95 9,466 10,944
5/2/95 9,436 10,957
5/3/95 9,335 11,076
5/4/95 9,325 11,078
5/5/95 9,355 11,069
5/8/95 9,284 11,150
5/9/95 9,305 11,142
5/10/95 9,284 11,159
5/11/95 9,264 11,159
5/12/95 9,264 11,184
5/15/95 9,214 11,231
5/16/95 9,224 11,240
5/17/95 9,254 11,217
5/18/95 9,405 11,057
5/19/95 9,385 11,049
5/22/95 9,295 11,144
5/23/95 9,214 11,249
5/24/95 9,224 11,249
5/25/95 9,224 11,249
5/26/95 9,325 11,144
5/30/95 9,335 11,142
5/31/95 9,164 11,351
6/1/95 9,154 11,353
6/2/95 9,184 11,332
6/5/95 9,113 11,398
6/6/95 9,133 11,397
6/7/95 9,174 11,346
6/8/95 9,194 11,329
6/9/95 9,254 11,235
6/12/95 9,194 11,298
6/13/95 9,123 11,408
6/14/95 9,133 11,417
6/15/95 9,093 11,431
6/16/95 9,093 11,488
6/19/95 8,992 11,603
6/20/95 9,003 11,598
6/21/95 9,013 11,577
6/22/95 8,912 11,727
6/23/95 8,922 11,698
6/26/95 9,025 11,580
6/27/95 9,046 11,544
6/28/95 9,046 11,544
6/28/95 9,015 11,592
6/29/95 9,036 11,574
6/30/95 9,056 11,593
7/3/95 9,015 11,643
7/5/95 8,984 11,646
7/6/95 8,891 11,790
7/7/95 8,850 11,840
7/10/95 8,840 11,858
7/11/95 8,891 11,806
7/12/95 8,788 11,936
7/13/95 8,799 11,939
7/14/95 8,819 11,915
7/17/95 8,778 11,975
7/18/95 8,850 11,885
7/19/95 8,953 11,725
7/20/95 8,922 11,780
7/21/95 8,933 11,782
7/24/95 8,860 11,846
7/25/95 8,809 11,941
7/26/95 8,799 11,952
7/27/95 8,747 12,029
7/28/95 8,799 11,980
7/31/95 8,819 11,961
8/1/95 8,850 11,910
8/2/95 8,881 11,892
8/3/95 8,860 11,891
8/4/95 8,860 11,895
8/7/95 8,850 11,918
8/8/95 8,840 11,926
8/9/95 8,840 11,911
8/10/95 8,902 11,863
8/11/95 8,922 11,813
8/14/95 8,850 11,912
8/15/95 8,881 11,887
8/16/95 8,871 11,917
8/17/95 8,871 11,897
8/18/95 8,860 11,901
8/21/95 8,902 11,877
8/22/95 8,881 11,907
8/23/95 8,922 11,857
8/24/95 8,902 11,863
8/25/95 8,860 11,920
8/28/95 8,902 11,897
8/29/95 8,881 11,917
8/30/95 8,871 11,937
8/31/95 8,850 11,957
9/1/95 8,819 11,999
9/5/95 8,747 12,113
9/6/95 8,726 12,134
9/7/95 8,726 12,136
9/8/95 8,696 12,187
9/11/95 8,685 12,213
9/12/95 8,644 12,269
9/13/95 8,603 12,317
9/14/95 8,541 12,420
9/15/95 8,541 12,414
9/18/95 8,562 12,402
9/19/95 8,531 12,432
9/20/95 8,500 12,487
9/21/95 8,572 12,407
9/22/95 8,572 12,380
9/25/95 8,593 12,382
9/26/95 8,593 12,373
9/27/95 8,603 12,365
9/28/95 8,541 12,468
9/29/95 8,562 12,437
10/2/95 8,603 12,380
10/3/95 8,593 12,393
10/4/95 8,613 12,374
10/5/95 8,593 12,399
10/6/95 8,593 12,396
10/9/95 8,665 12,308
10/10/95 8,675 12,290
10/11/95 8,644 12,332
10/12/95 8,582 12,409
10/13/95 8,572 12,439
10/16/95 8,613 12,408
10/17/95 8,541 12,487
10/18/95 8,531 12,501
10/19/95 8,489 12,570
10/20/95 8,551 12,502
10/23/95 8,582 12,451
10/24/95 8,562 12,483
10/25/95 8,634 12,396
10/26/95 8,716 12,273
10/27/95 8,644 12,337
10/30/95 8,603 12,412
10/31/95 8,644 12,375
11/1/95 8,582 12,433
11/2/95 8,520 12,550
11/3/95 8,531 12,568
11/6/95 8,551 12,523
11/7/95 8,593 12,478
11/8/95 8,510 12,592
11/9/95 8,500 12,625
11/10/95 8,510 12,614
11/13/95 8,510 12,605
11/14/95 8,562 12,541
11/15/95 8,479 12,639
11/16/95 8,428 12,712
11/17/95 8,417 12,770
11/20/95 8,459 12,702
11/21/95 8,407 12,774
11/22/95 8,428 12,735
11/24/95 8,417 12,768
11/27/95 8,417 12,797
11/28/95 8,325 12,906
11/29/95 8,325 12,931
11/30/95 8,335 12,883
12/1/95 8,325 12,917
12/4/95 8,242 13,060
12/5/95 8,191 13,145
12/6/95 8,180 13,198
12/7/95 8,222 13,113
12/8/95 8,201 13,141
12/11/95 8,180 13,184
12/12/95 8,191 13,168
12/13/95 8,160 13,230
12/14/95 8,201 13,129
12/15/95 8,222 13,116
12/18/95 8,366 12,914
12/19/95 8,283 13,023
12/20/95 8,345 12,895
12/21/95 8,314 12,992
12/22/95 8,283 13,023
12/26/95 8,263 13,073
12/27/95 8,273 13,078
12/28/95 8,294 13,069
12/29/95 8,283 13,108
1/2/96 8,201 13,210
1/3/96 8,180 13,222
1/4/96 8,273 13,145
1/5/96 8,283 13,124
1/9/96 8,428 12,970
1/10/96 8,531 12,736
1/11/96 8,469 12,826
1/12/96 8,469 12,807
1/15/96 8,500 12,765
1/16/96 8,397 12,948
1/17/96 8,428 12,904
1/18/96 8,397 12,944
1/19/96 8,356 13,020
1/22/96 8,366 13,054
1/23/96 8,325 13,041
1/24/96 8,253 13,193
1/25/96 8,294 13,131
1/26/96 8,222 13,229
1/29/96 8,201 13,284
1/30/96 8,129 13,410
1/31/96 8,046 13,535
2/1/96 8,026 13,587
2/2/96 8,046 13,532
2/5/96 8,005 13,650
2/6/96 7,933 13,755
2/7/96 7,892 13,831
2/8/96 7,810 13,962
2/9/96 7,810 13,968
2/12/96 7,748 14,076
2/13/96 7,779 14,056
2/14/96 7,851 13,951
2/15/96 7,902 13,861
2/16/96 7,923 13,790
2/20/96 8,005 13,634
2/21/96 7,902 13,792
2/22/96 7,799 14,021
2/23/96 7,810 14,026
2/26/96 7,943 13,843
2/27/96 7,954 13,774
2/28/96 8,005 13,721
2/29/96 8,077 13,629
3/1/96 7,964 13,713
3/4/96 7,923 13,850
3/5/96 7,840 13,956
3/6/96 7,913 13,875
3/7/96 7,882 13,910
3/8/96 8,149 13,482
3/11/96 8,046 13,620
3/12/96 8,098 13,558
3/13/96 8,067 13,589
3/14/96 8,016 13,638
3/15/96 8,026 13,650
3/18/96 7,871 13,889
3/19/96 7,902 13,869
3/20/96 7,913 13,832
3/21/96 7,933 13,815
3/22/96 7,913 13,846
3/25/96 7,923 13,834
3/26/96 7,892 13,896
3/27/96 7,974 13,810
3/28/96 7,933 13,810
3/29/96 7,985 13,737
4/1/96 7,902 13,912
4/2/96 7,892 13,945
4/3/96 7,892 13,958
4/4/96 7,882 13,957
4/5/96 7,882 13,957
4/8/96 8,036 13,710
4/9/96 8,057 13,667
4/10/96 8,211 13,482
4/11/96 8,201 13,432
4/12/96 8,119 13,550
4/15/96 8,057 13,681
4/16/96 8,036 13,726
4/17/96 8,067 13,654
4/18/96 8,057 13,697
4/19/96 8,036 13,728
4/22/96 7,974 13,788
4/23/96 7,943 13,866
4/24/96 7,985 13,836
4/25/96 7,943 13,894
4/26/96 7,933 13,906
4/29/96 7,943 13,921
4/30/96 7,954 13,921
5/1/96 7,933 13,930
5/2/96 8,057 13,692
5/3/96 8,088 13,655
5/6/96 8,098 13,637
5/7/96 8,149 13,583
5/8/96 8,046 13,722
5/9/96 8,046 13,736
5/10/96 7,954 13,877
5/13/96 7,851 14,078
5/14/96 7,810 14,165
5/15/96 7,810 14,161
5/16/96 7,810 14,149
5/17/96 7,758 14,235
5/20/96 7,706 14,325
5/21/96 7,717 14,317
5/22/96 7,655 14,438
5/23/96 7,686 14,386
5/24/96 7,665 14,439
5/28/96 7,737 14,306
5/29/96 7,799 14,214
5/30/96 7,748 14,295
5/31/96 7,820 14,240
6/3/96 7,799 14,209
6/4/96 7,748 14,313
6/5/96 7,686 14,438
6/6/96 7,748 14,323
6/7/96 7,748 14,329
6/10/96 7,779 14,304
6/11/96 7,779 14,279
6/12/96 7,799 14,238
6/13/96 7,810 14,214
6/14/96 7,861 14,170
6/17/96 7,851 14,155
6/18/96 7,902 14,089
6/19/96 7,882 14,087
6/20/96 7,902 14,090
6/21/96 7,830 14,191
6/24/96 7,810 14,234
6/25/96 7,820 14,226
6/26/96 7,892 14,139
6/27/96 7,840 14,227
6/28/96 7,779 14,272
7/1/96 7,737 14,383
7/2/96 7,758 14,335
7/3/96 7,789 14,309
7/5/96 7,964 13,991
7/8/96 8,016 13,887
7/9/96 7,985 13,934
7/10/96 7,954 13,962
7/11/96 8,119 13,741
7/12/96 8,119 13,752
7/15/96 8,345 13,403
7/16/96 8,325 13,372
7/17/96 8,253 13,494
7/18/96 8,129 13,696
7/19/96 8,191 13,593
7/22/96 8,253 13,487
7/23/96 8,376 13,340
7/24/96 8,345 13,336
7/25/96 8,283 13,432
7/26/96 8,232 13,533
7/29/96 8,345 13,426
7/30/96 8,253 13,519
7/31/96 8,191 13,619
8/1/96 8,057 13,833
8/2/96 7,902 14,099
8/5/96 7,954 14,050
8/6/96 7,923 14,096
8/7/96 7,902 14,134
8/8/96 7,902 14,101
8/9/96 7,954 14,090
8/12/96 7,892 14,168
8/13/96 7,954 14,050
8/14/96 7,933 14,089
8/15/96 7,933 14,094
8/16/96 7,882 14,156
8/19/96 7,882 14,186
8/20/96 7,892 14,167
8/21/96 7,913 14,153
8/22/96 7,840 14,273
8/23/96 7,882 14,195
8/26/96 7,933 14,128
8/27/96 7,913 14,182
8/28/96 7,923 14,148
8/29/96 8,026 13,990
8/30/96 8,098 13,875
9/3/96 8,046 13,933
9/4/96 8,036 13,952
9/5/96 8,129 13,821
9/6/96 8,016 13,951
9/9/96 7,933 14,126
9/10/96 7,933 14,127
9/11/96 7,913 14,200
9/12/96 7,851 14,282
9/13/96 7,727 14,483
9/16/96 7,706 14,556
9/17/96 7,717 14,534
9/18/96 7,748 14,502
9/19/96 7,717 14,535
9/20/96 7,696 14,621
9/23/96 7,696 14,609
9/24/96 7,696 14,591
9/25/96 7,706 14,595
9/26/96 7,696 14,596
9/27/96 7,706 14,603
9/30/96 7,706 14,627
10/1/96 7,665 14,664
10/2/96 7,624 14,769
10/3/96 7,645 14,743
10/4/96 7,542 14,928
10/7/96 7,531 14,969
10/8/96 7,562 14,910
10/9/96 7,614 14,827
10/10/96 7,634 14,782
10/11/96 7,552 14,911
10/14/96 7,542 14,972
10/15/96 7,552 14,951
10/16/96 7,531 14,991
10/17/96 7,511 15,046
10/18/96 7,459 15,127
10/21/96 7,470 15,106
10/22/96 7,531 15,037
10/23/96 7,511 15,052
10/24/96 7,583 14,946
10/25/96 7,573 14,916
10/28/96 7,624 14,838
10/29/96 7,562 14,929
10/30/96 7,603 14,916
10/31/96 7,531 15,009
11/1/96 7,562 14,977
11/4/96 7,511 15,040
11/5/96 7,470 15,192
11/6/96 7,325 15,420
11/7/96 7,315 15,485
11/8/96 7,284 15,553
11/11/96 7,284 15,575
11/12/96 7,305 15,526
11/13/96 7,284 15,559
11/14/96 7,233 15,660
11/15/96 7,222 15,697
11/18/96 7,222 15,685
11/19/96 7,171 15,794
11/20/96 7,171 15,832
11/21/96 7,181 15,807
11/22/96 7,130 15,934
11/25/96 7,047 16,110
11/26/96 7,078 16,088
11/27/96 7,088 16,067
11/29/96 7,068 16,110
12/2/96 7,068 16,100
12/3/96 7,191 15,924
12/4/96 7,172 15,857
12/5/96 7,192 15,841
12/6/96 7,244 15,740
12/9/96 7,130 15,956
12/10/96 7,172 15,740
12/11/96 7,254 15,764
12/12/96 7,368 15,520
12/13/96 7,358 15,506
12/16/96 7,440 15,343
12/17/96 7,389 15,451
12/18/96 7,337 15,568
12/19/96 7,182 15,871
12/20/96 7,151 15,937
12/23/96 7,182 15,895
12/24/96 7,130 15,983
12/26/96 7,089 16,085
12/27/96 7,089 16,105
12/30/96 7,141 16,043
12/31/96 7,275 15,764
1/2/97 7,275 15,684
1/3/97 7,161 15,919
1/6/97 7,223 15,911
1/7/97 7,130 16,030
1/8/97 7,172 15,927
1/9/97 7,151 16,064
1/10/97 7,079 16,163
1/13/97 7,099 16,163
1/14/97 7,017 16,362
1/15/97 7,037 16,327
1/16/97 7,006 16,381
1/17/97 6,955 16,518
1/20/97 6,955 16,529
1/21/97 6,893 16,657
1/22/97 6,862 16,732
1/23/97 6,955 16,547
1/24/97 7,048 16,398
1/27/97 7,058 16,280
1/28/97 7,037 16,280
1/29/97 6,975 16,440
1/30/97 6,893 16,688
1/31/97 6,903 16,730
2/3/97 6,882 16,742
2/4/97 6,851 16,796
2/5/97 6,965 16,563
2/6/97 6,944 16,602
2/7/97 6,841 16,803
2/10/97 6,903 16,715
2/11/97 6,841 16,803
2/12/97 6,738 17,084
2/13/97 6,686 17,276
2/14/97 6,696 17,205
2/18/97 6,655 17,372
2/19/97 6,686 17,291
2/20/97 6,769 17,084
2/21/97 6,769 17,063
2/24/97 6,696 17,244
2/25/97 6,686 17,281
2/26/97 6,769 17,146
2/27/97 6,872 16,920
2/28/97 6,893 16,830
3/3/97 6,851 16,925
3/4/97 6,872 16,832
3/5/97 6,769 17,067
3/6/97 6,800 16,994
3/7/97 6,748 17,131
3/10/97 6,686 17,315
3/11/97 6,707 17,266
3/12/97 6,779 17,116
3/13/97 6,893 16,803
3/14/97 6,851 16,880
3/17/97 6,841 16,934
3/18/97 6,913 16,805
3/19/97 6,944 16,722
3/20/97 6,975 16,656
3/21/97 6,944 16,687
3/24/97 6,862 16,831
3/25/97 6,913 16,792
3/26/97 6,893 16,823
3/27/97 7,089 16,469
3/31/97 7,254 16,112
4/1/97 7,192 16,166
4/2/97 7,316 15,963
4/3/97 7,296 15,968
4/4/97 7,213 16,129
4/7/97 7,172 16,219
4/8/97 7,120 16,304
4/9/97 7,182 16,186
4/10/97 7,203 16,138
4/11/97 7,440 15,698
4/14/97 7,358 15,827
4/15/97 7,234 16,061
4/16/97 7,151 16,249
4/17/97 7,172 16,211
4/18/97 7,141 16,309
4/21/97 7,192 16,182
4/22/97 7,037 16,485
4/23/97 7,048 16,464
4/24/97 7,079 16,412
4/25/97 7,151 16,288
4/28/97 7,089 16,449
4/29/97 6,872 16,898
4/30/97 6,841 17,053
5/1/97 6,851 16,994
5/2/97 6,727 17,301
5/5/97 6,562 17,670
5/6/97 6,583 17,616
5/7/97 6,717 17,357
5/8/97 6,676 17,456
5/9/97 6,624 17,552
5/12/97 6,531 17,826
5/13/97 6,552 17,730
5/14/97 6,541 17,823
5/15/97 6,500 17,916
5/16/97 6,603 17,658
5/19/97 6,572 17,733
5/20/97 6,500 17,911
5/21/97 6,521 17,862
5/22/97 6,541 17,784
5/23/97 6,479 18,026
5/27/97 6,459 18,083
5/28/97 6,459 18,030
5/29/97 6,500 17,963
5/30/97 6,469 18,052
6/2/97 6,500 18,011
6/3/97 6,521 17,993
6/4/97 6,531 17,878
6/5/97 6,500 17,949
6/6/97 6,376 18,259
6/9/97 6,355 18,364
6/10/97 6,335 18,414
6/11/97 6,314 18,505
6/12/97 6,200 18,801
6/13/97 6,149 19,010
6/16/97 6,138 19,023
6/17/97 6,149 19,034
6/18/97 6,180 18,921
6/19/97 6,118 19,110
6/20/97 6,138 19,125
6/23/97 6,293 18,698
6/24/97 6,128 19,075
6/25/97 6,190 18,919
6/26/97 6,211 18,806
6/27/97 6,190 18,883
6/30/97 6,231 18,837
7/1/97 6,159 18,962
7/2/97 6,066 19,239
7/3/97 5,983 19,513
7/7/97 6,045 19,413
7/8/97 5,983 19,552
7/9/97 6,045 19,313
7/10/97 6,025 19,446
7/11/97 6,004 19,508
7/14/97 5,994 19,544
7/15/97 5,963 19,701
7/16/97 5,890 19,932
7/17/97 5,921 19,826
7/18/97 6,056 19,479
7/21/97 6,056 19,428
7/22/97 5,890 19,876
7/23/97 5,901 19,931
7/24/97 5,870 20,010
7/25/97 5,880 19,979
7/28/97 5,880 19,929
7/29/97 5,859 20,053
7/30/97 5,797 20,266
7/31/97 5,797 20,308
8/1/97 5,828 20,156
8/4/97 5,818 20,223
8/5/97 5,808 20,268
8/6/97 5,766 20,437
8/7/97 5,808 20,242
8/8/97 5,932 19,867
8/11/97 5,901 19,940
8/12/97 5,994 19,718
8/13/97 6,004 19,622
8/14/97 5,994 19,680
8/15/97 6,180 19,170
8/18/97 6,045 19,419
8/19/97 5,963 19,707
8/20/97 5,880 19,990
8/21/97 5,994 19,686
8/22/97 5,994 19,654
8/25/97 6,014 19,582
8/26/97 6,118 19,430
8/27/97 6,076 19,445
8/28/97 6,169 19,231
8/29/97 6,149 19,142
9/2/97 5,942 19,740
9/3/97 5,973 19,746
9/4/97 5,942 19,810
9/5/97 5,952 19,771
9/8/97 5,942 19,817
9/9/97 5,942 19,868
9/10/97 6,066 19,558
9/11/97 6,107 19,421
9/12/97 6,004 19,662
9/15/97 6,025 19,574
9/16/97 5,859 20,124
9/17/97 5,859 20,068
9/18/97 5,849 20,159
9/19/97 5,839 20,228
9/22/97 5,808 20,333
9/23/97 5,828 20,258
9/24/97 5,880 20,100
9/25/97 5,921 19,960
9/26/97 5,890 20,115
9/29/97 5,828 20,288
9/30/97 5,880 20,159
10/1/97 5,828 20,332
10/2/97 5,787 20,440
10/3/97 5,756 20,537
10/6/97 5,715 20,700
10/7/97 5,673 20,922
10/8/97 5,715 20,724
10/9/97 5,735 20,656
10/10/97 5,746 20,578
10/13/97 5,756 20,602
10/14/97 5,746 20,649
10/15/97 5,766 20,552
10/16/97 5,849 20,329
10/17/97 5,921 20,093
10/20/97 5,839 20,336
10/21/97 5,735 20,691
10/22/97 5,766 20,611
10/23/97 5,880 20,232
10/24/97 5,952 20,039
10/27/97 6,386 18,663
10/28/97 6,014 19,605
10/29/97 6,014 19,561
10/30/97 6,159 19,231
10/31/97 6,014 19,464
11/3/97 5,870 19,983
11/4/97 5,890 20,020
11/5/97 5,870 20,063
11/6/97 5,901 19,962
11/7/97 5,963 19,738
11/10/97 6,004 19,603
11/11/97 5,994 19,659
11/12/97 6,118 19,280
11/13/97 6,045 19,508
11/14/97 5,952 19,756
11/17/97 5,849 20,136
11/18/97 5,890 19,967
11/19/97 5,859 20,102
11/20/97 5,766 20,408
11/21/97 5,725 20,496
11/24/97 5,849 20,146
11/25/97 5,839 20,235
11/26/97 5,818 20,252
11/28/97 5,818 20,332
12/1/97 5,673 20,744
12/2/97 5,704 20,678
12/3/97 5,684 20,787
12/4/97 5,694 20,709
12/5/97 5,634 20,936
12/8/97 5,645 20,906
12/9/97 5,676 20,766
12/10/97 5,728 20,638
12/11/97 5,821 20,322
12/12/97 5,821 20,289
12/15/97 5,769 20,502
12/16/97 5,738 20,601
12/17/97 5,769 20,548
12/18/97 5,832 20,330
12/19/97 5,873 20,149
12/22/97 5,842 20,296
12/23/97 5,956 19,986
12/24/97 5,977 19,849
12/26/97 5,946 19,929
12/29/97 5,821 20,289
12/30/97 5,749 20,661
12/31/97 5,749 20,652
1/2/98 5,717 20,749
1/5/98 5,707 20,793
1/6/98 5,800 20,570
1/7/98 5,780 20,515
1/8/98 5,852 20,346
1/9/98 6,049 19,742
1/12/98 5,946 19,987
1/13/98 5,863 20,262
1/14/98 5,842 20,386
1/15/98 5,894 20,233
1/16/98 5,811 20,462
1/20/98 5,707 20,826
1/21/98 5,769 20,659
1/22/98 5,821 20,495
1/23/98 5,832 20,378
1/26/98 5,842 20,365
1/27/98 5,780 20,622
1/28/98 5,728 20,801
1/29/98 5,707 20,972
1/30/98 5,697 20,861
2/2/98 5,603 21,308
2/3/98 5,572 21,409
2/4/98 5,572 21,428
2/5/98 5,572 21,356
2/6/98 5,531 21,546
2/9/98 5,551 21,510
2/10/98 5,499 21,686
2/11/98 5,499 21,707
2/12/98 5,489 21,795
2/13/98 5,510 21,709
2/17/98 5,479 21,765
2/18/98 5,448 21,963
2/19/98 5,468 21,883
2/20/98 5,437 22,009
2/23/98 5,416 22,093
2/24/98 5,458 21,931
2/25/98 5,396 22,194
2/26/98 5,354 22,317
2/27/98 5,365 22,331
3/2/98 5,375 22,296
3/3/98 5,344 22,388
3/4/98 5,385 22,288
3/5/98 5,427 22,027
3/6/98 5,333 22,466
3/9/98 5,354 22,391
3/10/98 5,292 22,648
3/11/98 5,282 22,738
3/12/98 5,261 22,769
3/13/98 5,282 22,741
3/16/98 5,230 22,968
3/17/98 5,209 22,993
3/18/98 5,199 23,101
3/19/98 5,178 23,191
3/20/98 5,136 23,391
3/23/98 5,147 23,315
3/24/98 5,105 23,529
3/25/98 5,126 23,450
3/26/98 5,136 23,426
3/27/98 5,157 23,312
3/30/98 5,167 23,272
3/31/98 5,147 23,446
4/1/98 5,105 23,583
4/2/98 5,053 23,835
4/3/98 5,033 23,892
4/6/98 5,074 23,864
4/7/98 5,105 23,612
4/8/98 5,136 23,444
4/9/98 5,105 23,636
4/13/98 5,116 23,615
4/14/98 5,084 23,744
4/15/98 5,064 23,820
4/16/98 5,126 23,583
4/17/98 5,053 23,893
4/20/98 5,064 23,913
4/21/98 5,033 23,970
4/22/98 5,033 24,048
4/23/98 5,074 23,826
4/24/98 5,136 23,577
4/27/98 5,230 23,123
4/28/98 5,240 23,092
4/29/98 5,219 23,295
4/30/98 5,105 23,660
5/1/98 5,064 23,856
5/4/98 5,074 23,879
5/5/98 5,105 23,742
5/6/98 5,167 23,514
5/7/98 5,209 23,306
5/8/98 5,126 23,582
5/11/98 5,147 23,551
5/12/98 5,095 23,745
5/13/98 5,095 23,811
5/14/98 5,116 23,779
5/15/98 5,147 23,595
5/18/98 5,167 23,533
5/19/98 5,136 23,612
5/20/98 5,095 23,815
5/21/98 5,126 23,721
5/22/98 5,147 23,632
5/26/98 5,240 23,282
5/27/98 5,230 23,244
5/28/98 5,209 23,358
5/29/98 5,250 23,214
6/1/98 5,230 23,217
6/2/98 5,230 23,261
6/3/98 5,313 23,042
6/4/98 5,219 23,299
6/5/98 5,126 23,704
6/8/98 5,126 23,744
6/9/98 5,116 23,801
6/10/98 5,147 23,671
6/11/98 5,250 23,294
6/12/98 5,209 23,385
6/15/98 5,333 22,920
6/16/98 5,271 23,145
6/17/98 5,157 23,560
6/18/98 5,178 23,545
6/19/98 5,209 23,423
6/22/98 5,188 23,478
6/23/98 5,126 23,824
6/24/98 5,053 24,109
6/25/98 5,064 24,032
6/26/98 5,053 24,116
6/29/98 5,033 24,228
6/30/98 5,064 24,129
7/1/98 5,012 24,443
7/2/98 5,001 24,397
7/6/98 4,960 24,629
7/7/98 4,970 24,572
7/8/98 4,929 24,822
7/9/98 4,960 24,655
7/10/98 4,950 24,778
7/13/98 4,939 24,797
7/14/98 4,887 25,060
7/15/98 4,898 25,001
7/16/98 4,867 25,197
7/17/98 4,856 25,255
7/20/98 4,856 25,199
7/21/98 4,950 24,794
7/22/98 4,950 24,773
7/23/98 5,053 24,255
7/24/98 5,053 24,278
7/27/98 5,033 24,415
7/28/98 5,105 24,053
7/29/98 5,136 23,946
7/30/98 5,064 24,321
7/31/98 5,157 23,849
8/3/98 5,188 23,674
8/4/98 5,385 22,816
8/5/98 5,323 23,014
8/6/98 5,302 23,189
8/7/98 5,292 23,185
8/10/98 5,323 23,050
8/11/98 5,406 22,749
8/12/98 5,313 23,073
8/13/98 5,385 22,875
8/14/98 5,448 22,617
8/17/98 5,339 23,062
8/18/98 5,230 23,435
8/19/98 5,250 23,368
8/20/98 5,287 23,230
8/21/98 5,328 23,009
8/24/98 5,297 23,157
8/25/98 5,287 23,257
8/26/98 5,323 23,073
8/27/98 5,577 22,187
8/28/98 5,608 21,861
8/31/98 6,023 20,377
9/1/98 5,743 21,159
9/2/98 5,790 21,079
9/3/98 5,821 20,904
9/4/98 5,883 20,725
9/8/98 5,572 21,780
9/9/98 5,707 21,413
9/10/98 5,899 20,860
9/11/98 5,640 21,474
9/14/98 5,541 21,914
9/15/98 5,510 22,083
9/16/98 5,453 22,249
9/17/98 5,598 21,683
9/18/98 5,593 21,709
9/21/98 5,593 21,790
9/22/98 5,546 21,915
9/23/98 5,344 22,688
9/24/98 5,463 22,190
9/25/98 5,479 22,233
9/28/98 5,422 22,317
9/29/98 5,453 22,324
9/30/98 5,614 21,644
10/1/98 5,785 20,991
10/2/98 5,681 21,336
10/5/98 5,785 21,038
10/6/98 5,785 20,953
10/7/98 5,873 20,657
10/8/98 5,930 20,418
10/9/98 5,800 20,947
10/12/98 5,717 21,232
10/13/98 5,733 21,170
10/14/98 5,686 21,399
10/15/98 5,391 22,292
10/16/98 5,385 22,482
10/19/98 5,370 22,609
10/20/98 5,344 22,642
10/21/98 5,354 22,769
10/22/98 5,282 22,951
10/23/98 5,344 22,785
10/26/98 5,313 22,820
10/27/98 5,344 22,672
10/28/98 5,365 22,730
10/29/98 5,235 23,110
10/30/98 5,193 23,381
11/2/98 5,121 23,656
11/3/98 5,157 23,640
11/4/98 5,110 23,807
11/5/98 5,038 24,126
11/6/98 5,007 24,282
11/9/98 5,053 24,052
11/10/98 5,090 24,011
11/11/98 5,100 23,856
11/12/98 5,110 23,786
11/13/98 5,069 23,957
11/16/98 5,033 24,172
11/17/98 5,027 24,246
11/18/98 5,001 24,356
11/19/98 4,965 24,529
11/20/98 4,924 24,762
11/23/98 4,815 25,286
11/24/98 4,841 25,175
11/25/98 4,846 25,258
11/27/98 4,815 25,373
11/30/98 4,944 24,763
12/1/98 4,892 25,011
12/2/98 4,903 24,926
12/3/98 4,981 24,476
12/4/98 4,867 25,042
12/7/98 4,835 25,276
12/8/98 4,861 25,141
12/9/98 4,851 25,186
12/10/98 4,924 24,793
12/11/98 4,937 24,824
12/14/98 5,051 24,286
12/15/98 4,937 24,746
12/16/98 4,937 24,727
12/17/98 4,864 25,111
12/18/98 4,843 25,283
12/21/98 4,775 25,598
12/22/98 4,765 25,613
12/23/98 4,666 26,145
12/24/98 4,677 26,096
12/28/98 4,697 26,080
12/29/98 4,619 26,427
12/30/98 4,666 26,217
12/31/98 4,656 26,159
1/4/99 4,671 26,135
1/5/99 4,630 26,490
1/6/99 4,531 27,077
1/7/99 4,536 27,021
1/8/99 4,505 27,135
1/11/99 4,552 26,897
1/12/99 4,635 26,378
1/13/99 4,677 26,269
1/14/99 4,755 25,797
1/15/99 4,640 26,458
1/19/99 4,609 26,620
1/20/99 4,567 26,742
1/21/99 4,697 26,286
1/22/99 4,703 26,073
1/25/99 4,661 26,260
1/26/99 4,578 26,651
1/27/99 4,640 26,456
1/28/99 4,578 26,928
1/29/99 4,520 27,232
2/1/99 4,546 27,091
2/2/99 4,578 26,857
2/3/99 4,531 27,071
2/4/99 4,598 26,569
2/5/99 4,656 26,376
2/8/99 4,640 26,469
2/9/99 4,749 25,881
2/10/99 4,723 26,039
2/11/99 4,583 26,687
2/12/99 4,671 26,179
2/16/99 4,656 26,428
2/17/99 4,703 26,049
2/18/99 4,666 26,331
2/19/99 4,650 26,371
2/22/99 4,536 27,073
2/23/99 4,531 27,052
2/24/99 4,609 26,674
2/25/99 4,656 26,495
2/26/99 4,677 26,353
3/1/99 4,666 26,307
3/2/99 4,697 26,080
3/3/99 4,682 26,127
3/4/99 4,624 26,530
3/5/99 4,515 27,143
3/8/99 4,500 27,298
3/9/99 4,510 27,236
3/10/99 4,479 27,385
3/11/99 4,427 27,616
3/12/99 4,474 27,550
3/15/99 4,422 27,820
3/16/99 4,422 27,801
3/17/99 4,448 27,619
3/18/99 4,380 28,018
3/19/99 4,453 27,650
3/22/99 4,448 27,602
3/23/99 4,583 26,860
3/24/99 4,557 26,997
3/25/99 4,468 27,452
3/26/99 4,494 27,299
3/29/99 4,411 27,882
3/30/99 4,442 27,681
3/31/99 4,505 27,375
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 3-31-99
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
ADVISOR
INVESTOR CLASS CLASS
(1-7-94) (8-5-98)
------------------------------- ---------
ONE FIVE SINCE SINCE
YEAR YEAR INCEPTION INCEPTION
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------
Ursa Fund -12.47% -15.56% -14.14% -15.68%
S&P 500-TM- Composite Stock Price Index 16.76% 23.60% 21.23% 18.95%
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE S&P 500 COMPOSITE STOCK
PRICE INDEX IS AN UNMANAGED STOCK INDEX AND, UNLIKE THE FUND, HAS NO MANAGEMENT
FEES OR OTHER OPERATING EXPENSES TO REDUCE ITS REPORTED RETURN. RETURNS ARE
HISTORICAL AND INCLUDE CHANGES IN PRINCIPAL AND REINVESTED DIVIDENDS AND CAPITAL
GAINS. THE GRAPH IS BASED ON INVESTOR CLASS SHARES ONLY; PERFORMANCE FOR ADVISOR
CLASS SHARES WILL VARY DUE TO DIFFERENCES IN FEE STRUCTURES.
5
<PAGE>
THE OTC FUND
BENCHMARK: NASDAQ 100 INDEX-TM- (NDX)
INCEPTION: FEBRUARY 14, 1994
Over the counter securities continued to perform well during the latest fiscal
year. The technology laden NASDAQ 100 Index-TM- was up 72.56% for the period. To
achieve its objective in matching the returns of the NASDAQ 100, the Fund
invested in approximately 86 stocks in the Index. The Fund holdings represented
over 95% of the capitalization of the Index. The Fund slightly outperformed the
NASDAQ 100 by posting a total return of 73.73% for the period.
CUMULATIVE FUND PERFORMANCE: FEBRUARY 14, 1994--MARCH 31, 1999
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
OTC FUND NASDAQ 100 NASDAQ COMPOSITE
<S> <C> <C> <C>
2/14/94 $10,000 $10,000 $10,000
2/15/94 10,040 10,078 10,059
2/16/94 10,010 10,090 10,091
2/17/94 9,910 10,056 10,060
2/18/94 9,930 10,070 10,043
2/22/94 9,960 10,133 10,072
2/23/94 9,940 10,094 10,046
2/24/94 9,840 9,943 9,910
2/25/94 9,830 10,033 9,979
2/28/94 9,950 10,175 10,090
3/1/94 9,840 10,113 10,041
3/2/94 9,790 10,076 9,975
3/3/94 9,800 10,076 9,989
3/4/94 9,890 10,170 10,065
3/7/94 9,970 10,251 10,122
3/8/94 9,890 10,169 10,085
3/9/94 9,930 10,197 10,097
3/10/94 9,840 10,115 10,046
3/11/94 9,900 10,107 10,048
3/14/94 9,930 10,193 10,094
3/15/94 9,940 10,191 10,103
3/16/94 10,020 10,252 10,172
3/17/94 10,050 10,329 10,234
3/18/94 10,000 10,306 10,235
3/21/94 9,970 10,195 10,151
3/22/94 9,950 10,137 10,139
3/23/94 9,990 10,133 10,154
3/24/94 9,810 9,971 10,016
3/25/94 9,740 9,870 9,975
3/28/94 9,650 9,724 9,835
3/29/94 9,430 9,454 9,616
3/30/94 9,330 9,386 9,484
3/31/94 9,370 9,453 9,465
4/4/94 9,130 9,267 9,261
4/5/94 9,460 9,610 9,561
4/6/94 9,400 9,596 9,558
4/7/94 9,520 9,651 9,614
4/8/94 9,370 9,596 9,532
4/11/94 9,400 9,596 9,525
4/12/94 9,220 9,268 9,411
4/13/94 9,050 9,065 9,261
4/14/94 9,040 9,026 9,260
4/15/94 9,060 9,042 9,268
4/18/94 8,960 8,898 9,172
4/19/94 8,890 8,821 9,076
4/20/94 8,800 8,772 8,982
4/21/94 8,990 9,060 9,151
4/22/94 9,000 9,111 9,199
4/25/94 9,160 9,252 9,304
4/26/94 9,170 9,268 9,348
4/28/94 9,080 9,194 9,316
4/29/94 9,170 9,214 9,343
5/2/94 9,300 9,376 9,430
5/3/94 9,210 9,308 9,413
5/4/94 9,230 9,319 9,425
5/5/94 9,250 9,336 9,428
5/6/94 9,160 9,246 9,330
5/9/94 9,060 9,084 9,204
5/10/94 9,080 9,134 9,230
5/11/94 8,940 9,014 9,129
5/12/94 9,000 9,050 9,162
5/13/94 8,970 9,005 9,128
5/16/94 8,890 8,899 9,064
5/17/94 8,950 8,899 9,059
5/18/94 9,120 9,099 9,191
5/19/94 9,170 9,176 9,260
5/20/94 9,130 9,142 9,252
5/23/94 9,110 9,131 9,230
5/24/94 9,260 9,306 9,313
5/25/94 9,230 9,337 9,321
5/26/94 9,200 9,276 9,315
5/27/94 9,210 9,301 9,334
5/31/94 9,260 9,352 9,360
6/1/94 9,270 9,361 9,364
6/2/94 9,310 9,396 9,415
6/3/94 9,350 9,449 9,452
6/6/94 9,310 9,449 9,465
6/7/94 9,250 9,380 9,412
6/8/94 9,100 9,158 9,291
6/9/94 9,120 9,141 9,280
6/10/94 9,240 9,248 9,348
6/13/94 9,150 9,180 9,316
6/14/94 9,260 9,315 9,370
6/15/94 9,220 9,325 9,368
6/16/94 9,240 9,326 9,357
6/17/94 9,060 9,181 9,286
6/20/94 8,980 9,080 9,152
6/21/94 8,860 8,911 9,024
6/22/94 8,910 8,966 9,074
6/23/94 8,720 8,726 8,923
6/24/94 8,660 8,683 8,833
6/27/94 8,850 8,915 8,946
6/28/94 8,860 8,937 8,938
6/29/94 8,840 8,954 8,963
6/30/94 8,760 8,894 8,988
7/1/94 8,750 8,887 8,999
7/5/94 8,680 8,810 8,958
7/6/94 8,590 8,729 8,925
7/7/94 8,730 8,867 8,995
7/8/94 8,740 8,869 9,007
7/11/94 8,700 8,857 8,999
7/12/94 8,780 8,919 9,034
7/13/94 8,970 9,112 9,158
7/14/94 8,910 9,072 9,187
7/15/94 8,870 9,065 9,184
7/18/94 8,940 9,088 9,200
7/19/94 8,820 9,003 9,158
7/20/94 8,700 8,875 9,075
7/21/94 8,760 8,941 9,103
7/22/94 8,830 9,011 9,124
7/25/94 8,850 9,037 9,127
7/26/94 8,800 8,985 9,111
7/27/94 8,740 8,931 9,067
7/28/94 8,760 8,939 9,070
7/29/94 8,960 9,137 9,194
8/1/94 9,030 9,222 9,228
8/2/94 9,000 9,202 9,228
8/3/94 8,960 9,145 9,214
8/4/94 8,870 9,073 9,169
8/5/94 8,870 9,063 9,150
8/8/94 8,920 9,106 9,173
8/9/94 8,940 9,150 9,200
8/10/94 9,030 9,230 9,271
8/11/94 9,020 9,244 9,271
8/12/94 9,110 9,305 9,315
8/15/94 9,090 9,308 9,331
8/16/94 9,180 9,393 9,364
8/17/94 9,340 9,550 9,455
8/18/94 9,290 9,519 9,449
8/19/94 9,250 9,482 9,452
8/22/94 9,220 9,450 9,451
8/23/94 9,330 9,547 9,523
8/24/94 9,380 9,589 9,571
8/25/94 9,440 9,664 9,610
8/26/94 9,640 9,856 9,713
8/29/94 9,610 9,835 9,717
8/30/94 9,710 9,917 9,758
8/31/94 9,580 9,822 9,748
9/1/94 9,450 9,667 9,663
9/2/94 9,420 9,662 9,666
9/6/94 9,500 9,718 9,669
9/7/94 9,590 9,801 9,730
9/8/94 9,670 9,892 9,794
9/9/94 9,510 9,746 9,723
9/12/94 9,460 9,668 9,676
9/13/94 9,600 9,792 9,750
9/14/94 9,620 9,819 9,786
9/15/94 9,830 10,049 9,914
9/16/94 9,730 9,984 9,904
9/19/94 9,740 9,970 9,889
9/20/94 9,560 9,796 9,762
9/21/94 9,490 9,719 9,685
9/22/94 9,480 9,715 9,682
9/23/94 9,390 9,632 9,644
9/26/94 9,360 9,600 9,620
9/27/94 9,380 9,610 9,617
9/28/94 9,430 9,676 9,676
9/29/94 9,410 9,657 9,668
9/30/94 9,470 9,722 9,731
10/3/94 9,450 9,694 9,687
10/4/94 9,170 9,447 9,514
10/5/94 9,310 9,553 9,501
10/6/94 9,240 9,451 9,475
10/7/94 9,360 9,562 9,548
10/10/94 9,470 9,697 9,635
10/11/94 9,660 9,881 9,747
10/12/94 9,630 9,870 9,765
10/13/94 9,630 9,870 9,776
10/14/94 9,610 9,844 9,766
10/17/94 9,550 9,796 9,750
10/18/94 9,570 9,824 9,737
10/19/94 9,730 9,966 9,811
10/20/94 9,700 9,948 9,781
10/21/94 9,680 9,887 9,744
10/24/94 9,630 9,844 9,691
10/25/94 9,640 9,836 9,654
10/26/94 9,790 9,968 9,717
10/27/94 9,830 10,013 9,771
10/28/94 9,970 10,166 9,882
10/31/94 10,000 10,196 9,899
11/1/94 9,900 10,122 9,831
11/2/94 9,880 10,094 9,826
11/3/94 9,860 10,076 9,830
11/4/94 9,680 9,910 9,753
11/7/94 9,650 9,879 9,705
11/8/94 9,850 10,058 9,772
11/9/94 9,870 10,079 9,768
11/10/94 9,820 10,025 9,732
11/11/94 9,780 9,992 9,703
11/14/94 9,990 10,174 9,780
11/15/94 9,960 10,165 9,791
11/16/94 10,000 10,188 9,799
11/17/94 9,950 10,145 9,750
11/18/94 9,970 10,181 9,735
11/21/94 9,870 10,103 9,647
11/22/94 9,600 9,823 9,437
11/23/94 9,610 9,804 9,379
11/25/94 9,720 9,903 9,453
11/28/94 9,760 9,968 9,494
11/29/94 9,890 10,098 9,568
11/30/94 9,770 9,993 9,553
12/1/94 9,600 9,816 9,429
12/2/94 9,710 9,924 9,485
12/5/94 9,730 9,941 9,494
12/6/94 9,650 9,873 9,437
12/7/94 9,530 9,769 9,348
12/8/94 9,330 9,536 9,156
12/9/94 9,410 9,593 9,155
12/12/94 9,390 9,599 9,156
12/13/94 9,340 9,566 9,160
12/14/94 9,450 9,668 9,239
12/15/94 9,470 9,718 9,303
12/16/94 9,440 9,677 9,282
12/19/94 9,400 9,637 9,267
12/20/94 9,390 9,642 9,275
12/21/94 9,600 9,820 9,385
12/22/94 9,650 9,869 9,413
12/23/94 9,670 9,902 9,449
12/27/94 9,731 9,973 9,500
12/28/94 9,609 9,880 9,453
12/29/94 9,782 10,030 9,543
12/30/94 9,721 9,979 9,574
1/3/95 9,568 9,824 9,467
1/4/95 9,609 9,865 9,496
1/5/95 9,568 9,825 9,493
1/6/95 9,650 9,913 9,545
1/9/95 9,701 9,961 9,575
1/10/95 9,813 10,061 9,632
1/11/95 9,792 10,049 9,622
1/12/95 9,792 10,055 9,632
1/13/95 9,874 10,133 9,703
1/16/95 9,945 10,211 9,780
1/17/95 10,017 10,291 9,831
1/18/95 10,058 10,349 9,834
1/19/95 10,037 10,314 9,785
1/20/95 9,823 10,124 9,702
1/23/95 9,905 10,167 9,670
1/24/95 9,925 10,210 9,717
1/25/95 9,864 10,142 9,688
1/26/95 9,741 10,034 9,645
1/27/95 9,762 10,052 9,662
1/30/95 9,609 9,916 9,572
1/31/95 9,721 10,005 9,615
2/1/95 9,741 10,048 9,654
2/2/95 9,843 10,149 9,722
2/3/95 9,966 10,272 9,830
2/6/95 10,078 10,391 9,916
2/7/95 10,068 10,382 9,917
2/8/95 10,211 10,507 9,979
2/9/95 10,221 10,526 10,000
2/10/95 10,333 10,633 10,063
2/13/95 10,282 10,583 10,051
2/14/95 10,302 10,610 10,066
2/15/95 10,374 10,676 10,130
2/16/95 10,323 10,636 10,100
2/17/95 10,190 10,507 10,019
2/21/95 10,180 10,487 9,989
2/22/95 10,292 10,595 10,032
2/23/95 10,333 10,640 10,075
2/24/95 10,262 10,575 10,072
2/27/95 10,160 10,485 9,988
2/28/95 10,374 10,676 10,105
3/1/95 10,272 10,609 10,082
3/2/95 10,323 10,656 10,105
3/3/95 10,466 10,779 10,170
3/6/95 10,466 10,793 10,157
3/7/95 10,333 10,667 10,075
3/8/95 10,466 10,787 10,132
3/9/95 10,476 10,788 10,137
3/10/95 10,598 10,905 10,214
3/13/95 10,557 10,881 10,215
3/14/95 10,670 11,016 10,290
3/15/95 10,619 10,949 10,279
3/16/95 10,649 10,977 10,304
3/17/95 10,639 10,959 10,291
3/20/95 10,700 11,024 10,319
3/21/95 10,710 11,037 10,310
3/22/95 10,710 11,037 10,301
3/23/95 10,761 11,079 10,330
3/24/95 10,925 11,243 10,423
3/27/95 10,965 11,284 10,473
3/28/95 11,057 11,368 10,518
3/29/95 10,833 11,154 10,429
3/30/95 10,751 11,069 10,400
3/31/95 10,721 11,038 10,404
4/3/95 10,751 11,071 10,415
4/4/95 10,568 10,907 10,360
4/5/95 10,649 10,976 10,393
4/6/95 10,517 10,859 10,361
4/7/95 10,629 10,960 10,372
4/10/95 10,761 11,092 10,456
4/11/95 10,853 11,190 10,501
4/12/95 10,945 11,281 10,548
4/13/95 10,996 11,329 10,601
4/17/95 10,955 11,282 10,578
4/18/95 10,863 11,193 10,513
4/19/95 10,710 11,036 10,396
4/20/95 10,751 11,084 10,427
4/21/95 10,802 11,141 10,484
4/24/95 10,925 11,266 10,553
4/25/95 11,006 11,333 10,583
4/26/95 11,108 11,430 10,655
4/27/95 11,169 11,487 10,707
4/28/95 11,261 11,591 10,745
5/1/95 11,159 11,504 10,715
5/2/95 11,149 11,488 10,717
5/3/95 11,394 11,723 10,825
5/4/95 11,373 11,703 10,780
5/5/95 11,282 11,609 10,739
5/8/95 11,465 11,769 10,813
5/9/95 11,435 11,750 10,799
5/10/95 11,353 11,673 10,792
5/11/95 11,526 11,838 10,871
5/12/95 11,618 11,927 10,936
5/15/95 11,679 12,005 10,988
5/16/95 11,792 12,121 11,054
5/17/95 11,894 12,211 11,101
5/18/95 11,720 12,047 11,001
5/19/95 11,761 12,083 11,007
5/22/95 11,914 12,221 11,091
5/23/95 12,118 12,419 11,199
5/24/95 12,057 12,355 11,178
5/25/95 12,077 12,383 11,170
5/26/95 11,924 12,245 11,100
5/30/95 11,557 11,900 10,933
5/31/95 11,720 12,049 11,007
6/1/95 11,802 12,119 11,061
6/2/95 11,853 12,161 11,114
6/5/95 12,057 12,362 11,240
6/6/95 11,904 12,222 11,196
6/7/95 11,965 12,272 11,224
6/8/95 12,057 12,364 11,282
6/9/95 12,036 12,352 11,260
6/12/95 12,067 12,384 11,305
6/13/95 12,159 12,474 11,385
6/14/95 12,190 12,493 11,404
6/15/95 12,332 12,638 11,493
6/16/95 12,475 12,776 11,569
6/19/95 12,812 13,096 11,740
6/20/95 13,046 13,319 11,838
6/21/95 12,935 13,219 11,830
6/22/95 13,213 13,479 11,969
6/23/95 13,181 13,445 11,953
6/26/95 12,989 13,243 11,802
6/27/95 12,764 13,030 11,707
6/28/95 12,764 13,030 11,707
6/28/95 12,850 13,099 11,720
6/29/95 12,999 13,236 11,800
6/30/95 13,053 13,281 11,884
7/3/95 13,074 13,304 11,898
7/5/95 13,181 13,413 11,990
7/6/95 13,448 13,672 12,132
7/7/95 13,790 14,010 12,346
7/10/95 13,939 14,159 12,434
7/11/95 13,694 13,922 12,352
7/12/95 14,099 14,310 12,587
7/13/95 14,185 14,397 12,657
7/14/95 14,367 14,560 12,723
7/17/95 14,559 14,735 12,807
7/18/95 14,089 14,279 12,586
7/19/95 13,309 13,505 12,131
7/20/95 13,362 13,585 12,230
7/21/95 13,288 13,522 12,245
7/24/95 13,662 13,889 12,459
7/25/95 13,929 14,137 12,652
7/26/95 14,046 14,239 12,734
7/27/95 14,217 14,422 12,867
7/28/95 13,950 14,173 12,799
7/31/95 13,822 14,043 12,747
8/1/95 13,565 13,804 12,618
8/2/95 13,373 13,615 12,525
8/3/95 13,416 13,652 12,511
8/4/95 13,608 13,838 12,618
8/7/95 13,683 13,914 12,671
8/8/95 13,736 13,964 12,695
8/9/95 13,982 14,203 12,797
8/10/95 13,843 14,064 12,739
8/11/95 14,003 14,209 12,784
8/14/95 14,217 14,434 12,890
8/15/95 14,206 14,417 12,889
8/16/95 14,516 14,723 13,059
8/17/95 14,505 14,719 13,104
8/18/95 14,473 14,701 13,130
8/21/95 14,057 14,290 12,982
8/22/95 14,345 14,545 13,054
8/23/95 14,388 14,597 13,090
8/24/95 14,174 14,395 12,998
8/25/95 14,089 14,320 12,986
8/28/95 13,736 13,973 12,835
8/29/95 13,768 13,992 12,778
8/30/95 13,918 14,140 12,892
8/31/95 14,014 14,237 12,988
9/1/95 13,907 14,149 12,979
9/5/95 14,473 14,696 13,231
9/6/95 14,441 14,666 13,293
9/7/95 14,569 14,790 13,382
9/8/95 14,698 14,916 13,496
9/11/95 14,847 15,051 13,572
9/12/95 14,751 14,959 13,559
9/13/95 14,794 15,001 13,590
9/14/95 14,687 14,912 13,584
9/15/95 14,292 14,540 13,382
9/18/95 14,367 14,592 13,370
9/19/95 14,612 14,836 13,500
9/20/95 14,655 14,890 13,560
9/21/95 14,431 14,684 13,476
9/22/95 14,388 14,629 13,411
9/25/95 14,281 14,513 13,324
9/26/95 14,099 14,336 13,216
9/27/95 13,993 14,224 13,069
9/28/95 14,473 14,698 13,331
9/29/95 14,206 14,442 13,286
10/2/95 13,934 14,166 13,083
10/3/95 13,945 14,148 12,992
10/4/95 13,597 13,798 12,760
10/5/95 13,934 14,138 12,912
10/6/95 13,804 14,007 12,885
10/9/95 13,281 13,501 12,537
10/10/95 13,390 13,595 12,266
10/11/95 13,727 13,930 12,751
10/12/95 13,934 14,147 12,931
10/13/95 13,847 14,070 12,966
10/16/95 13,804 14,032 12,962
10/17/95 14,337 14,550 13,183
10/18/95 14,544 14,761 13,309
10/19/95 14,653 14,842 13,330
10/20/95 14,413 14,610 13,235
10/23/95 14,457 14,645 13,202
10/24/95 14,478 14,668 13,231
10/25/95 14,239 14,424 13,069
10/26/95 14,217 14,378 12,955
10/27/95 14,511 14,651 13,057
10/30/95 14,859 14,986 13,237
10/31/95 14,631 14,781 13,191
11/1/95 14,685 14,833 13,247
11/2/95 15,023 15,173 13,461
11/3/95 15,197 15,347 13,568
11/6/95 15,034 15,199 13,523
11/7/95 14,533 14,718 13,290
11/8/95 14,620 14,779 13,342
11/9/95 15,077 15,229 13,567
11/10/95 15,001 15,147 13,545
11/13/95 14,816 15,016 13,476
11/14/95 14,413 14,605 13,249
11/15/95 14,468 14,650 13,264
11/16/95 14,402 14,606 13,298
11/17/95 14,315 14,535 13,305
11/20/95 13,880 14,111 13,107
11/21/95 13,978 14,174 13,050
11/22/95 13,847 14,047 13,002
11/24/95 14,097 14,276 13,116
11/27/95 13,978 14,167 13,105
11/28/95 14,587 14,761 13,369
11/29/95 14,609 14,800 13,465
11/30/95 14,446 14,656 13,486
12/1/95 14,272 14,490 13,438
12/4/95 14,566 14,761 13,620
12/5/95 14,402 14,594 13,571
12/6/95 14,391 14,563 13,517
12/7/95 14,337 14,493 13,409
12/8/95 14,664 14,795 13,527
12/11/95 14,587 14,715 13,515
12/12/95 14,315 14,442 13,394
12/13/95 14,359 14,503 13,451
12/14/95 13,836 13,979 13,218
12/15/95 13,727 13,904 13,120
12/18/95 13,346 13,528 12,764
12/19/95 14,032 14,194 13,068
12/20/95 13,771 13,951 13,053
12/21/95 14,163 14,336 13,249
12/22/95 14,293 14,445 13,328
12/26/95 14,293 14,443 13,360
12/27/95 14,163 14,326 13,344
12/28/95 13,934 14,119 13,269
12/29/95 14,021 14,224 13,395
1/2/96 14,283 14,464 13,478
1/3/96 13,923 14,127 13,321
1/4/96 13,738 13,909 13,111
1/5/96 13,738 13,950 13,158
1/9/96 12,987 13,192 12,717
1/10/96 13,020 13,213 12,607
1/11/96 13,531 13,705 12,873
1/12/96 13,455 13,643 12,836
1/15/96 12,998 13,192 12,586
1/16/96 13,314 13,479 12,679
1/17/96 13,259 13,466 12,710
1/18/96 13,477 13,683 12,824
1/19/96 13,749 13,938 12,966
1/22/96 13,902 14,101 13,106
1/23/96 13,814 14,005 13,089
1/24/96 14,174 14,370 13,280
1/25/96 13,923 14,126 13,189
1/26/96 14,054 14,244 13,253
1/29/96 14,032 14,224 13,273
1/30/96 14,228 14,416 13,385
1/31/96 14,424 14,609 13,493
2/1/96 14,674 14,857 13,616
2/2/96 14,664 14,846 13,650
2/5/96 15,012 15,193 13,793
2/6/96 15,099 15,285 13,866
2/7/96 14,979 15,183 13,811
2/8/96 15,208 15,398 13,918
2/9/96 15,175 15,379 13,936
2/12/96 15,230 15,435 13,946
2/13/96 15,066 15,268 13,842
2/14/96 15,045 15,245 13,852
2/15/96 15,110 15,310 13,884
2/16/96 15,066 15,281 13,886
2/20/96 15,023 15,226 13,791
2/21/96 15,284 15,484 13,965
2/22/96 15,676 15,882 14,223
2/23/96 15,665 15,862 14,231
2/26/96 15,545 15,747 14,171
2/27/96 15,371 15,578 14,083
2/28/96 15,382 15,587 14,101
2/29/96 15,186 15,374 14,005
3/1/96 14,718 14,928 13,827
3/4/96 14,620 14,848 13,812
3/5/96 14,979 15,203 13,964
3/6/96 14,762 15,004 13,901
3/7/96 14,805 15,047 13,917
3/8/96 14,370 14,606 13,543
3/11/96 14,718 14,946 13,756
3/12/96 14,555 14,787 13,662
3/13/96 14,947 15,175 13,860
3/14/96 14,827 15,071 13,891
3/15/96 15,099 15,347 13,999
3/18/96 15,371 15,632 14,188
3/19/96 15,295 15,536 14,164
3/20/96 14,936 15,187 14,028
3/21/96 14,838 15,095 14,002
3/22/96 14,870 15,129 14,033
3/25/96 14,500 14,757 13,840
3/26/96 14,609 14,862 13,856
3/27/96 14,772 15,010 13,927
3/28/96 14,772 15,010 13,939
3/29/96 14,805 15,050 14,023
4/1/96 14,881 15,131 14,088
4/2/96 14,947 15,201 14,148
4/3/96 15,012 15,269 14,207
4/4/96 14,979 15,255 14,237
4/5/96 14,979 15,255 14,237
4/8/96 14,794 15,073 14,077
4/9/96 14,783 15,084 14,121
4/10/96 14,740 15,036 14,072
4/11/96 14,631 14,911 13,968
4/12/96 14,653 14,935 14,017
4/15/96 14,805 15,084 14,138
4/16/96 15,186 15,451 14,322
4/17/96 15,055 15,322 14,270
4/18/96 15,371 15,636 14,467
4/19/96 15,360 15,626 14,497
4/22/96 15,654 15,904 14,686
4/23/96 15,905 16,156 14,855
4/24/96 16,144 16,391 14,983
4/25/96 16,188 16,457 15,076
4/26/96 16,198 16,456 15,111
4/29/96 16,198 16,465 15,128
4/30/96 16,198 16,458 15,157
5/1/96 16,351 16,622 15,274
5/2/96 15,926 16,211 15,002
5/3/96 16,046 16,318 15,082
5/6/96 16,100 16,364 15,104
5/7/96 16,046 16,312 15,057
5/8/96 16,111 16,379 15,067
5/9/96 16,079 16,355 15,123
5/10/96 16,329 16,601 15,313
5/13/96 16,732 16,996 15,556
5/14/96 16,895 17,166 15,717
5/15/96 16,743 17,036 15,705
5/16/96 16,852 17,161 15,778
5/17/96 16,732 17,052 15,811
5/20/96 16,797 17,113 15,890
5/21/96 16,667 16,980 15,843
5/22/96 16,688 16,994 15,881
5/23/96 16,786 17,084 15,897
5/24/96 16,699 17,006 15,886
5/28/96 16,612 16,911 15,740
5/29/96 16,416 16,714 15,604
5/30/96 16,590 16,885 15,704
5/31/96 16,808 17,091 15,831
6/3/96 16,721 17,014 15,771
6/4/96 16,808 17,096 15,834
6/5/96 16,982 17,263 15,904
6/6/96 16,688 16,959 15,692
6/7/96 16,808 17,068 15,657
6/10/96 16,743 17,004 15,660
6/11/96 16,797 17,056 15,669
6/12/96 16,960 17,209 15,729
6/13/96 16,841 17,078 15,604
6/14/96 16,569 16,813 15,446
6/17/96 16,492 16,747 15,375
6/18/96 16,188 16,442 15,062
6/19/96 16,242 16,482 15,014
6/20/96 16,166 16,402 14,862
6/21/96 16,384 16,601 14,965
6/24/96 16,514 16,716 15,060
6/25/96 16,286 16,490 14,929
6/26/96 16,079 16,400 14,683
6/27/96 16,384 16,567 14,845
6/28/96 16,503 16,719 15,087
7/1/96 16,754 16,960 15,245
7/2/96 16,579 16,790 15,165
7/3/96 16,427 16,634 15,044
7/5/96 16,024 16,235 14,748
7/8/96 15,992 16,193 14,626
7/9/96 16,111 16,311 14,687
7/10/96 16,057 16,229 14,529
7/11/96 15,513 15,694 14,086
7/12/96 15,491 15,676 14,049
7/15/96 14,794 14,981 13,498
7/16/96 14,990 15,163 13,412
7/17/96 15,393 15,583 13,835
7/18/96 15,698 15,890 14,130
7/19/96 15,458 15,627 13,975
7/22/96 15,230 15,404 13,768
7/23/96 14,587 14,770 13,356
7/24/96 14,762 14,935 13,271
7/25/96 15,132 15,314 13,526
7/26/96 15,447 15,635 13,743
7/29/96 15,143 15,317 13,578
7/30/96 15,393 15,559 13,648
7/31/96 15,534 15,700 13,758
8/1/96 15,905 16,071 13,990
8/2/96 16,307 16,485 14,322
8/5/96 16,144 16,317 14,266
8/6/96 16,427 16,580 14,372
8/7/96 16,688 16,844 14,528
8/8/96 16,569 16,724 14,482
8/9/96 16,601 16,744 14,479
8/12/96 16,623 16,771 14,492
8/13/96 16,351 16,516 14,338
8/14/96 16,558 16,716 14,431
8/15/96 16,547 16,714 14,446
8/16/96 16,427 16,595 14,433
8/19/96 16,384 16,545 14,398
8/20/96 16,198 16,363 14,319
8/21/96 16,307 16,475 14,346
8/22/96 16,667 16,826 14,564
8/23/96 16,558 16,726 14,553
8/26/96 16,438 16,611 14,504
8/27/96 16,590 16,762 14,629
8/28/96 16,590 16,777 14,691
8/29/96 16,373 16,566 14,578
8/30/96 16,188 16,380 14,533
9/3/96 16,340 16,521 14,543
9/4/96 16,329 16,519 14,563
9/5/96 15,915 16,102 14,331
9/6/96 16,198 16,396 14,506
9/9/96 16,394 16,588 14,625
9/10/96 16,394 16,579 14,634
9/11/96 16,481 16,665 14,692
9/12/96 16,743 16,925 14,843
9/13/96 17,309 17,473 15,134
9/16/96 17,320 17,507 15,201
9/17/96 17,646 17,835 15,320
9/18/96 17,799 17,961 15,351
9/19/96 18,027 18,187 15,432
9/20/96 18,191 18,351 15,529
9/23/96 17,940 18,104 15,424
9/24/96 18,016 18,182 15,472
9/25/96 18,245 18,408 15,592
9/26/96 18,212 18,380 15,634
9/27/96 18,201 18,383 15,660
9/30/96 18,027 18,207 15,621
10/1/96 17,962 18,131 15,552
10/2/96 18,289 18,453 15,738
10/3/96 18,180 18,348 15,699
10/4/96 18,572 18,739 15,883
10/7/96 18,724 18,883 15,926
10/8/96 18,419 18,593 15,789
10/9/96 18,430 18,611 15,761
10/10/96 18,376 18,549 15,749
10/11/96 18,735 18,900 15,892
10/14/96 18,887 19,056 15,995
10/15/96 18,974 19,133 16,018
10/16/96 18,789 18,949 15,927
10/17/96 18,506 18,656 15,812
10/18/96 18,528 18,682 15,819
10/21/96 18,256 18,422 15,741
10/22/96 18,027 18,184 15,532
10/23/96 18,365 18,506 15,633
10/24/96 18,332 18,474 15,622
10/25/96 18,223 18,354 15,566
10/28/96 18,191 18,307 15,480
10/29/96 17,940 18,050 15,317
10/30/96 18,071 18,177 15,357
10/31/96 18,463 18,563 15,552
11/1/96 18,539 18,649 15,555
11/4/96 18,572 18,667 15,539
11/5/96 18,898 19,013 15,648
11/6/96 19,312 19,424 15,857
11/7/96 19,519 19,635 15,967
11/8/96 19,595 19,715 16,010
11/11/96 19,747 19,864 16,076
11/12/96 19,475 19,602 15,998
11/13/96 19,595 19,716 16,051
11/14/96 19,856 19,988 16,174
11/15/96 19,606 19,734 16,065
11/18/96 19,453 19,582 15,973
11/19/96 19,769 19,890 16,075
11/20/96 19,834 19,955 16,105
11/21/96 19,638 19,759 16,017
11/22/96 20,085 20,205 16,225
11/25/96 20,139 20,272 16,301
11/26/96 20,248 20,377 16,312
11/27/96 20,411 20,547 16,390
11/29/96 20,455 20,587 16,457
12/2/96 20,705 20,849 16,549
12/3/96 20,520 20,684 16,556
12/4/96 20,453 20,603 16,513
12/5/96 20,453 20,631 16,553
12/6/96 20,256 20,419 16,394
12/9/96 20,999 21,146 16,758
12/10/96 20,802 20,956 16,711
12/11/96 21,010 21,139 16,667
12/12/96 20,704 20,818 16,530
12/13/96 20,311 20,450 16,359
12/16/96 19,722 19,862 16,054
12/17/96 20,005 20,137 16,122
12/18/96 20,518 20,650 16,365
12/19/96 20,704 20,827 16,498
12/20/96 20,453 20,588 16,405
12/23/96 20,213 20,360 16,290
12/24/96 20,486 20,622 16,394
12/26/96 20,682 20,809 16,482
12/27/96 20,486 20,616 16,441
12/30/96 20,235 20,402 16,395
12/31/96 20,115 20,275 16,437
1/2/97 19,984 20,133 16,305
1/3/97 20,813 20,935 16,687
1/6/97 20,933 21,062 16,760
1/7/97 21,206 21,341 16,904
1/8/97 20,922 21,058 16,810
1/9/97 20,988 21,154 16,885
1/10/97 21,217 21,367 16,959
1/13/97 21,195 21,337 16,945
1/14/97 21,621 21,757 17,141
1/15/97 21,184 21,328 16,978
1/16/97 21,435 21,565 17,066
1/17/97 21,686 21,807 17,176
1/20/97 22,112 22,210 17,369
1/21/97 22,439 22,555 17,531
1/22/97 22,734 22,846 17,672
1/23/97 22,407 22,531 17,549
1/24/97 22,046 22,176 17,364
1/27/97 21,839 21,965 17,223
1/28/97 21,861 21,989 17,243
1/29/97 21,915 22,030 17,253
1/30/97 22,407 22,505 17,455
1/31/97 22,658 22,748 17,568
2/3/97 22,581 22,661 17,519
2/4/97 22,527 22,619 17,490
2/5/97 21,806 21,905 17,168
2/6/97 21,774 21,859 17,142
2/7/97 22,112 22,212 17,286
2/10/97 21,381 21,526 17,001
2/11/97 21,402 21,518 16,952
2/12/97 22,112 22,229 17,302
2/13/97 22,265 22,407 17,453
2/14/97 22,068 22,214 17,406
2/18/97 22,014 22,155 17,389
2/19/97 22,025 22,158 17,386
2/20/97 21,588 21,729 17,154
2/21/97 21,206 21,335 16,988
2/24/97 21,599 21,729 17,125
2/25/97 21,621 21,773 17,158
2/26/97 21,599 21,741 17,067
2/27/97 20,791 20,945 16,712
2/28/97 20,857 20,993 16,666
3/3/97 20,988 21,132 16,693
3/4/97 21,130 21,279 16,772
3/5/97 21,413 21,527 16,921
3/6/97 20,879 21,019 16,747
3/7/97 20,617 20,761 16,701
3/10/97 20,988 21,101 16,840
3/11/97 20,813 20,945 16,764
3/12/97 20,573 20,718 16,604
3/13/97 20,628 20,747 16,465
3/14/97 20,584 20,710 16,462
3/17/97 20,420 20,544 16,289
3/18/97 20,311 20,428 16,161
3/19/97 19,918 20,039 15,905
3/20/97 20,158 20,284 16,032
3/21/97 19,918 20,062 15,966
3/24/97 19,667 19,806 15,821
3/25/97 19,787 19,925 15,890
3/26/97 20,486 20,596 16,157
3/27/97 20,104 20,210 15,908
3/31/97 19,569 19,675 15,554
4/1/97 19,569 19,668 15,493
4/2/97 19,241 19,351 15,291
4/3/97 19,787 19,863 15,453
4/4/97 20,213 20,301 15,745
4/7/97 20,464 20,545 15,932
4/8/97 20,682 20,744 16,008
4/9/97 20,377 20,457 15,907
4/10/97 20,016 20,080 15,733
4/11/97 19,416 19,500 15,366
4/14/97 19,831 19,915 15,487
4/15/97 19,613 19,698 15,442
4/16/97 19,634 19,714 15,409
4/17/97 19,885 19,951 15,495
4/18/97 20,115 20,153 15,565
4/21/97 19,809 19,809 15,328
4/22/97 20,202 20,194 15,440
4/23/97 20,715 20,685 15,623
4/24/97 20,704 20,680 15,636
4/25/97 20,246 20,206 15,396
4/28/97 20,507 20,473 15,495
4/29/97 21,184 21,136 15,821
4/30/97 21,632 21,593 16,051
5/1/97 21,817 21,775 16,175
5/2/97 22,516 22,450 16,619
5/5/97 23,072 23,025 17,051
5/6/97 22,614 22,584 16,911
5/7/97 22,472 22,446 16,843
5/8/97 22,734 22,694 16,944
5/9/97 22,734 22,689 16,997
5/12/97 22,854 22,824 17,114
5/13/97 22,537 22,477 16,979
5/14/97 22,527 22,461 17,004
5/15/97 23,072 23,001 17,233
5/16/97 22,647 22,594 17,070
5/19/97 22,636 22,551 17,076
5/20/97 23,345 23,256 17,364
5/21/97 23,563 23,464 17,490
5/22/97 23,454 23,354 17,475
5/23/97 23,782 23,675 17,693
5/27/97 24,426 24,305 17,941
5/28/97 24,382 24,255 17,954
5/29/97 24,087 23,957 17,863
5/30/97 23,771 23,669 17,828
6/2/97 23,760 23,665 17,885
6/3/97 23,018 22,952 17,632
6/4/97 22,821 22,758 17,565
6/5/97 23,040 22,972 17,697
6/6/97 23,422 23,327 17,886
6/9/97 23,662 23,563 17,977
6/10/97 23,312 23,232 17,846
6/11/97 23,520 23,426 17,924
6/12/97 23,531 23,450 17,968
6/13/97 23,902 23,806 18,117
6/16/97 24,175 24,089 18,231
6/17/97 24,524 24,422 18,373
6/18/97 24,055 23,982 18,237
6/19/97 24,295 24,239 18,424
6/20/97 24,284 24,226 18,424
6/23/97 23,989 23,921 18,261
6/24/97 24,447 24,349 18,492
6/25/97 24,262 24,172 18,413
6/26/97 23,967 23,878 18,287
6/27/97 23,847 23,772 18,310
6/30/97 23,694 23,631 18,360
7/1/97 23,585 23,535 18,311
7/2/97 24,164 24,090 18,532
7/3/97 24,426 24,352 18,685
7/7/97 24,546 24,463 18,725
7/8/97 24,906 24,828 18,908
7/9/97 25,015 24,935 18,927
7/10/97 25,015 24,932 18,982
7/11/97 25,157 25,070 19,131
7/14/97 25,834 25,718 19,401
7/15/97 26,270 26,141 19,633
7/16/97 27,438 27,238 20,124
7/17/97 27,231 27,028 19,974
7/18/97 26,608 26,437 19,708
7/21/97 26,303 26,127 19,559
7/22/97 27,132 26,929 19,910
7/23/97 27,143 26,957 19,959
7/24/97 27,045 26,855 19,977
7/25/97 26,980 26,792 19,983
7/28/97 26,718 26,540 19,906
7/29/97 27,045 26,855 20,018
7/30/97 27,372 27,177 20,218
7/31/97 27,536 27,327 20,292
8/1/97 27,569 27,374 20,298
8/4/97 27,951 27,748 20,440
8/5/97 28,267 28,052 20,645
8/6/97 28,387 28,185 20,758
8/7/97 28,246 28,032 20,678
8/8/97 27,733 27,524 20,352
8/11/97 27,383 27,182 20,202
8/12/97 27,110 26,926 20,068
8/13/97 27,329 27,131 20,159
8/14/97 27,449 27,240 20,201
8/15/97 26,750 26,577 19,887
8/18/97 27,110 26,894 19,982
8/19/97 27,918 27,676 20,380
8/20/97 28,518 28,266 20,736
8/21/97 27,820 27,615 20,464
8/22/97 27,634 27,422 20,354
8/25/97 27,547 27,346 20,390
8/26/97 27,165 26,986 20,260
8/27/97 27,121 26,953 20,314
8/28/97 26,576 26,427 20,133
8/29/97 26,674 26,516 20,209
9/2/97 27,405 27,221 20,601
9/3/97 27,340 27,164 20,603
9/4/97 27,460 27,297 20,684
9/5/97 27,580 27,428 20,826
9/8/97 27,754 27,593 20,948
9/9/97 27,984 27,813 21,086
9/10/97 27,351 27,226 20,870
9/11/97 27,405 27,278 20,878
9/12/97 27,427 27,303 20,999
9/15/97 26,761 26,667 20,815
9/16/97 27,689 27,561 21,244
9/17/97 27,471 27,366 21,217
9/18/97 27,460 27,382 21,262
9/19/97 27,711 27,614 21,394
9/22/97 27,820 27,737 21,509
9/23/97 28,125 28,018 21,610
9/24/97 27,634 27,545 21,483
9/25/97 27,383 27,313 21,375
9/26/97 27,394 27,321 21,418
9/29/97 27,689 27,616 21,580
9/30/97 27,132 27,083 21,461
10/1/97 27,263 27,204 21,520
10/2/97 27,536 27,471 21,674
10/3/97 27,831 27,756 21,846
10/6/97 27,864 27,793 21,923
10/7/97 28,235 28,159 22,118
10/8/97 28,355 28,272 22,175
10/9/97 28,431 28,343 22,227
10/10/97 28,169 28,085 22,141
10/13/97 28,235 28,152 22,180
10/14/97 28,016 27,929 22,061
10/15/97 27,700 27,624 21,941
10/16/97 27,198 27,138 21,639
10/17/97 26,576 26,539 21,222
10/20/97 26,892 26,863 21,458
10/21/97 27,449 27,414 21,803
10/22/97 27,143 27,121 21,747
10/23/97 26,554 26,527 21,278
10/24/97 26,128 26,100 21,019
10/27/97 24,186 24,163 19,544
10/28/97 25,943 25,846 20,409
10/29/97 25,495 25,419 20,406
10/30/97 24,764 24,702 19,994
10/31/97 25,277 25,169 20,289
11/3/97 26,052 25,937 20,752
11/4/97 25,954 25,860 20,767
11/5/97 25,932 25,843 20,846
11/6/97 25,593 25,528 20,669
11/7/97 25,462 25,384 20,401
11/10/97 25,026 24,970 20,252
11/11/97 25,015 24,955 20,178
11/12/97 24,229 24,194 19,628
11/13/97 24,884 24,757 19,832
11/14/97 25,441 25,372 20,161
11/17/97 25,997 25,911 20,550
11/18/97 25,659 25,581 20,376
11/19/97 25,735 25,650 20,386
11/20/97 26,325 26,227 20,709
11/21/97 26,183 26,082 20,635
11/24/97 25,517 25,431 20,205
11/25/97 25,724 25,624 20,231
11/26/97 25,877 25,777 20,300
11/28/97 26,030 25,931 20,377
12/1/97 26,772 26,640 20,762
12/2/97 26,085 25,970 20,452
12/3/97 26,325 26,206 20,563
12/4/97 26,106 25,987 20,541
12/5/97 26,559 26,419 20,802
12/8/97 26,877 26,732 21,027
12/9/97 26,066 25,935 20,632
12/10/97 25,639 25,504 20,327
12/11/97 24,849 24,731 19,843
12/12/97 24,257 24,154 19,563
12/15/97 24,411 24,299 19,563
12/16/97 24,740 24,618 19,772
12/17/97 24,378 24,281 19,700
12/18/97 23,961 23,865 19,393
12/19/97 24,027 23,942 19,412
12/22/97 24,170 24,085 19,506
12/23/97 23,490 23,440 19,224
12/24/97 23,227 23,179 19,091
12/26/97 23,600 23,551 19,242
12/29/97 24,225 24,155 19,574
12/30/97 24,707 24,647 19,925
12/31/97 24,510 24,458 19,993
1/2/98 24,948 24,888 20,135
1/5/98 25,200 25,115 20,296
1/6/98 24,926 24,840 20,118
1/7/98 24,542 24,467 19,883
1/8/98 24,652 24,550 19,804
1/9/98 23,698 23,603 19,138
1/12/98 24,082 23,973 19,194
1/13/98 24,674 24,562 19,627
1/14/98 24,696 24,595 19,718
1/15/98 24,674 24,576 19,696
1/16/98 24,937 24,830 19,898
1/20/98 25,452 25,348 20,245
1/21/98 25,441 25,339 20,217
1/22/98 25,310 25,194 20,071
1/23/98 25,419 25,289 20,064
1/26/98 25,211 25,089 19,880
1/27/98 25,715 25,567 20,102
1/28/98 26,406 26,245 20,508
1/29/98 26,548 26,388 20,619
1/30/98 26,614 26,440 20,617
2/2/98 27,349 27,178 21,044
2/3/98 27,612 27,431 21,215
2/4/98 27,929 27,756 21,395
2/5/98 27,677 27,520 21,350
2/6/98 28,171 28,000 21,572
2/9/98 27,864 27,714 21,522
2/10/98 28,291 28,135 21,759
2/11/98 28,280 28,111 21,752
2/12/98 28,434 28,259 21,826
2/13/98 28,204 28,059 21,776
2/17/98 28,028 27,860 21,687
2/18/98 28,335 28,159 21,844
2/19/98 28,719 28,554 21,988
2/20/98 28,806 28,628 22,002
2/23/98 29,464 29,264 22,303
2/24/98 29,135 28,940 22,136
2/25/98 29,859 29,631 22,490
2/26/98 30,034 29,794 22,625
2/27/98 29,705 29,477 22,541
3/2/98 29,300 29,068 22,389
3/3/98 29,256 29,022 22,371
3/4/98 29,343 29,120 22,404
3/5/98 27,984 27,815 21,795
3/6/98 28,894 28,711 22,325
3/9/98 27,995 27,853 21,964
3/10/98 28,521 28,353 22,261
3/11/98 28,631 28,483 22,367
3/12/98 28,872 28,715 22,459
3/13/98 29,015 28,864 22,556
3/16/98 29,289 29,132 22,766
3/17/98 28,971 28,829 22,653
3/18/98 29,201 29,054 22,768
3/19/98 29,420 29,280 22,917
3/20/98 29,004 28,867 22,779
3/23/98 29,256 29,108 22,821
3/24/98 29,738 29,568 23,075
3/25/98 30,155 29,987 23,229
3/26/98 30,264 30,064 23,280
3/27/98 30,122 29,909 23,218
3/30/98 29,990 29,785 23,155
3/31/98 30,341 30,132 23,371
4/1/98 30,527 30,323 23,524
4/2/98 30,571 30,367 23,591
4/3/98 30,670 30,452 23,622
4/6/98 29,946 29,754 23,288
4/7/98 29,354 29,180 22,900
4/8/98 29,596 29,401 23,006
4/9/98 29,738 29,545 23,174
4/13/98 29,881 29,695 23,234
4/14/98 30,133 29,945 23,465
4/15/98 30,593 30,396 23,722
4/16/98 30,505 30,301 23,658
4/17/98 30,582 30,393 23,765
4/20/98 31,130 30,933 24,026
4/21/98 31,558 31,342 24,239
4/22/98 32,106 31,865 24,414
4/23/98 31,284 31,068 23,953
4/24/98 31,064 30,859 23,795
4/27/98 30,330 30,117 23,175
4/28/98 30,374 30,177 23,321
4/29/98 30,801 30,598 23,574
4/30/98 30,999 30,809 23,788
5/1/98 31,075 30,894 23,852
5/4/98 31,174 30,999 23,921
5/5/98 30,966 30,788 23,743
5/6/98 30,834 30,665 23,638
5/7/98 30,341 30,181 23,364
5/8/98 31,130 30,955 23,736
5/11/98 30,736 30,551 23,529
5/12/98 31,207 31,014 23,683
5/13/98 31,371 31,179 23,759
5/14/98 31,459 31,253 23,749
5/15/98 31,032 30,843 23,512
5/18/98 30,867 30,671 23,319
5/19/98 31,196 30,994 23,501
5/20/98 30,747 30,553 23,321
5/21/98 30,385 30,207 23,184
5/22/98 30,155 29,970 22,980
5/26/98 29,815 29,625 22,638
5/27/98 30,067 29,855 22,676
5/28/98 30,177 29,988 22,848
5/29/98 29,585 29,426 22,648
6/1/98 28,927 28,771 22,240
6/2/98 29,486 29,304 22,430
6/3/98 28,883 28,732 22,182
6/4/98 29,694 29,503 22,534
6/5/98 29,979 29,787 22,699
6/8/98 29,968 29,795 22,761
6/9/98 30,385 30,201 22,926
6/10/98 29,782 29,604 22,576
6/11/98 29,431 29,254 22,277
6/12/98 29,497 29,300 22,217
6/15/98 29,179 28,969 21,844
6/16/98 30,133 29,891 22,320
6/17/98 30,472 30,216 22,616
6/18/98 30,549 30,296 22,569
6/19/98 30,867 30,602 22,679
6/22/98 31,492 31,200 22,991
6/23/98 32,456 32,149 23,484
6/24/98 33,169 32,859 23,907
6/25/98 32,654 32,371 23,722
6/26/98 32,917 32,607 23,802
6/29/98 33,388 33,070 24,076
6/30/98 33,322 33,012 24,123
7/1/98 33,783 33,476 24,374
7/2/98 33,191 32,893 24,114
7/6/98 33,443 33,141 24,311
7/7/98 33,542 33,233 24,293
7/8/98 34,342 34,011 24,641
7/9/98 34,462 34,144 24,697
7/10/98 34,660 34,339 24,738
7/13/98 35,416 35,067 25,024
7/14/98 35,372 35,006 25,061
7/15/98 36,161 35,782 25,394
7/16/98 36,227 35,857 25,470
7/17/98 36,523 36,138 25,575
7/20/98 36,578 36,185 25,645
7/21/98 35,712 35,346 25,198
7/22/98 35,679 35,313 25,078
7/23/98 35,087 34,702 24,638
7/24/98 35,164 34,771 24,585
7/27/98 35,613 35,209 24,613
7/28/98 34,769 34,393 24,146
7/29/98 34,440 34,067 23,954
7/30/98 35,526 35,103 24,439
7/31/98 34,375 33,997 23,838
8/3/98 34,177 33,779 23,567
8/4/98 32,884 32,516 22,734
8/5/98 33,235 32,826 22,767
8/6/98 34,156 33,716 23,293
8/7/98 34,079 33,672 23,512
8/10/98 34,046 33,642 23,416
8/11/98 33,235 32,834 22,824
8/12/98 33,849 33,439 23,242
8/13/98 33,454 33,038 22,949
8/14/98 33,224 32,832 22,792
8/17/98 34,199 33,763 23,146
8/18/98 35,021 34,589 23,619
8/19/98 34,967 34,516 23,460
8/20/98 34,978 34,514 23,330
8/21/98 34,386 33,936 22,886
8/24/98 34,287 33,841 22,800
8/25/98 34,747 34,271 22,894
8/26/98 34,397 33,918 22,511
8/27/98 32,851 32,375 21,471
8/28/98 31,689 31,227 20,876
8/31/98 28,543 28,149 19,088
9/1/98 30,462 29,993 20,053
9/2/98 30,615 30,151 20,279
9/3/98 30,308 29,843 20,012
9/4/98 30,198 29,755 19,944
9/8/98 32,226 31,756 21,145
9/9/98 31,634 31,146 20,683
9/10/98 30,955 30,495 20,184
9/11/98 32,336 31,848 20,901
9/14/98 32,774 32,293 21,207
9/15/98 33,125 32,687 21,365
9/16/98 33,322 32,866 21,515
9/17/98 32,325 31,887 20,959
9/18/98 32,533 32,107 21,182
9/21/98 33,246 32,774 21,394
9/22/98 33,454 32,983 21,616
9/23/98 34,934 34,426 22,411
9/24/98 33,958 33,484 21,903
9/25/98 34,824 34,314 22,199
9/28/98 34,671 34,145 22,143
9/29/98 34,704 34,186 22,077
9/30/98 33,728 33,213 21,565
10/1/98 31,919 31,442 20,527
10/2/98 31,963 31,508 20,561
10/5/98 30,209 29,811 19,564
10/6/98 29,650 29,247 19,236
10/7/98 28,806 28,414 18,621
10/8/98 28,280 27,866 18,068
10/9/98 30,045 29,569 19,002
10/12/98 31,152 30,693 19,684
10/13/98 30,220 29,792 19,218
10/14/98 30,944 30,502 19,619
10/15/98 32,555 32,082 20,511
10/16/98 32,402 31,940 20,637
10/19/98 32,807 32,341 20,991
10/20/98 32,106 31,676 20,869
10/21/98 33,366 32,881 21,322
10/22/98 33,936 33,452 21,677
10/23/98 33,553 33,092 21,565
10/26/98 34,276 33,792 21,962
10/27/98 33,871 33,407 21,868
10/28/98 34,550 34,064 22,119
10/29/98 34,956 34,467 22,372
10/30/98 35,043 34,571 22,553
11/2/98 35,471 35,022 22,928
11/3/98 35,032 34,601 22,769
11/4/98 35,855 35,398 23,217
11/5/98 36,107 35,596 23,389
11/6/98 36,522 35,999 23,637
11/9/98 36,765 36,228 23,694
11/10/98 36,942 36,471 23,752
11/11/98 37,097 36,551 23,708
11/12/98 36,721 36,201 23,567
11/13/98 36,666 36,168 23,528
11/16/98 36,931 36,425 23,702
11/17/98 37,516 36,991 23,916
11/18/98 37,925 37,395 24,157
11/19/98 38,500 37,951 24,441
11/20/98 38,677 38,119 24,549
11/23/98 39,815 39,225 25,176
11/24/98 39,594 39,022 25,029
11/25/98 40,025 39,458 25,275
11/27/98 40,787 40,195 25,672
11/30/98 38,997 38,458 24,821
12/1/98 40,920 40,298 25,511
12/2/98 40,566 39,967 25,402
12/3/98 39,417 38,848 24,882
12/4/98 40,843 40,236 25,503
12/7/98 42,025 41,393 25,981
12/8/98 41,793 41,178 25,906
12/9/98 42,235 41,603 26,105
12/10/98 41,428 40,798 25,666
12/11/98 41,992 41,347 25,836
12/14/98 40,467 39,843 25,042
12/15/98 41,716 41,070 25,624
12/16/98 41,528 40,885 25,582
12/17/98 42,368 41,708 26,022
12/18/98 43,484 42,828 26,560
12/21/98 44,821 44,119 26,828
12/22/98 44,335 43,638 27,003
12/23/98 45,694 44,900 27,660
12/24/98 45,318 44,581 27,539
12/28/98 45,727 45,025 27,759
12/29/98 45,694 45,008 27,777
12/30/98 45,274 44,703 27,589
12/31/98 45,705 45,321 27,916
1/4/99 46,224 45,775 28,112
1/5/99 47,462 46,975 28,662
1/6/99 49,009 48,479 29,548
1/7/99 49,097 48,539 29,615
1/8/99 49,285 48,719 29,848
1/11/99 50,004 49,374 30,360
1/12/99 48,445 47,882 29,547
1/13/99 48,666 48,103 29,497
1/14/99 47,594 47,052 28,987
1/15/99 49,517 48,916 29,896
1/19/99 50,788 50,201 30,660
1/20/99 50,832 50,201 30,753
1/21/99 49,020 48,425 29,852
1/22/99 49,086 48,486 29,778
1/25/99 49,937 49,299 30,165
1/26/99 51,617 50,905 30,981
1/27/99 50,821 50,119 30,647
1/28/99 52,700 51,951 31,540
1/29/99 53,308 52,509 31,904
2/1/99 53,418 52,601 31,957
2/2/99 52,103 51,312 31,363
2/3/99 53,087 52,330 31,745
2/4/99 50,755 50,052 30,684
2/5/99 49,794 49,087 30,220
2/8/99 50,965 50,214 30,618
2/9/99 48,479 47,773 29,420
2/10/99 48,711 47,991 29,404
2/11/99 51,230 50,472 30,626
2/12/99 49,053 48,347 29,561
2/16/99 48,932 48,246 29,459
2/17/99 47,329 46,688 28,632
2/18/99 47,683 47,051 28,780
2/19/99 48,313 47,681 29,074
2/22/99 49,904 49,271 29,817
2/23/99 50,744 50,066 30,255
2/24/99 49,738 49,101 29,784
2/25/99 49,385 48,737 29,624
2/26/99 48,158 47,525 29,130
3/1/99 48,445 47,831 29,221
3/2/99 47,219 46,621 28,761
3/3/99 47,517 46,896 28,840
3/4/99 48,335 47,716 29,192
3/5/99 49,252 48,626 29,755
3/8/99 50,876 50,210 30,525
3/9/99 50,711 50,075 30,466
3/10/99 50,965 50,320 30,632
3/11/99 51,120 50,450 30,712
3/12/99 50,258 49,590 30,321
3/15/99 51,551 50,859 30,956
3/16/99 51,860 51,179 31,056
3/17/99 51,639 50,961 30,925
3/18/99 52,622 51,906 31,357
3/19/99 51,407 50,695 30,827
3/22/99 50,755 50,039 30,504
3/23/99 49,119 48,414 29,573
3/24/99 50,434 49,704 30,114
3/25/99 52,169 51,427 30,999
3/26/99 51,749 51,031 30,800
3/29/99 53,694 52,940 31,738
3/30/99 53,241 52,472 31,578
3/31/99 52,711 51,995 31,337
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 3-31-99
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
ADVISOR
INVESTOR CLASS CLASS
(2-14-94) (9-22-98)
--------------------------------- -----------
ONE FIVE SINCE SINCE
YEAR YEAR INCEPTION INCEPTION
<S> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------
OTC Fund 73.73% 41.24% 38.30% 57.20%
NASDAQ 100 Index-TM- 72.56% 40.60% 37.93% 57.64%
NASDAQ Composite Index-TM- 34.09% 27.04% 24.96% 44.98%
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE NASDAQ COMPOSITE
INDEX-TM- AND THE NASDAQ 100 INDEX-TM- ARE UNMANAGED STOCK INDICES AND, UNLIKE
THE FUND, HAVE NO MANAGEMENT FEES OR OTHER OPERATING EXPENSES TO REDUCE THEIR
REPORTED RETURNS. RETURNS ARE HISTORICAL AND INCLUDE CHANGES IN PRINCIPAL AND
REINVESTED DIVIDENDS AND CAPITAL GAINS. THE GRAPH IS BASED ON INVESTOR CLASS
SHARES ONLY; PERFORMANCE FOR ADVISOR CLASS SHARES WILL VARY DUE TO DIFFERENCES
IN FEE STRUCTURES.
6
<PAGE>
THE PRECIOUS METALS FUND
BENCHMARK: PHILADELPHIA STOCK EXCHANGE GOLD/SILVER INDEX (XAU)
INCEPTION: DECEMBER 1, 1993
To achieve its objective, the Precious Metals Fund primarily invested in the 10
stocks that comprise its benchmark index. Although the price of gold stabilized
at approximately $290/oz. during the reporting period, gold mining shares
continued their downward trend as investors looked elsewhere. With the Consumer
Price Index below 2%, gold has lost its luster as a hedge against inflation. The
total return of the Precious Metals Fund was -28.01% compared to the XAU Index,
which was -26.83% for the year ended March 31, 1999.
CUMULATIVE FUND PERFORMANCE: DECEMBER 1, 1993--MARCH 31, 1999
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
RYDEX PRECIOUS METALS FUND XAU INDEX S&P 500 INDEX
<S> <C> <C> <C>
12/1/93 $10,000 $10,000 $10,000
12/2/93 9,980 9,992 10,026
12/3/93 10,160 10,217 10,065
12/6/93 10,040 10,153 10,098
12/7/93 10,110 10,206 10,105
12/8/93 10,600 10,779 10,095
12/9/93 10,660 10,845 10,050
12/10/93 10,720 10,896 10,044
12/13/93 10,990 11,182 10,082
12/14/93 10,820 11,019 10,025
12/15/93 10,800 11,001 9,999
12/16/93 10,760 10,958 10,031
12/17/93 10,790 10,989 10,097
12/20/93 10,820 11,021 10,086
12/21/93 10,510 10,710 10,074
12/22/93 10,490 10,701 10,118
12/23/93 10,470 10,675 10,119
12/27/93 10,580 10,800 10,187
12/28/93 10,560 10,781 10,196
12/29/93 10,670 10,896 10,188
12/30/93 10,670 10,926 10,146
12/31/93 10,660 10,921 10,099
1/3/94 11,260 11,819 10,077
1/4/94 11,180 11,751 10,108
1/5/94 10,960 11,572 10,123
1/6/94 11,100 11,763 10,113
1/7/94 10,600 11,284 10,173
1/10/94 10,510 11,287 10,290
1/11/94 10,760 11,556 10,265
1/12/94 10,610 11,407 10,266
1/13/94 10,880 11,675 10,229
1/14/94 10,980 11,777 10,282
1/17/94 11,290 12,045 10,247
1/18/94 11,160 11,920 10,268
1/19/94 11,030 11,798 10,269
1/20/94 10,650 11,410 10,283
1/21/94 10,440 11,205 10,278
1/24/94 10,350 11,129 10,218
1/25/94 10,300 11,087 10,196
1/26/94 10,510 11,304 10,245
1/27/94 9,880 10,718 10,328
1/28/94 9,850 10,679 10,364
1/31/94 10,080 10,908 10,427
2/1/94 10,610 11,417 10,384
2/2/94 10,340 11,099 10,435
2/3/94 10,550 11,291 10,407
2/4/94 10,250 11,022 10,171
2/7/94 9,610 10,419 10,214
2/8/94 9,630 10,437 10,198
2/9/94 9,740 10,554 10,236
2/10/94 9,780 10,594 10,152
2/11/94 9,610 10,435 10,179
2/14/94 9,730 10,549 10,181
2/15/94 9,710 10,533 10,230
2/16/94 10,020 10,841 10,236
2/17/94 9,910 10,735 10,183
2/18/94 9,640 10,417 10,126
2/22/94 9,450 10,231 10,207
2/23/94 9,480 10,256 10,191
2/24/94 9,590 10,363 10,051
2/25/94 9,630 10,400 10,090
2/28/94 9,870 10,623 10,114
3/1/94 9,730 10,512 10,055
3/2/94 9,510 10,298 10,063
3/3/94 9,370 10,171 10,024
3/4/94 9,280 10,108 10,062
3/7/94 9,150 9,974 10,109
3/8/94 9,070 9,885 10,086
3/9/94 9,250 10,199 10,112
3/10/94 9,490 10,469 10,044
3/11/94 9,400 10,386 10,099
3/14/94 9,360 10,348 10,119
3/15/94 9,390 10,390 10,111
3/16/94 9,330 10,324 10,163
3/17/94 9,230 10,246 10,195
3/18/94 9,560 10,568 10,199
3/21/94 9,340 10,362 10,144
3/22/94 9,740 10,745 10,150
3/23/94 10,000 11,014 10,144
3/24/94 10,210 11,225 10,053
3/25/94 10,370 11,374 9,972
3/28/94 10,120 11,146 9,959
3/29/94 10,010 11,021 9,796
3/30/94 9,690 10,731 9,646
3/31/94 10,030 11,062 9,651
4/4/94 9,460 10,521 9,503
4/5/94 9,480 10,525 9,706
4/6/94 9,240 10,300 9,700
4/7/94 9,290 10,348 9,762
4/8/94 9,170 10,230 9,680
4/11/94 8,960 10,014 9,740
4/12/94 8,950 10,011 9,690
4/13/94 8,790 9,866 9,662
4/14/94 8,800 9,861 9,664
4/15/94 8,360 9,441 9,660
4/18/94 8,070 9,161 9,579
4/19/94 7,770 8,879 9,581
4/20/94 7,740 8,838 9,569
4/21/94 7,930 9,043 9,715
4/22/94 7,790 8,908 9,691
4/25/94 8,050 9,185 9,801
4/26/94 8,190 9,336 9,783
4/28/94 8,410 9,564 9,723
4/29/94 8,310 9,468 9,762
5/2/94 8,210 9,360 9,808
5/3/94 8,060 9,212 9,808
5/4/94 8,230 9,385 9,780
5/5/94 7,970 9,123 9,780
5/6/94 8,470 9,643 9,695
5/9/94 8,440 9,612 9,576
5/10/94 8,160 9,335 9,656
5/11/94 8,330 9,496 9,558
5/12/94 8,230 9,395 9,607
5/13/94 8,200 9,365 9,616
5/16/94 8,340 9,521 9,623
5/17/94 8,220 9,400 9,729
5/18/94 8,370 9,558 9,729
5/19/94 8,500 9,707 9,883
5/20/94 8,820 10,035 9,849
5/23/94 9,010 10,255 9,812
5/24/94 8,680 9,848 9,847
5/25/94 8,640 9,797 9,880
5/26/94 8,540 9,680 9,895
5/27/94 8,620 9,774 9,901
5/31/94 8,770 9,955 9,884
6/1/94 8,500 9,668 9,908
6/2/94 8,490 9,652 9,908
6/3/94 8,350 9,505 9,962
6/6/94 8,300 9,442 9,935
6/7/94 8,300 9,440 9,920
6/8/94 8,240 9,345 9,895
6/9/94 8,320 9,444 9,913
6/10/94 8,270 9,368 9,930
6/13/94 8,400 9,504 9,940
6/14/94 8,480 9,608 10,010
6/15/94 8,580 9,731 9,972
6/16/94 8,450 9,573 10,001
6/17/94 8,680 9,868 9,926
6/20/94 8,620 9,808 9,861
6/21/94 8,750 10,002 9,772
6/22/94 8,590 9,818 9,809
6/23/94 8,610 9,854 9,735
6/24/94 8,470 9,694 9,587
6/27/94 8,340 9,513 9,684
6/28/94 8,240 9,394 9,657
6/29/94 8,320 9,498 9,691
6/30/94 8,290 9,536 9,619
7/1/94 8,350 9,543 9,660
7/5/94 8,140 9,298 9,664
7/6/94 8,120 9,290 9,659
7/7/94 8,080 9,212 9,708
7/8/94 8,000 9,097 9,733
7/11/94 8,210 9,342 9,701
7/12/94 8,140 9,267 9,698
7/13/94 8,060 9,165 9,715
7/14/94 8,070 9,160 9,816
7/15/94 8,120 9,225 9,833
7/18/94 8,080 9,182 9,856
7/19/94 8,320 9,448 9,826
7/20/94 8,310 9,512 9,777
7/21/94 8,280 9,470 9,799
7/22/94 8,230 9,401 9,810
7/25/94 8,220 9,343 9,835
7/26/94 8,280 9,401 9,815
7/27/94 8,390 9,565 9,798
7/28/94 8,280 9,418 9,834
7/29/94 8,150 9,246 9,921
8/1/94 8,160 9,241 9,981
8/2/94 7,990 9,042 9,971
8/3/94 8,000 9,039 9,991
8/4/94 8,100 9,168 9,924
8/5/94 7,960 9,013 9,896
8/8/94 7,960 9,008 9,913
8/9/94 7,950 9,000 9,914
8/10/94 7,920 8,977 9,966
8/11/94 7,990 9,061 9,935
8/12/94 7,910 8,970 10,001
8/15/94 7,890 8,943 9,986
8/16/94 7,860 8,913 10,068
8/17/94 7,850 8,897 10,071
8/18/94 8,050 9,128 10,028
8/19/94 8,140 9,239 10,039
8/22/94 8,100 9,187 10,009
8/23/94 8,050 9,116 10,057
8/24/94 8,210 9,298 10,155
8/25/94 8,180 9,265 10,134
8/26/94 8,160 9,226 10,258
8/29/94 8,380 9,506 10,275
8/30/94 8,490 9,637 10,307
8/31/94 8,620 9,806 10,295
9/1/94 8,660 9,853 10,244
9/2/94 8,820 10,058 10,197
9/6/94 8,940 10,205 10,197
9/7/94 8,890 10,150 10,216
9/8/94 8,900 10,151 10,197
9/9/94 9,000 10,261 10,244
9/12/94 9,080 10,364 10,136
9/13/94 9,010 10,279 10,094
9/14/94 8,930 10,170 10,122
9/15/94 8,820 10,058 10,280
9/16/94 8,910 10,174 10,201
9/19/94 9,250 10,626 10,194
9/20/94 9,330 10,723 10,032
9/21/94 9,320 10,712 9,991
9/22/94 9,500 10,932 9,987
9/23/94 9,660 11,110 9,952
9/26/94 9,570 10,999 9,977
9/27/94 9,770 11,242 10,003
9/28/94 9,600 11,040 10,063
9/29/94 9,600 11,038 10,007
9/30/94 9,520 10,941 10,018
10/3/94 9,300 10,685 9,997
10/4/94 9,130 10,490 9,842
10/5/94 8,980 10,315 9,819
10/6/94 9,200 10,564 9,794
10/7/94 9,060 10,405 9,853
10/10/94 9,150 10,503 9,938
10/11/94 9,160 10,510 10,085
10/12/94 9,310 10,683 10,078
10/13/94 9,110 10,450 10,128
10/14/94 8,970 10,269 10,156
10/17/94 9,070 10,397 10,153
10/18/94 9,040 10,357 10,125
10/19/94 9,090 10,405 10,182
10/20/94 9,240 10,593 10,107
10/21/94 9,110 10,435 10,065
10/24/94 9,070 10,395 9,977
10/25/94 9,030 10,362 9,992
10/26/94 8,890 10,197 10,016
10/27/94 8,600 9,842 10,086
10/28/94 8,430 9,635 10,257
10/31/94 8,490 9,715 10,226
11/1/94 8,460 9,683 10,141
11/2/94 8,420 9,633 10,100
11/3/94 8,400 9,614 10,130
11/4/94 8,330 9,530 10,008
11/7/94 8,280 9,475 10,025
11/8/94 8,380 9,600 10,081
11/9/94 8,250 9,449 10,076
11/10/94 8,320 9,527 10,053
11/11/94 8,290 9,494 10,010
11/14/94 8,200 9,387 10,090
11/15/94 8,190 9,383 10,068
11/16/94 8,170 9,365 10,081
11/17/94 8,020 9,183 10,036
11/18/94 7,910 9,038 9,991
11/21/94 7,780 8,902 9,922
11/22/94 7,590 8,686 9,744
11/23/94 7,420 8,474 9,741
11/25/94 7,720 8,810 9,792
11/28/94 7,550 8,591 9,833
11/29/94 7,680 8,732 9,855
11/30/94 7,480 8,497 9,822
12/1/94 7,470 8,488 9,719
12/2/94 7,440 8,459 9,814
12/5/94 7,300 8,285 9,815
12/6/94 7,440 8,454 9,810
12/7/94 7,640 8,689 9,769
12/8/94 7,530 8,555 9,644
12/9/94 7,610 8,648 9,677
12/12/94 7,700 8,754 9,731
12/13/94 7,710 8,768 9,746
12/14/94 7,820 8,887 9,850
12/15/94 7,667 8,715 9,858
12/16/94 7,495 8,516 9,933
12/19/94 7,616 8,656 9,914
12/20/94 7,697 8,741 9,896
12/21/94 7,697 8,758 9,951
12/22/94 7,616 8,660 9,952
12/23/94 7,646 8,706 9,955
12/27/94 7,697 8,768 10,013
12/28/94 8,029 9,150 9,978
12/29/94 8,019 9,130 9,984
12/30/94 7,948 9,046 9,943
1/3/95 7,626 8,688 9,940
1/4/95 7,264 8,258 9,974
1/5/95 7,365 8,377 9,966
1/6/95 7,184 8,172 9,974
1/9/95 7,254 8,267 9,977
1/10/95 7,425 8,464 9,995
1/11/95 7,838 8,924 9,995
1/12/95 7,838 8,922 9,995
1/13/95 7,767 8,844 10,088
1/16/95 7,616 8,665 10,162
1/17/95 7,687 8,750 10,177
1/18/95 7,858 8,950 10,169
1/19/95 7,858 8,967 10,110
1/20/95 7,777 8,868 10,063
1/23/95 7,596 8,658 10,085
1/24/95 7,596 8,646 10,086
1/25/95 7,455 8,493 10,120
1/26/95 7,405 8,436 10,139
1/27/95 7,163 8,160 10,184
1/30/95 7,194 8,200 10,143
1/31/95 7,073 8,057 10,185
2/1/95 7,174 8,171 10,184
2/2/95 7,415 8,435 10,236
2/3/95 7,304 8,312 10,363
2/6/95 7,314 8,325 10,417
2/7/95 7,224 8,219 10,410
2/8/95 7,324 8,328 10,418
2/9/95 7,415 8,427 10,396
2/10/95 7,375 8,382 10,424
2/13/95 7,314 8,320 10,428
2/14/95 7,284 8,278 10,447
2/15/95 7,335 8,340 10,490
2/16/95 7,355 8,357 10,505
2/17/95 7,495 8,527 10,435
2/21/95 7,516 8,555 10,451
2/22/95 7,737 8,806 10,502
2/23/95 7,626 8,679 10,542
2/24/95 7,566 8,619 10,571
2/27/95 7,516 8,576 10,478
2/28/95 7,536 8,591 10,552
3/1/95 7,294 8,305 10,514
3/2/95 7,455 8,492 10,503
3/3/95 7,294 8,308 10,509
3/6/95 7,616 8,658 10,514
3/7/95 8,190 9,312 10,438
3/8/95 7,858 8,943 10,460
3/9/95 8,039 9,159 10,460
3/10/95 7,918 9,019 10,599
3/13/95 8,109 9,231 10,610
3/14/95 8,129 9,270 10,671
3/15/95 8,220 9,370 10,649
3/16/95 8,170 9,307 10,726
3/17/95 8,260 9,416 10,728
3/20/95 8,371 9,554 10,742
3/21/95 8,300 9,462 10,718
3/22/95 8,290 9,456 10,731
3/23/95 8,401 9,586 10,737
3/24/95 8,310 9,496 10,846
3/27/95 8,321 9,501 10,894
3/28/95 8,411 9,595 10,910
3/29/95 8,371 9,547 10,893
3/30/95 8,914 9,936 10,873
3/31/95 8,854 10,092 10,840
4/3/95 8,864 10,093 10,865
4/4/95 8,703 9,911 10,939
4/5/95 8,964 10,193 10,946
4/6/95 8,904 10,132 10,957
4/7/95 8,824 10,041 10,964
4/10/95 8,673 9,874 10,977
4/11/95 8,683 9,875 10,945
4/12/95 8,723 9,917 10,980
4/13/95 8,461 9,621 11,025
4/17/95 8,944 10,153 10,958
4/18/95 9,085 10,333 10,941
4/19/95 9,025 10,266 10,932
4/20/95 8,733 9,922 10,940
4/21/95 8,834 10,038 11,009
4/24/95 8,884 10,107 11,104
4/25/95 8,934 10,155 11,088
4/26/95 8,632 9,815 11,099
4/27/95 8,763 9,971 11,118
4/28/95 8,512 9,675 11,144
5/1/95 8,653 9,845 11,134
5/2/95 8,663 9,853 11,147
5/3/95 8,471 9,611 11,268
5/4/95 8,642 9,812 11,270
5/5/95 8,522 9,671 11,261
5/8/95 8,502 9,652 11,344
5/9/95 8,160 9,267 11,335
5/10/95 8,139 9,243 11,352
5/11/95 7,978 9,058 11,353
5/12/95 7,948 9,029 11,378
5/15/95 8,180 9,288 11,426
5/16/95 8,290 9,411 11,435
5/17/95 8,421 9,560 11,411
5/18/95 8,592 9,758 11,249
5/19/95 8,411 9,549 11,241
5/22/95 8,260 9,366 11,337
5/23/95 8,492 9,640 11,444
5/24/95 8,733 9,912 11,444
5/25/95 8,733 9,909 11,444
5/26/95 8,803 9,986 11,337
5/30/95 8,693 9,857 11,336
5/31/95 8,753 9,929 11,548
6/1/95 8,854 10,036 11,550
6/2/95 8,653 9,823 11,529
6/5/95 8,683 9,848 11,596
6/6/95 8,602 9,763 11,595
6/7/95 8,783 9,967 11,542
6/8/95 8,894 10,098 11,525
6/9/95 8,874 10,080 11,430
6/12/95 8,793 9,979 11,494
6/13/95 8,824 10,012 11,606
6/14/95 9,025 10,252 11,615
6/15/95 9,236 10,486 11,629
6/16/95 9,246 10,492 11,687
6/19/95 9,407 10,678 11,804
6/20/95 9,125 10,357 11,799
6/21/95 9,075 10,291 11,777
6/22/95 9,269 10,517 11,931
6/23/95 9,228 10,468 11,901
6/26/95 9,027 10,235 11,781
6/27/95 9,037 10,241 11,744
6/28/95 8,865 10,033 11,794
6/28/95 8,865 10,033 11,794
6/29/95 8,926 10,100 11,775
6/30/95 8,805 9,945 11,794
7/3/95 8,775 9,914 11,845
7/5/95 8,805 9,945 11,848
7/6/95 9,077 10,262 11,994
7/7/95 9,249 10,449 12,046
7/10/95 9,218 10,413 12,063
7/11/95 9,450 10,674 12,011
7/12/95 9,591 10,839 12,143
7/13/95 9,279 10,484 12,146
7/14/95 9,329 10,550 12,122
7/17/95 9,491 10,736 12,183
7/18/95 9,400 10,635 12,091
7/19/95 9,208 10,419 11,929
7/20/95 9,037 10,204 11,984
7/21/95 9,017 10,179 11,986
7/24/95 9,168 10,361 12,051
7/25/95 8,986 10,149 12,148
7/26/95 9,097 10,285 12,159
7/27/95 8,835 9,973 12,237
7/28/95 8,764 9,904 12,188
7/31/95 8,704 9,821 12,169
8/1/95 9,057 10,227 12,116
8/2/95 9,007 10,169 12,098
8/3/95 9,087 10,264 12,097
8/4/95 9,007 10,166 12,101
8/7/95 8,916 10,057 12,125
8/8/95 9,077 10,242 12,133
8/9/95 8,966 10,119 12,117
8/10/95 8,885 10,021 12,069
8/11/95 8,845 9,978 12,018
8/14/95 9,087 10,256 12,118
8/15/95 9,259 10,452 12,093
8/16/95 9,148 10,332 12,123
8/17/95 9,228 10,415 12,104
8/18/95 9,218 10,415 12,107
8/21/95 9,158 10,338 12,083
8/22/95 9,117 10,308 12,113
8/23/95 9,329 10,551 12,062
8/24/95 9,249 10,451 12,069
8/25/95 9,289 10,500 12,126
8/28/95 9,289 10,496 12,104
8/29/95 9,128 10,309 12,124
8/30/95 8,906 10,057 12,144
8/31/95 8,986 10,149 12,165
9/1/95 8,896 10,050 12,207
9/5/95 9,017 10,197 12,323
9/6/95 9,168 10,355 12,344
9/7/95 9,259 10,457 12,347
9/8/95 9,309 10,516 12,399
9/11/95 9,370 10,573 12,425
9/12/95 9,521 10,752 12,482
9/13/95 9,249 10,441 12,530
9/14/95 9,329 10,531 12,635
9/15/95 9,279 10,477 12,630
9/18/95 9,289 10,477 12,617
9/19/95 9,107 10,268 12,648
9/20/95 8,986 10,135 12,704
9/21/95 9,228 10,415 12,622
9/22/95 9,067 10,238 12,595
9/25/95 9,017 10,180 12,596
9/26/95 9,017 10,176 12,588
9/27/95 9,017 10,168 12,580
9/28/95 9,067 10,222 12,684
9/29/95 9,107 10,276 12,653
10/2/95 8,976 10,127 12,594
10/3/95 8,906 10,040 12,608
10/4/95 8,845 9,969 12,589
10/5/95 8,875 10,009 12,614
10/6/95 8,956 10,106 12,611
10/9/95 9,007 10,166 12,522
10/10/95 9,027 10,195 12,504
10/11/95 8,926 10,058 12,545
10/12/95 8,744 9,847 12,624
10/13/95 8,754 9,860 12,655
10/16/95 8,623 9,704 12,623
10/17/95 8,472 9,540 12,704
10/18/95 8,311 9,361 12,718
10/19/95 8,301 9,350 12,788
10/20/95 8,351 9,410 12,719
10/23/95 8,119 9,140 12,667
10/24/95 8,119 9,147 12,699
10/25/95 8,301 9,360 12,611
10/26/95 8,139 9,184 12,486
10/27/95 7,937 8,971 12,551
10/30/95 7,907 8,936 12,627
10/31/95 7,857 8,868 12,590
11/1/95 7,917 8,943 12,648
11/2/95 8,240 9,314 12,768
11/3/95 8,179 9,239 12,786
11/6/95 8,371 9,461 12,740
11/7/95 8,543 9,652 12,694
11/8/95 8,482 9,575 12,811
11/9/95 8,664 9,784 12,844
11/10/95 8,764 9,887 12,832
11/13/95 8,593 9,687 12,823
11/14/95 8,411 9,481 12,758
11/15/95 8,411 9,480 12,859
11/16/95 8,452 9,524 12,933
11/17/95 8,603 9,699 12,992
11/20/95 8,593 9,689 12,922
11/21/95 8,613 9,710 12,995
11/22/95 8,502 9,584 12,955
11/24/95 8,603 9,697 12,989
11/27/95 8,916 10,050 13,019
11/28/95 9,027 10,161 13,130
11/29/95 8,896 10,011 13,156
11/30/95 8,906 10,021 13,106
12/1/95 8,815 9,914 13,141
12/4/95 8,976 10,101 13,286
12/5/95 9,168 10,319 13,373
12/6/95 9,269 10,426 13,427
12/7/95 9,158 10,299 13,340
12/8/95 9,238 10,396 13,369
12/11/95 9,168 10,312 13,413
12/12/95 9,057 10,180 13,397
12/13/95 8,845 9,933 13,460
12/14/95 8,845 9,940 13,356
12/15/95 8,906 10,002 13,344
12/18/95 8,916 10,017 13,138
12/19/95 8,896 10,000 13,248
12/20/95 8,996 10,117 13,119
12/21/95 8,966 10,088 13,217
12/22/95 8,996 10,118 13,249
12/26/95 8,916 10,022 13,300
12/27/95 8,815 9,908 13,305
12/28/95 8,795 9,887 13,296
12/29/95 8,865 9,964 13,335
1/2/96 9,299 10,465 13,439
1/3/96 9,531 10,719 13,452
1/4/96 9,460 10,647 13,373
1/5/96 9,753 10,976 13,352
1/9/96 9,944 11,195 13,195
1/10/96 10,096 11,352 12,957
1/11/96 9,823 11,047 13,048
1/12/96 9,662 10,865 13,029
1/15/96 9,743 10,961 12,986
1/16/96 9,723 10,939 13,173
1/17/96 9,894 11,133 13,128
1/18/96 9,753 10,967 13,169
1/19/96 9,955 11,210 13,246
1/22/96 10,378 11,701 13,280
1/23/96 10,287 11,593 13,267
1/24/96 10,076 11,341 13,422
1/25/96 10,247 11,536 13,359
1/26/96 10,277 11,570 13,458
1/29/96 10,449 11,771 13,514
1/30/96 10,358 11,657 13,643
1/31/96 10,368 11,671 13,770
2/1/96 10,822 12,176 13,823
2/2/96 11,064 12,462 13,766
2/5/96 11,225 12,634 13,887
2/6/96 11,225 12,633 13,993
2/7/96 10,711 12,043 14,071
2/8/96 10,701 12,042 14,204
2/9/96 10,519 11,838 14,211
2/12/96 10,429 11,743 14,321
2/13/96 10,550 11,890 14,300
2/14/96 10,852 12,227 14,193
2/15/96 10,529 11,860 14,101
2/16/96 10,620 11,966 14,029
2/20/96 10,398 11,721 13,870
2/21/96 10,580 11,934 14,031
2/22/96 10,509 11,849 14,264
2/23/96 10,459 11,786 14,269
2/26/96 10,741 12,111 14,083
2/27/96 10,681 12,039 14,013
2/28/96 10,650 12,003 13,959
2/29/96 10,580 11,920 13,865
3/1/96 10,479 11,800 13,951
3/4/96 10,055 11,321 14,090
3/5/96 10,126 11,397 14,198
3/6/96 10,166 11,444 14,116
3/7/96 10,328 11,623 14,152
3/8/96 10,146 11,423 13,715
3/11/96 10,277 11,559 13,857
3/12/96 10,096 11,334 13,793
3/13/96 10,217 11,482 13,825
3/14/96 10,257 11,532 13,875
3/15/96 10,146 11,402 13,887
3/18/96 10,045 11,299 14,130
3/19/96 10,055 11,306 14,109
3/20/96 10,055 11,299 14,072
3/21/96 10,126 11,383 14,055
3/22/96 10,277 11,559 14,086
3/25/96 10,489 11,800 14,073
3/26/96 10,943 12,312 14,137
3/27/96 10,993 12,372 14,049
3/28/96 10,570 11,901 14,050
3/29/96 10,570 11,901 13,975
4/1/96 10,560 11,891 14,153
4/2/96 10,479 11,798 14,186
4/3/96 10,650 11,993 14,200
4/4/96 10,529 11,848 14,199
4/5/96 10,529 11,848 14,199
4/8/96 10,893 12,275 13,948
4/9/96 10,741 12,103 13,904
4/10/96 10,993 12,386 13,715
4/11/96 10,953 12,341 13,665
4/12/96 10,681 12,026 13,785
4/15/96 10,671 12,020 13,910
4/16/96 10,429 11,736 13,964
4/17/96 10,328 11,618 13,891
4/18/96 10,368 11,675 13,934
4/19/96 10,136 11,400 13,966
4/22/96 10,257 11,540 14,027
4/23/96 10,388 11,705 14,107
4/24/96 10,287 11,579 14,076
4/25/96 10,600 11,941 14,135
4/26/96 10,449 11,933 14,148
4/29/96 10,368 11,674 14,163
4/30/96 10,529 11,867 14,163
5/1/96 10,499 11,819 14,172
5/2/96 10,439 11,743 13,929
5/3/96 10,308 11,594 13,891
5/6/96 10,691 12,030 13,874
5/7/96 10,943 12,310 13,818
5/8/96 10,822 12,168 13,960
5/9/96 10,822 12,165 13,974
5/10/96 10,772 12,109 14,118
5/13/96 10,872 12,221 14,322
5/14/96 10,802 12,137 14,410
5/15/96 10,842 12,184 14,406
5/16/96 10,802 12,139 14,394
5/17/96 10,751 12,076 14,482
5/20/96 10,499 11,782 14,574
5/21/96 10,761 12,093 14,565
5/22/96 10,721 12,035 14,688
5/23/96 10,590 11,878 14,636
5/24/96 10,590 11,887 14,690
5/28/96 10,590 11,892 14,554
5/29/96 10,610 11,906 14,461
5/30/96 10,731 12,045 14,542
5/31/96 10,973 12,319 14,487
6/3/96 10,893 12,221 14,455
6/4/96 10,560 11,845 14,561
6/5/96 10,096 11,319 14,688
6/6/96 9,874 11,068 14,571
6/7/96 9,844 11,033 14,577
6/10/96 9,763 10,942 14,552
6/11/96 9,662 10,837 14,527
6/12/96 9,531 10,681 14,485
6/13/96 9,571 10,721 14,461
6/14/96 9,561 10,719 14,416
6/17/96 9,501 10,638 14,401
6/18/96 9,561 10,706 14,334
6/19/96 9,602 10,750 14,332
6/20/96 9,531 10,675 14,335
6/21/96 9,279 10,369 14,437
6/24/96 9,531 10,669 14,481
6/25/96 9,410 10,534 14,473
6/26/96 9,299 10,410 14,384
6/27/96 9,178 10,270 14,474
6/28/96 9,128 10,240 14,519
7/1/96 9,279 10,402 14,633
7/2/96 9,238 10,351 14,584
7/3/96 9,259 10,377 14,558
7/5/96 9,602 10,782 14,234
7/8/96 9,390 10,541 14,128
7/9/96 9,662 10,856 14,175
7/10/96 9,672 10,865 14,204
7/11/96 9,440 10,598 13,979
7/12/96 9,178 10,302 13,990
7/15/96 9,087 10,196 13,635
7/16/96 8,775 9,850 13,604
7/17/96 8,623 9,660 13,728
7/18/96 8,865 9,942 13,933
7/19/96 8,946 10,041 13,829
7/22/96 8,875 9,968 13,721
7/23/96 8,754 9,835 13,572
7/24/96 8,593 9,665 13,567
7/25/96 8,623 9,698 13,665
7/26/96 8,875 9,997 13,767
7/29/96 8,704 9,800 13,659
7/30/96 8,674 9,763 13,753
7/31/96 9,138 10,289 13,855
8/1/96 9,138 10,286 14,073
8/2/96 9,269 10,437 14,343
8/5/96 9,501 10,701 14,294
8/6/96 9,380 10,564 14,341
8/7/96 9,309 10,479 14,379
8/8/96 9,470 10,653 14,345
8/9/96 9,339 10,509 14,335
8/12/96 9,420 10,602 14,414
8/13/96 9,279 10,443 14,293
8/14/96 9,077 10,204 14,333
8/15/96 9,158 10,288 14,338
8/16/96 8,956 10,066 14,402
8/19/96 9,259 10,403 14,432
8/20/96 9,400 10,567 14,412
8/21/96 9,269 10,409 14,399
8/22/96 9,440 10,605 14,520
8/23/96 9,360 10,518 14,441
8/26/96 9,440 10,606 14,373
8/27/96 9,410 10,573 14,428
8/28/96 9,420 10,572 14,393
8/29/96 9,279 10,403 14,233
8/30/96 9,198 10,305 14,116
9/3/96 9,360 10,481 14,175
9/4/96 9,339 10,463 14,194
9/5/96 9,269 10,376 14,060
9/6/96 9,238 10,338 14,193
9/9/96 8,966 10,033 14,371
9/10/96 8,976 10,036 14,372
9/11/96 9,057 10,127 14,447
9/12/96 9,027 10,101 14,530
9/13/96 9,188 10,277 14,734
9/16/96 9,148 10,230 14,808
9/17/96 9,057 10,122 14,786
9/18/96 8,976 10,017 14,754
9/19/96 8,906 9,934 14,787
9/20/96 8,865 9,887 14,874
9/23/96 8,865 9,901 14,862
9/24/96 9,007 10,059 14,844
9/25/96 8,865 9,893 14,848
9/26/96 8,623 9,619 14,849
9/27/96 8,603 9,576 14,856
9/30/96 8,553 9,530 14,881
10/1/96 8,664 9,660 14,919
10/2/96 8,906 9,948 15,025
10/3/96 8,674 9,672 14,999
10/4/96 8,684 9,690 15,187
10/7/96 8,694 9,699 15,228
10/8/96 8,714 9,735 15,169
10/9/96 8,754 9,777 15,085
10/10/96 8,835 9,878 15,038
10/11/96 8,724 9,753 15,169
10/14/96 8,623 9,630 15,232
10/15/96 8,684 9,700 15,211
10/16/96 8,674 9,692 15,251
10/17/96 8,522 9,528 15,306
10/18/96 8,442 9,432 15,389
10/21/96 8,623 9,651 15,368
10/22/96 8,764 9,813 15,297
10/23/96 8,815 9,867 15,313
10/24/96 8,805 9,860 15,205
10/25/96 8,795 9,844 15,175
10/28/96 8,805 9,854 15,096
10/29/96 8,593 9,613 15,188
10/30/96 8,714 9,740 15,175
10/31/96 8,563 9,565 15,269
11/1/96 8,613 9,629 15,237
11/4/96 8,633 9,657 15,301
11/5/96 8,573 9,588 15,456
11/6/96 8,401 9,386 15,688
11/7/96 8,643 9,671 15,754
11/8/96 8,764 9,815 15,822
11/11/96 8,926 10,004 15,845
11/12/96 9,299 10,431 15,795
11/13/96 9,410 10,534 15,829
11/14/96 9,249 10,358 15,932
11/15/96 9,238 10,348 15,970
11/18/96 9,047 10,133 15,957
11/19/96 9,047 10,123 16,068
11/20/96 9,339 10,456 16,107
11/21/96 8,936 9,997 16,081
11/22/96 8,855 9,908 16,210
11/25/96 8,714 9,753 16,390
11/26/96 8,865 9,926 16,367
11/27/96 8,885 9,950 16,346
11/29/96 8,885 9,945 16,390
12/2/96 8,654 9,683 16,380
12/3/96 8,512 9,531 16,200
12/4/96 8,785 9,845 16,132
12/5/96 9,027 10,106 16,116
12/6/96 8,986 10,060 16,012
12/9/96 8,976 10,044 16,232
12/10/96 9,158 10,252 16,012
12/11/96 8,795 9,838 16,037
12/12/96 8,825 9,876 15,789
12/13/96 8,764 9,801 15,775
12/16/96 8,805 9,856 15,609
12/17/96 8,875 9,946 15,719
12/18/96 8,795 9,840 15,838
12/19/96 8,855 9,909 16,146
12/20/96 8,674 9,700 16,213
12/23/96 8,775 9,815 16,171
12/24/96 8,775 9,824 16,260
12/26/96 8,734 9,772 16,364
12/27/96 8,704 9,745 16,385
12/30/96 8,744 9,782 16,321
12/31/96 8,633 9,660 16,037
1/2/97 8,452 9,442 15,956
1/3/97 8,270 9,253 16,195
1/6/97 7,978 8,928 16,187
1/7/97 8,139 9,095 16,308
1/8/97 7,988 8,924 16,203
1/9/97 8,270 9,231 16,343
1/10/97 8,381 9,369 16,443
1/13/97 8,311 9,287 16,444
1/14/97 8,079 9,012 16,646
1/15/97 8,058 8,987 16,610
1/16/97 8,290 9,264 16,665
1/17/97 8,401 9,380 16,804
1/20/97 8,270 9,235 16,816
1/21/97 8,270 9,234 16,946
1/22/97 8,129 9,073 17,022
1/23/97 8,089 9,025 16,834
1/24/97 8,270 9,235 16,682
1/27/97 8,472 9,454 16,563
1/28/97 8,351 9,325 16,563
1/29/97 8,432 9,427 16,725
1/30/97 8,200 9,154 16,977
1/31/97 8,159 9,118 17,021
2/3/97 8,321 9,296 17,033
2/4/97 8,250 9,216 17,088
2/5/97 8,119 9,063 16,850
2/6/97 8,018 8,948 16,890
2/7/97 8,149 9,112 17,094
2/10/97 8,069 9,015 17,005
2/11/97 7,958 8,884 17,095
2/12/97 8,311 9,284 17,380
2/13/97 8,331 9,300 17,576
2/14/97 8,492 9,485 17,504
2/18/97 8,553 9,543 17,673
2/19/97 8,522 9,509 17,591
2/20/97 8,795 9,814 17,381
2/21/97 8,795 9,807 17,358
2/24/97 8,966 9,999 17,543
2/25/97 8,926 9,962 17,581
2/26/97 8,734 9,736 17,443
2/27/97 9,007 10,048 17,213
2/28/97 9,087 10,132 17,121
3/3/97 8,936 9,969 17,219
3/4/97 8,744 9,744 17,124
3/5/97 8,704 9,696 17,363
3/6/97 8,603 9,576 17,289
3/7/97 8,492 9,450 17,428
3/10/97 8,573 9,543 17,616
3/11/97 8,694 9,688 17,566
3/12/97 8,573 9,548 17,412
3/13/97 8,603 9,583 17,094
3/14/97 8,553 9,528 17,172
3/17/97 8,422 9,377 17,227
3/18/97 8,411 9,380 17,096
3/19/97 8,391 9,363 17,012
3/20/97 8,210 9,167 16,945
3/21/97 8,159 9,101 16,976
3/24/97 8,079 9,024 17,123
3/25/97 8,028 8,966 17,084
3/26/97 8,169 9,117 17,114
3/27/97 7,786 8,696 16,755
3/31/97 7,705 8,615 16,392
4/1/97 7,695 8,602 16,446
4/2/97 7,766 8,682 16,240
4/3/97 7,685 8,591 16,245
4/4/97 7,665 8,568 16,409
4/7/97 7,595 8,488 16,500
4/8/97 7,554 8,448 16,587
4/9/97 7,484 8,362 16,467
4/10/97 7,675 8,591 16,418
4/11/97 7,443 8,334 15,970
4/14/97 7,312 8,186 16,102
4/15/97 7,211 8,064 16,340
4/16/97 7,272 8,140 16,531
4/17/97 7,342 8,223 16,492
4/18/97 7,211 8,070 16,591
4/21/97 7,211 8,066 16,462
4/22/97 7,090 7,922 16,770
4/23/97 6,959 7,786 16,749
4/24/97 6,818 7,616 16,696
4/25/97 6,838 7,649 16,570
4/28/97 6,858 7,669 16,735
4/29/97 6,929 7,746 17,191
4/30/97 6,949 7,766 17,349
5/1/97 7,080 7,917 17,288
5/2/97 7,141 7,997 17,601
5/5/97 7,272 8,142 17,976
5/6/97 7,312 8,172 17,921
5/7/97 7,645 8,555 17,658
5/8/97 7,655 8,554 17,759
5/9/97 7,897 8,835 17,857
5/12/97 7,756 8,674 18,135
5/13/97 7,625 8,524 18,037
5/14/97 7,504 8,383 18,132
5/15/97 7,685 8,590 18,227
5/16/97 7,504 8,391 17,964
5/19/97 7,504 8,382 18,040
5/20/97 7,544 8,435 18,222
5/21/97 7,514 8,394 18,172
5/22/97 7,504 8,388 18,092
5/23/97 7,554 8,451 18,338
5/27/97 7,716 8,631 18,396
5/28/97 7,645 8,542 18,342
5/29/97 7,857 8,788 18,274
5/30/97 7,716 8,631 18,365
6/2/97 7,534 8,418 18,324
6/3/97 7,413 8,276 18,305
6/4/97 7,272 8,118 18,189
6/5/97 7,504 8,390 18,260
6/6/97 7,504 8,395 18,576
6/9/97 7,635 8,541 18,682
6/10/97 7,595 8,497 18,733
6/11/97 7,685 8,596 18,826
6/12/97 7,736 8,655 19,127
6/13/97 7,716 8,634 19,339
6/16/97 7,584 8,487 19,353
6/17/97 7,544 8,442 19,365
6/18/97 7,342 8,218 19,249
6/19/97 7,433 8,324 19,442
6/20/97 7,211 8,059 19,457
6/23/97 7,080 7,921 19,022
6/24/97 7,010 7,838 19,406
6/25/97 7,151 8,004 19,247
6/26/97 7,161 8,023 19,132
6/27/97 7,040 7,886 19,210
6/30/97 7,060 7,910 19,163
7/1/97 7,181 8,046 19,291
7/2/97 7,040 7,893 19,572
7/3/97 6,989 7,836 19,851
7/7/97 6,435 7,199 19,749
7/8/97 6,616 7,418 19,891
7/9/97 6,546 7,349 19,648
7/10/97 6,767 7,590 19,783
7/11/97 6,929 7,777 19,846
7/14/97 6,707 7,528 19,883
7/15/97 6,636 7,439 20,043
7/16/97 6,697 7,520 20,277
7/17/97 6,939 7,792 20,170
7/18/97 7,141 8,033 19,816
7/21/97 6,949 7,803 19,765
7/22/97 6,969 7,836 20,221
7/23/97 6,899 7,754 20,277
7/24/97 6,929 7,785 20,357
7/25/97 6,999 7,873 20,325
7/28/97 7,090 7,967 20,274
7/29/97 7,060 7,937 20,401
7/30/97 7,201 8,082 20,617
7/31/97 7,211 8,102 20,661
8/1/97 7,231 8,117 20,506
8/4/97 7,191 8,070 20,574
8/5/97 7,030 7,891 20,619
8/6/97 7,171 8,053 20,791
8/7/97 7,242 8,128 20,593
8/8/97 7,544 8,478 20,211
8/11/97 7,574 8,510 20,286
8/12/97 7,494 8,422 20,060
8/13/97 7,564 8,496 19,962
8/14/97 7,352 8,268 20,021
8/15/97 7,413 8,330 19,503
8/18/97 7,393 8,315 19,756
8/19/97 7,292 8,198 20,048
8/20/97 7,322 8,224 20,337
8/21/97 7,393 8,307 20,027
8/22/97 7,473 8,406 19,995
8/25/97 7,433 8,361 19,922
8/26/97 7,413 8,337 19,767
8/27/97 7,292 8,202 19,782
8/28/97 7,322 8,233 19,565
8/29/97 7,272 8,181 19,474
9/2/97 7,272 8,181 20,082
9/3/97 7,221 8,124 20,088
9/4/97 7,231 8,140 20,153
9/5/97 7,211 8,108 20,114
9/8/97 6,989 7,859 20,161
9/9/97 7,040 7,919 20,213
9/10/97 7,020 7,901 19,897
9/11/97 6,919 7,787 19,758
9/12/97 6,909 7,785 20,003
9/15/97 6,808 7,669 19,913
9/16/97 6,757 7,605 20,473
9/17/97 6,818 7,674 20,416
9/18/97 6,989 7,866 20,509
9/19/97 6,969 7,847 20,579
9/22/97 6,838 7,692 20,685
9/23/97 6,989 7,856 20,609
9/24/97 7,211 8,117 20,448
9/25/97 7,595 8,557 20,306
9/26/97 7,504 8,459 20,464
9/29/97 7,736 8,725 20,640
9/30/97 8,028 9,060 20,509
10/1/97 7,927 8,944 20,685
10/2/97 7,867 8,874 20,794
10/3/97 7,998 9,030 20,893
10/6/97 7,816 8,818 21,059
10/7/97 7,776 8,771 21,285
10/8/97 7,998 9,032 21,084
10/9/97 7,736 8,732 21,014
10/10/97 7,867 8,877 20,935
10/13/97 7,857 8,866 20,960
10/14/97 7,746 8,743 21,007
10/15/97 7,675 8,661 20,908
10/16/97 7,514 8,476 20,681
10/17/97 7,433 8,388 20,441
10/20/97 7,302 8,227 20,689
10/21/97 7,484 8,449 21,050
10/22/97 7,685 8,683 20,968
10/23/97 7,736 8,742 20,583
10/24/97 7,070 7,985 20,387
10/27/97 6,304 7,086 18,987
10/28/97 6,495 7,385 19,945
10/29/97 6,293 7,141 19,900
10/30/97 6,576 7,485 19,565
10/31/97 6,394 7,274 19,802
11/3/97 6,425 7,303 20,329
11/4/97 6,374 7,248 20,368
11/5/97 6,243 7,097 20,411
11/6/97 6,172 7,011 20,309
11/7/97 5,930 6,734 20,081
11/10/97 5,890 6,687 19,943
11/11/97 5,890 6,686 20,000
11/12/97 5,557 6,303 19,614
11/13/97 5,739 6,519 19,846
11/14/97 5,608 6,375 20,099
11/17/97 5,557 6,311 20,485
11/18/97 5,487 6,225 20,313
11/19/97 5,436 6,164 20,451
11/20/97 5,587 6,345 20,762
11/21/97 5,577 6,332 20,851
11/24/97 5,436 6,164 20,496
11/25/97 5,325 6,031 20,585
11/26/97 5,184 5,877 20,603
11/28/97 5,174 5,860 20,685
12/1/97 5,134 5,815 21,104
12/2/97 5,154 5,835 21,037
12/3/97 5,043 5,710 21,147
12/4/97 4,740 5,361 21,068
12/5/97 4,912 5,568 21,299
12/8/97 4,821 5,448 21,268
12/9/97 4,680 5,312 21,126
12/10/97 4,932 5,596 20,996
12/11/97 4,811 5,456 20,675
12/12/97 4,942 5,605 20,641
12/15/97 5,013 5,702 20,858
12/16/97 4,992 5,671 20,958
12/17/97 5,436 6,190 20,904
12/18/97 5,285 6,023 20,682
12/19/97 5,174 5,893 20,498
12/22/97 5,204 5,937 20,648
12/23/97 5,345 6,089 20,332
12/24/97 5,477 6,240 20,193
12/26/97 5,416 6,170 20,275
12/29/97 5,245 5,976 20,640
12/30/97 5,466 6,227 21,019
12/31/97 5,386 6,139 21,010
1/2/98 5,477 6,234 21,109
1/5/98 5,134 5,842 21,154
1/6/98 5,023 5,712 20,927
1/7/98 5,083 5,787 20,871
1/8/98 4,791 5,443 20,698
1/9/98 4,639 5,266 20,085
1/12/98 4,478 5,088 20,334
1/13/98 4,831 5,503 20,614
1/14/98 4,841 5,520 20,740
1/15/98 5,053 5,766 20,583
1/16/98 5,214 5,942 20,817
1/20/98 5,023 5,728 21,187
1/21/98 5,134 5,848 21,018
1/22/98 5,002 5,698 20,850
1/23/98 5,507 6,299 20,732
1/26/98 5,517 6,310 20,718
1/27/98 5,608 6,417 20,979
1/28/98 5,698 6,534 21,162
1/29/98 5,436 6,239 21,336
1/30/98 5,406 6,203 21,223
2/2/98 5,416 6,208 21,678
2/3/98 5,113 5,864 21,780
2/4/98 5,406 6,206 21,800
2/5/98 5,477 6,285 21,727
2/6/98 5,487 6,303 21,920
2/9/98 5,577 6,403 21,883
2/10/98 5,456 6,263 22,062
2/11/98 5,366 6,157 22,083
2/12/98 5,436 6,239 22,173
2/13/98 5,527 6,347 22,085
2/17/98 5,285 6,072 22,143
2/18/98 5,255 6,032 22,344
2/19/98 5,214 5,984 22,262
2/20/98 5,113 5,872 22,391
2/23/98 5,023 5,759 22,476
2/24/98 4,962 5,690 22,312
2/25/98 4,992 5,721 22,579
2/26/98 5,245 6,028 22,704
2/27/98 5,436 6,243 22,718
3/2/98 5,406 6,220 22,683
3/3/98 5,315 6,114 22,776
3/4/98 5,325 6,122 22,675
3/5/98 5,265 6,047 22,409
3/6/98 5,376 6,186 22,856
3/9/98 5,537 6,373 22,779
3/10/98 5,618 6,467 23,041
3/11/98 5,456 6,277 23,133
3/12/98 5,436 6,257 23,164
3/13/98 5,507 6,335 23,135
3/16/98 5,416 6,232 23,366
3/17/98 5,234 6,023 23,392
3/18/98 5,214 6,004 23,502
3/19/98 5,174 5,952 23,593
3/20/98 5,124 5,892 23,797
3/23/98 5,517 6,352 23,719
3/24/98 5,456 6,282 23,938
3/25/98 5,386 6,204 23,857
3/26/98 5,809 6,697 23,833
3/27/98 5,981 6,886 23,716
3/30/98 5,900 6,800 23,676
3/31/98 5,870 6,757 23,853
4/1/98 5,769 6,648 23,992
4/2/98 5,900 6,803 24,248
4/3/98 6,273 7,227 24,307
4/6/98 6,384 7,355 24,278
4/7/98 6,172 7,109 24,022
4/8/98 6,364 7,331 23,851
4/9/98 6,142 7,086 24,046
4/13/98 6,193 7,145 24,025
4/14/98 6,051 6,976 24,156
4/15/98 6,082 7,018 24,233
4/16/98 6,132 7,073 23,992
4/17/98 6,021 6,943 24,307
4/20/98 5,991 6,920 24,327
4/21/98 6,414 7,404 24,385
4/22/98 6,657 7,685 24,465
4/23/98 6,687 7,711 24,239
4/24/98 6,445 7,437 23,986
4/27/98 6,193 7,150 23,524
4/28/98 6,334 7,309 23,493
4/29/98 6,475 7,475 23,699
4/30/98 6,304 7,275 24,070
5/1/98 6,132 7,090 24,270
5/4/98 6,152 7,110 24,293
5/5/98 6,172 7,143 24,154
5/6/98 6,122 7,076 23,922
5/7/98 5,920 6,847 23,710
5/8/98 6,011 6,956 23,991
5/11/98 6,142 7,102 23,959
5/12/98 5,930 6,862 24,157
5/13/98 5,951 6,889 24,224
5/14/98 5,991 6,928 24,191
5/15/98 6,021 6,974 24,004
5/18/98 5,769 6,728 23,941
5/19/98 5,759 6,707 24,021
5/20/98 5,759 6,709 24,228
5/21/98 5,809 6,776 24,132
5/22/98 5,749 6,705 24,042
5/26/98 5,416 6,317 23,686
5/27/98 5,315 6,189 23,647
5/28/98 5,416 6,312 23,763
5/29/98 5,305 6,182 23,616
6/1/98 5,043 5,872 23,620
6/2/98 5,204 6,061 23,664
6/3/98 5,204 6,070 23,441
6/4/98 5,174 6,027 23,703
6/5/98 5,164 6,022 24,115
6/8/98 5,436 6,338 24,156
6/9/98 5,224 6,089 24,214
6/10/98 5,124 5,971 24,081
6/11/98 4,881 5,694 23,698
6/12/98 4,841 5,645 23,790
6/15/98 4,680 5,463 23,317
6/16/98 4,861 5,674 23,547
6/17/98 5,002 5,836 23,969
6/18/98 4,902 5,716 23,953
6/19/98 4,932 5,754 23,829
6/22/98 4,831 5,643 23,885
6/23/98 4,932 5,755 24,237
6/24/98 4,811 5,618 24,527
6/25/98 4,902 5,724 24,449
6/26/98 4,932 5,755 24,534
6/29/98 4,871 5,685 24,649
6/30/98 5,083 5,934 24,548
7/1/98 5,013 5,852 24,867
7/2/98 4,871 5,693 24,820
7/6/98 4,892 5,717 25,056
7/7/98 5,063 5,913 24,999
7/8/98 4,982 5,825 25,252
7/9/98 4,831 5,645 25,083
7/10/98 4,781 5,582 25,208
7/13/98 4,750 5,547 25,227
7/14/98 4,851 5,669 25,495
7/15/98 4,811 5,623 25,435
7/16/98 4,942 5,775 25,634
7/17/98 4,982 5,820 25,693
7/20/98 5,053 5,911 25,636
7/21/98 4,922 5,755 25,224
7/22/98 4,942 5,772 25,203
7/23/98 4,760 5,558 24,676
7/24/98 4,680 5,473 24,699
7/27/98 4,609 5,385 24,839
7/28/98 4,710 5,499 24,470
7/29/98 4,609 5,381 24,361
7/30/98 4,680 5,467 24,743
7/31/98 4,458 5,206 24,263
8/3/98 4,367 5,101 24,085
8/4/98 4,428 5,178 23,212
8/5/98 4,488 5,251 23,413
8/6/98 4,488 5,251 23,591
8/7/98 4,478 5,229 23,587
8/10/98 4,468 5,227 23,450
8/11/98 4,286 5,010 23,144
8/12/98 4,266 4,991 23,474
8/13/98 4,317 5,043 23,272
8/14/98 4,246 4,957 23,009
8/17/98 4,266 4,991 23,462
8/18/98 4,296 5,020 23,841
8/19/98 4,377 5,114 23,773
8/20/98 4,518 5,276 23,633
8/21/98 4,367 5,102 23,408
8/24/98 4,307 5,030 23,558
8/25/98 4,226 4,932 23,661
8/26/98 4,085 4,772 23,473
8/27/98 3,843 4,487 22,572
8/28/98 3,641 4,254 22,240
8/31/98 3,469 4,045 20,731
9/1/98 3,641 4,247 21,525
9/2/98 3,671 4,279 21,444
9/3/98 4,115 4,822 21,266
9/4/98 4,569 5,352 21,085
9/8/98 4,508 5,276 22,158
9/9/98 4,307 5,034 21,784
9/10/98 4,801 5,618 21,221
9/11/98 4,801 5,618 21,846
9/14/98 4,730 5,537 22,294
9/15/98 4,599 5,389 22,466
9/16/98 4,528 5,300 22,635
9/17/98 4,760 5,582 22,059
9/18/98 4,801 5,629 22,085
9/21/98 4,559 5,338 22,167
9/22/98 4,589 5,376 22,295
9/23/98 4,892 5,733 23,081
9/24/98 5,265 6,180 22,575
9/25/98 5,224 6,132 22,619
9/28/98 5,527 6,492 22,704
9/29/98 5,184 6,081 22,711
9/30/98 5,285 6,205 22,019
10/1/98 5,587 6,560 21,356
10/2/98 5,840 6,858 21,706
10/5/98 5,517 6,479 21,402
10/6/98 5,678 6,682 21,317
10/7/98 6,092 7,168 21,015
10/8/98 5,870 6,903 20,772
10/9/98 5,406 6,345 21,311
10/12/98 5,366 6,297 21,601
10/13/98 5,194 6,089 21,538
10/14/98 4,992 5,853 21,770
10/15/98 5,325 6,249 22,678
10/16/98 5,386 6,317 22,872
10/19/98 5,174 6,062 23,001
10/20/98 5,255 6,167 23,034
10/21/98 5,124 6,009 23,164
10/22/98 5,002 5,868 23,349
10/23/98 4,922 5,768 23,180
10/26/98 4,861 5,703 23,216
10/27/98 5,265 6,175 23,065
10/28/98 5,204 6,089 23,124
10/29/98 5,315 6,215 23,511
10/30/98 5,335 6,238 23,786
11/2/98 5,204 6,089 24,066
11/3/98 5,174 6,048 24,050
11/4/98 5,598 6,551 24,219
11/5/98 5,880 6,872 24,544
11/6/98 5,608 6,560 24,703
11/9/98 5,587 6,539 24,469
11/10/98 5,527 6,462 24,427
11/11/98 5,406 6,326 24,269
11/12/98 5,749 6,733 24,198
11/13/98 5,527 6,472 24,372
11/16/98 5,325 6,229 24,592
11/17/98 5,386 6,306 24,666
11/18/98 5,527 6,464 24,778
11/19/98 5,477 6,407 24,954
11/20/98 5,446 6,375 25,191
11/23/98 5,537 6,475 25,725
11/24/98 5,386 6,303 25,612
11/25/98 5,335 6,225 25,696
11/27/98 5,285 6,173 25,813
11/30/98 5,033 5,871 25,193
12/1/98 5,043 5,894 25,445
12/2/98 4,922 5,740 25,358
12/3/98 4,690 5,475 24,901
12/4/98 4,760 5,557 25,477
12/7/98 4,881 5,698 25,714
12/8/98 4,670 5,452 25,577
12/9/98 4,599 5,367 25,623
12/10/98 4,912 5,733 25,223
12/11/98 4,670 5,449 25,254
12/14/98 4,670 5,440 24,707
12/15/98 4,710 5,488 25,175
12/16/98 4,952 5,776 25,156
12/17/98 4,700 5,481 25,547
12/18/98 4,599 5,360 25,721
12/21/98 4,498 5,247 26,042
12/22/98 4,347 5,068 26,058
12/23/98 4,488 5,232 26,598
12/24/98 4,498 5,247 26,549
12/28/98 4,418 5,149 26,532
12/29/98 4,599 5,366 26,885
12/30/98 4,508 5,257 26,672
12/31/98 4,609 5,376 26,613
1/4/99 4,639 5,421 26,589
1/5/99 4,730 5,522 26,950
1/6/99 4,841 5,659 27,546
1/7/99 5,103 5,973 27,490
1/8/99 5,164 6,036 27,606
1/11/99 5,295 6,199 27,363
1/12/99 4,952 5,791 26,836
1/13/99 4,922 5,752 26,725
1/14/99 4,861 5,683 26,244
1/15/99 4,861 5,688 26,917
1/19/99 4,781 5,592 27,082
1/20/99 4,811 5,624 27,206
1/21/99 4,841 5,667 26,741
1/22/99 4,730 5,537 26,526
1/25/99 4,660 5,453 26,716
1/26/99 4,478 5,224 27,113
1/27/99 4,367 5,102 26,915
1/28/99 4,397 5,138 27,395
1/29/99 4,478 5,234 27,704
2/1/99 4,649 5,438 27,561
2/2/99 4,660 5,453 27,322
2/3/99 4,549 5,323 27,541
2/4/99 4,791 5,605 27,030
2/5/99 4,801 5,622 26,833
2/8/99 4,841 5,669 26,928
2/9/99 4,498 5,265 26,330
2/10/99 4,508 5,275 26,490
2/11/99 4,468 5,226 27,150
2/12/99 4,710 5,512 26,633
2/16/99 4,518 5,287 26,887
2/17/99 4,407 5,160 26,500
2/18/99 4,397 5,144 26,787
2/19/99 4,428 5,179 26,829
2/22/99 4,397 5,156 27,542
2/23/99 4,357 5,100 27,521
2/24/99 4,307 5,050 27,137
2/25/99 4,337 5,079 26,955
2/26/99 4,276 5,011 26,810
3/1/99 4,286 5,023 26,763
3/2/99 4,286 5,022 26,532
3/3/99 4,337 5,076 26,580
3/4/99 4,407 5,165 26,990
3/5/99 4,387 5,137 27,614
3/8/99 4,579 5,372 27,771
3/9/99 4,589 5,372 27,709
3/10/99 4,639 5,434 27,860
3/11/99 4,629 5,424 28,095
3/12/99 4,478 5,243 28,028
3/15/99 4,337 5,080 28,302
3/16/99 4,387 5,144 28,283
3/17/99 4,418 5,170 28,098
3/18/99 4,367 5,101 28,504
3/19/99 4,418 5,169 28,130
3/22/99 4,418 5,176 28,080
3/23/99 4,327 5,059 27,326
3/24/99 4,438 5,196 27,465
3/25/99 4,387 5,125 27,929
3/26/99 4,307 5,027 27,773
3/29/99 4,145 4,842 28,365
3/30/99 4,004 4,670 28,161
3/31/99 4,226 4,945 27,850
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 3-31-99
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
ONE FIVE SINCE
YEAR YEAR INCEPTION
<S> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------
Precious Metals Fund (12-1-93) -28.01% -15.87% -14.92%
Philadelphia Stock Exchange Gold/Silver Index (XAU) -26.83% -14.87% -12.37%
S&P 500-TM- Composite Stock Price Index 16.76% 23.60% 21.18%
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE S&P 500-TM- COMPOSITE
STOCK PRICE INDEX AND THE XAU INDEX ARE UNMANAGED STOCK INDEXES AND, UNLIKE THE
FUND, HAVE NO MANAGEMENT FEES OR OTHER OPERATING EXPENSES TO REDUCE THEIR
REPORTED RETURNS. RETURNS ARE HISTORICAL AND INCLUDE CHANGES IN PRINCIPAL AND
REINVESTED DIVIDENDS AND CAPITAL GAINS.
7
<PAGE>
THE U. S. GOVERNMENT BOND FUND
BENCHMARK: 120% OF THE PRICE MOVEMENT OF CURRENT LONG TREASURY BOND
INCEPTION: JANUARY 3, 1994
The yield on the 30-year Treasury Bond for the year ended March 31, 1999, fell
from 5.93% to 5.625%. Continued low inflation and a growing budget surplus that
reduced U.S. government borrowing needs kept interest rates in check. The Fund
achieves its objective by investing in 30-year Treasury bonds and by purchasing
call options on Treasury Bond futures contracts to increase its exposure to 120%
of the of the price movement of the Treasury Bond. The Fund returned 4.24%
compared to 1.43% return for the 30-year Treasury Bond for the year ended March
31, 1999.
CUMULATIVE FUND PERFORMANCE: JANUARY 3, 1994--MARCH 31, 1999
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
RYDEX BOND FUND LEHMAN LONG TREASURY INDEX PRICE MOVEMENT OF LONG BOND
<S> <C> <C> <C>
1/3/94 $10,000 $10,000 $10,000
1/4/94 10,040 10,099 10,081
1/5/94 10,000 10,022 10,040
1/6/94 10,080 10,099 10,110
1/7/94 10,250 10,265 10,257
1/10/94 10,250 10,243 10,247
1/11/94 10,250 10,256 10,262
1/12/94 10,370 10,326 10,325
1/13/94 10,210 10,227 10,237
1/14/94 10,140 10,179 10,202
1/17/94 10,190 10,205 10,236
1/18/94 10,160 10,166 10,221
1/19/94 10,200 10,214 10,264
1/20/94 10,180 10,189 10,259
1/21/94 10,170 10,173 10,243
1/24/94 10,100 10,102 10,209
1/25/94 10,100 10,150 10,238
1/26/94 10,170 10,214 10,294
1/27/94 10,240 10,278 10,347
1/28/94 10,223 10,249 10,330
1/31/94 10,093 10,138 10,245
2/1/94 10,133 10,189 10,273
2/2/94 10,083 10,147 10,235
2/3/94 9,963 10,083 10,173
2/4/94 9,953 10,042 10,128
2/7/94 9,883 9,962 10,084
2/8/94 9,923 10,019 10,130
2/9/94 9,903 9,971 10,099
2/10/94 9,953 10,022 10,140
2/11/94 9,893 9,958 10,125
2/14/94 9,893 9,955 10,118
2/15/94 9,883 9,946 10,114
2/16/94 9,752 9,840 10,027
2/17/94 9,602 9,734 9,941
2/18/94 9,662 9,766 9,978
2/22/94 9,592 9,702 9,929
2/23/94 9,462 9,597 9,836
2/24/94 9,492 9,632 9,859
2/25/94 9,562 9,693 9,914
2/28/94 9,402 9,559 9,787
3/1/94 9,412 9,552 9,813
3/2/94 9,331 9,469 9,745
3/3/94 9,321 9,475 9,736
3/4/94 9,402 9,520 9,787
3/7/94 9,331 9,427 9,725
3/8/94 9,331 9,472 9,757
3/9/94 9,171 9,299 9,634
3/10/94 9,221 9,395 9,682
3/11/94 9,201 9,338 9,642
3/14/94 9,231 9,424 9,710
3/15/94 9,341 9,520 9,794
3/16/94 9,331 9,482 9,769
3/17/94 9,201 9,399 9,672
3/18/94 9,161 9,335 9,640
3/21/94 9,241 9,456 9,760
3/22/94 9,281 9,402 9,707
3/23/94 9,111 9,331 9,640
3/24/94 9,081 9,267 9,575
3/25/94 9,111 9,309 9,609
3/28/94 9,001 9,200 9,520
3/29/94 8,931 9,152 9,489
3/30/94 8,957 9,175 9,495
3/31/94 8,565 8,826 9,201
4/4/94 8,786 8,996 9,351
4/5/94 8,786 8,999 9,369
4/6/94 8,846 9,037 9,400
4/7/94 8,776 8,986 9,358
4/8/94 8,806 9,008 9,378
4/11/94 8,876 9,050 9,410
4/12/94 8,776 8,983 9,369
4/13/94 8,745 8,951 9,344
4/14/94 8,745 8,951 9,347
4/15/94 8,605 8,804 9,347
4/18/94 8,635 8,858 9,274
4/19/94 8,695 8,916 9,327
4/20/94 8,846 9,034 9,436
4/21/94 8,846 9,021 9,424
4/22/94 8,936 9,104 9,501
4/25/94 8,967 9,155 9,545
4/26/94 8,735 8,973 9,401
4/28/94 8,765 8,928 9,366
4/29/94 8,725 8,906 9,334
5/2/94 8,684 8,874 9,326
5/3/94 8,704 8,896 9,334
5/4/94 8,735 8,893 9,340
5/5/94 8,482 8,676 9,161
5/6/94 8,381 8,573 9,075
5/9/94 8,563 8,727 9,204
5/10/94 8,422 8,615 9,116
5/11/94 8,452 8,666 9,157
5/12/94 8,533 8,730 9,216
5/13/94 8,573 8,775 9,271
5/16/94 8,765 8,957 9,441
5/17/94 8,805 8,976 9,440
5/18/94 8,846 9,015 9,469
5/19/94 8,755 8,928 9,410
5/20/94 8,593 8,788 9,283
5/23/94 8,654 8,829 9,314
5/24/94 8,684 8,884 9,365
5/25/94 8,684 8,884 9,357
5/26/94 8,644 8,836 9,334
5/27/94 8,632 8,794 9,308
5/31/94 8,673 8,855 9,348
6/1/94 8,703 8,893 9,394
6/2/94 8,795 8,973 9,463
6/3/94 8,845 9,021 9,527
6/6/94 8,795 9,005 9,496
6/7/94 8,764 8,957 9,482
6/8/94 8,774 8,964 9,482
6/9/94 8,744 8,925 9,449
6/10/94 8,703 8,877 9,411
6/13/94 8,754 8,928 9,465
6/14/94 8,663 8,836 9,382
6/15/94 8,673 8,874 9,419
6/16/94 8,602 8,778 9,342
6/17/94 8,602 8,768 9,330
6/20/94 8,551 8,724 9,306
6/21/94 8,653 8,836 9,391
6/22/94 8,653 8,839 9,404
6/23/94 8,521 8,704 9,295
6/24/94 8,602 8,768 9,347
6/27/94 8,521 8,695 9,300
6/28/94 8,541 8,711 9,308
6/29/94 8,382 8,608 9,222
6/30/94 8,443 8,612 9,220
7/1/94 8,464 8,634 9,251
7/5/94 8,453 8,624 9,250
7/6/94 8,464 8,624 9,242
7/7/94 8,342 8,532 9,159
7/8/94 8,301 8,487 9,139
7/11/94 8,382 8,535 9,172
7/12/94 8,392 8,554 9,192
7/13/94 8,515 8,695 9,325
7/14/94 8,494 8,676 9,321
7/15/94 8,545 8,720 9,374
7/18/94 8,596 8,762 9,412
7/19/94 8,494 8,672 9,339
7/20/94 8,494 8,679 9,336
7/21/94 8,494 8,663 9,327
7/22/94 8,525 8,698 9,360
7/25/94 8,504 8,676 9,350
7/26/94 8,443 8,621 9,293
7/27/94 8,504 8,676 9,351
7/28/94 8,704 8,839 9,502
7/29/94 8,684 8,836 9,508
8/1/94 8,684 8,826 9,506
8/2/94 8,704 8,848 9,520
8/3/94 8,684 8,823 9,499
8/4/94 8,520 8,679 9,371
8/5/94 8,541 8,679 9,381
8/8/94 8,490 8,647 9,360
8/9/94 8,490 8,650 9,364
8/10/94 8,408 8,564 9,296
8/11/94 8,480 8,628 9,335
8/12/94 8,459 8,628 9,337
8/15/94 8,571 8,736 9,471
8/16/94 8,592 8,701 9,446
8/17/94 8,439 8,612 9,367
8/18/94 8,449 8,612 9,376
8/19/94 8,388 8,539 9,326
8/22/94 8,418 8,556 9,342
8/23/94 8,480 8,639 9,414
8/24/94 8,428 8,561 9,357
8/25/94 8,459 8,623 9,405
8/26/94 8,459 8,599 9,404
8/29/94 8,500 8,636 9,435
8/30/94 8,548 8,647 9,451
8/31/94 8,537 8,655 9,457
9/1/94 8,486 8,612 9,415
9/2/94 8,435 8,561 9,380
9/6/94 8,404 8,529 9,351
9/7/94 8,404 8,531 9,353
9/8/94 8,312 8,394 9,228
9/9/94 8,312 8,381 9,216
9/12/94 8,322 8,421 9,249
9/13/94 8,343 8,424 9,266
9/14/94 8,373 8,464 9,303
9/15/94 8,240 8,327 9,184
9/16/94 8,271 8,341 9,204
9/19/94 8,240 8,319 9,193
9/20/94 8,220 8,297 9,161
9/21/94 8,250 8,314 9,183
9/22/94 8,220 8,314 9,173
9/23/94 8,230 8,300 9,173
9/26/94 8,179 8,254 9,132
9/27/94 8,220 8,284 9,132
9/28/94 8,168 8,257 9,138
9/29/94 8,189 8,284 9,159
9/30/94 8,168 8,246 9,129
10/3/94 8,148 8,217 9,105
10/4/94 8,066 8,160 9,049
10/5/94 8,076 8,147 9,051
10/6/94 8,107 8,198 9,099
10/7/94 8,158 8,236 9,146
10/10/94 8,127 8,217 9,117
10/11/94 8,179 8,249 9,164
10/12/94 8,189 8,271 9,192
10/13/94 8,179 8,273 9,202
10/14/94 8,158 8,233 9,170
10/17/94 8,117 8,211 9,155
10/18/94 8,004 8,109 9,062
10/19/94 8,025 8,131 9,089
10/20/94 7,963 8,069 9,037
10/21/94 7,943 8,074 9,039
10/24/94 7,933 8,050 9,019
10/25/94 7,953 8,064 9,036
10/26/94 8,045 8,155 9,116
10/27/94 8,037 8,131 9,120
10/28/94 7,934 8,055 9,041
10/31/94 7,903 8,026 9,012
11/1/94 7,903 8,018 9,005
11/2/94 7,852 7,964 8,959
11/3/94 7,842 7,967 8,960
11/4/94 7,883 7,996 9,010
11/7/94 7,924 8,010 9,019
11/8/94 7,862 7,972 9,019
11/9/94 7,862 7,980 9,019
11/10/94 7,924 8,045 9,019
11/11/94 7,975 8,080 9,019
11/14/94 7,914 8,021 9,047
11/15/94 7,873 7,988 9,011
11/16/94 7,873 7,999 9,022
11/17/94 7,903 8,101 9,114
11/18/94 8,057 8,163 9,199
11/21/94 8,088 8,179 9,208
11/22/94 8,026 8,131 9,166
11/23/94 7,975 8,082 9,134
11/25/94 8,071 8,109 9,163
11/28/94 8,040 8,093 9,149
11/29/94 8,143 8,198 9,248
11/30/94 8,112 8,185 9,243
12/1/94 8,226 8,252 9,313
12/2/94 8,154 8,214 9,272
12/5/94 8,164 8,249 9,292
12/6/94 8,205 8,249 9,304
12/7/94 8,143 8,195 9,249
12/8/94 8,205 8,249 9,375
12/9/94 8,205 8,241 9,369
12/12/94 8,195 8,236 9,367
12/13/94 8,205 8,249 9,378
12/14/94 8,226 8,265 9,396
12/15/94 8,205 8,265 9,395
12/16/94 8,226 8,254 9,399
12/19/94 8,195 8,252 9,392
12/20/94 8,236 8,271 9,414
12/21/94 8,308 8,341 9,484
12/22/94 8,226 8,265 9,423
12/23/94 8,195 8,263 9,413
12/27/94 8,204 8,228 9,385
12/28/94 8,153 8,187 9,353
12/29/94 8,246 8,249 9,416
12/30/94 8,173 8,217 9,392
1/3/95 8,225 8,238 9,404
1/4/95 8,184 8,217 9,394
1/5/95 8,225 8,241 9,415
1/6/95 8,235 8,273 9,447
1/9/95 8,215 8,225 9,411
1/10/95 8,308 8,287 9,498
1/11/95 8,329 8,330 9,517
1/12/95 8,339 8,322 9,519
1/13/95 8,287 8,287 9,475
1/16/95 8,204 8,214 9,424
1/17/95 8,204 8,195 9,415
1/18/95 8,184 8,185 9,404
1/19/95 8,246 8,238 9,460
1/20/95 8,277 8,265 9,494
1/23/95 8,391 8,373 9,600
1/24/95 8,380 8,338 9,586
1/25/95 8,454 8,402 9,637
1/26/95 8,423 8,351 9,595
1/27/95 8,413 8,365 9,600
1/30/95 8,600 8,467 9,714
1/31/95 8,558 8,445 9,709
2/1/95 8,548 8,456 9,713
2/2/95 8,527 8,445 9,711
2/3/95 8,496 8,410 9,680
2/6/95 8,444 8,410 9,653
2/7/95 8,454 8,386 9,659
2/8/95 8,538 8,454 9,723
2/9/95 8,579 8,483 9,779
2/10/95 8,579 8,486 9,777
2/13/95 8,558 8,467 9,753
2/14/95 8,527 8,449 9,733
2/15/95 8,621 8,509 9,812
2/16/95 8,589 8,517 9,805
2/17/95 8,610 8,528 9,820
2/21/95 8,662 8,588 9,883
2/22/95 8,735 8,610 9,914
2/23/95 8,735 8,610 9,906
2/24/95 8,683 8,570 9,861
2/27/95 8,610 8,515 9,808
2/28/95 8,568 8,465 9,770
3/1/95 8,495 8,430 9,746
3/2/95 8,589 8,515 9,825
3/3/95 8,631 8,541 9,865
3/6/95 8,703 8,591 9,912
3/7/95 8,724 8,596 9,937
3/8/95 8,849 8,694 10,022
3/9/95 8,839 8,691 10,033
3/10/95 8,849 8,689 10,017
3/13/95 8,818 8,689 10,021
3/14/95 8,787 8,662 9,998
3/15/95 8,766 8,610 9,937
3/16/95 8,714 8,610 9,936
3/17/95 8,703 8,610 9,946
3/20/95 8,818 8,694 10,037
3/21/95 8,870 8,741 10,024
3/22/95 8,776 8,662 10,009
3/23/95 8,776 8,681 10,033
3/24/95 8,766 8,644 9,998
3/27/95 8,756 8,620 9,978
3/28/95 8,808 8,662 10,035
3/29/95 8,829 8,683 10,047
3/30/95 8,829 8,691 10,065
3/31/95 8,860 8,710 10,090
4/3/95 8,808 8,657 10,049
4/4/95 8,808 8,662 10,044
4/5/95 8,818 8,683 10,073
4/6/95 8,829 8,702 10,099
4/7/95 8,881 8,723 10,117
4/10/95 8,808 8,681 10,090
4/11/95 8,797 8,660 10,079
4/12/95 8,829 8,694 10,109
4/13/95 8,849 8,720 10,131
4/17/95 8,881 8,723 10,144
4/18/95 8,912 8,755 10,173
4/19/95 8,891 8,736 10,169
4/20/95 8,902 8,739 10,170
4/21/95 8,891 8,728 10,155
4/24/95 8,881 8,723 10,155
4/25/95 8,870 8,715 10,148
4/26/95 8,902 8,747 10,186
4/27/95 8,995 8,823 10,259
4/28/95 9,131 8,910 10,343
5/1/95 9,308 9,068 10,501
5/2/95 9,298 9,050 10,498
5/3/95 9,391 9,142 10,586
5/4/95 9,350 9,142 10,526
5/5/95 9,371 9,094 10,524
5/8/95 9,360 9,089 10,544
5/9/95 9,423 9,145 10,603
5/10/95 9,517 9,237 10,692
5/11/95 9,527 9,239 10,689
5/12/95 9,454 9,218 10,655
5/15/95 9,464 9,168 10,635
5/16/95 9,444 9,179 10,635
5/17/95 9,517 9,234 10,699
5/18/95 9,673 9,379 10,836
5/19/95 9,704 9,403 10,867
5/22/95 9,694 9,363 10,838
5/23/95 9,808 9,471 10,950
5/24/95 9,816 9,482 10,958
5/25/95 9,910 9,537 10,999
5/26/95 10,036 9,627 11,108
5/30/95 10,046 9,645 11,133
5/31/95 10,046 9,656 11,141
6/1/95 10,025 9,595 11,081
6/2/95 9,973 9,550 11,017
6/5/95 9,754 9,398 10,887
6/6/95 9,775 9,427 10,916
6/7/95 10,025 9,611 11,126
6/8/95 10,025 9,579 11,090
6/9/95 9,962 9,537 11,053
6/12/95 9,962 9,484 11,041
6/13/95 10,056 9,587 11,097
6/14/95 10,036 9,579 11,081
6/15/95 10,067 9,619 11,137
6/16/95 10,192 9,701 11,241
6/19/95 10,150 9,669 11,217
6/20/95 10,077 9,614 11,157
6/21/95 10,046 9,600 11,148
6/22/95 10,129 9,653 11,201
6/23/95 9,910 9,503 11,049
6/26/95 9,972 9,521 11,074
6/27/95 9,952 9,506 11,084
6/28/95 10,014 9,545 11,113
6/28/95 10,192 9,669 11,237
6/29/95 10,160 9,635 11,235
6/30/95 10,171 9,653 11,257
7/3/95 10,066 9,564 11,189
7/5/95 10,098 9,616 11,213
7/6/95 10,046 9,600 11,212
7/7/95 10,046 9,545 11,161
7/10/95 9,920 9,466 11,078
7/11/95 9,837 9,345 11,012
7/12/95 9,628 9,232 10,842
7/13/95 9,659 9,237 10,857
7/14/95 9,523 9,121 10,756
7/17/95 9,617 9,229 10,834
7/18/95 9,680 9,284 10,900
7/19/95 9,617 9,213 10,845
7/20/95 9,701 9,271 10,907
7/21/95 9,607 9,192 10,840
7/24/95 9,670 9,263 10,892
7/25/95 9,586 9,192 10,826
7/26/95 9,670 9,247 10,893
7/27/95 9,576 9,163 10,824
7/28/95 9,617 9,181 10,848
7/31/95 9,638 9,208 10,873
8/1/95 9,638 9,210 10,882
8/2/95 9,597 9,176 10,845
8/3/95 9,534 9,137 10,812
8/4/95 9,419 9,031 10,717
8/7/95 9,450 9,059 10,734
8/8/95 9,503 9,125 10,783
8/9/95 9,544 9,137 10,817
8/10/95 9,534 9,120 10,812
8/11/95 9,534 9,120 10,807
8/14/95 9,576 9,151 10,860
8/15/95 9,534 9,131 10,829
8/16/95 9,513 9,105 10,806
8/17/95 9,628 9,220 10,899
8/18/95 9,795 9,348 11,042
8/21/95 9,805 9,351 11,053
8/22/95 9,805 9,343 11,040
8/23/95 9,826 9,357 11,067
8/24/95 9,924 9,414 11,124
8/25/95 9,998 9,463 11,174
8/28/95 10,061 9,514 11,234
8/29/95 10,040 9,488 11,224
8/30/95 10,008 9,477 11,188
8/31/95 9,998 9,491 11,195
9/1/95 9,998 9,483 11,192
9/5/95 10,134 9,591 11,274
9/6/95 10,102 9,574 11,242
9/7/95 10,218 9,646 11,325
9/8/95 10,186 9,626 11,316
9/11/95 10,081 9,554 11,247
9/12/95 10,144 9,611 11,290
9/13/95 10,197 9,634 11,339
9/14/95 10,019 9,526 11,224
9/15/95 9,998 9,491 11,196
9/18/95 9,998 9,497 11,202
9/19/95 9,998 9,508 11,195
9/20/95 9,987 9,500 11,185
9/21/95 9,987 9,491 11,189
9/22/95 10,181 9,589 11,316
9/25/95 10,181 9,634 11,336
9/26/95 10,212 9,657 11,369
9/27/95 10,265 9,680 11,418
9/28/95 10,275 9,694 11,437
9/29/95 10,275 9,700 11,451
10/2/95 10,275 9,671 11,463
10/3/95 10,275 9,677 11,457
10/4/95 10,338 9,737 11,496
10/5/95 10,517 9,843 11,644
10/6/95 10,464 9,843 11,620
10/9/95 10,496 9,875 11,637
10/10/95 10,454 9,814 11,618
10/11/95 10,475 9,840 11,639
10/12/95 10,401 9,774 11,575
10/13/95 10,359 9,732 11,558
10/16/95 10,443 9,823 11,634
10/17/95 10,454 9,829 11,645
10/18/95 10,338 9,726 11,571
10/19/95 10,401 9,777 11,606
10/20/95 10,391 9,783 11,619
10/23/95 10,483 9,812 11,649
10/24/95 10,547 9,857 11,695
10/25/95 10,610 9,923 11,748
10/26/95 10,568 9,877 11,733
10/27/95 10,547 9,857 11,720
10/30/95 10,504 9,840 11,693
10/31/95 10,610 9,915 11,772
11/1/95 10,547 9,872 11,717
11/2/95 10,462 9,803 11,667
11/3/95 10,547 9,877 11,732
11/6/95 10,525 9,866 11,711
11/7/95 10,504 9,860 11,681
11/8/95 10,610 9,949 11,752
11/9/95 10,620 9,940 11,767
11/10/95 10,589 9,920 11,752
11/13/95 10,536 9,889 11,719
11/14/95 10,536 9,880 11,718
11/15/95 10,589 9,915 11,764
11/16/95 10,620 9,949 11,814
11/17/95 10,610 9,940 11,794
11/20/95 10,652 9,986 11,836
11/21/95 10,835 10,075 11,948
11/22/95 10,889 10,138 12,002
11/24/95 11,037 10,215 12,118
11/27/95 10,995 10,198 12,081
11/28/95 10,995 10,206 12,072
11/29/95 10,931 10,149 12,037
11/30/95 10,952 10,180 12,056
12/1/95 10,984 10,192 12,084
12/4/95 10,963 10,183 12,073
12/5/95 10,931 10,140 12,050
12/6/95 10,899 10,138 12,043
12/7/95 10,889 10,118 12,036
12/8/95 10,708 9,983 11,916
12/11/95 10,846 10,100 12,013
12/12/95 10,835 10,078 12,022
12/13/95 10,846 10,126 12,025
12/14/95 10,942 10,166 12,113
12/15/95 10,963 10,198 12,129
12/18/95 11,005 10,243 12,170
12/19/95 11,058 10,275 12,218
12/20/95 11,170 10,326 12,268
12/21/95 11,148 10,298 12,268
12/22/95 11,159 10,312 12,277
12/26/95 11,053 10,209 12,187
12/27/95 10,999 10,189 12,179
12/28/95 10,999 10,183 12,179
12/29/95 10,989 10,192 12,146
1/2/96 10,807 10,000 12,007
1/3/96 10,807 10,052 12,024
1/4/96 10,829 10,032 12,021
1/5/96 10,946 10,175 12,134
1/9/96 11,084 10,232 12,249
1/10/96 11,127 10,272 12,280
1/11/96 11,148 10,283 12,302
1/12/96 11,010 10,189 12,208
1/15/96 10,946 10,118 12,160
1/16/96 11,063 10,198 12,233
1/17/96 10,914 10,095 12,123
1/18/96 11,021 10,192 12,195
1/19/96 10,946 10,123 12,164
1/22/96 11,031 10,201 12,238
1/23/96 11,081 10,212 12,265
1/24/96 10,985 10,149 12,216
1/25/96 10,867 10,029 12,135
1/26/96 10,867 10,040 12,140
1/29/96 10,889 10,072 12,164
1/30/96 10,878 10,040 12,150
1/31/96 10,857 10,049 12,125
2/1/96 10,867 10,040 12,131
2/2/96 10,964 10,132 12,225
2/5/96 10,985 10,138 12,250
2/6/96 10,899 10,053 12,186
2/7/96 10,761 9,948 12,095
2/8/96 10,643 9,871 11,988
2/9/96 10,365 9,645 11,783
2/12/96 10,376 9,674 11,798
2/13/96 10,429 9,715 11,843
2/14/96 10,312 9,629 11,757
2/15/96 10,269 9,569 11,719
2/16/96 10,237 9,547 11,690
2/20/96 10,205 9,540 11,688
2/21/96 10,254 9,550 11,673
2/22/96 10,393 9,677 11,819
2/23/96 10,468 9,667 11,874
2/26/96 10,383 9,661 11,812
2/27/96 10,297 9,582 11,735
2/28/96 10,265 9,559 11,714
2/29/96 9,847 9,222 11,384
3/1/96 10,008 9,349 11,490
3/4/96 9,954 9,317 11,451
3/5/96 9,922 9,292 11,429
3/6/96 9,911 9,282 11,427
3/7/96 9,825 9,222 11,350
3/8/96 9,857 9,241 11,384
3/11/96 9,868 9,254 11,399
3/12/96 9,965 9,330 11,460
3/13/96 10,029 9,375 11,507
3/14/96 9,975 9,327 11,476
3/15/96 10,093 9,426 11,566
3/18/96 10,072 9,400 11,565
3/19/96 9,922 9,282 11,454
3/20/96 9,836 9,225 11,363
3/21/96 9,977 9,308 11,457
3/22/96 9,998 9,324 11,482
3/25/96 10,063 9,372 11,534
3/26/96 10,030 9,346 11,513
3/27/96 9,977 9,311 11,472
3/28/96 9,708 9,098 11,270
3/29/96 9,643 9,044 11,213
4/1/96 9,708 9,095 11,257
4/2/96 9,600 9,009 11,184
4/3/96 9,557 8,986 11,139
4/4/96 9,762 9,139 11,308
4/5/96 9,805 9,168 11,354
4/8/96 9,805 9,171 11,369
4/9/96 9,762 9,142 11,317
4/10/96 9,708 9,104 11,275
4/11/96 9,783 9,158 11,321
4/12/96 9,848 9,212 11,382
4/15/96 9,805 9,171 11,361
4/16/96 9,740 9,127 11,316
4/17/96 9,751 9,128 11,311
4/18/96 9,805 9,165 11,361
4/19/96 9,729 9,107 11,324
4/22/96 9,736 9,050 11,260
4/23/96 9,704 9,018 11,248
4/24/96 9,508 8,866 11,092
4/25/96 9,400 8,783 11,015
4/26/96 9,465 8,835 11,065
4/29/96 9,443 8,821 11,132
4/30/96 9,563 8,918 11,050
5/1/96 9,530 8,893 11,132
5/2/96 9,660 8,994 11,223
5/3/96 9,693 9,025 11,265
5/6/96 9,769 9,085 11,326
5/7/96 9,779 9,095 11,332
5/8/96 9,704 9,028 11,256
5/9/96 9,790 9,104 11,337
5/10/96 9,823 9,130 11,368
5/13/96 9,769 9,088 11,346
5/14/96 9,834 9,130 11,389
5/15/96 9,736 9,058 11,321
5/16/96 9,801 9,101 11,370
5/17/96 9,779 9,085 11,375
5/20/96 9,649 8,979 11,275
5/21/96 9,682 9,007 11,299
5/22/96 9,650 8,907 11,210
5/23/96 9,639 8,902 11,193
5/24/96 9,650 8,916 11,214
5/28/96 9,726 8,969 11,270
5/29/96 9,792 9,031 11,340
5/30/96 9,573 8,854 11,176
5/31/96 9,529 8,815 11,125
6/3/96 9,464 8,765 11,075
6/4/96 9,420 8,722 11,036
6/5/96 9,442 8,741 11,068
6/6/96 9,529 8,810 11,138
6/7/96 9,573 8,846 11,193
6/10/96 9,540 8,811 11,167
6/11/96 9,518 8,794 11,140
6/12/96 9,507 8,789 11,144
6/13/96 9,529 8,799 11,170
6/14/96 9,551 8,823 11,191
6/17/96 9,595 8,856 11,232
6/18/96 9,606 8,862 11,252
6/19/96 9,693 8,934 11,319
6/20/96 9,825 9,028 11,446
6/21/96 9,825 9,025 11,453
6/24/96 9,759 8,977 11,407
6/25/96 9,781 8,988 11,415
6/26/96 9,419 8,706 11,134
6/27/96 9,419 8,706 11,137
6/28/96 9,485 8,753 11,186
7/1/96 9,551 8,811 11,242
7/2/96 9,584 8,837 11,285
7/3/96 9,671 8,901 11,343
7/5/96 9,595 8,840 11,296
7/8/96 9,671 8,905 11,352
7/9/96 9,660 8,897 11,354
7/10/96 9,814 9,018 11,479
7/11/96 9,726 8,945 11,419
7/12/96 9,671 8,902 11,378
7/15/96 9,737 8,950 11,429
7/16/96 9,617 8,862 11,360
7/17/96 9,649 8,893 11,363
7/18/96 9,660 8,904 11,379
7/19/96 9,562 8,816 11,307
7/22/96 9,628 8,869 11,362
7/23/96 9,731 8,950 11,451
7/24/96 9,929 9,111 11,607
7/25/96 10,082 9,228 11,733
7/26/96 10,060 9,209 11,723
7/29/96 10,038 9,190 11,708
7/30/96 10,016 9,179 11,698
7/31/96 9,983 9,150 11,674
8/1/96 10,093 9,235 11,600
8/2/96 10,093 9,238 11,622
8/5/96 9,951 9,127 11,685
8/6/96 9,962 9,130 11,669
8/7/96 9,907 9,098 11,624
8/8/96 9,962 9,152 11,683
8/9/96 9,929 9,115 11,657
8/12/96 9,918 9,107 11,650
8/13/96 9,874 9,075 11,618
8/14/96 9,874 9,068 11,610
8/15/96 9,742 8,969 11,514
8/16/96 9,633 8,886 11,426
8/19/96 9,677 8,920 11,460
8/20/96 9,655 8,903 11,444
8/21/96 9,556 8,831 11,391
8/22/96 9,463 8,748 11,297
8/23/96 9,540 8,811 11,359
8/26/96 9,485 8,768 11,330
8/27/96 9,430 8,723 11,271
8/28/96 9,474 8,760 11,301
8/29/96 9,518 8,797 11,364
8/30/96 9,463 8,744 11,310
9/3/96 9,463 8,756 11,317
9/4/96 9,518 8,801 11,371
9/5/96 9,693 8,938 11,522
9/6/96 9,715 8,949 11,543
9/9/96 9,627 8,889 11,471
9/10/96 9,594 8,857 11,457
9/11/96 9,551 8,820 11,419
9/12/96 9,572 8,837 11,429
9/13/96 9,605 8,859 11,462
9/16/96 9,671 8,912 11,503
9/17/96 9,737 8,962 11,584
9/18/96 9,803 9,019 11,660
9/19/96 9,770 8,992 11,630
9/20/96 9,784 8,963 11,606
9/23/96 9,873 9,028 11,678
9/24/96 9,906 9,055 11,728
9/25/96 9,906 9,058 11,734
9/26/96 10,071 9,187 11,868
9/27/96 10,005 9,134 11,832
9/30/96 9,983 9,115 11,814
10/1/96 9,928 9,075 11,776
10/2/96 9,862 9,018 11,708
10/3/96 9,917 9,058 11,757
10/4/96 9,906 9,052 11,766
10/7/96 9,895 9,042 11,752
10/8/96 9,983 9,109 11,827
10/9/96 10,005 9,124 11,851
10/10/96 9,972 9,099 11,839
10/11/96 9,906 9,051 11,793
10/14/96 9,928 9,068 11,808
10/15/96 9,906 9,046 11,799
10/16/96 9,961 9,094 11,834
10/17/96 9,939 9,075 11,834
10/18/96 10,148 9,237 12,004
10/21/96 10,148 9,236 12,021
10/22/96 10,261 9,276 12,064
10/23/96 10,228 9,256 12,041
10/24/96 10,250 9,276 12,066
10/25/96 10,350 9,346 12,158
10/28/96 10,339 9,336 12,144
10/29/96 10,427 9,407 12,219
10/30/96 10,394 9,386 12,196
10/31/96 10,505 9,465 12,287
11/1/96 10,472 9,448 12,279
11/4/96 10,472 9,448 12,279
11/5/96 10,538 9,480 12,334
11/6/96 10,483 9,442 12,307
11/7/96 10,472 9,436 12,297
11/8/96 10,516 9,466 12,340
11/11/96 10,571 9,511 12,389
11/12/96 10,560 9,493 12,378
11/13/96 10,516 9,469 12,349
11/14/96 10,549 9,495 12,384
11/15/96 10,527 9,477 12,377
11/18/96 10,505 9,452 12,362
11/19/96 10,780 9,557 12,465
11/20/96 10,780 9,558 12,459
11/21/96 10,791 9,571 12,482
11/22/96 10,724 9,517 12,423
11/25/96 10,556 9,392 12,294
11/26/96 10,522 9,372 12,253
11/27/96 10,578 9,410 12,329
11/29/96 10,567 9,404 12,319
12/2/96 10,387 9,260 12,170
12/3/96 10,320 9,216 12,121
12/4/96 10,432 9,298 12,198
12/5/96 10,342 9,228 12,155
12/6/96 10,309 9,200 12,105
12/9/96 10,252 9,158 12,076
12/10/96 10,398 9,266 12,196
12/11/96 10,410 9,278 12,220
12/12/96 10,432 9,300 12,232
12/13/96 10,421 9,287 12,238
12/16/96 10,410 9,278 12,230
12/17/96 10,499 9,345 12,296
12/18/96 10,499 9,348 12,301
12/19/96 10,378 9,210 12,173
12/20/96 10,209 9,089 12,037
12/23/96 10,232 9,099 12,053
12/24/96 10,186 9,064 12,028
12/26/96 10,119 9,017 11,984
12/27/96 10,107 9,011 11,965
12/30/96 10,198 9,071 12,030
12/31/96 10,051 8,964 11,932
1/2/97 10,062 8,967 11,943
1/3/97 10,186 9,069 12,040
1/6/97 10,152 9,037 12,033
1/7/97 10,085 8,981 11,964
1/8/97 10,107 8,996 12,000
1/9/97 10,107 8,996 12,000
1/10/97 10,164 9,045 12,054
1/13/97 10,119 9,011 12,017
1/14/97 10,073 8,973 11,997
1/15/97 10,006 8,920 11,941
1/16/97 9,938 8,867 11,886
1/17/97 9,983 8,907 11,958
1/20/97 10,006 8,920 11,939
1/21/97 10,040 8,942 11,971
1/22/97 10,215 9,036 12,071
1/23/97 10,306 9,108 12,149
1/24/97 10,328 9,128 12,176
1/27/97 10,283 9,087 12,154
1/28/97 10,272 9,072 12,141
1/29/97 10,351 9,143 12,205
1/30/97 10,340 9,128 12,216
1/31/97 10,351 9,137 12,215
2/3/97 10,340 9,133 12,210
2/4/97 10,476 9,234 12,315
2/5/97 10,522 9,266 12,382
2/6/97 10,522 9,266 12,382
2/7/97 10,522 9,260 12,371
2/10/97 10,476 9,222 12,350
2/11/97 10,385 9,154 12,289
2/12/97 10,374 9,143 12,274
2/13/97 10,340 9,116 12,254
2/14/97 10,340 9,126 12,255
2/18/97 10,113 8,960 12,079
2/19/97 10,090 8,943 12,057
2/20/97 10,169 8,954 12,070
2/21/97 10,123 8,918 12,044
2/24/97 10,078 8,887 12,012
2/25/97 10,100 8,908 12,026
2/26/97 10,032 8,854 11,990
2/27/97 10,123 8,921 12,056
2/28/97 10,123 8,920 12,063
3/3/97 10,100 8,903 12,050
3/4/97 10,055 8,868 12,009
3/5/97 9,906 8,762 11,880
3/6/97 9,940 8,785 11,919
3/7/97 9,940 8,777 11,912
3/10/97 9,940 8,777 11,904
3/11/97 9,895 8,738 11,884
3/12/97 9,940 8,771 11,914
3/13/97 9,940 8,777 11,922
3/14/97 9,975 8,795 11,955
3/17/97 9,929 8,768 11,954
3/18/97 9,895 8,734 11,899
3/19/97 9,769 8,648 11,800
3/20/97 9,791 8,622 11,776
3/21/97 9,814 8,635 11,794
3/24/97 9,825 8,638 11,812
3/25/97 9,837 8,654 11,824
3/26/97 9,745 8,576 11,755
3/27/97 9,837 8,648 11,822
3/31/97 9,791 8,608 11,800
4/1/97 9,779 8,605 11,805
4/2/97 9,779 8,608 11,802
4/3/97 9,710 8,553 11,730
4/4/97 9,699 8,546 11,737
4/7/97 9,814 8,635 11,836
4/8/97 9,802 8,624 11,830
4/9/97 9,848 8,659 11,873
4/10/97 9,860 8,668 11,882
4/11/97 9,802 8,625 11,853
4/14/97 9,871 8,679 11,907
4/15/97 9,814 8,634 11,870
4/16/97 9,756 8,591 11,824
4/17/97 9,733 8,571 11,802
4/18/97 9,768 8,602 11,839
4/21/97 9,963 8,745 12,123
4/22/97 10,065 8,781 12,052
4/23/97 10,112 8,817 12,091
4/24/97 10,135 8,837 12,127
4/25/97 10,158 8,850 12,146
4/28/97 10,158 8,851 12,155
4/29/97 10,054 8,787 12,074
4/30/97 10,212 8,828 12,128
5/1/97 10,258 8,861 12,168
5/2/97 10,282 8,878 12,191
5/5/97 10,200 8,811 12,131
5/6/97 10,247 8,850 12,173
5/7/97 10,282 8,875 12,201
5/8/97 10,212 8,828 12,157
5/9/97 10,200 8,820 12,154
5/12/97 10,200 8,812 12,170
5/13/97 10,142 8,774 12,099
5/14/97 10,107 8,745 12,065
5/15/97 10,107 8,745 12,080
5/16/97 10,037 8,691 12,036
5/19/97 10,049 8,702 12,041
5/20/97 10,118 8,752 12,100
5/21/97 10,263 8,822 12,190
5/22/97 10,286 8,842 12,214
5/23/97 10,321 8,868 12,255
5/27/97 10,321 8,865 12,254
5/28/97 10,310 8,858 12,253
5/29/97 10,474 8,980 12,396
5/30/97 10,392 8,918 12,332
6/2/97 10,380 8,910 12,315
6/3/97 10,403 8,927 12,332
6/4/97 10,497 8,997 12,417
6/5/97 10,567 9,047 12,473
6/6/97 10,591 9,069 12,510
6/9/97 10,567 9,049 12,489
6/10/97 10,614 9,081 12,523
6/11/97 10,626 9,096 12,532
6/12/97 10,661 9,123 12,573
6/13/97 10,614 9,081 12,539
6/16/97 10,603 9,076 12,536
6/17/97 10,544 9,003 12,492
6/18/97 10,462 8,974 12,429
6/19/97 10,532 9,020 12,482
6/20/97 10,483 8,957 12,426
6/23/97 10,577 9,023 12,497
6/24/97 10,624 9,057 12,543
6/25/97 10,765 9,157 12,666
6/26/97 10,848 9,216 12,734
6/27/97 10,836 9,204 12,733
6/30/97 10,883 9,247 12,777
7/1/97 10,859 9,230 12,769
7/2/97 10,918 9,275 12,822
7/3/97 10,883 9,249 12,792
7/7/97 10,883 9,249 12,793
7/8/97 11,000 9,335 12,880
7/9/97 10,989 9,328 12,878
7/10/97 10,918 9,277 12,830
7/11/97 10,883 9,250 12,805
7/14/97 11,083 9,392 12,947
7/15/97 11,106 9,409 12,975
7/16/97 11,083 9,396 12,967
7/17/97 11,036 9,363 12,936
7/18/97 11,118 9,418 12,997
7/21/97 11,177 9,459 13,048
7/22/97 11,248 9,512 13,112
7/23/97 11,352 9,558 13,159
7/24/97 11,068 9,352 12,930
7/25/97 11,044 9,333 12,924
7/28/97 11,021 9,315 12,909
7/29/97 11,044 9,338 12,929
7/30/97 10,974 9,280 12,888
7/31/97 10,725 9,100 12,716
8/1/97 10,725 9,100 12,716
8/4/97 10,737 9,106 12,699
8/5/97 10,702 9,075 12,667
8/6/97 10,737 9,109 12,701
8/7/97 10,844 9,199 12,831
8/8/97 10,844 9,197 12,812
8/11/97 10,914 9,237 12,869
8/12/97 10,926 9,247 12,892
8/13/97 10,891 9,228 12,857
8/14/97 10,785 9,149 12,777
8/15/97 10,666 9,062 12,691
8/18/97 10,666 9,063 12,693
8/19/97 10,690 9,081 12,710
8/20/97 10,690 9,082 12,721
8/21/97 10,832 9,181 12,825
8/22/97 10,820 9,143 12,781
8/25/97 10,867 9,178 12,837
8/26/97 10,844 9,154 12,813
8/27/97 10,820 9,140 12,812
8/28/97 10,761 9,094 12,767
8/29/97 10,820 9,135 12,808
9/2/97 10,796 9,124 12,798
9/3/97 10,749 9,084 12,770
9/4/97 10,701 9,051 12,736
9/5/97 10,855 9,163 12,857
9/8/97 10,867 9,172 12,881
9/9/97 11,152 9,381 13,112
9/10/97 11,199 9,411 13,149
9/11/97 11,188 9,403 13,146
9/12/97 11,223 9,428 13,166
9/15/97 11,259 9,452 13,213
9/16/97 11,188 9,408 13,165
9/17/97 11,306 9,490 13,244
9/18/97 11,164 9,387 13,147
9/19/97 11,235 9,440 13,193
9/22/97 11,211 9,419 13,180
9/23/97 11,196 9,372 13,144
9/24/97 11,350 9,490 13,262
9/25/97 11,374 9,505 13,311
9/26/97 11,386 9,508 13,301
9/29/97 11,458 9,558 13,371
9/30/97 11,505 9,596 13,413
10/1/97 11,267 9,428 13,235
10/2/97 11,255 9,417 13,222
10/3/97 11,148 9,346 13,142
10/6/97 11,148 9,343 13,142
10/7/97 11,279 9,443 13,248
10/8/97 11,219 9,397 13,208
10/9/97 11,219 9,396 13,208
10/10/97 11,124 9,337 13,135
10/13/97 11,172 9,368 13,165
10/14/97 11,172 9,372 13,170
10/15/97 11,184 9,381 13,187
10/16/97 11,339 9,492 13,310
10/17/97 11,398 9,528 13,343
10/20/97 11,493 9,599 13,471
10/21/97 11,386 9,523 13,381
10/22/97 11,517 9,629 13,485
10/23/97 11,601 9,692 13,560
10/24/97 11,683 9,717 13,583
10/27/97 11,576 9,631 13,504
10/28/97 11,504 9,587 13,453
10/29/97 11,516 9,592 13,465
10/30/97 11,611 9,661 13,549
10/31/97 11,623 9,670 13,558
11/3/97 11,600 9,655 13,559
11/4/97 11,647 9,696 13,559
11/5/97 11,647 9,690 13,587
11/6/97 11,671 9,705 13,616
11/7/97 11,671 9,705 13,616
11/10/97 11,707 9,732 13,633
11/11/97 11,731 9,751 13,664
11/12/97 11,731 9,749 13,671
11/13/97 11,815 9,808 13,738
11/14/97 11,815 9,808 13,738
11/17/97 11,767 9,767 13,718
11/18/97 11,815 9,787 13,737
11/19/97 11,719 9,727 13,685
11/20/97 11,767 9,752 13,719
11/21/97 11,779 9,787 13,725
11/24/97 11,818 9,772 13,762
11/25/97 11,830 9,786 13,773
11/26/97 11,842 9,784 13,784
11/28/97 11,854 9,799 13,812
12/1/97 11,830 9,778 13,781
12/2/97 11,746 9,721 13,709
12/3/97 11,638 9,642 13,637
12/4/97 11,650 9,648 13,648
12/5/97 11,722 9,705 13,700
12/8/97 11,866 9,807 13,808
12/9/97 12,022 9,918 13,930
12/10/97 11,950 9,872 13,880
12/11/97 11,974 9,888 13,904
12/12/97 11,926 9,849 13,858
12/15/97 12,010 9,911 13,926
12/16/97 12,082 9,961 13,982
12/17/97 12,106 9,982 14,012
12/18/97 12,106 9,983 14,015
12/19/97 12,082 9,964 14,006
12/22/97 12,082 9,959 14,002
12/23/97 12,046 9,944 13,988
12/24/97 11,938 9,861 13,914
12/26/97 12,078 9,929 13,986
12/29/97 12,234 10,038 14,109
12/30/97 12,463 10,198 14,300
12/31/97 12,487 10,217 14,308
1/2/98 12,355 10,122 14,211
1/5/98 12,439 10,178 14,292
1/6/98 12,535 10,245 14,384
1/7/98 12,559 10,258 14,401
1/8/98 12,523 10,234 14,393
1/9/98 12,463 10,195 14,343
1/12/98 12,439 10,174 14,336
1/13/98 12,331 10,109 14,251
1/14/98 12,270 10,062 14,213
1/15/98 12,331 10,104 14,247
1/16/98 12,234 10,033 14,193
1/20/98 11,981 9,866 13,993
1/21/98 12,150 9,980 14,118
1/22/98 12,042 9,902 14,036
1/23/98 12,054 9,911 14,053
1/26/98 12,246 10,045 14,202
1/27/98 12,349 10,089 14,273
1/28/98 12,252 10,013 14,193
1/29/98 12,252 10,020 14,200
1/30/98 12,252 10,020 14,188
2/2/98 12,131 9,932 14,114
2/3/98 12,143 9,947 14,120
2/4/98 12,083 9,900 14,082
2/5/98 12,131 9,932 14,111
2/6/98 12,264 10,029 14,221
2/9/98 12,228 9,998 14,212
2/10/98 12,288 10,042 14,254
2/11/98 12,385 10,109 14,335
2/12/98 12,300 10,047 14,279
2/13/98 12,276 10,038 14,269
2/17/98 12,240 10,012 14,244
2/18/98 12,155 9,956 14,188
2/19/98 12,034 9,872 14,082
2/20/98 12,131 9,938 14,159
2/23/98 12,071 9,899 14,126
2/24/98 12,167 9,940 14,167
2/25/98 11,961 9,795 14,080
2/26/98 11,888 9,739 13,961
2/27/98 11,924 9,773 13,986
3/2/98 11,864 9,733 13,954
3/3/98 11,961 9,799 14,023
3/4/98 12,070 9,875 14,111
3/5/98 12,070 9,872 14,125
3/6/98 12,143 9,926 14,177
3/9/98 12,264 10,012 14,275
3/10/98 12,215 9,976 14,251
3/11/98 12,300 10,035 14,312
3/12/98 12,227 9,980 14,267
3/13/98 12,191 9,959 14,241
3/16/98 12,191 9,956 14,233
3/17/98 12,239 9,989 14,265
3/18/98 12,239 9,989 14,278
3/19/98 12,252 9,995 14,283
3/20/98 12,130 9,914 14,206
3/23/98 12,094 9,893 14,175
3/24/98 12,094 9,887 14,160
3/25/98 12,070 9,856 14,130
3/26/98 12,210 9,914 14,198
3/27/98 12,283 9,968 14,273
3/30/98 12,393 10,041 14,357
3/31/98 12,539 10,137 14,465
4/1/98 12,442 10,071 14,401
4/2/98 12,405 10,044 14,378
4/3/98 12,283 9,964 14,289
4/6/98 12,332 9,994 14,312
4/7/98 12,210 9,920 14,232
4/8/98 12,271 9,962 14,284
4/9/98 12,308 9,988 14,320
4/13/98 12,344 10,007 14,337
4/14/98 12,320 9,992 14,336
4/15/98 12,247 9,938 14,280
4/16/98 12,174 9,890 14,226
4/17/98 12,174 9,888 14,221
4/20/98 12,138 9,864 14,206
4/21/98 12,198 9,909 14,246
4/22/98 11,955 9,737 14,066
4/23/98 11,955 9,739 14,061
4/24/98 11,943 9,728 14,058
4/27/98 12,215 9,897 14,242
4/28/98 12,240 9,917 14,269
4/29/98 12,227 9,908 14,278
4/30/98 12,179 9,870 14,231
5/1/98 12,240 9,909 14,278
5/4/98 12,227 9,900 14,274
5/5/98 12,179 9,867 14,233
5/6/98 12,032 9,769 14,146
5/7/98 12,203 9,890 14,265
5/8/98 12,227 9,906 14,288
5/11/98 12,166 9,861 14,244
5/12/98 12,191 9,879 14,254
5/13/98 12,276 9,944 14,330
5/14/98 12,252 9,923 14,313
5/15/98 12,337 9,980 14,380
5/18/98 12,252 9,927 14,327
5/19/98 12,313 9,965 14,356
5/20/98 12,410 10,038 14,437
5/21/98 12,459 10,069 14,479
5/22/98 12,447 10,059 14,467
5/26/98 12,538 10,100 14,514
5/27/98 12,587 10,137 14,565
5/28/98 12,551 10,113 14,538
5/29/98 12,538 10,103 14,536
6/1/98 12,514 10,086 14,507
6/2/98 12,563 10,119 14,545
6/3/98 12,563 10,116 14,563
6/4/98 12,551 10,110 14,564
6/5/98 12,747 10,245 14,694
6/8/98 12,857 10,322 14,798
6/9/98 12,845 10,315 14,799
6/10/98 12,955 10,388 14,873
6/11/98 12,845 10,312 14,796
6/12/98 12,649 10,181 14,644
6/15/98 12,747 10,254 14,711
6/16/98 12,783 10,276 14,747
6/17/98 12,820 10,305 14,775
6/18/98 12,857 10,328 14,811
6/19/98 12,832 10,309 14,792
6/22/98 12,832 10,311 14,800
6/23/98 12,869 10,331 14,827
6/24/98 12,845 10,325 14,827
6/25/98 12,935 10,355 14,862
6/26/98 12,923 10,349 14,858
6/29/98 12,984 10,391 14,908
6/30/98 13,033 10,421 14,953
7/1/98 12,984 10,394 14,918
7/2/98 12,935 10,362 14,875
7/6/98 12,972 10,383 14,909
7/7/98 12,947 10,362 14,884
7/8/98 12,812 10,273 14,802
7/9/98 12,738 10,220 14,747
7/10/98 12,751 10,234 14,767
7/13/98 12,714 10,210 14,733
7/14/98 12,677 10,178 14,697
7/15/98 12,751 10,229 14,761
7/16/98 12,837 10,285 14,829
7/17/98 12,812 10,267 14,821
7/20/98 12,861 10,303 14,856
7/21/98 12,812 10,266 14,834
7/22/98 12,751 10,245 14,810
7/23/98 12,689 10,189 14,762
7/24/98 12,640 10,146 14,717
7/27/98 12,714 10,201 14,771
7/28/98 12,771 10,210 14,794
7/29/98 12,869 10,303 14,892
7/30/98 12,931 10,325 14,922
7/31/98 12,894 10,300 14,927
8/3/98 12,869 10,281 14,901
8/4/98 12,968 10,355 14,976
8/5/98 12,980 10,358 14,981
8/6/98 13,042 10,400 15,039
8/7/98 13,005 10,371 15,005
8/10/98 12,943 10,332 14,959
8/11/98 13,030 10,391 15,039
8/12/98 13,030 10,391 15,039
8/13/98 13,005 10,381 15,027
8/14/98 12,993 10,366 15,016
8/17/98 12,980 10,358 15,007
8/18/98 13,079 10,438 15,077
8/19/98 13,178 10,518 15,194
8/20/98 13,141 10,494 15,157
8/21/98 13,239 10,567 15,228
8/24/98 13,264 10,577 15,247
8/25/98 13,350 10,643 15,334
8/26/98 13,387 10,682 15,333
8/27/98 13,564 10,770 15,457
8/28/98 13,489 10,719 15,412
8/31/98 13,477 10,701 15,375
9/1/98 13,576 10,767 15,467
9/2/98 13,638 10,813 15,480
9/3/98 13,477 10,697 15,423
9/4/98 13,650 10,811 15,544
9/8/98 13,873 10,960 15,750
9/9/98 13,749 10,880 15,664
9/10/98 13,737 10,876 15,619
9/11/98 13,675 10,845 15,588
9/14/98 13,774 10,904 15,611
9/15/98 13,848 10,960 15,717
9/16/98 13,935 11,018 15,746
9/17/98 13,972 11,054 15,723
9/18/98 13,910 10,996 15,688
9/21/98 13,897 10,982 15,750
9/22/98 13,947 11,017 15,774
9/23/98 13,996 11,053 15,799
9/24/98 13,935 11,007 15,746
9/25/98 14,058 11,094 15,778
9/28/98 14,397 11,304 16,043
9/29/98 14,621 11,463 16,199
9/30/98 14,720 11,530 16,277
10/1/98 15,067 11,781 16,436
10/2/98 14,968 11,713 16,387
10/5/98 14,757 11,566 16,198
10/6/98 14,298 11,278 15,876
10/7/98 13,926 11,061 15,574
10/8/98 13,802 10,976 15,574
10/9/98 13,963 11,085 15,575
10/12/98 14,249 11,273 15,477
10/13/98 14,174 11,237 15,731
10/14/98 14,348 11,330 15,876
10/15/98 14,286 11,290 15,874
10/16/98 14,100 11,169 15,735
10/19/98 14,075 11,149 15,710
10/20/98 13,926 11,048 15,664
10/21/98 13,827 10,978 15,582
10/22/98 13,951 11,046 15,672
10/23/98 14,075 11,123 15,870
10/26/98 13,976 11,048 15,848
10/27/98 14,075 11,108 15,899
10/28/98 13,958 11,002 15,774
10/29/98 13,746 10,871 15,614
10/30/98 13,796 10,901 15,615
11/2/98 13,547 10,718 15,453
11/3/98 13,535 10,700 15,478
11/4/98 13,336 10,567 15,362
11/5/98 13,547 10,708 15,516
11/6/98 13,560 10,708 15,607
11/9/98 13,560 10,710 15,607
11/10/98 13,659 10,772 15,653
11/11/98 13,622 10,747 15,639
11/12/98 13,597 10,736 15,620
11/13/98 13,522 10,688 15,620
11/16/98 13,522 10,688 15,602
11/17/98 13,696 10,772 15,637
11/18/98 13,672 10,766 15,666
11/19/98 13,734 10,811 15,692
11/20/98 13,647 10,757 15,630
11/23/98 13,696 10,809 15,661
11/24/98 13,796 10,867 15,709
11/25/98 13,846 10,904 15,736
11/27/98 14,100 11,050 15,894
11/30/98 14,127 11,088 15,944
12/1/98 14,189 11,137 16,022
12/2/98 14,201 11,159 16,014
12/3/98 14,089 11,104 15,932
12/4/98 14,064 11,104 15,888
12/7/98 14,214 11,189 16,011
12/8/98 14,301 11,245 16,078
12/9/98 14,301 11,260 16,078
12/10/98 14,139 11,147 15,973
12/11/98 14,214 11,199 16,022
12/14/98 14,089 11,117 15,932
12/15/98 14,151 11,156 15,981
12/16/98 14,164 11,166 16,004
12/17/98 14,139 11,146 16,003
12/18/98 14,002 11,065 15,903
12/21/98 13,852 10,964 15,783
12/22/98 13,677 10,846 15,660
12/23/98 13,627 10,816 15,609
12/24/98 13,752 10,900 15,720
12/28/98 13,864 10,979 15,814
12/29/98 13,914 11,014 15,881
12/30/98 13,989 11,035 15,872
12/31/98 13,839 10,915 15,803
1/4/99 13,701 10,816 15,735
1/5/99 13,801 10,878 15,805
1/6/99 13,663 10,794 15,762
1/7/99 13,538 10,746 15,613
1/8/99 13,475 10,703 15,549
1/11/99 13,613 10,803 15,637
1/12/99 13,789 10,925 15,763
1/13/99 13,989 11,020 15,925
1/14/99 13,876 10,988 15,873
1/15/99 13,814 10,939 15,802
1/19/99 13,726 10,885 15,738
1/20/99 13,814 10,930 15,840
1/21/99 13,951 11,018 15,952
1/22/99 13,901 10,981 15,930
1/25/99 13,864 10,956 15,916
1/26/99 13,864 10,951 15,920
1/27/99 13,926 10,988 15,964
1/28/99 14,006 11,021 16,018
1/29/99 13,767 10,860 15,862
2/1/99 13,629 10,769 15,746
2/2/99 13,591 10,746 15,705
2/3/99 13,466 10,672 15,627
2/4/99 13,403 10,618 15,554
2/5/99 13,365 10,589 15,577
2/8/99 13,440 10,638 15,631
2/9/99 13,403 10,609 15,637
2/10/99 13,403 10,606 15,629
2/11/99 13,051 10,376 15,374
2/12/99 13,189 10,463 15,466
2/16/99 13,277 10,524 15,540
2/17/99 13,277 10,450 15,540
2/18/99 13,164 10,450 15,476
2/19/99 13,139 10,428 15,439
2/22/99 13,214 10,475 15,511
2/23/99 13,063 10,362 15,423
2/24/99 12,875 10,239 15,292
2/25/99 12,674 10,088 15,128
2/26/99 12,803 10,147 15,226
3/1/99 12,601 10,003 15,062
3/2/99 12,690 10,063 15,157
3/3/99 12,564 9,976 15,087
3/4/99 12,526 9,961 15,045
3/5/99 12,690 10,076 15,147
3/8/99 12,728 10,008 15,172
3/9/99 12,854 10,192 15,286
3/10/99 12,816 10,162 15,263
3/11/99 12,791 10,144 15,241
3/12/99 12,866 10,194 15,299
3/15/99 12,929 10,232 15,355
3/16/99 13,005 10,287 15,427
3/17/99 12,929 10,239 15,388
3/18/99 12,955 10,260 15,395
3/19/99 12,841 10,182 15,343
3/22/99 12,778 10,139 15,246
3/23/99 12,803 10,151 15,256
3/24/99 12,866 10,194 15,314
3/25/99 12,740 10,111 15,254
3/26/99 12,715 10,089 15,217
3/29/99 12,627 10,029 15,146
3/30/99 12,765 10,121 15,256
3/31/99 12,728 10,056 15,191
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 3-31-99
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
ONE FIVE SINCE
YEAR YEAR INCEPTION
<S> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------------
U.S. Government Bond Fund (1-3-94) 4.24% 7.28% 4.71%
Price movement of 30-year Treasury Bond 1.43% 1.85% 0.11%
Lehman Brothers Long T-Bond Index 7.00% 9.85% 8.30%
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE LEHMAN BROTHERS LONG
T-BOND INDEX IS AN UNMANAGED BOND INDEX AND, UNLIKE THE FUND, HAS NO MANAGEMENT
FEES OR OTHER OPERATING EXPENSES TO REDUCE ITS REPORTED RETURN. THE PRICE
MOVEMENT OF THE 30-YEAR TREASURY BOND REPRESENTS A CUMULATIVE PERCENTAGE CHANGE
IN ITS CLOSING PRICE. RETURNS ARE HISTORICAL AND INCLUDE CHANGES IN PRINCIPAL
AND REINVESTED DIVIDENDS AND CAPITAL GAINS.
8
<PAGE>
THE JUNO FUND
BENCHMARK: INVERSE (OPPOSITE) OF THE PRICE MOVEMENT OF CURRENT LONG TREASURY
BOND
INCEPTION: MARCH 3, 1995
To achieve its objective, Juno attempts to approximate a 100% short position in
the Long Treasury Bond. During the reporting period, the Fund sold Treasury Bond
Futures and bought puts on Treasury Bond futures traded on the Chicago Board of
Trade. The Treasury bond futures will usually have a high correlation to the
30-year Treasury Bond, but over the entire period the Fund tended to deviate, to
the benefit of shareholders due to a negative compounding effect. For the year
ended March 31, 1999, Juno posted a total return of 0.78% compared to 1.43%
total return for the 30-year Treasury Bond.
CUMULATIVE FUND PERFORMANCE: MARCH 3, 1995--MARCH 31, 1999
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
JUNO FUND PRICE MOVEMENT OF LONG BOND LEHMAN LONG TREASURY INDEX
<S> <C> <C> <C>
3/3/95 $10,000 $10,000 $10,000
3/6/95 10,030 9,941 9,962
3/7/95 10,070 9,901 9,937
3/8/95 10,000 10,000 10,018
3/9/95 9,950 10,031 10,059
3/10/95 9,890 10,090 10,107
3/13/95 9,880 10,096 10,132
3/14/95 9,760 10,210 10,218
3/15/95 9,770 10,207 10,230
3/16/95 9,760 10,204 10,213
3/17/95 9,800 10,204 10,217
3/20/95 9,830 10,173 10,194
3/21/95 9,880 10,111 10,132
3/22/95 9,890 10,111 10,131
3/23/95 9,910 10,111 10,141
3/24/95 9,800 10,210 10,234
3/27/95 9,750 10,266 10,221
3/28/95 9,840 10,173 10,205
3/29/95 9,810 10,195 10,230
3/30/95 9,850 10,152 10,194
3/31/95 9,850 10,124 10,173
4/3/95 9,790 10,173 10,232
4/4/95 9,790 10,198 10,245
4/5/95 9,790 10,207 10,262
4/6/95 9,770 10,229 10,288
4/7/95 9,820 10,167 10,247
4/10/95 9,810 10,173 10,241
4/11/95 9,790 10,198 10,271
4/12/95 9,780 10,220 10,297
4/13/95 9,750 10,244 10,315
4/17/95 9,810 10,195 10,288
4/18/95 9,810 10,170 10,277
4/19/95 9,780 10,210 10,307
4/20/95 9,760 10,241 10,330
4/21/95 9,740 10,244 10,343
4/24/95 9,720 10,282 10,373
4/25/95 9,730 10,260 10,369
4/26/95 9,720 10,263 10,370
4/27/95 9,740 10,251 10,354
4/28/95 9,750 10,244 10,354
5/1/95 9,760 10,235 10,347
5/2/95 9,740 10,272 10,386
5/3/95 9,660 10,362 10,460
5/4/95 9,560 10,464 10,546
5/5/95 9,420 10,650 10,707
5/8/95 9,440 10,628 10,704
5/9/95 9,370 10,737 10,794
5/10/95 9,410 10,737 10,733
5/11/95 9,420 10,681 10,730
5/12/95 9,420 10,675 10,751
5/15/95 9,380 10,740 10,811
5/16/95 9,300 10,848 10,902
5/17/95 9,300 10,851 10,899
5/18/95 9,340 10,826 10,864
5/19/95 9,340 10,768 10,844
5/22/95 9,350 10,780 10,844
5/23/95 9,310 10,845 10,909
5/24/95 9,200 11,015 11,049
5/25/95 9,180 11,043 11,080
5/26/95 9,200 10,997 11,051
5/30/95 9,130 11,123 11,165
5/31/95 9,120 11,136 11,173
6/1/95 9,060 11,201 11,215
6/2/95 8,990 11,306 11,326
6/5/95 8,980 11,328 11,351
6/6/95 8,980 11,340 11,360
6/7/95 8,990 11,269 11,299
6/8/95 9,030 11,216 11,233
6/9/95 9,170 11,037 11,101
6/12/95 9,160 11,071 11,131
6/13/95 9,010 11,287 11,344
6/14/95 9,030 11,250 11,308
6/15/95 9,060 11,201 11,270
6/16/95 9,080 11,139 11,257
6/19/95 9,010 11,260 11,315
6/20/95 9,020 11,250 11,299
6/21/95 9,000 11,297 11,355
6/22/95 8,900 11,393 11,462
6/23/95 8,950 11,356 11,437
6/26/95 8,990 11,291 11,376
6/27/95 9,010 11,275 11,367
6/28/95 8,970 11,337 11,421
6/28/95 9,120 11,161 11,266
6/29/95 9,080 11,182 11,291
6/30/95 9,080 11,164 11,301
7/3/95 9,050 11,210 11,331
7/5/95 8,930 11,356 11,457
7/6/95 8,940 11,315 11,456
7/7/95 8,930 11,337 11,477
7/10/95 8,990 11,232 11,408
7/11/95 8,970 11,294 11,433
7/12/95 8,970 11,275 11,432
7/13/95 9,020 11,210 11,380
7/14/95 9,100 11,117 11,295
7/17/95 9,150 10,975 11,228
7/18/95 9,300 10,842 11,055
7/19/95 9,280 10,848 11,070
7/20/95 9,380 10,712 10,967
7/21/95 9,300 10,839 11,046
7/24/95 9,250 10,904 11,114
7/25/95 9,300 10,820 11,057
7/26/95 9,250 10,888 11,121
7/27/95 9,320 10,795 11,053
7/28/95 9,270 10,879 11,106
7/31/95 9,340 10,795 11,039
8/1/95 9,270 10,860 11,107
8/2/95 9,340 10,761 11,036
8/3/95 9,310 10,783 11,061
8/4/95 9,300 10,814 11,086
8/7/95 9,290 10,817 11,095
8/8/95 9,320 10,777 11,057
8/9/95 9,370 10,730 11,024
8/10/95 9,460 10,607 10,928
8/11/95 9,440 10,641 10,945
8/14/95 9,400 10,718 10,995
8/15/95 9,370 10,731 11,029
8/16/95 9,380 10,711 11,024
8/17/95 9,390 10,711 11,019
8/18/95 9,350 10,748 11,073
8/21/95 9,380 10,724 11,041
8/22/95 9,410 10,694 11,019
8/23/95 9,320 10,829 11,113
8/24/95 9,190 10,980 11,259
8/25/95 9,190 10,983 11,270
8/28/95 9,200 10,973 11,256
8/29/95 9,180 10,990 11,285
8/30/95 9,130 11,057 11,343
8/31/95 9,100 11,114 11,393
9/1/95 9,050 11,175 11,454
9/5/95 9,060 11,144 11,445
9/6/95 9,090 11,131 11,408
9/7/95 9,100 11,148 11,415
9/8/95 9,100 11,138 11,411
9/11/95 9,030 11,265 11,495
9/12/95 9,060 11,245 11,462
9/13/95 8,980 11,329 11,547
9/14/95 9,000 11,306 11,538
9/15/95 9,070 11,222 11,468
9/18/95 9,030 11,289 11,511
9/19/95 8,990 11,316 11,561
9/20/95 9,100 11,188 11,445
9/21/95 9,130 11,148 11,415
9/22/95 9,130 11,154 11,422
9/25/95 9,140 11,168 11,415
9/26/95 9,140 11,158 11,404
9/27/95 9,140 11,148 11,408
9/28/95 9,020 11,262 11,538
9/29/95 9,030 11,316 11,559
10/2/95 8,990 11,343 11,592
10/3/95 8,960 11,369 11,642
10/4/95 8,950 11,386 11,661
10/5/95 8,930 11,393 11,676
10/6/95 8,930 11,359 11,688
10/9/95 8,930 11,366 11,681
10/10/95 8,900 11,437 11,721
10/11/95 8,790 11,561 11,872
10/12/95 8,830 11,561 11,848
10/13/95 8,820 11,598 11,865
10/16/95 8,840 11,527 11,846
10/17/95 8,820 11,557 11,867
10/18/95 8,870 11,480 11,802
10/19/95 8,890 11,430 11,784
10/20/95 8,830 11,537 11,863
10/23/95 8,830 11,544 11,874
10/24/95 8,900 11,423 11,798
10/25/95 8,860 11,484 11,834
10/26/95 8,870 11,490 11,847
10/27/95 8,840 11,524 11,877
10/30/95 8,810 11,578 11,925
10/31/95 8,770 11,655 11,978
11/1/95 8,790 11,601 11,964
11/2/95 8,800 11,578 11,950
11/3/95 8,830 11,557 11,922
11/6/95 8,770 11,645 12,003
11/7/95 8,810 11,594 11,947
11/8/95 8,850 11,514 11,896
11/9/95 8,810 11,601 11,962
11/10/95 8,830 11,588 11,941
11/13/95 8,850 11,581 11,910
11/14/95 8,800 11,685 11,983
11/15/95 8,790 11,675 11,998
11/16/95 8,810 11,652 11,982
11/17/95 8,840 11,615 11,949
11/20/95 8,840 11,604 11,948
11/21/95 8,810 11,645 11,995
11/22/95 8,780 11,685 12,046
11/24/95 8,790 11,675 12,026
11/27/95 8,760 11,729 12,068
11/28/95 8,700 11,833 12,183
11/29/95 8,660 11,907 12,238
11/30/95 8,580 11,997 12,356
12/1/95 8,610 11,977 12,318
12/4/95 8,600 11,987 12,309
12/5/95 8,640 11,920 12,273
12/6/95 8,630 11,957 12,292
12/7/95 8,620 11,971 12,321
12/8/95 8,630 11,961 12,310
12/11/95 8,650 11,910 12,286
12/12/95 8,650 11,907 12,279
12/13/95 8,660 11,883 12,272
12/14/95 8,770 11,725 12,150
12/15/95 8,690 11,863 12,249
12/18/95 8,700 11,836 12,257
12/19/95 8,690 11,893 12,261
12/20/95 8,650 11,940 12,351
12/21/95 8,630 11,977 12,367
12/22/95 8,600 12,031 12,409
12/26/95 8,570 12,068 12,458
12/27/95 8,550 12,128 12,509
12/28/95 8,560 12,095 12,509
12/29/95 8,550 12,112 12,518
1/2/96 8,610 11,991 12,426
1/3/96 8,640 11,967 12,418
1/4/96 8,640 11,961 12,418
1/5/96 8,650 11,971 12,384
1/9/96 8,750 11,746 12,384
1/10/96 8,740 11,806 12,243
1/11/96 8,740 11,782 12,260
1/12/96 8,660 11,950 12,256
1/15/96 8,580 12,018 12,372
1/16/96 8,570 12,065 12,489
1/17/96 8,540 12,078 12,521
1/18/96 8,610 11,967 12,544
1/19/96 8,640 11,883 12,447
1/22/96 8,580 11,977 12,399
1/23/96 8,680 11,856 12,473
1/24/96 8,610 11,971 12,361
1/25/96 8,660 11,890 12,434
1/26/96 8,600 11,981 12,402
1/29/96 8,580 11,994 12,478
1/30/96 8,620 11,920 12,506
1/31/96 8,690 11,779 12,456
2/1/96 8,680 11,793 12,373
2/2/96 8,670 11,830 12,378
2/5/96 8,680 11,793 12,402
2/6/96 8,680 11,803 12,388
2/7/96 8,680 11,793 12,363
2/8/96 8,610 11,901 12,465
2/9/96 8,610 11,909 12,490
2/12/96 8,640 11,808 12,425
2/13/96 8,720 11,684 12,333
2/14/96 8,790 11,595 12,223
2/15/96 8,950 11,329 12,014
2/16/96 8,950 11,363 12,030
2/20/96 8,920 11,412 12,075
2/21/96 9,000 11,311 11,988
2/22/96 9,020 11,240 11,949
2/23/96 9,040 11,213 11,919
2/26/96 9,070 11,206 11,917
2/27/96 9,060 11,217 11,902
2/28/96 8,960 11,367 12,051
2/29/96 8,920 11,355 12,107
3/1/96 8,970 11,348 12,043
3/4/96 9,020 11,255 11,965
3/5/96 9,040 11,228 11,944
3/6/96 9,280 10,832 11,607
3/7/96 9,210 10,982 11,716
3/8/96 9,250 10,944 11,676
3/11/96 9,280 10,914 11,654
3/12/96 9,280 10,903 11,651
3/13/96 9,360 10,832 11,573
3/14/96 9,320 10,855 11,608
3/15/96 9,320 10,870 11,623
3/18/96 9,260 10,959 11,685
3/19/96 9,240 11,012 11,733
3/20/96 9,260 10,956 11,702
3/21/96 9,180 11,071 11,793
3/22/96 9,190 11,041 11,792
3/25/96 9,310 10,903 11,679
3/26/96 9,360 10,836 11,586
3/27/96 9,300 10,933 11,682
3/28/96 9,270 10,952 11,708
3/29/96 9,230 11,008 11,760
4/1/96 9,250 10,978 11,739
4/2/96 9,290 10,937 11,697
4/3/96 9,480 10,686 11,492
4/4/96 9,520 10,623 11,433
4/5/96 9,470 10,683 11,478
4/8/96 9,550 10,582 11,403
4/9/96 9,590 10,556 11,358
4/10/96 9,440 10,735 11,530
4/11/96 9,400 10,769 11,577
4/12/96 9,400 10,772 11,592
4/15/96 9,440 10,739 11,539
4/16/96 9,480 10,694 11,497
4/17/96 9,440 10,757 11,544
4/18/96 9,390 10,821 11,605
4/19/96 9,410 10,772 11,584
4/22/96 9,460 10,720 11,538
4/23/96 9,440 10,722 11,533
4/24/96 9,410 10,765 11,584
4/25/96 9,450 10,698 11,546
4/26/96 9,510 10,630 11,481
4/29/96 9,520 10,593 11,468
4/30/96 9,670 10,414 11,310
5/1/96 9,740 10,316 11,231
5/2/96 9,700 10,378 11,282
5/3/96 9,720 10,361 11,351
5/6/96 9,630 10,475 11,267
5/7/96 9,660 10,445 11,351
5/8/96 9,560 10,565 11,443
5/9/96 9,550 10,600 11,486
5/10/96 9,500 10,671 11,548
5/13/96 9,490 10,683 11,555
5/14/96 9,550 10,604 11,477
5/15/96 9,490 10,694 11,559
5/16/96 9,480 10,724 11,591
5/17/96 9,490 10,675 11,568
5/20/96 9,440 10,724 11,613
5/21/96 9,510 10,640 11,543
5/22/96 9,460 10,690 11,593
5/23/96 9,480 10,671 11,598
5/24/96 9,570 10,546 11,496
5/28/96 9,550 10,580 11,521
5/29/96 9,630 10,462 11,430
5/30/96 9,650 10,457 11,413
5/31/96 9,640 10,473 11,434
6/3/96 9,580 10,535 11,491
6/4/96 9,530 10,608 11,563
6/5/96 9,690 10,400 11,395
6/6/96 9,730 10,354 11,344
6/7/96 9,750 10,296 11,292
6/10/96 9,790 10,245 11,252
6/11/96 9,760 10,268 11,285
6/12/96 9,710 10,348 11,357
6/13/96 9,660 10,391 11,413
6/14/96 9,690 10,350 11,386
6/17/96 9,710 10,329 11,358
6/18/96 9,710 10,324 11,363
6/19/96 9,690 10,335 11,389
6/20/96 9,680 10,363 11,411
6/21/96 9,640 10,402 11,453
6/24/96 9,630 10,410 11,473
6/25/96 9,570 10,494 11,541
6/26/96 9,470 10,604 11,671
6/27/96 9,470 10,600 11,677
6/28/96 9,510 10,544 11,631
7/1/96 9,500 10,557 11,639
7/2/96 9,750 10,227 11,353
7/3/96 9,750 10,227 11,355
7/5/96 9,700 10,281 11,405
7/8/96 9,650 10,350 11,463
7/9/96 9,630 10,380 11,506
7/10/96 9,580 10,455 11,565
7/11/96 9,630 10,384 11,517
7/12/96 9,570 10,460 11,575
7/15/96 9,580 10,451 11,576
7/16/96 9,460 10,593 11,705
7/17/96 9,520 10,507 11,644
7/18/96 9,570 10,457 11,602
7/19/96 9,520 10,513 11,654
7/22/96 9,600 10,410 11,583
7/23/96 9,580 10,445 11,586
7/24/96 9,570 10,458 11,602
7/25/96 9,640 10,356 11,529
7/26/96 9,580 10,417 11,585
7/29/96 9,520 10,513 11,675
7/30/96 9,390 10,701 11,834
7/31/96 9,290 10,840 11,963
8/1/96 9,300 10,817 11,953
8/2/96 9,310 10,795 11,938
8/5/96 9,320 10,782 11,927
8/6/96 9,340 10,748 11,903
8/7/96 9,270 10,847 11,828
8/8/96 9,280 10,851 11,850
8/9/96 9,370 10,720 11,914
8/12/96 9,360 10,724 11,898
8/13/96 9,390 10,686 11,852
8/14/96 9,340 10,750 11,912
8/15/96 9,380 10,706 11,886
8/16/96 9,380 10,696 11,878
8/19/96 9,400 10,659 11,846
8/20/96 9,410 10,651 11,838
8/21/96 9,500 10,535 11,740
8/22/96 9,580 10,437 11,651
8/23/96 9,550 10,477 11,685
8/26/96 9,570 10,457 11,669
8/27/96 9,620 10,373 11,615
8/28/96 9,700 10,275 11,519
8/29/96 9,650 10,349 11,582
8/30/96 9,680 10,299 11,552
9/3/96 9,740 10,245 11,492
9/4/96 9,710 10,289 11,523
9/5/96 9,670 10,333 11,587
9/6/96 9,720 10,270 11,532
9/9/96 9,710 10,284 11,539
9/10/96 9,660 10,338 11,595
9/11/96 9,530 10,498 11,748
9/12/96 9,530 10,511 11,770
9/13/96 9,590 10,440 11,696
9/16/96 9,600 10,403 11,682
9/17/96 9,630 10,360 11,643
9/18/96 9,630 10,380 11,653
9/19/96 9,600 10,405 11,687
9/20/96 9,550 10,467 11,729
9/23/96 9,500 10,526 11,811
9/24/96 9,450 10,593 11,889
9/25/96 9,480 10,561 11,859
9/26/96 9,500 10,528 11,834
9/27/96 9,440 10,604 11,907
9/30/96 9,410 10,636 11,958
10/1/96 9,410 10,639 11,965
10/2/96 9,290 10,790 12,101
10/3/96 9,340 10,728 12,064
10/4/96 9,340 10,706 12,045
10/7/96 9,390 10,659 12,007
10/8/96 9,440 10,592 11,937
10/9/96 9,390 10,639 11,988
10/10/96 9,400 10,632 11,997
10/11/96 9,420 10,620 11,983
10/14/96 9,350 10,699 12,059
10/15/96 9,340 10,716 12,083
10/16/96 9,350 10,688 12,072
10/17/96 9,390 10,630 12,025
10/18/96 9,370 10,651 12,040
10/21/96 9,400 10,625 12,031
10/22/96 9,360 10,681 12,066
10/23/96 9,370 10,659 12,066
10/24/96 9,230 10,849 12,239
10/25/96 9,230 10,848 12,257
10/28/96 9,200 10,895 12,301
10/29/96 9,220 10,871 12,278
10/30/96 9,200 10,895 12,303
10/31/96 9,140 10,977 12,397
11/1/96 9,150 10,965 12,383
11/4/96 9,100 11,049 12,459
11/5/96 9,120 11,024 12,436
11/6/96 9,050 11,117 12,528
11/7/96 9,070 11,097 12,520
11/8/96 9,030 11,135 12,576
11/11/96 9,060 11,090 12,549
11/12/96 9,060 11,083 12,538
11/13/96 9,030 11,118 12,582
11/14/96 9,000 11,171 12,632
11/15/96 9,010 11,150 12,621
11/18/96 9,030 11,121 12,592
11/19/96 9,020 11,152 12,627
11/20/96 9,030 11,131 12,619
11/21/96 9,030 11,102 12,605
11/22/96 8,970 11,225 12,709
11/25/96 8,960 11,226 12,703
11/26/96 8,960 11,242 12,727
11/27/96 9,013 11,178 12,667
11/29/96 9,103 11,032 12,536
12/2/96 9,134 11,007 12,493
12/3/96 9,083 11,052 12,571
12/4/96 9,083 11,045 12,561
12/5/96 9,204 10,876 12,409
12/6/96 9,244 10,825 12,359
12/9/96 9,184 10,921 12,437
12/10/96 9,224 10,839 12,393
12/11/96 9,244 10,806 12,343
12/12/96 9,284 10,756 12,313
12/13/96 9,194 10,883 12,435
12/16/96 9,174 10,897 12,460
12/17/96 9,174 10,923 12,472
12/18/96 9,174 10,907 12,478
12/19/96 9,174 10,897 12,470
12/20/96 9,134 10,976 12,537
12/23/96 9,134 10,980 12,542
12/24/96 9,234 10,818 12,412
12/26/96 9,345 10,675 12,273
12/27/96 9,335 10,687 12,289
12/30/96 9,355 10,646 12,264
12/31/96 9,395 10,590 12,219
1/2/97 9,405 10,584 12,200
1/3/97 9,345 10,654 12,266
1/6/97 9,435 10,528 12,166
1/7/97 9,435 10,532 12,177
1/8/97 9,345 10,652 12,276
1/9/97 9,365 10,615 12,269
1/10/97 9,405 10,549 12,198
1/13/97 9,395 10,566 12,236
1/14/97 9,395 10,566 12,236
1/15/97 9,345 10,623 12,290
1/16/97 9,385 10,584 12,252
1/17/97 9,405 10,539 12,232
1/20/97 9,455 10,477 12,175
1/21/97 9,495 10,415 12,119
1/22/97 9,475 10,461 12,192
1/23/97 9,465 10,477 12,173
1/24/97 9,435 10,503 12,206
1/27/97 9,365 10,613 12,308
1/28/97 9,304 10,697 12,388
1/29/97 9,294 10,721 12,415
1/30/97 9,314 10,673 12,392
1/31/97 9,324 10,656 12,380
2/3/97 9,284 10,739 12,445
2/4/97 9,284 10,721 12,456
2/5/97 9,284 10,732 12,455
2/6/97 9,284 10,727 12,450
2/7/97 9,214 10,845 12,556
2/10/97 9,164 10,883 12,625
2/11/97 9,164 10,883 12,625
2/12/97 9,174 10,876 12,614
2/13/97 9,194 10,831 12,592
2/14/97 9,244 10,752 12,530
2/18/97 9,254 10,738 12,515
2/19/97 9,284 10,707 12,495
2/20/97 9,284 10,718 12,496
2/21/97 9,425 10,523 12,316
2/24/97 9,435 10,503 12,294
2/25/97 9,425 10,517 12,307
2/26/97 9,455 10,475 12,281
2/27/97 9,485 10,438 12,248
2/28/97 9,475 10,463 12,262
3/3/97 9,505 10,399 12,225
3/4/97 9,465 10,478 12,293
3/5/97 9,455 10,476 12,300
3/6/97 9,475 10,456 12,287
3/7/97 9,505 10,416 12,245
3/10/97 9,606 10,291 12,114
3/11/97 9,576 10,318 12,153
3/12/97 9,586 10,308 12,146
3/13/97 9,596 10,308 12,138
3/14/97 9,616 10,263 12,117
3/17/97 9,596 10,302 12,147
3/18/97 9,596 10,308 12,155
3/19/97 9,566 10,330 12,189
3/20/97 9,596 10,298 12,189
3/21/97 9,616 10,258 12,132
3/24/97 9,716 10,157 12,032
3/25/97 9,736 10,127 12,007
3/26/97 9,716 10,142 12,025
3/27/97 9,706 10,145 12,044
3/31/97 9,706 10,164 12,057
4/1/97 9,767 10,073 11,986
4/2/97 9,706 10,157 12,054
4/3/97 9,726 10,110 12,032
4/4/97 9,736 10,107 12,037
4/7/97 9,736 10,110 12,034
4/8/97 9,807 10,046 11,961
4/9/97 9,797 10,038 11,968
4/10/97 9,706 10,142 12,069
4/11/97 9,726 10,128 12,062
4/14/97 9,696 10,170 12,106
4/15/97 9,676 10,181 12,115
4/16/97 9,706 10,130 12,086
4/17/97 9,666 10,194 12,141
4/18/97 9,706 10,140 12,103
4/21/97 9,746 10,090 12,056
4/22/97 9,767 10,066 12,034
4/23/97 9,736 10,103 12,071
4/24/97 9,596 10,271 12,361
4/25/97 9,566 10,313 12,288
4/28/97 9,535 10,355 12,328
4/29/97 9,515 10,379 12,365
4/30/97 9,505 10,394 12,384
5/1/97 9,505 10,396 12,393
5/2/97 9,566 10,320 12,311
5/5/97 9,525 10,369 12,366
5/6/97 9,495 10,407 12,406
5/7/97 9,485 10,428 12,431
5/8/97 9,525 10,349 12,369
5/9/97 9,505 10,394 12,412
5/12/97 9,485 10,424 12,440
5/13/97 9,515 10,369 12,396
5/14/97 9,525 10,359 12,392
5/15/97 9,525 10,350 12,409
5/16/97 9,576 10,305 12,336
5/19/97 9,606 10,271 12,301
5/20/97 9,596 10,271 12,317
5/21/97 9,636 10,207 12,273
5/22/97 9,636 10,221 12,277
5/23/97 9,586 10,280 12,338
5/27/97 9,525 10,362 12,429
5/28/97 9,515 10,386 12,454
5/29/97 9,485 10,416 12,496
5/30/97 9,485 10,412 12,495
6/2/97 9,495 10,404 12,493
6/3/97 9,385 10,547 12,639
6/4/97 9,445 10,475 12,574
6/5/97 9,455 10,465 12,556
6/6/97 9,445 10,485 12,574
6/9/97 9,375 10,567 12,661
6/10/97 9,345 10,626 12,718
6/11/97 9,324 10,651 12,756
6/12/97 9,335 10,628 12,734
6/13/97 9,314 10,666 12,768
6/16/97 9,314 10,683 12,778
6/17/97 9,284 10,715 12,820
6/18/97 9,314 10,666 12,785
6/19/97 9,314 10,659 12,782
6/20/97 9,355 10,574 12,737
6/23/97 9,405 10,540 12,673
6/24/97 9,365 10,594 12,727
6/25/97 9,415 10,520 12,670
6/26/97 9,365 10,597 12,742
6/27/97 9,324 10,638 12,789
6/30/97 9,234 10,755 12,915
7/1/97 9,194 10,824 12,984
7/2/97 9,194 10,811 12,983
7/3/97 9,174 10,861 13,028
7/7/97 9,184 10,841 13,019
7/8/97 9,164 10,893 13,074
7/9/97 9,174 10,863 13,043
7/10/97 9,174 10,863 13,044
7/11/97 9,113 10,964 13,133
7/14/97 9,124 10,955 13,131
7/15/97 9,164 10,896 13,081
7/16/97 9,174 10,865 13,056
7/17/97 9,073 11,031 13,201
7/18/97 9,063 11,051 13,229
7/21/97 9,063 11,036 13,221
7/22/97 9,093 10,997 13,190
7/23/97 9,063 11,061 13,252
7/24/97 9,023 11,110 13,304
7/25/97 8,983 11,172 13,369
7/28/97 8,963 11,226 13,417
7/29/97 9,113 10,984 13,184
7/30/97 9,124 10,962 13,178
7/31/97 9,134 10,940 13,163
8/1/97 9,124 10,967 13,183
8/4/97 9,164 10,900 13,141
8/5/97 9,294 10,688 12,966
8/6/97 9,294 10,688 12,966
8/7/97 9,284 10,695 12,948
8/8/97 9,314 10,659 12,916
8/11/97 9,284 10,698 12,950
8/12/97 9,214 10,804 13,083
8/13/97 9,224 10,802 13,063
8/14/97 9,184 10,849 13,122
8/15/97 9,174 10,861 13,145
8/18/97 9,194 10,838 13,110
8/19/97 9,254 10,745 13,028
8/20/97 9,314 10,643 12,940
8/21/97 9,324 10,645 12,942
8/22/97 9,314 10,666 12,959
8/25/97 9,304 10,667 12,971
8/26/97 9,224 10,783 13,077
8/27/97 9,264 10,738 13,032
8/28/97 9,234 10,780 13,089
8/29/97 9,254 10,752 13,064
9/2/97 9,254 10,735 13,064
9/3/97 9,294 10,681 13,018
9/4/97 9,264 10,730 13,059
9/5/97 9,274 10,716 13,049
9/8/97 9,294 10,669 13,021
9/9/97 9,324 10,631 12,986
9/10/97 9,244 10,762 13,109
9/11/97 9,224 10,773 13,133
9/12/97 9,073 11,018 13,369
9/15/97 9,053 11,053 13,407
9/16/97 9,063 11,044 13,404
9/17/97 9,043 11,074 13,425
9/18/97 9,023 11,101 13,473
9/19/97 9,053 11,049 13,423
9/22/97 9,003 11,146 13,504
9/23/97 9,073 11,025 13,405
9/24/97 9,043 11,088 13,451
9/25/97 9,053 11,063 13,439
9/26/97 9,083 11,008 13,402
9/29/97 8,993 11,146 13,522
9/30/97 8,973 11,164 13,572
10/1/97 8,973 11,167 13,562
10/2/97 8,933 11,226 13,634
10/3/97 8,913 11,271 13,676
10/6/97 9,033 11,074 13,495
10/7/97 9,043 11,060 13,481
10/8/97 9,103 10,977 13,400
10/9/97 9,093 10,973 13,400
10/10/97 9,043 11,091 13,508
10/13/97 9,073 11,037 13,467
10/14/97 9,073 11,036 13,467
10/15/97 9,134 10,966 13,392
10/16/97 9,113 11,003 13,423
10/17/97 9,113 11,008 13,428
10/20/97 9,103 11,018 13,446
10/21/97 9,013 11,148 13,571
10/22/97 8,983 11,191 13,605
10/23/97 8,933 11,274 13,736
10/24/97 8,993 11,184 13,644
10/27/97 8,923 11,309 13,750
10/28/97 8,872 11,383 13,826
10/29/97 8,852 11,413 13,850
10/30/97 8,913 11,312 13,769
10/31/97 8,943 11,260 13,717
11/3/97 8,943 11,266 13,730
11/4/97 8,892 11,347 13,815
11/5/97 8,892 11,357 13,824
11/6/97 8,902 11,340 13,825
11/7/97 8,902 11,388 13,825
11/10/97 8,882 11,381 13,853
11/11/97 8,872 11,399 13,884
11/12/97 8,872 11,399 13,884
11/13/97 8,862 11,430 13,901
11/14/97 8,842 11,452 13,932
11/17/97 8,842 11,451 13,940
11/18/97 8,802 11,520 14,008
11/19/97 8,802 11,520 14,008
11/20/97 8,812 11,472 13,988
11/21/97 8,802 11,495 14,007
11/24/97 8,842 11,424 13,953
11/25/97 8,822 11,454 13,988
11/26/97 8,822 11,495 13,994
11/28/97 8,812 11,477 14,032
12/1/97 8,812 11,493 14,044
12/2/97 8,802 11,492 14,055
12/3/97 8,792 11,509 14,083
12/4/97 8,802 11,485 14,052
12/5/97 8,842 11,417 13,978
12/8/97 8,903 11,325 13,904
12/9/97 8,893 11,332 13,915
12/10/97 8,862 11,399 13,969
12/11/97 8,791 11,518 14,079
12/12/97 8,720 11,649 14,203
12/15/97 8,751 11,594 14,153
12/16/97 8,741 11,614 14,176
12/17/97 8,771 11,568 14,130
12/18/97 8,730 11,641 14,199
12/19/97 8,700 11,699 14,257
12/22/97 8,690 11,724 14,287
12/23/97 8,690 11,726 14,290
12/24/97 8,700 11,703 14,281
12/26/97 8,700 11,697 14,277
12/29/97 8,720 11,680 14,262
12/30/97 8,771 11,582 14,187
12/31/97 8,720 11,662 14,260
1/2/98 8,649 11,790 14,386
1/5/98 8,548 11,978 14,580
1/6/98 8,538 12,001 14,589
1/7/98 8,599 11,889 14,490
1/8/98 8,548 11,954 14,572
1/9/98 8,497 12,033 14,666
1/12/98 8,487 12,048 14,684
1/13/98 8,507 12,020 14,675
1/14/98 8,528 11,974 14,624
1/15/98 8,538 11,949 14,617
1/16/98 8,599 11,873 14,530
1/20/98 8,619 11,818 14,492
1/21/98 8,599 11,868 14,527
1/22/98 8,629 11,784 14,471
1/23/98 8,761 11,587 14,267
1/26/98 8,690 11,722 14,395
1/27/98 8,741 11,630 14,312
1/28/98 8,730 11,641 14,329
1/29/98 8,639 11,798 14,481
1/30/98 8,609 11,850 14,553
2/2/98 8,659 11,761 14,472
2/3/98 8,659 11,768 14,478
2/4/98 8,659 11,768 14,466
2/5/98 8,720 11,665 14,391
2/6/98 8,710 11,683 14,397
2/9/98 8,741 11,628 14,359
2/10/98 8,730 11,665 14,388
2/11/98 8,659 11,779 14,500
2/12/98 8,680 11,743 14,491
2/13/98 8,649 11,795 14,534
2/17/98 8,599 11,873 14,616
2/18/98 8,639 11,800 14,559
2/19/98 8,649 11,790 14,549
2/20/98 8,670 11,759 14,524
2/23/98 8,710 11,694 14,466
2/24/98 8,781 11,594 14,359
2/25/98 8,741 11,673 14,437
2/26/98 8,761 11,626 14,404
2/27/98 8,741 11,674 14,445
3/2/98 8,832 11,504 14,357
3/3/98 8,862 11,438 14,235
3/4/98 8,852 11,479 14,260
3/5/98 8,883 11,431 14,228
3/6/98 8,842 11,509 14,298
3/9/98 8,791 11,598 14,388
3/10/98 8,791 11,594 14,402
3/11/98 8,761 11,658 14,455
3/12/98 8,690 11,759 14,556
3/13/98 8,710 11,717 14,530
3/16/98 8,680 11,786 14,593
3/17/98 8,700 11,722 14,547
3/18/98 8,720 11,697 14,521
3/19/98 8,720 11,694 14,513
3/20/98 8,700 11,733 14,545
3/23/98 8,690 11,733 14,558
3/24/98 8,690 11,740 14,563
3/25/98 8,751 11,644 14,485
3/26/98 8,771 11,619 14,454
3/27/98 8,791 11,612 14,438
3/30/98 8,812 11,577 14,408
3/31/98 8,771 11,644 14,476
4/1/98 8,730 11,708 14,553
4/2/98 8,680 11,793 14,639
4/3/98 8,609 11,907 14,749
4/6/98 8,649 11,829 14,684
4/7/98 8,670 11,797 14,660
4/8/98 8,720 11,703 14,569
4/9/98 8,710 11,738 14,593
4/13/98 8,761 11,651 14,511
4/14/98 8,741 11,701 14,564
4/15/98 8,710 11,731 14,601
4/16/98 8,700 11,754 14,618
4/17/98 8,700 11,736 14,617
4/20/98 8,741 11,673 14,560
4/21/98 8,771 11,616 14,505
4/22/98 8,781 11,614 14,500
4/23/98 8,801 11,586 14,485
4/24/98 8,771 11,639 14,526
4/27/98 8,893 11,437 14,342
4/28/98 8,893 11,438 14,337
4/29/98 8,893 11,426 14,334
4/30/98 8,781 11,625 14,522
5/1/98 8,771 11,648 14,549
5/4/98 8,771 11,637 14,558
5/5/98 8,801 11,593 14,510
5/6/98 8,771 11,639 14,558
5/7/98 8,771 11,628 14,555
5/8/98 8,801 11,589 14,513
5/11/98 8,872 11,474 14,424
5/12/98 8,791 11,616 14,545
5/13/98 8,771 11,635 14,568
5/14/98 8,812 11,582 14,523
5/15/98 8,812 11,603 14,534
5/18/98 8,761 11,680 14,612
5/19/98 8,771 11,655 14,594
5/20/98 8,741 11,722 14,662
5/21/98 8,771 11,660 14,608
5/22/98 8,761 11,704 14,638
5/26/98 8,710 11,790 14,720
5/27/98 8,690 11,827 14,763
5/28/98 8,700 11,814 14,750
5/29/98 8,690 11,862 14,799
6/1/98 8,659 11,907 14,851
6/2/98 8,680 11,878 14,823
6/3/98 8,680 11,866 14,822
6/4/98 8,700 11,846 14,792
6/5/98 8,680 11,885 14,831
6/8/98 8,680 11,882 14,849
6/9/98 8,680 11,875 14,849
6/10/98 8,599 12,033 14,983
6/11/98 8,548 12,123 15,088
6/12/98 8,548 12,116 15,089
6/15/98 8,507 12,201 15,165
6/16/98 8,558 12,112 15,087
6/17/98 8,649 11,958 14,932
6/18/98 8,609 12,043 15,000
6/19/98 8,589 12,070 15,037
6/22/98 8,578 12,103 15,065
6/23/98 8,558 12,130 15,102
6/24/98 8,578 12,109 15,082
6/25/98 8,578 12,111 15,091
6/26/98 8,558 12,134 15,118
6/29/98 8,578 12,127 15,118
6/30/98 8,558 12,162 15,154
7/1/98 8,558 12,155 15,150
7/2/98 8,538 12,205 15,200
7/6/98 8,518 12,240 15,247
7/7/98 8,548 12,208 15,211
7/8/98 8,578 12,171 15,167
7/9/98 8,548 12,196 15,202
7/10/98 8,558 12,171 15,176
7/13/98 8,619 12,066 15,093
7/14/98 8,649 12,004 15,037
7/15/98 8,639 12,020 15,057
7/16/98 8,670 11,992 15,022
7/17/98 8,680 11,954 14,985
7/20/98 8,639 12,015 15,051
7/21/98 8,599 12,080 15,120
7/22/98 8,619 12,059 15,112
7/23/98 8,589 12,102 15,148
7/24/98 8,619 12,057 15,125
7/27/98 8,639 12,033 15,100
7/28/98 8,670 11,967 15,052
7/29/98 8,690 11,917 15,006
7/30/98 8,649 11,981 15,061
7/31/98 8,649 11,992 15,085
8/3/98 8,599 12,102 15,184
8/4/98 8,578 12,127 15,215
8/5/98 8,589 12,098 15,220
8/6/98 8,609 12,075 15,193
8/7/98 8,568 12,162 15,270
8/10/98 8,568 12,166 15,275
8/11/98 8,538 12,215 15,334
8/12/98 8,558 12,181 15,300
8/13/98 8,578 12,135 15,253
8/14/98 8,538 12,205 15,334
8/17/98 8,558 12,193 15,321
8/18/98 8,558 12,176 15,310
8/19/98 8,568 12,166 15,302
8/20/98 8,528 12,260 15,373
8/21/98 8,487 12,354 15,492
8/24/98 8,487 12,325 15,455
8/25/98 8,467 12,412 15,526
8/26/98 8,447 12,423 15,547
8/27/98 8,406 12,500 15,635
8/28/98 8,396 12,546 15,634
8/31/98 8,355 12,650 15,761
9/1/98 8,365 12,590 15,714
9/2/98 8,376 12,569 15,677
9/3/98 8,345 12,646 15,770
9/4/98 8,325 12,700 15,784
9/8/98 8,376 12,563 15,726
9/9/98 8,305 12,698 15,849
9/10/98 8,203 12,872 16,059
9/11/98 8,264 12,778 15,971
9/14/98 8,274 12,774 15,925
9/15/98 8,305 12,738 15,894
9/16/98 8,264 12,807 15,917
9/17/98 8,244 12,872 16,026
9/18/98 8,213 12,941 16,055
9/21/98 8,213 12,984 16,032
9/22/98 8,213 12,915 15,995
9/23/98 8,193 12,899 16,059
9/24/98 8,183 12,939 16,084
9/25/98 8,173 12,982 16,109
9/28/98 8,193 12,928 16,055
9/29/98 8,163 13,030 16,087
9/30/98 8,071 13,277 16,358
10/1/98 8,011 13,463 16,517
10/2/98 7,980 13,542 16,597
10/5/98 7,889 13,838 16,758
10/6/98 7,919 13,757 16,709
10/7/98 7,980 13,584 16,516
10/8/98 8,152 13,247 16,187
10/9/98 8,335 12,991 15,880
10/12/98 8,365 13,020 15,880
10/13/98 8,305 13,241 15,881
10/14/98 8,193 13,241 15,781
10/15/98 8,234 13,199 16,040
10/16/98 8,132 13,308 16,188
10/19/98 8,163 13,260 16,186
10/20/98 8,234 13,118 16,044
10/21/98 8,254 13,095 16,018
10/22/98 8,294 12,976 15,971
10/23/98 8,325 12,893 15,887
10/26/98 8,254 12,974 15,979
10/27/98 8,193 13,064 16,182
10/28/98 8,193 12,976 16,159
10/29/98 8,173 13,047 16,211
10/30/98 8,234 12,922 16,084
11/2/98 8,325 12,769 15,920
11/3/98 8,315 12,803 15,921
11/4/98 8,386 12,588 15,757
11/5/98 8,376 12,567 15,782
11/6/98 8,467 12,412 15,663
11/9/98 8,365 12,577 15,820
11/10/98 8,345 12,577 15,913
11/11/98 8,345 12,579 15,913
11/12/98 8,305 12,652 15,960
11/13/98 8,315 12,623 15,946
11/16/98 8,345 12,609 15,926
11/17/98 8,376 12,554 15,908
11/18/98 8,305 12,653 15,944
11/19/98 8,315 12,645 15,974
11/20/98 8,284 12,698 16,000
11/23/98 8,335 12,635 15,937
11/24/98 8,315 12,696 15,968
11/25/98 8,284 12,763 16,017
11/27/98 8,264 12,807 16,045
11/30/98 8,183 12,978 16,206
12/1/98 8,158 13,024 16,256
12/2/98 8,138 13,081 16,337
12/3/98 8,138 13,107 16,328
12/4/98 8,189 13,041 16,245
12/7/98 8,219 13,041 16,200
12/8/98 8,158 13,142 16,325
12/9/98 8,118 13,207 16,394
12/10/98 8,118 13,225 16,394
12/11/98 8,179 13,093 16,287
12/14/98 8,158 13,154 16,337
12/15/98 8,219 13,057 16,245
12/16/98 8,179 13,103 16,294
12/17/98 8,179 13,115 16,318
12/18/98 8,199 13,091 16,317
12/21/98 8,260 12,996 16,215
12/22/98 8,321 12,878 16,093
12/23/98 8,392 12,739 15,967
12/24/98 8,412 12,704 15,915
12/28/98 8,362 12,803 16,028
12/29/98 8,321 12,895 16,124
12/30/98 8,311 12,937 16,192
12/31/98 8,321 12,961 16,184
1/4/99 8,341 12,820 16,113
1/5/99 8,392 12,704 16,043
1/6/99 8,331 12,777 16,116
1/7/99 8,402 12,678 16,071
1/8/99 8,504 12,621 15,919
1/11/99 8,534 12,572 15,854
1/12/99 8,494 12,688 15,944
1/13/99 8,443 12,832 16,072
1/14/99 8,351 12,943 16,238
1/15/99 8,402 12,905 16,185
1/19/99 8,402 12,848 16,112
1/20/99 8,443 12,785 16,047
1/21/99 8,382 12,838 16,151
1/22/99 8,321 12,941 16,265
1/25/99 8,351 12,897 16,243
1/26/99 8,362 12,868 16,229
1/27/99 8,362 12,862 16,232
1/28/99 8,331 12,905 16,278
1/29/99 8,311 12,945 16,332
2/1/99 8,412 12,755 16,173
2/2/99 8,473 12,649 16,055
2/3/99 8,483 12,621 16,013
2/4/99 8,555 12,534 15,934
2/5/99 8,575 12,471 15,860
2/8/99 8,575 12,437 15,882
2/9/99 8,534 12,495 15,938
2/10/99 8,555 12,461 15,944
2/11/99 8,555 12,457 15,935
2/12/99 8,707 12,187 15,676
2/16/99 8,636 12,289 15,770
2/17/99 8,595 12,360 15,845
2/18/99 8,646 12,273 15,780
2/19/99 8,656 12,248 15,742
2/22/99 8,626 12,303 15,815
2/23/99 8,697 12,170 15,726
2/24/99 8,768 12,026 15,592
2/25/99 8,849 11,848 15,425
2/26/99 8,798 11,918 15,525
3/1/99 8,869 11,749 15,357
3/2/99 8,819 11,819 15,455
3/3/99 8,890 11,717 15,383
3/4/99 8,920 11,700 15,341
3/5/99 8,849 11,834 15,444
3/8/99 8,849 11,754 15,470
3/9/99 8,778 11,971 15,586
3/10/99 8,798 11,936 15,563
3/11/99 8,788 11,914 15,540
3/12/99 8,758 11,973 15,599
3/15/99 8,707 12,018 15,657
3/16/99 8,676 12,082 15,730
3/17/99 8,727 12,026 15,690
3/18/99 8,707 12,051 15,697
3/19/99 8,778 11,959 15,644
3/22/99 8,798 11,909 15,545
3/23/99 8,798 11,922 15,555
3/24/99 8,758 11,973 15,614
3/25/99 8,829 11,875 15,553
3/26/99 8,829 11,850 15,516
3/29/99 8,869 11,780 15,443
3/30/99 8,788 11,887 15,555
3/31/99 8,839 11,811 15,489
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 3-31-99
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------
ONE SINCE
YEAR INCEPTION
<S> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------
Juno Fund (3-3-95) 0.78% -2.98%
Price movement of 30-year Treasury Bond 1.43% 4.16%
Lehman Brothers Long T-Bond Index 7.00% 11.32%
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE LEHMAN BROTHERS LONG
T-BOND INDEX IS AN UNMANAGED BOND INDEX AND, UNLIKE THE FUND, HAS NO MANAGEMENT
FEES OR OTHER OPERATING EXPENSES TO REDUCE ITS REPORTED RETURN. THE PRICE
MOVEMENT OF THE 30-YEAR TREASURY BOND REPRESENTS A CUMULATIVE PERCENTAGE CHANGE
IN ITS CLOSING PRICE. RETURNS ARE HISTORICAL AND INCLUDE CHANGES IN PRINCIPAL
AND REINVESTED DIVIDENDS AND CAPITAL GAINS.
9
<PAGE>
THE ARKTOS FUND
BENCHMARK: INVERSE OF THE NASDAQ 100 INDEX-TM- (NDX)
INCEPTION: SEPTEMBER 3, 1998
The Arktos Fund is designed to be 100% short the NASDAQ 100 Index-TM- at all
times. To achieve its objective, the Arktos Fund sold short 85 of the stocks
that comprise the NDX and sold short NASDAQ 100-TM- futures contracts. As
designed, Arktos inversely correlated the benchmark and posted a -46.35% total
return as a result of its short position as compared to the 74.23% return for
the NDX for the period ended March 31, 1999. Although Arktos remained 100% short
the market on each trading day, over the entire period the Fund tended to
deviate, to the benefit of shareholders due to a negative compounding effect.
CUMULATIVE FUND PERFORMANCE: SEPTEMBER 3, 1998--MARCH 31, 1999
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
ARKTOS FUND NASDAQ 100 INDEX NASDAQ COMPOSITE INDEX
<S> <C> <C> <C>
9/3/98 10,000 10,000 10,000
9/4/98 10,040 9,971 9,966
9/8/98 9,367 10,641 10,568
9/9/98 9,560 10,437 10,335
9/10/98 9,753 10,218 10,088
9/11/98 9,327 10,672 10,444
9/14/98 9,180 10,821 10,597
9/15/98 9,087 10,953 10,676
9/16/98 9,027 11,013 10,751
9/17/98 9,300 10,885 10,473
9/18/98 9,240 10,759 10,585
9/21/98 9,053 10,982 10,691
9/22/98 8,993 11,052 10,801
9/23/98 8,607 11,536 11,199
9/24/98 8,640 11,220 10,945
9/25/98 8,627 11,498 11,093
9/28/98 8,627 11,442 11,065
9/29/98 8,627 11,455 11,032
9/30/98 8,860 11,129 10,776
10/1/98 9,340 10,538 10,257
10/2/98 9,313 10,558 10,274
10/5/98 9,840 9,989 9,776
10/6/98 10,027 9,800 9,612
10/7/98 10,307 9,521 9,305
10/8/98 10,507 9,338 9,028
10/9/98 9,853 9,908 9,495
10/12/98 9,493 10,285 9,838
10/13/98 9,773 9,983 9,603
10/14/98 9,547 10,221 9,803
10/15/98 9,053 10,750 10,249
10/16/98 9,093 10,703 10,312
10/19/98 8,987 10,837 10,489
10/20/98 9,180 10,614 10,428
10/21/98 8,833 11,018 10,655
10/22/98 8,680 11,210 10,832
10/23/98 8,780 11,069 10,776
10/26/98 8,593 11,323 10,974
10/27/98 8,687 11,194 10,927
10/28/98 8,520 11,414 11,053
10/29/98 8,413 11,550 11,179
10/30/98 8,393 11,585 11,269
11/2/98 8,293 11,736 11,457
11/3/98 8,407 11,595 11,378
11/4/98 8,207 11,861 11,601
11/5/98 8,160 11,928 11,687
11/6/98 8,067 12,063 11,811
11/9/98 8,020 12,140 11,840
11/10/98 7,980 12,221 11,669
11/11/98 7,947 12,248 11,847
11/12/98 8,027 12,131 11,776
11/13/98 8,027 12,120 11,757
11/16/98 7,973 12,206 11,844
11/17/98 7,847 12,395 11,951
11/18/98 7,767 12,531 12,071
11/19/98 7,647 12,717 12,213
11/20/98 7,613 12,773 12,267
11/23/98 7,400 13,144 12,580
11/24/98 7,433 13,076 12,507
11/25/98 7,360 13,222 12,630
11/27/98 7,213 13,488 12,828
11/30/98 7,533 12,887 12,403
12/1/98 7,180 13,504 12,748
12/2/98 7,220 13,392 12,693
12/3/98 7,427 13,018 12,433
12/4/98 7,147 13,483 12,744
12/7/98 6,953 13,871 12,982
12/8/98 6,987 13,798 12,945
12/9/98 6,920 13,941 13,045
12/10/98 7,053 13,871 12,825
12/11/98 6,960 13,855 12,910
12/14/98 7,213 13,351 12,513
12/15/98 6,993 13,762 12,804
12/16/98 7,020 13,700 12,783
12/17/98 6,879 13,978 13,003
12/18/98 6,706 14,351 13,272
12/21/98 6,499 14,784 13,408
12/22/98 6,559 14,623 13,493
12/23/98 6,372 15,046 13,821
12/24/98 6,426 14,939 13,761
12/28/98 6,372 15,087 13,871
12/29/98 6,368 15,082 13,880
12/30/98 6,432 14,980 13,786
12/31/98 6,359 15,187 13,950
1/4/99 6,288 15,339 14,047
1/5/99 6,119 15,741 14,322
1/6/99 5,925 16,245 14,765
1/7/99 5,919 16,265 14,798
1/8/99 5,899 16,325 14,915
1/11/99 5,805 16,545 15,170
1/12/99 5,982 16,045 14,764
1/13/99 5,972 16,119 14,739
1/14/99 6,099 15,767 14,485
1/15/99 5,859 16,391 14,939
1/19/99 5,692 16,822 15,321
1/20/99 5,685 16,822 15,367
1/21/99 5,912 16,227 14,917
1/22/99 5,885 16,247 14,880
1/25/99 5,772 16,520 15,073
1/26/99 5,578 17,058 15,481
1/27/99 5,665 16,794 15,314
1/28/99 5,472 17,408 15,761
1/29/99 5,405 17,595 15,942
2/1/99 5,398 17,626 15,969
2/2/99 5,525 17,194 15,672
2/3/99 5,425 17,535 15,863
2/4/99 5,652 16,772 15,333
2/5/99 5,772 16,448 15,101
2/8/99 5,638 16,826 15,300
2/9/99 5,912 16,008 14,701
2/10/99 5,885 16,081 14,693
2/11/99 5,572 16,913 15,304
2/12/99 5,812 16,201 14,772
2/16/99 5,839 16,167 14,721
2/17/99 6,019 15,645 14,307
2/18/99 5,979 15,766 14,381
2/19/99 5,899 15,977 14,528
2/22/99 5,698 16,510 14,900
2/23/99 5,598 16,777 15,118
2/24/99 5,725 16,453 14,883
2/25/99 5,758 16,331 14,803
2/26/99 5,899 15,925 14,558
3/1/99 5,865 16,028 14,602
3/2/99 6,012 15,822 14,372
3/3/99 5,972 15,714 14,411
3/4/99 5,879 15,988 14,587
3/5/99 5,765 16,294 14,868
3/8/99 5,572 16,825 15,253
3/9/99 5,592 16,779 15,224
3/10/99 5,558 16,862 15,307
3/11/99 5,538 16,905 15,346
3/12/99 5,645 16,617 15,151
3/15/99 5,505 17,042 15,469
3/16/99 5,485 17,150 15,518
3/17/99 5,492 17,077 15,453
3/18/99 5,391 17,393 15,669
3/19/99 5,525 16,987 15,404
3/22/99 5,592 16,768 15,243
3/23/99 5,772 16,223 14,776
3/24/99 5,612 16,655 15,048
3/25/99 5,418 17,233 15,490
3/26/99 5,458 17,100 15,390
3/29/99 5,265 17,740 15,859
3/30/99 5,311 17,583 15,779
3/31/99 5,365 17,423 15,669
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 3-31-99
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
SINCE
INCEPTION
<S> <C>
- -------------------------------------------------------------------------------------------------------------------
Arktos Fund (9-3-98) -46.35%
NASDAQ 100 Index-TM- 74.23%
NASDAQ Composite Index-TM- 56.59%
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE NASDAQ COMPOSITE
INDEX-TM- AND THE NASDAQ 100 INDEX-TM- ARE UNMANAGED STOCK INDICES AND, UNLIKE
THE FUND, HAVE NO MANAGEMENT FEES OR OTHER OPERATING EXPENSES TO REDUCE THEIR
REPORTED RETURNS. RETURNS ARE HISTORICAL AND INCLUDE CHANGES IN PRINCIPAL AND
REINVESTED DIVIDENDS AND CAPITAL GAINS.
10
<PAGE>
RYDEX SERIES TRUST
NOVA FUND
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
--------- ------------
<S> <C> <C>
COMMON STOCKS 75.7%
Microsoft Corp.*....................... 254,924 $ 22,847,563
General Electric Co.................... 165,514 18,309,986
Wal-Mart Stores, Inc................... 112,308 10,353,394
Intel Corp............................. 84,204 10,009,751
Merck & Co., Inc....................... 120,318 9,648,000
Pfizer, Inc............................ 65,550 9,095,062
Cisco Systems, Inc.*................... 79,758 8,738,486
Exxon Corp............................. 122,820 8,666,486
AT&T Corp.............................. 105,962 8,457,092
International Business Machines
Corp................................. 46,612 8,261,977
MCI WorldCom, Inc.*.................... 92,608 8,201,596
Coca-Cola Co........................... 124,505 7,641,494
America Online, Inc.*.................. 51,908 7,578,568
American International Group, Inc...... 62,031 7,482,489
Citigroup, Inc......................... 114,058 7,285,455
Lucent Technologies, Inc............... 66,763 7,193,713
Procter & Gamble Co.................... 66,990 6,560,833
Bristol-Myers Squibb Co................ 100,367 6,454,853
Johnson & Johnson...................... 67,912 6,362,506
BankAmerica Corp....................... 87,419 6,173,967
Royal Dutch Petroleum Co.,
NY Shares............................ 108,308 5,632,016
Dell Computer Corp.*................... 128,524 5,253,419
Eli Lilly & Co......................... 55,541 4,714,042
SBC Communications,
Inc.................................. 98,798 4,655,856
Home Depot, Inc........................ 74,468 4,635,633
Time Warner, Inc....................... 61,977 4,404,241
American Home
Products Corp........................ 66,562 4,343,170
Philip Morris Cos., Inc................ 122,970 4,327,007
Schering-Plough Corp................... 74,222 4,105,404
Bell Atlantic Corp..................... 78,405 4,052,558
BellSouth Corp......................... 98,499 3,946,116
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
--------- ------------
<S> <C> <C>
Fannie Mae............................. 52,379 $ 3,627,246
Abbott Laboratories.................... 76,646 3,587,990
Hewlett-Packard Co..................... 51,264 3,476,340
Chase Manhattan Corp................... 42,728 3,474,321
Ford Motor Co.......................... 61,133 3,469,298
Mobil Corp............................. 39,396 3,466,848
Gillette Co............................ 55,775 3,315,127
E. I. DuPont de
Nemours & Co......................... 56,862 3,301,550
Bank One Corp.......................... 59,395 3,270,437
EMC Corp.*............................. 25,350 3,238,462
Walt Disney Co......................... 103,854 3,232,456
Ameritech Corp......................... 55,506 3,212,410
McDonald's Corp........................ 68,350 3,097,109
GTE Corp............................... 48,745 2,949,073
Morgan Stanley
Dean Witter & Co..................... 29,174 2,915,577
Chevron Corp........................... 32,961 2,914,988
Wells Fargo Co......................... 83,043 2,911,695
PepsiCo, Inc........................... 74,108 2,904,107
General Motors Corp.................... 33,070 2,872,956
AirTouch
Communications, Inc.*................ 28,892 2,791,690
Warner-Lambert Co...................... 41,487 2,745,921
Compaq Computer Corp................... 85,212 2,700,155
American Express Co.................... 22,857 2,685,697
First Union Corp....................... 50,045 2,674,280
Sun Microsystems, Inc.*................ 19,460 2,431,284
Tyco International Ltd................. 32,947 2,363,947
Motorola, Inc.......................... 30,321 2,221,013
Sprint Corp............................ 22,568 2,214,485
Unilever N. V.......................... 32,285 2,144,935
Medtronic, Inc......................... 29,504 2,116,912
Northern Telecom Ltd................... 33,524 2,082,679
Freddie Mac............................ 34,270 1,957,674
Texas Instruments, Inc................. 19,703 1,955,523
Charles Schwab Corp.................... 20,250 1,946,531
</TABLE>
* NON-INCOME PRODUCING SECURITIES
See Notes to Financial Statements. 11
<PAGE>
RYDEX SERIES TRUST
NOVA FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
- --------------------------------------------------------------------------------
March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
--------- ------------
<S> <C> <C>
MediaOne Group, Inc.*.................. 30,654 $ 1,946,529
Gap, Inc............................... 28,798 1,938,465
Amgen, Inc.*........................... 25,707 1,924,812
Oracle Corp.*.......................... 72,720 1,917,990
Anheuser-Busch Cos., Inc............... 24,133 1,838,633
Xerox Corp............................. 33,123 1,767,940
Schlumberger Ltd....................... 27,573 1,659,550
Associates First Capital Corp.,
Class A.............................. 36,763 1,654,335
Boeing Co.............................. 47,400 1,617,525
Pharmacia & Upjohn, Inc................ 25,647 1,599,732
Merrill Lynch & Co..................... 17,913 1,584,181
United Technologies Corp............... 11,408 1,545,071
Allstate Corp.......................... 41,458 1,536,537
Texaco, Inc............................ 27,005 1,532,534
Carnival Corp.......................... 30,977 1,504,321
Dayton Hudson Corp..................... 22,270 1,483,739
Viacom, Inc., Class B*................. 17,602 1,477,468
CBS Corp............................... 35,659 1,459,790
Monsanto Co............................ 31,635 1,453,233
Minnesota Mining & Manufacturing Co.... 20,308 1,436,791
Walgreen Co............................ 50,437 1,424,845
U. S. West, Inc........................ 25,408 1,399,028
AlliedSignal, Inc...................... 28,139 1,384,087
Bank of New York
Co., Inc............................. 38,420 1,380,719
Waste Management, Inc.................. 30,241 1,341,944
Colgate-Palmolive Co................... 14,544 1,338,048
Kimberly-Clark Corp.................... 27,093 1,298,771
Automatic Data Processing, Inc......... 31,120 1,287,590
Safeway, Inc.*......................... 24,569 1,260,697
U. S. Bancorp.......................... 36,809 1,253,807
Washington Mutual, Inc................. 29,952 1,224,288
Electronic Data
Systems Corp......................... 24,897 1,212,173
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
--------- ------------
<S> <C> <C>
Atlantic Richfield Co.................. 16,473 $ 1,202,529
Comcast Corp.,
Special Class A...................... 18,677 1,175,484
Emerson Electric Co.................... 22,101 1,169,972
Applied Materials, Inc.*............... 18,647 1,150,287
Sara Lee Corp.......................... 45,966 1,137,658
Household
International, Inc................... 24,378 1,112,246
National City Corp..................... 16,479 1,093,794
J. P. Morgan & Co., Inc................ 8,828 1,089,155
Fleet Financial Group, Inc............. 28,713 1,080,327
Lowe's Cos., Inc....................... 17,817 1,077,928
Enron Corp............................. 16,716 1,074,003
Eastman Kodak Co....................... 16,357 1,044,803
Firstar Corp........................... 11,613 1,039,364
Dow Chemical Co........................ 11,148 1,038,854
Costco Cos., Inc.*..................... 11,029 1,009,843
Seagram Co. Ltd........................ 20,154 1,007,700
SunTrust Banks, Inc.................... 16,186 1,007,578
Raytheon Co., Class B.................. 17,054 999,791
Duke Energy Corp....................... 18,288 998,982
Sprint PCS Group*...................... 22,210 984,181
Computer Associates International,
Inc.................................. 27,217 967,905
MBNA Corp.............................. 40,485 966,579
Marsh & McLennan Cos.,
Inc.................................. 12,997 964,215
Tellabs, Inc.*......................... 9,814 959,318
First Data Corp........................ 22,364 956,061
Baxter International, Inc.............. 14,442 953,172
CVS Corp............................... 19,704 935,940
Mellon Bank Corp....................... 13,187 928,035
McKesson HBOC, Inc..................... 13,988 923,208
Guidant Corp........................... 15,216 920,568
Ascend Communications,
Inc.*................................ 10,960 917,215
Campbell Soup Co....................... 22,457 913,719
</TABLE>
* NON-INCOME PRODUCING SECURITIES
See Notes to Financial Statements. 12
<PAGE>
RYDEX SERIES TRUST
NOVA FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
- --------------------------------------------------------------------------------
March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
--------- ------------
<S> <C> <C>
Cardinal Health, Inc................... 13,735 $ 906,510
American General Corp.................. 12,747 898,663
Gannett Co., Inc....................... 14,227 896,301
Clear Channel Communications, Inc.*.... 13,311 892,669
Fifth Third Bancorp.................... 13,435 885,870
Pitney Bowes, Inc...................... 13,765 877,519
Sears, Roebuck & Co.................... 19,354 874,559
CIGNA Corp............................. 10,434 874,500
Alltel Corp............................ 13,886 866,139
H. J. Heinz Co......................... 18,276 865,826
Halliburton Co......................... 22,200 854,700
Williams Cos., Inc..................... 21,613 853,713
PNC Bank Corp.......................... 15,193 844,161
Caterpillar, Inc....................... 18,118 832,296
Wachovia Corp.......................... 10,236 831,035
Nike, Inc., Class B.................... 14,272 823,316
Southern Co............................ 35,222 821,113
Boston Scientific Corp.*............... 19,843 804,882
Providian Financial Corp............... 7,150 786,500
Illinois Tool Works, Inc............... 12,632 781,605
Burlington Northern
Santa Fe Corp........................ 23,687 778,710
Kroger Co.............................. 12,948 775,262
Staples, Inc.*......................... 23,286 765,527
Alcoa, Inc............................. 18,538 763,534
Lockheed Martin Corp................... 19,834 747,494
Corning, Inc........................... 11,718 703,080
KeyCorp................................ 22,984 696,703
FDX Corp.*............................. 7,468 693,124
Kellogg Co............................. 20,475 692,311
May Department Stores Co............... 17,645 690,361
Clorox Co.............................. 5,814 681,328
Omnicom Group, Inc..................... 8,521 681,147
Cendant Corp.*......................... 43,078 678,478
Bestfoods.............................. 14,434 678,398
Albertson's, Inc....................... 12,410 674,018
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
--------- ------------
<S> <C> <C>
Hartford Financial Services Group,
Inc.................................. 11,796 $ 670,160
Union Pacific Corp..................... 12,486 667,221
State Street Corp...................... 8,104 666,048
International Paper Co................. 15,561 656,480
BankBoston Corp........................ 14,980 648,821
ConAgra, Inc........................... 24,717 631,828
Avon Products, Inc..................... 13,203 621,366
Textron, Inc........................... 8,001 619,077
Solectron Corp.*....................... 12,709 617,181
Columbia/HCA
Healthcare Corp...................... 32,587 617,116
Phillips Petroleum Co.................. 12,854 607,351
Micron Technology, Inc................. 12,514 603,800
Aetna, Inc............................. 7,236 600,587
PG&E Corp.............................. 19,321 600,159
Coca-Cola
Enterprises, Inc..................... 19,768 597,982
Texas Utilities Co..................... 14,263 594,589
AMP, Inc............................... 11,054 593,462
General Mills, Inc..................... 7,747 585,383
BB&T Corp.............................. 15,689 567,746
Kohl's Corp.*.......................... 7,995 566,646
Weyerhaeuser Co........................ 10,064 558,552
TJX Cos., Inc.......................... 16,325 555,050
Newell Rubbermaid, Inc................. 11,515 547,010
Interpublic Group
of Cos., Inc......................... 7,022 546,838
Aon Corp............................... 8,592 543,444
McGraw-Hill Cos., Inc.................. 9,945 542,002
Gateway 2000, Inc.*.................... 7,892 541,095
Tricon Global
Restaurants, Inc.*................... 7,700 540,925
AMR Corp............................... 9,210 539,361
J. C. Penney Co., Inc.................. 13,312 539,136
Consolidated Edison, Inc............... 11,778 533,691
IMS Health, Inc........................ 16,101 533,346
</TABLE>
* NON-INCOME PRODUCING SECURITIES
See Notes to Financial Statements. 13
<PAGE>
RYDEX SERIES TRUST
NOVA FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
- --------------------------------------------------------------------------------
March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
--------- ------------
<S> <C> <C>
Nextel Communications,
Inc., Class A*....................... 14,511 $ 531,465
William Wrigley, Jr. Co................ 5,863 530,235
Progressive Corp....................... 3,662 525,497
PECO Energy Co......................... 11,318 523,457
Southwest Airlines Co.................. 16,986 513,826
Lincoln National Corp.................. 5,112 505,449
Norfolk Southern Corp.................. 19,140 504,818
Conseco, Inc........................... 16,198 500,113
Capital One Financial Corp............. 3,308 499,508
Northern Trust Corp.................... 5,604 497,705
Delta Air Lines, Inc................... 7,153 497,133
United HealthCare Corp................. 9,398 494,570
Comerica, Inc.......................... 7,855 490,447
FPL Group, Inc......................... 9,139 486,652
Masco Corp............................. 17,097 482,990
Honeywell, Inc......................... 6,363 482,395
Chubb Corp............................. 8,231 482,028
Becton, Dickinson and Co............... 12,570 481,588
Deere & Co............................. 12,046 465,277
Fred Meyer, Inc.*...................... 7,839 461,521
American Stores Co..................... 13,897 458,601
Pioneer Hi-Bred International, Inc..... 12,097 455,150
PPG Industries, Inc.................... 8,879 455,049
Limited, Inc........................... 11,432 452,993
Frontier Corp.......................... 8,663 449,393
Unocal Corp............................ 12,191 448,781
Transamerica Corp...................... 6,303 447,513
Compuware Corp.*....................... 18,577 443,526
Computer Sciences Corp.*............... 8,024 442,824
Sysco Corp............................. 16,818 442,524
Archer-Daniels-Midland Co.............. 29,900 439,156
Public Service Enterprise Group,
Inc.................................. 11,269 430,335
Quaker Oats Co......................... 6,877 430,242
Novell, Inc.*.......................... 17,058 429,648
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
--------- ------------
<S> <C> <C>
Ralston Purina Co...................... 16,091 $ 429,429
Loews Corp............................. 5,741 428,422
USX-Marathon Group, Inc................ 15,532 427,130
CSX Corp............................... 10,948 426,288
Federated Department Stores, Inc.*..... 10,593 425,044
Bankers Trust Corp..................... 4,809 424,394
3Com Corp.*............................ 18,127 422,585
Kmart Corp.*........................... 24,899 418,614
Ingersoll-Rand Co...................... 8,305 412,136
Marriott International, Inc., Class
A.................................... 12,252 411,974
General Dynamics Corp.................. 6,401 411,264
RJR Nabisco Holdings Corp.............. 16,389 409,725
Rockwell International Corp............ 9,586 406,806
Hershey Foods Corp..................... 7,232 404,992
BMC Software, Inc.*.................... 10,901 404,018
Baker Hughes, Inc...................... 16,498 401,108
Unicom Corp............................ 10,966 400,944
Edison International................... 17,815 396,384
Air Products & Chemicals, Inc.......... 11,562 395,998
Goodyear Tire & Rubber Co.............. 7,885 392,772
Tribune Co............................. 5,996 392,363
Paychex, Inc........................... 8,265 392,071
Circuit City Stores--Circuit City
Group, Inc........................... 5,075 388,872
Regions Financial Corp................. 11,154 386,207
American Electric
Power Co., Inc....................... 9,663 383,500
Mercantile Bancorporation, Inc......... 7,939 377,102
Reliant Energy, Inc.................... 14,360 374,258
Dover Corp............................. 11,269 370,468
St. Paul Cos., Inc..................... 11,905 369,799
Unisys Corp............................ 13,183 365,004
Dominion Resources, Inc................ 9,862 364,278
</TABLE>
* NON-INCOME PRODUCING SECURITIES
See Notes to Financial Statements. 14
<PAGE>
RYDEX SERIES TRUST
NOVA FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
- --------------------------------------------------------------------------------
March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
--------- ------------
<S> <C> <C>
Seagate Technology, Inc.*.............. 12,320 $ 364,210
Jefferson-Pilot Corp................... 5,361 363,208
Mattel, Inc............................ 14,535 361,558
Franklin Resources, Inc................ 12,744 358,425
Burlington Resources, Inc.............. 8,966 358,080
Coastal Corp........................... 10,731 354,123
Fort James Corp........................ 11,166 353,823
Danaher Corp........................... 6,754 352,896
SLM Holding Corp....................... 8,349 348,571
Lehman Brothers Holdings, Inc.......... 5,734 342,607
Entergy Corp........................... 12,449 342,347
Summit Bancorp......................... 8,754 341,406
AES Corp............................... 9,109 339,309
Avery Dennison Corp.................... 5,869 337,467
FirstEnergy Corp....................... 11,961 334,160
Fortune Brands, Inc.................... 8,633 333,989
UNUM Corp.............................. 6,992 332,557
Georgia-Pacific Corp................... 4,461 331,229
Huntington Bancshares, Inc............. 10,623 328,649
Rite Aid Corp.......................... 13,072 326,800
Century Telephone Enterprises, Inc..... 4,608 323,712
Barrick Gold Corp...................... 18,835 321,372
Tandy Corp............................. 4,997 318,871
Dana Corp.............................. 8,385 318,630
Occidental Petroleum Corp.............. 17,433 313,794
Southtrust Corp........................ 8,337 311,074
Browning Ferris Industries, Inc........ 7,989 308,076
Cincinnati Financial Corp.............. 8,430 307,168
Union Planters Corp.................... 6,930 304,487
Dollar General Corp.................... 8,936 303,824
Union Carbide Corp..................... 6,701 302,801
Dun & Bradstreet Corp.................. 8,341 297,148
Alcan Aluminum, Ltd.................... 11,490 296,586
Tenet Healthcare Corp.*................ 15,645 296,277
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
--------- ------------
<S> <C> <C>
Nordstrom, Inc......................... 7,173 $ 293,196
Allergan, Inc.......................... 3,323 292,009
MBIA, Inc.............................. 5,018 291,044
Carolina Power and
Light Co............................. 7,640 288,887
Hasbro, Inc............................ 9,923 287,147
Praxair, Inc........................... 7,945 286,517
V. F. Corp............................. 6,051 285,532
Rohm & Haas Co......................... 8,433 283,033
DTE Energy Co.......................... 7,350 282,516
Winn-Dixie Stores, Inc................. 7,512 280,761
SAFECO Corp............................ 6,883 278,331
Synovus Financial Corp................. 13,484 275,579
TRW, Inc............................... 6,051 275,320
Golden West Financial Corp............. 2,865 273,608
Maytag Corp............................ 4,529 273,438
Amsouth Bancorporation................. 5,992 272,636
Johnson Controls, Inc.................. 4,288 267,464
Parametric
Technology Corp.*.................... 13,503 266,684
Ceridian Corp.......................... 7,224 264,128
New York Times Co., Class A............ 9,230 263,055
Genuine Parts Co....................... 9,091 261,934
PacifiCorp............................. 15,007 258,871
Eaton Corp............................. 3,603 257,614
General Instrument Corp.*.............. 8,453 256,232
Equifax, Inc........................... 7,439 255,716
Central & South West Corp.............. 10,728 251,438
Bear Stearns Cos., Inc................. 5,612 250,786
Ameren Corp............................ 6,922 250,490
Republic New York Corp................. 5,405 249,306
Apple Computer, Inc.*.................. 6,881 247,286
Black & Decker Corp.................... 4,423 245,200
Perkin-Elmer Corp...................... 2,516 244,209
UST, Inc............................... 9,344 244,112
Sherwin-Williams Co.................... 8,651 243,309
</TABLE>
* NON-INCOME PRODUCING SECURITIES
See Notes to Financial Statements. 15
<PAGE>
RYDEX SERIES TRUST
NOVA FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
- --------------------------------------------------------------------------------
March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
--------- ------------
<S> <C> <C>
GPU, Inc............................... 6,462 $ 241,113
Tenneco, Inc........................... 8,613 240,626
Toys R Us, Inc.*....................... 12,674 238,430
Biomet, Inc............................ 5,667 237,660
Provident Cos., Inc.................... 6,832 236,131
Consolidated Natural
Gas Co............................... 4,844 235,842
Union Camp Corp........................ 3,504 235,206
H & R Block, Inc....................... 4,927 233,417
Sempra Energy.......................... 12,122 232,591
AutoZone, Inc.*........................ 7,577 230,151
Anardarko Petroleum Corp............... 6,083 229,633
Amerada Hess Corp...................... 4,557 229,274
Torchmark Corp......................... 7,106 224,727
Dow Jones and Co., Inc................. 4,743 223,810
Morton International, Inc.............. 6,090 223,807
LSI Logic Corp.*....................... 7,147 222,897
Cooper Industries, Inc................. 5,228 222,844
Healthsouth Corp.*..................... 21,349 221,496
Columbia Energy Group.................. 4,217 220,338
Cinergy Corp........................... 7,996 219,890
R. R. Donnelley & Sons Co.............. 6,800 218,875
Times Mirror Co., Class A.............. 4,033 218,034
KLA-Tencor Corp.*...................... 4,440 215,618
U. S. Airways Group, Inc.*............. 4,414 215,458
Ecolab, Inc............................ 6,044 214,562
Willamette Industries, Inc............. 5,625 212,344
Countrywide Credit Industries, Inc..... 5,660 212,250
Whirlpool Corp......................... 3,828 208,148
Northrop Grumman Corp.................. 3,475 208,066
Sealed Air Corp.*...................... 4,227 207,916
W. W. Grainger, Inc.................... 4,794 206,442
Brown-Forman Corp...................... 3,454 199,037
Knight-Ridder, Inc..................... 3,979 198,950
Champion
International Corp................... 4,844 198,907
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
--------- ------------
<S> <C> <C>
Owens-Illinois, Inc.*.................. 7,876 $ 196,900
Service Corp. International............ 13,801 196,664
New Century Energies, Inc.............. 5,770 196,541
Nucor Corp............................. 4,431 195,241
MGIC Investment Corp................... 5,527 193,790
International Flavors & Fragrances,
Inc.................................. 5,153 193,560
Mirage Resorts, Inc.*.................. 9,080 192,950
ALZA Corp.*............................ 5,036 192,627
Baltimore Gas & Electric Co............ 7,529 191,048
PP&L Resources, Inc.................... 7,634 188,941
Parker Hannifin Corp................... 5,474 187,485
Allegheny Teledyne, Inc................ 9,900 187,481
ITT Industries, Inc.................... 5,242 185,436
Hilton Hotels Corp..................... 13,142 184,809
Bausch & Lomb, Inc..................... 2,825 183,625
Wendy's International, Inc............. 6,274 178,417
Northern States Power Co............... 7,694 178,405
Crown Cork and
Seal Co., Inc........................ 6,209 177,345
Temple-Inland, Inc..................... 2,811 176,390
Adobe Systems, Inc..................... 3,076 174,563
Peoplesoft, Inc.*...................... 11,777 172,239
Sunoco, Inc............................ 4,714 169,999
Silicon Graphics, Inc.*................ 10,146 169,311
Consolidated Stores Corp.*............. 5,526 167,507
Eastman Chemical Co.................... 3,972 167,072
Sonat, Inc............................. 5,560 166,800
Paccar, Inc............................ 3,945 162,485
Harcourt General, Inc.................. 3,590 159,082
Mead Corp.............................. 5,163 158,762
Reynolds Metals Co..................... 3,250 157,016
Ashland, Inc........................... 3,736 152,943
Union Pacific Resources Group, Inc..... 12,711 150,943
Sigma-Aldrich Corp..................... 5,059 147,976
Newmont Mining Corp.................... 8,441 147,717
</TABLE>
* NON-INCOME PRODUCING SECURITIES
See Notes to Financial Statements. 16
<PAGE>
RYDEX SERIES TRUST
NOVA FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
- --------------------------------------------------------------------------------
March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
--------- ------------
<S> <C> <C>
Humana, Inc............................ 8,424 $ 145,314
Phelps Dodge Corp...................... 2,948 145,189
Darden Restaurants, Inc................ 6,940 143,138
Kerr-McGee Corp........................ 4,330 142,078
Placer Dome, Inc....................... 12,618 141,164
Dillards, Inc., Class A................ 5,394 136,873
C. R. Bard, Inc........................ 2,697 136,030
Navistar International Corp.*.......... 3,344 134,387
Apache Corp............................ 4,944 128,853
B. F. Goodrich Co...................... 3,746 128,535
Hercules, Inc.......................... 5,040 127,260
HCR Manor Care, Inc.*.................. 5,577 127,225
Niagara Mohawk Holdings, Inc........... 9,434 126,769
Supervalu, Inc......................... 6,066 125,111
Engelhard Corp......................... 7,208 122,085
Harrah's Entertainment, Inc.*.......... 6,362 121,276
Autodesk, Inc.......................... 2,989 120,868
Deluxe Corp............................ 4,061 118,277
Stanley Works.......................... 4,473 114,621
Harris Corp............................ 3,973 113,727
Advanced Micro Devices, Inc.*.......... 7,316 113,398
Inco Ltd............................... 8,490 113,023
King World
Productions, Inc.*................... 3,596 109,903
Great Lakes Chemical Corp.............. 2,973 109,258
Thermo Electron Corp.*................. 8,005 108,568
Thomas & Betts Corp.................... 2,863 107,541
Westvaco Corp.......................... 5,094 106,974
Liz Claiborne, Inc..................... 3,251 106,064
USX-U. S. Steel Group.................. 4,472 105,092
Pall Corp.............................. 6,278 103,979
Scientific Atlanta, Inc................ 3,814 103,931
Homestake Mining Co.................... 12,038 103,828
St. Jude Medical, Inc.*................ 4,235 103,228
Fluor Corp............................. 3,806 102,762
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
--------- ------------
<S> <C> <C>
Louisiana-Pacific Corp................. 5,492 $ 102,289
Ryder System, Inc...................... 3,613 99,809
Centex Corp............................ 2,973 99,224
Adolf Coors Co......................... 1,837 99,198
Laidlaw, Inc........................... 16,623 96,621
Mallinckrodt, Inc...................... 3,589 95,557
Ikon Office Solutions, Inc............. 7,429 95,184
Case Corp.............................. 3,735 94,776
Boise Cascade Corp..................... 2,871 92,590
Freeport-McMoRan Copper & Gold, Inc.,
Class B.............................. 8,359 90,904
Armstrong World Industries, Inc........ 2,002 90,465
American Greetings Corp................ 3,542 89,878
Brunswick Corp......................... 4,648 88,602
Raychem Corp........................... 3,904 88,084
Nalco Chemical Co...................... 3,268 86,806
Nicor, Inc............................. 2,404 86,394
Owens Corning.......................... 2,703 85,989
Snap-On, Inc........................... 2,964 85,956
Crane Co............................... 3,454 83,544
Meredith Corp.......................... 2,621 82,398
Bemis Co., Inc......................... 2,647 82,222
FMC Corp............................... 1,652 81,568
Aeroquip-Vickers, Inc.................. 1,406 80,581
National Semiconductor Corp.*.......... 8,422 78,430
McDermott
International, Inc................... 2,971 75,203
Cummins Engine Co...................... 2,112 75,108
Shared Medical
Systems Corp......................... 1,343 74,788
Ball Corp.............................. 1,567 73,551
Cabletron Systems, Inc................. 8,657 70,879
Cooper Tire & Rubber Co................ 3,839 70,542
</TABLE>
* NON-INCOME PRODUCING SECURITIES
See Notes to Financial Statements. 17
<PAGE>
RYDEX SERIES TRUST
NOVA FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
- --------------------------------------------------------------------------------
March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
--------- ------------
<S> <C> <C>
National Service Industries, Inc....... 1,996 $ 67,989
Alberto-Culver Co...................... 2,781 65,006
Longs Drug Stores, Inc................. 1,962 59,718
Tektronix, Inc......................... 2,363 59,666
EG&G, Inc.............................. 2,250 59,344
Briggs & Stratton Corp................. 1,178 58,090
Great Atlantic & Pacific
Tea Co., Inc......................... 1,934 58,020
Peoples Energy Corp.................... 1,783 57,613
Helmerich & Payne, Inc................. 2,485 56,378
Cyprus Amax Minerals Co................ 4,619 56,005
Worthington Industries, Inc............ 4,685 55,049
Bethlehem Steel Corp................... 6,569 54,194
Kaufman & Broad
Home Corp............................ 2,369 53,451
Millipore Corp......................... 2,212 53,365
Rowan Cos., Inc........................ 4,198 53,262
Andrew Corp.*.......................... 4,183 51,503
Timken Co.............................. 3,122 50,732
Potlatch Corp.......................... 1,484 50,363
Fleetwood Enterprises, Inc............. 1,757 50,294
Reebok International Ltd............... 2,835 45,006
Pulte Corp............................. 2,145 44,643
W. R. Grace & Co.*..................... 3,655 44,317
Polaroid Corp.......................... 2,200 44,137
Moore Corp, Ltd........................ 4,464 44,082
Tupperware Corp........................ 2,369 42,642
Eastern Enterprises.................... 1,147 41,722
Pep Boys Manny
Moe & Jack........................... 2,649 40,397
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
--------- ------------
<S> <C> <C>
Oneok, Inc............................. 1,584 $ 39,204
Jostens, Inc........................... 1,797 38,186
Fruit of the Loom, Ltd.*............... 3,623 37,589
Russell Corp........................... 1,801 36,245
Battle Mountain Gold Co................ 11,557 31,782
Milacron, Inc.......................... 1,936 30,492
Asarco, Inc............................ 2,072 28,490
NACCO Industries, Inc.................. 370 27,403
Data General Corp.*.................... 2,509 25,404
Foster Wheeler Corp.................... 1,997 24,214
Springs Industries, Inc................ 893 24,167
Harnischfeger Industries, Inc.......... 2,380 13,536
------------
Total Common Stocks
(Cost $467,880,444)................ 530,700,550
------------
</TABLE>
<TABLE>
<CAPTION>
FACE
AMOUNT
-----------
<S> <C> <C>
U.S. TREASURY
OBLIGATIONS 21.3%
U.S. Treasury Bill 4.220% 04/22/99**... $50,000,000 49,876,917
U.S. Treasury Bill 4.440% 05/06/99..... 50,000,000 49,784,166
U.S. Treasury Bill 4.420% 05/13/99..... 50,000,000 49,742,167
------------
Total U.S. Treasury Obligations
(Cost $149,403,250).............. 149,403,250
------------
</TABLE>
* NON-INCOME PRODUCING SECURITIES
** A PORTION OF THIS HOLDING IS PLEDGED AS COLLATERAL FOR STOCK INDEX FUTURES
CONTRACTS.
SEE NOTES TO FINANCIAL STATEMENTS. 18
<PAGE>
RYDEX SERIES TRUST
NOVA FUND
SCHEDULE OF INVESTMENTS (CONCLUDED)
- --------------------------------------------------------------------------------
March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
VALUE
CONTRACTS (NOTE 1)
----------- ------------
<S> <C> <C>
OPTIONS PURCHASED 2.4%
Call Options on:
S&P 500 Index,
Expiring April 1999,
with strike 1000................... 230 $ 16,864,750
Put Options on:
S&P 500 Index,
Expiring April 1999,
with strike 950.................... 50 1,250
S&P 500 Index,
Expiring April 1999,
with strike 900.................... 1,216 --
S&P 500 Index,
Expiring April 1999,
with strike 800.................... 900 --
------------
Total Options Purchased (Cost
$17,979,872)..................... 16,866,000
------------
<CAPTION>
MARKET
FACE VALUE
AMOUNT (NOTE 1)
----------- ------------
<S> <C> <C>
REPURCHASE
AGREEMENTS 0.6%
Repurchase Agreements Collateralized by
U.S. Treasury Obligations:
4.810% due 04/01/99 (Note 3)......... $ 1,131,179 $ 1,131,179
4.850% due 04/01/99 (Note 3)......... 931,559 931,559
4.875% due 04/01/99 (Note 3)......... 2,137,262 2,137,262
------------
Total Repurchase Agreements (Cost
$4,200,000)...................... 4,200,000
------------
Total Investments 100% (Cost
$639,463,566).................... $701,169,800
------------
------------
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
UNREALIZED
LOSS
CONTRACTS (NOTE 1)
----------- ------------
<S> <C> <C>
FUTURES CONTRACTS PURCHASED
June 1999 S&P 500 Futures Contracts
(Underlying Face Amount at Market
Value $454,045,875).................. 1,403 $ (7,069,759)
------------
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS. 19
<PAGE>
RYDEX SERIES TRUST
URSA FUND
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
VALUE
FACE AMOUNT (NOTE 1)
----------- ------------
<S> <C> <C>
U.S. TREASURY OBLIGATIONS 87.1%
U.S. Treasury Bill 4.330% 04/01/99..... $25,000,000 $ 25,000,000
U.S. Treasury Bill 4.440% 04/08/99..... 50,000,000 49,956,833
U.S. Treasury Bill 4.280% 04/22/99..... 50,000,000 49,875,167
U.S. Treasury Bill 4.510% 04/22/99..... 25,000,000 24,934,229
U.S. Treasury Bill 4.450% 04/29/99..... 25,000,000 24,913,472
U.S. Treasury Bill 4.520% 04/29/99..... 75,000,000 74,736,333
U.S. Treasury Bill 4.390% 05/06/99..... 25,000,000 24,893,299
U.S. Treasury Bill 4.370% 05/13/99..... 25,000,000 24,872,542
U.S. Treasury Bill 4.500% 05/13/99**... 30,000,000 29,842,500
U.S. Treasury Bill 4.490% 05/27/99..... 50,000,000 49,650,778
U.S. Treasury Bill 4.475% 06/03/99..... 25,000,000 24,804,219
U.S. Treasury Bill 4.490% 08/19/99..... 50,000,000 49,126,944
------------
Total U.S. Treasury Oligations
(Cost $452,606,316).............. 452,606,316
------------
<CAPTION>
CONTRACTS
-----------
<S> <C> <C>
OPTIONS PURCHASED 0.9%
Put Options on:
June 1999 S&P 500 Futures Contracts,
Expiring June 1999,
with strike 1600................... 60 4,600,500
------------
Total Options Purchased (Cost
$4,473,420)...................... 4,600,500
------------
<CAPTION>
FACE AMOUNT
-----------
<S> <C> <C>
REPURCHASE AGREEMENTS 12.0%
Repurchase Agreements Collateralized by
U.S. Treasury Obligations:
4.810% due 04/01/99 (Note 3)......... $16,752,218 16,752,218
4.850% due 04/01/99 (Note 3)......... 13,795,944 13,795,944
4.875% due 04/01/99 (Note 3)......... 31,651,838 31,651,838
------------
Total Repurchase Agreements (Cost
$62,200,000)..................... 62,200,000
------------
Total Investments 100% (Cost
$519,279,736).................... $519,406,816
------------
------------
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
UNREALIZED
GAIN
CONTRACTS (NOTE 1)
----------- ------------
<S> <C> <C>
FUTURES CONTRACTS SOLD SHORT
June 1999 S&P 500 Futures Contracts
(Underlying Face Amount at Market
Value $465,696,375).............. 1,439 $ 2,466,764
------------
------------
</TABLE>
** A portion of this holding is pledged as collateral for stock index futures
contracts.
See Notes to Financial Statements. 20
<PAGE>
RYDEX SERIES TRUST
U.S. GOVERNMENT MONEY MARKET FUND
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
FACE VALUE
AMOUNT (NOTE 1)
----------- --------------
<S> <C> <C>
FEDERAL AGENCY DISCOUNT NOTES 70.8%
Federal Home Loan Banks 4.740%
05/14/99............................. $30,000,000 $ 29,830,150
Federal Home Loan Banks 4.760%
05/26/99............................. 30,000,000 29,781,833
Federal Home Loan Banks 4.750%
05/28/99............................. 30,000,000 29,774,375
Freddie Mac 4.690% 04/14/99............ 30,000,000 29,949,192
Freddie Mac 4.740% 04/15/99............ 30,000,000 29,944,700
Freddie Mac 4.760% 04/30/99............ 30,000,000 29,884,967
Freddie Mac 4.740% 05/04/99............ 30,000,000 29,869,650
Freddie Mac 4.700% 05/05/99............ 30,000,000 29,866,833
Freddie Mac 4.750% 05/06/99............ 30,000,000 29,861,458
Freddie Mac 4.770% 05/18/99............ 30,000,000 29,813,175
Freddie Mac 4.770% 05/20/99............ 30,000,000 29,805,225
Freddie Mac 4.760% 06/02/99............ 30,000,000 29,754,067
Freddie Mac 4.740% 06/04/99............ 30,000,000 29,747,200
Freddie Mac 4.730% 06/10/99............ 30,000,000 29,724,083
Fannie Mae 4.680% 04/06/99............. 30,000,000 29,980,500
Fannie Mae 4.700% 04/08/99............. 30,000,000 29,972,583
Fannie Mae 4.690% 04/22/99............. 30,000,000 29,917,925
Fannie Mae 4.720% 04/23/99............. 30,000,000 29,913,467
Fannie Mae 4.690% 05/03/99............. 30,000,000 29,874,934
Fannie Mae 4.720% 05/10/99............. 30,000,000 29,846,600
Fannie Mae 4.740% 05/13/99............. 30,000,000 29,834,100
Fannie Mae 4.770% 05/24/99............. 30,000,000 29,789,325
Fannie Mae 4.750% 06/14/99............. 30,000,000 29,707,083
Fannie Mae 4.730% 06/18/99............. 30,000,000 29,692,550
Fannie Mae 4.730% 06/22/99............. 30,000,000 29,676,783
Sallie Mae 4.800% 04/01/99............. 30,000,000 30,000,000
--------------
Total Federal Agency Discount Notes
(Cost $775,812,758).............. 775,812,758
--------------
FEDERAL AGENCY BONDS 10.0%
Federal Home Loan Banks 4.905%
01/28/00............................. 30,000,000 30,000,000
Federal Home Loan Banks 4.950%
02/24/00............................. 30,000,000 30,000,000
Federal Farm Credit Banks 4.600%
05/03/99............................. 25,000,000 25,000,000
Fannie Mae 5.040% 02/23/00............. 25,000,000 24,993,036
--------------
Total Federal Agency Bonds (Cost
$109,993,036).................... 109,993,036
--------------
</TABLE>
See Notes to Financial Statements. 21
<PAGE>
RYDEX SERIES TRUST
U.S. GOVERNMENT MONEY MARKET FUND
SCHEDULE OF INVESTMENTS (CONCLUDED)
- --------------------------------------------------------------------------------
March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
FACE VALUE
AMOUNT (NOTE 1)
----------- --------------
<S> <C> <C>
U.S. TREASURY OBLIGATIONS 2.7%
U.S. Treasury Bill 4.83% 04/19/99...... $30,000,000 $ 29,927,550
--------------
Total U. S. Treasury Obligations
(Cost $29,927,550)............... 29,927,550
--------------
REPURCHASE AGREEMENTS 16.5%
Repurchase Agreements Collateralized by
U.S. Treasury Obligations:
4.810% due 04/01/99 (Note 3)........... 48,586,819 48,586,819
4.850% due 04/01/99 (Note 3)........... 40,012,674 40,012,674
4.875% due 04/01/99 (Note 3)........... 91,800,507 91,800,507
--------------
Total Repurchase Agreements (Cost
$180,400,000).................... 180,400,000
--------------
Total Investments 100% (Cost
$1,096,133,344).................. $1,096,133,344
--------------
--------------
</TABLE>
See Notes to Financial Statements. 22
<PAGE>
RYDEX SERIES TRUST
OVER-THE-COUNTER FUND
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
----------- --------------
<S> <C> <C>
COMMON STOCKS 98.4%
Microsoft Corp.*....................... 2,503,604 $ 224,385,508
Intel Corp............................. 829,463 98,602,414
Cisco Systems, Inc.*................... 813,067 89,081,653
MCI WorldCom, Inc.*.................... 936,345 82,925,054
Dell Computer Corp.*................... 1,318,840 53,907,585
Sun Microsystems, Inc.*................ 233,986 29,233,626
Amgen, Inc.*........................... 330,613 24,754,648
Amazon.com, Inc.*...................... 143,257 24,667,065
Level 3 Communications, Inc.*.......... 314,879 22,927,127
Oracle Corp.*.......................... 842,318 22,216,124
Yahoo! Inc.*........................... 131,496 22,140,639
At Home Corp., Series A*............... 112,283 17,684,573
Qwest Communications International,
Inc.*................................ 245,271 17,682,506
Nextel Communications,
Inc., Class A*....................... 466,686 17,092,375
Applied Materials, Inc.*............... 266,026 16,410,479
Tellabs, Inc.*......................... 151,222 14,781,951
Costco Cos., Inc.*..................... 157,798 14,448,379
QUALCOMM, Inc.*........................ 113,978 14,176,014
Staples, Inc.*......................... 425,790 13,997,846
Comcast Corp., Special Class A......... 221,663 13,950,915
Ascend Communications, Inc.*........... 165,959 13,888,694
Linear Technology Corp................. 265,966 13,630,757
Biogen, Inc.*.......................... 118,974 13,600,215
Novell, Inc.*.......................... 539,793 13,596,036
Maxim Integrated Products, Inc.*....... 247,179 13,378,563
Immunex Corp.*......................... 147,331 12,265,306
CMGI, Inc.*............................ 66,714 12,212,832
Nordstrom, Inc......................... 288,559 11,794,849
Xilinx, Inc.*.......................... 270,356 10,966,315
Cintas Corp............................ 166,998 10,917,494
Chancellor
Media Corp.*......................... 230,593 10,866,695
Altera Corp.*.......................... 180,801 10,757,660
ADC Telecom-
munications, Inc.*................... 224,282 10,695,448
Intuit, Inc.*.......................... 97,463 9,916,860
Paychex, Inc........................... 208,262 9,879,429
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
----------- --------------
<S> <C> <C>
LM Ericsson Telephone Co., Class B,
Sponsored ADR........................ 398,504 $ 9,489,377
Parametric Technology Corp.*........... 476,706 9,414,943
Starbucks Corp.*....................... 329,185 9,237,754
Bed Bath & Beyond, Inc.*............... 250,225 9,133,213
Apple Computer, Inc.*.................. 248,834 8,942,472
Biomet, Inc............................ 199,299 8,358,102
NTL, Inc.*............................. 101,461 8,256,389
BMC Software, Inc.*.................... 222,427 8,243,701
PanAmSat Corp.*........................ 262,748 8,178,032
Compuware Corp.*....................... 307,297 7,336,716
Fiserv, Inc.*.......................... 136,696 7,330,323
Chiron Corp.*.......................... 330,473 7,249,751
Genzyme Corp. - General Division*...... 136,291 6,874,177
KLA-Tencor Corp.*...................... 140,846 6,839,834
USA Networks, Inc.*.................... 188,682 6,757,174
Peoplesoft, Inc.*...................... 426,746 6,241,160
3Com Corp.*............................ 249,583 5,818,404
Synopsys, Inc.*........................ 107,177 5,760,764
Network Associates, Inc.*.............. 186,357 5,718,830
Vitesse Semiconductor Corp.*........... 107,195 5,426,747
Quintiles Transnational Corp.*......... 142,521 5,380,168
Jacor Communications, Inc.*............ 70,494 5,357,544
Smurfit-Stone Container Corp.*......... 276,712 5,344,000
Concord EFS, Inc.*..................... 190,101 5,239,659
Veritas Software Corp.*................ 63,802 5,152,012
Citrix Systems, Inc.*.................. 134,625 5,132,578
Sanmina Corp.*......................... 80,206 5,113,132
Quantum Corp.*......................... 263,443 4,741,974
PACCAR, Inc............................ 114,279 4,706,866
Adobe Systems, Inc..................... 80,542 4,570,759
American Power Conversion Corp.*....... 168,906 4,560,462
Sigma-Aldrich Corp..................... 141,713 4,145,105
Electronic Arts, Inc.*................. 83,319 3,957,653
Centocor, Inc.*........................ 92,386 3,418,282
</TABLE>
* NON-INCOME PRODUCING SECURITIES
See Notes to Financial Statements. 23
<PAGE>
RYDEX SERIES TRUST
OVER-THE-COUNTER FUND
SCHEDULE OF INVESTMENTS (CONCLUDED)
- --------------------------------------------------------------------------------
March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
Reuters Group, Plc., Sponsored ADR..... 38,066 $ 3,306,984
Molex, Inc............................. 99,514 2,923,224
Apollo Group, Inc., Class A*........... 97,234 2,904,866
Autodesk, Inc.......................... 65,687 2,656,218
Adaptec, Inc.*......................... 116,431 2,656,082
PacifiCare Health Systems, Inc., Class
B*................................... 37,509 2,559,989
Northwest Airlines Corp.*.............. 91,406 2,542,229
FORE Systems, Inc.*.................... 121,349 2,294,255
Dollar Tree Stores, Inc.*.............. 73,641 2,278,268
Mccormick & Co., Inc................... 69,973 2,029,217
Atmel Corp.*........................... 100,623 1,528,212
Tech Data Corp.*....................... 60,328 1,383,774
Fastenal Co............................ 36,236 1,270,525
Worthington Industries, Inc............ 86,350 1,014,612
CBRL Group, Inc........................ 55,405 997,290
First Health
Group Corp.*......................... 55,271 887,790
Cambridge Technology Partners, Inc.*... 54,844 760,961
--------------
Total Common Stocks (Cost
$818,014,299).................... 1,264,856,187
--------------
<CAPTION>
MARKET
VALUE
FACE AMOUNT (NOTE 1)
----------- --------------
<S> <C> <C>
REPURCHASE
AGREEMENTS 1.6%
Repurchase Agreements Collateralized by
U.S. Treasury Obligations:
4.810% due 04/01/99 (Note 3)......... $ 5,521,229 $ 5,521,229
4.850% due 04/01/99 (Note 3)......... 4,546,895 4,546,895
4.875% due 04/01/99 (Note 3)......... 10,431,876 10,431,876
--------------
Total Repurchase Agreements (Cost
$20,500,000)..................... 20,500,000
--------------
Total Investments 100% (Cost
$838,514,299).................... $1,285,356,187
--------------
--------------
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
UNREALIZED
GAIN
CONTRACTS (NOTE 1)
----------- ----------
<S> <C> <C>
FUTURES CONTRACTS PURCHASED
June 1999 NASDAQ 100 Futures Contracts
(Underlying Face Amount at Market Value
$12,714,000).................................. 60 $ 192,080
----------
----------
</TABLE>
* NON-INCOME PRODUCING SECURITIES
See Notes to Financial Statements. 24
<PAGE>
RYDEX SERIES TRUST
PRECIOUS METALS FUND
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES (NOTE1)
-------- -----------
<S> <C> <C>
COMMON STOCKS 97.8%
Mining and Precious Metals Stocks
Barrick Gold Corp.................... 532,344 $ 9,083,120
Newmont Mining Corp.................. 223,037 3,903,151
Placer Dome, Inc..................... 333,484 3,730,852
Homestake Mining Co.................. 318,813 2,749,762
Freeport-McMoRan Copper & Gold, Inc.,
Class B*........................... 220,806 2,401,265
Ashanti Goldfields Co., Ltd.,
Sponsored GDR...................... 144,132 1,261,155
Getchell Gold Corp.*................. 41,071 1,075,547
Battle Mountain Gold Co.............. 306,546 843,002
Stillwater Mining Co.*............... 22,660 597,658
Hecla Mining Co.*.................... 73,501 202,128
Coeur d'Alene Mines Corp.*........... 29,210 120,491
-----------
Total Common Stocks (Cost
$24,416,121)..................... 25,968,131
-----------
</TABLE>
<TABLE>
<CAPTION>
CONTRACTS
--------
<S> <C> <C>
OPTIONS PURCHASED 0.3%
Call Options on:
XAU Index, Expiring June 1999, with
strike 50.......................... 75 86,250
-----------
Total Options Purchased (Cost
$106,163)........................ 86,250
-----------
</TABLE>
<TABLE>
<CAPTION>
FACE AMOUNT
------------
<S> <C> <C>
REPURCHASE AGREEMENTS 1.9%
Repurchase Agreements Collateralized by
U.S. Treasury Obligations:
4.810% due 04/01/99 (Note 3)......... $ 134,664 134,664
4.850% due 04/01/99 (Note 3)......... 110,900 110,900
4.875% due 04/01/99 (Note 3)......... 254,436 254,436
-------------
Total Repurchase Agreements (Cost
$500,000)........................ 500,000
-------------
Total Investments 100% (Cost
$25,022,284)..................... $ 26,554,381
-------------
-------------
</TABLE>
* NON-INCOME PRODUCING SECURITIES
See Notes to Financial Statements 25
<PAGE>
RYDEX SERIES TRUST
U.S. GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
VALUE
FACE AMOUNT (NOTE 1)
----------- -----------
<S> <C> <C>
U.S. TREASURY OBLIGATIONS 90.7%
U.S. Treasury Bond 5.250% 02/15/29..... $26,085,000 $24,674,779
-----------
Total U.S. Treasury Obligations
(Cost $24,906,718)............... 24,674,779
-----------
</TABLE>
<TABLE>
<CAPTION>
CONTRACTS
-----------
<S> <C> <C>
OPTIONS PURCHASED 6.4%
Call Options on:
June 1999 U.S Treasury Bond Futures
Contracts, Expiring May 1999, with
strike 100......................... 84 1,727,250
-----------
Total Options Purchased (Cost
$1,779,700)...................... 1,727,250
-----------
</TABLE>
<TABLE>
<CAPTION>
FACE AMOUNT
-----------
<S> <C> <C>
REPURCHASE AGREEMENTS 2.9%
Repurchase Agreements Collateralized by
U.S. Treasury Obligations:
4.810% due 04/01/99 (Note 3)......... $215,463 215,463
4.850% due 04/01/99 (Note 3)......... 177,440 177,440
4.875% due 04/01/99 (Note 3)......... 407,097 407,097
-----------
Total Repurchase Agreements (Cost
$800,000)........................ 800,000
-----------
Total Investments 100% (Cost
$27,486,418)..................... $27,202,029
-----------
-----------
</TABLE>
See Notes to Financial Statements 26
<PAGE>
RYDEX SERIES TRUST
JUNO FUND
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
FACE VALUE
AMOUNT (NOTE 1)
---------- -----------
<S> <C> <C>
U.S. TREASURY OBLIGATIONS 79.2%
U.S. Treasury Bill 4.460% 04/08/99..... $8,000,000 $ 7,993,062
U.S. Treasury Bill 4.400% 06/10/99..... 3,000,000 2,974,348
-----------
Total U.S. Treasury Obligations
(Cost $10,967,410)............... 10,967,410
-----------
</TABLE>
<TABLE>
<CAPTION>
CONTRACTS
----------
<S> <C> <C>
OPTIONS PURCHASED 4.9%
Put Options on:
June 1999 U.S. Treasury Bond Futures
Contracts, Expiring May 1999, with
strike 134......................... 50 671,875
-----------
Total Options Purchased (Cost
$698,756)........................ 671,875
-----------
</TABLE>
<TABLE>
<CAPTION>
FACE
AMOUNT
----------
<S> <C> <C>
REPURCHASE AGREEMENTS 15.9%
Repurchase Agreements Collateralized by
U.S. Treasury Obligations:
4.810% due 04/01/99 (Note 3)......... $ 592,522 592,522
4.850% due 04/01/99 (Note 3)......... 487,960 487,960
4.875% due 04/01/99 (Note 3)......... 1,119,518 1,119,518
-----------
Total Repurchase Agreements (Cost
$2,200,000)...................... 2,200,000
-----------
Total Investments 100% (Cost
$13,866,166)..................... $13,839,285
-----------
-----------
- ----------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
UNREALIZED
LOSS
CONTRACTS (NOTE 1)
---------- -----------
<S> <C> <C>
FUTURES CONTRACTS SOLD SHORT
June 1999 U.S. Treasury Bond
Futures Contracts
(Underlying Face Amount at Market
Value $10,247,813)............... 85 $ (40,542)
-----------
-----------
</TABLE>
See Notes to Financial Statements 27
<PAGE>
RYDEX SERIES TRUST
ARKTOS FUND
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
FACE VALUE
AMOUNT (NOTE 1)
----------- -----------
<S> <C> <C>
U.S. TREASURY OBLIGATIONS 61.7%
U.S. Treasury Bill 4.420% 05/06/99..... $30,000,000 $29,871,083
U.S. Treasury Bill 4.420% 05/13/99..... 30,000,000 29,845,300
-----------
Total U.S. Treasury Oligations
(Cost $59,716,383)............... 59,716,383
-----------
</TABLE>
<TABLE>
<S> <C> <C>
REPURCHASE AGREEMENTS 38.3%
Repurchase Agreements Collateralized by
U.S. Treasury Obligations:
4.810% due 04/01/99 (Note 3)......... 9,965,146 9,965,146
4.850% due 04/01/99 (Note 3)......... 8,206,591 8,206,591
4.875% due 04/01/99 (Note 3)......... 18,828,263 18,828,263
-----------
Total Repurchase Agreements (Cost
$37,000,000)..................... 37,000,000
-----------
Total Investments 100% (Cost
$96,716,383)................. $96,716,383
-----------
-----------
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements. 28
<PAGE>
RYDEX SERIES TRUST
ARKTOS FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
- --------------------------------------------------------------------------------
March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
--------- ------------
<S> <C> <C>
COMMON STOCKS SOLD SHORT
Microsoft Corp.*....................... (170,071) $(15,242,613)
Intel Corp............................. (56,444) (6,709,781)
Cisco Systems, Inc.*................... (55,402) (6,070,036)
MCI WorldCom, Inc.*.................... (63,826) (5,652,590)
Dell Computer Corp.*................... (90,539) (3,700,782)
Sun Microsystems, Inc.*................ (16,261) (2,033,641)
Amazon.com, Inc.*...................... (10,370) (1,785,584)
Amgen, Inc.*........................... (23,177) (1,735,378)
Level 3 Communications, Inc.*.......... (22,700) (1,652,844)
Yahoo! Inc.*........................... (9,213) (1,551,239)
Oracle Corp.*.......................... (58,169) (1,534,207)
At Home Corp., Series A*............... (8,094) (1,274,805)
Nextel Communications, Inc., Class
A*................................... (34,125) (1,249,828)
Qwest Communications International,
Inc.*................................ (17,228) (1,242,031)
Applied Materials, Inc.*............... (18,649) (1,150,410)
Tellabs, Inc.*......................... (10,714) (1,047,294)
QUALCOMM, Inc.*........................ (8,332) (1,036,293)
Costco Cos., Inc.*..................... (11,121) (1,018,267)
Biogen, Inc.*.......................... (8,741) (999,206)
Linear Technology Corp................. (19,493) (999,016)
Staples, Inc.*......................... (30,248) (994,403)
Novell, Inc.*.......................... (39,357) (991,304)
Ascend Communications, Inc.*........... (11,814) (988,684)
Comcast Corp., Special Class A......... (15,646) (984,720)
Maxim Integrated Products, Inc.*....... (18,046) (976,740)
CMGI, Inc.*............................ (4,900) (897,006)
Immunex Corp.*......................... (10,756) (895,437)
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
--------- ------------
<S> <C> <C>
Nordstrom, Inc......................... (21,163) $ (865,038)
Xilinx, Inc.*.......................... (19,896) (807,031)
Cintas Corp............................ (12,252) (800,975)
Chancellor Media Corp.*................ (16,891) (795,988)
Altera Corp.*.......................... (13,261) (789,030)
ADC Telecommunications, Inc.*.......... (16,297) (777,163)
Intuit, Inc.*.......................... (7,229) (735,551)
Paychex, Inc........................... (15,053) (714,077)
Parametric Technology Corp.*........... (35,239) (695,970)
LM Ericsson Telephone Co., Series B,
Sponsored ADR........................ (28,911) (688,443)
Starbucks Corp.*....................... (24,270) (681,077)
Bed Bath & Beyond, Inc.*............... (18,134) (661,891)
Apple Computer, Inc.*.................. (18,401) (661,286)
PanAmSat Corp.*........................ (19,763) (615,123)
Biomet, Inc............................ (14,625) (613,336)
NTL, Inc.*............................. (7,373) (599,978)
BMC Software, Inc.*.................... (16,036) (594,334)
Chiron Corp.*.......................... (24,370) (534,617)
Fiserv, Inc.*.......................... (9,938) (532,925)
Compuware Corp.*....................... (21,922) (523,388)
Genzyme Corp. - General Division*...... (9,960) (502,358)
KLA-Tencor Corp.*...................... (10,344) (502,331)
USA Networks, Inc.*.................... (13,719) (491,311)
Peoplesoft, Inc.*...................... (31,840) (465,660)
Synopsys, Inc.*........................ (7,868) (422,905)
Network Associates, Inc.*.............. (13,671) (419,529)
3Com Corp.*............................ (17,610) (410,533)
Quintiles Transnational Corp.*......... (10,508) (396,677)
Jacor Communications, Inc.*............ (5,208) (395,808)
</TABLE>
* NON-INCOME PRODUCING SECURITIES
See Notes to Financial Statements. 29
<PAGE>
RYDEX SERIES TRUST
ARKTOS FUND
SCHEDULE OF INVESTMENTS (CONCLUDED)
- --------------------------------------------------------------------------------
March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
--------- ------------
<S> <C> <C>
Vitesse Semiconductor Corp.*........... (7,818) $ (395,786)
Smurfit-Stone
Container Corp.*..................... (20,314) (392,314)
Concord EFS Inc.*...................... (13,961) (384,800)
Veritas Software Corp.*................ (4,704) (379,848)
Citrix Systems, Inc.*.................. (9,932) (378,658)
Sanmina Corp.*......................... (5,869) (374,149)
PACCAR, Inc............................ (8,469) (348,817)
Quantum Corp.*......................... (19,373) (348,714)
Adobe Systems, Inc..................... (5,816) (330,058)
American Power
Conversion Corp.*.................... (12,175) (328,725)
Sigma-Aldrich Corp..................... (10,241) (299,549)
Electronic Arts, Inc.*................. (5,972) (283,670)
Centocor, Inc.*........................ (6,670) (246,790)
Reuters Group, Plc, Sponsored ADR...... (2,702) (234,736)
Molex, Inc............................. (7,254) (213,086)
Apollo Group, Inc., Class A*........... (7,053) (210,708)
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
--------- ------------
<S> <C> <C>
Autodesk, Inc.......................... (4,724) $ (191,027)
PacifiCare Health Systems Inc., Class
B*................................... (2,728) (186,186)
Northwest Airlines Corp.*.............. (6,684) (185,899)
Food Lion, Inc., Class B............... (19,811) (178,299)
FORE Systems, Inc.*.................... (8,859) (167,490)
Dollar Tree Stores, Inc.*.............. (5,258) (162,669)
Ross Stores, Inc....................... (3,461) (151,635)
McCormick & Co., Inc................... (5,139) (149,031)
Stewart Enterprises, Inc., Class A..... (8,970) (144,081)
Herman Miller, Inc..................... (6,486) (118,370)
Tech Data Corp.*....................... (4,285) (98,287)
CBRL Group, Inc........................ (4,268) (76,824)
Cambridge Technology Partners, Inc.*... (4,110) (57,026)
------------
Total Common Stocks Sold Short
(Proceeds $90,632,963)........... $(89,125,704)
------------
------------
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
UNREALIZED
LOSS
CONTRACTS (NOTE 1)
--------- ---------------
<S> <C> <C>
FUTURES CONTRACTS SOLD SHORT
June 1999 NASDAQ 100 Futures Contracts
(Underlying Face Amount at Market
Value $27,547,000)................... 130 $ (829,980)
---------------
---------------
</TABLE>
* NON-INCOME PRODUCING SECURITIES
See Notes to Financial Statements. 30
<PAGE>
RYDEX SERIES TRUST
STATEMENT OF ASSETS AND LIABILITIES
- --------------------------------------------------------------------------------
March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S.
GOVERNMENT
MONEY OVER-THE-
NOVA URSA MARKET COUNTER
FUND FUND FUND FUND
------------ ------------ -------------- --------------
<S> <C> <C> <C> <C>
ASSETS
Repurchase Agreements................ $ 4,200,000 $ 62,200,000 $ 180,400,000 $ 20,500,000
Investment Securities................ 696,969,800 457,206,816 915,733,344 1,264,856,187
------------ ------------ -------------- --------------
Securities at Value (Note 1)--See
Accompanying Schedules............. 701,169,800 519,406,816 1,096,133,344 1,285,356,187
Receivable-Short Sales Open.......... -- -- -- --
Receivable for Securities Sold....... 39,753,759 -- -- 33,975,653
Receivable for Futures Contracts
Settlement......................... -- 8,098,070 -- --
Investment Income Receivable......... 548,988 8,383 747,580 175,432
Cash in Custodian Bank............... 1,521,980 1,508,169 84,926 49,791
Cash on Deposit with Broker.......... 3,844,500 -- -- 613,283
Receivable for Shares Purchased...... 9,525,627 18,527,509 211,589,473 11,866,163
Unamortized Organization Costs (Note
1)................................. -- -- -- --
Other Assets......................... 2,405 50 1,562 24,762
------------ ------------ -------------- --------------
Total Assets....................... 756,367,059 547,548,997 1,308,556,885 1,332,061,271
------------ ------------ -------------- --------------
LIABILITIES
Payable for Securities Purchased..... -- -- -- --
Payable for Futures Contracts
Settlement......................... 7,777,877 -- -- 222,000
Short Sale at Market Value........... -- -- -- --
Liability for Shares Redeemed........ 56,394,245 61,576,444 36,329,761 46,354,395
Dividends Payable.................... -- -- 43,657 --
Investment Advisory Fee Payable...... 511,982 385,402 483,528 799,090
Transfer Agent Fee Payable........... 170,661 107,056 193,411 213,090
Distribution and Service Fee
Payable............................ 19,181 817 123,469 2,844
Other Liabilities.................... 31,040 66,428 -- 5,986
------------ ------------ -------------- --------------
Total Liabilities.................. 64,904,986 62,136,147 37,173,826 47,597,405
------------ ------------ -------------- --------------
NET ASSETS............................. $691,462,073 $485,412,850 $1,271,383,059 $1,284,463,866
------------ ------------ -------------- --------------
------------ ------------ -------------- --------------
INVESTOR CLASS:
Net Assets........................... $655,274,653 $482,340,013 $949,802,312 $1,277,570,861
Shares Outstanding................... 18,789,816 55,718,010 949,754,120 26,785,252
Net Asset Value Per Share............ $34.87 $8.66 $1.00 $47.70
ADVISOR CLASS:
Net Assets........................... $36,187,420 $3,072,837 $321,580,747 $6,893,005
Shares Outstanding................... 1,040,325 356,645 321,646,630 144,832
Net Asset Value Per Share............ $34.78 $8.62 $1.00 $47.59
</TABLE>
See Notes to Financial Statements. 31
<PAGE>
RYDEX SERIES TRUST
STATEMENT OF ASSETS AND LIABILITIES (CONCLUDED)
- --------------------------------------------------------------------------------
March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRECIOUS U.S.
METALS GOVERNMENT JUNO ARKTOS
FUND BOND FUND FUND FUND
----------- ----------- ----------- ------------
<S> <C> <C> <C> <C>
ASSETS
Repurchase Agreements................ $ 500,000 $ 800,000 $ 2,200,000 $ 37,000,000
Investment Securities................ 26,054,381 26,402,029 11,639,285 59,716,383
----------- ----------- ----------- ------------
Securities at Value (Note 1)--See
Accompanying Schedules............. 26,554,381 27,202,029 13,839,285 96,716,383
Receivable-Short Sales Open.......... -- -- -- 90,632,963
Receivable for Securities Sold....... -- -- -- --
Receivable for Futures Contracts
Settlement......................... -- -- 50,426 481,000
Investment Income Receivable......... 11,637 170,345 297 4,987
Cash in Custodian Bank............... 52,031 41,081 16,950 19,573
Cash on Deposit with Broker.......... -- -- -- 33,395,070
Receivable for Shares Purchased...... 7,077,116 3,289,738 55,000 4,964,669
Unamortized Organization Costs (Note
1)................................. -- -- 6,268 --
Other Assets......................... -- -- -- --
----------- ----------- ----------- ------------
Total Assets....................... 33,695,165 30,703,193 13,968,226 226,214,645
----------- ----------- ----------- ------------
LIABILITIES
Payable for Securities Purchased..... 6,615,183 1,801,520 -- 835,657
Payable for Futures Contracts
Settlement......................... -- -- -- --
Short Sale at Market Value........... -- -- -- 89,125,704
Liability for Shares Redeemed........ 199,948 1,233,115 1,140,597 17,465,267
Dividends Payable.................... -- 2,604 -- --
Investment Advisory Fee Payable...... 18,500 10,398 14,472 128,104
Transfer Agent Fee Payable........... 4,933 4,162 4,020 37,458
Distribution and Service Fee
Payable............................ -- -- -- --
Other Liabilities.................... 33,330 28,726 19,816 --
----------- ----------- ----------- ------------
Total Liabilities.................. 6,871,894 3,080,525 1,178,905 107,592,190
----------- ----------- ----------- ------------
NET ASSETS............................. $26,823,271 $27,622,668 $12,789,321 $118,622,455
----------- ----------- ----------- ------------
----------- ----------- ----------- ------------
INVESTOR CLASS:
Net Assets........................... $26,823,271 $27,622,668 $12,789,321 $118,622,455
Shares Outstanding................... 6,394,891 2,748,955 1,470,351 14,761,064
Net Asset Value Per Share............ $4.19 $10.05 $8.70 $8.04
ADVISOR CLASS:
Net Assets........................... N/A N/A N/A N/A
Shares Outstanding...................
Net Asset Value Per Share............
</TABLE>
See Notes to Financial Statements. 32
<PAGE>
RYDEX SERIES TRUST
STATEMENT OF OPERATIONS
- --------------------------------------------------------------------------------
Year Ended March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S.
GOVERNMENT OVER-THE-
MONEY COUNTER
NOVA FUND URSA FUND MARKET FUND FUND
------------ ------------- ----------- ------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest............................. $ 17,474,048 $ 25,337,660 $41,213,451 $ 499,905
Dividends, net of foreign tax
withheld........................... 2,702,010 -- -- 708,684
------------ ------------- ----------- ------------
Total Income....................... 20,176,058 25,337,660 41,213,451 1,208,589
------------ ------------- ----------- ------------
EXPENSES
Advisory Fees (Note 4)............... 5,775,479 4,849,228 3,913,720 5,142,021
Transfer Agent Fees (Note 4)......... 1,913,364 1,367,076 1,565,488 1,371,206
Audit and Outside Services........... 122,315 80,918 111,074 83,530
Accounting Fees (Note 4)............. 205,109 150,376 202,742 182,519
Legal................................ 88,353 61,851 77,735 50,530
Organizational Expenses.............. 96,692 34,957 37,124 43,421
Registration Fees.................... 279,665 172,293 160,431 142,023
Custodian Fees....................... 357,509 232,191 355,776 390,038
Distribution Fees--Advisor Class
(Note 4)........................... 28,035 109,920 535,607 14,038
Servicing Fees--Advisor Class (Note
4)................................. 28,035 109,920 535,607 14,038
Miscellaneous........................ 317,375 557,211 211,908 515,689
------------ ------------- ----------- ------------
Total Expenses..................... 9,211,931 7,725,941 7,707,212 7,949,053
Custodian Fees Paid Indirectly
(Note 5)......................... 58,126 40,919 60,173 52,050
------------ ------------- ----------- ------------
Net Expenses....................... 9,153,805 7,685,022 7,647,039 7,897,003
------------ ------------- ----------- ------------
Net Investment Income (Loss)........... 11,022,253 17,652,638 33,566,412 (6,688,414)
------------ ------------- ----------- ------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS
Net Realized Gain (Loss) on:
Investment Securities................ (15,222,699) (11,930,105) (15,218) 611,033
Written Options...................... (495,874) -- -- 122,767
Futures Contracts.................... 83,267,785 (124,851,798) -- 2,754,085
Securities Sold Short................ -- -- -- --
------------ ------------- ----------- ------------
Total Net Realized Gain (Loss)..... 67,549,212 (136,781,903) (15,218) 3,487,885
------------ ------------- ----------- ------------
Net Change in Unrealized Appreciation
(Depreciation) on:
Investment Securities................ 48,811,719 2,394,180 -- 382,756,163
Written Options...................... -- -- -- (2,690)
Futures Contracts.................... (20,522,968) 7,588,273 -- 28,238
Securities Sold Short................ -- -- -- --
------------ ------------- ----------- ------------
Net Change in Unrealized
Appreciation (Depreciation)...... 28,288,751 9,982,453 -- 382,781,711
------------ ------------- ----------- ------------
Net Gain (Loss) on Investments..... 95,837,963 (126,799,450) (15,218) 386,269,596
------------ ------------- ----------- ------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS...................... $106,860,216 $(109,146,812) $33,551,194 $379,581,182
------------ ------------- ----------- ------------
------------ ------------- ----------- ------------
</TABLE>
See Notes to Financial Statements. 33
<PAGE>
RYDEX SERIES TRUST
STATEMENT OF OPERATIONS (CONCLUDED)
- --------------------------------------------------------------------------------
Year Ended March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRECIOUS U.S.
METALS GOVERNMENT
FUND BOND FUND JUNO FUND ARKTOS FUND*
------------ ----------- --------- ------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest............................. $ 28,075 $ 1,746,270 $ 604,779 $ 1,180,113
Dividends, net of foreign tax
withheld........................... 169,967 -- -- --
------------ ----------- --------- ------------
Total Income....................... 198,042 1,746,270 604,779 1,180,113
------------ ----------- --------- ------------
EXPENSES
Advisory Fees (Note 4)............... 222,795 180,288 113,091 297,921
Transfer Agent Fees (Note 4)......... 59,123 72,115 31,414 82,742
Audit and Outside Services........... 4,846 5,150 1,982 4,840
Accounting Fees (Note 4)............. 30,681 32,901 17,273 39,764
Legal................................ 3,678 3,906 1,438 2,954
Organizational Expenses.............. 5,200 3,277 7,839 149
Registration Fees.................... 10,778 6,001 4,033 3,135
Custodian Fees....................... 27,548 18,616 5,967 14,308
Distribution Fees--Advisor Class
(Note 4)........................... -- -- -- --
Servicing Fees--Advisor Class (Note
4)................................. -- -- -- --
Miscellaneous........................ 37,966 27,725 13,924 11,302
------------ ----------- --------- ------------
Total Expenses..................... 402,615 349,979 196,961 457,115
Custodian Fees Paid Indirectly
(Note 5)......................... 2,233 2,732 952 4,360
------------ ----------- --------- ------------
Net Expenses....................... 400,382 347,247 196,009 452,755
------------ ----------- --------- ------------
Net Investment Income (Loss)........... (202,340) 1,399,023 408,770 727,358
------------ ----------- --------- ------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS
Net Realized Loss on:
Investment Securities................ (12,119,013) (1,845,458) (10,198) --
Written Options...................... (3,149) -- -- --
Futures Contracts.................... -- -- (637,520) (6,842,286)
Securities Sold Short................ -- -- -- (36,794,948)
------------ ----------- --------- ------------
Total Net Realized Loss............ (12,122,162) (1,845,458) (647,718) (43,637,234)
------------ ----------- --------- ------------
Net Change in Unrealized Appreciation
(Depreciation) on:
Investment Securities................ (2,802,502) (539,629) (48,535) --
Written Options...................... -- -- -- --
Futures Contracts.................... -- -- 77,045 (829,980)
Securities Sold Short................ -- -- -- 1,507,259
------------ ----------- --------- ------------
Net Change in Unrealized
Appreciation (Depreciation)...... (2,802,502) (539,629) 28,510 677,279
------------ ----------- --------- ------------
Net Loss on Investments............ (14,924,664) (2,385,087) (619,208) (42,959,955)
------------ ----------- --------- ------------
NET DECREASE IN NET ASSETS FROM
OPERATIONS........................... $(15,127,004) $ (986,064) $(210,438) $(42,232,597)
------------ ----------- --------- ------------
------------ ----------- --------- ------------
</TABLE>
* FOR THE PERIOD SEPTEMBER 3, 1998 (COMMENCEMENT OF OPERATIONS) TO MARCH
31, 1999.
See Notes to Financial Statements.
34
<PAGE>
RYDEX SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NOVA FUND URSA FUND
----------------------------- -------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
MARCH 31,1999 MARCH 31,1998 MARCH 31,1999 MARCH 31,1998
------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
FROM OPERATIONS
Net Investment Income................ $ 11,022,253 $ 14,837,385 $ 17,652,638 $ 10,439,890
Net Realized Gain (Loss) on
Investments........................ 67,549,212 188,136,498 (136,781,903) (109,079,393)
Net Change in Unrealized Appreciation
(Depreciation) of Investments...... 28,288,751 36,083,994 9,982,453 (36,070,499)
------------- -------------- -------------- --------------
Net Increase (Decrease) in Net
Assets from Operations........... 106,860,216 239,057,877 (109,146,812) (134,710,002)
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income (Note 1)
Investor Class..................... (13,321,698) -- (1,171,704) (1,305,283)
Advisor Class...................... -- (207) --
From Realized Gain on Investments
Investor Class..................... -- (1,480,654) -- --
Advisor Class...................... -- -- -- --
In Excess of Current Period Net
Investment Income
Investor Class..................... -- -- -- --
Advisor Class...................... (611,488) -- -- --
NET INCREASE (DECREASE) IN NET ASSETS
FROM SHARE TRANSACTIONS (NOTE 8)..... (387,711,572) 566,739,695 341,506,353 (192,047,007)
------------- -------------- -------------- --------------
Net Increase (Decrease) in Net
Assets............................... (294,784,542) 804,316,918 231,187,630 (328,062,292)
NET ASSETS--BEGINNING OF YEAR.......... 986,246,615 181,929,697 254,225,220 582,287,512
------------- -------------- -------------- --------------
NET ASSETS--END OF YEAR................ $ 691,462,073 $ 986,246,615 $ 485,412,850 $ 254,225,220
------------- -------------- -------------- --------------
------------- -------------- -------------- --------------
</TABLE>
See Notes to Financial Statements. 35
<PAGE>
RYDEX SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S. GOVERNMENT
MONEY MARKET FUND OVER-THE-COUNTER FUND
------------------------------- ---------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
MARCH 31, 1999 MARCH 31, 1998 MARCH 31, 1999 MARCH 31, 1998
-------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
FROM OPERATIONS
Net Investment Income................ $ 33,566,412 $ 12,372,829 $ (6,688,414) $ (1,957,250)
Net Realized Gain (Loss) on
Investments........................ (15,218) (8,594) 3,487,885 47,009,145
Net Change in Unrealized Appreciation
of Investments..................... -- -- 382,781,711 57,345,453
-------------- --------------- --------------- ---------------
Net Increase in Net Assets from
Operations....................... 33,551,194 12,364,235 379,581,182 102,397,348
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income (Note 1)
Investor Class..................... (25,385,626) (12,303,858) -- --
Advisor Class...................... (8,243,097) -- -- --
From Realized Gain on Investments
Investor Class..................... -- -- (5,572,180) (1,017,455)
Advisor Class...................... -- -- (1,924) --
NET INCREASE (DECREASE) IN NET ASSETS
FROM SHARE TRANSACTIONS (NOTE 8)..... 1,018,165,864 (30,318,479) 460,663,055 296,135,642
-------------- --------------- --------------- ---------------
Net Increase (Decrease) in Net
Assets........................... 1,018,088,335 (30,258,102) 834,670,133 397,515,535
NET ASSETS--BEGINNING OF YEAR.......... 253,294,724 283,552,826 449,793,733 52,278,198
-------------- --------------- --------------- ---------------
NET ASSETS--END OF YEAR................ $1,271,383,059 $ 253,294,724 $ 1,284,463,866 $ 449,793,733
-------------- --------------- --------------- ---------------
-------------- --------------- --------------- ---------------
</TABLE>
See Notes to Financial Statements. 36
<PAGE>
RYDEX SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRECIOUS METALS FUND U.S. GOVERNMENT BOND FUND
--------------------------------- ---------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
MARCH 31, 1999 MARCH 31, 1998 MARCH 31, 1999 MARCH 31, 1998
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
FROM OPERATIONS
Net Investment Income................ $ (202,340) $ 14,138 $ 1,399,023 $ 836,197
Net Realized Gain (Loss) on
Investments........................ (12,122,162) (14,349,828) (1,845,458) 2,555,601
Net Change in Unrealized Appreciation
(Depreciation) of Investments...... (2,802,502) 4,609,432 (539,629) 312,595
--------------- --------------- --------------- ---------------
Net Increase (Decrease) in Net
Assets from Operations........... (15,127,004) (9,726,258) (986,064) 3,704,393
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income (Note 1)
Investor Class..................... -- -- (1,410,313) (795,589)
Advisor Class...................... -- -- -- --
From Realized Gain on Investments
Investor Class..................... -- -- (37,296) --
Advisor Class...................... -- -- -- --
NET INCREASE (DECREASE) IN NET ASSETS
FROM SHARE TRANSACTIONS (NOTE 8)..... 7,412,063 20,584,331 9,548,541 14,297,344
--------------- --------------- --------------- ---------------
Net Increase (Decrease) in Net
Assets........................... (7,714,941) 10,858,073 7,114,868 17,206,148
NET ASSETS--BEGINNING OF YEAR.......... 34,538,212 23,680,139 20,507,800 3,301,652
--------------- --------------- --------------- ---------------
NET ASSETS--END OF YEAR................ $ 26,823,271 $ 34,538,212 $ 27,622,668 $ 20,507,800
--------------- --------------- --------------- ---------------
--------------- --------------- --------------- ---------------
</TABLE>
See Notes to Financial Statements. 37
<PAGE>
RYDEX SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS (CONCLUDED)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
JUNO FUND ARKTOS FUND
--------------------------------- ----------------
YEAR ENDED YEAR ENDED PERIOD ENDED
MARCH 31, 1999 MARCH 31, 1998 MARCH 31, 1999*
--------------- --------------- ----------------
<S> <C> <C> <C>
FROM OPERATIONS
Net Investment Income................ $ 408,770 $ 633,933 $ 727,358
Net Realized Loss on Investments..... (647,718) (2,278,841) (43,637,234)
Net Change in Unrealized Appreciation
(Depreciation) of Investments...... 28,510 (794,967) 677,279
--------------- --------------- ----------------
Net Decrease in Net Assets from
Operations....................... (210,438) (2,439,875) (42,232,597)
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income (Note 1)
Investor Class..................... (18,344) (128,263) (40,000)
Advisor Class...................... -- -- --
From Realized Gain on Investments
Investor Class..................... -- -- --
Advisor Class...................... -- -- --
NET INCREASE (DECREASE) IN NET ASSETS
FROM SHARE TRANSACTIONS (NOTE 8)..... 130,975 (17,121,999) 160,895,052
--------------- --------------- ----------------
Net Increase (Decrease) in Net
Assets........................... (97,807) (19,690,137) 118,622,455
NET ASSETS--BEGINNING OF PERIOD........ 12,887,128 32,577,265 --
--------------- --------------- ----------------
NET ASSETS--END OF PERIOD.............. $ 12,789,321 $ 12,887,128 $ 118,622,455
--------------- --------------- ----------------
--------------- --------------- ----------------
</TABLE>
* COMMENCEMENT OF OPERATIONS: SEPTEMBER 3, 1998.
See Notes to Financial Statements. 38
<PAGE>
RYDEX SERIES TRUST
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NOVA FUND
-------------------------------------------------------------------------
INVESTOR CLASS
-------------------------------------------------------------------------
YEAR YEAR PERIOD YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
MARCH 31, MARCH 31, MARCH 31, JUNE 30, JUNE 30,
1999 1998 1997 1996 1995
------------- ------------- ------------- ---------- ------------
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF PERIOD... $29.82 $17.89 $15.68 $11.81 $9.77
------------- ------------- ------------- ---------- ------------
Net Investment Income+............... .45 .59 .35 .56 .28
Net Realized and Unrealized Gains on
Securities......................... 5.01 11.39 2.19 3.31 2.88
------------- ------------- ------------- ---------- ------------
Net Increase in Net Asset Value
Resulting from Operations.......... 5.46 11.98 2.54 3.87 3.16
Distributions to Shareholders from:
Net Investment Income.............. (.41) -- -- -- (.29)
Net Realized Capital Gain.......... -- (.05) (.33) -- (.83)
------------- ------------- ------------- ---------- ------------
Net Increase in Net Asset Value...... 5.05 11.93 2.21 3.87 2.04
------------- ------------- ------------- ---------- ------------
NET ASSET VALUE--END OF PERIOD......... $34.87 $29.82 $17.89 $15.68 $11.81
------------- ------------- ------------- ---------- ------------
------------- ------------- ------------- ---------- ------------
TOTAL INVESTMENT RETURN................ 18.54% 67.02% 20.92%* 32.77% 32.65%
RATIOS TO AVERAGE NET ASSETS
Gross Expenses....................... 1.19% 1.13% 1.19%*
Net Expenses......................... 1.19% 1.11% 1.16%* 1.31% 1.43%
Net Investment Income................ 1.47% 2.42% 2.69%* 3.14% 2.62%
SUPPLEMENTARY DATA:
Portfolio Turnover Rate**............ 445% -- -- -- --
Net Assets, End of Year (000's
omitted)........................... $655,275 $986,247 $181,930 $224,541 $62,916
</TABLE>
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE YEAR.
* ANNUALIZED
** PORTFOLIO TURNOVER RATIO IS CALCULATED WITHOUT REGARD TO SHORT-TERM
SECURITIES HAVING A MATURITY OF LESS THAN ONE YEAR. FOR THE YEARS ENDED
MARCH 31, 1998 AND PRIOR, THE NOVA FUND TYPICALLY HELD MOST OF ITS
INVESTMENTS IN OPTIONS AND FUTURES CONTRACTS WHICH ARE DEEMED SHORT-TERM
SECURITIES.
See Notes to Financial Statements.
39
<PAGE>
RYDEX SERIES TRUST
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
URSA FUND
-----------------------------------------------------------------------
INVESTOR CLASS
-----------------------------------------------------------------------
YEAR YEAR PERIOD YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
MARCH 31, MARCH 31, MARCH 31, JUNE 30, JUNE 30,
1999 1998 1997 1996 1995
------------- ------------- ------------- ---------- ----------
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:++
NET ASSET VALUE--BEGINNING OF PERIOD... $9.92 $14.04 $15.10 $17.58 $21.08
------------- ------------- ------------- ---------- ----------
Net Investment Income+............... .25 .38 .34 .60 .70
Net Realized and Unrealized Losses on
Securities......................... (1.48) (4.46) (1.36) (3.08) (3.56)
------------- ------------- ------------- ---------- ----------
Net Decrease in Net Asset Value
Resulting from Operations.......... (1.23) (4.08) (1.02) (2.48) (2.86)
Distributions to Shareholders from
Net Investment Income.............. (.03) (.04) (.04) -- (.64)
------------- ------------- ------------- ---------- ----------
Net Decrease in Net Asset Value...... (1.26) (4.12) (1.06) (2.48) (3.50)
------------- ------------- ------------- ---------- ----------
NET ASSET VALUE--END OF PERIOD......... $8.66 $9.92 $14.04 $15.10 $17.58
------------- ------------- ------------- ---------- ----------
------------- ------------- ------------- ---------- ----------
TOTAL INVESTMENT RETURN................ (12.47)% (29.06)% (8.98)%* (14.11)% (14.08)%
RATIOS TO AVERAGE NET ASSETS
Gross Expenses....................... 1.39% 1.36% 1.36%*
Net Expenses......................... 1.38% 1.34% 1.34%* 1.39% 1.39%
Net Investment Income................ 3.29% 3.18% 3.21%* 3.38% 3.50%
SUPPLEMENTARY DATA:
Portfolio Turnover Rate**............ -- -- -- -- --
Net Assets, End of Year (000's
omitted)........................... $482,340 $254,225 $582,288 $192,553 $127,629
</TABLE>
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE YEAR.
++ PER SHARE AMOUNTS FOR THE PERIODS ENDED JUNE 30, 1995 THROUGH MARCH 31,
1998 HAVE BEEN RESTATED TO REFLECT A 1:2 REVERSE STOCK SPLIT EFFECTIVE
AUGUST 14, 1998.
* ANNUALIZED
** PORTFOLIO TURNOVER RATIO IS CALCULATED WITHOUT REGARD TO SHORT-TERM
SECURITIES HAVING A MATURITY OF LESS THAN ONE YEAR. THE URSA FUND
TYPICALLY HOLDS MOST OF ITS INVESTMENTS IN OPTIONS AND FUTURES CONTRACTS
WHICH ARE DEEMED SHORT-TERM SECURITIES.
See Notes to Financial Statements.
40
<PAGE>
RYDEX SERIES TRUST
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S. GOVERNMENT MONEY MARKET FUND
-----------------------------------------------------------------------
INVESTOR CLASS
-----------------------------------------------------------------------
YEAR YEAR PERIOD YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
MARCH 31, MARCH 31, MARCH 31, JUNE 30, JUNE 30,
1999 1998 1997 1996 1995
------------- ------------- ------------- ---------- ----------
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF PERIOD... $1.00 $1.00 $1.00 $1.00 $1.00
------------- ------------- ------------- ---------- ----------
Net Investment Income+............... .04 .04 .03 .04 .04
------------- ------------- ------------- ---------- ----------
Net Increase in Net Asset Value
Resulting from Operations.......... .04 .04 .03 .04 .04
Distributions to Shareholders from
Net Investment Income.............. (.04) (.04) (.03) (.04) (.04)
------------- ------------- ------------- ---------- ----------
Net Increase in Net Asset Value...... .00 .00 .00 .00 .00
------------- ------------- ------------- ---------- ----------
NET ASSET VALUE--END OF PERIOD......... $1.00 $1.00 $1.00 $1.00 $1.00
------------- ------------- ------------- ---------- ----------
------------- ------------- ------------- ---------- ----------
TOTAL INVESTMENT RETURN................ 4.55% 4.69% 4.39%* 4.60% 4.43%
RATIOS TO AVERAGE NET ASSETS
Gross Expenses....................... 0.84% 0.89% 0.86%*
Net Expenses......................... 0.83% 0.89% 0.86%* 0.99% 0.89%
Net Investment Income................ 4.37% 4.37% 4.06%* 4.18% 4.23%
SUPPLEMENTARY DATA:
Net Assets, End of Year (000's
omitted)........................... $949,802 $253,295 $283,553 $153,925 $284,198
</TABLE>
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE YEAR.
* ANNUALIZED
See Notes to Financial Statements.
41
<PAGE>
RYDEX SERIES TRUST
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
OVER-THE-COUNTER FUND
----------------------------------------------------------------------
INVESTOR CLASS
----------------------------------------------------------------------
YEAR YEAR PERIOD YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
MARCH 31, MARCH 31, MARCH 31, JUNE 30, JUNE 30,
1999 1998 1997 1996 1995
---------- ------------- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF PERIOD... $27.68 $17.93 $15.16 $12.22 $8.76
---------- ------------- ------------ ------------ ------------
Net Investment Income (Loss)+........ (.36) (.14) .01 .06 .14
Net Realized and Unrealized Gains on
Securities......................... 20.65 9.99 2.84 3.24 4.17
---------- ------------- ------------ ------------ ------------
Net Increase in Net Asset Value
Resulting from Operations.......... 20.29 9.85 2.85 3.30 4.31
Distributions to Shareholders from:
Net Investment Income............ -- -- (.07) -- (.12)
Net Realized Capital Gains....... (.27) (.10) (.01) (.36) (.73)
---------- ------------- ------------ ------------ ------------
Net Increase in Net Asset Value...... 20.02 9.75 2.77 2.94 3.46
---------- ------------- ------------ ------------ ------------
NET ASSET VALUE--END OF PERIOD......... $47.70 $27.68 $17.93 $15.16 $12.22
---------- ------------- ------------ ------------ ------------
---------- ------------- ------------ ------------ ------------
TOTAL INVESTMENT RETURN................ 73.73% 55.05% 24.77%* 26.44% 49.00%
RATIOS TO AVERAGE NET ASSETS
Gross Expenses....................... 1.15% 1.13% 1.27%*
Net Expenses......................... 1.15% 1.13% 1.27%* 1.33% 1.41%
Net Investment Income................ (0.97)% (0.58)% 0.08%* 0.44% 1.34%
SUPPLEMENTARY DATA:
Portfolio Turnover Rate**............ 773% 972% 1,140% 2,579% 2,241%
Net Assets, End of Year (000's
omitted)........................... $1,277,571 $ 449,794 $52,278 $ 48,716 $ 61,948
</TABLE>
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE YEAR.
* ANNUALIZED
** PORTFOLIO TURNOVER RATIO IS CALCULATED WITHOUT REGARD TO SHORT-TERM
SECURITIES HAVING A MATURITY OF LESS THAN ONE YEAR.
See Notes to Financial Statements.
42
<PAGE>
RYDEX SERIES TRUST
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRECIOUS METALS FUND
-------------------------------------------------------------
INVESTOR CLASS
-------------------------------------------------------------
YEAR YEAR PERIOD YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
MARCH 31, MARCH 31, MARCH 31, JUNE 30, JUNE 30,
1999 1998 1997 1996 1995
--------- --------- ---------- ------------ ------------
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF PERIOD... $5.82 $7.64 $9.05 $8.73 $8.29
--------- --------- ---------- ------------ ------------
Net Investment Income+............... (.03) -- -- -- .10
Net Realized and Unrealized Gains
(Losses) on Securities............. (1.60) (1.82) (1.41) .32 .43
--------- --------- ---------- ------------ ------------
Net Increase (Decrease) in Net Asset
Value Resulting from Operations.... (1.63) (1.82) (1.41) .32 .53
Distributions to Shareholders from
Net Investment Income.............. -- -- -- -- (.09)
--------- --------- ---------- ------------ ------------
Net Increase (Decrease) in Net Asset
Value.............................. (1.63) (1.82) (1.41) .32 .44
--------- --------- ---------- ------------ ------------
NET ASSET VALUE--END OF PERIOD......... $4.19 $5.82 $7.64 $9.05 $8.73
--------- --------- ---------- ------------ ------------
--------- --------- ---------- ------------ ------------
TOTAL INVESTMENT RETURN................ (28.01)% (23.82)% (20.77)%* 3.67% 6.21%
RATIOS TO AVERAGE NET ASSETS
Gross Expenses....................... 1.37% 1.42% 1.49%*
Net Expenses......................... 1.36% 1.41% 1.45%* 1.33% 1.38%
Net Investment Income................ (0.69)% 0.05% 0.00%* (0.01)% 1.15%
SUPPLEMENTARY DATA:
Portfolio Turnover Rate**............ 1,191% 752% 743% 1,036% 1,765%
Net Assets, End of Year (000's
omitted)........................... $26,823 $34,538 $23,680 $ 36,574 $ 40,861
</TABLE>
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE YEAR.
* ANNUALIZED
** PORTFOLIO TURNOVER RATIO IS CALCULATED WITHOUT REGARD TO SHORT-TERM
SECURITIES HAVING A MATURITY OF LESS THAN ONE YEAR.
See Notes to Financial Statements.
43
<PAGE>
RYDEX SERIES TRUST
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S. GOVERNMENT BOND FUND
-------------------------------------------------------------------------
INVESTOR CLASS
-------------------------------------------------------------------------
YEAR YEAR PERIOD YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
MARCH 31, MARCH 31, MARCH 31, JUNE 30, JUNE 30,
1999 1998 1997 1996 1995
------------- ------------- ------------ ----------- ------------
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF PERIOD... $10.04 $8.52 $8.97 $9.55 $8.24
------------- ------------- ------------ ----------- ------------
Net Investment Income+............... .42 .45 .34 .46 .39
Net Realized and Unrealized Gains
(Losses) on Securities............. .02 1.50 (.45) (.45) 1.17
------------- ------------- ------------ ----------- ------------
Net Increase (Decrease) in Net Asset
Value Resulting from Operations.... .44 1.95 (.11) .01 1.56
Distribution to Shareholders from:
Net Investment Income.............. (.42) (.43) (.34) (.46) (.25)
Net Realized Capital Gain.......... (.01) -- -- (.13) --
------------- ------------- ------------ ----------- ------------
Net Increase (Decrease) in Net Asset
Value.............................. .01 1.52 (.45) (.58) 1.31
------------- ------------- ------------ ----------- ------------
NET ASSET VALUE--END OF PERIOD......... $10.05 $10.04 $8.52 $8.97 $9.55
------------- ------------- ------------ ----------- ------------
------------- ------------- ------------ ----------- ------------
TOTAL INVESTMENT RETURN................ 4.24% 24.72% (0.46)%* (1.48)% 18.97%
RATIOS TO AVERAGE NET ASSETS
Gross Expenses....................... 0.97% 1.13% 1.51%*
Net Expenses......................... 0.96% 1.11% 1.49%* 1.26% 2.26%
Net Investment Income................ 3.88% 4.65% 5.06%* 4.73% 4.64%
SUPPLEMENTARY DATA:
Portfolio Turnover Rate**............ 1,339% 1,496% 962% 780% 3,453%
Net Assets, End of Year (000's
omitted)........................... $ 27,623 $ 20,508 $3,302 $18,331 $2,592
</TABLE>
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE YEAR.
* ANNUALIZED
** PORTFOLIO TURNOVER RATIO IS CALCULATED WITHOUT REGARD TO SHORT-TERM
SECURITIES HAVING A MATURITY OF LESS THAN ONE YEAR.
See Notes to Financial Statements.
44
<PAGE>
RYDEX SERIES TRUST
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
JUNO FUND
-----------------------------------------------------------------------
INVESTOR CLASS
-----------------------------------------------------------------------
YEAR YEAR PERIOD YEAR PERIOD
ENDED ENDED ENDED ENDED ENDED
MARCH 31, MARCH 31, MARCH 31, JUNE 30, JUNE 30,
1999 1998 1997 1996 1995*
------------- ------------ ------------ ------------ ----------
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF PERIOD... $8.65 $9.69 $9.47 $9.08 $10.00
------------- ------------ ------------ ------------ ----------
Net Investment Income+............... .27 .16 .25 .34 .14
Net Realized and Unrealized Gains
(Losses) on Securities............. (.20) (1.12) -- .05 (1.06)
------------- ------------ ------------ ------------ ----------
Net Increase (Decrease) in Net Asset
Value Resulting from Operations.... .07 (.96) .25 .39 (.92)
Distributions to Shareholders from
Net Investment Income.............. (.02) (.08) (.03) -- --
------------- ------------ ------------ ------------ ----------
Net Increase (Decrease) in Net Asset
Value.............................. .05 (1.04) .22 .39 (.92)
------------- ------------ ------------ ------------ ----------
NET ASSET VALUE--END OF PERIOD......... $8.70 $8.65 $9.69 $9.47 $9.08
------------- ------------ ------------ ------------ ----------
------------- ------------ ------------ ------------ ----------
TOTAL INVESTMENT RETURN................ 0.78% (9.92)% 3.75%** 4.30% (9.20)%
RATIOS TO AVERAGE NET ASSETS...........
Gross Expenses....................... 1.57% 1.61% 1.60%**
Net Expenses......................... 1.56% 1.59% 1.58%** 1.64% 1.50%**
Net Investment Income................ 3.25% 3.55% 3.51%** 3.63% 1.32%**
SUPPLEMENTARY DATA:
Portfolio Turnover Rate***........... -- -- -- -- --
Net Assets, End of Year (000's
omitted)........................... $ 12,789 $12,887 $32,577 $ 18,860 $4,301
</TABLE>
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE YEAR.
* COMMENCEMENT OF OPERATIONS: MARCH 3, 1995
** ANNUALIZED
*** PORTFOLIO TURNOVER RATIO IS CALCULATED WITHOUT REGARD TO SHORT-TERM
SECURITIES HAVING A MATURITY OF LESS THAN ONE YEAR. THE JUNO FUND
TYPICALLY HOLDS MOST OF ITS INVESTMENTS IN OPTIONS AND FUTURES CONTRACTS
WHICH ARE DEEMED SHORT-TERM SECURITIES.
See Notes to Financial Statements. 45
<PAGE>
RYDEX SERIES TRUST
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ARKTOS FUND
---------------
INVESTOR CLASS
---------------
PERIOD
ENDED
MARCH 31,
1999*
---------------
<S> <C>
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF PERIOD... $15.00
---------------
Net Investment Income+............... .13
Net Realized and Unrealized Losses on
Securities......................... (7.08)
---------------
Net Decrease in Net Asset Value
Resulting from Operations.......... (6.95)
Distributions to Shareholders from
Net Investment Income.............. (.01)
---------------
Net Decrease in Net Asset Value...... (6.96)
---------------
NET ASSET VALUE--END OF PERIOD......... $8.04
---------------
---------------
TOTAL INVESTMENT RETURN................ (46.35)%
RATIOS TO AVERAGE NET ASSETS...........
Gross Expenses....................... 1.38%**
Net Expenses......................... 1.37%**
Net Investment Income................ 2.20%**
SUPPLEMENTARY DATA:
Portfolio Turnover Rate***........... 1,332%
Net Assets, End of Year (000's
omitted)........................... $ 118,622
</TABLE>
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE YEAR.
* COMMENCEMENT OF OPERATIONS: SEPTEMBER 3, 1998
** ANNUALIZED
*** PORTFOLIO TURNOVER RATIO IS CALCULATED WITHOUT REGARD TO SHORT-TERM
SECURITIES HAVING A MATURITY OF LESS THAN ONE YEAR.
See Notes to Financial Statements.
46
<PAGE>
RYDEX SERIES TRUST
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ADVISOR CLASS
-------------------------------------------
FOR THE PERIOD ENDED MARCH 31, 1999*
-------------------------------------------
U.S.
GOVERNMENT
MONEY OVER-THE-
NOVA URSA MARKET COUNTER
FUND FUND FUND FUND
-------- -------- ----------- ---------
<S> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF PERIOD... $26.91 $10.25 $1.00 $30.52
-------- -------- ----------- ---------
Net Investment Income (Loss)+........ (.11) .21 .04 (.31)
Net Realized and Unrealized Gains
(Losses) on Securities............. 8.39 (1.81) -- 17.65
-------- -------- ----------- ---------
Net Increase (Decrease) in Net Asset
Value Resulting from Operations.... 8.28 (1.60) .04 17.34
Distributions to Shareholders:
From Net Investment Income......... -- (0.03) (.04) --
From Net Realized Capital Gain..... -- -- -- (.27)
In Excess of Current Period
Net Investment Income............ (.41) -- -- --
-------- -------- ----------- ---------
Net Increase (Decrease) in Net
Asset Value.................. 7.87 (1.63) .00 17.07
-------- -------- ----------- ---------
NET ASSET VALUE--END OF PERIOD......... $34.78 $8.62 $1.00 $47.59
-------- -------- ----------- ---------
-------- -------- ----------- ---------
TOTAL INVESTMENT RETURN................ 31.03% (15.68)% 4.02% 57.20%
RATIOS TO AVERAGE NET ASSETS **
Gross Expenses..................... 1.60% 1.86% 1.34% 1.49%
Net Expenses....................... 1.58% 1.85% 1.33% 1.47%
Net Investment Income.............. (0.70)% 2.96% 3.83% (1.31)%
SUPPLEMENTARY DATA:
Portfolio Turnover Rate***......... 445% -- -- 773%
Net Assets, End of Year (000's
omitted)......................... $36,187 $3,073 $ 321,581 $6,893
</TABLE>
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE YEAR.
* SINCE THE COMMENCEMENT OF OPERATIONS: OCTOBER 15, 1998--NOVA FUND,
AUGUST 5, 1998--URSA FUND, SEPTEMBER 22, 1998--OVER-THE-COUNTER FUND,
APRIL 1, 1998--U.S. GOVERNMENT MONEY MARKET FUND.
** ANNUALIZED
*** PORTFOLIO TURNOVER RATIO IS CALCULATED WITHOUT REGARD TO SHORT-TERM
SECURITIES HAVING A MATURITY OF LESS THAN ONE YEAR. THE URSA FUND
TYPICALLY HOLDS MOST OF ITS INVESTMENTS IN OPTIONS AND FUTURES CONTRACTS
WHICH ARE DEEMED SHORT-TERM SECURITIES.
See Notes to Financial Statements. 47
<PAGE>
RYDEX SERIES TRUST
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
The Rydex Series Trust (the "Trust") is registered with the Securities and
Exchange Commission under the Investment Company Act of 1940 (the "1940 Act") as
a non-diversified, open-ended investment company, and is authorized to issue an
unlimited number of shares. The Trust is authorized to offer two separate
classes of shares, Investor Class Shares and Advisor Class Shares. Sales of
shares of each Class are made without a sales charge at the net asset value per
share. Currently, the Trust consists of twenty-two separate series: seven
benchmark funds; one money market fund; and fourteen sector funds. This report
covers the seven benchmark funds and the money market fund (the "Funds"), while
the Sector Funds are contained in a separate report. The following significant
accounting policies are in conformity with generally accepted accounting
principles and are consistently followed by the Trust.
During 1997, the Trust changed its fiscal year end from June 30 to March 31.
Accordingly, statements for the period ended March 31, 1997, reflect nine months
of activity.
A. Securities listed on an exchange are valued at the latest quoted sales price
as of 4:00 P.M. on the valuation date. Securities not traded on an exchange are
valued at their last sales price. 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 are accounted for
using the unrealized gain or loss on the contracts that is determined by marking
the contracts to their current realized settlement prices. Short-term securities
are valued at amortized cost, which approximates market. 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 day the trade is executed for the
purpose of preparing semi-annual and annual financial statements. Realized gains
and losses from securities transactions are recorded on the identified cost
basis. Dividend income is recorded on the ex-dividend date, net of applicable
taxes withheld by foreign countries, and subsequently adjusted to reflect actual
holdings on the record date. Interest income is accrued on a daily basis.
C. Net investment income is computed and dividends are declared daily in the
U.S. Government Money Market Fund and the U.S. Government Bond Fund. Income
dividends in these funds are paid monthly. Dividends are reinvested in
additional shares unless shareholders request payment in cash. Generally,
short-term capital gains are distributed monthly in the U.S. Government Money
Market Fund.
48
<PAGE>
RYDEX SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
D. When the 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 Trust maintains a segregated account of securities as collateral for the
short sales. The Trust 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.
E. When the Trust 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 Trust enters into a closing purchase transaction, the Trust realizes a gain
(or loss if the cost of a closing purchase transaction exceeds the premium
received when the option was sold).
F. The Trust may 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, the Trust deposits and maintains as
collateral such initial margin as required by the exchange on which the
transaction is effected. Pursuant to the contract, the Trust 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 Trust as unrealized gains or losses. When the contract
is closed, the Trust records a realized gain or loss equal to the difference
between the value of the contract at the time it was opened and the value at the
time it was closed.
G. Futures contracts and written options involve to varying degrees, elements of
market risk and risks in excess of the amount recognized in the Statements of
Assets and Liabilities. The face or contract amounts reflect the extent of the
involvement each fund has in the particular classes of instruments. Risks may be
caused by an imperfect correlation between movements in the price of the
instruments and the price of the underlying securities.
H. The Trust intends 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 Federal income tax
provision is required.
I. Costs incurred by the individual Funds in connection with their organization
and registration prior to December 31, 1997, have been deferred and are being
amortized on the straight-line method over a five year period beginning on the
date on which the individual Fund commenced its investment activities. Costs
incurred subsequent to this date, and those related to the organization and
registration of the Sector Funds and the Advisor classes of certain Funds, have
been expensed as incurred.
49
<PAGE>
RYDEX SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
J. Interest and dividend income, most expenses, all realized gains and losses,
and all unrealized gains and losses are allocated to the classes based upon the
value of the outstanding shares in each Class. Certain costs are charged
directly to specific classes, for example, distribution fees relating to the
Advisor Classes.
K. The preparation of financial statements in conformity with generally accepted
accounting principles 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. OPERATING POLICIES
In addition to other securities, the Trust utilizes futures contracts, options,
and options on futures contracts in order to meet the specific investment
objectives of the individual funds.
The Nova Fund, which is designed to provide total returns over time that are
superior to the Standard and Poor's 500 Composite Stock Price Index ("S&P 500")
invests in securities included in the S&P 500-TM- Index, as well as in futures
on the S&P 500 index and options on those futures in order to correlate its
return with an amount approximately 150% of the performance of the S&P 500. The
Ursa Fund primarily sells futures contracts and buys options on futures
contracts in furtherance of its investment objective to inversely correlate to
the S&P 500. The Precious Metals Fund seeks capital appreciation. It buys
primarily equity securities and purchases call options and sells put options on
the Philadelphia Stock Exchange Gold/Silver Index-TM-("XAU Index"). The U.S.
Government Bond Fund strives to provide income and capital appreciation. It
purchases primarily long-term U.S. Treasury Bonds. It also purchases futures
contracts on U.S. Treasury Bonds and buys call options on U.S. Treasury Bond
futures as a substitute for a comparable market position in the underlying U.S.
Treasury Securities. The Juno Fund seeks to inversely correlate with the price
changes of the current Thirty Year U.S. Treasury Bond. To meet this objective,
Juno primarily buys put options on U.S. Treasury Bond futures and sells U.S.
Treasury Bond futures. The Over-the-Counter Fund strives to provide investment
results before fees and expenses that closely correlate the total return of the
NASDAQ 100 Index-TM-. The Over-the-Counter Fund invests in securities included
in the NASDAQ 100 Index-TM- and buys call options and sells put options on stock
indexes. The Arktos Fund attempts to inversely correlate to the NASDAQ 100
Index-TM-. To do this, the Arktos Fund engages in short sales of the securities
that comprise the NASDAQ 100 Index-TM-, as well as selling futures on the NASDAQ
100 Index-TM-. In addition, the Nova Fund, the Ursa Fund, the OTC Fund, the
Precious Metals Fund, and the Arktos Fund can write options to further meet
their investment objectives.
50
<PAGE>
RYDEX SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
The risks inherent in the use of options, futures contracts, and options on
futures contracts include 1) adverse changes in the value of such instruments;
2) imperfect correlation between the price of options and futures contracts and
options thereon and movements in the price of the underlying securities, index,
or futures contract; and 3) the possible absence of a liquid secondary market
for any particular instrument at any time.
3. REPURCHASE AGREEMENTS
The Trust, which includes twenty-two separate series, 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 U.S. Treasury
obligations. As of March 31, 1999, the collateral for the repurchase agreements
with Fuji Securities, Inc. Paine Webber, Inc., Lehman Brothers, and Salomon
Smith Barney, Inc. in the joint account was as follows:
<TABLE>
<CAPTION>
RANGE OF
SECURITY TYPE RATES PAR VALUE MARKET VALUE
- --------------------------------------- ------------ ------------ ------------
<S> <C> <C> <C>
U.S. Treasury Notes.................... 4.63%-8.50% $101,629,000 $104,505,348
U.S. Treasury Bonds.................... 6.75%-11.75% $82,747,000 $105,072,834
U.S. Treasury Bills.................... 4.25%-4.72% $110,341,000 $107,862,325
</TABLE>
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Under the terms of an investment advisory contract, the Trust pays PADCO
Advisors, Inc., an affiliated entity, investment advisory fees calculated at an
annualized rate, based on average daily net assets, of one half of one percent
(0.50%) of the net assets of the U.S. Government Money Market Fund and the U. S.
Government Bond Fund; three-quarters of one percent (0.75%) of the net assets of
the Nova Fund, the Precious Metals Fund, and the Over-the-Counter Fund; and
nine-tenths of one percent (0.90%) of the net assets of the Ursa Fund, the Juno
Fund, and the Arktos Fund. Certain officers of the Trust are also officers of
PADCO Advisors, Inc.
PADCO Service Company, Inc., a subsidiary of the investment advisor, provides
transfer agent service to the Trust at an annualized rate, based on average
daily net assets, of two-tenths of one percent (0.20%) of the net assets of the
U.S. Government Money Market Fund, the U.S. Government Bond Fund, the Precious
Metals Fund, and the Over-the-Counter Fund; and one-quarter of one percent
(0.25%) of the Nova Fund, the Ursa Fund, the Juno Fund, and the Arktos Fund.
The Trust has adopted a Distribution and Shareholder Services Plan applicable to
Advisor Class Shares, for which the Distributor, PADCO Financial Services, Inc.,
(an affiliated entity), and other firms that provide distribution and
shareholder services ("Service Providers") may receive compensation. If a
Service Provider provides distribution services, the Trust will pay fees to the
Distributor at an annual
51
<PAGE>
RYDEX SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
rate not to exceed one quarter of one percent (0.25%) of average daily net
assets, pursuant to Rule 12b-1 of the 1940 Act. The Distributor will pay the
Service Provider out of its fees. The Distributor may, at its discretion, retain
a portion of such payments to compensate itself for distribution services. If a
Service Provider provides shareholders services, the Distributor will receive
fees from the Trust at an annual rate not to exceed one quarter of one percent
(0.25%) of average daily net assets. The Distributor will pay the Service
Provider out of its fees. Certain officers of the Trust are also officers of
PADCO Financial Services, Inc.
The Trust paid PADCO Advisors Inc. $861,365 in accounting fees for the above
eight funds for the year ended March 31, 1999.
5. ACCOUNTING FOR EXPENSES
The Trust has entered into an arrangement with its custodian whereby interest
earned on uninvested cash balances was used to offset a portion of the Trust's
custodian expenses.
6. SECURITIES TRANSACTIONS
During the year ended March 31, 1999 purchases and sales of investment
securities, excluding short-term and temporary cash investments, were:
<TABLE>
<CAPTION>
U.S.
GOVERNMENT
MONEY U.S.
NOVA URSA MARKET OVER-THE- PRECIOUS GOVERNMENT JUNO
FUND FUND FUND COUNTER FUND METALS FUND BOND FUND FUND
-------------- ---- -------- -------------- ------------ ------------ ----
<S> <C> <C> <C> <C> <C> <C> <C>
Purchases.............................. $1,386,531,935 -- -- $5,944,602,542 $324,523,364 $414,655,931 --
Sales.................................. $897,685,852 -- -- $5,503,865,979 $317,711,490 $406,595,225 --
</TABLE>
<TABLE>
<CAPTION>
ARKTOS
FUND
--------------
<S> <C> <C> <C> <C> <C> <C> <C>
Purchase to close...................... $518,285,680
Short sales............................ $572,123,708
</TABLE>
52
<PAGE>
RYDEX SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
7. NET UNREALIZED APPRECIATION (DEPRECIATION) OF SECURITIES
At March 31, 1999 unrealized appreciation (depreciation) and cost of investment
securities for Federal income tax purposes was:
<TABLE>
<CAPTION>
U.S.
GOVERNMENT U.S.
NOVA URSA MONEY OVER-THE- PRECIOUS GOVERNMENT
FUND FUND MARKET FUND COUNTER FUND METALS FUND BOND FUND
------------ ------------ -------------- -------------- -------------- -----------
<S> <C> <C> <C> <C> <C> <C>
Gross Unrealized Appreciation.......... $36,003,400 $127,080 -- $289,900,766 -- --
Gross Unrealized (Depreciation)........ (7,086,002) -- -- (9,212,670) (22,105,063) (603,984)
------------ ------------ -------------- -------------- -------------- -----------
Net Unrealized Appreciation
(Depreciation)....................... $28,917,398 $127,080 -- $280,688,096 (22,105,063) $(603,984)
------------ ------------ -------------- -------------- -------------- -----------
------------ ------------ -------------- -------------- -------------- -----------
Cost of Investments for Federal Income
Tax Purposes......................... $672,252,402 $519,279,736 $1,096,133,344 $1,004,668,091 $ 48,659,444 $27,806,013
------------ ------------ -------------- -------------- -------------- -----------
------------ ------------ -------------- -------------- -------------- -----------
<CAPTION>
JUNO ARKTOS
FUND FUND
----------- -----------
<S> <C> <C>
Gross Unrealized Appreciation.......... -- $629,257
Gross Unrealized (Depreciation)........ (26,881) (5,297,881)
----------- -----------
Net Unrealized Appreciation
(Depreciation)....................... $(26,881) $(4,668,624)
----------- -----------
----------- -----------
Cost of Investments for Federal Income
Tax Purposes......................... $13,866,166 $96,716,383
----------- -----------
----------- -----------
</TABLE>
8. SHARE TRANSACTIONS
The Trust is authorized to distribute an unlimited number of shares.
Transactions in shares for the period ended March 31, 1999 were:
INVESTOR CLASS:
<TABLE>
<CAPTION>
U.S.
GOVERNMENT U.S.
NOVA URSA MONEY OVER-THE- PRECIOUS GOVERNMENT
FUND FUND MARKET FUND COUNTER FUND METALS FUND BOND FUND
------------ ------------- --------------- ------------ ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
Shares Purchased....................... 404,842,858 1,066,674,482 21,440,892,994 271,315,980 118,999,730 68,290,015
Purchased through Dividend
Reinvestment......................... 406,176 105,601 25,032,071 148,391 -- 122,660
------------ ------------- --------------- ------------ ------------ -----------
Total Purchased........................ 405,249,034 1,066,780,083 21,465,925,065 271,464,371 118,999,730 68,412,675
Reduction in Shares due to 1 for 2
Reverse Stock Split.................. (71,204,880)
Shares Redeemed........................ (419,535,081) (991,140,488) (20,769,406,160) (260,928,129) (118,541,590) (67,706,889)
------------ ------------- --------------- ------------ ------------ -----------
Net Shares Purchased (Redeemed)........ (14,286,047) 4,434,715 696,518,905 10,536,242 458,140 705,786
------------ ------------- --------------- ------------ ------------ -----------
------------ ------------- --------------- ------------ ------------ -----------
<CAPTION>
JUNO ARKTOS
FUND FUND
----------- -----------
<S> <C> <C>
Shares Purchased....................... 28,174,105 94,324,983
Purchased through Dividend
Reinvestment......................... 2,000 3,542
----------- -----------
Total Purchased........................ 28,176,105 94,328,525
Reduction in Shares due to 1 for 2
Reverse Stock Split..................
Shares Redeemed........................ (28,195,480) (79,567,461)
----------- -----------
Net Shares Purchased (Redeemed)........ (19,375) 14,761,064
----------- -----------
----------- -----------
</TABLE>
53
<PAGE>
RYDEX SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ADVISOR CLASS:
<TABLE>
<CAPTION>
U.S.
GOVERNMENT
NOVA URSA MONEY OVER-THE-
FUND FUND MARKET FUND COUNTER FUND
----------- ----------- -------------- --------------
<S> <C> <C> <C> <C>
Shares Purchased....................... 14,716,294 56,114,891 8,740,507,904 6,059,083
Purchased through Dividend
Reinvestment......................... 20,485 5 8,106,450 58
----------- ----------- -------------- --------------
Total Purchased........................ 14,736,779 56,114,896 8,748,614,354 6,059,141
Shares Redeemed........................ (13,696,454) (55,758,251) (8,426,967,724) (5,914,309)
----------- ----------- -------------- --------------
Net Shares Purchased................... 1,040,325 356,645 321,646,630 144,832
----------- ----------- -------------- --------------
----------- ----------- -------------- --------------
</TABLE>
Transactions in shares for the year ended March 31, 1998 were:
INVESTOR CLASS:
<TABLE>
<CAPTION>
U.S.
GOVERNMENT U.S.
NOVA URSA MONEY OVER-THE- PRECIOUS GOVERNMENT
FUND FUND MARKET FUND COUNTER FUND METALS FUND BOND FUND
------------ ------------ -------------- ------------ ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Shares Purchased....................... 298,544,343 602,377,836 7,003,801,278 211,244,843 59,825,453 31,718,190
Purchased through Dividend
Reinvestment......................... 50,353 208,677 12,114,239 35,575 -- 90,703
------------ ------------ -------------- ------------ ----------- -----------
Total Purchased........................ 298,594,696 602,586,513 7,015,915,517 211,280,418 59,825,453 31,808,893
Shares Redeemed........................ (275,687,374) (634,264,432) (7,046,233,581) (197,947,783) (56,987,792) (30,153,060)
------------ ------------ -------------- ------------ ----------- -----------
Net Shares Purchased (Redeemed)........ 22,907,322 (31,677,919) (30,318,064) 13,332,635 2,837,661 1,655,833
------------ ------------ -------------- ------------ ----------- -----------
------------ ------------ -------------- ------------ ----------- -----------
<CAPTION>
JUNO
FUND
-----------
<S> <C>
Shares Purchased....................... 23,983,761
Purchased through Dividend
Reinvestment......................... 12,022
-----------
Total Purchased........................ 23,995,783
Shares Redeemed........................ (25,868,396)
-----------
Net Shares Purchased (Redeemed)........ (1,872,613)
-----------
-----------
</TABLE>
Transactions in dollars for the period ended March 31, 1999 were:
INVESTOR CLASS:
<TABLE>
<CAPTION>
U.S.
GOVERNMENT
NOVA URSA MONEY OVER-THE- PRECIOUS
FUND FUND MARKET FUND COUNTER FUND METALS FUND
---------------- --------------- ---------------- --------------- -------------
<S> <C> <C> <C> <C> <C>
Shares Purchased....................... $ 12,072,521,422 $ 7,931,688,489 $ 21,440,988,848 $ 9,365,486,848 $ 593,482,014
Purchased through Dividend
Reinvestment......................... 12,128,420 1,002,153 25,032,071 4,904,309 --
---------------- --------------- ---------------- --------------- -------------
Total Purchased........................ 12,084,649,842 7,932,690,642 21,466,020,919 9,370,391,157 593,482,014
Shares Redeemed........................ (12,508,441,879) (7,621,833,039) (20,769,501,685) (8,911,848,032) (586,069,951)
---------------- --------------- ---------------- --------------- -------------
Net Shares Purchased (Redeemed)........ $ (423,792,037) $ 310,857,603 $ 696,519,234 $ 458,543,125 $ 7,412,063
---------------- --------------- ---------------- --------------- -------------
---------------- --------------- ---------------- --------------- -------------
<CAPTION>
U.S.
GOVERNMENT JUNO ARKTOS
BOND FUND FUND FUND
------------- ------------- -------------
<S> <C> <C> <C>
Shares Purchased....................... $ 737,252,924 $ 236,521,797 $ 954,373,687
Purchased through Dividend
Reinvestment......................... 1,333,596 16,059 36,947
------------- ------------- -------------
Total Purchased........................ 738,586,520 236,537,856 954,410,634
Shares Redeemed........................ (729,037,979) (236,406,881) (793,515,582)
------------- ------------- -------------
Net Shares Purchased (Redeemed)........ $ 9,548,541 $ 130,975 $ 160,895,052
------------- ------------- -------------
------------- ------------- -------------
</TABLE>
54
<PAGE>
RYDEX SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ADVISOR CLASS:
<TABLE>
<CAPTION>
U.S.
GOVERNMENT
NOVA URSA MONEY OVER-THE-
FUND FUND MARKET FUND COUNTER FUND
------------- ------------- --------------- -------------
<S> <C> <C> <C> <C>
Shares Purchased....................... $ 469,005,823 $ 591,997,759 $ 8,740,507,904 $ 214,681,288
Purchased through Dividend
Reinvestment......................... 611,488 50 8,106,450 1,924
------------- ------------- --------------- -------------
Total Purchased........................ 469,617,311 591,997,809 8,748,614,354 214,683,212
Shares Redeemed........................ (433,536,846) (561,349,059) (8,426,967,724) (212,563,282)
------------- ------------- --------------- -------------
Net Shares Purchased................... $ 36,080,465 $ 30,648,750 $ 321,646,630 $ 2,119,930
------------- ------------- --------------- -------------
------------- ------------- --------------- -------------
</TABLE>
Transactions in dollars for the year ended March 31, 1998 were:
INVESTOR CLASS:
<TABLE>
<CAPTION>
U.S.
GOVERNMENT
NOVA URSA MONEY OVER-THE- PRECIOUS
FUND FUND MARKET FUND COUNTER FUND METALS FUND
--------------- --------------- --------------- --------------- -------------
<S> <C> <C> <C> <C> <C>
Shares Purchased....................... $ 7,141,740,122 $ 3,520,783,180 $ 7,003,800,863 $ 4,997,462,409 $ 386,233,985
Purchased through Dividend
Reinvestment......................... 1,289,557 1,133,118 12,114,239 861,979 --
--------------- --------------- --------------- --------------- -------------
Total Purchased........................ 7,143,029,679 3,521,916,298 7,015,915,102 4,998,324,388 386,233,985
Shares Redeemed........................ (6,576,289,984) (3,713,963,305) (7,046,233,581) (4,702,188,746) (365,649,654)
--------------- --------------- --------------- --------------- -------------
Net Shares Purchased (Redeemed)........ $ 566,739,695 $ (192,047,007) $ (30,318,479) $ 296,135,642 $ 20,584,331
--------------- --------------- --------------- --------------- -------------
--------------- --------------- --------------- --------------- -------------
<CAPTION>
U.S.
GOVERNMENT JUNO
BOND FUND FUND
------------- -------------
<S> <C> <C>
Shares Purchased....................... $ 307,497,702 $ 216,439,760
Purchased through Dividend
Reinvestment......................... 863,573 104,843
------------- -------------
Total Purchased........................ 308,361,275 216,544,603
Shares Redeemed........................ (294,063,931) (233,666,602)
------------- -------------
Net Shares Purchased (Redeemed)........ $ 14,297,344 $ (17,121,999)
------------- -------------
------------- -------------
</TABLE>
9. OPTION CONTRACTS WRITTEN
During the year ended March 31, 1999 the Trust wrote the following contracts:
CALL OPTIONS WRITTEN:
<TABLE>
<CAPTION>
PRECIOUS METALS
NOVA FUND FUND
---------------- -----------------
NUMBER NUMBER
OF INITIAL OF INITIAL
CONTRACTS PREMIUMS CONTRACTS PREMIUMS
------- ------- ------- --------
<S> <C> <C> <C> <C>
Outstanding at Beginning of Year....... 0 $ 0 0 $ 0
Options Written........................ 40 1,315 20 22,439
Options Terminated..................... (40) (1,315) (20) (22,439)
------- ------- ------- --------
Outstanding at End of Year............. 0 $ 0 0 $ 0
------- ------- ------- --------
------- ------- ------- --------
</TABLE>
55
<PAGE>
RYDEX SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PUT OPTIONS WRITTEN:
<TABLE>
<CAPTION>
OVER-THE-COUNTER
FUND
------------------
NUMBER
OF INITIAL
CONTRACTS PREMIUMS
------- ---------
<S> <C> <C>
Outstanding at Beginning of Year....... 20 $ 3,440
Options Written........................ 68 137,241
Options Terminated..................... (88) (140,681)
------- ---------
Outstanding at End of Year............. 0 $ 0
------- ---------
------- ---------
</TABLE>
10. NET ASSETS
Certain adjustments have been made to the components of net assets to reflect
temporary and permanent differences in the recognition and timing of net
investment income, realized capital gains (losses), and distributions. At March
31, 1999, net assets consisted of:
<TABLE>
<CAPTION>
U.S.
GOVERNMENT
MONEY MARKET OVER-THE-
NOVA FUND URSA FUND FUND COUNTER FUND
------------ ------------- -------------- --------------
<S> <C> <C> <C> <C>
Paid-In-Capital........................ $658,433,683 $ 871,897,706 $1,271,362,508 $ 976,889,739
Undistributed Net Investment Income.... 2,997,121 922,976 44,363 --
Accumulated Net Realized Loss on
Investment........................... (24,605,206) (390,001,676) (23,812) (139,459,841)
Net Unrealized Appreciation on
Investments, Options and Futures
Contracts............................ 54,636,475 2,593,844 -- 447,033,968
------------ ------------- -------------- --------------
Net Assets............................. $691,462,073 $ 485,412,850 $1,271,383,059 $1,284,463,866
------------ ------------- -------------- --------------
------------ ------------- -------------- --------------
</TABLE>
<TABLE>
<CAPTION>
U.S.
PRECIOUS GOVERNMENT JUNO ARKTOS
METALS FUND BOND FUND FUND FUND
------------ ------------- -------------- --------------
<S> <C> <C> <C> <C>
Paid-In-Capital........................ $ 71,424,865 $ 31,627,930 $ 20,439,554 $ 161,468,405
Undistributed Net Investment Income.... -- 181,172 28,462 114,005
Accumulated Net Realized Loss on
Investment........................... (46,133,691) (3,902,045) (7,611,272) (43,637,234)
Net Unrealized Appreciation
(Depreciation) on Investments,
Options and Futures Contracts........ 1,532,097 (284,389) (67,423) 677,279
------------ ------------- -------------- --------------
Net Assets............................. $ 26,823,271 $ 27,622,668 $ 12,789,321 $ 118,622,455
------------ ------------- -------------- --------------
------------ ------------- -------------- --------------
</TABLE>
56
<PAGE>
RYDEX SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
11. LOSS CARRYFORWARD--FEDERAL INCOME TAX
At March 31, 1999, for Federal income tax purposes, the following funds have
capital loss carryovers which may be applied against future net taxable realized
gains of each succeeding year until the earlier of its utilization or
expiration.
<TABLE>
<CAPTION>
U.S.
GOVERNMENT
MONEY PRECIOUS
EXPIRES MARCH 31 URSA FUND MARKET FUND METALS FUND JUNO FUND ARKTOS FUND
- --------------------------------------- ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
2003................................... $ 6,618,786 $ -- $ -- $ -- $ --
2004................................... 43,168,709 -- 4,249,968 3,643,317 --
2005................................... 50,012,823 -- 709,440 106,438 --
2006................................... 102,945,587 -- 6,318,198 2,486,456 --
2007................................... 102,218,150 13,314 5,630,309 1,206,560 4,782,728
</TABLE>
12. URSA FUND REVERSE STOCK SPLIT
Effective after the close of business on August 14, 1998, the Ursa Fund Investor
Class underwent a 1-for-2 reverse split. The effect of this transaction was to
reduce the number of outstanding shares in this class by one half, while
doubling the price per share. The price per share prior to the reverse split was
$5.25; after the reverse split, the price per share was $10.50. There was no
change in the aggregate market value of the outstanding shares as a result of
this transaction.
57
<PAGE>
INDEPENDENT AUDITORS' REPORT
The Shareholders and Board of Trustees,
Rydex Series Trust:
We have audited the accompanying statements of assets and liabilities, including
the schedules of investments, of the Nova, Ursa, U.S. Government Money Market,
Over-the-Counter, Precious Metals, U.S. Government Bond, Juno, and Arktos Funds
(comprising eight of the twenty-two Funds) of the Rydex Series Trust (the
"Trust") as of March 31, 1999, and the related statements of operations and
changes in net assets and the financial highlights for each of the periods
presented. These financial statements and financial highlights are the
responsibility of the Trust's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights. Our procedures included confirmation of
securities owned as of March 31, 1999, by correspondence with the custodian and
brokers. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Nova, Ursa, U.S. Government Money Market, Over-the-Counter, Precious Metals,
U.S. Government Bond, Juno, and Arktos Funds of the Rydex Series Trust, as of
March 31, 1999, the results of their operations, the changes in their net
assets, and their financial highlights for the periods presented in conformity
with generally accepted accounting principles.
DELOITTE & TOUCHE LLP
Princeton, New Jersey
May 21, 1999
<PAGE>
DISTRIBUTIONS (Unaudited)
During the fiscal year ended March 31, 1999, shareholders redeemed
$12,941,978,725, $729,037,979, and $9,124,411,314 from the Nova, U.S. Government
Bond, and Over-the-Counter Funds, respectively. A portion of those proceeds
received by shareholders represent capital gain distributions in the amounts of
$32,361,338, $192,338, and $7,888,385, respectively. This notification is to
meet certain Internal Revenue Service requirements.
<PAGE>
A FAMILY OF MUTUAL FUNDS
DESIGNED EXCLUSIVELY FOR
PROFESSIONAL MONEY MANAGERS
NOVA FUND
URSA FUND
U.S. GOVERNMENT MONEY MARKET FUND
OVER-THE-COUNTER FUND
PRECIOUS METALS FUND
U.S. GOVERNMENT BOND FUND
JUNO FUND
ARKTOS FUND
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.
RYDEX SERIES TRUST
6116 Executive Blvd., Suite 400
Rockville, MD 20852
(301) 468-8520 (800) 820-0888
www.rydexfunds.com
ADVISOR CLASS SHARES ARE DISTRIBUTED BY
PADCO FINANCIAL SERVICES, INC.
[RYDEX LOGO]
ANNUAL REPORT
MARCH 31, 1999
NOVA FUND
URSA FUND
U.S. GOVERNMENT MONEY MARKET FUND
OVER-THE-COUNTER FUND
PRECIOUS METALS FUND
U.S. GOVERNMENT BOND FUND
JUNO FUND
ARKTOS FUND
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