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[LOGO]
RYDEX SERIES FUNDS
SECTOR FUNDS
ANNUAL REPORT
MARCH 31, 2000
ENERGY FUND
FINANCIAL SERVICES FUND
HEALTH CARE FUND
TECHNOLOGY FUND
BASIC MATERIALS FUND
CONSUMER PRODUCTS FUND
LEISURE FUND
RETAILING FUND
TELECOMMUNICATIONS FUND
TRANSPORTATION FUND
ENERGY SERVICES FUND
BANKING FUND
BIOTECHNOLOGY FUND
ELECTRONICS FUND
PRECIOUS METALS FUND
<PAGE>
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<TABLE>
<S> <C>
RYDEX SERIES FUNDS
[LOGO] SECTOR FUNDS
ANNUAL REPORT
March 31, 2000
6116 Executive Boulevard, Suite 400
Rockville, MD 20852
(301) 468-8520 (800) 820-0888
</TABLE>
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DEAR SHAREHOLDER:
The last twelve months were among the best in the nation's economic history.
At the start of the year 2000, the U.S. economy moved into its record tenth year
of expansion. The GDP grew 4.1% in 1999. Concurrently, 2.6 million jobs were
created while unemployment fell 4.2%--its lowest rate in three decades. The
booming growth has been powered by consumer spending, which accounts for
two-thirds of all economic activity. Although inflation has remained in check,
signs of overheating have begun to appear. To address these concerns, the
Federal Reserve raised interest rates five times since June to temper growth and
ward off inflation.
FISCAL YEAR IN REVIEW
Technology-related issues continued to outpace the broad market during the
12-month period, producing spectacular gains as investors continued to favor new
economy stocks. The S&P 500's ten best performing stocks fell into a technology
or technology-related category. As the first quarter of 2000 moved into its
closing week, the stock market was jarred by the comments of influential Goldman
Sachs strategist Abby Joseph Cohen, who recommended a paring back of equity
positions and a move to a neutral stance on the technology sector. These
recommendations--coupled with fears of continued rate hikes as part of the
Federal Reserve's efforts to slow the economy and control inflation--stymied the
advance of new economy issues and sparked interest in old economy names.
Overall, however, sectors associated with old economy stocks significantly
underperformed. The S&P 500 Consumer Staples and Transportation Indices, for
example, saw price losses of 13.0% and 17.5%, respectively.
Electronics and telecommunications equipment stocks were among the top
individual performers--semi-conductor-related capital expenditures continued to
grow worldwide, while the escalation in wireless communications continued
unabated. Biotech shares posted strong gains during the reporting period due to
solid sales growth trends for marketed drugs and positive news from
genomic-based equities. The biotech rally was abruptly halted toward the end of
the quarter due to concerns over patent protection and a general sell-off in
high tech stocks. The healthcare sector then sprang back to life as investors
<PAGE>
spurned biotech stocks for the more defensive pharmaceutical stocks that produce
dividends and profits. The remarkable recovery in oil prices, ignited by OPEC's
1999 agreement to decrease supply, sent energy and energy service stocks higher
during the year. Banking and financial services stocks staged a rally at the end
of the first quarter. This despite poor performance during the past year due to
rising interest rates and disappointing earnings reports from some of the top
tier banks. The quarter-end rally was due to rising optimism that the Federal
Reserve would limit interest rate increases and an investor shift out of
technology stocks into old economy banks, drugs, and industrials.
IN SUMMARY
Stock market volatility increased as the year progressed, particularly in
the technology sectors. During the first quarter of 2000, stock market
volatility eclipsed levels last seen in 1974 and 1987, with 48% of all trading
days resulting in a change of at least 1%. Volatility was even higher for the
NASDAQ 100, which experienced price moves of the same magnitude 68% of the time
for the year and 73% for the quarter. After a wild first quarter, investors may
be wondering whether they should lighten-up on the technology stocks that have
taken them on a profitable, albeit volatile, ride and rotate into some of the
more defensive sectors.
Sincerely,
/s/ Albert P. Viragh, Jr.
Albert P. (Skip) Viragh, Jr.
Chairman of the Board
2
<PAGE>
RYDEX SERIES FUNDS
FUND STRATEGY AND PERFORMANCE
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In this section, you will find information regarding the performance of each
Rydex Sector Fund in relation to the S&P 500 Index for the period ended
March 31, 2000. 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.
Our goal is to create a liquid portfolio of stocks that adequately represent a
particular market sector while providing NAV pricing predictability. As with
other Rydex portfolios, we employ a quantitative approach that considers a
number of factors. The investment process screens stocks based primarily on
market capitalization, liquidity and correlation relative to the entire industry
sector. We intend to be fully invested at all times and, through our continuous
monitoring of the portfolios, we will add or delete stocks as needed. The
following sector funds are covered in this report:
RYDEX SECTOR FUNDS
Energy Fund
Financial Services Fund
Health Care Fund
Technology Fund
Basic Materials Fund
Consumer Products Fund
Leisure Fund
Retailing Fund
Telecommunications Fund
Transportation Fund
Energy Services Fund
Banking Fund
Biotechnology Fund
Electronics Fund
Precious Metals Fund
3
<PAGE>
ENERGY FUND
OBJECTIVE: SEEKS CAPITAL APPRECIATION BY INVESTING IN COMPANIES INVOLVED IN THE
ENERGY FIELD, INCLUDING THE EXPLORATION, PRODUCTION AND DEVELOPMENT OF OIL, GAS,
COAL AND ALTERNATIVE SOURCES OF ENERGY.
INCEPTION: APRIL 21, 1998
Sharply higher oil prices helped the Energy Fund reach a return of 20.91% for
the year ended March 31, 2000. Opec's April 1999 agreement to cut back on
production helped send oil prices from approximately $11 per barrel in
February 1999 to a nine-year high of about $34 per barrel in early March of
2000. Exxon Mobil, Chevron Corp., and Occidental Petroleum said fourth quarter
earnings surged as oil prices rose. By the end of March, oil prices retreated to
around $27 per barrel as OPEC agreed to reverse the 1999 agreement and increase
output, although they seem to be proceeding with caution. In December, Exxon's
purchase of Mobil won U.S. anti-trust approval, reuniting the largest parts of
Standard Oil Co.
CUMULATIVE FUND PERFORMANCE: APRIL 21, 1998--MARCH 31, 2000
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
ENERGY FUND S&P 500 INDEX
<S> <C> <C>
4/21/98 $10,000 $10,000
4/22/98 $9,910 $10,032
4/23/98 $9,880 $9,940
4/24/98 $9,770 $9,836
4/27/98 $9,780 $9,647
4/28/98 $9,760 $9,634
4/29/98 $9,890 $9,718
4/30/98 $9,930 $9,871
5/1/98 $10,280 $9,953
5/4/98 $10,130 $9,962
5/5/98 $10,070 $9,905
5/6/98 $10,040 $9,810
5/7/98 $9,890 $9,723
5/8/98 $9,930 $9,838
5/11/98 $9,910 $9,825
5/12/98 $9,960 $9,906
5/13/98 $9,980 $9,934
5/14/98 $10,010 $9,920
5/15/98 $9,920 $9,844
5/18/98 $9,750 $9,818
5/19/98 $9,770 $9,851
5/20/98 $9,710 $9,935
5/21/98 $9,620 $9,896
5/22/98 $9,600 $9,859
5/26/98 $9,480 $9,713
5/27/98 $9,470 $9,697
5/28/98 $9,530 $9,745
5/29/98 $9,490 $9,685
6/1/98 $9,390 $9,686
6/2/98 $9,370 $9,704
6/3/98 $9,250 $9,613
6/4/98 $9,450 $9,720
6/5/98 $9,670 $9,889
6/8/98 $9,520 $9,906
6/9/98 $9,390 $9,930
6/10/98 $9,300 $9,875
6/11/98 $9,070 $9,718
6/12/98 $9,240 $9,756
6/15/98 $8,970 $9,562
6/16/98 $9,170 $9,656
6/17/98 $9,410 $9,829
6/18/98 $9,220 $9,823
6/19/98 $9,120 $9,772
6/22/98 $9,240 $9,795
6/23/98 $9,360 $9,939
6/24/98 $9,400 $10,058
6/25/98 $9,400 $10,026
6/26/98 $9,360 $10,061
6/29/98 $9,330 $10,108
6/30/98 $9,330 $10,067
7/1/98 $9,470 $10,197
7/2/98 $9,500 $10,178
7/6/98 $9,410 $10,275
7/7/98 $9,220 $10,251
7/8/98 $9,250 $10,355
7/9/98 $9,080 $10,286
7/10/98 $9,050 $10,337
7/13/98 $8,850 $10,345
7/14/98 $9,030 $10,455
7/15/98 $9,080 $10,430
7/16/98 $9,090 $10,512
7/17/98 $9,040 $10,536
7/20/98 $8,900 $10,513
7/21/98 $8,850 $10,344
7/22/98 $8,990 $10,335
7/23/98 $8,720 $10,119
7/24/98 $8,710 $10,128
7/27/98 $8,750 $10,186
7/28/98 $8,650 $10,035
7/29/98 $8,670 $9,990
7/30/98 $8,760 $10,147
7/31/98 $8,570 $9,950
8/3/98 $8,380 $9,877
8/4/98 $8,180 $9,519
8/5/98 $8,060 $9,601
8/6/98 $7,970 $9,674
8/7/98 $8,180 $9,672
8/10/98 $8,020 $9,616
8/11/98 $8,140 $9,491
8/12/98 $8,200 $9,626
8/13/98 $8,250 $9,543
8/14/98 $8,290 $9,435
8/17/98 $8,350 $9,621
8/18/98 $8,440 $9,777
8/19/98 $8,560 $9,749
8/20/98 $8,570 $9,692
8/21/98 $8,460 $9,599
8/24/98 $8,360 $9,661
8/25/98 $8,310 $9,703
8/26/98 $8,150 $9,626
8/27/98 $7,880 $9,256
8/28/98 $7,790 $9,120
8/31/98 $7,520 $8,501
9/1/98 $7,800 $8,827
9/2/98 $7,710 $8,794
9/3/98 $7,790 $8,721
9/4/98 $8,040 $8,647
9/8/98 $8,240 $9,087
9/9/98 $8,150 $8,933
9/10/98 $8,280 $8,702
9/11/98 $8,560 $8,959
9/14/98 $8,640 $9,142
9/15/98 $8,680 $9,213
9/16/98 $8,670 $9,282
9/17/98 $8,530 $9,046
9/18/98 $8,540 $9,057
9/21/98 $8,570 $9,090
9/22/98 $8,450 $9,143
9/23/98 $8,920 $9,465
9/24/98 $8,680 $9,258
9/25/98 $8,740 $9,276
9/28/98 $8,740 $9,311
9/29/98 $8,950 $9,314
9/30/98 $8,620 $9,030
10/1/98 $8,470 $8,757
10/2/98 $8,690 $8,901
10/5/98 $8,730 $8,777
10/6/98 $8,770 $8,741
10/7/98 $8,640 $8,618
10/8/98 $8,440 $8,518
10/9/98 $8,460 $8,739
10/12/98 $8,540 $8,858
10/13/98 $8,520 $8,832
10/14/98 $8,570 $8,927
10/15/98 $8,750 $9,300
10/16/98 $8,820 $9,379
10/19/98 $8,650 $9,432
10/20/98 $8,730 $9,446
10/21/98 $8,670 $9,499
10/22/98 $8,550 $9,575
10/23/98 $8,500 $9,506
10/26/98 $8,630 $9,520
10/27/98 $8,560 $9,458
10/28/98 $8,500 $9,483
10/29/98 $8,610 $9,641
10/30/98 $8,680 $9,754
11/2/98 $8,810 $9,869
11/3/98 $8,850 $9,862
11/4/98 $8,820 $9,932
11/5/98 $8,840 $10,065
11/6/98 $8,890 $10,130
11/9/98 $8,760 $10,034
11/10/98 $8,540 $10,017
11/11/98 $8,470 $9,952
11/12/98 $8,680 $9,923
11/13/98 $8,720 $9,994
11/16/98 $8,630 $10,085
11/17/98 $8,550 $10,115
11/18/98 $8,560 $10,161
11/19/98 $8,460 $10,233
11/20/98 $8,630 $10,330
11/23/98 $8,590 $10,549
11/24/98 $8,560 $10,503
11/25/98 $8,540 $10,537
11/27/98 $8,800 $10,586
11/30/98 $8,530 $10,331
12/1/98 $8,340 $10,435
12/2/98 $8,180 $10,399
12/3/98 $8,100 $10,211
12/4/98 $8,220 $10,447
12/7/98 $8,350 $10,545
12/8/98 $8,310 $10,489
12/9/98 $8,460 $10,507
12/10/98 $8,350 $10,343
12/11/98 $8,350 $10,356
12/14/98 $8,290 $10,132
12/15/98 $8,260 $10,324
12/16/98 $8,470 $10,316
12/17/98 $8,340 $10,476
12/18/98 $8,350 $10,548
12/21/98 $8,320 $10,679
12/22/98 $8,280 $10,686
12/23/98 $8,510 $10,907
12/24/98 $8,440 $10,887
12/28/98 $8,400 $10,880
12/29/98 $8,450 $11,025
12/30/98 $8,250 $10,937
12/31/98 $8,350 $10,913
1/4/99 $8,420 $10,903
1/5/99 $8,370 $11,052
1/6/99 $8,640 $11,296
1/7/99 $8,660 $11,273
1/8/99 $8,640 $11,321
1/11/99 $8,520 $11,221
1/12/99 $8,390 $11,005
1/13/99 $8,230 $10,959
1/14/99 $8,100 $10,762
1/15/99 $8,240 $11,038
1/19/99 $8,240 $11,106
1/20/99 $8,180 $11,157
1/21/99 $8,200 $10,966
1/22/99 $8,170 $10,878
1/25/99 $8,090 $10,956
1/26/99 $7,990 $11,118
1/27/99 $7,830 $11,037
1/28/99 $7,780 $11,234
1/29/99 $7,760 $11,361
2/1/99 $7,750 $11,302
2/2/99 $7,780 $11,204
2/3/99 $7,980 $11,294
2/4/99 $7,940 $11,084
2/5/99 $8,150 $11,004
2/8/99 $8,230 $11,043
2/9/99 $8,070 $10,797
2/10/99 $8,070 $10,863
2/11/99 $7,990 $11,134
2/12/99 $7,890 $10,921
2/16/99 $7,800 $11,026
2/17/99 $7,720 $10,867
2/18/99 $7,770 $10,985
2/19/99 $7,700 $11,002
2/22/99 $7,750 $11,294
2/23/99 $7,740 $11,286
2/24/99 $7,720 $11,128
2/25/99 $7,750 $11,054
2/26/99 $7,700 $10,994
3/1/99 $7,600 $10,975
3/2/99 $7,540 $10,880
3/3/99 $7,760 $10,900
3/4/99 $8,020 $11,068
3/5/99 $8,170 $11,324
3/8/99 $8,280 $11,388
3/9/99 $8,210 $11,363
3/10/99 $8,640 $11,425
3/11/99 $8,750 $11,521
3/12/99 $8,760 $11,494
3/15/99 $8,650 $11,606
3/16/99 $8,600 $11,598
3/17/99 $8,850 $11,522
3/18/99 $8,950 $11,689
3/19/99 $8,830 $11,536
3/22/99 $8,960 $11,515
3/23/99 $8,780 $11,206
3/24/99 $8,760 $11,263
3/25/99 $8,830 $11,453
3/26/99 $8,930 $11,389
3/29/99 $9,280 $11,632
3/30/99 $9,140 $11,548
3/31/99 $8,990 $11,421
4/1/99 $8,850 $11,486
4/2/99 $8,850 $11,486
4/5/99 $9,000 $11,729
4/6/99 $8,910 $11,701
4/7/99 $8,870 $11,781
4/8/99 $9,020 $11,932
4/9/99 $9,130 $11,971
4/12/99 $9,150 $12,062
4/13/99 $9,190 $11,984
4/14/99 $9,040 $11,794
4/15/99 $9,450 $11,745
4/16/99 $9,830 $11,710
4/19/99 $10,010 $11,448
4/20/99 $9,740 $11,597
4/21/99 $9,660 $11,862
4/22/99 $9,800 $12,064
4/23/99 $9,610 $12,047
4/26/99 $9,490 $12,075
4/27/99 $9,720 $12,099
4/28/99 $10,110 $11,994
4/29/99 $10,340 $11,922
4/30/99 $10,190 $11,854
5/3/99 $10,450 $12,027
5/4/99 $10,430 $11,826
5/5/99 $10,330 $11,962
5/6/99 $10,180 $11,826
5/7/99 $10,260 $11,941
5/10/99 $10,180 $11,900
5/11/99 $10,140 $12,036
5/12/99 $9,920 $12,110
5/13/99 $10,010 $12,142
5/14/99 $9,910 $11,877
5/17/99 $9,860 $11,892
5/18/99 $9,690 $11,838
5/19/99 $9,770 $11,934
5/20/99 $9,870 $11,887
5/21/99 $10,110 $11,811
5/24/99 $9,810 $11,604
5/25/99 $9,770 $11,403
5/26/99 $10,040 $11,584
5/27/99 $9,750 $11,377
5/28/99 $9,860 $11,558
6/1/99 $9,750 $11,491
6/2/99 $9,880 $11,496
6/3/99 $9,980 $11,538
6/4/99 $10,070 $11,788
6/7/99 $10,160 $11,848
6/8/99 $10,040 $11,696
6/9/99 $10,040 $11,707
6/10/99 $10,100 $11,567
6/11/99 $10,190 $11,485
6/14/99 $10,290 $11,489
6/15/99 $10,430 $11,552
6/16/99 $10,280 $11,812
6/17/99 $10,340 $11,896
6/18/99 $10,320 $11,922
6/21/99 $10,060 $11,977
6/22/99 $9,940 $11,860
6/23/99 $10,020 $11,835
6/24/99 $9,860 $11,682
6/25/99 $9,770 $11,678
6/28/99 $9,720 $11,820
6/29/99 $9,920 $11,999
6/30/99 $10,070 $12,187
7/1/99 $10,130 $12,261
7/2/99 $10,170 $12,352
7/6/99 $10,330 $12,324
7/7/99 $10,280 $12,393
7/8/99 $10,360 $12,380
7/9/99 $10,400 $12,459
7/12/99 $10,530 $12,422
7/13/99 $10,420 $12,372
7/14/99 $10,450 $12,413
7/15/99 $10,540 $12,515
7/16/99 $10,480 $12,596
7/19/99 $10,420 $12,498
7/20/99 $10,180 $12,226
7/21/99 $10,230 $12,246
7/22/99 $10,140 $12,083
7/23/99 $10,220 $12,047
7/26/99 $10,030 $11,966
7/27/99 $10,030 $12,100
7/28/99 $10,150 $12,122
7/29/99 $10,170 $11,906
7/30/99 $10,290 $11,797
8/2/99 $10,170 $11,791
8/3/99 $10,250 $11,739
8/4/99 $10,370 $11,589
8/5/99 $10,620 $11,664
8/6/99 $10,610 $11,544
8/9/99 $10,830 $11,522
8/10/99 $10,770 $11,377
8/11/99 $10,850 $11,559
8/12/99 $10,830 $11,525
8/13/99 $10,800 $11,788
8/16/99 $10,720 $11,815
8/17/99 $10,810 $11,934
8/18/99 $10,730 $11,833
8/19/99 $10,780 $11,751
8/20/99 $10,810 $11,867
8/23/99 $10,900 $12,076
8/24/99 $10,750 $12,106
8/25/99 $10,620 $12,268
8/26/99 $10,410 $12,092
8/27/99 $10,380 $11,970
8/30/99 $10,260 $11,755
8/31/99 $10,470 $11,723
9/1/99 $10,470 $11,818
9/2/99 $10,310 $11,711
9/3/99 $10,470 $12,050
9/7/99 $10,630 $11,990
9/8/99 $10,620 $11,934
9/9/99 $10,940 $11,965
9/10/99 $10,890 $12,000
9/13/99 $10,720 $11,934
9/14/99 $10,610 $11,864
9/15/99 $10,420 $11,701
9/16/99 $10,410 $11,706
9/17/99 $10,500 $11,856
9/20/99 $10,310 $11,857
9/21/99 $10,010 $11,609
9/22/99 $10,030 $11,635
9/23/99 $9,950 $11,371
9/24/99 $9,810 $11,341
9/27/99 $9,880 $11,394
9/28/99 $9,660 $11,384
9/29/99 $9,840 $11,261
9/30/99 $9,970 $11,388
10/1/99 $9,970 $11,389
10/4/99 $9,830 $11,583
10/5/99 $9,550 $11,554
10/6/99 $9,680 $11,767
10/7/99 $9,530 $11,698
10/8/99 $9,370 $11,862
10/11/99 $9,600 $11,854
10/12/99 $9,610 $11,658
10/13/99 $9,710 $11,414
10/14/99 $9,700 $11,395
10/15/99 $9,520 $11,075
10/18/99 $9,520 $11,135
10/19/99 $9,590 $11,198
10/20/99 $9,840 $11,448
10/21/99 $9,840 $11,396
10/22/99 $10,040 $11,556
10/25/99 $9,790 $11,485
10/26/99 $9,620 $11,381
10/27/99 $9,660 $11,513
10/28/99 $9,700 $11,919
10/29/99 $9,790 $12,101
11/1/99 $9,780 $12,022
11/2/99 $9,600 $11,966
11/3/99 $9,560 $12,029
11/4/99 $9,420 $12,098
11/5/99 $9,170 $12,165
11/8/99 $9,590 $12,226
11/9/99 $9,820 $12,121
11/10/99 $10,020 $12,194
11/11/99 $10,010 $12,265
11/12/99 $10,160 $12,395
11/15/99 $10,230 $12,380
11/16/99 $10,360 $12,607
11/17/99 $10,590 $12,525
11/18/99 $10,490 $12,651
11/19/99 $10,330 $12,625
11/22/99 $10,140 $12,616
11/23/99 $9,880 $12,471
11/24/99 $10,030 $12,581
11/26/99 $9,950 $12,577
11/29/99 $9,840 $12,499
11/30/99 $9,850 $12,333
12/1/99 $10,080 $12,409
12/2/99 $9,890 $12,510
12/3/99 $9,870 $12,725
12/6/99 $9,770 $12,637
12/7/99 $9,570 $12,511
12/8/99 $9,730 $12,464
12/9/99 $9,800 $12,502
12/10/99 $9,540 $12,581
12/13/99 $9,510 $12,565
12/14/99 $9,520 $12,458
12/15/99 $9,750 $12,548
12/16/99 $9,820 $12,596
12/17/99 $9,790 $12,617
12/20/99 $9,610 $12,590
12/21/99 $9,630 $12,726
12/22/99 $9,620 $12,750
12/24/99 $9,840 $12,948
12/27/99 $9,760 $12,937
12/28/99 $9,800 $12,942
12/29/99 $9,910 $12,993
12/30/99 $9,790 $13,002
12/31/99 $9,910 $13,044
1/3/00 $9,590 $12,920
1/4/00 $9,430 $12,424
1/5/00 $9,620 $12,448
1/6/00 $10,020 $12,460
1/7/00 $10,150 $12,798
1/10/00 $9,960 $12,941
1/11/00 $10,030 $12,772
1/12/00 $9,910 $12,716
1/13/00 $10,100 $12,871
1/17/00 $10,060 $13,008
1/18/00 $10,280 $12,919
1/19/00 $10,230 $12,926
1/20/00 $10,230 $12,834
1/21/00 $10,470 $12,797
1/24/00 $10,160 $12,447
1/25/00 $10,040 $12,519
1/26/00 $9,930 $12,466
1/27/00 $9,700 $12,417
1/28/00 $9,550 $12,076
1/31/00 $9,830 $12,380
2/1/00 $9,840 $12,512
2/2/00 $9,800 $12,511
2/3/00 $9,690 $12,651
2/4/00 $9,450 $12,646
2/7/00 $9,520 $12,634
2/8/00 $9,420 $12,800
2/9/00 $9,120 $12,534
2/10/00 $9,350 $12,579
2/11/00 $9,160 $12,315
2/14/00 $9,370 $12,340
2/15/00 $9,700 $12,448
2/16/00 $9,790 $12,320
2/17/00 $9,750 $12,325
2/18/00 $9,470 $11,951
2/22/00 $9,290 $12,005
2/23/00 $9,120 $12,081
2/24/00 $9,060 $12,016
2/25/00 $8,980 $11,838
2/28/00 $9,240 $11,968
2/29/00 $9,570 $12,132
3/1/00 $9,830 $12,245
3/2/00 $9,990 $12,268
3/3/00 $9,860 $12,511
3/6/00 $9,830 $12,352
3/7/00 $10,490 $12,036
3/8/00 $10,220 $12,134
3/9/00 $10,260 $12,445
3/10/00 $10,190 $12,386
3/13/00 $10,030 $12,284
3/14/00 $10,030 $12,067
3/15/00 $10,070 $12,360
3/16/00 $10,450 $12,949
3/17/00 $10,190 $13,002
3/20/00 $9,990 $12,932
3/21/00 $10,290 $13,263
3/22/00 $10,360 $13,323
3/23/00 $10,340 $13,560
3/24/00 $10,370 $13,561
3/27/00 $10,360 $13,529
3/28/00 $10,280 $13,386
3/29/00 $10,820 $13,393
3/30/00 $10,830 $13,210
3/31/00 $10,870 $13,305
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED 3/31/00
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------
INVESTOR CLASS (4-21-98) ADVISOR CLASS (5-5-98)
--------------------------- --------------------------
ONE YEAR SINCE INCEPTION ONE YEAR SINCE INCEPTION
<S> <C> <C> <C> <C>
----------------------------------------------------------------------------------------------------------
Energy Fund 20.91% 4.38% 20.31% 3.94%
S&P 500-Registered Trademark- Index 16.50% 15.81% 16.50% 16.74%
----------------------------------------------------------------------------------------------------------
</TABLE>
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE S&P 500 INDEX IS AN
UNMANAGED STOCK INDEX AND, UNLIKE THE FUND, HAS NO MANAGEMENT FEES OR OTHER
OPERATING EXPENSES TO REDUCE ITS REPORTED 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>
FINANCIAL SERVICES FUND
OBJECTIVE: SEEKS CAPITAL APPRECIATION BY INVESTING IN COMPANIES THAT ARE
INVOLVED IN THE FINANCIAL SERVICES SECTOR, INCLUDING COMMERCIAL BANKS, SAVINGS
AND LOAN ASSOCIATIONS, INSURANCE COMPANIES, BROKERAGE COMPANIES, AND REAL ESTATE
AND LEASING COMPANIES.
INCEPTION: APRIL 2, 1998
Financial services stocks experienced a down year due to the rising interest
rate environment, which is perceived to negatively affect economic growth and
demand for credit. In November, legislation was passed to repeal the
Glass-Steagall Act, which had separated the activities of commercial banks,
brokerages, and insurance companies. The new law, called the Gramm-Leach-Bliley
Act, is likely to accelerate a wave of takeovers, particularly in the insurance
industry. The Financial Services Fund had a return of -4.97% for the year ended
March 31, 2000.
CUMULATIVE FUND PERFORMANCE: APRIL 2, 1998--MARCH 31, 2000
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
FINANCIAL SERVICES FUND S&P 500 INDEX
<S> <C> <C>
4/2/98 $10,000 $10,000
4/3/98 $10,100 $10,024
4/6/98 $10,470 $10,012
4/7/98 $10,280 $9,907
4/8/98 $10,150 $9,836
4/9/98 $10,310 $9,917
4/13/98 $10,460 $9,908
4/14/98 $10,460 $9,962
4/15/98 $10,420 $9,994
4/16/98 $10,250 $9,894
4/17/98 $10,410 $10,024
4/20/98 $10,320 $10,032
4/21/98 $10,260 $10,057
4/22/98 $10,380 $10,089
4/23/98 $10,210 $9,996
4/24/98 $10,040 $9,892
4/27/98 $9,750 $9,701
4/28/98 $9,760 $9,688
4/29/98 $9,840 $9,773
4/30/98 $10,020 $9,926
5/1/98 $10,200 $10,009
5/4/98 $10,110 $10,018
5/5/98 $10,000 $9,961
5/6/98 $9,830 $9,865
5/7/98 $9,730 $9,778
5/8/98 $9,820 $9,894
5/11/98 $9,810 $9,881
5/12/98 $9,940 $9,962
5/13/98 $9,930 $9,990
5/14/98 $9,890 $9,976
5/15/98 $9,940 $9,899
5/18/98 $9,910 $9,873
5/19/98 $9,960 $9,906
5/20/98 $10,120 $9,992
5/21/98 $10,090 $9,952
5/22/98 $10,050 $9,915
5/26/98 $9,890 $9,768
5/27/98 $9,750 $9,752
5/28/98 $9,820 $9,800
5/29/98 $9,770 $9,739
6/1/98 $9,840 $9,741
6/2/98 $9,880 $9,759
6/3/98 $9,770 $9,667
6/4/98 $9,840 $9,775
6/5/98 $9,980 $9,945
6/8/98 $10,090 $9,962
6/9/98 $10,070 $9,986
6/10/98 $10,060 $9,931
6/11/98 $9,900 $9,773
6/12/98 $9,880 $9,811
6/15/98 $9,640 $9,616
6/16/98 $9,640 $9,711
6/17/98 $9,890 $9,885
6/18/98 $9,860 $9,878
6/19/98 $9,830 $9,827
6/22/98 $9,780 $9,850
6/23/98 $9,880 $9,995
6/24/98 $10,130 $10,115
6/25/98 $10,130 $10,083
6/26/98 $10,140 $10,118
6/29/98 $10,210 $10,165
6/30/98 $10,170 $10,123
7/1/98 $10,380 $10,255
7/2/98 $10,450 $10,236
7/6/98 $10,590 $10,333
7/7/98 $10,630 $10,309
7/8/98 $10,850 $10,414
7/9/98 $10,740 $10,344
7/10/98 $10,860 $10,396
7/13/98 $10,850 $10,403
7/14/98 $11,000 $10,514
7/15/98 $10,850 $10,489
7/16/98 $10,900 $10,572
7/17/98 $10,960 $10,596
7/20/98 $10,900 $10,572
7/21/98 $10,590 $10,402
7/22/98 $10,560 $10,393
7/23/98 $10,390 $10,176
7/24/98 $10,290 $10,186
7/27/98 $10,380 $10,243
7/28/98 $10,170 $10,091
7/29/98 $10,150 $10,046
7/30/98 $10,310 $10,204
7/31/98 $10,190 $10,006
8/3/98 $10,030 $9,932
8/4/98 $9,520 $9,572
8/5/98 $9,640 $9,656
8/6/98 $9,680 $9,729
8/7/98 $9,590 $9,727
8/10/98 $9,450 $9,671
8/11/98 $9,180 $9,544
8/12/98 $9,360 $9,680
8/13/98 $9,210 $9,597
8/14/98 $9,070 $9,489
8/17/98 $9,310 $9,676
8/18/98 $9,560 $9,832
8/19/98 $9,430 $9,804
8/20/98 $9,200 $9,746
8/21/98 $9,020 $9,653
8/24/98 $9,080 $9,715
8/25/98 $9,100 $9,758
8/26/98 $9,000 $9,680
8/27/98 $8,480 $9,309
8/28/98 $8,270 $9,172
8/31/98 $7,730 $8,549
9/1/98 $7,920 $8,877
9/2/98 $8,070 $8,843
9/3/98 $7,830 $8,770
9/4/98 $7,520 $8,695
9/8/98 $8,040 $9,138
9/9/98 $7,820 $8,984
9/10/98 $7,460 $8,752
9/11/98 $7,850 $9,009
9/14/98 $8,120 $9,194
9/15/98 $8,300 $9,265
9/16/98 $8,490 $9,335
9/17/98 $8,180 $9,097
9/18/98 $8,090 $9,108
9/21/98 $8,100 $9,142
9/22/98 $8,150 $9,195
9/23/98 $8,540 $9,519
9/24/98 $8,160 $9,310
9/25/98 $8,140 $9,328
9/28/98 $8,160 $9,363
9/29/98 $8,060 $9,366
9/30/98 $7,760 $9,081
10/1/98 $7,480 $8,807
10/2/98 $7,720 $8,952
10/5/98 $7,390 $8,826
10/6/98 $7,250 $8,791
10/7/98 $6,980 $8,667
10/8/98 $6,950 $8,566
10/9/98 $7,430 $8,788
10/12/98 $7,520 $8,908
10/13/98 $7,580 $8,882
10/14/98 $7,620 $8,978
10/15/98 $8,110 $9,353
10/16/98 $8,330 $9,432
10/19/98 $8,430 $9,486
10/20/98 $8,640 $9,499
10/21/98 $8,480 $9,553
10/22/98 $8,530 $9,629
10/23/98 $8,430 $9,559
10/26/98 $8,380 $9,574
10/27/98 $8,240 $9,512
10/28/98 $8,310 $9,536
10/29/98 $8,500 $9,696
10/30/98 $8,700 $9,809
11/2/98 $8,750 $9,925
11/3/98 $8,690 $9,918
11/4/98 $8,870 $9,988
11/5/98 $9,080 $10,122
11/6/98 $9,090 $10,187
11/9/98 $8,870 $10,091
11/10/98 $8,750 $10,074
11/11/98 $8,600 $10,009
11/12/98 $8,570 $9,979
11/13/98 $8,750 $10,051
11/16/98 $8,880 $10,142
11/17/98 $9,030 $10,172
11/18/98 $8,990 $10,218
11/19/98 $9,060 $10,291
11/20/98 $9,190 $10,389
11/23/98 $9,510 $10,609
11/24/98 $9,480 $10,562
11/25/98 $9,530 $10,597
11/27/98 $9,510 $10,645
11/30/98 $9,220 $10,389
12/1/98 $9,220 $10,493
12/2/98 $9,260 $10,457
12/3/98 $9,040 $10,269
12/4/98 $9,310 $10,507
12/7/98 $9,300 $10,604
12/8/98 $9,120 $10,548
12/9/98 $9,120 $10,567
12/10/98 $8,970 $10,402
12/11/98 $8,860 $10,415
12/14/98 $8,650 $10,189
12/15/98 $8,900 $10,382
12/16/98 $8,880 $10,374
12/17/98 $9,280 $10,535
12/18/98 $9,300 $10,607
12/21/98 $9,460 $10,740
12/22/98 $9,380 $10,746
12/23/98 $9,510 $10,969
12/24/98 $9,520 $10,949
12/28/98 $9,440 $10,942
12/29/98 $9,540 $11,087
12/30/98 $9,510 $10,999
12/31/98 $9,380 $10,975
1/4/99 $9,420 $10,965
1/5/99 $9,510 $11,114
1/6/99 $9,780 $11,360
1/7/99 $9,980 $11,337
1/8/99 $10,050 $11,385
1/11/99 $9,880 $11,285
1/12/99 $9,630 $11,067
1/13/99 $9,480 $11,021
1/14/99 $9,190 $10,823
1/15/99 $9,540 $11,100
1/19/99 $9,430 $11,169
1/20/99 $9,540 $11,220
1/21/99 $9,380 $11,028
1/22/99 $9,240 $10,939
1/25/99 $9,360 $11,018
1/26/99 $9,370 $11,181
1/27/99 $9,160 $11,100
1/28/99 $9,370 $11,298
1/29/99 $9,570 $11,425
2/1/99 $9,420 $11,366
2/2/99 $9,300 $11,268
2/3/99 $9,360 $11,358
2/4/99 $9,160 $11,147
2/5/99 $9,100 $11,066
2/8/99 $9,010 $11,105
2/9/99 $8,880 $10,858
2/10/99 $8,980 $10,924
2/11/99 $9,350 $11,197
2/12/99 $9,170 $10,983
2/16/99 $9,420 $11,088
2/17/99 $9,390 $10,929
2/18/99 $9,530 $11,047
2/19/99 $9,550 $11,064
2/22/99 $9,830 $11,358
2/23/99 $9,870 $11,350
2/24/99 $9,540 $11,191
2/25/99 $9,530 $11,116
2/26/99 $9,650 $11,056
3/1/99 $9,750 $11,037
3/2/99 $9,720 $10,942
3/3/99 $9,680 $10,962
3/4/99 $9,860 $11,131
3/5/99 $10,090 $11,388
3/8/99 $10,060 $11,453
3/9/99 $10,150 $11,427
3/10/99 $10,290 $11,490
3/11/99 $10,360 $11,586
3/12/99 $10,300 $11,559
3/15/99 $10,440 $11,672
3/16/99 $10,280 $11,664
3/17/99 $10,150 $11,588
3/18/99 $10,390 $11,755
3/19/99 $10,220 $11,601
3/22/99 $10,210 $11,580
3/23/99 $9,930 $11,269
3/24/99 $9,890 $11,327
3/25/99 $10,070 $11,518
3/26/99 $10,020 $11,453
3/29/99 $10,190 $11,698
3/30/99 $10,050 $11,614
3/31/99 $9,990 $11,485
4/1/99 $9,980 $11,551
4/2/99 $9,980 $11,551
4/5/99 $10,210 $11,796
4/6/99 $10,120 $11,767
4/7/99 $10,360 $11,847
4/8/99 $10,510 $12,000
4/9/99 $10,550 $12,039
4/12/99 $10,730 $12,131
4/13/99 $10,710 $12,052
4/14/99 $10,560 $11,861
4/15/99 $10,450 $11,811
4/16/99 $10,420 $11,777
4/19/99 $10,380 $11,513
4/20/99 $10,520 $11,662
4/21/99 $10,670 $11,930
4/22/99 $10,780 $12,132
4/23/99 $10,740 $12,115
4/26/99 $10,550 $12,143
4/27/99 $10,780 $12,168
4/28/99 $10,660 $12,062
4/29/99 $10,700 $11,989
4/30/99 $10,550 $11,921
5/3/99 $10,690 $12,095
5/4/99 $10,360 $11,893
5/5/99 $10,460 $12,029
5/6/99 $10,310 $11,893
5/7/99 $10,480 $12,009
5/10/99 $10,440 $11,967
5/11/99 $10,560 $12,104
5/12/99 $10,650 $12,178
5/13/99 $10,760 $12,210
5/14/99 $10,390 $11,945
5/17/99 $10,280 $11,960
5/18/99 $10,240 $11,905
5/19/99 $10,350 $12,002
5/20/99 $10,270 $11,954
5/21/99 $10,180 $11,877
5/24/99 $9,960 $11,669
5/25/99 $9,690 $11,468
5/26/99 $10,020 $11,650
5/27/99 $9,780 $11,441
5/28/99 $9,970 $11,623
6/1/99 $9,780 $11,556
6/2/99 $9,740 $11,561
6/3/99 $9,800 $11,603
6/4/99 $9,940 $11,855
6/7/99 $10,100 $11,915
6/8/99 $9,990 $11,762
6/9/99 $9,900 $11,773
6/10/99 $9,750 $11,632
6/11/99 $9,740 $11,550
6/14/99 $9,660 $11,553
6/15/99 $9,720 $11,617
6/16/99 $9,990 $11,879
6/17/99 $10,110 $11,963
6/18/99 $10,140 $11,990
6/21/99 $10,220 $12,045
6/22/99 $10,130 $11,927
6/23/99 $10,010 $11,902
6/24/99 $9,810 $11,748
6/25/99 $9,870 $11,744
6/28/99 $10,060 $11,887
6/29/99 $10,190 $12,066
6/30/99 $10,370 $12,256
7/1/99 $10,410 $12,330
7/2/99 $10,510 $12,421
7/6/99 $10,520 $12,394
7/7/99 $10,500 $12,463
7/8/99 $10,430 $12,450
7/9/99 $10,490 $12,529
7/12/99 $10,400 $12,492
7/13/99 $10,310 $12,442
7/14/99 $10,250 $12,484
7/15/99 $10,370 $12,586
7/16/99 $10,460 $12,668
7/19/99 $10,390 $12,568
7/20/99 $10,210 $12,295
7/21/99 $10,100 $12,315
7/22/99 $10,130 $12,151
7/23/99 $10,010 $12,115
7/26/99 $10,050 $12,033
7/27/99 $10,140 $12,168
7/28/99 $10,100 $12,191
7/29/99 $9,930 $11,973
7/30/99 $9,680 $11,863
8/2/99 $9,660 $11,857
8/3/99 $9,540 $11,805
8/4/99 $9,360 $11,655
8/5/99 $9,410 $11,729
8/6/99 $9,140 $11,610
8/9/99 $9,190 $11,587
8/10/99 $9,030 $11,441
8/11/99 $9,210 $11,624
8/12/99 $9,180 $11,591
8/13/99 $9,540 $11,854
8/16/99 $9,530 $11,882
8/17/99 $9,840 $12,001
8/18/99 $9,780 $11,900
8/19/99 $9,640 $11,818
8/20/99 $9,760 $11,934
8/23/99 $9,980 $12,145
8/24/99 $10,010 $12,174
8/25/99 $9,920 $12,337
8/26/99 $9,740 $12,161
8/27/99 $9,600 $12,038
8/30/99 $9,230 $11,822
8/31/99 $9,210 $11,789
9/1/99 $9,300 $11,884
9/2/99 $9,140 $11,778
9/3/99 $9,540 $12,118
9/7/99 $9,330 $12,057
9/8/99 $9,260 $12,001
9/9/99 $9,120 $12,033
9/10/99 $9,180 $12,068
9/13/99 $9,120 $12,001
9/14/99 $8,940 $11,931
9/15/99 $8,880 $11,767
9/16/99 $8,850 $11,772
9/17/99 $8,980 $11,923
9/20/99 $8,950 $11,924
9/21/99 $8,750 $11,675
9/22/99 $8,740 $11,701
9/23/99 $8,680 $11,435
9/24/99 $8,720 $11,405
9/27/99 $8,570 $11,458
9/28/99 $8,590 $11,448
9/29/99 $8,500 $11,325
9/30/99 $8,620 $11,453
10/1/99 $8,510 $11,454
10/4/99 $8,780 $11,648
10/5/99 $8,820 $11,619
10/6/99 $9,030 $11,834
10/7/99 $8,940 $11,765
10/8/99 $9,100 $11,929
10/11/99 $8,970 $11,921
10/12/99 $8,820 $11,723
10/13/99 $8,540 $11,478
10/14/99 $8,500 $11,459
10/15/99 $8,140 $11,137
10/18/99 $8,320 $11,197
10/19/99 $8,550 $11,262
10/20/99 $8,710 $11,513
10/21/99 $8,710 $11,461
10/22/99 $9,100 $11,622
10/25/99 $8,970 $11,550
10/26/99 $8,880 $11,446
10/27/99 $9,320 $11,578
10/28/99 $9,970 $11,986
10/29/99 $9,980 $12,169
11/1/99 $9,820 $12,090
11/2/99 $9,840 $12,033
11/3/99 $9,750 $12,097
11/4/99 $9,900 $12,166
11/5/99 $10,080 $12,234
11/8/99 $10,050 $12,295
11/9/99 $9,880 $12,190
11/10/99 $9,754 $12,263
11/11/99 $9,694 $12,334
11/12/99 $10,094 $12,465
11/15/99 $10,094 $12,450
11/16/99 $10,395 $12,679
11/17/99 $10,114 $12,596
11/18/99 $10,114 $12,723
11/19/99 $10,024 $12,696
11/22/99 $9,904 $12,687
11/23/99 $9,724 $12,541
11/24/99 $9,644 $12,652
11/26/99 $9,624 $12,648
11/29/99 $9,383 $12,570
11/30/99 $9,494 $12,402
12/1/99 $9,454 $12,480
12/2/99 $9,444 $12,581
12/3/99 $9,684 $12,797
12/6/99 $9,383 $12,708
12/7/99 $9,283 $12,582
12/8/99 $9,153 $12,535
12/9/99 $9,263 $12,572
12/10/99 $9,423 $12,652
12/13/99 $9,303 $12,636
12/14/99 $9,123 $12,528
12/15/99 $9,033 $12,619
12/16/99 $8,883 $12,668
12/17/99 $8,863 $12,688
12/20/99 $8,823 $12,661
12/21/99 $8,983 $12,798
12/22/99 $8,973 $12,822
12/24/99 $9,113 $13,021
12/27/99 $9,013 $13,010
12/28/99 $9,033 $13,015
12/29/99 $9,183 $13,066
12/30/99 $9,243 $13,076
12/31/99 $9,243 $13,118
1/3/00 $8,843 $12,993
1/4/00 $8,452 $12,495
1/5/00 $8,382 $12,519
1/6/00 $8,702 $12,531
1/7/00 $8,903 $12,870
1/10/00 $8,763 $13,014
1/11/00 $8,652 $12,844
1/12/00 $8,753 $12,788
1/13/00 $8,993 $12,943
1/17/00 $9,223 $13,082
1/18/00 $8,923 $12,992
1/19/00 $8,843 $12,999
1/20/00 $8,672 $12,907
1/21/00 $8,572 $12,869
1/24/00 $8,432 $12,517
1/25/00 $8,542 $12,589
1/26/00 $8,843 $12,536
1/27/00 $8,923 $12,487
1/28/00 $8,602 $12,144
1/31/00 $8,903 $12,450
2/1/00 $8,913 $12,583
2/2/00 $8,843 $12,581
2/3/00 $8,813 $12,723
2/4/00 $8,692 $12,717
2/7/00 $8,632 $12,705
2/8/00 $8,733 $12,873
2/9/00 $8,492 $12,604
2/10/00 $8,312 $12,650
2/11/00 $8,302 $12,385
2/14/00 $8,182 $12,410
2/15/00 $8,352 $12,518
2/16/00 $8,212 $12,390
2/17/00 $8,082 $12,395
2/18/00 $7,811 $12,019
2/22/00 $7,871 $12,073
2/23/00 $7,861 $12,149
2/24/00 $7,781 $12,084
2/25/00 $7,711 $11,905
2/28/00 $7,931 $12,036
2/29/00 $8,001 $12,200
3/1/00 $8,142 $12,314
3/2/00 $8,062 $12,337
3/3/00 $8,182 $12,582
3/6/00 $8,102 $12,422
3/7/00 $7,841 $12,104
3/8/00 $7,761 $12,203
3/9/00 $7,861 $12,515
3/10/00 $7,921 $12,456
3/13/00 $7,961 $12,354
3/14/00 $7,881 $12,135
3/15/00 $8,372 $12,430
3/16/00 $9,053 $13,022
3/17/00 $9,123 $13,076
3/20/00 $8,913 $13,006
3/21/00 $9,253 $13,338
3/22/00 $9,353 $13,398
3/23/00 $9,724 $13,637
3/24/00 $9,764 $13,638
3/27/00 $9,494 $13,606
3/28/00 $9,534 $13,462
3/29/00 $9,464 $13,469
3/30/00 $9,363 $13,285
3/31/00 $9,494 $13,380
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED 3/31/00
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
INVESTOR CLASS (4-2-98) ADVISOR CLASS (4-6-98)
-------------------------------- --------------------------------
ONE YEAR SINCE INCEPTION ONE YEAR SINCE INCEPTION
<S> <C> <C> <C> <C>
-------------------------------------------------------------------------------------------------------------------
Financial Services Fund -4.97% -2.57% -5.19% -5.11%
S&P 500-Registered Trademark- Index 16.50% 15.70% 16.50% 15.72%
-------------------------------------------------------------------------------------------------------------------
</TABLE>
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE S&P 500 INDEX IS AN
UNMANAGED STOCK INDEX AND, UNLIKE THE FUND, HAS NO MANAGEMENT FEES OR OTHER
OPERATING EXPENSES TO REDUCE ITS REPORTED 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>
HEALTH CARE FUND
OBJECTIVE: SEEKS CAPITAL APPRECIATION BY INVESTING IN COMPANIES THAT ARE
INVOLVED IN THE HEALTH CARE INDUSTRY.
INCEPTION: APRIL 17, 1998
The health care sector has been lagging over the past year due to renewed
concerns over changes in the Medicare program that may restrict drug pricing.
Investors have also been concerned over impending patent expirations on some of
the major drugs. The sector rejuvenated toward the end of the quarter as
investors spurned biotech stocks for the more defensive pharmaceutical stocks,
which produce dividends and profits. In addition, Glaxo Wellcome, Plc. and
Smithkline Beecham agreed to create the world's largest drug company, continuing
a trend toward mergers that has heated up industry competition. The Health Care
Fund had a return of -10.44 for the year ended March 31, 2000.
CUMULATIVE FUND PERFORMANCE: APRIL 17, 1998--MARCH 31, 2000
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
HEALTH CARE FUND S&P 500 INDEX
<S> <C> <C>
4/17/98 $10,000 $10,000
4/20/98 $10,160 $10,008
4/21/98 $10,120 $10,032
4/22/98 $10,090 $10,065
4/23/98 $10,000 $9,972
4/24/98 $9,930 $9,868
4/27/98 $9,670 $9,678
4/28/98 $9,760 $9,665
4/29/98 $9,840 $9,750
4/30/98 $10,070 $9,902
5/1/98 $9,940 $9,985
5/4/98 $10,010 $9,994
5/5/98 $9,960 $9,937
5/6/98 $9,820 $9,841
5/7/98 $9,760 $9,754
5/8/98 $9,950 $9,870
5/11/98 $9,930 $9,857
5/12/98 $10,020 $9,938
5/13/98 $10,040 $9,966
5/14/98 $10,070 $9,952
5/15/98 $9,990 $9,875
5/18/98 $10,100 $9,849
5/19/98 $10,160 $9,882
5/20/98 $10,240 $9,967
5/21/98 $10,100 $9,928
5/22/98 $10,040 $9,891
5/26/98 $9,890 $9,744
5/27/98 $9,950 $9,728
5/28/98 $9,920 $9,776
5/29/98 $9,790 $9,716
6/1/98 $9,740 $9,717
6/2/98 $9,680 $9,736
6/3/98 $9,620 $9,644
6/4/98 $9,800 $9,752
6/5/98 $10,010 $9,921
6/8/98 $10,090 $9,938
6/9/98 $10,180 $9,962
6/10/98 $10,210 $9,907
6/11/98 $10,080 $9,749
6/12/98 $10,190 $9,787
6/15/98 $9,990 $9,593
6/16/98 $10,140 $9,687
6/17/98 $10,320 $9,861
6/18/98 $10,380 $9,854
6/19/98 $10,330 $9,803
6/22/98 $10,260 $9,826
6/23/98 $10,330 $9,971
6/24/98 $10,510 $10,090
6/25/98 $10,480 $10,058
6/26/98 $10,590 $10,093
6/29/98 $10,610 $10,140
6/30/98 $10,490 $10,099
7/1/98 $10,540 $10,230
7/2/98 $10,580 $10,211
7/6/98 $10,710 $10,308
7/7/98 $10,720 $10,284
7/8/98 $10,760 $10,389
7/9/98 $10,720 $10,319
7/10/98 $10,790 $10,371
7/13/98 $10,840 $10,378
7/14/98 $11,010 $10,489
7/15/98 $10,920 $10,464
7/16/98 $11,090 $10,546
7/17/98 $11,110 $10,570
7/20/98 $11,160 $10,547
7/21/98 $10,800 $10,377
7/22/98 $10,860 $10,368
7/23/98 $10,550 $10,152
7/24/98 $10,670 $10,161
7/27/98 $10,690 $10,219
7/28/98 $10,500 $10,067
7/29/98 $10,500 $10,022
7/30/98 $10,700 $10,179
7/31/98 $10,450 $9,982
8/3/98 $10,360 $9,908
8/4/98 $10,010 $9,549
8/5/98 $10,110 $9,632
8/6/98 $10,060 $9,705
8/7/98 $10,090 $9,704
8/10/98 $10,090 $9,647
8/11/98 $10,020 $9,521
8/12/98 $10,100 $9,657
8/13/98 $10,140 $9,574
8/14/98 $10,040 $9,466
8/17/98 $10,290 $9,652
8/18/98 $10,400 $9,808
8/19/98 $10,460 $9,780
8/20/98 $10,360 $9,723
8/21/98 $10,380 $9,630
8/24/98 $10,470 $9,692
8/25/98 $10,540 $9,734
8/26/98 $10,640 $9,657
8/27/98 $10,250 $9,286
8/28/98 $10,130 $9,150
8/31/98 $9,270 $8,529
9/1/98 $9,710 $8,856
9/2/98 $9,720 $8,822
9/3/98 $9,870 $8,749
9/4/98 $9,720 $8,674
9/8/98 $10,150 $9,116
9/9/98 $10,010 $8,962
9/10/98 $9,800 $8,730
9/11/98 $10,040 $8,988
9/14/98 $10,280 $9,172
9/15/98 $10,390 $9,243
9/16/98 $10,350 $9,312
9/17/98 $10,180 $9,075
9/18/98 $10,170 $9,086
9/21/98 $10,250 $9,120
9/22/98 $10,420 $9,172
9/23/98 $10,650 $9,496
9/24/98 $10,480 $9,287
9/25/98 $10,390 $9,306
9/28/98 $10,410 $9,341
9/29/98 $10,500 $9,344
9/30/98 $10,220 $9,059
10/1/98 $9,830 $8,786
10/2/98 $9,880 $8,930
10/5/98 $9,850 $8,805
10/6/98 $9,770 $8,770
10/7/98 $9,480 $8,646
10/8/98 $9,350 $8,546
10/9/98 $9,570 $8,767
10/12/98 $9,720 $8,887
10/13/98 $9,730 $8,861
10/14/98 $9,760 $8,956
10/15/98 $10,090 $9,330
10/16/98 $10,170 $9,409
10/19/98 $10,180 $9,463
10/20/98 $10,040 $9,476
10/21/98 $10,180 $9,530
10/22/98 $10,260 $9,606
10/23/98 $10,320 $9,536
10/26/98 $10,280 $9,551
10/27/98 $10,240 $9,489
10/28/98 $10,280 $9,513
10/29/98 $10,560 $9,672
10/30/98 $10,550 $9,786
11/2/98 $10,680 $9,901
11/3/98 $10,640 $9,894
11/4/98 $10,540 $9,964
11/5/98 $10,680 $10,098
11/6/98 $10,820 $10,163
11/9/98 $10,670 $10,067
11/10/98 $10,770 $10,049
11/11/98 $10,620 $9,984
11/12/98 $10,590 $9,955
11/13/98 $10,610 $10,027
11/16/98 $10,740 $10,117
11/17/98 $10,740 $10,148
11/18/98 $10,900 $10,194
11/19/98 $11,040 $10,266
11/20/98 $11,170 $10,364
11/23/98 $11,360 $10,583
11/24/98 $11,260 $10,537
11/25/98 $11,270 $10,571
11/27/98 $11,320 $10,620
11/30/98 $11,080 $10,364
12/1/98 $11,190 $10,468
12/2/98 $11,330 $10,432
12/3/98 $11,010 $10,244
12/4/98 $11,260 $10,481
12/7/98 $11,240 $10,579
12/8/98 $11,270 $10,522
12/9/98 $11,260 $10,541
12/10/98 $11,030 $10,377
12/11/98 $11,120 $10,390
12/14/98 $10,850 $10,165
12/15/98 $10,960 $10,357
12/16/98 $10,970 $10,349
12/17/98 $11,040 $10,510
12/18/98 $10,910 $10,582
12/21/98 $10,840 $10,714
12/22/98 $11,010 $10,720
12/23/98 $11,230 $10,943
12/24/98 $11,170 $10,922
12/28/98 $11,190 $10,915
12/29/98 $11,510 $11,061
12/30/98 $11,490 $10,973
12/31/98 $11,520 $10,949
1/4/99 $11,430 $10,939
1/5/99 $11,480 $11,087
1/6/99 $11,610 $11,333
1/7/99 $11,480 $11,309
1/8/99 $11,380 $11,357
1/11/99 $11,110 $11,257
1/12/99 $10,910 $11,040
1/13/99 $10,960 $10,995
1/14/99 $10,820 $10,797
1/15/99 $11,010 $11,074
1/19/99 $10,910 $11,142
1/20/99 $10,980 $11,193
1/21/99 $10,780 $11,001
1/22/99 $10,690 $10,913
1/25/99 $10,690 $10,991
1/26/99 $10,920 $11,154
1/27/99 $11,100 $11,073
1/28/99 $11,250 $11,271
1/29/99 $11,330 $11,398
2/1/99 $11,370 $11,339
2/2/99 $11,360 $11,240
2/3/99 $11,420 $11,330
2/4/99 $11,310 $11,120
2/5/99 $11,200 $11,039
2/8/99 $11,150 $11,078
2/9/99 $10,900 $10,832
2/10/99 $10,940 $10,898
2/11/99 $11,200 $11,170
2/12/99 $11,170 $10,957
2/16/99 $11,330 $11,061
2/17/99 $11,120 $10,902
2/18/99 $11,200 $11,020
2/19/99 $11,150 $11,037
2/22/99 $11,430 $11,331
2/23/99 $11,490 $11,322
2/24/99 $11,330 $11,164
2/25/99 $11,220 $11,089
2/26/99 $11,290 $11,030
3/1/99 $11,240 $11,010
3/2/99 $11,220 $10,915
3/3/99 $11,160 $10,935
3/4/99 $11,370 $11,104
3/5/99 $11,580 $11,361
3/8/99 $11,590 $11,425
3/9/99 $11,580 $11,399
3/10/99 $11,520 $11,462
3/11/99 $11,610 $11,558
3/12/99 $11,680 $11,531
3/15/99 $11,830 $11,644
3/16/99 $11,840 $11,636
3/17/99 $11,650 $11,560
3/18/99 $11,720 $11,726
3/19/99 $11,540 $11,573
3/22/99 $11,540 $11,552
3/23/99 $11,260 $11,242
3/24/99 $11,280 $11,299
3/25/99 $11,340 $11,490
3/26/99 $11,280 $11,426
3/29/99 $11,510 $11,670
3/30/99 $11,550 $11,586
3/31/99 $11,450 $11,458
4/1/99 $11,490 $11,523
4/2/99 $11,490 $11,523
4/5/99 $11,520 $11,767
4/6/99 $11,460 $11,738
4/7/99 $11,480 $11,819
4/8/99 $11,640 $11,971
4/9/99 $11,760 $12,010
4/12/99 $11,910 $12,101
4/13/99 $11,900 $12,023
4/14/99 $11,520 $11,832
4/15/99 $11,120 $11,783
4/16/99 $11,030 $11,748
4/19/99 $10,510 $11,485
4/20/99 $10,850 $11,634
4/21/99 $11,310 $11,901
4/22/99 $11,550 $12,103
4/23/99 $11,400 $12,085
4/26/99 $11,360 $12,114
4/27/99 $11,420 $12,138
4/28/99 $10,980 $12,032
4/29/99 $10,810 $11,961
4/30/99 $10,700 $11,892
5/3/99 $10,880 $12,066
5/4/99 $10,780 $11,864
5/5/99 $10,890 $12,000
5/6/99 $10,860 $11,864
5/7/99 $10,830 $11,980
5/10/99 $10,700 $11,938
5/11/99 $10,800 $12,074
5/12/99 $10,970 $12,149
5/13/99 $11,030 $12,181
5/14/99 $10,710 $11,916
5/17/99 $10,700 $11,931
5/18/99 $10,570 $11,876
5/19/99 $10,670 $11,973
5/20/99 $10,790 $11,925
5/21/99 $10,620 $11,849
5/24/99 $10,280 $11,641
5/25/99 $10,100 $11,440
5/26/99 $10,080 $11,621
5/27/99 $10,080 $11,413
5/28/99 $10,370 $11,595
6/1/99 $10,310 $11,528
6/2/99 $10,250 $11,533
6/3/99 $10,390 $11,575
6/4/99 $10,720 $11,826
6/7/99 $10,590 $11,886
6/8/99 $10,500 $11,733
6/9/99 $10,450 $11,745
6/10/99 $10,180 $11,604
6/11/99 $10,140 $11,522
6/14/99 $10,060 $11,526
6/15/99 $10,130 $11,589
6/16/99 $10,230 $11,850
6/17/99 $10,320 $11,934
6/18/99 $10,210 $11,961
6/21/99 $10,150 $12,015
6/22/99 $10,180 $11,899
6/23/99 $10,100 $11,873
6/24/99 $10,150 $11,720
6/25/99 $10,110 $11,715
6/28/99 $10,160 $11,858
6/29/99 $10,410 $12,037
6/30/99 $10,680 $12,226
7/1/99 $10,790 $12,300
7/2/99 $10,850 $12,392
7/6/99 $10,780 $12,364
7/7/99 $10,790 $12,433
7/8/99 $10,710 $12,420
7/9/99 $10,720 $12,499
7/12/99 $10,710 $12,462
7/13/99 $10,750 $12,412
7/14/99 $10,730 $12,453
7/15/99 $10,890 $12,555
7/16/99 $10,890 $12,637
7/19/99 $10,700 $12,538
7/20/99 $10,510 $12,266
7/21/99 $10,500 $12,285
7/22/99 $10,410 $12,122
7/23/99 $10,360 $12,086
7/26/99 $10,370 $12,004
7/27/99 $10,420 $12,139
7/28/99 $10,420 $12,162
7/29/99 $10,180 $11,944
7/30/99 $10,160 $11,835
8/2/99 $10,240 $11,829
8/3/99 $10,180 $11,777
8/4/99 $9,940 $11,626
8/5/99 $9,950 $11,701
8/6/99 $9,760 $11,582
8/9/99 $9,810 $11,559
8/10/99 $9,630 $11,414
8/11/99 $9,670 $11,596
8/12/99 $9,870 $11,563
8/13/99 $10,060 $11,826
8/16/99 $10,090 $11,853
8/17/99 $10,150 $11,972
8/18/99 $10,110 $11,872
8/19/99 $10,110 $11,789
8/20/99 $10,400 $11,905
8/23/99 $10,670 $12,115
8/24/99 $10,640 $12,145
8/25/99 $10,870 $12,308
8/26/99 $10,690 $12,131
8/27/99 $10,520 $12,009
8/30/99 $10,490 $11,793
8/31/99 $10,420 $11,761
9/1/99 $10,570 $11,856
9/2/99 $10,450 $11,749
9/3/99 $10,720 $12,089
9/7/99 $10,620 $12,028
9/8/99 $10,560 $11,972
9/9/99 $10,520 $12,004
9/10/99 $10,490 $12,039
9/13/99 $10,440 $11,972
9/14/99 $10,280 $11,902
9/15/99 $10,120 $11,739
9/16/99 $10,120 $11,744
9/17/99 $10,170 $11,895
9/20/99 $10,170 $11,895
9/21/99 $9,950 $11,647
9/22/99 $9,970 $11,673
9/23/99 $9,740 $11,408
9/24/99 $9,590 $11,377
9/27/99 $9,590 $11,430
9/28/99 $9,530 $11,420
9/29/99 $9,440 $11,297
9/30/99 $9,560 $11,425
10/1/99 $9,790 $11,426
10/4/99 $9,860 $11,620
10/5/99 $9,800 $11,591
10/6/99 $10,040 $11,805
10/7/99 $10,080 $11,736
10/8/99 $10,400 $11,900
10/11/99 $10,450 $11,893
10/12/99 $10,240 $11,695
10/13/99 $10,030 $11,450
10/14/99 $9,930 $11,431
10/15/99 $9,630 $11,111
10/18/99 $9,790 $11,170
10/19/99 $10,180 $11,235
10/20/99 $10,290 $11,485
10/21/99 $10,280 $11,433
10/22/99 $10,280 $11,594
10/25/99 $10,220 $11,522
10/26/99 $9,960 $11,418
10/27/99 $10,080 $11,550
10/28/99 $10,350 $11,957
10/29/99 $10,420 $12,140
11/1/99 $10,420 $12,061
11/2/99 $10,290 $12,004
11/3/99 $10,520 $12,068
11/4/99 $10,730 $12,137
11/5/99 $10,730 $12,205
11/8/99 $10,670 $12,265
11/9/99 $10,570 $12,160
11/10/99 $10,615 $12,233
11/11/99 $10,695 $12,305
11/12/99 $10,715 $12,435
11/15/99 $10,675 $12,420
11/16/99 $10,825 $12,648
11/17/99 $10,755 $12,565
11/18/99 $10,765 $12,692
11/19/99 $10,775 $12,666
11/22/99 $10,845 $12,656
11/23/99 $10,705 $12,511
11/24/99 $10,815 $12,622
11/26/99 $10,775 $12,618
11/29/99 $10,825 $12,539
11/30/99 $10,605 $12,372
12/1/99 $10,455 $12,449
12/2/99 $10,545 $12,550
12/3/99 $10,535 $12,766
12/6/99 $10,275 $12,678
12/7/99 $10,045 $12,551
12/8/99 $9,915 $12,504
12/9/99 $9,885 $12,542
12/10/99 $9,945 $12,621
12/13/99 $9,765 $12,605
12/14/99 $9,795 $12,498
12/15/99 $9,975 $12,588
12/16/99 $9,795 $12,637
12/17/99 $9,665 $12,657
12/20/99 $9,585 $12,631
12/21/99 $9,565 $12,767
12/22/99 $9,815 $12,792
12/24/99 $10,085 $12,989
12/27/99 $10,145 $12,978
12/28/99 $10,085 $12,983
12/29/99 $10,075 $13,035
12/30/99 $10,135 $13,044
12/31/99 $10,015 $13,087
1/3/00 $9,955 $12,962
1/4/00 $9,545 $12,465
1/5/00 $9,785 $12,489
1/6/00 $10,035 $12,500
1/7/00 $10,805 $12,839
1/10/00 $10,685 $12,983
1/11/00 $10,565 $12,813
1/12/00 $10,545 $12,757
1/13/00 $10,715 $12,912
1/17/00 $10,835 $13,050
1/18/00 $10,585 $12,961
1/19/00 $10,745 $12,968
1/20/00 $10,585 $12,876
1/21/00 $10,535 $12,838
1/24/00 $10,045 $12,487
1/25/00 $10,085 $12,559
1/26/00 $10,135 $12,506
1/27/00 $10,115 $12,457
1/28/00 $10,195 $12,115
1/31/00 $10,475 $12,420
2/1/00 $10,495 $12,552
2/2/00 $10,495 $12,551
2/3/00 $10,525 $12,692
2/4/00 $10,495 $12,687
2/7/00 $10,595 $12,675
2/8/00 $10,765 $12,842
2/9/00 $10,495 $12,574
2/10/00 $10,295 $12,620
2/11/00 $9,965 $12,355
2/14/00 $10,065 $12,380
2/15/00 $10,155 $12,488
2/16/00 $10,195 $12,360
2/17/00 $10,225 $12,365
2/18/00 $9,985 $11,990
2/22/00 $10,065 $12,044
2/23/00 $10,035 $12,120
2/24/00 $9,905 $12,055
2/25/00 $9,745 $11,876
2/28/00 $9,725 $12,007
2/29/00 $9,755 $12,171
3/1/00 $9,695 $12,284
3/2/00 $9,735 $12,307
3/3/00 $9,815 $12,551
3/6/00 $9,565 $12,392
3/7/00 $9,115 $12,074
3/8/00 $9,475 $12,173
3/9/00 $9,865 $12,485
3/10/00 $9,845 $12,426
3/13/00 $9,585 $12,324
3/14/00 $9,305 $12,106
3/15/00 $9,925 $12,400
3/16/00 $10,515 $12,991
3/17/00 $10,235 $13,044
3/20/00 $10,085 $12,974
3/21/00 $10,325 $13,306
3/22/00 $10,445 $13,366
3/23/00 $10,355 $13,604
3/24/00 $10,125 $13,605
3/27/00 $10,095 $13,573
3/28/00 $10,105 $13,429
3/29/00 $10,235 $13,436
3/30/00 $10,085 $13,253
3/31/00 $10,255 $13,348
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED 3/31/00
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
INVESTOR CLASS (4-17-98) ADVISOR CLASS (5-11-98)
--------------------------------- ---------------------------------
ONE YEAR SINCE INCEPTION ONE YEAR SINCE INCEPTION
<S> <C> <C> <C> <C>
-------------------------------------------------------------------------------------------------------------------
Health Care Fund -10.44% 1.30% -10.95% 1.03%
S&P 500-Registered Trademark- Index 16.50% 15.91% 16.50% 17.40%
-------------------------------------------------------------------------------------------------------------------
</TABLE>
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE S&P 500 INDEX IS AN
UNMANAGED STOCK INDEX AND, UNLIKE THE FUND, HAS NO MANAGEMENT FEES OR OTHER
OPERATING EXPENSES TO REDUCE ITS REPORTED 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.
6
<PAGE>
TECHNOLOGY FUND
OBJECTIVE: SEEKS CAPITAL APPRECIATION BY INVESTING IN COMPANIES THAT ARE
INVOLVED IN THE TECHNOLOGY SECTOR, INCLUDING COMPUTER SOFTWARE AND SERVICE
COMPANIES, SEMICONDUCTOR MANUFACTURERS, NETWORKING AND TELECOMMUNICATIONS
EQUIPMENT MANUFACTURERS, PC HARDWARE AND PERIPHERALS COMPANIES.
INCEPTION: APRIL 14, 1998
Technology stocks continued an impressive rally throughout most of the year.
Networking equipment companies such as Cisco Systems and Nortel Networks have
seen explosive growth due to infrastructure spending and the rise of wireless
communication. PC makers such as Dell and IBM experienced a surge in sales in
1999 due to the demand for Internet access. Telecommunications equipment
companies such as Lucent Technologies have also benefited from the exponential
growth of the Internet. The government's antitrust suit favoring a breakup of
Microsoft halted that stock's impressive rise. The Technology Fund posted an
85.61% return for the year ended March 31, 2000.
CUMULATIVE FUND PERFORMANCE: APRIL 14, 1998--MARCH 31, 2000
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
TECHNOLOGY FUND S&P 500 INDEX
<S> <C> <C>
4/14/98 $10,000 $10,000
4/15/98 $10,230 $10,032
4/16/98 $10,100 $9,932
4/17/98 $10,400 $10,062
4/20/98 $10,610 $10,071
4/21/98 $10,890 $10,095
4/22/98 $11,040 $10,128
4/23/98 $10,830 $10,034
4/24/98 $10,930 $9,930
4/27/98 $10,660 $9,738
4/28/98 $10,670 $9,725
4/29/98 $10,840 $9,811
4/30/98 $10,920 $9,964
5/1/98 $10,960 $10,047
5/4/98 $10,980 $10,057
5/5/98 $10,970 $9,999
5/6/98 $10,890 $9,903
5/7/98 $10,840 $9,815
5/8/98 $11,100 $9,932
5/11/98 $10,920 $9,918
5/12/98 $11,080 $10,000
5/13/98 $11,180 $10,028
5/14/98 $11,060 $10,015
5/15/98 $10,850 $9,937
5/18/98 $10,750 $9,911
5/19/98 $10,860 $9,944
5/20/98 $10,680 $10,030
5/21/98 $10,570 $9,990
5/22/98 $10,470 $9,953
5/26/98 $10,310 $9,805
5/27/98 $10,400 $9,789
5/28/98 $10,370 $9,837
5/29/98 $10,170 $9,777
6/1/98 $9,910 $9,778
6/2/98 $10,100 $9,796
6/3/98 $9,880 $9,704
6/4/98 $10,160 $9,813
6/5/98 $10,300 $9,983
6/8/98 $10,340 $10,000
6/9/98 $10,500 $10,024
6/10/98 $10,300 $9,969
6/11/98 $10,150 $9,810
6/12/98 $10,180 $9,848
6/15/98 $9,990 $9,653
6/16/98 $10,270 $9,748
6/17/98 $10,320 $9,922
6/18/98 $10,270 $9,916
6/19/98 $10,300 $9,865
6/22/98 $10,520 $9,888
6/23/98 $10,870 $10,034
6/24/98 $11,070 $10,154
6/25/98 $10,960 $10,121
6/26/98 $11,040 $10,156
6/29/98 $11,190 $10,204
6/30/98 $11,140 $10,162
7/1/98 $11,270 $10,294
7/2/98 $11,040 $10,275
7/6/98 $11,150 $10,372
7/7/98 $11,170 $10,349
7/8/98 $11,390 $10,454
7/9/98 $11,470 $10,384
7/10/98 $11,490 $10,435
7/13/98 $11,730 $10,443
7/14/98 $11,690 $10,554
7/15/98 $11,900 $10,529
7/16/98 $12,020 $10,612
7/17/98 $12,130 $10,636
7/20/98 $12,250 $10,613
7/21/98 $12,060 $10,442
7/22/98 $11,860 $10,433
7/23/98 $11,630 $10,215
7/24/98 $11,570 $10,225
7/27/98 $11,680 $10,283
7/28/98 $11,510 $10,130
7/29/98 $11,360 $10,085
7/30/98 $11,790 $10,243
7/31/98 $11,500 $10,044
8/3/98 $11,460 $9,970
8/4/98 $11,080 $9,609
8/5/98 $11,220 $9,692
8/6/98 $11,520 $9,766
8/7/98 $11,520 $9,764
8/10/98 $11,500 $9,708
8/11/98 $11,270 $9,581
8/12/98 $11,470 $9,717
8/13/98 $11,300 $9,634
8/14/98 $11,250 $9,525
8/17/98 $11,510 $9,712
8/18/98 $11,790 $9,870
8/19/98 $11,740 $9,841
8/20/98 $11,680 $9,784
8/21/98 $11,540 $9,690
8/24/98 $11,520 $9,753
8/25/98 $11,580 $9,795
8/26/98 $11,510 $9,717
8/27/98 $11,000 $9,344
8/28/98 $10,610 $9,207
8/31/98 $9,590 $8,582
9/1/98 $10,210 $8,911
9/2/98 $10,300 $8,877
9/3/98 $10,180 $8,804
9/4/98 $10,120 $8,729
9/8/98 $10,810 $9,173
9/9/98 $10,600 $9,018
9/10/98 $10,370 $8,785
9/11/98 $10,780 $9,044
9/14/98 $10,970 $9,229
9/15/98 $11,040 $9,300
9/16/98 $11,140 $9,370
9/17/98 $10,790 $9,132
9/18/98 $10,780 $9,143
9/21/98 $11,040 $9,177
9/22/98 $11,090 $9,230
9/23/98 $11,540 $9,555
9/24/98 $11,350 $9,345
9/25/98 $11,560 $9,364
9/28/98 $11,520 $9,399
9/29/98 $11,480 $9,402
9/30/98 $11,090 $9,115
10/1/98 $10,500 $8,841
10/2/98 $10,410 $8,986
10/5/98 $9,830 $8,860
10/6/98 $9,640 $8,824
10/7/98 $9,470 $8,700
10/8/98 $9,390 $8,599
10/9/98 $9,960 $8,822
10/12/98 $10,330 $8,942
10/13/98 $10,010 $8,916
10/14/98 $10,210 $9,012
10/15/98 $10,760 $9,388
10/16/98 $10,750 $9,468
10/19/98 $10,940 $9,522
10/20/98 $10,720 $9,536
10/21/98 $11,150 $9,589
10/22/98 $11,290 $9,666
10/23/98 $11,230 $9,596
10/26/98 $11,460 $9,611
10/27/98 $11,360 $9,548
10/28/98 $11,570 $9,573
10/29/98 $11,720 $9,733
10/30/98 $11,760 $9,847
11/2/98 $11,930 $9,963
11/3/98 $11,770 $9,956
11/4/98 $12,130 $10,026
11/5/98 $12,220 $10,161
11/6/98 $12,340 $10,226
11/9/98 $12,400 $10,130
11/10/98 $12,510 $10,112
11/11/98 $12,640 $10,047
11/12/98 $12,540 $10,017
11/13/98 $12,450 $10,089
11/16/98 $12,580 $10,180
11/17/98 $12,670 $10,211
11/18/98 $12,860 $10,257
11/19/98 $12,930 $10,330
11/20/98 $12,980 $10,428
11/23/98 $13,430 $10,649
11/24/98 $13,390 $10,603
11/25/98 $13,470 $10,637
11/27/98 $13,640 $10,686
11/30/98 $13,120 $10,429
12/1/98 $13,710 $10,534
12/2/98 $13,650 $10,497
12/3/98 $13,340 $10,308
12/4/98 $13,830 $10,547
12/7/98 $14,240 $10,645
12/8/98 $14,200 $10,588
12/9/98 $14,270 $10,607
12/10/98 $13,930 $10,442
12/11/98 $14,170 $10,454
12/14/98 $13,660 $10,228
12/15/98 $14,050 $10,422
12/16/98 $13,950 $10,414
12/17/98 $14,250 $10,576
12/18/98 $14,620 $10,648
12/21/98 $15,110 $10,781
12/22/98 $15,030 $10,787
12/23/98 $15,490 $11,011
12/24/98 $15,380 $10,991
12/28/98 $15,560 $10,984
12/29/98 $15,480 $11,130
12/30/98 $15,380 $11,041
12/31/98 $15,340 $11,017
1/4/99 $15,580 $11,007
1/5/99 $15,930 $11,156
1/6/99 $16,340 $11,403
1/7/99 $16,420 $11,380
1/8/99 $16,510 $11,428
1/11/99 $16,860 $11,328
1/12/99 $16,310 $11,109
1/13/99 $16,310 $11,063
1/14/99 $15,990 $10,864
1/15/99 $16,510 $11,143
1/19/99 $16,960 $11,211
1/20/99 $17,080 $11,263
1/21/99 $16,580 $11,070
1/22/99 $16,310 $10,981
1/25/99 $16,570 $11,060
1/26/99 $17,270 $11,224
1/27/99 $17,020 $11,142
1/28/99 $17,580 $11,341
1/29/99 $17,910 $11,469
2/1/99 $17,870 $11,409
2/2/99 $17,520 $11,311
2/3/99 $17,690 $11,401
2/4/99 $16,910 $11,190
2/5/99 $16,520 $11,108
2/8/99 $16,760 $11,147
2/9/99 $15,980 $10,900
2/10/99 $16,160 $10,966
2/11/99 $16,990 $11,239
2/12/99 $16,320 $11,025
2/16/99 $16,220 $11,130
2/17/99 $15,610 $10,970
2/18/99 $15,780 $11,089
2/19/99 $15,920 $11,106
2/22/99 $16,540 $11,402
2/23/99 $16,800 $11,393
2/24/99 $16,460 $11,234
2/25/99 $16,290 $11,159
2/26/99 $15,740 $11,099
3/1/99 $15,720 $11,079
3/2/99 $15,320 $10,984
3/3/99 $15,470 $11,003
3/4/99 $15,610 $11,173
3/5/99 $16,030 $11,432
3/8/99 $16,520 $11,497
3/9/99 $16,400 $11,471
3/10/99 $16,360 $11,533
3/11/99 $16,360 $11,631
3/12/99 $16,050 $11,603
3/15/99 $16,430 $11,716
3/16/99 $16,630 $11,708
3/17/99 $16,580 $11,632
3/18/99 $16,760 $11,800
3/19/99 $16,330 $11,645
3/22/99 $16,250 $11,625
3/23/99 $15,780 $11,312
3/24/99 $16,140 $11,370
3/25/99 $16,570 $11,562
3/26/99 $16,470 $11,497
3/29/99 $17,140 $11,743
3/30/99 $17,150 $11,658
3/31/99 $17,020 $11,529
4/1/99 $17,330 $11,595
4/2/99 $17,330 $11,595
4/5/99 $18,100 $11,841
4/6/99 $18,320 $11,812
4/7/99 $18,150 $11,892
4/8/99 $18,290 $12,046
4/9/99 $18,350 $12,085
4/12/99 $17,820 $12,177
4/13/99 $17,520 $12,098
4/14/99 $17,120 $11,906
4/15/99 $17,110 $11,856
4/16/99 $16,680 $11,822
4/19/99 $15,660 $11,557
4/20/99 $16,100 $11,707
4/21/99 $16,740 $11,975
4/22/99 $17,580 $12,179
4/23/99 $17,770 $12,161
4/26/99 $18,330 $12,189
4/27/99 $17,970 $12,214
4/28/99 $17,480 $12,108
4/29/99 $17,230 $12,035
4/30/99 $17,400 $11,967
5/3/99 $17,400 $12,141
5/4/99 $17,010 $11,938
5/5/99 $17,280 $12,075
5/6/99 $16,740 $11,939
5/7/99 $16,980 $12,055
5/10/99 $17,260 $12,013
5/11/99 $17,670 $12,150
5/12/99 $18,070 $12,225
5/13/99 $17,920 $12,257
5/14/99 $17,440 $11,990
5/17/99 $17,750 $12,005
5/18/99 $17,850 $11,950
5/19/99 $17,920 $12,048
5/20/99 $17,560 $11,999
5/21/99 $17,380 $11,923
5/24/99 $16,910 $11,714
5/25/99 $16,330 $11,512
5/26/99 $16,870 $11,694
5/27/99 $16,670 $11,485
5/28/99 $17,010 $11,668
6/1/99 $16,500 $11,600
6/2/99 $16,780 $11,605
6/3/99 $16,570 $11,647
6/4/99 $17,250 $11,900
6/7/99 $17,530 $11,961
6/8/99 $17,000 $11,807
6/9/99 $17,330 $11,818
6/10/99 $17,060 $11,677
6/11/99 $16,800 $11,594
6/14/99 $16,560 $11,598
6/15/99 $16,790 $11,662
6/16/99 $17,750 $11,924
6/17/99 $17,890 $12,009
6/18/99 $18,070 $12,035
6/21/99 $18,630 $12,091
6/22/99 $18,130 $11,973
6/23/99 $18,390 $11,948
6/24/99 $17,940 $11,793
6/25/99 $17,950 $11,789
6/28/99 $18,310 $11,932
6/29/99 $18,650 $12,112
6/30/99 $19,020 $12,303
7/1/99 $19,250 $12,377
7/2/99 $19,520 $12,469
7/6/99 $19,450 $12,441
7/7/99 $19,650 $12,511
7/8/99 $19,970 $12,498
7/9/99 $20,210 $12,577
7/12/99 $20,140 $12,540
7/13/99 $20,040 $12,490
7/14/99 $20,400 $12,531
7/15/99 $20,540 $12,634
7/16/99 $20,670 $12,716
7/19/99 $20,390 $12,616
7/20/99 $19,420 $12,342
7/21/99 $19,670 $12,362
7/22/99 $18,870 $12,198
7/23/99 $19,030 $12,162
7/26/99 $18,520 $12,079
7/27/99 $19,130 $12,215
7/28/99 $19,430 $12,238
7/29/99 $18,900 $12,019
7/30/99 $18,810 $11,909
8/2/99 $18,770 $11,903
8/3/99 $18,600 $11,850
8/4/99 $18,410 $11,699
8/5/99 $18,650 $11,774
8/6/99 $18,610 $11,654
8/9/99 $18,470 $11,632
8/10/99 $18,130 $11,485
8/11/99 $18,880 $11,669
8/12/99 $18,540 $11,635
8/13/99 $19,180 $11,899
8/16/99 $19,310 $11,927
8/17/99 $19,270 $12,047
8/18/99 $19,070 $11,946
8/19/99 $18,850 $11,863
8/20/99 $19,100 $11,979
8/23/99 $19,580 $12,191
8/24/99 $19,810 $12,220
8/25/99 $20,200 $12,384
8/26/99 $19,870 $12,207
8/27/99 $19,850 $12,084
8/30/99 $19,540 $11,867
8/31/99 $19,810 $11,834
9/1/99 $19,840 $11,930
9/2/99 $19,850 $11,823
9/3/99 $20,670 $12,164
9/7/99 $20,740 $12,104
9/8/99 $20,490 $12,047
9/9/99 $20,790 $12,079
9/10/99 $21,100 $12,114
9/13/99 $20,660 $12,047
9/14/99 $20,940 $11,977
9/15/99 $20,430 $11,812
9/16/99 $20,510 $11,817
9/17/99 $20,860 $11,969
9/20/99 $21,100 $11,970
9/21/99 $20,480 $11,719
9/22/99 $20,690 $11,746
9/23/99 $19,820 $11,479
9/24/99 $19,940 $11,448
9/27/99 $20,210 $11,502
9/28/99 $20,290 $11,492
9/29/99 $19,860 $11,368
9/30/99 $19,900 $11,496
10/1/99 $19,830 $11,497
10/4/99 $20,250 $11,693
10/5/99 $20,430 $11,663
10/6/99 $20,660 $11,879
10/7/99 $20,400 $11,809
10/8/99 $20,430 $11,974
10/11/99 $20,610 $11,967
10/12/99 $20,210 $11,768
10/13/99 $19,680 $11,522
10/14/99 $19,670 $11,503
10/15/99 $19,250 $11,180
10/18/99 $18,940 $11,240
10/19/99 $18,660 $11,305
10/20/99 $19,410 $11,557
10/21/99 $19,040 $11,504
10/22/99 $19,080 $11,666
10/25/99 $19,120 $11,594
10/26/99 $19,220 $11,489
10/27/99 $19,030 $11,622
10/28/99 $19,520 $12,032
10/29/99 $20,360 $12,215
11/1/99 $20,370 $12,136
11/2/99 $20,390 $12,079
11/3/99 $20,750 $12,144
11/4/99 $20,990 $12,213
11/5/99 $21,270 $12,281
11/8/99 $21,570 $12,342
11/9/99 $21,450 $12,236
11/10/99 $21,890 $12,310
11/11/99 $22,240 $12,381
11/12/99 $22,330 $12,512
11/15/99 $22,080 $12,497
11/16/99 $22,610 $12,727
11/17/99 $22,430 $12,644
11/18/99 $23,360 $12,771
11/19/99 $23,600 $12,745
11/22/99 $23,720 $12,735
11/23/99 $23,470 $12,589
11/24/99 $23,860 $12,701
11/26/99 $23,950 $12,697
11/29/99 $23,680 $12,618
11/30/99 $22,910 $12,450
12/1/99 $23,390 $12,527
12/2/99 $24,240 $12,629
12/3/99 $24,770 $12,846
12/6/99 $25,090 $12,757
12/7/99 $25,200 $12,630
12/8/99 $25,130 $12,582
12/9/99 $25,120 $12,620
12/10/99 $25,210 $12,700
12/13/99 $25,350 $12,684
12/14/99 $24,560 $12,576
12/15/99 $25,150 $12,667
12/16/99 $25,770 $12,716
12/17/99 $26,000 $12,736
12/20/99 $26,400 $12,710
12/21/99 $27,060 $12,847
12/22/99 $27,080 $12,871
12/24/99 $27,300 $13,070
12/27/99 $27,310 $13,059
12/28/99 $27,150 $13,064
12/29/99 $27,730 $13,116
12/30/99 $27,720 $13,125
12/31/99 $27,790 $13,168
1/3/00 $28,620 $13,043
1/4/00 $27,030 $12,542
1/5/00 $26,680 $12,567
1/6/00 $25,590 $12,579
1/7/00 $26,030 $12,919
1/10/00 $27,320 $13,064
1/11/00 $26,570 $12,893
1/12/00 $26,130 $12,837
1/13/00 $26,520 $12,993
1/17/00 $27,220 $13,132
1/18/00 $27,150 $13,042
1/19/00 $27,300 $13,049
1/20/00 $27,620 $12,956
1/21/00 $27,650 $12,918
1/24/00 $26,720 $12,565
1/25/00 $27,350 $12,638
1/26/00 $26,320 $12,584
1/27/00 $26,040 $12,535
1/28/00 $25,110 $12,191
1/31/00 $25,790 $12,498
2/1/00 $26,480 $12,631
2/2/00 $26,720 $12,629
2/3/00 $27,710 $12,771
2/4/00 $27,840 $12,766
2/7/00 $28,330 $12,754
2/8/00 $28,780 $12,922
2/9/00 $28,320 $12,653
2/10/00 $29,120 $12,698
2/11/00 $28,140 $12,432
2/14/00 $28,160 $12,457
2/15/00 $28,320 $12,566
2/16/00 $28,100 $12,437
2/17/00 $28,710 $12,442
2/18/00 $27,760 $12,064
2/22/00 $27,750 $12,119
2/23/00 $28,830 $12,195
2/24/00 $29,400 $12,130
2/25/00 $28,940 $11,950
2/28/00 $28,870 $12,082
2/29/00 $29,500 $12,247
3/1/00 $29,810 $12,361
3/2/00 $29,730 $12,384
3/3/00 $30,830 $12,630
3/6/00 $30,740 $12,469
3/7/00 $30,320 $12,150
3/8/00 $30,590 $12,249
3/9/00 $31,660 $12,563
3/10/00 $31,600 $12,503
3/13/00 $31,140 $12,401
3/14/00 $30,240 $12,181
3/15/00 $29,720 $12,477
3/16/00 $30,720 $13,072
3/17/00 $31,610 $13,125
3/20/00 $31,390 $13,055
3/21/00 $32,420 $13,389
3/22/00 $33,130 $13,450
3/23/00 $33,660 $13,689
3/24/00 $33,790 $13,690
3/27/00 $34,120 $13,658
3/28/00 $33,280 $13,513
3/29/00 $32,220 $13,520
3/30/00 $31,110 $13,336
3/31/00 $31,590 $13,431
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED 3/31/00
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
INVESTOR CLASS (4-14-98) ADVISOR CLASS (4-29-98)
--------------------------- ---------------------------
ONE YEAR SINCE INCEPTION ONE YEAR SINCE INCEPTION
<S> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------
Technology Fund 85.61% 79.60% 84.62% 73.27%
S&P 500-Registered Trademark- Index 16.50% 16.20% 16.50% 17.74%
-----------------------------------------------------------------------------------------------------------
</TABLE>
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE S&P 500 INDEX IS AN
UNMANAGED STOCK INDEX AND, UNLIKE THE FUND, HAS NO MANAGEMENT FEES OR OTHER
OPERATING EXPENSES TO REDUCE ITS REPORTED 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.
7
<PAGE>
BASIC MATERIALS FUND
OBJECTIVE: SEEKS CAPITAL APPRECIATION BY INVESTING IN COMPANIES ENGAGED IN THE
MINING, MANUFACTURE, OR SALE OF BASIC MATERIALS, SUCH AS LUMBER, STEEL, IRON,
ALUMINUM, CONCRETE, CHEMICALS AND OTHER BASIC BUILDING AND MANUFACTURING
MATERIALS.
INCEPTION: APRIL 1, 1998
Basic Materials stocks rallied from the late summer into the fall, but reversed
direction toward the end of 1999 and into the first quarter of the year 2000.
This reverse reflected a shift away from manufacturing stocks due to rising
interest rates and increases in oil prices. Both incidents adversely affected
all manufacturing stocks due to the impact on the domestic economy. Higher oil
prices particularly hurt the petrochemical and plastics producers Dow Chemical
and Du Pont (E.I.) de Nemours. The Basic Materials Fund posted a 2.84% return
for the year ended March 31, 2000.
CUMULATIVE FUND PERFORMANCE: APRIL 1, 1998--MARCH 31, 2000
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
BASIC MATERIALS FUND S&P 500 INDEX
<S> <C> <C>
4/1/98 $10,000 $10,000
4/2/98 $10,130 $10,107
4/3/98 $10,120 $10,131
4/6/98 $10,030 $10,119
4/7/98 $10,120 $10,013
4/8/98 $10,110 $9,941
4/9/98 $10,190 $10,023
4/13/98 $10,280 $10,014
4/14/98 $10,560 $10,069
4/15/98 $10,560 $10,101
4/16/98 $10,450 $10,000
4/17/98 $10,530 $10,131
4/20/98 $10,470 $10,140
4/21/98 $10,530 $10,164
4/22/98 $10,510 $10,197
4/23/98 $10,470 $10,103
4/24/98 $10,350 $9,998
4/27/98 $10,150 $9,805
4/28/98 $10,140 $9,792
4/29/98 $10,170 $9,878
4/30/98 $10,280 $10,033
5/1/98 $10,360 $10,116
5/4/98 $10,450 $10,126
5/5/98 $10,410 $10,068
5/6/98 $10,320 $9,971
5/7/98 $10,210 $9,883
5/8/98 $10,290 $10,000
5/11/98 $10,490 $9,986
5/12/98 $10,530 $10,069
5/13/98 $10,570 $10,097
5/14/98 $10,570 $10,083
5/15/98 $10,470 $10,005
5/18/98 $10,310 $9,979
5/19/98 $10,310 $10,012
5/20/98 $10,370 $10,098
5/21/98 $10,310 $10,059
5/22/98 $10,300 $10,021
5/26/98 $10,040 $9,872
5/27/98 $9,950 $9,856
5/28/98 $9,910 $9,905
5/29/98 $9,800 $9,844
6/1/98 $9,740 $9,845
6/2/98 $9,740 $9,864
6/3/98 $9,750 $9,771
6/4/98 $9,810 $9,880
6/5/98 $9,930 $10,052
6/8/98 $10,000 $10,068
6/9/98 $9,880 $10,093
6/10/98 $9,690 $10,037
6/11/98 $9,490 $9,878
6/12/98 $9,420 $9,916
6/15/98 $9,150 $9,719
6/16/98 $9,300 $9,814
6/17/98 $9,440 $9,991
6/18/98 $9,390 $9,984
6/19/98 $9,290 $9,932
6/22/98 $9,210 $9,956
6/23/98 $9,250 $10,102
6/24/98 $9,300 $10,223
6/25/98 $9,230 $10,191
6/26/98 $9,310 $10,226
6/29/98 $9,230 $10,274
6/30/98 $9,330 $10,232
7/1/98 $9,380 $10,365
7/2/98 $9,310 $10,345
7/6/98 $9,340 $10,444
7/7/98 $9,280 $10,420
7/8/98 $9,290 $10,525
7/9/98 $9,020 $10,455
7/10/98 $8,910 $10,507
7/13/98 $8,920 $10,515
7/14/98 $9,030 $10,627
7/15/98 $9,010 $10,602
7/16/98 $9,140 $10,685
7/17/98 $9,120 $10,709
7/20/98 $9,070 $10,685
7/21/98 $8,970 $10,514
7/22/98 $8,940 $10,505
7/23/98 $8,640 $10,285
7/24/98 $8,610 $10,295
7/27/98 $8,590 $10,353
7/28/98 $8,500 $10,199
7/29/98 $8,510 $10,154
7/30/98 $8,600 $10,313
7/31/98 $8,440 $10,113
8/3/98 $8,370 $10,039
8/4/98 $8,170 $9,675
8/5/98 $8,180 $9,759
8/6/98 $8,220 $9,833
8/7/98 $8,330 $9,831
8/10/98 $8,260 $9,774
8/11/98 $8,090 $9,647
8/12/98 $8,210 $9,784
8/13/98 $7,990 $9,700
8/14/98 $7,790 $9,590
8/17/98 $7,940 $9,779
8/18/98 $8,060 $9,937
8/19/98 $8,070 $9,909
8/20/98 $8,070 $9,851
8/21/98 $8,030 $9,757
8/24/98 $8,170 $9,819
8/25/98 $8,150 $9,862
8/26/98 $8,030 $9,784
8/27/98 $7,780 $9,408
8/28/98 $7,690 $9,270
8/31/98 $7,370 $8,641
9/1/98 $7,420 $8,972
9/2/98 $7,440 $8,938
9/3/98 $7,420 $8,864
9/4/98 $7,440 $8,788
9/8/98 $7,680 $9,236
9/9/98 $7,670 $9,080
9/10/98 $7,440 $8,845
9/11/98 $7,570 $9,106
9/14/98 $7,750 $9,292
9/15/98 $7,850 $9,364
9/16/98 $7,890 $9,434
9/17/98 $7,690 $9,194
9/18/98 $7,620 $9,205
9/21/98 $7,620 $9,240
9/22/98 $7,660 $9,293
9/23/98 $7,910 $9,620
9/24/98 $7,880 $9,410
9/25/98 $7,960 $9,428
9/28/98 $8,140 $9,463
9/29/98 $8,060 $9,466
9/30/98 $7,760 $9,178
10/1/98 $7,630 $8,901
10/2/98 $7,750 $9,048
10/5/98 $7,700 $8,921
10/6/98 $7,730 $8,885
10/7/98 $7,820 $8,759
10/8/98 $7,810 $8,658
10/9/98 $7,970 $8,883
10/12/98 $8,090 $9,003
10/13/98 $7,750 $8,977
10/14/98 $7,600 $9,074
10/15/98 $7,920 $9,453
10/16/98 $8,130 $9,533
10/19/98 $8,160 $9,587
10/20/98 $8,230 $9,601
10/21/98 $8,080 $9,655
10/22/98 $8,020 $9,732
10/23/98 $7,830 $9,662
10/26/98 $7,820 $9,677
10/27/98 $7,790 $9,614
10/28/98 $7,720 $9,638
10/29/98 $7,820 $9,799
10/30/98 $8,040 $9,914
11/2/98 $8,100 $10,031
11/3/98 $8,210 $10,024
11/4/98 $8,260 $10,095
11/5/98 $8,470 $10,230
11/6/98 $8,450 $10,297
11/9/98 $8,350 $10,199
11/10/98 $8,210 $10,181
11/11/98 $8,110 $10,116
11/12/98 $8,080 $10,086
11/13/98 $8,210 $10,159
11/16/98 $8,210 $10,250
11/17/98 $8,230 $10,281
11/18/98 $8,210 $10,328
11/19/98 $8,180 $10,401
11/20/98 $8,220 $10,500
11/23/98 $8,260 $10,722
11/24/98 $8,330 $10,675
11/25/98 $8,300 $10,710
11/27/98 $8,310 $10,759
11/30/98 $8,150 $10,501
12/1/98 $8,060 $10,606
12/2/98 $8,000 $10,569
12/3/98 $7,820 $10,379
12/4/98 $7,850 $10,619
12/7/98 $7,950 $10,718
12/8/98 $7,840 $10,661
12/9/98 $7,770 $10,680
12/10/98 $7,710 $10,513
12/11/98 $7,650 $10,526
12/14/98 $7,680 $10,298
12/15/98 $7,600 $10,493
12/16/98 $7,500 $10,485
12/17/98 $7,670 $10,648
12/18/98 $7,530 $10,721
12/21/98 $7,610 $10,854
12/22/98 $7,540 $10,861
12/23/98 $7,660 $11,086
12/24/98 $7,730 $11,066
12/28/98 $7,730 $11,059
12/29/98 $7,810 $11,206
12/30/98 $7,770 $11,117
12/31/98 $7,810 $11,093
1/4/99 $7,810 $11,082
1/5/99 $7,920 $11,233
1/6/99 $8,080 $11,482
1/7/99 $8,020 $11,458
1/8/99 $8,320 $11,506
1/11/99 $8,300 $11,405
1/12/99 $8,120 $11,185
1/13/99 $8,000 $11,139
1/14/99 $7,820 $10,939
1/15/99 $8,000 $11,219
1/19/99 $7,820 $11,288
1/20/99 $7,700 $11,340
1/21/99 $7,680 $11,146
1/22/99 $7,520 $11,056
1/25/99 $7,680 $11,135
1/26/99 $7,720 $11,301
1/27/99 $7,610 $11,218
1/28/99 $7,600 $11,419
1/29/99 $7,570 $11,548
2/1/99 $7,610 $11,488
2/2/99 $7,650 $11,388
2/3/99 $7,640 $11,479
2/4/99 $7,750 $11,266
2/5/99 $7,880 $11,184
2/8/99 $7,840 $11,224
2/9/99 $7,720 $10,975
2/10/99 $7,730 $11,041
2/11/99 $7,720 $11,317
2/12/99 $7,680 $11,101
2/16/99 $7,560 $11,207
2/17/99 $7,470 $11,046
2/18/99 $7,490 $11,165
2/19/99 $7,560 $11,183
2/22/99 $7,720 $11,480
2/23/99 $7,660 $11,471
2/24/99 $7,660 $11,311
2/25/99 $7,620 $11,235
2/26/99 $7,610 $11,175
3/1/99 $7,590 $11,155
3/2/99 $7,490 $11,059
3/3/99 $7,450 $11,079
3/4/99 $7,510 $11,250
3/5/99 $7,690 $11,510
3/8/99 $7,650 $11,575
3/9/99 $7,530 $11,549
3/10/99 $7,730 $11,613
3/11/99 $7,770 $11,710
3/12/99 $7,760 $11,682
3/15/99 $7,750 $11,797
3/16/99 $7,790 $11,789
3/17/99 $7,800 $11,712
3/18/99 $7,950 $11,881
3/19/99 $7,940 $11,725
3/22/99 $7,920 $11,704
3/23/99 $7,750 $11,390
3/24/99 $7,730 $11,448
3/25/99 $7,830 $11,641
3/26/99 $7,690 $11,576
3/29/99 $7,870 $11,823
3/30/99 $7,780 $11,738
3/31/99 $7,750 $11,608
4/1/99 $7,840 $11,675
4/2/99 $7,840 $11,675
4/5/99 $7,910 $11,922
4/6/99 $7,820 $11,893
4/7/99 $7,910 $11,974
4/8/99 $7,960 $12,128
4/9/99 $7,970 $12,168
4/12/99 $8,190 $12,260
4/13/99 $8,300 $12,181
4/14/99 $8,780 $11,988
4/15/99 $9,090 $11,937
4/16/99 $9,120 $11,903
4/19/99 $9,260 $11,636
4/20/99 $9,120 $11,787
4/21/99 $9,050 $12,057
4/22/99 $9,000 $12,262
4/23/99 $9,080 $12,244
4/26/99 $9,010 $12,273
4/27/99 $9,160 $12,298
4/28/99 $9,620 $12,191
4/29/99 $9,740 $12,118
4/30/99 $9,620 $12,049
5/3/99 $9,920 $12,224
5/4/99 $9,750 $12,020
5/5/99 $9,840 $12,158
5/6/99 $9,980 $12,020
5/7/99 $9,980 $12,137
5/10/99 $9,940 $12,095
5/11/99 $9,860 $12,233
5/12/99 $9,680 $12,309
5/13/99 $9,660 $12,341
5/14/99 $9,670 $12,072
5/17/99 $9,570 $12,088
5/18/99 $9,390 $12,032
5/19/99 $9,450 $12,130
5/20/99 $9,390 $12,082
5/21/99 $9,400 $12,005
5/24/99 $9,380 $11,794
5/25/99 $9,150 $11,590
5/26/99 $9,170 $11,774
5/27/99 $8,930 $11,564
5/28/99 $8,840 $11,748
6/1/99 $9,210 $11,679
6/2/99 $9,170 $11,684
6/3/99 $9,150 $11,727
6/4/99 $9,290 $11,982
6/7/99 $9,290 $12,043
6/8/99 $9,230 $11,888
6/9/99 $9,200 $11,899
6/10/99 $9,300 $11,757
6/11/99 $9,250 $11,674
6/14/99 $9,490 $11,677
6/15/99 $9,500 $11,742
6/16/99 $9,500 $12,006
6/17/99 $9,500 $12,091
6/18/99 $9,570 $12,118
6/21/99 $9,400 $12,173
6/22/99 $9,260 $12,055
6/23/99 $9,300 $12,030
6/24/99 $9,080 $11,874
6/25/99 $9,140 $11,869
6/28/99 $9,170 $12,014
6/29/99 $9,260 $12,196
6/30/99 $9,210 $12,387
7/1/99 $9,350 $12,462
7/2/99 $9,520 $12,554
7/6/99 $9,490 $12,526
7/7/99 $9,520 $12,596
7/8/99 $9,460 $12,583
7/9/99 $9,620 $12,663
7/12/99 $9,550 $12,626
7/13/99 $9,530 $12,576
7/14/99 $9,540 $12,617
7/15/99 $9,420 $12,720
7/16/99 $9,430 $12,803
7/19/99 $9,320 $12,703
7/20/99 $9,340 $12,427
7/21/99 $9,350 $12,447
7/22/99 $9,440 $12,281
7/23/99 $9,340 $12,245
7/26/99 $9,230 $12,162
7/27/99 $9,350 $12,298
7/28/99 $9,340 $12,321
7/29/99 $9,190 $12,102
7/30/99 $9,160 $11,990
8/2/99 $9,290 $11,984
8/3/99 $9,300 $11,931
8/4/99 $9,450 $11,779
8/5/99 $9,550 $11,855
8/6/99 $9,470 $11,734
8/9/99 $9,380 $11,711
8/10/99 $9,330 $11,564
8/11/99 $9,600 $11,749
8/12/99 $9,580 $11,715
8/13/99 $9,610 $11,981
8/16/99 $9,540 $12,009
8/17/99 $9,620 $12,130
8/18/99 $9,470 $12,028
8/19/99 $9,490 $11,944
8/20/99 $9,580 $12,062
8/23/99 $9,600 $12,275
8/24/99 $9,470 $12,304
8/25/99 $9,220 $12,469
8/26/99 $9,140 $12,291
8/27/99 $9,110 $12,167
8/30/99 $8,930 $11,948
8/31/99 $8,730 $11,915
9/1/99 $8,890 $12,012
9/2/99 $8,870 $11,904
9/3/99 $8,960 $12,248
9/7/99 $8,910 $12,187
9/8/99 $8,920 $12,130
9/9/99 $8,970 $12,161
9/10/99 $9,020 $12,197
9/13/99 $9,160 $12,129
9/14/99 $9,000 $12,059
9/15/99 $8,910 $11,893
9/16/99 $8,790 $11,898
9/17/99 $8,760 $12,051
9/20/99 $8,700 $12,052
9/21/99 $8,550 $11,800
9/22/99 $8,470 $11,826
9/23/99 $8,260 $11,558
9/24/99 $8,130 $11,527
9/27/99 $8,330 $11,581
9/28/99 $8,270 $11,571
9/29/99 $8,300 $11,446
9/30/99 $8,420 $11,575
10/1/99 $8,350 $11,576
10/4/99 $8,520 $11,773
10/5/99 $8,430 $11,743
10/6/99 $8,470 $11,960
10/7/99 $8,560 $11,890
10/8/99 $8,670 $12,056
10/11/99 $8,640 $12,049
10/12/99 $8,510 $11,849
10/13/99 $8,470 $11,601
10/14/99 $8,570 $11,582
10/15/99 $8,260 $11,257
10/18/99 $8,350 $11,317
10/19/99 $8,290 $11,382
10/20/99 $8,380 $11,636
10/21/99 $8,420 $11,583
10/22/99 $8,450 $11,746
10/25/99 $8,470 $11,674
10/26/99 $8,330 $11,568
10/27/99 $8,320 $11,702
10/28/99 $8,330 $12,114
10/29/99 $8,630 $12,299
11/1/99 $8,520 $12,220
11/2/99 $8,610 $12,162
11/3/99 $8,650 $12,227
11/4/99 $8,710 $12,297
11/5/99 $8,720 $12,365
11/8/99 $8,540 $12,426
11/9/99 $8,650 $12,320
11/10/99 $8,650 $12,394
11/11/99 $8,610 $12,466
11/12/99 $8,640 $12,598
11/15/99 $8,850 $12,583
11/16/99 $8,860 $12,814
11/17/99 $8,830 $12,730
11/18/99 $8,830 $12,859
11/19/99 $8,770 $12,832
11/22/99 $8,670 $12,823
11/23/99 $8,640 $12,676
11/24/99 $8,650 $12,788
11/26/99 $8,580 $12,784
11/29/99 $8,460 $12,704
11/30/99 $8,540 $12,535
12/1/99 $8,540 $12,613
12/2/99 $8,730 $12,715
12/3/99 $8,840 $12,934
12/6/99 $8,830 $12,844
12/7/99 $8,750 $12,716
12/8/99 $8,730 $12,669
12/9/99 $8,720 $12,707
12/10/99 $8,820 $12,787
12/13/99 $8,790 $12,771
12/14/99 $8,970 $12,662
12/15/99 $9,220 $12,754
12/16/99 $9,100 $12,803
12/17/99 $9,210 $12,824
12/20/99 $8,950 $12,797
12/21/99 $8,970 $12,935
12/22/99 $8,950 $12,960
12/24/99 $9,150 $13,160
12/27/99 $9,090 $13,149
12/28/99 $9,340 $13,154
12/29/99 $9,500 $13,206
12/30/99 $9,340 $13,215
12/31/99 $9,520 $13,259
1/3/00 $9,340 $13,132
1/4/00 $9,200 $12,628
1/5/00 $9,580 $12,653
1/6/00 $9,820 $12,665
1/7/00 $9,880 $13,008
1/10/00 $9,750 $13,153
1/11/00 $9,610 $12,982
1/12/00 $9,570 $12,925
1/13/00 $9,540 $13,082
1/17/00 $9,490 $13,222
1/18/00 $9,160 $13,131
1/19/00 $9,090 $13,138
1/20/00 $8,830 $13,045
1/21/00 $8,740 $13,007
1/24/00 $8,550 $12,651
1/25/00 $8,380 $12,724
1/26/00 $8,390 $12,671
1/27/00 $8,390 $12,621
1/28/00 $8,260 $12,274
1/31/00 $8,240 $12,584
2/1/00 $8,330 $12,717
2/2/00 $8,300 $12,716
2/3/00 $8,250 $12,859
2/4/00 $8,200 $12,854
2/7/00 $8,040 $12,841
2/8/00 $7,950 $13,010
2/9/00 $7,820 $12,739
2/10/00 $7,810 $12,786
2/11/00 $7,680 $12,517
2/14/00 $7,790 $12,543
2/15/00 $8,050 $12,652
2/16/00 $7,920 $12,522
2/17/00 $7,930 $12,528
2/18/00 $7,700 $12,147
2/22/00 $7,940 $12,202
2/23/00 $7,780 $12,279
2/24/00 $7,560 $12,213
2/25/00 $7,430 $12,032
2/28/00 $7,480 $12,165
2/29/00 $7,430 $12,331
3/1/00 $7,300 $12,446
3/2/00 $7,110 $12,469
3/3/00 $7,420 $12,716
3/6/00 $7,230 $12,555
3/7/00 $6,950 $12,233
3/8/00 $7,080 $12,333
3/9/00 $7,060 $12,649
3/10/00 $7,100 $12,589
3/13/00 $7,200 $12,486
3/14/00 $7,010 $12,265
3/15/00 $7,490 $12,563
3/16/00 $7,930 $13,161
3/17/00 $7,600 $13,215
3/20/00 $7,740 $13,145
3/21/00 $7,850 $13,481
3/22/00 $7,580 $13,542
3/23/00 $7,760 $13,783
3/24/00 $7,800 $13,784
3/27/00 $7,740 $13,751
3/28/00 $7,660 $13,606
3/29/00 $7,750 $13,613
3/30/00 $7,950 $13,427
3/31/00 $7,970 $13,523
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED 3/31/00
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------
INVESTOR CLASS (4-1-98) ADVISOR CLASS (4-14-98)
-------------------------- --------------------------
ONE YEAR SINCE INCEPTION ONE YEAR SINCE INCEPTION
<S> <C> <C> <C> <C>
---------------------------------------------------------------------------------------------------------
Basic Materials Fund 2.84% -10.73% 2.72% -13.57%
S&P 500-Registered Trademark- Index 16.50% 16.29% 16.50% 16.20%
---------------------------------------------------------------------------------------------------------
</TABLE>
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE S&P 500 INDEX IS AN
UNMANAGED STOCK INDEX AND, UNLIKE THE FUND, HAS NO MANAGEMENT FEES OR OTHER
OPERATING EXPENSES TO REDUCE ITS REPORTED 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.
8
<PAGE>
CONSUMER PRODUCTS FUND
OBJECTIVE: SEEKS CAPITAL APPRECIATION BY INVESTING IN COMPANIES ENGAGED IN
MANUFACTURING FINISHED GOODS AND SERVICES BOTH DOMESTICALLY AND INTERNATIONALLY.
INCEPTION: JULY 6, 1998
Consumer product companies recorded another lackluster year. Higher raw
materials prices and increased competition hurt the bottom lines of household
products companies such as Proctor and Gamble and Colgate. Overall, the consumer
products industry is mature, consolidated, and competitive. Fast-growing markets
in Europe, Latin America, and the Pacific Basin will drive long-term growth in
this sector. The Consumer Products Fund posted a -19.20% return for the year
ended March 31, 2000.
CUMULATIVE FUND PERFORMANCE: JULY 6, 1998--MARCH 31, 2000
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
CONSUMER PRODUCTS FUND S&P 500 INDEX
<S> <C> <C>
7/6/1998 $10,000 $10,000
7/7/1998 $9,920 $9,977
7/8/1998 $9,960 $10,078
7/9/1998 $9,810 $10,011
7/10/1998 $9,970 $10,061
7/13/1998 $9,870 $10,068
7/14/1998 $9,960 $10,175
7/15/1998 $9,880 $10,151
7/16/1998 $9,940 $10,231
7/17/1998 $9,840 $10,254
7/20/1998 $9,810 $10,231
7/21/1998 $9,650 $10,067
7/22/1998 $9,590 $10,058
7/23/1998 $9,500 $9,848
7/24/1998 $9,490 $9,857
7/27/1998 $9,540 $9,913
7/28/1998 $9,440 $9,766
7/29/1998 $9,380 $9,723
7/30/1998 $9,330 $9,875
7/31/1998 $9,040 $9,683
8/3/1998 $8,920 $9,612
8/4/1998 $8,760 $9,264
8/5/1998 $8,860 $9,344
8/6/1998 $8,800 $9,415
8/7/1998 $8,730 $9,414
8/10/1998 $8,740 $9,359
8/11/1998 $8,630 $9,237
8/12/1998 $8,740 $9,368
8/13/1998 $8,620 $9,288
8/14/1998 $8,590 $9,183
8/17/1998 $8,730 $9,364
8/18/1998 $8,780 $9,515
8/19/1998 $8,680 $9,488
8/20/1998 $8,600 $9,432
8/21/1998 $8,530 $9,342
8/24/1998 $8,610 $9,402
8/25/1998 $8,650 $9,443
8/26/1998 $8,540 $9,368
8/27/1998 $8,210 $9,009
8/28/1998 $8,140 $8,876
8/31/1998 $7,710 $8,274
9/1/1998 $7,970 $8,591
9/2/1998 $7,820 $8,558
9/3/1998 $7,680 $8,487
9/4/1998 $7,650 $8,415
9/8/1998 $8,070 $8,843
9/9/1998 $7,720 $8,694
9/10/1998 $7,460 $8,470
9/11/1998 $7,560 $8,719
9/14/1998 $7,740 $8,898
9/15/1998 $7,790 $8,966
9/16/1998 $7,710 $9,034
9/17/1998 $7,390 $8,804
9/18/1998 $7,420 $8,814
9/21/1998 $7,390 $8,847
9/22/1998 $7,500 $8,898
9/23/1998 $7,800 $9,212
9/24/1998 $7,680 $9,010
9/25/1998 $7,600 $9,027
9/28/1998 $7,740 $9,061
9/29/1998 $7,570 $9,064
9/30/1998 $7,370 $8,788
10/1/1998 $7,220 $8,523
10/2/1998 $7,420 $8,663
10/5/1998 $7,300 $8,542
10/6/1998 $7,350 $8,508
10/7/1998 $7,380 $8,387
10/8/1998 $7,350 $8,290
10/9/1998 $7,440 $8,505
10/12/1998 $7,630 $8,621
10/13/1998 $7,670 $8,596
10/14/1998 $7,690 $8,689
10/15/1998 $8,040 $9,051
10/16/1998 $8,150 $9,128
10/19/1998 $8,180 $9,180
10/20/1998 $8,120 $9,193
10/21/1998 $8,180 $9,245
10/22/1998 $8,280 $9,319
10/23/1998 $8,240 $9,251
10/26/1998 $8,330 $9,266
10/27/1998 $8,360 $9,205
10/28/1998 $8,210 $9,229
10/29/1998 $8,340 $9,383
10/30/1998 $8,490 $9,493
11/2/1998 $8,620 $9,605
11/3/1998 $8,730 $9,598
11/4/1998 $8,720 $9,666
11/5/1998 $8,810 $9,796
11/6/1998 $8,940 $9,859
11/9/1998 $8,840 $9,766
11/10/1998 $8,870 $9,749
11/11/1998 $8,820 $9,686
11/12/1998 $8,800 $9,658
11/13/1998 $8,860 $9,727
11/16/1998 $8,960 $9,815
11/17/1998 $8,890 $9,845
11/18/1998 $8,880 $9,889
11/19/1998 $8,960 $9,959
11/20/1998 $9,050 $10,054
11/23/1998 $9,180 $10,267
11/24/1998 $9,050 $10,222
11/25/1998 $8,960 $10,255
11/27/1998 $8,950 $10,302
11/30/1998 $8,840 $10,055
12/1/1998 $8,760 $10,155
12/2/1998 $8,780 $10,120
12/3/1998 $8,680 $9,938
12/4/1998 $8,810 $10,168
12/7/1998 $8,820 $10,263
12/8/1998 $8,700 $10,208
12/9/1998 $8,680 $10,226
12/10/1998 $8,600 $10,067
12/11/1998 $8,560 $10,079
12/14/1998 $8,530 $9,861
12/15/1998 $8,670 $10,048
12/16/1998 $8,610 $10,040
12/17/1998 $8,690 $10,196
12/18/1998 $8,700 $10,265
12/21/1998 $8,760 $10,393
12/22/1998 $8,930 $10,400
12/23/1998 $9,150 $10,615
12/24/1998 $9,150 $10,596
12/28/1998 $9,130 $10,589
12/29/1998 $9,280 $10,730
12/30/1998 $9,200 $10,645
12/31/1998 $9,270 $10,621
1/4/1999 $9,190 $10,612
1/5/1999 $9,200 $10,756
1/6/1999 $9,330 $10,994
1/7/1999 $9,200 $10,971
1/8/1999 $9,160 $11,018
1/11/1999 $9,200 $10,921
1/12/1999 $9,210 $10,710
1/13/1999 $9,020 $10,666
1/14/1999 $8,900 $10,474
1/15/1999 $9,020 $10,743
1/19/1999 $9,010 $10,809
1/20/1999 $8,940 $10,858
1/21/1999 $8,920 $10,673
1/22/1999 $8,890 $10,587
1/25/1999 $8,900 $10,662
1/26/1999 $8,930 $10,821
1/27/1999 $9,030 $10,742
1/28/1999 $9,300 $10,934
1/29/1999 $9,450 $11,057
2/1/1999 $9,510 $11,000
2/2/1999 $9,380 $10,905
2/3/1999 $9,340 $10,992
2/4/1999 $9,220 $10,788
2/5/1999 $9,200 $10,709
2/8/1999 $9,110 $10,747
2/9/1999 $9,040 $10,508
2/10/1999 $9,270 $10,572
2/11/1999 $9,410 $10,836
2/12/1999 $9,310 $10,629
2/16/1999 $9,440 $10,731
2/17/1999 $9,460 $10,577
2/18/1999 $9,460 $10,691
2/19/1999 $9,380 $10,708
2/22/1999 $9,600 $10,992
2/23/1999 $9,500 $10,984
2/24/1999 $9,360 $10,830
2/25/1999 $9,280 $10,758
2/26/1999 $9,240 $10,700
3/1/1999 $9,230 $10,681
3/2/1999 $9,360 $10,589
3/3/1999 $9,310 $10,608
3/4/1999 $9,400 $10,772
3/5/1999 $9,580 $11,021
3/8/1999 $9,560 $11,084
3/9/1999 $9,530 $11,059
3/10/1999 $9,620 $11,119
3/11/1999 $9,670 $11,213
3/12/1999 $9,620 $11,186
3/15/1999 $9,610 $11,296
3/16/1999 $9,650 $11,288
3/17/1999 $9,610 $11,214
3/18/1999 $9,630 $11,376
3/19/1999 $9,670 $11,227
3/22/1999 $9,680 $11,207
3/23/1999 $9,460 $10,906
3/24/1999 $9,580 $10,962
3/25/1999 $9,910 $11,146
3/26/1999 $9,820 $11,084
3/29/1999 $9,940 $11,321
3/30/1999 $9,810 $11,239
3/31/1999 $9,710 $11,115
4/1/1999 $9,690 $11,179
4/2/1999 $9,690 $11,179
4/5/1999 $9,780 $11,415
4/6/1999 $9,570 $11,388
4/7/1999 $9,590 $11,465
4/8/1999 $9,680 $11,613
4/9/1999 $9,670 $11,651
4/12/1999 $9,680 $11,740
4/13/1999 $9,630 $11,663
4/14/1999 $9,560 $11,479
4/15/1999 $9,510 $11,430
4/16/1999 $9,610 $11,397
4/19/1999 $9,620 $11,142
4/20/1999 $9,610 $11,286
4/21/1999 $9,942 $11,545
4/22/1999 $9,828 $11,741
4/23/1999 $9,745 $11,724
4/26/1999 $9,890 $11,752
4/27/1999 $9,859 $11,776
4/28/1999 $9,818 $11,673
4/29/1999 $9,859 $11,603
4/30/1999 $9,838 $11,537
5/3/1999 $9,942 $11,705
5/4/1999 $9,818 $11,509
5/5/1999 $9,828 $11,642
5/6/1999 $9,838 $11,510
5/7/1999 $9,818 $11,622
5/10/1999 $9,683 $11,581
5/11/1999 $9,755 $11,713
5/12/1999 $9,807 $11,786
5/13/1999 $9,766 $11,817
5/14/1999 $9,662 $11,560
5/17/1999 $9,672 $11,574
5/18/1999 $9,651 $11,521
5/19/1999 $9,734 $11,615
5/20/1999 $9,786 $11,568
5/21/1999 $9,734 $11,495
5/24/1999 $9,620 $11,293
5/25/1999 $9,568 $11,098
5/26/1999 $9,631 $11,274
5/27/1999 $9,454 $11,072
5/28/1999 $9,454 $11,249
6/1/1999 $9,620 $11,183
6/2/1999 $9,589 $11,188
6/3/1999 $9,589 $11,229
6/4/1999 $9,724 $11,473
6/7/1999 $9,734 $11,531
6/8/1999 $9,610 $11,383
6/9/1999 $9,537 $11,394
6/10/1999 $9,423 $11,257
6/11/1999 $9,309 $11,178
6/14/1999 $9,319 $11,181
6/15/1999 $9,278 $11,243
6/16/1999 $9,340 $11,496
6/17/1999 $9,392 $11,578
6/18/1999 $9,257 $11,603
6/21/1999 $9,299 $11,656
6/22/1999 $9,309 $11,543
6/23/1999 $9,361 $11,519
6/24/1999 $9,236 $11,369
6/25/1999 $9,216 $11,365
6/28/1999 $9,319 $11,504
6/29/1999 $9,413 $11,678
6/30/1999 $9,548 $11,861
7/1/1999 $9,434 $11,932
7/2/1999 $9,402 $12,021
7/6/1999 $9,382 $11,994
7/7/1999 $9,454 $12,061
7/8/1999 $9,402 $12,049
7/9/1999 $9,517 $12,125
7/12/1999 $9,465 $12,089
7/13/1999 $9,475 $12,041
7/14/1999 $9,548 $12,081
7/15/1999 $9,589 $12,180
7/16/1999 $9,672 $12,259
7/19/1999 $9,610 $12,163
7/20/1999 $9,548 $11,899
7/21/1999 $9,558 $11,918
7/22/1999 $9,600 $11,760
7/23/1999 $9,548 $11,725
7/26/1999 $9,506 $11,646
7/27/1999 $9,558 $11,776
7/28/1999 $9,465 $11,798
7/29/1999 $9,402 $11,587
7/30/1999 $9,382 $11,481
8/2/1999 $9,288 $11,475
8/3/1999 $9,351 $11,425
8/4/1999 $9,216 $11,279
8/5/1999 $9,247 $11,351
8/6/1999 $9,184 $11,235
8/9/1999 $9,112 $11,214
8/10/1999 $9,018 $11,072
8/11/1999 $9,070 $11,250
8/12/1999 $8,977 $11,217
8/13/1999 $9,050 $11,472
8/16/1999 $9,081 $11,499
8/17/1999 $9,143 $11,615
8/18/1999 $9,081 $11,517
8/19/1999 $9,060 $11,437
8/20/1999 $9,133 $11,549
8/23/1999 $9,174 $11,753
8/24/1999 $9,195 $11,782
8/25/1999 $9,351 $11,940
8/26/1999 $9,299 $11,769
8/27/1999 $9,153 $11,650
8/30/1999 $9,091 $11,440
8/31/1999 $9,039 $11,409
9/1/1999 $9,101 $11,501
9/2/1999 $9,018 $11,398
9/3/1999 $9,112 $11,728
9/7/1999 $9,122 $11,669
9/8/1999 $9,050 $11,614
9/9/1999 $9,039 $11,645
9/10/1999 $8,956 $11,679
9/13/1999 $8,883 $11,614
9/14/1999 $8,738 $11,547
9/15/1999 $8,697 $11,388
9/16/1999 $8,676 $11,393
9/17/1999 $8,697 $11,539
9/20/1999 $8,738 $11,540
9/21/1999 $8,541 $11,298
9/22/1999 $8,468 $11,324
9/23/1999 $8,271 $11,067
9/24/1999 $8,302 $11,037
9/27/1999 $8,396 $11,089
9/28/1999 $8,313 $11,079
9/29/1999 $8,167 $10,960
9/30/1999 $8,199 $11,084
10/1/1999 $8,230 $11,084
10/4/1999 $8,375 $11,273
10/5/1999 $8,365 $11,245
10/6/1999 $8,531 $11,452
10/7/1999 $8,520 $11,385
10/8/1999 $8,531 $11,544
10/11/1999 $8,489 $11,537
10/12/1999 $8,354 $11,346
10/13/1999 $8,188 $11,108
10/14/1999 $8,282 $11,090
10/15/1999 $8,095 $10,779
10/18/1999 $8,188 $10,837
10/19/1999 $8,282 $10,899
10/20/1999 $8,448 $11,142
10/21/1999 $8,583 $11,091
10/22/1999 $8,603 $11,247
10/25/1999 $8,572 $11,178
10/26/1999 $8,541 $11,077
10/27/1999 $8,614 $11,205
10/28/1999 $8,863 $11,600
10/29/1999 $9,008 $11,777
11/1/1999 $9,018 $11,701
11/2/1999 $8,894 $11,645
11/3/1999 $8,852 $11,708
11/4/1999 $8,852 $11,774
11/5/1999 $8,800 $11,840
11/8/1999 $8,842 $11,898
11/9/1999 $8,780 $11,797
11/10/1999 $8,852 $11,868
11/11/1999 $8,873 $11,937
11/12/1999 $8,873 $12,063
11/15/1999 $8,894 $12,049
11/16/1999 $8,987 $12,270
11/17/1999 $9,060 $12,190
11/18/1999 $9,039 $12,313
11/19/1999 $9,029 $12,287
11/22/1999 $9,060 $12,278
11/23/1999 $9,029 $12,137
11/24/1999 $9,081 $12,245
11/26/1999 $9,081 $12,241
11/29/1999 $9,018 $12,165
11/30/1999 $8,863 $12,003
12/1/1999 $8,935 $12,077
12/2/1999 $9,029 $12,175
12/3/1999 $9,236 $12,385
12/6/1999 $9,236 $12,299
12/7/1999 $9,184 $12,176
12/8/1999 $9,184 $12,131
12/9/1999 $9,164 $12,167
12/10/1999 $9,101 $12,244
12/13/1999 $9,039 $12,229
12/14/1999 $9,112 $12,124
12/15/1999 $9,205 $12,212
12/16/1999 $9,195 $12,259
12/17/1999 $9,299 $12,279
12/20/1999 $9,247 $12,253
12/21/1999 $9,216 $12,386
12/22/1999 $9,267 $12,409
12/24/1999 $9,382 $12,601
12/27/1999 $9,402 $12,590
12/28/1999 $9,392 $12,595
12/29/1999 $9,382 $12,645
12/30/1999 $9,423 $12,654
12/31/1999 $9,485 $12,695
1/3/2000 $9,164 $12,574
1/4/2000 $8,925 $12,092
1/5/2000 $8,904 $12,115
1/6/2000 $9,008 $12,127
1/7/2000 $9,351 $12,455
1/10/2000 $9,434 $12,595
1/11/2000 $9,392 $12,430
1/12/2000 $9,351 $12,376
1/13/2000 $9,371 $12,526
1/17/2000 $9,402 $12,660
1/18/2000 $9,309 $12,573
1/19/2000 $9,216 $12,580
1/20/2000 $9,091 $12,491
1/21/2000 $8,967 $12,454
1/24/2000 $8,852 $12,114
1/25/2000 $8,676 $12,184
1/26/2000 $8,800 $12,132
1/27/2000 $8,759 $12,085
1/28/2000 $8,551 $11,753
1/31/2000 $8,531 $12,049
2/1/2000 $8,572 $12,177
2/2/2000 $8,603 $12,176
2/3/2000 $8,583 $12,313
2/4/2000 $8,365 $12,308
2/7/2000 $8,282 $12,296
2/8/2000 $8,344 $12,458
2/9/2000 $8,188 $12,198
2/10/2000 $8,074 $12,242
2/11/2000 $7,970 $11,986
2/14/2000 $7,929 $12,010
2/15/2000 $8,022 $12,115
2/16/2000 $7,939 $11,990
2/17/2000 $7,887 $11,995
2/18/2000 $7,732 $11,631
2/22/2000 $7,752 $11,684
2/23/2000 $7,732 $11,757
2/24/2000 $7,545 $11,695
2/25/2000 $7,306 $11,521
2/28/2000 $7,482 $11,648
2/29/2000 $7,534 $11,807
3/1/2000 $7,566 $11,917
3/2/2000 $7,534 $11,939
3/3/2000 $7,638 $12,176
3/6/2000 $7,441 $12,022
3/7/2000 $6,808 $11,714
3/8/2000 $6,756 $11,809
3/9/2000 $6,881 $12,112
3/10/2000 $6,673 $12,054
3/13/2000 $6,725 $11,955
3/14/2000 $6,652 $11,744
3/15/2000 $7,130 $12,029
3/16/2000 $7,617 $12,602
3/17/2000 $7,472 $12,654
3/20/2000 $7,431 $12,586
3/21/2000 $7,524 $12,908
3/22/2000 $7,472 $12,967
3/23/2000 $7,566 $13,197
3/24/2000 $7,555 $13,198
3/27/2000 $7,472 $13,167
3/28/2000 $7,545 $13,028
3/29/2000 $7,690 $13,035
3/30/2000 $7,794 $12,857
3/31/2000 $7,846 $12,949
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED 3/31/00
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
INVESTOR CLASS (7-6-98) ADVISOR CLASS (8-17-98)
--------------------------------- ---------------------------------
ONE YEAR SINCE INCEPTION ONE YEAR SINCE INCEPTION
<S> <C> <C> <C> <C>
-------------------------------------------------------------------------------------------------------------------
Consumer Products Fund -19.20% -13.04% -19.76% -6.83%
S&P 500-Registered Trademark- Index 16.50% 16.04% 16.50% 22.12%
-------------------------------------------------------------------------------------------------------------------
</TABLE>
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE S&P 500 INDEX IS AN
UNMANAGED STOCK INDEX AND, UNLIKE THE FUND, HAS NO MANAGEMENT FEES OR OTHER
OPERATING EXPENSES TO REDUCE ITS REPORTED 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.
9
<PAGE>
LEISURE FUND
OBJECTIVE: SEEKS CAPITAL APPRECIATION BY INVESTING IN COMPANIES ENGAGED IN
LEISURE AND ENTERTAINMENT BUSINESSES, INCLUDING HOTELS AND RESORTS, CASINOS,
RADIO AND TELEVISION BROADCASTING AND ADVERTISING, MOTION PICTURE PRODUCTION,
TOYS AND SPORTING GOODS MANUFACTURERS, MUSICAL RECORDINGS AND INSTRUMENTS,
ALCOHOL AND TOBACCO, AND PUBLISHING.
INCEPTION: APRIL 1, 1998
The leisure sector sent out mixed signals for the year. Media stocks posted
steady gains, while the tobacco, hotel, and toy stocks performed poorly.
American Online agreed to buy Time Warner for a record $178 billion, the biggest
global merger ever. This combination is expected to provide Internet access
through high-speed cable TV wires and increase the availability of entertainment
programming through newer electronic mediums. A merger between Viacom and CBS is
currently pending. The Leisure Fund had a return of -0.07% for the year ended
March 31, 2000.
CUMULATIVE FUND PERFORMANCE: APRIL 1, 1998--MARCH 31, 2000
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
LEISURE FUND S&P 500 INDEX
<S> <C> <C>
4/1/98 $10,000 $10,000
4/2/98 $10,110 $10,107
4/3/98 $10,220 $10,131
4/6/98 $10,150 $10,119
4/7/98 $9,990 $10,013
4/8/98 $9,990 $9,941
4/9/98 $9,990 $10,023
4/13/98 $9,950 $10,014
4/14/98 $10,070 $10,069
4/15/98 $10,050 $10,101
4/16/98 $9,660 $10,000
4/17/98 $9,740 $10,131
4/20/98 $9,830 $10,140
4/21/98 $9,880 $10,164
4/22/98 $9,750 $10,197
4/23/98 $9,720 $10,103
4/24/98 $9,640 $9,998
4/27/98 $9,490 $9,805
4/28/98 $9,610 $9,792
4/29/98 $9,700 $9,878
4/30/98 $9,790 $10,033
5/1/98 $9,870 $10,116
5/4/98 $9,950 $10,126
5/5/98 $9,890 $10,068
5/6/98 $9,840 $9,971
5/7/98 $9,690 $9,883
5/8/98 $9,730 $10,000
5/11/98 $9,780 $9,986
5/12/98 $9,710 $10,069
5/13/98 $9,720 $10,097
5/14/98 $9,670 $10,083
5/15/98 $9,560 $10,005
5/18/98 $9,530 $9,979
5/19/98 $9,530 $10,012
5/20/98 $9,610 $10,098
5/21/98 $9,710 $10,059
5/22/98 $9,650 $10,021
5/26/98 $9,500 $9,872
5/27/98 $9,480 $9,856
5/28/98 $9,520 $9,905
5/29/98 $9,480 $9,844
6/1/98 $9,490 $9,845
6/2/98 $9,440 $9,864
6/3/98 $9,350 $9,771
6/4/98 $9,370 $9,880
6/5/98 $9,590 $10,052
6/8/98 $9,640 $10,068
6/9/98 $9,670 $10,093
6/10/98 $9,590 $10,037
6/11/98 $9,400 $9,878
6/12/98 $9,420 $9,916
6/15/98 $9,210 $9,719
6/16/98 $9,350 $9,814
6/17/98 $9,460 $9,991
6/18/98 $9,520 $9,984
6/19/98 $9,450 $9,932
6/22/98 $9,540 $9,956
6/23/98 $9,740 $10,102
6/24/98 $9,890 $10,223
6/25/98 $9,820 $10,191
6/26/98 $9,840 $10,226
6/29/98 $9,880 $10,274
6/30/98 $9,810 $10,232
7/1/98 $9,990 $10,365
7/2/98 $9,930 $10,345
7/6/98 $10,050 $10,444
7/7/98 $10,030 $10,420
7/8/98 $10,060 $10,525
7/9/98 $10,050 $10,455
7/10/98 $10,140 $10,507
7/13/98 $10,130 $10,515
7/14/98 $10,150 $10,627
7/15/98 $10,140 $10,602
7/16/98 $10,180 $10,685
7/17/98 $10,270 $10,709
7/20/98 $10,180 $10,685
7/21/98 $10,060 $10,514
7/22/98 $9,990 $10,505
7/23/98 $9,900 $10,285
7/24/98 $9,850 $10,295
7/27/98 $9,820 $10,353
7/28/98 $9,740 $10,199
7/29/98 $9,770 $10,154
7/30/98 $9,860 $10,313
7/31/98 $9,680 $10,113
8/3/98 $9,580 $10,039
8/4/98 $9,250 $9,675
8/5/98 $9,230 $9,759
8/6/98 $9,370 $9,833
8/7/98 $9,350 $9,831
8/10/98 $9,350 $9,774
8/11/98 $9,160 $9,647
8/12/98 $9,380 $9,784
8/13/98 $9,240 $9,700
8/14/98 $9,140 $9,590
8/17/98 $9,210 $9,779
8/18/98 $9,340 $9,937
8/19/98 $9,270 $9,909
8/20/98 $9,320 $9,851
8/21/98 $9,210 $9,757
8/24/98 $9,230 $9,819
8/25/98 $9,330 $9,862
8/26/98 $9,170 $9,784
8/27/98 $8,920 $9,408
8/28/98 $8,810 $9,270
8/31/98 $8,190 $8,641
9/1/98 $8,500 $8,972
9/2/98 $8,520 $8,938
9/3/98 $8,410 $8,864
9/4/98 $8,350 $8,788
9/8/98 $8,760 $9,236
9/9/98 $8,580 $9,080
9/10/98 $8,380 $8,845
9/11/98 $8,470 $9,106
9/14/98 $8,540 $9,292
9/15/98 $8,630 $9,364
9/16/98 $8,720 $9,434
9/17/98 $8,540 $9,194
9/18/98 $8,660 $9,205
9/21/98 $8,670 $9,240
9/22/98 $8,720 $9,293
9/23/98 $8,870 $9,620
9/24/98 $8,670 $9,410
9/25/98 $8,630 $9,428
9/28/98 $8,720 $9,463
9/29/98 $8,650 $9,466
9/30/98 $8,480 $9,178
10/1/98 $8,270 $8,901
10/2/98 $8,330 $9,048
10/5/98 $8,210 $8,921
10/6/98 $8,210 $8,885
10/7/98 $8,100 $8,759
10/8/98 $7,870 $8,658
10/9/98 $8,040 $8,883
10/12/98 $8,160 $9,003
10/13/98 $8,130 $8,977
10/14/98 $8,240 $9,074
10/15/98 $8,540 $9,453
10/16/98 $8,570 $9,533
10/19/98 $8,670 $9,587
10/20/98 $8,830 $9,601
10/21/98 $8,950 $9,655
10/22/98 $9,050 $9,732
10/23/98 $8,930 $9,662
10/26/98 $8,970 $9,677
10/27/98 $8,940 $9,614
10/28/98 $8,970 $9,638
10/29/98 $9,100 $9,799
10/30/98 $9,180 $9,914
11/2/98 $9,380 $10,031
11/3/98 $9,310 $10,024
11/4/98 $9,330 $10,095
11/5/98 $9,430 $10,230
11/6/98 $9,520 $10,297
11/9/98 $9,430 $10,199
11/10/98 $9,480 $10,181
11/11/98 $9,430 $10,116
11/12/98 $9,350 $10,086
11/13/98 $9,480 $10,159
11/16/98 $9,440 $10,250
11/17/98 $9,430 $10,281
11/18/98 $9,490 $10,328
11/19/98 $9,670 $10,401
11/20/98 $9,650 $10,500
11/23/98 $9,840 $10,722
11/24/98 $9,760 $10,675
11/25/98 $9,880 $10,710
11/27/98 $9,950 $10,759
11/30/98 $9,840 $10,501
12/1/98 $9,930 $10,606
12/2/98 $9,920 $10,569
12/3/98 $9,820 $10,379
12/4/98 $9,960 $10,619
12/7/98 $10,010 $10,718
12/8/98 $10,130 $10,661
12/9/98 $10,180 $10,680
12/10/98 $9,980 $10,513
12/11/98 $9,990 $10,526
12/14/98 $9,700 $10,298
12/15/98 $9,830 $10,493
12/16/98 $9,850 $10,485
12/17/98 $9,990 $10,648
12/18/98 $10,040 $10,721
12/21/98 $10,230 $10,854
12/22/98 $10,320 $10,861
12/23/98 $10,540 $11,086
12/24/98 $10,550 $11,066
12/28/98 $10,440 $11,059
12/29/98 $10,650 $11,206
12/30/98 $10,620 $11,117
12/31/98 $10,630 $11,093
1/4/99 $10,550 $11,082
1/5/99 $10,700 $11,233
1/6/99 $10,850 $11,482
1/7/99 $10,790 $11,458
1/8/99 $10,970 $11,506
1/11/99 $11,040 $11,405
1/12/99 $10,940 $11,185
1/13/99 $10,890 $11,139
1/14/99 $10,780 $10,939
1/15/99 $10,980 $11,219
1/19/99 $11,130 $11,288
1/20/99 $11,200 $11,340
1/21/99 $10,790 $11,146
1/22/99 $10,730 $11,056
1/25/99 $10,840 $11,135
1/26/99 $10,990 $11,301
1/27/99 $10,830 $11,218
1/28/99 $11,070 $11,419
1/29/99 $11,020 $11,548
2/1/99 $11,010 $11,488
2/2/99 $10,940 $11,388
2/3/99 $11,170 $11,479
2/4/99 $11,000 $11,266
2/5/99 $10,960 $11,184
2/8/99 $10,940 $11,224
2/9/99 $10,730 $10,975
2/10/99 $10,700 $11,041
2/11/99 $10,930 $11,317
2/12/99 $10,740 $11,101
2/16/99 $10,800 $11,207
2/17/99 $10,650 $11,046
2/18/99 $10,860 $11,165
2/19/99 $10,880 $11,183
2/22/99 $11,150 $11,480
2/23/99 $11,090 $11,471
2/24/99 $11,060 $11,311
2/25/99 $10,900 $11,235
2/26/99 $10,950 $11,175
3/1/99 $10,940 $11,155
3/2/99 $10,900 $11,059
3/3/99 $10,910 $11,079
3/4/99 $11,060 $11,250
3/5/99 $11,340 $11,510
3/8/99 $11,310 $11,575
3/9/99 $11,210 $11,549
3/10/99 $11,310 $11,613
3/11/99 $11,400 $11,710
3/12/99 $11,310 $11,682
3/15/99 $11,310 $11,797
3/16/99 $11,260 $11,789
3/17/99 $11,190 $11,712
3/18/99 $11,380 $11,881
3/19/99 $11,390 $11,725
3/22/99 $11,270 $11,704
3/23/99 $11,000 $11,390
3/24/99 $11,060 $11,448
3/25/99 $11,210 $11,641
3/26/99 $11,140 $11,576
3/29/99 $11,280 $11,823
3/30/99 $11,210 $11,738
3/31/99 $11,210 $11,608
4/1/99 $11,220 $11,675
4/2/99 $11,220 $11,675
4/5/99 $11,570 $11,922
4/6/99 $11,550 $11,893
4/7/99 $11,700 $11,974
4/8/99 $11,850 $12,128
4/9/99 $11,870 $12,168
4/12/99 $12,100 $12,260
4/13/99 $11,990 $12,181
4/14/99 $11,650 $11,988
4/15/99 $11,350 $11,937
4/16/99 $11,240 $11,903
4/19/99 $10,630 $11,636
4/20/99 $10,870 $11,787
4/21/99 $11,200 $12,057
4/22/99 $11,550 $12,262
4/23/99 $11,710 $12,244
4/26/99 $11,810 $12,273
4/27/99 $11,690 $12,298
4/28/99 $11,350 $12,191
4/29/99 $11,130 $12,118
4/30/99 $11,160 $12,049
5/3/99 $11,190 $12,224
5/4/99 $10,900 $12,020
5/5/99 $11,110 $12,158
5/6/99 $11,030 $12,020
5/7/99 $11,000 $12,137
5/10/99 $11,120 $12,095
5/11/99 $11,340 $12,233
5/12/99 $11,490 $12,309
5/13/99 $11,330 $12,341
5/14/99 $11,080 $12,072
5/17/99 $11,110 $12,088
5/18/99 $11,140 $12,032
5/19/99 $11,280 $12,130
5/20/99 $11,150 $12,082
5/21/99 $10,960 $12,005
5/24/99 $10,720 $11,794
5/25/99 $10,570 $11,590
5/26/99 $10,730 $11,774
5/27/99 $10,490 $11,564
5/28/99 $10,610 $11,748
6/1/99 $10,540 $11,679
6/2/99 $10,470 $11,684
6/3/99 $10,540 $11,727
6/4/99 $10,800 $11,982
6/7/99 $10,760 $12,043
6/8/99 $10,600 $11,888
6/9/99 $10,690 $11,899
6/10/99 $10,500 $11,757
6/11/99 $10,270 $11,674
6/14/99 $10,120 $11,677
6/15/99 $10,230 $11,742
6/16/99 $10,590 $12,006
6/17/99 $10,710 $12,091
6/18/99 $10,720 $12,118
6/21/99 $10,720 $12,173
6/22/99 $10,580 $12,055
6/23/99 $10,620 $12,030
6/24/99 $10,410 $11,874
6/25/99 $10,360 $11,869
6/28/99 $10,450 $12,014
6/29/99 $10,550 $12,196
6/30/99 $10,760 $12,387
7/1/99 $10,770 $12,462
7/2/99 $10,790 $12,554
7/6/99 $10,760 $12,526
7/7/99 $10,890 $12,596
7/8/99 $10,890 $12,583
7/9/99 $10,970 $12,663
7/12/99 $10,900 $12,626
7/13/99 $10,950 $12,576
7/14/99 $10,970 $12,617
7/15/99 $10,990 $12,720
7/16/99 $11,000 $12,803
7/19/99 $11,010 $12,703
7/20/99 $10,860 $12,427
7/21/99 $10,920 $12,447
7/22/99 $10,700 $12,281
7/23/99 $10,630 $12,245
7/26/99 $10,550 $12,162
7/27/99 $10,690 $12,298
7/28/99 $10,720 $12,321
7/29/99 $10,520 $12,102
7/30/99 $10,440 $11,990
8/2/99 $10,320 $11,984
8/3/99 $10,200 $11,931
8/4/99 $10,050 $11,779
8/5/99 $9,950 $11,855
8/6/99 $9,950 $11,734
8/9/99 $9,900 $11,711
8/10/99 $9,730 $11,564
8/11/99 $9,900 $11,749
8/12/99 $9,910 $11,715
8/13/99 $10,130 $11,981
8/16/99 $10,160 $12,009
8/17/99 $10,290 $12,130
8/18/99 $10,320 $12,028
8/19/99 $10,280 $11,944
8/20/99 $10,340 $12,062
8/23/99 $10,440 $12,275
8/24/99 $10,310 $12,304
8/25/99 $10,470 $12,469
8/26/99 $10,330 $12,291
8/27/99 $10,200 $12,167
8/30/99 $10,000 $11,948
8/31/99 $9,950 $11,915
9/1/99 $9,990 $12,012
9/2/99 $9,850 $11,904
9/3/99 $10,210 $12,248
9/7/99 $10,310 $12,187
9/8/99 $10,340 $12,130
9/9/99 $10,340 $12,161
9/10/99 $10,260 $12,197
9/13/99 $10,240 $12,129
9/14/99 $10,140 $12,059
9/15/99 $9,920 $11,893
9/16/99 $10,010 $11,898
9/17/99 $10,320 $12,051
9/20/99 $10,220 $12,052
9/21/99 $9,990 $11,800
9/22/99 $10,010 $11,826
9/23/99 $9,810 $11,558
9/24/99 $9,790 $11,527
9/27/99 $9,850 $11,581
9/28/99 $9,890 $11,571
9/29/99 $9,900 $11,446
9/30/99 $9,960 $11,575
10/1/99 $10,030 $11,576
10/4/99 $10,070 $11,773
10/5/99 $9,980 $11,743
10/6/99 $10,200 $11,960
10/7/99 $10,140 $11,890
10/8/99 $10,230 $12,056
10/11/99 $10,190 $12,049
10/12/99 $10,040 $11,849
10/13/99 $9,790 $11,601
10/14/99 $9,760 $11,582
10/15/99 $9,500 $11,257
10/18/99 $9,470 $11,317
10/19/99 $9,560 $11,382
10/20/99 $9,830 $11,636
10/21/99 $9,740 $11,583
10/22/99 $9,910 $11,746
10/25/99 $9,900 $11,674
10/26/99 $9,810 $11,568
10/27/99 $9,840 $11,702
10/28/99 $10,280 $12,114
10/29/99 $10,510 $12,299
11/1/99 $10,450 $12,220
11/2/99 $10,360 $12,162
11/3/99 $10,400 $12,227
11/4/99 $10,590 $12,297
11/5/99 $10,540 $12,365
11/8/99 $10,610 $12,426
11/9/99 $10,470 $12,320
11/10/99 $10,576 $12,394
11/11/99 $10,657 $12,466
11/12/99 $10,828 $12,598
11/15/99 $10,859 $12,583
11/16/99 $11,071 $12,814
11/17/99 $10,939 $12,730
11/18/99 $11,111 $12,859
11/19/99 $11,040 $12,832
11/22/99 $10,980 $12,823
11/23/99 $10,828 $12,676
11/24/99 $11,000 $12,788
11/26/99 $10,889 $12,784
11/29/99 $10,838 $12,704
11/30/99 $10,697 $12,535
12/1/99 $10,727 $12,613
12/2/99 $10,889 $12,715
12/3/99 $11,050 $12,934
12/6/99 $11,061 $12,844
12/7/99 $11,000 $12,716
12/8/99 $11,111 $12,669
12/9/99 $11,303 $12,707
12/10/99 $11,353 $12,787
12/13/99 $11,333 $12,771
12/14/99 $11,293 $12,662
12/15/99 $11,182 $12,754
12/16/99 $11,252 $12,803
12/17/99 $11,283 $12,824
12/20/99 $11,293 $12,797
12/21/99 $11,222 $12,935
12/22/99 $11,283 $12,960
12/24/99 $11,464 $13,160
12/27/99 $11,434 $13,149
12/28/99 $11,434 $13,154
12/29/99 $11,474 $13,206
12/30/99 $11,505 $13,215
12/31/99 $11,626 $13,259
1/3/00 $11,434 $13,132
1/4/00 $11,121 $12,628
1/5/00 $11,010 $12,653
1/6/00 $11,020 $12,665
1/7/00 $11,081 $13,008
1/10/00 $12,150 $13,153
1/11/00 $11,898 $12,982
1/12/00 $11,605 $12,925
1/13/00 $11,969 $13,082
1/17/00 $11,848 $13,222
1/18/00 $11,646 $13,131
1/19/00 $11,949 $13,138
1/20/00 $11,848 $13,045
1/21/00 $11,878 $13,007
1/24/00 $11,535 $12,651
1/25/00 $11,656 $12,724
1/26/00 $11,626 $12,671
1/27/00 $11,686 $12,621
1/28/00 $11,333 $12,274
1/31/00 $11,272 $12,584
2/1/00 $11,323 $12,717
2/2/00 $11,636 $12,716
2/3/00 $11,858 $12,859
2/4/00 $11,848 $12,854
2/7/00 $11,656 $12,841
2/8/00 $11,767 $13,010
2/9/00 $11,545 $12,739
2/10/00 $11,575 $12,786
2/11/00 $11,474 $12,517
2/14/00 $11,272 $12,543
2/15/00 $11,202 $12,652
2/16/00 $10,869 $12,522
2/17/00 $10,828 $12,528
2/18/00 $10,576 $12,147
2/22/00 $10,475 $12,202
2/23/00 $10,697 $12,279
2/24/00 $10,536 $12,213
2/25/00 $10,374 $12,032
2/28/00 $10,505 $12,165
2/29/00 $10,657 $12,331
3/1/00 $10,667 $12,446
3/2/00 $10,516 $12,469
3/3/00 $10,738 $12,716
3/6/00 $10,556 $12,555
3/7/00 $10,304 $12,233
3/8/00 $10,213 $12,333
3/9/00 $10,546 $12,649
3/10/00 $10,364 $12,589
3/13/00 $10,283 $12,486
3/14/00 $10,203 $12,265
3/15/00 $10,344 $12,563
3/16/00 $10,778 $13,161
3/17/00 $10,849 $13,215
3/20/00 $10,919 $13,145
3/21/00 $11,050 $13,481
3/22/00 $11,293 $13,542
3/23/00 $11,343 $13,783
3/24/00 $11,283 $13,784
3/27/00 $11,363 $13,751
3/28/00 $11,262 $13,606
3/29/00 $11,111 $13,613
3/30/00 $10,929 $13,427
3/31/00 $11,202 $13,523
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED 3/31/00
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
INVESTOR CLASS (4-1-98) ADVISOR CLASS (6-3-98)
-------------------------------- --------------------------------
ONE YEAR SINCE INCEPTION ONE YEAR SINCE INCEPTION
<S> <C> <C> <C> <C>
-------------------------------------------------------------------------------------------------------------------
Leisure Fund -0.07% 5.84% -1.06% 9.53%
S&P 500-Registered Trademark- Index 16.50% 16.29% 16.50% 19.47%
-------------------------------------------------------------------------------------------------------------------
</TABLE>
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE S&P 500 INDEX IS AN
UNMANAGED STOCK INDEX AND, UNLIKE THE FUND, HAS NO MANAGEMENT FEES OR OTHER
OPERATING EXPENSES TO REDUCE ITS REPORTED 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.
10
<PAGE>
RETAILING FUND
OBJECTIVE: SEEKS CAPITAL APPRECIATION BY INVESTING IN COMPANIES ENGAGED IN
MERCHANDISING FINISHED GOODS AND SERVICES, INCLUDING DEPARTMENT STORES,
RESTAURANT FRANCHISES, MAIL ORDER OPERATIONS AND OTHER COMPANIES INVOLVED IN
SELLING PRODUCTS TO CONSUMERS.
INCEPTION: APRIL 1, 1998
The retailing sector was slightly sluggish this year due to investor perception
that last year's strong sales gains would be hard to beat. Higher interest rates
are also the bane of the retail sector because they are supposed to slow down
consumer spending. The use of the Internet for consumer purchases has resulted
in increasing retailer use of web sites. This convenience should boost sales
over time. Sector stalwart Wal-Mart, the largest retailer in North America now
has stores worldwide including Mexico, Canada, Germany and China. The Retailing
sector posted a -1.51% return for the year ended March 31, 2000.
CUMULATIVE FUND PERFORMANCE: APRIL 1, 1998--MARCH 31, 2000
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
RETAILING FUND S&P 500 INDEX
<S> <C> <C>
4/1/98 $10,000 $10,000
4/2/98 $9,990 $10,107
4/3/98 $10,060 $10,131
4/6/98 $9,870 $10,119
4/7/98 $9,810 $10,013
4/8/98 $9,770 $9,941
4/9/98 $9,930 $10,023
4/13/98 $9,890 $10,014
4/14/98 $9,970 $10,069
4/15/98 $10,080 $10,101
4/16/98 $9,970 $10,000
4/17/98 $9,970 $10,131
4/20/98 $9,980 $10,140
4/21/98 $10,010 $10,164
4/22/98 $9,960 $10,197
4/23/98 $9,850 $10,103
4/24/98 $9,680 $9,998
4/27/98 $9,470 $9,805
4/28/98 $9,510 $9,792
4/29/98 $9,620 $9,878
4/30/98 $9,880 $10,033
5/1/98 $9,900 $10,116
5/4/98 $9,950 $10,126
5/5/98 $9,910 $10,068
5/6/98 $9,810 $9,971
5/7/98 $9,810 $9,883
5/8/98 $9,870 $10,000
5/11/98 $9,880 $9,986
5/12/98 $10,030 $10,069
5/13/98 $10,140 $10,097
5/14/98 $10,160 $10,083
5/15/98 $10,070 $10,005
5/18/98 $10,030 $9,979
5/19/98 $10,100 $10,012
5/20/98 $10,200 $10,098
5/21/98 $10,240 $10,059
5/22/98 $10,200 $10,021
5/26/98 $10,090 $9,872
5/27/98 $10,050 $9,856
5/28/98 $10,250 $9,905
5/29/98 $10,270 $9,844
6/1/98 $10,380 $9,845
6/2/98 $10,370 $9,864
6/3/98 $10,280 $9,771
6/4/98 $10,400 $9,880
6/5/98 $10,600 $10,052
6/8/98 $10,720 $10,068
6/9/98 $10,740 $10,093
6/10/98 $10,770 $10,037
6/11/98 $10,690 $9,878
6/12/98 $10,640 $9,916
6/15/98 $10,420 $9,719
6/16/98 $10,440 $9,814
6/17/98 $10,670 $9,991
6/18/98 $10,720 $9,984
6/19/98 $10,650 $9,932
6/22/98 $10,760 $9,956
6/23/98 $10,840 $10,102
6/24/98 $10,940 $10,223
6/25/98 $10,900 $10,191
6/26/98 $10,890 $10,226
6/29/98 $11,050 $10,274
6/30/98 $10,900 $10,232
7/1/98 $11,060 $10,365
7/2/98 $11,120 $10,345
7/6/98 $11,430 $10,444
7/7/98 $11,400 $10,420
7/8/98 $11,500 $10,525
7/9/98 $11,310 $10,455
7/10/98 $11,410 $10,507
7/13/98 $11,420 $10,515
7/14/98 $11,560 $10,627
7/15/98 $11,470 $10,602
7/16/98 $11,600 $10,685
7/17/98 $11,600 $10,709
7/20/98 $11,580 $10,685
7/21/98 $11,370 $10,514
7/22/98 $11,320 $10,505
7/23/98 $10,930 $10,285
7/24/98 $10,860 $10,295
7/27/98 $10,830 $10,353
7/28/98 $10,670 $10,199
7/29/98 $10,490 $10,154
7/30/98 $10,770 $10,313
7/31/98 $10,560 $10,113
8/3/98 $10,470 $10,039
8/4/98 $10,060 $9,675
8/5/98 $10,170 $9,759
8/6/98 $10,450 $9,833
8/7/98 $10,550 $9,831
8/10/98 $10,570 $9,774
8/11/98 $10,450 $9,647
8/12/98 $10,750 $9,784
8/13/98 $10,640 $9,700
8/14/98 $10,410 $9,590
8/17/98 $10,550 $9,779
8/18/98 $10,850 $9,937
8/19/98 $10,760 $9,909
8/20/98 $10,740 $9,851
8/21/98 $10,680 $9,757
8/24/98 $10,870 $9,819
8/25/98 $11,010 $9,862
8/26/98 $10,850 $9,784
8/27/98 $10,450 $9,408
8/28/98 $10,110 $9,270
8/31/98 $9,110 $8,641
9/1/98 $9,620 $8,972
9/2/98 $9,450 $8,938
9/3/98 $9,410 $8,864
9/4/98 $9,260 $8,788
9/8/98 $10,010 $9,236
9/9/98 $9,730 $9,080
9/10/98 $9,340 $8,845
9/11/98 $9,590 $9,106
9/14/98 $9,740 $9,292
9/15/98 $9,810 $9,364
9/16/98 $9,900 $9,434
9/17/98 $9,670 $9,194
9/18/98 $9,680 $9,205
9/21/98 $9,650 $9,240
9/22/98 $9,690 $9,293
9/23/98 $9,850 $9,620
9/24/98 $9,530 $9,410
9/25/98 $9,520 $9,428
9/28/98 $9,510 $9,463
9/29/98 $9,260 $9,466
9/30/98 $9,040 $9,178
10/1/98 $8,610 $8,901
10/2/98 $8,740 $9,048
10/5/98 $8,660 $8,921
10/6/98 $8,930 $8,885
10/7/98 $8,830 $8,759
10/8/98 $8,570 $8,658
10/9/98 $8,860 $8,883
10/12/98 $9,110 $9,003
10/13/98 $9,070 $8,977
10/14/98 $9,280 $9,074
10/15/98 $9,790 $9,453
10/16/98 $9,920 $9,533
10/19/98 $10,060 $9,587
10/20/98 $10,020 $9,601
10/21/98 $9,990 $9,655
10/22/98 $10,130 $9,732
10/23/98 $10,010 $9,662
10/26/98 $9,770 $9,677
10/27/98 $9,580 $9,614
10/28/98 $9,730 $9,638
10/29/98 $9,930 $9,799
10/30/98 $10,090 $9,914
11/2/98 $10,280 $10,031
11/3/98 $10,020 $10,024
11/4/98 $10,240 $10,095
11/5/98 $10,440 $10,230
11/6/98 $10,520 $10,297
11/9/98 $10,390 $10,199
11/10/98 $10,480 $10,181
11/11/98 $10,430 $10,116
11/12/98 $10,360 $10,086
11/13/98 $10,540 $10,159
11/16/98 $10,730 $10,250
11/17/98 $10,690 $10,281
11/18/98 $10,830 $10,328
11/19/98 $10,890 $10,401
11/20/98 $10,980 $10,500
11/23/98 $11,290 $10,722
11/24/98 $11,130 $10,675
11/25/98 $11,260 $10,710
11/27/98 $11,420 $10,759
11/30/98 $11,180 $10,501
12/1/98 $11,250 $10,606
12/2/98 $11,110 $10,569
12/3/98 $10,970 $10,379
12/4/98 $11,120 $10,619
12/7/98 $11,360 $10,718
12/8/98 $11,430 $10,661
12/9/98 $11,470 $10,680
12/10/98 $11,220 $10,513
12/11/98 $11,290 $10,526
12/14/98 $11,010 $10,298
12/15/98 $11,320 $10,493
12/16/98 $11,390 $10,485
12/17/98 $11,380 $10,648
12/18/98 $11,610 $10,721
12/21/98 $11,820 $10,854
12/22/98 $11,840 $10,861
12/23/98 $12,110 $11,086
12/24/98 $12,130 $11,066
12/28/98 $12,090 $11,059
12/29/98 $12,460 $11,206
12/30/98 $12,340 $11,117
12/31/98 $12,400 $11,093
1/4/99 $12,320 $11,082
1/5/99 $12,380 $11,233
1/6/99 $12,760 $11,482
1/7/99 $12,720 $11,458
1/8/99 $12,650 $11,506
1/11/99 $12,500 $11,405
1/12/99 $12,230 $11,185
1/13/99 $12,260 $11,139
1/14/99 $12,080 $10,939
1/15/99 $12,240 $11,219
1/19/99 $12,290 $11,288
1/20/99 $12,290 $11,340
1/21/99 $12,130 $11,146
1/22/99 $12,250 $11,056
1/25/99 $12,280 $11,135
1/26/99 $12,500 $11,301
1/27/99 $12,620 $11,218
1/28/99 $12,730 $11,419
1/29/99 $12,870 $11,548
2/1/99 $12,780 $11,488
2/2/99 $12,670 $11,388
2/3/99 $12,960 $11,479
2/4/99 $12,770 $11,266
2/5/99 $12,590 $11,184
2/8/99 $12,570 $11,224
2/9/99 $12,200 $10,975
2/10/99 $12,220 $11,041
2/11/99 $12,690 $11,317
2/12/99 $12,410 $11,101
2/16/99 $12,720 $11,207
2/17/99 $12,480 $11,046
2/18/99 $12,590 $11,165
2/19/99 $12,690 $11,183
2/22/99 $13,080 $11,480
2/23/99 $13,090 $11,471
2/24/99 $12,960 $11,311
2/25/99 $12,870 $11,235
2/26/99 $12,940 $11,175
3/1/99 $12,980 $11,155
3/2/99 $12,970 $11,059
3/3/99 $13,040 $11,079
3/4/99 $13,220 $11,250
3/5/99 $13,560 $11,510
3/8/99 $13,590 $11,575
3/9/99 $13,600 $11,549
3/10/99 $13,680 $11,613
3/11/99 $13,800 $11,710
3/12/99 $13,590 $11,682
3/15/99 $13,680 $11,797
3/16/99 $13,570 $11,789
3/17/99 $13,500 $11,712
3/18/99 $13,760 $11,881
3/19/99 $13,450 $11,725
3/22/99 $13,270 $11,704
3/23/99 $12,920 $11,390
3/24/99 $12,860 $11,448
3/25/99 $13,410 $11,641
3/26/99 $13,410 $11,576
3/29/99 $13,680 $11,823
3/30/99 $13,640 $11,738
3/31/99 $13,540 $11,608
4/1/99 $13,530 $11,675
4/2/99 $13,530 $11,675
4/5/99 $13,700 $11,922
4/6/99 $13,680 $11,893
4/7/99 $13,790 $11,974
4/8/99 $14,170 $12,128
4/9/99 $14,280 $12,168
4/12/99 $14,420 $12,260
4/13/99 $14,220 $12,181
4/14/99 $13,790 $11,988
4/15/99 $13,550 $11,937
4/16/99 $13,500 $11,903
4/19/99 $12,840 $11,636
4/20/99 $13,250 $11,787
4/21/99 $13,630 $12,057
4/22/99 $13,800 $12,262
4/23/99 $13,870 $12,244
4/26/99 $13,770 $12,273
4/27/99 $13,870 $12,298
4/28/99 $13,630 $12,191
4/29/99 $13,150 $12,118
4/30/99 $13,220 $12,049
5/3/99 $13,460 $12,224
5/4/99 $13,040 $12,020
5/5/99 $13,060 $12,158
5/6/99 $12,780 $12,020
5/7/99 $12,890 $12,137
5/10/99 $12,860 $12,095
5/11/99 $13,230 $12,233
5/12/99 $13,180 $12,309
5/13/99 $13,140 $12,341
5/14/99 $12,930 $12,072
5/17/99 $12,830 $12,088
5/18/99 $12,950 $12,032
5/19/99 $12,870 $12,130
5/20/99 $12,860 $12,082
5/21/99 $12,780 $12,005
5/24/99 $12,560 $11,794
5/25/99 $12,290 $11,590
5/26/99 $12,470 $11,774
5/27/99 $12,180 $11,564
5/28/99 $12,440 $11,748
6/1/99 $12,430 $11,679
6/2/99 $12,460 $11,684
6/3/99 $12,730 $11,727
6/4/99 $13,020 $11,982
6/7/99 $12,940 $12,043
6/8/99 $12,680 $11,888
6/9/99 $12,630 $11,899
6/10/99 $12,580 $11,757
6/11/99 $12,510 $11,674
6/14/99 $12,400 $11,677
6/15/99 $12,340 $11,742
6/16/99 $12,760 $12,006
6/17/99 $12,860 $12,091
6/18/99 $12,950 $12,118
6/21/99 $13,180 $12,173
6/22/99 $13,070 $12,055
6/23/99 $12,950 $12,030
6/24/99 $12,800 $11,874
6/25/99 $12,780 $11,869
6/28/99 $13,140 $12,014
6/29/99 $13,430 $12,196
6/30/99 $13,540 $12,387
7/1/99 $13,550 $12,462
7/2/99 $13,670 $12,554
7/6/99 $13,650 $12,526
7/7/99 $13,680 $12,596
7/8/99 $13,660 $12,583
7/9/99 $13,810 $12,663
7/12/99 $13,660 $12,626
7/13/99 $13,620 $12,576
7/14/99 $13,670 $12,617
7/15/99 $13,860 $12,720
7/16/99 $13,880 $12,803
7/19/99 $13,760 $12,703
7/20/99 $13,290 $12,427
7/21/99 $13,240 $12,447
7/22/99 $12,950 $12,281
7/23/99 $12,940 $12,245
7/26/99 $12,920 $12,162
7/27/99 $12,930 $12,298
7/28/99 $13,070 $12,321
7/29/99 $12,810 $12,102
7/30/99 $12,650 $11,990
8/2/99 $12,570 $11,984
8/3/99 $12,410 $11,931
8/4/99 $12,050 $11,779
8/5/99 $11,870 $11,855
8/6/99 $11,730 $11,734
8/9/99 $11,450 $11,711
8/10/99 $11,610 $11,564
8/11/99 $11,780 $11,749
8/12/99 $11,880 $11,715
8/13/99 $12,210 $11,981
8/16/99 $12,380 $12,009
8/17/99 $12,430 $12,130
8/18/99 $12,390 $12,028
8/19/99 $12,250 $11,944
8/20/99 $12,420 $12,062
8/23/99 $12,580 $12,275
8/24/99 $12,530 $12,304
8/25/99 $12,710 $12,469
8/26/99 $12,370 $12,291
8/27/99 $12,320 $12,167
8/30/99 $12,070 $11,948
8/31/99 $11,840 $11,915
9/1/99 $11,910 $12,012
9/2/99 $11,680 $11,904
9/3/99 $11,950 $12,248
9/7/99 $11,800 $12,187
9/8/99 $11,820 $12,130
9/9/99 $11,900 $12,161
9/10/99 $12,090 $12,197
9/13/99 $12,140 $12,129
9/14/99 $12,040 $12,059
9/15/99 $11,860 $11,893
9/16/99 $11,780 $11,898
9/17/99 $11,950 $12,051
9/20/99 $11,890 $12,052
9/21/99 $11,700 $11,800
9/22/99 $11,850 $11,826
9/23/99 $11,690 $11,558
9/24/99 $11,720 $11,527
9/27/99 $11,770 $11,581
9/28/99 $11,800 $11,571
9/29/99 $11,850 $11,446
9/30/99 $12,110 $11,575
10/1/99 $12,180 $11,576
10/4/99 $12,490 $11,773
10/5/99 $12,500 $11,743
10/6/99 $12,730 $11,960
10/7/99 $12,680 $11,890
10/8/99 $13,110 $12,056
10/11/99 $13,070 $12,049
10/12/99 $12,830 $11,849
10/13/99 $12,400 $11,601
10/14/99 $12,390 $11,582
10/15/99 $12,010 $11,257
10/18/99 $12,040 $11,317
10/19/99 $12,230 $11,382
10/20/99 $12,520 $11,636
10/21/99 $12,420 $11,583
10/22/99 $12,510 $11,746
10/25/99 $12,310 $11,674
10/26/99 $11,890 $11,568
10/27/99 $11,770 $11,702
10/28/99 $12,310 $12,114
10/29/99 $12,630 $12,299
11/1/99 $12,500 $12,220
11/2/99 $12,470 $12,162
11/3/99 $12,430 $12,227
11/4/99 $12,450 $12,297
11/5/99 $12,700 $12,365
11/8/99 $12,730 $12,426
11/9/99 $12,540 $12,320
11/10/99 $12,548 $12,394
11/11/99 $12,740 $12,466
11/12/99 $12,982 $12,598
11/15/99 $12,962 $12,583
11/16/99 $13,053 $12,814
11/17/99 $12,992 $12,730
11/18/99 $13,073 $12,859
11/19/99 $13,022 $12,832
11/22/99 $12,922 $12,823
11/23/99 $12,901 $12,676
11/24/99 $12,982 $12,788
11/26/99 $13,103 $12,784
11/29/99 $13,386 $12,704
11/30/99 $13,194 $12,535
12/1/99 $13,416 $12,613
12/2/99 $13,295 $12,715
12/3/99 $13,396 $12,934
12/6/99 $13,375 $12,844
12/7/99 $13,154 $12,716
12/8/99 $13,033 $12,669
12/9/99 $13,365 $12,707
12/10/99 $13,587 $12,787
12/13/99 $13,839 $12,771
12/14/99 $13,678 $12,662
12/15/99 $13,779 $12,754
12/16/99 $13,910 $12,803
12/17/99 $13,688 $12,824
12/20/99 $13,416 $12,797
12/21/99 $13,466 $12,935
12/22/99 $13,497 $12,960
12/24/99 $13,678 $13,160
12/27/99 $13,779 $13,149
12/28/99 $13,930 $13,154
12/29/99 $13,789 $13,206
12/30/99 $13,829 $13,215
12/31/99 $14,001 $13,259
1/3/00 $13,688 $13,132
1/4/00 $13,214 $12,628
1/5/00 $13,063 $12,653
1/6/00 $13,053 $12,665
1/7/00 $13,618 $13,008
1/10/00 $13,688 $13,153
1/11/00 $13,557 $12,982
1/12/00 $13,456 $12,925
1/13/00 $13,527 $13,082
1/17/00 $13,436 $13,222
1/18/00 $13,355 $13,131
1/19/00 $13,476 $13,138
1/20/00 $13,143 $13,045
1/21/00 $12,911 $13,007
1/24/00 $12,458 $12,651
1/25/00 $12,528 $12,724
1/26/00 $12,609 $12,671
1/27/00 $12,498 $12,621
1/28/00 $11,933 $12,274
1/31/00 $12,105 $12,584
2/1/00 $12,579 $12,717
2/2/00 $12,599 $12,716
2/3/00 $12,770 $12,859
2/4/00 $12,750 $12,854
2/7/00 $12,478 $12,841
2/8/00 $12,992 $13,010
2/9/00 $12,679 $12,739
2/10/00 $12,659 $12,786
2/11/00 $12,508 $12,517
2/14/00 $12,569 $12,543
2/15/00 $12,397 $12,652
2/16/00 $11,903 $12,522
2/17/00 $11,368 $12,528
2/18/00 $11,217 $12,147
2/22/00 $11,267 $12,202
2/23/00 $11,247 $12,279
2/24/00 $10,864 $12,213
2/25/00 $10,934 $12,032
2/28/00 $11,328 $12,165
2/29/00 $11,691 $12,331
3/1/00 $11,509 $12,446
3/2/00 $11,398 $12,469
3/3/00 $11,580 $12,716
3/6/00 $11,308 $12,555
3/7/00 $10,834 $12,233
3/8/00 $11,086 $12,333
3/9/00 $11,459 $12,649
3/10/00 $11,267 $12,589
3/13/00 $11,187 $12,486
3/14/00 $11,066 $12,265
3/15/00 $11,812 $12,563
3/16/00 $12,801 $13,161
3/17/00 $12,730 $13,215
3/20/00 $12,679 $13,145
3/21/00 $12,952 $13,481
3/22/00 $12,811 $13,542
3/23/00 $12,790 $13,783
3/24/00 $12,911 $13,784
3/27/00 $12,801 $13,751
3/28/00 $12,801 $13,606
3/29/00 $13,265 $13,613
3/30/00 $13,507 $13,427
3/31/00 $13,335 $13,523
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED 3/31/00
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
INVESTOR CLASS (4-1-98) ADVISOR CLASS (4-21-98)
-------------------------------- --------------------------------
ONE YEAR SINCE INCEPTION ONE YEAR SINCE INCEPTION
<S> <C> <C> <C> <C>
-------------------------------------------------------------------------------------------------------------------
Retailing Fund -1.51% 15.48% -1.52% 15.71%
S&P 500-Registered Trademark- Index 16.50% 16.29% 16.50% 15.81%
-------------------------------------------------------------------------------------------------------------------
</TABLE>
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE S&P 500 INDEX IS AN
UNMANAGED STOCK INDEX AND, UNLIKE THE FUND, HAS NO MANAGEMENT FEES OR OTHER
OPERATING EXPENSES TO REDUCE ITS REPORTED 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.
11
<PAGE>
TELECOMMUNICATIONS FUND
OBJECTIVE: SEEKS CAPITAL APPRECIATION BY INVESTING IN COMPANIES ENGAGED IN THE
DEVELOPMENT, MANUFACTURE, OR SALE OF COMMUNICATIONS SERVICES OR COMMUNICATIONS
EQUIPMENT.
INCEPTION: APRIL 1, 1998
Much of the telecommunications sector's positive return has been driven by the
growth of wireless communications as the number of cellular telephone users
continues to grow worldwide. To keep up with the competition, MCI WorldCom
agreed to acquire major national wireless service provider Sprint for $129
billion. Companies such as Nokia, Lucent Technologies and Vodafone Air Touch are
capitalizing on the 25% to 30% industry-wide annual subscriber growth. Voice
traffic is still a driver of the wireless build out, but future growth will be
driven by data traffic. Telecommunications equipment companies like Nortel
Networks should benefit. Much of the growth in the telecommunications equipment
industry has resulted from the Internet revolution. The demand for bandwidth to
carry text, sound and video and faster Internet access sparked interest in
companies that produce fiber optics and other means to increase the capacity of
the Internet pipeline. The Telecommunications Fund posted a 56.54% return for
the year ended March 31, 2000.
CUMULATIVE FUND PERFORMANCE: APRIL 1, 1998--MARCH 31, 2000
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
TELECOMMUNICATIONS FUND S&P 500 INDEX
<S> <C> <C>
4/1/98 $10,000 $10,000
4/2/98 $10,110 $10,107
4/3/98 $10,210 $10,131
4/6/98 $10,080 $10,119
4/7/98 $9,940 $10,013
4/8/98 $9,840 $9,941
4/9/98 $9,950 $10,023
4/13/98 $9,800 $10,014
4/14/98 $9,920 $10,069
4/15/98 $9,960 $10,101
4/16/98 $9,970 $10,000
4/17/98 $10,090 $10,131
4/20/98 $10,100 $10,140
4/21/98 $10,060 $10,164
4/22/98 $10,090 $10,197
4/23/98 $9,950 $10,103
4/24/98 $9,870 $9,998
4/27/98 $9,700 $9,805
4/28/98 $9,690 $9,792
4/29/98 $9,740 $9,878
4/30/98 $9,880 $10,033
5/1/98 $9,960 $10,116
5/4/98 $10,090 $10,126
5/5/98 $10,040 $10,068
5/6/98 $9,880 $9,971
5/7/98 $9,780 $9,883
5/8/98 $9,880 $10,000
5/11/98 $9,870 $9,986
5/12/98 $9,910 $10,069
5/13/98 $9,810 $10,097
5/14/98 $9,790 $10,083
5/15/98 $9,740 $10,005
5/18/98 $9,740 $9,979
5/19/98 $9,740 $10,012
5/20/98 $9,920 $10,098
5/21/98 $9,930 $10,059
5/22/98 $9,940 $10,021
5/26/98 $9,810 $9,872
5/27/98 $9,790 $9,856
5/28/98 $9,830 $9,905
5/29/98 $9,790 $9,844
6/1/98 $9,780 $9,845
6/2/98 $9,880 $9,864
6/3/98 $9,800 $9,771
6/4/98 $9,860 $9,880
6/5/98 $10,050 $10,052
6/8/98 $10,000 $10,068
6/9/98 $10,050 $10,093
6/10/98 $10,000 $10,037
6/11/98 $9,800 $9,878
6/12/98 $9,860 $9,916
6/15/98 $9,610 $9,719
6/16/98 $9,710 $9,814
6/17/98 $9,900 $9,991
6/18/98 $9,840 $9,984
6/19/98 $9,890 $9,932
6/22/98 $9,960 $9,956
6/23/98 $10,220 $10,102
6/24/98 $10,080 $10,223
6/25/98 $10,080 $10,191
6/26/98 $10,080 $10,226
6/29/98 $10,120 $10,274
6/30/98 $10,130 $10,232
7/1/98 $10,270 $10,365
7/2/98 $10,240 $10,345
7/6/98 $10,390 $10,444
7/7/98 $10,390 $10,420
7/8/98 $10,470 $10,525
7/9/98 $10,400 $10,455
7/10/98 $10,420 $10,507
7/13/98 $10,520 $10,515
7/14/98 $10,610 $10,627
7/15/98 $10,710 $10,602
7/16/98 $10,830 $10,685
7/17/98 $10,890 $10,709
7/20/98 $11,110 $10,685
7/21/98 $11,040 $10,514
7/22/98 $11,000 $10,505
7/23/98 $10,770 $10,285
7/24/98 $10,960 $10,295
7/27/98 $10,840 $10,353
7/28/98 $10,550 $10,199
7/29/98 $10,550 $10,154
7/30/98 $10,740 $10,313
7/31/98 $10,570 $10,113
8/3/98 $10,490 $10,039
8/4/98 $10,010 $9,675
8/5/98 $10,110 $9,759
8/6/98 $10,230 $9,833
8/7/98 $10,140 $9,831
8/10/98 $10,050 $9,774
8/11/98 $9,880 $9,647
8/12/98 $10,010 $9,784
8/13/98 $9,980 $9,700
8/14/98 $9,790 $9,590
8/17/98 $10,040 $9,779
8/18/98 $10,220 $9,937
8/19/98 $10,180 $9,909
8/20/98 $10,160 $9,851
8/21/98 $10,000 $9,757
8/24/98 $10,090 $9,819
8/25/98 $10,090 $9,862
8/26/98 $10,000 $9,784
8/27/98 $9,550 $9,408
8/28/98 $9,640 $9,270
8/31/98 $9,010 $8,641
9/1/98 $9,360 $8,972
9/2/98 $9,280 $8,938
9/3/98 $9,180 $8,864
9/4/98 $9,190 $8,788
9/8/98 $9,740 $9,236
9/9/98 $9,560 $9,080
9/10/98 $9,320 $8,845
9/11/98 $9,580 $9,106
9/14/98 $9,720 $9,292
9/15/98 $9,650 $9,364
9/16/98 $9,700 $9,434
9/17/98 $9,240 $9,194
9/18/98 $9,430 $9,205
9/21/98 $9,360 $9,240
9/22/98 $9,390 $9,293
9/23/98 $9,820 $9,620
9/24/98 $9,610 $9,410
9/25/98 $9,620 $9,428
9/28/98 $9,650 $9,463
9/29/98 $9,710 $9,466
9/30/98 $9,350 $9,178
10/1/98 $9,210 $8,901
10/2/98 $9,340 $9,048
10/5/98 $9,170 $8,921
10/6/98 $9,130 $8,885
10/7/98 $9,120 $8,759
10/8/98 $9,110 $8,658
10/9/98 $9,110 $8,883
10/12/98 $9,180 $9,003
10/13/98 $9,230 $8,977
10/14/98 $9,460 $9,074
10/15/98 $9,850 $9,453
10/16/98 $9,630 $9,533
10/19/98 $9,700 $9,587
10/20/98 $9,750 $9,601
10/21/98 $9,910 $9,655
10/22/98 $9,970 $9,732
10/23/98 $9,900 $9,662
10/26/98 $10,030 $9,677
10/27/98 $10,080 $9,614
10/28/98 $10,040 $9,638
10/29/98 $10,230 $9,799
10/30/98 $10,360 $9,914
11/2/98 $10,420 $10,031
11/3/98 $10,500 $10,024
11/4/98 $10,540 $10,095
11/5/98 $10,670 $10,230
11/6/98 $10,700 $10,297
11/9/98 $10,620 $10,199
11/10/98 $10,570 $10,181
11/11/98 $10,540 $10,116
11/12/98 $10,400 $10,086
11/13/98 $10,390 $10,159
11/16/98 $10,560 $10,250
11/17/98 $10,670 $10,281
11/18/98 $10,740 $10,328
11/19/98 $10,880 $10,401
11/20/98 $10,950 $10,500
11/23/98 $11,110 $10,722
11/24/98 $11,090 $10,675
11/25/98 $11,220 $10,710
11/27/98 $11,290 $10,759
11/30/98 $10,960 $10,501
12/1/98 $11,090 $10,606
12/2/98 $11,000 $10,569
12/3/98 $11,060 $10,379
12/4/98 $11,370 $10,619
12/7/98 $11,570 $10,718
12/8/98 $11,540 $10,661
12/9/98 $11,600 $10,680
12/10/98 $11,470 $10,513
12/11/98 $11,430 $10,526
12/14/98 $11,160 $10,298
12/15/98 $11,400 $10,493
12/16/98 $11,370 $10,485
12/17/98 $11,590 $10,648
12/18/98 $11,700 $10,721
12/21/98 $12,070 $10,854
12/22/98 $11,920 $10,861
12/23/98 $12,260 $11,086
12/24/98 $12,210 $11,066
12/28/98 $12,340 $11,059
12/29/98 $12,590 $11,206
12/30/98 $12,360 $11,117
12/31/98 $12,420 $11,093
1/4/99 $12,410 $11,082
1/5/99 $12,810 $11,233
1/6/99 $13,190 $11,482
1/7/99 $13,060 $11,458
1/8/99 $13,130 $11,506
1/11/99 $12,930 $11,405
1/12/99 $12,640 $11,185
1/13/99 $12,630 $11,139
1/14/99 $12,460 $10,939
1/15/99 $12,890 $11,219
1/19/99 $13,450 $11,288
1/20/99 $13,590 $11,340
1/21/99 $13,170 $11,146
1/22/99 $13,150 $11,056
1/25/99 $13,010 $11,135
1/26/99 $13,230 $11,301
1/27/99 $13,160 $11,218
1/28/99 $13,470 $11,419
1/29/99 $13,500 $11,548
2/1/99 $13,460 $11,488
2/2/99 $13,230 $11,388
2/3/99 $13,330 $11,479
2/4/99 $13,020 $11,266
2/5/99 $12,780 $11,184
2/8/99 $12,950 $11,224
2/9/99 $12,610 $10,975
2/10/99 $12,570 $11,041
2/11/99 $13,020 $11,317
2/12/99 $12,720 $11,101
2/16/99 $12,890 $11,207
2/17/99 $12,650 $11,046
2/18/99 $12,940 $11,165
2/19/99 $12,940 $11,183
2/22/99 $13,390 $11,480
2/23/99 $13,170 $11,471
2/24/99 $13,170 $11,311
2/25/99 $13,040 $11,235
2/26/99 $12,900 $11,175
3/1/99 $12,790 $11,155
3/2/99 $12,610 $11,059
3/3/99 $12,630 $11,079
3/4/99 $12,730 $11,250
3/5/99 $13,060 $11,510
3/8/99 $13,150 $11,575
3/9/99 $13,160 $11,549
3/10/99 $13,160 $11,613
3/11/99 $13,270 $11,710
3/12/99 $13,180 $11,682
3/15/99 $13,260 $11,797
3/16/99 $13,260 $11,789
3/17/99 $13,180 $11,712
3/18/99 $13,250 $11,881
3/19/99 $13,040 $11,725
3/22/99 $12,950 $11,704
3/23/99 $12,590 $11,390
3/24/99 $12,760 $11,448
3/25/99 $12,990 $11,641
3/26/99 $12,970 $11,576
3/29/99 $13,220 $11,823
3/30/99 $13,070 $11,738
3/31/99 $13,030 $11,608
4/1/99 $13,250 $11,675
4/2/99 $13,250 $11,675
4/5/99 $13,550 $11,922
4/6/99 $13,750 $11,893
4/7/99 $13,960 $11,974
4/8/99 $14,180 $12,128
4/9/99 $14,210 $12,168
4/12/99 $14,300 $12,260
4/13/99 $14,140 $12,181
4/14/99 $13,900 $11,988
4/15/99 $13,750 $11,937
4/16/99 $13,680 $11,903
4/19/99 $13,260 $11,636
4/20/99 $13,440 $11,787
4/21/99 $14,040 $12,057
4/22/99 $14,360 $12,262
4/23/99 $14,130 $12,244
4/26/99 $14,230 $12,273
4/27/99 $14,140 $12,298
4/28/99 $14,070 $12,191
4/29/99 $13,890 $12,118
4/30/99 $13,770 $12,049
5/3/99 $13,940 $12,224
5/4/99 $13,770 $12,020
5/5/99 $14,060 $12,158
5/6/99 $13,940 $12,020
5/7/99 $14,140 $12,137
5/10/99 $14,040 $12,095
5/11/99 $14,190 $12,233
5/12/99 $14,340 $12,309
5/13/99 $14,490 $12,341
5/14/99 $14,150 $12,072
5/17/99 $14,280 $12,088
5/18/99 $14,130 $12,032
5/19/99 $14,350 $12,130
5/20/99 $14,310 $12,082
5/21/99 $14,150 $12,005
5/24/99 $13,930 $11,794
5/25/99 $13,780 $11,590
5/26/99 $13,940 $11,774
5/27/99 $13,630 $11,564
5/28/99 $13,860 $11,748
6/1/99 $13,800 $11,679
6/2/99 $13,880 $11,684
6/3/99 $13,930 $11,727
6/4/99 $14,260 $11,982
6/7/99 $14,430 $12,043
6/8/99 $14,360 $11,888
6/9/99 $14,520 $11,899
6/10/99 $14,430 $11,757
6/11/99 $14,310 $11,674
6/14/99 $14,320 $11,677
6/15/99 $14,320 $11,742
6/16/99 $14,670 $12,006
6/17/99 $14,720 $12,091
6/18/99 $14,950 $12,118
6/21/99 $15,130 $12,173
6/22/99 $14,870 $12,055
6/23/99 $14,830 $12,030
6/24/99 $14,570 $11,874
6/25/99 $14,620 $11,869
6/28/99 $14,820 $12,014
6/29/99 $14,940 $12,196
6/30/99 $15,120 $12,387
7/1/99 $15,150 $12,462
7/2/99 $15,240 $12,554
7/6/99 $15,260 $12,526
7/7/99 $15,340 $12,596
7/8/99 $15,280 $12,583
7/9/99 $15,260 $12,663
7/12/99 $15,360 $12,626
7/13/99 $15,200 $12,576
7/14/99 $15,310 $12,617
7/15/99 $15,610 $12,720
7/16/99 $15,800 $12,803
7/19/99 $15,660 $12,703
7/20/99 $15,240 $12,427
7/21/99 $15,360 $12,447
7/22/99 $15,020 $12,281
7/23/99 $15,050 $12,245
7/26/99 $14,910 $12,162
7/27/99 $15,180 $12,298
7/28/99 $15,200 $12,321
7/29/99 $14,940 $12,102
7/30/99 $14,870 $11,990
8/2/99 $14,960 $11,984
8/3/99 $14,800 $11,931
8/4/99 $14,350 $11,779
8/5/99 $14,450 $11,855
8/6/99 $14,410 $11,734
8/9/99 $14,330 $11,711
8/10/99 $13,940 $11,564
8/11/99 $14,140 $11,749
8/12/99 $14,120 $11,715
8/13/99 $14,590 $11,981
8/16/99 $14,540 $12,009
8/17/99 $14,700 $12,130
8/18/99 $14,410 $12,028
8/19/99 $14,200 $11,944
8/20/99 $14,080 $12,062
8/23/99 $14,260 $12,275
8/24/99 $14,240 $12,304
8/25/99 $14,670 $12,469
8/26/99 $14,530 $12,291
8/27/99 $14,330 $12,167
8/30/99 $14,050 $11,948
8/31/99 $13,920 $11,915
9/1/99 $14,020 $12,012
9/2/99 $13,840 $11,904
9/3/99 $14,240 $12,248
9/7/99 $14,240 $12,187
9/8/99 $14,070 $12,130
9/9/99 $14,190 $12,161
9/10/99 $14,240 $12,197
9/13/99 $14,290 $12,129
9/14/99 $14,360 $12,059
9/15/99 $14,180 $11,893
9/16/99 $14,350 $11,898
9/17/99 $14,580 $12,051
9/20/99 $14,600 $12,052
9/21/99 $14,440 $11,800
9/22/99 $14,580 $11,826
9/23/99 $14,280 $11,558
9/24/99 $14,290 $11,527
9/27/99 $14,480 $11,581
9/28/99 $14,630 $11,571
9/29/99 $14,430 $11,446
9/30/99 $14,510 $11,575
10/1/99 $14,350 $11,576
10/4/99 $14,670 $11,773
10/5/99 $14,580 $11,743
10/6/99 $14,930 $11,960
10/7/99 $15,070 $11,890
10/8/99 $15,410 $12,056
10/11/99 $15,610 $12,049
10/12/99 $15,280 $11,849
10/13/99 $15,010 $11,601
10/14/99 $14,880 $11,582
10/15/99 $14,470 $11,257
10/18/99 $14,460 $11,317
10/19/99 $14,340 $11,382
10/20/99 $14,500 $11,636
10/21/99 $14,620 $11,583
10/22/99 $14,830 $11,746
10/25/99 $14,840 $11,674
10/26/99 $14,920 $11,568
10/27/99 $15,110 $11,702
10/28/99 $15,730 $12,114
10/29/99 $16,010 $12,299
11/1/99 $16,070 $12,220
11/2/99 $15,810 $12,162
11/3/99 $16,040 $12,227
11/4/99 $16,260 $12,297
11/5/99 $16,430 $12,365
11/8/99 $16,630 $12,426
11/9/99 $16,510 $12,320
11/10/99 $16,856 $12,394
11/11/99 $16,996 $12,466
11/12/99 $16,996 $12,598
11/15/99 $17,126 $12,583
11/16/99 $17,386 $12,814
11/17/99 $17,276 $12,730
11/18/99 $17,776 $12,859
11/19/99 $17,726 $12,832
11/22/99 $17,596 $12,823
11/23/99 $17,406 $12,676
11/24/99 $17,686 $12,788
11/26/99 $18,216 $12,784
11/29/99 $18,086 $12,704
11/30/99 $17,466 $12,535
12/1/99 $17,616 $12,613
12/2/99 $17,906 $12,715
12/3/99 $18,486 $12,934
12/6/99 $18,856 $12,844
12/7/99 $18,866 $12,716
12/8/99 $18,906 $12,669
12/9/99 $18,886 $12,707
12/10/99 $18,916 $12,787
12/13/99 $18,996 $12,771
12/14/99 $18,726 $12,662
12/15/99 $18,506 $12,754
12/16/99 $18,706 $12,803
12/17/99 $18,856 $12,824
12/20/99 $18,916 $12,797
12/21/99 $19,246 $12,935
12/22/99 $18,946 $12,960
12/24/99 $19,236 $13,160
12/27/99 $19,066 $13,149
12/28/99 $19,096 $13,154
12/29/99 $19,476 $13,206
12/30/99 $19,386 $13,215
12/31/99 $19,697 $13,259
1/3/00 $19,677 $13,132
1/4/00 $18,686 $12,628
1/5/00 $18,476 $12,653
1/6/00 $17,756 $12,665
1/7/00 $17,976 $13,008
1/10/00 $18,636 $13,153
1/11/00 $17,996 $12,982
1/12/00 $18,106 $12,925
1/13/00 $18,426 $13,082
1/17/00 $18,566 $13,222
1/18/00 $18,606 $13,131
1/19/00 $18,726 $13,138
1/20/00 $18,826 $13,045
1/21/00 $18,966 $13,007
1/24/00 $18,566 $12,651
1/25/00 $18,726 $12,724
1/26/00 $18,596 $12,671
1/27/00 $18,426 $12,621
1/28/00 $17,916 $12,274
1/31/00 $18,786 $12,584
2/1/00 $18,896 $12,717
2/2/00 $19,176 $12,716
2/3/00 $19,406 $12,859
2/4/00 $19,616 $12,854
2/7/00 $19,556 $12,841
2/8/00 $20,107 $13,010
2/9/00 $19,747 $12,739
2/10/00 $19,887 $12,786
2/11/00 $19,536 $12,517
2/14/00 $19,486 $12,543
2/15/00 $19,376 $12,652
2/16/00 $19,266 $12,522
2/17/00 $19,516 $12,528
2/18/00 $18,886 $12,147
2/22/00 $19,066 $12,202
2/23/00 $19,256 $12,279
2/24/00 $19,216 $12,213
2/25/00 $19,166 $12,032
2/28/00 $19,196 $12,165
2/29/00 $19,486 $12,331
3/1/00 $20,297 $12,446
3/2/00 $20,837 $12,469
3/3/00 $21,247 $12,716
3/6/00 $21,397 $12,555
3/7/00 $20,727 $12,233
3/8/00 $20,747 $12,333
3/9/00 $21,157 $12,649
3/10/00 $21,257 $12,589
3/13/00 $20,847 $12,486
3/14/00 $20,417 $12,265
3/15/00 $19,967 $12,563
3/16/00 $20,447 $13,161
3/17/00 $20,697 $13,215
3/20/00 $20,537 $13,145
3/21/00 $20,897 $13,481
3/22/00 $20,827 $13,542
3/23/00 $21,197 $13,783
3/24/00 $21,397 $13,784
3/27/00 $21,587 $13,751
3/28/00 $21,277 $13,606
3/29/00 $20,817 $13,613
3/30/00 $20,017 $13,427
3/31/00 $20,397 $13,523
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED 3/31/00
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------
INVESTOR CLASS (4-1-98) ADVISOR CLASS (4-1-98)
--------------------------- --------------------------
ONE YEAR SINCE INCEPTION ONE YEAR SINCE INCEPTION
<S> <C> <C> <C> <C>
----------------------------------------------------------------------------------------------------------
Telecommunications Fund 56.54% 42.82% 55.98% 41.90%
S&P 500-Registered Trademark- Index 16.50% 16.29% 16.50% 16.29%
----------------------------------------------------------------------------------------------------------
</TABLE>
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE S&P 500 INDEX IS AN
UNMANAGED STOCK INDEX AND, UNLIKE THE FUND, HAS NO MANAGEMENT FEES OR OTHER
OPERATING EXPENSES TO REDUCE ITS REPORTED RETURN. RETURNS ARE HISTORICAL AND
INCLUDE CHANGES IN PRINCIPAL AND REINVESTED DIVIDENDS AND CAPITAL GAINS.
12
<PAGE>
TRANSPORTATION FUND
OBJECTIVE: SEEKS CAPITAL APPRECIATION BY INVESTING IN COMPANIES ENGAGED IN
PROVIDING TRANSPORTATION SERVICES OR COMPANIES ENGAGED IN THE DESIGN,
MANUFACTURE, DISTRIBUTION, OR SALE OF TRANSPORTATION EQUIPMENT.
Inception: April 2, 1998
The transportation group has experienced a slump for most of the reporting
period. Higher oil prices pushed up the cost of jet fuel, digging into airline
stock margins. By discounting seats, airlines have been able to maintain
high-load factors, while the industry's profits dropped 11% in 1999. Air freight
companies such as FedEx Corp. are starting to target the burgeoning consumer
e-commerce market. Railroad stocks have been lagging industrial production for
the past two years mainly due to poor export markets for coal. The railroads
have had a problem integrating into each others systems as can be seen from
Union Pacific's integrating the Southern Pacific system and the Norfolk Southern
and CSX acquisition of Conrail. The Transportation Fund posted a -21.90% return
for the year ended March 31, 2000.
CUMULATIVE FUND PERFORMANCE: APRIL 2, 1998--MARCH 31, 2000
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
TRANSPORTATION FUND S&P 500 INDEX
<S> <C> <C>
4/2/98 $10,000 $10,000
4/3/98 $10,020 $10,024
4/6/98 $9,940 $10,012
4/7/98 $9,800 $9,907
4/8/98 $9,670 $9,836
4/9/98 $9,740 $9,917
4/13/98 $9,720 $9,908
4/14/98 $9,760 $9,962
4/15/98 $9,860 $9,994
4/16/98 $9,890 $9,894
4/17/98 $9,920 $10,024
4/20/98 $9,820 $10,032
4/21/98 $9,830 $10,057
4/22/98 $9,810 $10,089
4/23/98 $9,700 $9,996
4/24/98 $9,540 $9,892
4/27/98 $9,300 $9,701
4/28/98 $9,300 $9,688
4/29/98 $9,420 $9,773
4/30/98 $9,490 $9,926
5/1/98 $9,450 $10,009
5/4/98 $9,520 $10,018
5/5/98 $9,420 $9,961
5/6/98 $9,260 $9,865
5/7/98 $9,280 $9,778
5/8/98 $9,370 $9,894
5/11/98 $9,310 $9,881
5/12/98 $9,300 $9,962
5/13/98 $9,380 $9,990
5/14/98 $9,420 $9,976
5/15/98 $9,310 $9,899
5/18/98 $9,240 $9,873
5/19/98 $9,240 $9,906
5/20/98 $9,310 $9,992
5/21/98 $9,260 $9,952
5/22/98 $9,240 $9,915
5/26/98 $9,160 $9,768
5/27/98 $9,030 $9,752
5/28/98 $9,070 $9,800
5/29/98 $9,070 $9,739
6/1/98 $8,950 $9,741
6/2/98 $8,890 $9,759
6/3/98 $8,940 $9,667
6/4/98 $8,920 $9,775
6/5/98 $9,020 $9,945
6/8/98 $9,090 $9,962
6/9/98 $9,260 $9,986
6/10/98 $9,150 $9,931
6/11/98 $9,060 $9,773
6/12/98 $8,990 $9,811
6/15/98 $8,900 $9,616
6/16/98 $8,940 $9,711
6/17/98 $8,980 $9,885
6/18/98 $8,920 $9,878
6/19/98 $8,910 $9,827
6/22/98 $8,880 $9,850
6/23/98 $8,860 $9,995
6/24/98 $8,900 $10,115
6/25/98 $8,930 $10,083
6/26/98 $8,940 $10,118
6/29/98 $9,040 $10,165
6/30/98 $9,060 $10,123
7/1/98 $9,150 $10,255
7/2/98 $9,120 $10,236
7/6/98 $9,270 $10,333
7/7/98 $9,300 $10,309
7/8/98 $9,310 $10,414
7/9/98 $9,320 $10,344
7/10/98 $9,270 $10,396
7/13/98 $9,250 $10,403
7/14/98 $9,380 $10,514
7/15/98 $9,220 $10,489
7/16/98 $9,200 $10,572
7/17/98 $9,150 $10,596
7/20/98 $9,120 $10,572
7/21/98 $9,030 $10,402
7/22/98 $9,060 $10,393
7/23/98 $8,920 $10,176
7/24/98 $8,800 $10,186
7/27/98 $8,840 $10,243
7/28/98 $8,760 $10,091
7/29/98 $8,680 $10,046
7/30/98 $8,770 $10,204
7/31/98 $8,600 $10,006
8/3/98 $8,520 $9,932
8/4/98 $8,260 $9,572
8/5/98 $8,260 $9,656
8/6/98 $8,290 $9,729
8/7/98 $8,340 $9,727
8/10/98 $8,220 $9,671
8/11/98 $8,080 $9,544
8/12/98 $8,210 $9,680
8/13/98 $8,030 $9,597
8/14/98 $7,950 $9,489
8/17/98 $8,030 $9,676
8/18/98 $8,180 $9,832
8/19/98 $8,070 $9,804
8/20/98 $8,030 $9,746
8/21/98 $7,890 $9,653
8/24/98 $7,930 $9,715
8/25/98 $7,980 $9,758
8/26/98 $7,770 $9,680
8/27/98 $7,460 $9,309
8/28/98 $7,440 $9,172
8/31/98 $7,140 $8,549
9/1/98 $7,230 $8,877
9/2/98 $7,130 $8,843
9/3/98 $7,010 $8,770
9/4/98 $6,990 $8,695
9/8/98 $7,300 $9,138
9/9/98 $7,130 $8,984
9/10/98 $6,940 $8,752
9/11/98 $7,090 $9,009
9/14/98 $7,360 $9,194
9/15/98 $7,500 $9,265
9/16/98 $7,550 $9,335
9/17/98 $7,350 $9,097
9/18/98 $7,350 $9,108
9/21/98 $7,340 $9,142
9/22/98 $7,500 $9,195
9/23/98 $7,620 $9,519
9/24/98 $7,470 $9,310
9/25/98 $7,470 $9,328
9/28/98 $7,530 $9,363
9/28/98 $7,380 $9,363
9/30/98 $7,120 $9,081
10/1/98 $6,870 $8,807
10/2/98 $6,960 $8,952
10/5/98 $6,800 $8,826
10/6/98 $6,820 $8,791
10/7/98 $6,670 $8,667
10/8/98 $6,370 $8,566
10/9/98 $6,580 $8,788
10/12/98 $6,670 $8,908
10/13/98 $6,600 $8,882
10/14/98 $6,740 $8,978
10/15/98 $7,150 $9,353
10/16/98 $7,430 $9,432
10/19/98 $7,480 $9,486
10/20/98 $7,480 $9,499
10/21/98 $7,390 $9,553
10/22/98 $7,420 $9,629
10/23/98 $7,350 $9,559
10/26/98 $7,360 $9,574
10/27/98 $7,390 $9,512
10/28/98 $7,370 $9,536
10/29/98 $7,430 $9,696
10/30/98 $7,670 $9,809
11/2/98 $7,860 $9,925
11/3/98 $7,790 $9,918
11/4/98 $7,840 $9,988
11/5/98 $7,970 $10,122
11/6/98 $7,980 $10,187
11/9/98 $7,800 $10,091
11/10/98 $7,660 $10,074
11/11/98 $7,600 $10,009
11/12/98 $7,610 $9,979
11/13/98 $7,670 $10,051
11/16/98 $7,740 $10,142
11/17/98 $7,780 $10,172
11/18/98 $7,880 $10,218
11/19/98 $7,810 $10,291
11/20/98 $7,850 $10,389
11/23/98 $7,980 $10,609
11/24/98 $8,050 $10,562
11/25/98 $8,020 $10,597
11/27/98 $8,060 $10,645
11/30/98 $7,910 $10,389
12/1/98 $7,980 $10,493
12/2/98 $7,990 $10,457
12/3/98 $7,870 $10,269
12/4/98 $7,920 $10,507
12/7/98 $8,020 $10,604
12/8/98 $7,970 $10,548
12/9/98 $7,900 $10,567
12/10/98 $7,800 $10,402
12/11/98 $7,700 $10,415
12/14/98 $7,560 $10,189
12/15/98 $7,560 $10,382
12/16/98 $7,540 $10,374
12/17/98 $7,710 $10,535
12/18/98 $7,800 $10,607
12/21/98 $7,820 $10,740
12/22/98 $7,810 $10,746
12/23/98 $7,870 $10,969
12/24/98 $7,850 $10,949
12/28/98 $7,850 $10,942
12/29/98 $7,900 $11,087
12/30/98 $8,000 $10,999
12/31/98 $8,060 $10,975
1/4/99 $8,030 $10,965
1/5/99 $8,180 $11,114
1/6/99 $8,420 $11,360
1/7/99 $8,420 $11,337
1/8/99 $8,570 $11,385
1/11/99 $8,410 $11,285
1/12/99 $8,200 $11,067
1/13/99 $8,090 $11,021
1/14/99 $7,930 $10,823
1/15/99 $8,050 $11,100
1/19/99 $8,100 $11,169
1/20/99 $7,940 $11,220
1/21/99 $7,890 $11,028
1/22/99 $7,790 $10,939
1/25/99 $7,850 $11,018
1/26/99 $7,880 $11,181
1/27/99 $7,770 $11,100
1/28/99 $7,790 $11,298
1/29/99 $8,020 $11,425
2/1/99 $8,100 $11,366
2/2/99 $7,980 $11,268
2/3/99 $8,080 $11,358
2/4/99 $8,090 $11,147
2/5/99 $8,060 $11,066
2/8/99 $7,970 $11,105
2/9/99 $7,860 $10,858
2/10/99 $7,820 $10,924
2/11/99 $7,880 $11,197
2/12/99 $7,740 $10,983
2/16/99 $7,820 $11,088
2/17/99 $7,800 $10,929
2/18/99 $7,780 $11,047
2/19/99 $7,830 $11,064
2/22/99 $8,010 $11,358
2/23/99 $7,950 $11,350
2/24/99 $7,990 $11,191
2/25/99 $7,900 $11,116
2/26/99 $7,860 $11,056
3/1/99 $7,900 $11,037
3/2/99 $7,970 $10,942
3/3/99 $7,910 $10,962
3/4/99 $7,960 $11,131
3/5/99 $8,130 $11,388
3/8/99 $8,070 $11,453
3/9/99 $8,020 $11,427
3/10/99 $7,960 $11,490
3/11/99 $7,960 $11,586
3/12/99 $7,980 $11,559
3/15/99 $8,220 $11,672
3/16/99 $8,170 $11,664
3/17/99 $8,060 $11,588
3/18/99 $8,250 $11,755
3/19/99 $8,090 $11,601
3/22/99 $8,010 $11,580
3/23/99 $7,830 $11,269
3/24/99 $7,860 $11,327
3/25/99 $7,990 $11,518
3/26/99 $7,930 $11,453
3/29/99 $8,000 $11,698
3/30/99 $8,130 $11,614
3/31/99 $7,990 $11,485
4/1/99 $8,030 $11,551
4/2/99 $8,030 $11,551
4/5/99 $8,140 $11,796
4/6/99 $8,110 $11,767
4/7/99 $8,170 $11,847
4/8/99 $8,230 $12,000
4/9/99 $8,290 $12,039
4/12/99 $8,240 $12,131
4/13/99 $8,200 $12,052
4/14/99 $8,500 $11,861
4/15/99 $8,550 $11,811
4/16/99 $8,690 $11,777
4/19/99 $8,820 $11,513
4/20/99 $8,670 $11,662
4/21/99 $8,750 $11,930
4/22/99 $8,790 $12,132
4/23/99 $8,750 $12,115
4/26/99 $8,830 $12,143
4/27/99 $8,830 $12,168
4/28/99 $8,890 $12,062
4/29/99 $8,890 $11,989
4/30/99 $8,880 $11,921
5/3/99 $9,070 $12,095
5/4/99 $9,140 $11,893
5/5/99 $9,170 $12,029
5/6/99 $9,170 $11,893
5/7/99 $9,270 $12,009
5/10/99 $9,220 $11,967
5/11/99 $9,320 $12,104
5/12/99 $9,360 $12,178
5/13/99 $9,370 $12,210
5/14/99 $9,130 $11,945
5/17/99 $9,050 $11,960
5/18/99 $9,010 $11,905
5/19/99 $8,950 $12,002
5/20/99 $8,950 $11,954
5/21/99 $8,820 $11,877
5/24/99 $8,690 $11,669
5/25/99 $8,590 $11,468
5/26/99 $8,630 $11,650
5/27/99 $8,460 $11,441
5/28/99 $8,630 $11,623
6/1/99 $8,750 $11,556
6/2/99 $8,660 $11,561
6/3/99 $8,610 $11,603
6/4/99 $8,700 $11,855
6/7/99 $8,830 $11,915
6/8/99 $8,700 $11,762
6/9/99 $8,600 $11,773
6/10/99 $8,570 $11,632
6/11/99 $8,460 $11,550
6/14/99 $8,520 $11,553
6/15/99 $8,520 $11,617
6/16/99 $8,600 $11,879
6/17/99 $8,580 $11,963
6/18/99 $8,620 $11,990
6/21/99 $8,690 $12,045
6/22/99 $8,580 $11,927
6/23/99 $8,520 $11,902
6/24/99 $8,440 $11,748
6/25/99 $8,420 $11,744
6/28/99 $8,620 $11,887
6/29/99 $8,620 $12,066
6/30/99 $8,590 $12,256
7/1/99 $8,710 $12,330
7/2/99 $8,820 $12,421
7/6/99 $8,730 $12,394
7/7/99 $8,730 $12,463
7/8/99 $8,650 $12,450
7/9/99 $8,600 $12,529
7/12/99 $8,610 $12,492
7/13/99 $8,570 $12,442
7/14/99 $8,580 $12,484
7/15/99 $8,560 $12,586
7/16/99 $8,550 $12,668
7/19/99 $8,660 $12,568
7/20/99 $8,540 $12,295
7/21/99 $8,520 $12,315
7/22/99 $8,440 $12,151
7/23/99 $8,380 $12,115
7/26/99 $8,340 $12,033
7/27/99 $8,370 $12,168
7/28/99 $8,330 $12,191
7/29/99 $8,160 $11,973
7/30/99 $8,090 $11,863
8/2/99 $8,170 $11,857
8/3/99 $8,020 $11,805
8/4/99 $7,920 $11,655
8/5/99 $7,910 $11,729
8/6/99 $7,790 $11,610
8/9/99 $7,850 $11,587
8/10/99 $7,650 $11,441
8/11/99 $7,680 $11,624
8/12/99 $7,740 $11,591
8/13/99 $7,830 $11,854
8/16/99 $7,870 $11,882
8/17/99 $7,780 $12,001
8/18/99 $7,770 $11,900
8/19/99 $7,730 $11,818
8/20/99 $7,730 $11,934
8/23/99 $7,860 $12,145
8/24/99 $7,880 $12,174
8/25/99 $8,000 $12,337
8/26/99 $7,800 $12,161
8/27/99 $7,730 $12,038
8/30/99 $7,600 $11,822
8/31/99 $7,530 $11,789
9/1/99 $7,600 $11,884
9/2/99 $7,530 $11,778
9/3/99 $7,730 $12,118
9/7/99 $7,590 $12,057
9/8/99 $7,550 $12,001
9/9/99 $7,570 $12,033
9/10/99 $7,510 $12,068
9/13/99 $7,460 $12,001
9/14/99 $7,380 $11,931
9/15/99 $7,350 $11,767
9/16/99 $7,140 $11,772
9/17/99 $7,160 $11,923
9/20/99 $7,150 $11,924
9/21/99 $7,000 $11,675
9/22/99 $6,940 $11,701
9/23/99 $6,820 $11,435
9/24/99 $6,770 $11,405
9/27/99 $6,750 $11,458
9/28/99 $6,730 $11,448
9/29/99 $6,800 $11,325
9/30/99 $6,880 $11,453
10/1/99 $6,800 $11,454
10/4/99 $7,010 $11,648
10/5/99 $6,950 $11,619
10/6/99 $7,030 $11,834
10/7/99 $7,110 $11,765
10/8/99 $7,140 $11,929
10/11/99 $7,060 $11,921
10/12/99 $6,980 $11,723
10/13/99 $6,800 $11,478
10/14/99 $6,760 $11,459
10/15/99 $6,560 $11,137
10/18/99 $6,520 $11,197
10/19/99 $6,530 $11,262
10/20/99 $6,480 $11,513
10/21/99 $6,480 $11,461
10/22/99 $6,600 $11,622
10/25/99 $6,630 $11,550
10/26/99 $6,510 $11,446
10/27/99 $6,650 $11,578
10/28/99 $6,880 $11,986
10/29/99 $6,990 $12,169
11/1/99 $6,840 $12,090
11/2/99 $6,830 $12,033
11/3/99 $6,760 $12,097
11/4/99 $6,740 $12,166
11/5/99 $6,800 $12,234
11/8/99 $6,860 $12,295
11/9/99 $6,810 $12,190
11/10/99 $6,820 $12,263
11/11/99 $6,820 $12,334
11/12/99 $6,960 $12,465
11/15/99 $6,930 $12,450
11/16/99 $7,040 $12,679
11/17/99 $6,870 $12,596
11/18/99 $6,890 $12,723
11/19/99 $6,810 $12,696
11/22/99 $6,720 $12,687
11/23/99 $6,720 $12,541
11/24/99 $6,640 $12,652
11/26/99 $6,630 $12,648
11/29/99 $6,620 $12,570
11/30/99 $6,640 $12,402
12/1/99 $6,610 $12,480
12/2/99 $6,570 $12,581
12/3/99 $6,660 $12,797
12/6/99 $6,610 $12,708
12/7/99 $6,550 $12,582
12/8/99 $6,560 $12,535
12/9/99 $6,470 $12,572
12/10/99 $6,540 $12,652
12/13/99 $6,550 $12,636
12/14/99 $6,530 $12,528
12/15/99 $6,510 $12,619
12/16/99 $6,530 $12,668
12/17/99 $6,540 $12,688
12/20/99 $6,400 $12,661
12/21/99 $6,280 $12,798
12/22/99 $6,310 $12,822
12/24/99 $6,430 $13,021
12/27/99 $6,450 $13,010
12/28/99 $6,510 $13,015
12/29/99 $6,560 $13,066
12/30/99 $6,570 $13,076
12/31/99 $6,580 $13,118
1/3/00 $6,470 $12,993
1/4/00 $6,310 $12,495
1/5/00 $6,290 $12,519
1/6/00 $6,500 $12,531
1/7/00 $6,600 $12,870
1/10/00 $6,650 $13,014
1/11/00 $6,570 $12,844
1/12/00 $6,550 $12,788
1/13/00 $6,570 $12,943
1/17/00 $6,550 $13,082
1/18/00 $6,430 $12,992
1/19/00 $6,360 $12,999
1/20/00 $6,220 $12,907
1/21/00 $6,190 $12,869
1/24/00 $6,080 $12,517
1/25/00 $5,970 $12,589
1/26/00 $6,010 $12,536
1/27/00 $5,970 $12,487
1/28/00 $5,830 $12,144
1/31/00 $5,870 $12,450
2/1/00 $5,850 $12,583
2/2/00 $5,830 $12,581
2/3/00 $5,850 $12,723
2/4/00 $5,820 $12,717
2/7/00 $5,780 $12,705
2/8/00 $5,800 $12,873
2/9/00 $5,700 $12,604
2/10/00 $5,600 $12,650
2/11/00 $5,490 $12,385
2/14/00 $5,590 $12,410
2/15/00 $5,580 $12,518
2/16/00 $5,600 $12,390
2/17/00 $5,610 $12,395
2/18/00 $5,550 $12,019
2/22/00 $5,620 $12,073
2/23/00 $5,540 $12,149
2/24/00 $5,460 $12,084
2/25/00 $5,480 $11,905
2/28/00 $5,520 $12,036
2/29/00 $5,550 $12,200
3/1/00 $5,660 $12,314
3/2/00 $5,600 $12,337
3/3/00 $5,770 $12,582
3/6/00 $5,630 $12,422
3/7/00 $5,360 $12,104
3/8/00 $5,550 $12,203
3/9/00 $5,560 $12,515
3/10/00 $5,600 $12,456
3/13/00 $5,610 $12,354
3/14/00 $5,540 $12,135
3/15/00 $5,780 $12,430
3/16/00 $6,080 $13,022
3/17/00 $6,070 $13,076
3/20/00 $5,970 $13,006
3/21/00 $6,090 $13,338
3/22/00 $6,030 $13,398
3/23/00 $6,180 $13,637
3/24/00 $6,200 $13,638
3/27/00 $6,170 $13,606
3/28/00 $6,150 $13,462
3/29/00 $6,140 $13,469
3/30/00 $6,110 $13,285
3/31/00 $6,240 $13,380
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED 3/31/00
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
INVESTOR CLASS (4-2-98) ADVISOR CLASS (6-9-98)
--------------------------------- ---------------------------------
ONE YEAR SINCE INCEPTION ONE YEAR SINCE INCEPTION
<S> <C> <C> <C> <C>
-------------------------------------------------------------------------------------------------------------------
Transportation Fund -21.90% -21.03% -22.52% -20.16%
S&P 500-Registered Trademark- Index 16.50% 15.70% 16.50% 17.54%
-------------------------------------------------------------------------------------------------------------------
</TABLE>
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE S&P 500 INDEX IS AN
UNMANAGED STOCK INDEX AND, UNLIKE THE FUND, HAS NO MANAGEMENT FEES OR OTHER
OPERATING EXPENSES TO REDUCE ITS REPORTED 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.
13
<PAGE>
ENERGY SERVICES FUND
OBJECTIVE: SEEKS CAPITAL APPRECIATION BY INVESTING IN COMPANIES THAT ARE
INVOLVED IN THE ENERGY SERVICES FIELD, INCLUDING THOSE THAT PROVIDE SERVICES AND
EQUIPMENT IN THE AREAS OF OIL, COAL, AND GAS EXPLORATION AND PRODUCTION.
Inception: April 1, 1998
The volatile oil services group enjoyed the surge in oil prices and outperformed
the broad markets with a 54.65% return for the year ended March 31, 2000. The
higher oil price environment has set the early stages of a recovery in the oil
service industry--exploration and production are expected to accelerate. This is
particularly true if oil prices stay above $20 per barrel.
CUMULATIVE FUND PERFORMANCE: APRIL 1, 1998--MARCH 31, 2000
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
ENERGY SERVICES FUND S&P 500 INDEX
<S> <C> <C>
4/1/98 $10,000 $10,000
4/2/98 $9,840 $10,107
4/3/98 $9,780 $10,131
4/6/98 $9,650 $10,119
4/7/98 $9,440 $10,013
4/8/98 $9,520 $9,941
4/9/98 $9,370 $10,023
4/13/98 $9,320 $10,014
4/14/98 $9,470 $10,069
4/15/98 $9,850 $10,101
4/16/98 $9,660 $10,000
4/17/98 $9,830 $10,131
4/20/98 $9,820 $10,140
4/21/98 $10,190 $10,164
4/22/98 $10,110 $10,197
4/23/98 $10,000 $10,103
4/24/98 $9,770 $9,998
4/27/98 $9,640 $9,805
4/28/98 $9,850 $9,792
4/29/98 $10,320 $9,878
4/30/98 $10,240 $10,033
5/1/98 $10,680 $10,116
5/4/98 $10,510 $10,126
5/5/98 $10,640 $10,068
5/6/98 $10,500 $9,971
5/7/98 $10,220 $9,883
5/8/98 $10,350 $10,000
5/11/98 $10,240 $9,986
5/12/98 $10,180 $10,069
5/13/98 $10,180 $10,097
5/14/98 $10,210 $10,083
5/15/98 $10,000 $10,005
5/18/98 $9,760 $9,979
5/19/98 $9,780 $10,012
5/20/98 $9,540 $10,098
5/21/98 $9,480 $10,059
5/22/98 $9,430 $10,021
5/26/98 $9,240 $9,872
5/27/98 $9,140 $9,856
5/28/98 $9,280 $9,905
5/29/98 $9,300 $9,844
6/1/98 $8,900 $9,845
6/2/98 $8,970 $9,864
6/3/98 $8,760 $9,771
6/4/98 $9,080 $9,880
6/5/98 $9,170 $10,052
6/8/98 $8,910 $10,068
6/9/98 $8,750 $10,093
6/10/98 $8,470 $10,037
6/11/98 $8,130 $9,878
6/12/98 $8,340 $9,916
6/15/98 $7,800 $9,719
6/16/98 $8,050 $9,814
6/17/98 $8,240 $9,991
6/18/98 $7,950 $9,984
6/19/98 $8,220 $9,932
6/22/98 $8,510 $9,956
6/23/98 $8,600 $10,102
6/24/98 $8,560 $10,223
6/25/98 $8,320 $10,191
6/26/98 $8,160 $10,226
6/29/98 $8,360 $10,274
6/30/98 $8,360 $10,232
7/1/98 $8,340 $10,365
7/2/98 $8,550 $10,345
7/6/98 $8,270 $10,444
7/7/98 $8,020 $10,420
7/8/98 $8,100 $10,525
7/9/98 $7,940 $10,455
7/10/98 $7,880 $10,507
7/13/98 $7,620 $10,515
7/14/98 $7,760 $10,627
7/15/98 $7,960 $10,602
7/16/98 $7,900 $10,685
7/17/98 $7,810 $10,709
7/20/98 $7,550 $10,685
7/21/98 $7,400 $10,514
7/22/98 $7,480 $10,505
7/23/98 $7,040 $10,285
7/24/98 $6,810 $10,295
7/27/98 $6,940 $10,353
7/28/98 $6,750 $10,199
7/29/98 $6,650 $10,154
7/30/98 $6,900 $10,313
7/31/98 $6,660 $10,113
8/3/98 $6,480 $10,039
8/4/98 $6,120 $9,675
8/5/98 $5,920 $9,759
8/6/98 $6,150 $9,833
8/7/98 $6,370 $9,831
8/10/98 $6,020 $9,774
8/11/98 $5,770 $9,647
8/12/98 $5,960 $9,784
8/13/98 $5,840 $9,700
8/14/98 $5,620 $9,590
8/17/98 $5,470 $9,779
8/18/98 $5,600 $9,937
8/19/98 $5,880 $9,909
8/20/98 $5,840 $9,851
8/21/98 $5,730 $9,757
8/24/98 $5,630 $9,819
8/25/98 $5,500 $9,862
8/26/98 $5,290 $9,784
8/27/98 $4,950 $9,408
8/28/98 $4,960 $9,270
8/31/98 $4,550 $8,641
9/1/98 $4,760 $8,972
9/2/98 $4,790 $8,938
9/3/98 $5,030 $8,864
9/4/98 $5,330 $8,788
9/8/98 $5,290 $9,236
9/9/98 $5,150 $9,080
9/10/98 $5,470 $8,845
9/11/98 $5,840 $9,106
9/14/98 $5,980 $9,292
9/15/98 $5,870 $9,364
9/16/98 $6,060 $9,434
9/17/98 $5,780 $9,194
9/18/98 $5,690 $9,205
9/21/98 $5,670 $9,240
9/22/98 $5,490 $9,293
9/23/98 $5,890 $9,620
9/24/98 $5,510 $9,410
9/25/98 $5,550 $9,428
9/28/98 $5,590 $9,463
9/29/98 $5,750 $9,466
9/30/98 $5,420 $9,178
10/1/98 $5,230 $8,901
10/2/98 $5,220 $9,048
10/5/98 $5,000 $8,921
10/6/98 $5,020 $8,885
10/7/98 $4,790 $8,759
10/8/98 $4,550 $8,658
10/9/98 $4,650 $8,883
10/12/98 $4,860 $9,003
10/13/98 $4,730 $8,977
10/14/98 $4,760 $9,074
10/15/98 $5,110 $9,453
10/16/98 $5,700 $9,533
10/19/98 $5,600 $9,587
10/20/98 $5,540 $9,601
10/21/98 $5,830 $9,655
10/22/98 $6,110 $9,732
10/23/98 $5,930 $9,662
10/26/98 $6,300 $9,677
10/27/98 $6,220 $9,614
10/28/98 $6,090 $9,638
10/29/98 $6,000 $9,799
10/30/98 $6,190 $9,914
11/2/98 $6,560 $10,031
11/3/98 $6,390 $10,024
11/4/98 $6,380 $10,095
11/5/98 $6,440 $10,230
11/6/98 $6,540 $10,297
11/9/98 $6,320 $10,199
11/10/98 $5,940 $10,181
11/11/98 $5,700 $10,116
11/12/98 $5,760 $10,086
11/13/98 $5,710 $10,159
11/16/98 $5,490 $10,250
11/17/98 $5,510 $10,281
11/18/98 $5,360 $10,328
11/19/98 $5,360 $10,401
11/20/98 $5,480 $10,500
11/23/98 $5,280 $10,722
11/24/98 $5,290 $10,675
11/25/98 $5,240 $10,710
11/27/98 $5,070 $10,759
11/30/98 $4,770 $10,501
12/1/98 $4,650 $10,606
12/2/98 $4,550 $10,569
12/3/98 $4,520 $10,379
12/4/98 $4,610 $10,619
12/7/98 $4,990 $10,718
12/8/98 $4,850 $10,661
12/9/98 $4,850 $10,680
12/10/98 $4,750 $10,513
12/11/98 $4,690 $10,526
12/14/98 $4,850 $10,298
12/15/98 $4,750 $10,493
12/16/98 $5,130 $10,485
12/17/98 $4,830 $10,648
12/18/98 $4,750 $10,721
12/21/98 $4,650 $10,854
12/22/98 $4,620 $10,861
12/23/98 $4,900 $11,086
12/24/98 $4,870 $11,066
12/28/98 $4,810 $11,059
12/29/98 $4,720 $11,206
12/30/98 $4,650 $11,117
12/31/98 $4,840 $11,093
1/4/99 $4,970 $11,082
1/5/99 $4,910 $11,233
1/6/99 $5,300 $11,482
1/7/99 $5,580 $11,458
1/8/99 $5,470 $11,506
1/11/99 $5,520 $11,405
1/12/99 $5,250 $11,185
1/13/99 $4,970 $11,139
1/14/99 $4,950 $10,939
1/15/99 $5,050 $11,219
1/19/99 $5,140 $11,288
1/20/99 $4,930 $11,340
1/21/99 $5,060 $11,146
1/22/99 $5,110 $11,056
1/25/99 $4,930 $11,135
1/26/99 $4,740 $11,301
1/27/99 $4,670 $11,218
1/28/99 $4,550 $11,419
1/29/99 $4,610 $11,548
2/1/99 $4,540 $11,488
2/2/99 $4,620 $11,388
2/3/99 $4,890 $11,479
2/4/99 $4,760 $11,266
2/5/99 $4,870 $11,184
2/8/99 $4,840 $11,224
2/9/99 $4,700 $10,975
2/10/99 $4,660 $11,041
2/11/99 $4,740 $11,317
2/12/99 $4,600 $11,101
2/16/99 $4,530 $11,207
2/17/99 $4,420 $11,046
2/18/99 $4,580 $11,165
2/19/99 $4,460 $11,183
2/22/99 $4,440 $11,480
2/23/99 $4,450 $11,471
2/24/99 $4,380 $11,311
2/25/99 $4,470 $11,235
2/26/99 $4,360 $11,175
3/1/99 $4,360 $11,155
3/2/99 $4,390 $11,059
3/3/99 $4,670 $11,079
3/4/99 $4,950 $11,250
3/5/99 $4,920 $11,510
3/8/99 $5,080 $11,575
3/9/99 $4,980 $11,549
3/10/99 $5,500 $11,613
3/11/99 $5,400 $11,710
3/12/99 $5,530 $11,682
3/15/99 $5,430 $11,797
3/16/99 $5,320 $11,789
3/17/99 $5,680 $11,712
3/18/99 $5,740 $11,881
3/19/99 $5,640 $11,725
3/22/99 $5,840 $11,704
3/23/99 $5,640 $11,390
3/24/99 $5,690 $11,448
3/25/99 $5,820 $11,641
3/26/99 $6,010 $11,576
3/29/99 $6,360 $11,823
3/30/99 $6,220 $11,738
3/31/99 $6,020 $11,608
4/1/99 $5,770 $11,675
4/2/99 $5,770 $11,675
4/5/99 $5,800 $11,922
4/6/99 $5,710 $11,893
4/7/99 $5,450 $11,974
4/8/99 $5,570 $12,128
4/9/99 $5,820 $12,168
4/12/99 $5,700 $12,260
4/13/99 $5,790 $12,181
4/14/99 $5,570 $11,988
4/15/99 $5,940 $11,937
4/16/99 $6,440 $11,903
4/19/99 $6,630 $11,636
4/20/99 $6,390 $11,787
4/21/99 $6,500 $12,057
4/22/99 $6,760 $12,262
4/23/99 $6,420 $12,244
4/26/99 $6,180 $12,273
4/27/99 $6,360 $12,298
4/28/99 $6,820 $12,191
4/29/99 $6,940 $12,118
4/30/99 $6,810 $12,049
5/3/99 $7,150 $12,224
5/4/99 $7,050 $12,020
5/5/99 $7,010 $12,158
5/6/99 $6,790 $12,020
5/7/99 $6,840 $12,137
5/10/99 $6,800 $12,095
5/11/99 $6,650 $12,233
5/12/99 $6,500 $12,309
5/13/99 $6,700 $12,341
5/14/99 $6,580 $12,072
5/17/99 $6,450 $12,088
5/18/99 $6,210 $12,032
5/19/99 $6,240 $12,130
5/20/99 $6,400 $12,082
5/21/99 $6,630 $12,005
5/24/99 $6,310 $11,794
5/25/99 $6,260 $11,590
5/26/99 $6,560 $11,774
5/27/99 $6,360 $11,564
5/28/99 $6,450 $11,748
6/1/99 $6,310 $11,679
6/2/99 $6,480 $11,684
6/3/99 $6,670 $11,727
6/4/99 $6,700 $11,982
6/7/99 $6,860 $12,043
6/8/99 $6,690 $11,888
6/9/99 $6,730 $11,899
6/10/99 $6,800 $11,757
6/11/99 $7,010 $11,674
6/14/99 $7,000 $11,677
6/15/99 $7,210 $11,742
6/16/99 $6,930 $12,006
6/17/99 $7,120 $12,091
6/18/99 $7,070 $12,118
6/21/99 $6,770 $12,173
6/22/99 $6,570 $12,055
6/23/99 $6,640 $12,030
6/24/99 $6,440 $11,874
6/25/99 $6,390 $11,869
6/28/99 $6,410 $12,014
6/29/99 $6,640 $12,196
6/30/99 $6,940 $12,387
7/1/99 $6,720 $12,462
7/2/99 $6,830 $12,554
7/6/99 $6,900 $12,526
7/7/99 $6,740 $12,596
7/8/99 $6,980 $12,583
7/9/99 $7,030 $12,663
7/12/99 $7,190 $12,626
7/13/99 $7,160 $12,576
7/14/99 $7,180 $12,617
7/15/99 $7,180 $12,720
7/16/99 $7,090 $12,803
7/19/99 $7,020 $12,703
7/20/99 $6,720 $12,427
7/21/99 $6,890 $12,447
7/22/99 $6,830 $12,281
7/23/99 $6,890 $12,245
7/26/99 $6,760 $12,162
7/27/99 $6,730 $12,298
7/28/99 $6,900 $12,321
7/29/99 $7,070 $12,102
7/30/99 $7,090 $11,990
8/2/99 $6,960 $11,984
8/3/99 $7,000 $11,931
8/4/99 $7,180 $11,779
8/5/99 $7,510 $11,855
8/6/99 $7,450 $11,734
8/9/99 $7,890 $11,711
8/10/99 $7,810 $11,564
8/11/99 $7,850 $11,749
8/12/99 $7,770 $11,715
8/13/99 $7,610 $11,981
8/16/99 $7,530 $12,009
8/17/99 $7,770 $12,130
8/18/99 $7,590 $12,028
8/19/99 $7,720 $11,944
8/20/99 $7,710 $12,062
8/23/99 $7,820 $12,275
8/24/99 $7,660 $12,304
8/25/99 $7,310 $12,469
8/26/99 $7,340 $12,291
8/27/99 $7,320 $12,167
8/30/99 $7,220 $11,948
8/31/99 $7,480 $11,915
9/1/99 $7,390 $12,012
9/2/99 $7,300 $11,904
9/3/99 $7,380 $12,248
9/7/99 $7,720 $12,187
9/8/99 $7,630 $12,130
9/9/99 $8,010 $12,161
9/10/99 $8,030 $12,197
9/13/99 $7,960 $12,129
9/14/99 $7,650 $12,059
9/15/99 $7,530 $11,893
9/16/99 $7,580 $11,898
9/17/99 $7,610 $12,051
9/20/99 $7,310 $12,052
9/21/99 $7,050 $11,800
9/22/99 $7,000 $11,826
9/23/99 $6,940 $11,558
9/24/99 $6,800 $11,527
9/27/99 $6,830 $11,581
9/28/99 $6,500 $11,571
9/29/99 $6,790 $11,446
9/30/99 $6,740 $11,575
10/1/99 $6,830 $11,576
10/4/99 $6,640 $11,773
10/5/99 $6,230 $11,743
10/6/99 $6,280 $11,960
10/7/99 $6,080 $11,890
10/8/99 $5,980 $12,056
10/11/99 $6,450 $12,049
10/12/99 $6,410 $11,849
10/13/99 $6,480 $11,601
10/14/99 $6,360 $11,582
10/15/99 $6,200 $11,257
10/18/99 $6,040 $11,317
10/19/99 $6,200 $11,382
10/20/99 $6,320 $11,636
10/21/99 $6,460 $11,583
10/22/99 $6,700 $11,746
10/25/99 $6,610 $11,674
10/26/99 $6,480 $11,568
10/27/99 $6,440 $11,702
10/28/99 $6,300 $12,114
10/29/99 $6,440 $12,299
11/1/99 $6,600 $12,220
11/2/99 $6,370 $12,162
11/3/99 $6,380 $12,227
11/4/99 $6,320 $12,297
11/5/99 $6,080 $12,365
11/8/99 $6,390 $12,426
11/9/99 $6,680 $12,320
11/10/99 $6,780 $12,394
11/11/99 $6,570 $12,466
11/12/99 $6,870 $12,598
11/15/99 $7,140 $12,583
11/16/99 $7,130 $12,814
11/17/99 $7,450 $12,730
11/18/99 $7,220 $12,859
11/19/99 $7,170 $12,832
11/22/99 $7,050 $12,823
11/23/99 $6,800 $12,676
11/24/99 $6,860 $12,788
11/26/99 $6,750 $12,784
11/29/99 $6,510 $12,704
11/30/99 $6,530 $12,535
12/1/99 $6,930 $12,613
12/2/99 $6,770 $12,715
12/3/99 $6,580 $12,934
12/6/99 $6,360 $12,844
12/7/99 $6,170 $12,716
12/8/99 $6,430 $12,669
12/9/99 $6,180 $12,707
12/10/99 $5,970 $12,787
12/13/99 $5,890 $12,771
12/14/99 $6,010 $12,662
12/15/99 $6,270 $12,754
12/16/99 $6,320 $12,803
12/17/99 $6,250 $12,824
12/20/99 $6,140 $12,797
12/21/99 $6,320 $12,935
12/22/99 $6,430 $12,960
12/24/99 $6,690 $13,160
12/27/99 $6,740 $13,149
12/28/99 $6,800 $13,154
12/29/99 $6,950 $13,206
12/30/99 $6,670 $13,215
12/31/99 $7,010 $13,259
1/3/00 $6,620 $13,132
1/4/00 $6,530 $12,628
1/5/00 $6,480 $12,653
1/6/00 $6,830 $12,665
1/7/00 $7,080 $13,008
1/10/00 $6,990 $13,153
1/11/00 $7,180 $12,982
1/12/00 $6,880 $12,925
1/13/00 $7,100 $13,082
1/17/00 $7,220 $13,222
1/18/00 $7,680 $13,131
1/19/00 $7,660 $13,138
1/20/00 $7,450 $13,045
1/21/00 $7,670 $13,007
1/24/00 $7,340 $12,651
1/25/00 $7,330 $12,724
1/26/00 $7,200 $12,671
1/27/00 $6,910 $12,621
1/28/00 $6,760 $12,274
1/31/00 $6,900 $12,584
2/1/00 $7,140 $12,717
2/2/00 $7,120 $12,716
2/3/00 $7,080 $12,859
2/4/00 $6,960 $12,854
2/7/00 $7,110 $12,841
2/8/00 $6,900 $13,010
2/9/00 $6,650 $12,739
2/10/00 $6,950 $12,786
2/11/00 $6,920 $12,517
2/14/00 $7,200 $12,543
2/15/00 $7,580 $12,652
2/16/00 $7,610 $12,522
2/17/00 $7,580 $12,528
2/18/00 $7,370 $12,147
2/22/00 $7,210 $12,202
2/23/00 $7,100 $12,279
2/24/00 $7,420 $12,213
2/25/00 $7,290 $12,032
2/28/00 $7,560 $12,165
2/29/00 $8,030 $12,331
3/1/00 $8,520 $12,446
3/2/00 $8,860 $12,469
3/3/00 $8,640 $12,716
3/6/00 $8,780 $12,555
3/7/00 $9,310 $12,233
3/8/00 $8,510 $12,333
3/9/00 $8,540 $12,649
3/10/00 $8,550 $12,589
3/13/00 $8,490 $12,486
3/14/00 $8,430 $12,265
3/15/00 $8,180 $12,563
3/16/00 $8,640 $13,161
3/17/00 $8,450 $13,215
3/20/00 $8,110 $13,145
3/21/00 $8,410 $13,481
3/22/00 $8,890 $13,542
3/23/00 $8,830 $13,783
3/24/00 $9,010 $13,784
3/27/00 $9,030 $13,751
3/28/00 $8,880 $13,606
3/29/00 $9,380 $13,613
3/30/00 $9,220 $13,427
3/31/00 $9,310 $13,523
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED 3/31/00
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------
INVESTOR CLASS (4-1-98) ADVISOR CLASS (4-2-98)
-------------------------- --------------------------
ONE YEAR SINCE INCEPTION ONE YEAR SINCE INCEPTION
<S> <C> <C> <C> <C>
---------------------------------------------------------------------------------------------------------
Energy Services Fund 54.65% -3.51% 53.58% -3.25%
S&P 500-Registered Trademark- Index 16.50% 16.29% 16.50% 15.70%
---------------------------------------------------------------------------------------------------------
</TABLE>
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE S&P 500 INDEX IS AN
UNMANAGED STOCK INDEX AND, UNLIKE THE FUND, HAS NO MANAGEMENT FEES OR OTHER
OPERATING EXPENSES TO REDUCE ITS REPORTED 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.
14
<PAGE>
BANKING FUND
OBJECTIVE: SEEKS CAPITAL APPRECIATION BY INVESTING IN COMPANIES THAT ARE
INVOLVED IN THE BANKING SECTOR, INCLUDING COMMERCIAL BANKS (AND THEIR HOLDING
COMPANIES) AND SAVINGS AND LOAN INSTITUTIONS.
Inception: April 1, 1998
The banking stocks performed poorly compared to the broader market primarily due
to a rising interest rate environment. Despite the banking industry's efforts to
diversify beyond traditional lending operations, rising interest rates still
negatively impacted banking stocks. During the fall, banks, securities firms,
and insurers won new freedom to merge and to enter each other's territories
after legislation was passed to repeal the Glass-Steagall Act. The sector
rebounded in March due to rising optimism that the Federal Reserve would limit
interest rate increases and an investor shift into old economy stocks. The
Banking Fund posted a -16.65% return for the year ended March 31, 2000.
CUMULATIVE FUND PERFORMANCE: APRIL 1, 1998--MARCH 31, 2000
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
BANKING FUND S&P 500 INDEX
<S> <C> <C>
4/1/98 $10,000 $10,000
4/2/98 $10,130 $10,107
4/3/98 $10,190 $10,131
4/6/98 $10,510 $10,119
4/7/98 $10,350 $10,013
4/8/98 $10,200 $9,941
4/9/98 $10,360 $10,023
4/13/98 $10,650 $10,014
4/14/98 $10,670 $10,069
4/15/98 $10,640 $10,101
4/16/98 $10,440 $10,000
4/17/98 $10,560 $10,131
4/20/98 $10,470 $10,140
4/21/98 $10,390 $10,164
4/22/98 $10,570 $10,197
4/23/98 $10,390 $10,103
4/24/98 $10,280 $9,998
4/27/98 $9,950 $9,805
4/28/98 $9,990 $9,792
4/29/98 $10,040 $9,878
4/30/98 $10,220 $10,033
5/1/98 $10,410 $10,116
5/4/98 $10,280 $10,126
5/5/98 $10,160 $10,068
5/6/98 $10,000 $9,971
5/7/98 $9,890 $9,883
5/8/98 $9,940 $10,000
5/11/98 $9,940 $9,986
5/12/98 $10,100 $10,069
5/13/98 $10,050 $10,097
5/14/98 $10,020 $10,083
5/15/98 $10,040 $10,005
5/18/98 $10,020 $9,979
5/19/98 $10,090 $10,012
5/20/98 $10,240 $10,098
5/21/98 $10,230 $10,059
5/22/98 $10,200 $10,021
5/26/98 $10,020 $9,872
5/27/98 $9,860 $9,856
5/28/98 $9,920 $9,905
5/29/98 $9,860 $9,844
6/1/98 $9,890 $9,845
6/2/98 $9,940 $9,864
6/3/98 $9,790 $9,771
6/4/98 $9,860 $9,880
6/5/98 $10,000 $10,052
6/8/98 $10,070 $10,068
6/9/98 $10,010 $10,093
6/10/98 $10,040 $10,037
6/11/98 $9,920 $9,878
6/12/98 $9,870 $9,916
6/15/98 $9,710 $9,719
6/16/98 $9,690 $9,814
6/17/98 $9,900 $9,991
6/18/98 $9,870 $9,984
6/19/98 $9,820 $9,932
6/22/98 $9,730 $9,956
6/23/98 $9,770 $10,102
6/24/98 $10,050 $10,223
6/25/98 $10,050 $10,191
6/26/98 $10,070 $10,226
6/29/98 $10,120 $10,274
6/30/98 $10,030 $10,232
7/1/98 $10,270 $10,365
7/2/98 $10,330 $10,345
7/6/98 $10,430 $10,444
7/7/98 $10,450 $10,420
7/8/98 $10,680 $10,525
7/9/98 $10,600 $10,455
7/10/98 $10,710 $10,507
7/13/98 $10,700 $10,515
7/14/98 $10,880 $10,627
7/15/98 $10,740 $10,602
7/16/98 $10,780 $10,685
7/17/98 $10,810 $10,709
7/20/98 $10,760 $10,685
7/21/98 $10,380 $10,514
7/22/98 $10,400 $10,505
7/23/98 $10,290 $10,285
7/24/98 $10,200 $10,295
7/27/98 $10,220 $10,353
7/28/98 $10,020 $10,199
7/29/98 $10,000 $10,154
7/30/98 $10,140 $10,313
7/31/98 $10,070 $10,113
8/3/98 $9,780 $10,039
8/4/98 $9,240 $9,675
8/5/98 $9,410 $9,759
8/6/98 $9,440 $9,833
8/7/98 $9,310 $9,831
8/10/98 $9,180 $9,774
8/11/98 $8,870 $9,647
8/12/98 $9,070 $9,784
8/13/98 $8,920 $9,700
8/14/98 $8,810 $9,590
8/17/98 $9,010 $9,779
8/18/98 $9,220 $9,937
8/19/98 $9,060 $9,909
8/20/98 $8,860 $9,851
8/21/98 $8,650 $9,757
8/24/98 $8,670 $9,819
8/25/98 $8,640 $9,862
8/26/98 $8,540 $9,784
8/27/98 $8,060 $9,408
8/28/98 $7,860 $9,270
8/31/98 $7,420 $8,641
9/1/98 $7,660 $8,972
9/2/98 $7,780 $8,938
9/3/98 $7,540 $8,864
9/4/98 $7,270 $8,788
9/8/98 $7,770 $9,236
9/9/98 $7,570 $9,080
9/10/98 $7,230 $8,845
9/11/98 $7,660 $9,106
9/14/98 $7,860 $9,292
9/15/98 $8,020 $9,364
9/16/98 $8,190 $9,434
9/17/98 $7,890 $9,194
9/18/98 $7,820 $9,205
9/21/98 $7,810 $9,240
9/22/98 $7,870 $9,293
9/23/98 $8,310 $9,620
9/24/98 $7,910 $9,410
9/25/98 $7,920 $9,428
9/28/98 $7,930 $9,463
9/29/98 $7,840 $9,466
9/30/98 $7,560 $9,178
10/1/98 $7,320 $8,901
10/2/98 $7,590 $9,048
10/5/98 $7,290 $8,921
10/6/98 $7,130 $8,885
10/7/98 $6,910 $8,759
10/8/98 $6,840 $8,658
10/9/98 $7,320 $8,883
10/12/98 $7,340 $9,003
10/13/98 $7,390 $8,977
10/14/98 $7,400 $9,074
10/15/98 $7,830 $9,453
10/16/98 $8,030 $9,533
10/19/98 $8,130 $9,587
10/20/98 $8,350 $9,601
10/21/98 $8,200 $9,655
10/22/98 $8,270 $9,732
10/23/98 $8,100 $9,662
10/26/98 $8,110 $9,677
10/27/98 $7,920 $9,614
10/28/98 $8,010 $9,638
10/29/98 $8,170 $9,799
10/30/98 $8,270 $9,914
11/2/98 $8,350 $10,031
11/3/98 $8,390 $10,024
11/4/98 $8,630 $10,095
11/5/98 $8,890 $10,230
11/6/98 $8,850 $10,297
11/9/98 $8,610 $10,199
11/10/98 $8,490 $10,181
11/11/98 $8,370 $10,116
11/12/98 $8,320 $10,086
11/13/98 $8,490 $10,159
11/16/98 $8,590 $10,250
11/17/98 $8,740 $10,281
11/18/98 $8,660 $10,328
11/19/98 $8,720 $10,401
11/20/98 $8,810 $10,500
11/23/98 $9,000 $10,722
11/24/98 $8,910 $10,675
11/25/98 $8,950 $10,710
11/27/98 $8,910 $10,759
11/30/98 $8,650 $10,501
12/1/98 $8,670 $10,606
12/2/98 $8,780 $10,569
12/3/98 $8,570 $10,379
12/4/98 $8,870 $10,619
12/7/98 $8,840 $10,718
12/8/98 $8,670 $10,661
12/9/98 $8,640 $10,680
12/10/98 $8,520 $10,513
12/11/98 $8,410 $10,526
12/14/98 $8,260 $10,298
12/15/98 $8,400 $10,493
12/16/98 $8,380 $10,485
12/17/98 $8,780 $10,648
12/18/98 $8,780 $10,721
12/21/98 $8,890 $10,854
12/22/98 $8,790 $10,861
12/23/98 $8,920 $11,086
12/24/98 $8,890 $11,066
12/28/98 $8,860 $11,059
12/29/98 $8,970 $11,206
12/30/98 $9,020 $11,117
12/31/98 $8,910 $11,093
1/4/99 $8,930 $11,082
1/5/99 $9,020 $11,233
1/6/99 $9,220 $11,482
1/7/99 $9,340 $11,458
1/8/99 $9,410 $11,506
1/11/99 $9,300 $11,405
1/12/99 $9,050 $11,185
1/13/99 $8,970 $11,139
1/14/99 $8,650 $10,939
1/15/99 $8,950 $11,219
1/19/99 $8,850 $11,288
1/20/99 $8,890 $11,340
1/21/99 $8,770 $11,146
1/22/99 $8,620 $11,056
1/25/99 $8,710 $11,135
1/26/99 $8,680 $11,301
1/27/99 $8,390 $11,218
1/28/99 $8,590 $11,419
1/29/99 $8,760 $11,548
2/1/99 $8,590 $11,488
2/2/99 $8,490 $11,388
2/3/99 $8,550 $11,479
2/4/99 $8,320 $11,266
2/5/99 $8,320 $11,184
2/8/99 $8,240 $11,224
2/9/99 $8,150 $10,975
2/10/99 $8,240 $11,041
2/11/99 $8,510 $11,317
2/12/99 $8,400 $11,101
2/16/99 $8,560 $11,207
2/17/99 $8,570 $11,046
2/18/99 $8,690 $11,165
2/19/99 $8,640 $11,183
2/22/99 $8,900 $11,480
2/23/99 $8,880 $11,471
2/24/99 $8,610 $11,311
2/25/99 $8,660 $11,235
2/26/99 $8,720 $11,175
3/1/99 $8,820 $11,155
3/2/99 $8,800 $11,059
3/3/99 $8,780 $11,079
3/4/99 $8,900 $11,250
3/5/99 $9,080 $11,510
3/8/99 $9,040 $11,575
3/9/99 $9,100 $11,549
3/10/99 $9,250 $11,613
3/11/99 $9,300 $11,710
3/12/99 $9,260 $11,682
3/15/99 $9,330 $11,797
3/16/99 $9,150 $11,789
3/17/99 $9,040 $11,712
3/18/99 $9,300 $11,881
3/19/99 $9,120 $11,725
3/22/99 $9,100 $11,704
3/23/99 $8,860 $11,390
3/24/99 $8,820 $11,448
3/25/99 $8,920 $11,641
3/26/99 $8,800 $11,576
3/29/99 $8,980 $11,823
3/30/99 $8,820 $11,738
3/31/99 $8,770 $11,608
4/1/99 $8,730 $11,675
4/2/99 $8,730 $11,675
4/5/99 $8,860 $11,922
4/6/99 $8,790 $11,893
4/7/99 $9,020 $11,974
4/8/99 $9,210 $12,128
4/9/99 $9,210 $12,168
4/12/99 $9,360 $12,260
4/13/99 $9,300 $12,181
4/14/99 $9,270 $11,988
4/15/99 $9,290 $11,937
4/16/99 $9,280 $11,903
4/19/99 $9,320 $11,636
4/20/99 $9,380 $11,787
4/21/99 $9,400 $12,057
4/22/99 $9,440 $12,262
4/23/99 $9,370 $12,244
4/26/99 $9,230 $12,273
4/27/99 $9,490 $12,298
4/28/99 $9,440 $12,191
4/29/99 $9,470 $12,118
4/30/99 $9,380 $12,049
5/3/99 $9,520 $12,224
5/4/99 $9,300 $12,020
5/5/99 $9,360 $12,158
5/6/99 $9,220 $12,020
5/7/99 $9,300 $12,137
5/10/99 $9,220 $12,095
5/11/99 $9,300 $12,233
5/12/99 $9,340 $12,309
5/13/99 $9,520 $12,341
5/14/99 $9,210 $12,072
5/17/99 $9,070 $12,088
5/18/99 $9,040 $12,032
5/19/99 $9,150 $12,130
5/20/99 $9,070 $12,082
5/21/99 $9,030 $12,005
5/24/99 $8,860 $11,794
5/25/99 $8,560 $11,590
5/26/99 $8,870 $11,774
5/27/99 $8,570 $11,564
5/28/99 $8,730 $11,748
6/1/99 $8,610 $11,679
6/2/99 $8,560 $11,684
6/3/99 $8,620 $11,727
6/4/99 $8,680 $11,982
6/7/99 $8,820 $12,043
6/8/99 $8,740 $11,888
6/9/99 $8,700 $11,899
6/10/99 $8,560 $11,757
6/11/99 $8,550 $11,674
6/14/99 $8,520 $11,677
6/15/99 $8,570 $11,742
6/16/99 $8,780 $12,006
6/17/99 $8,940 $12,091
6/18/99 $8,950 $12,118
6/21/99 $9,000 $12,173
6/22/99 $8,960 $12,055
6/23/99 $8,820 $12,030
6/24/99 $8,640 $11,874
6/25/99 $8,770 $11,869
6/28/99 $8,930 $12,014
6/29/99 $9,020 $12,196
6/30/99 $9,120 $12,387
7/1/99 $9,190 $12,462
7/2/99 $9,220 $12,554
7/6/99 $9,250 $12,526
7/7/99 $9,260 $12,596
7/8/99 $9,200 $12,583
7/9/99 $9,210 $12,663
7/12/99 $9,090 $12,626
7/13/99 $9,000 $12,576
7/14/99 $8,930 $12,617
7/15/99 $9,020 $12,720
7/16/99 $9,080 $12,803
7/19/99 $9,050 $12,703
7/20/99 $8,900 $12,427
7/21/99 $8,790 $12,447
7/22/99 $8,840 $12,281
7/23/99 $8,730 $12,245
7/26/99 $8,790 $12,162
7/27/99 $8,850 $12,298
7/28/99 $8,770 $12,321
7/29/99 $8,630 $12,102
7/30/99 $8,410 $11,990
8/2/99 $8,420 $11,984
8/3/99 $8,400 $11,931
8/4/99 $8,260 $11,779
8/5/99 $8,240 $11,855
8/6/99 $8,030 $11,734
8/9/99 $8,110 $11,711
8/10/99 $7,960 $11,564
8/11/99 $8,140 $11,749
8/12/99 $8,040 $11,715
8/13/99 $8,370 $11,981
8/16/99 $8,360 $12,009
8/17/99 $8,590 $12,130
8/18/99 $8,550 $12,028
8/19/99 $8,440 $11,944
8/20/99 $8,550 $12,062
8/23/99 $8,740 $12,275
8/24/99 $8,750 $12,304
8/25/99 $8,520 $12,469
8/26/99 $8,320 $12,291
8/27/99 $8,270 $12,167
8/30/99 $7,980 $11,948
8/31/99 $8,010 $11,915
9/1/99 $8,050 $12,012
9/2/99 $7,870 $11,904
9/3/99 $8,210 $12,248
9/7/99 $7,960 $12,187
9/8/99 $7,930 $12,130
9/9/99 $7,830 $12,161
9/10/99 $7,860 $12,197
9/13/99 $7,790 $12,129
9/14/99 $7,600 $12,059
9/15/99 $7,580 $11,893
9/16/99 $7,560 $11,898
9/17/99 $7,600 $12,051
9/20/99 $7,540 $12,052
9/21/99 $7,370 $11,800
9/22/99 $7,390 $11,826
9/23/99 $7,360 $11,558
9/24/99 $7,480 $11,527
9/27/99 $7,340 $11,581
9/28/99 $7,380 $11,571
9/29/99 $7,300 $11,446
9/30/99 $7,460 $11,575
10/1/99 $7,410 $11,576
10/4/99 $7,670 $11,773
10/5/99 $7,630 $11,743
10/6/99 $7,790 $11,960
10/7/99 $7,680 $11,890
10/8/99 $7,860 $12,056
10/11/99 $7,750 $12,049
10/12/99 $7,640 $11,849
10/13/99 $7,390 $11,601
10/14/99 $7,370 $11,582
10/15/99 $7,050 $11,257
10/18/99 $7,220 $11,317
10/19/99 $7,470 $11,382
10/20/99 $7,650 $11,636
10/21/99 $7,640 $11,583
10/22/99 $7,940 $11,746
10/25/99 $7,830 $11,674
10/26/99 $7,770 $11,568
10/27/99 $8,130 $11,702
10/28/99 $8,650 $12,114
10/29/99 $8,600 $12,299
11/1/99 $8,510 $12,220
11/2/99 $8,550 $12,162
11/3/99 $8,420 $12,227
11/4/99 $8,540 $12,297
11/5/99 $8,650 $12,365
11/8/99 $8,650 $12,426
11/9/99 $8,460 $12,320
11/10/99 $8,320 $12,394
11/11/99 $8,290 $12,466
11/12/99 $8,630 $12,598
11/15/99 $8,610 $12,583
11/16/99 $8,740 $12,814
11/17/99 $8,520 $12,730
11/18/99 $8,470 $12,859
11/19/99 $8,410 $12,832
11/22/99 $8,270 $12,823
11/23/99 $8,140 $12,676
11/24/99 $8,040 $12,788
11/26/99 $8,080 $12,784
11/29/99 $7,860 $12,704
11/30/99 $7,980 $12,535
12/1/99 $7,950 $12,613
12/2/99 $7,920 $12,715
12/3/99 $8,090 $12,934
12/6/99 $7,660 $12,844
12/7/99 $7,430 $12,716
12/8/99 $7,290 $12,669
12/9/99 $7,340 $12,707
12/10/99 $7,490 $12,787
12/13/99 $7,410 $12,771
12/14/99 $7,330 $12,662
12/15/99 $7,220 $12,754
12/16/99 $7,090 $12,803
12/17/99 $7,020 $12,824
12/20/99 $7,010 $12,797
12/21/99 $7,180 $12,935
12/22/99 $7,150 $12,960
12/24/99 $7,260 $13,160
12/27/99 $7,140 $13,149
12/28/99 $7,150 $13,154
12/29/99 $7,230 $13,206
12/30/99 $7,260 $13,215
12/31/99 $7,230 $13,259
1/3/00 $6,890 $13,132
1/4/00 $6,610 $12,628
1/5/00 $6,600 $12,653
1/6/00 $6,850 $12,665
1/7/00 $6,950 $13,008
1/10/00 $6,750 $13,153
1/11/00 $6,610 $12,982
1/12/00 $6,720 $12,925
1/13/00 $6,950 $13,082
1/17/00 $7,160 $13,222
1/18/00 $6,920 $13,131
1/19/00 $6,830 $13,138
1/20/00 $6,660 $13,045
1/21/00 $6,630 $13,007
1/24/00 $6,530 $12,651
1/25/00 $6,640 $12,724
1/26/00 $6,900 $12,671
1/27/00 $7,000 $12,621
1/28/00 $6,760 $12,274
1/31/00 $7,070 $12,584
2/1/00 $7,120 $12,717
2/2/00 $7,000 $12,716
2/3/00 $6,980 $12,859
2/4/00 $6,810 $12,854
2/7/00 $6,780 $12,841
2/8/00 $6,920 $13,010
2/9/00 $6,710 $12,739
2/10/00 $6,570 $12,786
2/11/00 $6,570 $12,517
2/14/00 $6,450 $12,543
2/15/00 $6,600 $12,652
2/16/00 $6,490 $12,522
2/17/00 $6,350 $12,528
2/18/00 $6,120 $12,147
2/22/00 $6,230 $12,202
2/23/00 $6,160 $12,279
2/24/00 $6,070 $12,213
2/25/00 $6,030 $12,032
2/28/00 $6,230 $12,165
2/29/00 $6,210 $12,331
3/1/00 $6,250 $12,446
3/2/00 $6,200 $12,469
3/3/00 $6,190 $12,716
3/6/00 $6,180 $12,555
3/7/00 $5,980 $12,233
3/8/00 $5,910 $12,333
3/9/00 $5,970 $12,649
3/10/00 $5,920 $12,589
3/13/00 $6,020 $12,486
3/14/00 $5,970 $12,265
3/15/00 $6,460 $12,563
3/16/00 $7,050 $13,161
3/17/00 $7,000 $13,215
3/20/00 $6,780 $13,145
3/21/00 $7,100 $13,481
3/22/00 $7,190 $13,542
3/23/00 $7,460 $13,783
3/24/00 $7,360 $13,784
3/27/00 $7,270 $13,751
3/28/00 $7,350 $13,606
3/29/00 $7,230 $13,613
3/30/00 $7,110 $13,427
3/31/00 $7,310 $13,523
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED 3/31/00
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
INVESTOR CLASS (4-1-98) ADVISOR CLASS (4-1-98)
--------------------------------- ---------------------------------
ONE YEAR SINCE INCEPTION ONE YEAR SINCE INCEPTION
<S> <C> <C> <C> <C>
-------------------------------------------------------------------------------------------------------------------
Banking Fund -16.65% -14.50% -17.16% -14.91%
S&P 500-Registered Trademark- Index 16.50% 16.29% 16.50% 16.29%
-------------------------------------------------------------------------------------------------------------------
</TABLE>
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE S&P 500 INDEX IS AN
UNMANAGED STOCK INDEX AND, UNLIKE THE FUND, HAS NO MANAGEMENT FEES OR OTHER
OPERATING EXPENSES TO REDUCE ITS REPORTED RETURN. RETURNS ARE HISTORICAL AND
INCLUDE CHANGES IN PRINCIPAL AND REINVESTED DIVIDENDS AND CAPITAL GAINS.
15
<PAGE>
BIOTECHNOLOGY FUND
OBJECTIVE: SEEKS CAPITAL APPRECIATION BY INVESTING IN COMPANIES THAT ARE
INVOLVED IN THE BIOTECHNOLOGY INDUSTRY, INCLUDING COMPANIES INVOLVED IN RESEARCH
AND DEVELOPMENT, GENETIC OR OTHER BIOLOGICAL ENGINEERING, AND IN THE DESIGN,
MANUFACTURE, OR SALE OF RELATED BIOTECHNOLOGY PRODUCTS OR SERVICES.
Inception: April 1, 1998
Biotech shares shined during the year with a return of 125.98% for the reporting
year ended March 31, 2000. The biotech sector may be on the threshold of
becoming one of the industries of the future and is expected to produce
revolutionary advances in the fields of medical diagnostics, pharmacology and
agriculture. The sector ran throughout the year on positive earnings and product
pipeline news from first tier firms such as Amgen, Biogen and Medimune. The
announcement in December that researchers had for the first time completed a map
of a human chromosome sent biotech stocks skyward until March, when concerns
over patent protection and a general sell-off in high tech stocks halted the
rally.
CUMULATIVE FUND PERFORMANCE: APRIL 1, 1998--MARCH 31, 2000
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
BIOTECHNOLOGY FUND S&P 500 INDEX
<S> <C> <C>
4/1/98 $10,000 $10,000
4/2/98 $9,980 $10,107
4/3/98 $9,860 $10,131
4/6/98 $9,700 $10,119
4/7/98 $9,330 $10,013
4/8/98 $9,390 $9,941
4/9/98 $9,370 $10,023
4/13/98 $9,390 $10,014
4/14/98 $9,620 $10,069
4/15/98 $9,880 $10,101
4/16/98 $9,720 $10,000
4/17/98 $9,760 $10,131
4/20/98 $10,040 $10,140
4/21/98 $10,240 $10,164
4/22/98 $10,470 $10,197
4/23/98 $10,290 $10,103
4/24/98 $10,360 $9,998
4/27/98 $10,050 $9,805
4/28/98 $10,060 $9,792
4/29/98 $10,160 $9,878
4/30/98 $10,260 $10,033
5/1/98 $10,330 $10,116
5/4/98 $10,320 $10,126
5/5/98 $10,320 $10,068
5/6/98 $10,200 $9,971
5/7/98 $10,110 $9,883
5/8/98 $10,340 $10,000
5/11/98 $10,160 $9,986
5/12/98 $10,260 $10,069
5/13/98 $10,330 $10,097
5/14/98 $10,160 $10,083
5/15/98 $9,770 $10,005
5/18/98 $9,730 $9,979
5/19/98 $9,750 $10,012
5/20/98 $9,510 $10,098
5/21/98 $9,320 $10,059
5/22/98 $9,250 $10,021
5/26/98 $9,170 $9,872
5/27/98 $9,110 $9,856
5/28/98 $9,120 $9,905
5/29/98 $8,880 $9,844
6/1/98 $8,580 $9,845
6/2/98 $8,680 $9,864
6/3/98 $8,440 $9,771
6/4/98 $8,650 $9,880
6/5/98 $8,740 $10,052
6/8/98 $8,870 $10,068
6/9/98 $9,020 $10,093
6/10/98 $8,670 $10,037
6/11/98 $8,470 $9,878
6/12/98 $8,360 $9,916
6/15/98 $8,150 $9,719
6/16/98 $8,520 $9,814
6/17/98 $8,390 $9,991
6/18/98 $8,470 $9,984
6/19/98 $8,430 $9,932
6/22/98 $8,610 $9,956
6/23/98 $8,820 $10,102
6/24/98 $9,020 $10,223
6/25/98 $8,860 $10,191
6/26/98 $8,870 $10,226
6/29/98 $8,960 $10,274
6/30/98 $8,850 $10,232
7/1/98 $8,990 $10,365
7/2/98 $8,820 $10,345
7/6/98 $8,840 $10,444
7/7/98 $9,030 $10,420
7/8/98 $9,120 $10,525
7/9/98 $9,090 $10,455
7/10/98 $9,120 $10,507
7/13/98 $9,220 $10,515
7/14/98 $9,130 $10,627
7/15/98 $9,540 $10,602
7/16/98 $9,570 $10,685
7/17/98 $9,500 $10,709
7/20/98 $9,330 $10,685
7/21/98 $9,290 $10,514
7/22/98 $9,140 $10,505
7/23/98 $8,990 $10,285
7/24/98 $8,950 $10,295
7/27/98 $9,010 $10,353
7/28/98 $9,050 $10,199
7/29/98 $8,890 $10,154
7/30/98 $9,180 $10,313
7/31/98 $9,050 $10,113
8/3/98 $9,110 $10,039
8/4/98 $8,910 $9,675
8/5/98 $9,010 $9,759
8/6/98 $9,360 $9,833
8/7/98 $9,510 $9,831
8/10/98 $9,380 $9,774
8/11/98 $9,120 $9,647
8/12/98 $9,310 $9,784
8/13/98 $9,140 $9,700
8/14/98 $9,160 $9,590
8/17/98 $9,470 $9,779
8/18/98 $9,740 $9,937
8/19/98 $9,440 $9,909
8/20/98 $9,170 $9,851
8/21/98 $9,020 $9,757
8/24/98 $8,980 $9,819
8/25/98 $9,000 $9,862
8/26/98 $8,790 $9,784
8/27/98 $8,330 $9,408
8/28/98 $8,050 $9,270
8/31/98 $7,350 $8,641
9/1/98 $7,790 $8,972
9/2/98 $7,760 $8,938
9/3/98 $7,650 $8,864
9/4/98 $7,650 $8,788
9/8/98 $8,270 $9,236
9/9/98 $8,070 $9,080
9/10/98 $7,930 $8,845
9/11/98 $8,230 $9,106
9/14/98 $8,380 $9,292
9/15/98 $8,340 $9,364
9/16/98 $8,490 $9,434
9/17/98 $8,280 $9,194
9/18/98 $8,310 $9,205
9/21/98 $8,500 $9,240
9/22/98 $8,460 $9,293
9/23/98 $8,800 $9,620
9/24/98 $8,670 $9,410
9/25/98 $8,800 $9,428
9/28/98 $8,660 $9,463
9/29/98 $8,590 $9,466
9/30/98 $8,300 $9,178
10/1/98 $7,890 $8,901
10/2/98 $7,940 $9,048
10/5/98 $7,520 $8,921
10/6/98 $7,570 $8,885
10/7/98 $7,470 $8,759
10/8/98 $7,430 $8,658
10/9/98 $7,890 $8,883
10/12/98 $8,290 $9,003
10/13/98 $8,080 $8,977
10/14/98 $8,290 $9,074
10/15/98 $8,570 $9,453
10/16/98 $8,640 $9,533
10/19/98 $8,870 $9,587
10/20/98 $8,870 $9,601
10/21/98 $9,090 $9,655
10/22/98 $9,200 $9,732
10/23/98 $9,250 $9,662
10/26/98 $9,340 $9,677
10/27/98 $9,270 $9,614
10/28/98 $9,490 $9,638
10/29/98 $9,760 $9,799
10/30/98 $9,780 $9,914
11/2/98 $9,910 $10,031
11/3/98 $9,740 $10,024
11/4/98 $10,270 $10,095
11/5/98 $10,270 $10,230
11/6/98 $10,380 $10,297
11/9/98 $10,350 $10,199
11/10/98 $10,360 $10,181
11/11/98 $10,650 $10,116
11/12/98 $10,660 $10,086
11/13/98 $10,700 $10,159
11/16/98 $10,810 $10,250
11/17/98 $10,910 $10,281
11/18/98 $11,000 $10,328
11/19/98 $11,280 $10,401
11/20/98 $11,300 $10,500
11/23/98 $11,530 $10,722
11/24/98 $11,350 $10,675
11/25/98 $11,480 $10,710
11/27/98 $11,560 $10,759
11/30/98 $11,190 $10,501
12/1/98 $11,590 $10,606
12/2/98 $11,840 $10,569
12/3/98 $11,820 $10,379
12/4/98 $12,220 $10,619
12/7/98 $12,450 $10,718
12/8/98 $12,540 $10,661
12/9/98 $12,360 $10,680
12/10/98 $11,880 $10,513
12/11/98 $11,920 $10,526
12/14/98 $11,500 $10,298
12/15/98 $11,840 $10,493
12/16/98 $11,720 $10,485
12/17/98 $12,120 $10,648
12/18/98 $12,380 $10,721
12/21/98 $12,660 $10,854
12/22/98 $12,330 $10,861
12/23/98 $12,490 $11,086
12/24/98 $12,470 $11,066
12/28/98 $12,390 $11,059
12/29/98 $12,350 $11,206
12/30/98 $12,530 $11,117
12/31/98 $12,610 $11,093
1/4/99 $12,790 $11,082
1/5/99 $13,310 $11,233
1/6/99 $13,740 $11,482
1/7/99 $13,880 $11,458
1/8/99 $13,930 $11,506
1/11/99 $14,160 $11,405
1/12/99 $13,760 $11,185
1/13/99 $14,150 $11,139
1/14/99 $13,770 $10,939
1/15/99 $14,300 $11,219
1/19/99 $14,410 $11,288
1/20/99 $14,560 $11,340
1/21/99 $14,000 $11,146
1/22/99 $13,890 $11,056
1/25/99 $13,950 $11,135
1/26/99 $14,410 $11,301
1/27/99 $14,120 $11,218
1/28/99 $14,580 $11,419
1/29/99 $14,920 $11,548
2/1/99 $14,670 $11,488
2/2/99 $14,260 $11,388
2/3/99 $14,630 $11,479
2/4/99 $13,920 $11,266
2/5/99 $13,580 $11,184
2/8/99 $14,060 $11,224
2/9/99 $13,330 $10,975
2/10/99 $13,440 $11,041
2/11/99 $14,170 $11,317
2/12/99 $13,760 $11,101
2/16/99 $13,830 $11,207
2/17/99 $13,380 $11,046
2/18/99 $13,620 $11,165
2/19/99 $13,810 $11,183
2/22/99 $14,270 $11,480
2/23/99 $14,360 $11,471
2/24/99 $14,330 $11,311
2/25/99 $13,840 $11,235
2/26/99 $13,030 $11,175
3/1/99 $13,010 $11,155
3/2/99 $12,640 $11,059
3/3/99 $12,750 $11,079
3/4/99 $12,860 $11,250
3/5/99 $13,450 $11,510
3/8/99 $13,940 $11,575
3/9/99 $13,570 $11,549
3/10/99 $13,770 $11,613
3/11/99 $13,750 $11,710
3/12/99 $13,550 $11,682
3/15/99 $13,660 $11,797
3/16/99 $14,010 $11,789
3/17/99 $14,070 $11,712
3/18/99 $14,230 $11,881
3/19/99 $13,870 $11,725
3/22/99 $13,680 $11,704
3/23/99 $13,230 $11,390
3/24/99 $13,530 $11,448
3/25/99 $13,810 $11,641
3/26/99 $13,650 $11,576
3/29/99 $14,190 $11,823
3/30/99 $14,030 $11,738
3/31/99 $14,020 $11,608
4/1/99 $14,390 $11,675
4/2/99 $14,390 $11,675
4/5/99 $15,040 $11,922
4/6/99 $15,170 $11,893
4/7/99 $15,110 $11,974
4/8/99 $15,210 $12,128
4/9/99 $15,270 $12,168
4/12/99 $14,610 $12,260
4/13/99 $14,460 $12,181
4/14/99 $14,370 $11,988
4/15/99 $14,440 $11,937
4/16/99 $14,220 $11,903
4/19/99 $13,590 $11,636
4/20/99 $13,670 $11,787
4/21/99 $14,400 $12,057
4/22/99 $14,640 $12,262
4/23/99 $14,540 $12,244
4/26/99 $14,750 $12,273
4/27/99 $14,620 $12,298
4/28/99 $14,170 $12,191
4/29/99 $13,960 $12,118
4/30/99 $14,000 $12,049
5/3/99 $14,330 $12,224
5/4/99 $14,040 $12,020
5/5/99 $14,430 $12,158
5/6/99 $13,990 $12,020
5/7/99 $14,190 $12,137
5/10/99 $14,320 $12,095
5/11/99 $14,770 $12,233
5/12/99 $15,200 $12,309
5/13/99 $14,940 $12,341
5/14/99 $14,580 $12,072
5/17/99 $14,730 $12,088
5/18/99 $14,930 $12,032
5/19/99 $15,240 $12,130
5/20/99 $14,790 $12,082
5/21/99 $14,700 $12,005
5/24/99 $14,340 $11,794
5/25/99 $13,670 $11,590
5/26/99 $13,990 $11,774
5/27/99 $14,030 $11,564
5/28/99 $14,170 $11,748
6/1/99 $13,790 $11,679
6/2/99 $14,260 $11,684
6/3/99 $14,010 $11,727
6/4/99 $14,760 $11,982
6/7/99 $14,970 $12,043
6/8/99 $14,630 $11,888
6/9/99 $15,170 $11,899
6/10/99 $15,360 $11,757
6/11/99 $15,250 $11,674
6/14/99 $15,230 $11,677
6/15/99 $15,600 $11,742
6/16/99 $16,140 $12,006
6/17/99 $16,090 $12,091
6/18/99 $16,070 $12,118
6/21/99 $16,650 $12,173
6/22/99 $16,170 $12,055
6/23/99 $16,330 $12,030
6/24/99 $15,750 $11,874
6/25/99 $15,820 $11,869
6/28/99 $16,060 $12,014
6/29/99 $16,480 $12,196
6/30/99 $16,800 $12,387
7/1/99 $17,160 $12,462
7/2/99 $17,230 $12,554
7/6/99 $17,250 $12,526
7/7/99 $17,230 $12,596
7/8/99 $17,700 $12,583
7/9/99 $17,840 $12,663
7/12/99 $17,810 $12,626
7/13/99 $17,650 $12,576
7/14/99 $18,300 $12,617
7/15/99 $18,360 $12,720
7/16/99 $18,280 $12,803
7/19/99 $18,000 $12,703
7/20/99 $17,090 $12,427
7/21/99 $17,380 $12,447
7/22/99 $16,760 $12,281
7/23/99 $16,950 $12,245
7/26/99 $16,570 $12,162
7/27/99 $17,370 $12,298
7/28/99 $17,800 $12,321
7/29/99 $17,330 $12,102
7/30/99 $17,440 $11,990
8/2/99 $17,550 $11,984
8/3/99 $17,490 $11,931
8/4/99 $17,330 $11,779
8/5/99 $17,400 $11,855
8/6/99 $17,460 $11,734
8/9/99 $17,660 $11,711
8/10/99 $17,350 $11,564
8/11/99 $18,320 $11,749
8/12/99 $17,900 $11,715
8/13/99 $18,540 $11,981
8/16/99 $18,490 $12,009
8/17/99 $18,400 $12,130
8/18/99 $18,030 $12,028
8/19/99 $17,920 $11,944
8/20/99 $18,260 $12,062
8/23/99 $18,750 $12,275
8/24/99 $19,150 $12,304
8/25/99 $19,240 $12,469
8/26/99 $18,910 $12,291
8/27/99 $18,930 $12,167
8/30/99 $18,770 $11,948
8/31/99 $18,970 $11,915
9/1/99 $19,180 $12,012
9/2/99 $19,260 $11,904
9/3/99 $20,130 $12,248
9/7/99 $20,340 $12,187
9/8/99 $20,040 $12,130
9/9/99 $20,270 $12,161
9/10/99 $20,440 $12,197
9/13/99 $19,930 $12,129
9/14/99 $20,520 $12,059
9/15/99 $19,720 $11,893
9/16/99 $19,860 $11,898
9/17/99 $20,400 $12,051
9/20/99 $20,490 $12,052
9/21/99 $19,860 $11,800
9/22/99 $20,120 $11,826
9/23/99 $19,120 $11,558
9/24/99 $19,000 $11,527
9/27/99 $19,500 $11,581
9/28/99 $19,500 $11,571
9/29/99 $19,270 $11,446
9/30/99 $18,820 $11,575
10/1/99 $19,220 $11,576
10/4/99 $20,000 $11,773
10/5/99 $20,330 $11,743
10/6/99 $20,530 $11,960
10/7/99 $19,870 $11,890
10/8/99 $19,540 $12,056
10/11/99 $20,080 $12,049
10/12/99 $19,680 $11,849
10/13/99 $19,070 $11,601
10/14/99 $19,240 $11,582
10/15/99 $19,030 $11,257
10/18/99 $18,510 $11,317
10/19/99 $17,980 $11,382
10/20/99 $18,470 $11,636
10/21/99 $18,600 $11,583
10/22/99 $18,910 $11,746
10/25/99 $18,850 $11,674
10/26/99 $18,890 $11,568
10/27/99 $18,620 $11,702
10/28/99 $19,540 $12,114
10/29/99 $20,800 $12,299
11/1/99 $20,790 $12,220
11/2/99 $21,160 $12,162
11/3/99 $21,810 $12,227
11/4/99 $22,070 $12,297
11/5/99 $22,510 $12,365
11/8/99 $22,550 $12,426
11/9/99 $22,430 $12,320
11/10/99 $23,090 $12,394
11/11/99 $23,620 $12,466
11/12/99 $23,600 $12,598
11/15/99 $23,100 $12,583
11/16/99 $23,430 $12,814
11/17/99 $23,170 $12,730
11/18/99 $24,010 $12,859
11/19/99 $24,220 $12,832
11/22/99 $24,000 $12,823
11/23/99 $23,690 $12,676
11/24/99 $24,180 $12,788
11/26/99 $24,430 $12,784
11/29/99 $24,080 $12,704
11/30/99 $23,200 $12,535
12/1/99 $23,760 $12,613
12/2/99 $24,710 $12,715
12/3/99 $25,270 $12,934
12/6/99 $25,930 $12,844
12/7/99 $25,730 $12,716
12/8/99 $25,540 $12,669
12/9/99 $25,100 $12,707
12/10/99 $24,790 $12,787
12/13/99 $24,930 $12,771
12/14/99 $23,430 $12,662
12/15/99 $24,030 $12,754
12/16/99 $25,030 $12,803
12/17/99 $25,270 $12,824
12/20/99 $25,740 $12,797
12/21/99 $26,750 $12,935
12/22/99 $27,000 $12,960
12/24/99 $27,180 $13,160
12/27/99 $27,680 $13,149
12/28/99 $27,520 $13,154
12/29/99 $27,980 $13,206
12/30/99 $27,780 $13,215
12/31/99 $27,940 $13,259
1/3/00 $28,790 $13,132
1/4/00 $27,190 $12,628
1/5/00 $26,570 $12,653
1/6/00 $25,580 $12,665
1/7/00 $26,930 $13,008
1/10/00 $28,860 $13,153
1/11/00 $28,050 $12,982
1/12/00 $28,330 $12,925
1/13/00 $28,680 $13,082
1/17/00 $30,410 $13,222
1/18/00 $30,440 $13,131
1/19/00 $30,830 $13,138
1/20/00 $31,450 $13,045
1/21/00 $31,280 $13,007
1/24/00 $30,500 $12,651
1/25/00 $31,450 $12,724
1/26/00 $30,190 $12,671
1/27/00 $29,860 $12,621
1/28/00 $28,650 $12,274
1/31/00 $29,570 $12,584
2/1/00 $30,310 $12,717
2/2/00 $31,150 $12,716
2/3/00 $32,820 $12,859
2/4/00 $32,800 $12,854
2/7/00 $33,730 $12,841
2/8/00 $34,440 $13,010
2/9/00 $33,830 $12,739
2/10/00 $34,840 $12,786
2/11/00 $33,610 $12,517
2/14/00 $33,650 $12,543
2/15/00 $34,030 $12,652
2/16/00 $34,250 $12,522
2/17/00 $35,120 $12,528
2/18/00 $33,790 $12,147
2/22/00 $34,780 $12,202
2/23/00 $35,730 $12,279
2/24/00 $37,320 $12,213
2/25/00 $36,870 $12,032
2/28/00 $36,710 $12,165
2/29/00 $38,740 $12,331
3/1/00 $39,310 $12,446
3/2/00 $38,940 $12,469
3/3/00 $40,770 $12,716
3/6/00 $41,330 $12,555
3/7/00 $41,070 $12,233
3/8/00 $40,620 $12,333
3/9/00 $41,750 $12,649
3/10/00 $42,300 $12,589
3/13/00 $41,050 $12,486
3/14/00 $38,920 $12,265
3/15/00 $37,340 $12,563
3/16/00 $39,210 $13,161
3/17/00 $40,580 $13,215
3/20/00 $40,420 $13,145
3/21/00 $41,490 $13,481
3/22/00 $43,140 $13,542
3/23/00 $43,100 $13,783
3/24/00 $43,280 $13,784
3/27/00 $43,700 $13,751
3/28/00 $42,630 $13,606
3/29/00 $40,340 $13,613
3/30/00 $38,760 $13,427
3/31/00 $40,100 $13,523
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED 3/31/00
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------
INVESTOR CLASS (4-1-98) ADVISOR CLASS (4-1-98)
--------------------------- --------------------------
ONE YEAR SINCE INCEPTION ONE YEAR SINCE INCEPTION
<S> <C> <C> <C> <C>
--------------------------------------------------------------------------------------------------------
Biotechnology Fund 125.98% 70.14% 125.34% 68.90%
S&P 500-Registered Trademark- Index 16.50% 16.29% 16.50% 16.29%
--------------------------------------------------------------------------------------------------------
</TABLE>
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE S&P 500 INDEX IS AN
UNMANAGED STOCK INDEX AND, UNLIKE THE FUND, HAS NO MANAGEMENT FEES OR OTHER
OPERATING EXPENSES TO REDUCE ITS REPORTED RETURN. RETURNS ARE HISTORICAL AND
INCLUDE CHANGES IN PRINCIPAL AND REINVESTED DIVIDENDS AND CAPITAL GAINS.
16
<PAGE>
ELECTRONICS FUND
OBJECTIVE: SEEKS CAPITAL APPRECIATION BY INVESTING IN COMPANIES INVOLVED IN THE
ELECTRONICS SECTOR, INCLUDING SEMICONDUCTOR MANUFACTURERS AND DISTRIBUTORS, AND
MAKERS AND VENDORS OF OTHER ELECTRONIC COMPONENTS AND DEVICES.
Inception: April 1, 1998
The electronics sector, led by chipmakers Intel and Texas Instruments, posted
the biggest gains of the reporting period as semi-conductor-related capital
expenditures continued to grow worldwide. Sales of communications chips have
been especially strong and should grow as the boom in wireless communications
continues unabated. Stocks in the programmable logic, analog, digital signal and
other chip sectors should continue to benefit from the growth trends of the
Internet and communications end-markets, which show no signs of slowing down.
The Electronics Fund posted a return of 186.02% for the year ended March 31,
2000.
CUMULATIVE FUND PERFORMANCE: APRIL 1, 1998--MARCH 31, 2000
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
ELECTRONICS FUND S&P 500 INDEX
<S> <C> <C>
4/1/98 $10,000 $10,000
4/2/98 $9,980 $10,107
4/3/98 $9,860 $10,131
4/6/98 $9,700 $10,119
4/7/98 $9,330 $10,013
4/8/98 $9,390 $9,941
4/9/98 $9,370 $10,023
4/13/98 $9,390 $10,014
4/14/98 $9,620 $10,069
4/15/98 $9,880 $10,101
4/16/98 $9,720 $10,000
4/17/98 $9,760 $10,131
4/20/98 $10,040 $10,140
4/21/98 $10,240 $10,164
4/22/98 $10,470 $10,197
4/23/98 $10,290 $10,103
4/24/98 $10,360 $9,998
4/27/98 $10,050 $9,805
4/28/98 $10,060 $9,792
4/29/98 $10,160 $9,878
4/30/98 $10,260 $10,033
5/1/98 $10,330 $10,116
5/4/98 $10,320 $10,126
5/5/98 $10,320 $10,068
5/6/98 $10,200 $9,971
5/7/98 $10,110 $9,883
5/8/98 $10,340 $10,000
5/11/98 $10,160 $9,986
5/12/98 $10,260 $10,069
5/13/98 $10,330 $10,097
5/14/98 $10,160 $10,083
5/15/98 $9,770 $10,005
5/18/98 $9,730 $9,979
5/19/98 $9,750 $10,012
5/20/98 $9,510 $10,098
5/21/98 $9,320 $10,059
5/22/98 $9,250 $10,021
5/26/98 $9,170 $9,872
5/27/98 $9,110 $9,856
5/28/98 $9,120 $9,905
5/29/98 $8,880 $9,844
6/1/98 $8,580 $9,845
6/2/98 $8,680 $9,864
6/3/98 $8,440 $9,771
6/4/98 $8,650 $9,880
6/5/98 $8,740 $10,052
6/8/98 $8,870 $10,068
6/9/98 $9,020 $10,093
6/10/98 $8,670 $10,037
6/11/98 $8,470 $9,878
6/12/98 $8,360 $9,916
6/15/98 $8,150 $9,719
6/16/98 $8,520 $9,814
6/17/98 $8,390 $9,991
6/18/98 $8,470 $9,984
6/19/98 $8,430 $9,932
6/22/98 $8,610 $9,956
6/23/98 $8,820 $10,102
6/24/98 $9,020 $10,223
6/25/98 $8,860 $10,191
6/26/98 $8,870 $10,226
6/29/98 $8,960 $10,274
6/30/98 $8,850 $10,232
7/1/98 $8,990 $10,365
7/2/98 $8,820 $10,345
7/6/98 $8,840 $10,444
7/7/98 $9,030 $10,420
7/8/98 $9,120 $10,525
7/9/98 $9,090 $10,455
7/10/98 $9,120 $10,507
7/13/98 $9,220 $10,515
7/14/98 $9,130 $10,627
7/15/98 $9,540 $10,602
7/16/98 $9,570 $10,685
7/17/98 $9,500 $10,709
7/20/98 $9,330 $10,685
7/21/98 $9,290 $10,514
7/22/98 $9,140 $10,505
7/23/98 $8,990 $10,285
7/24/98 $8,950 $10,295
7/27/98 $9,010 $10,353
7/28/98 $9,050 $10,199
7/29/98 $8,890 $10,154
7/30/98 $9,180 $10,313
7/31/98 $9,050 $10,113
8/3/98 $9,110 $10,039
8/4/98 $8,910 $9,675
8/5/98 $9,010 $9,759
8/6/98 $9,360 $9,833
8/7/98 $9,510 $9,831
8/10/98 $9,380 $9,774
8/11/98 $9,120 $9,647
8/12/98 $9,310 $9,784
8/13/98 $9,140 $9,700
8/14/98 $9,160 $9,590
8/17/98 $9,470 $9,779
8/18/98 $9,740 $9,937
8/19/98 $9,440 $9,909
8/20/98 $9,170 $9,851
8/21/98 $9,020 $9,757
8/24/98 $8,980 $9,819
8/25/98 $9,000 $9,862
8/26/98 $8,790 $9,784
8/27/98 $8,330 $9,408
8/28/98 $8,050 $9,270
8/31/98 $7,350 $8,641
9/1/98 $7,790 $8,972
9/2/98 $7,760 $8,938
9/3/98 $7,650 $8,864
9/4/98 $7,650 $8,788
9/8/98 $8,270 $9,236
9/9/98 $8,070 $9,080
9/10/98 $7,930 $8,845
9/11/98 $8,230 $9,106
9/14/98 $8,380 $9,292
9/15/98 $8,340 $9,364
9/16/98 $8,490 $9,434
9/17/98 $8,280 $9,194
9/18/98 $8,310 $9,205
9/21/98 $8,500 $9,240
9/22/98 $8,460 $9,293
9/23/98 $8,800 $9,620
9/24/98 $8,670 $9,410
9/25/98 $8,800 $9,428
9/28/98 $8,660 $9,463
9/29/98 $8,590 $9,466
9/30/98 $8,300 $9,178
10/1/98 $7,890 $8,901
10/2/98 $7,940 $9,048
10/5/98 $7,520 $8,921
10/6/98 $7,570 $8,885
10/7/98 $7,470 $8,759
10/8/98 $7,430 $8,658
10/9/98 $7,890 $8,883
10/12/98 $8,290 $9,003
10/13/98 $8,080 $8,977
10/14/98 $8,290 $9,074
10/15/98 $8,570 $9,453
10/16/98 $8,640 $9,533
10/19/98 $8,870 $9,587
10/20/98 $8,870 $9,601
10/21/98 $9,090 $9,655
10/22/98 $9,200 $9,732
10/23/98 $9,250 $9,662
10/26/98 $9,340 $9,677
10/27/98 $9,270 $9,614
10/28/98 $9,490 $9,638
10/29/98 $9,760 $9,799
10/30/98 $9,780 $9,914
11/2/98 $9,910 $10,031
11/3/98 $9,740 $10,024
11/4/98 $10,270 $10,095
11/5/98 $10,270 $10,230
11/6/98 $10,380 $10,297
11/9/98 $10,350 $10,199
11/10/98 $10,360 $10,181
11/11/98 $10,650 $10,116
11/12/98 $10,660 $10,086
11/13/98 $10,700 $10,159
11/16/98 $10,810 $10,250
11/17/98 $10,910 $10,281
11/18/98 $11,000 $10,328
11/19/98 $11,280 $10,401
11/20/98 $11,300 $10,500
11/23/98 $11,530 $10,722
11/24/98 $11,350 $10,675
11/25/98 $11,480 $10,710
11/27/98 $11,560 $10,759
11/30/98 $11,190 $10,501
12/1/98 $11,590 $10,606
12/2/98 $11,840 $10,569
12/3/98 $11,820 $10,379
12/4/98 $12,220 $10,619
12/7/98 $12,450 $10,718
12/8/98 $12,540 $10,661
12/9/98 $12,360 $10,680
12/10/98 $11,880 $10,513
12/11/98 $11,920 $10,526
12/14/98 $11,500 $10,298
12/15/98 $11,840 $10,493
12/16/98 $11,720 $10,485
12/17/98 $12,120 $10,648
12/18/98 $12,380 $10,721
12/21/98 $12,660 $10,854
12/22/98 $12,330 $10,861
12/23/98 $12,490 $11,086
12/24/98 $12,470 $11,066
12/28/98 $12,390 $11,059
12/29/98 $12,350 $11,206
12/30/98 $12,530 $11,117
12/31/98 $12,610 $11,093
1/4/99 $12,790 $11,082
1/5/99 $13,310 $11,233
1/6/99 $13,740 $11,482
1/7/99 $13,880 $11,458
1/8/99 $13,930 $11,506
1/11/99 $14,160 $11,405
1/12/99 $13,760 $11,185
1/13/99 $14,150 $11,139
1/14/99 $13,770 $10,939
1/15/99 $14,300 $11,219
1/19/99 $14,410 $11,288
1/20/99 $14,560 $11,340
1/21/99 $14,000 $11,146
1/22/99 $13,890 $11,056
1/25/99 $13,950 $11,135
1/26/99 $14,410 $11,301
1/27/99 $14,120 $11,218
1/28/99 $14,580 $11,419
1/29/99 $14,920 $11,548
2/1/99 $14,670 $11,488
2/2/99 $14,260 $11,388
2/3/99 $14,630 $11,479
2/4/99 $13,920 $11,266
2/5/99 $13,580 $11,184
2/8/99 $14,060 $11,224
2/9/99 $13,330 $10,975
2/10/99 $13,440 $11,041
2/11/99 $14,170 $11,317
2/12/99 $13,760 $11,101
2/16/99 $13,830 $11,207
2/17/99 $13,380 $11,046
2/18/99 $13,620 $11,165
2/19/99 $13,810 $11,183
2/22/99 $14,270 $11,480
2/23/99 $14,360 $11,471
2/24/99 $14,330 $11,311
2/25/99 $13,840 $11,235
2/26/99 $13,030 $11,175
3/1/99 $13,010 $11,155
3/2/99 $12,640 $11,059
3/3/99 $12,750 $11,079
3/4/99 $12,860 $11,250
3/5/99 $13,450 $11,510
3/8/99 $13,940 $11,575
3/9/99 $13,570 $11,549
3/10/99 $13,770 $11,613
3/11/99 $13,750 $11,710
3/12/99 $13,550 $11,682
3/15/99 $13,660 $11,797
3/16/99 $14,010 $11,789
3/17/99 $14,070 $11,712
3/18/99 $14,230 $11,881
3/19/99 $13,870 $11,725
3/22/99 $13,680 $11,704
3/23/99 $13,230 $11,390
3/24/99 $13,530 $11,448
3/25/99 $13,810 $11,641
3/26/99 $13,650 $11,576
3/29/99 $14,190 $11,823
3/30/99 $14,030 $11,738
3/31/99 $14,020 $11,608
4/1/99 $14,390 $11,675
4/2/99 $14,390 $11,675
4/5/99 $15,040 $11,922
4/6/99 $15,170 $11,893
4/7/99 $15,110 $11,974
4/8/99 $15,210 $12,128
4/9/99 $15,270 $12,168
4/12/99 $14,610 $12,260
4/13/99 $14,460 $12,181
4/14/99 $14,370 $11,988
4/15/99 $14,440 $11,937
4/16/99 $14,220 $11,903
4/19/99 $13,590 $11,636
4/20/99 $13,670 $11,787
4/21/99 $14,400 $12,057
4/22/99 $14,640 $12,262
4/23/99 $14,540 $12,244
4/26/99 $14,750 $12,273
4/27/99 $14,620 $12,298
4/28/99 $14,170 $12,191
4/29/99 $13,960 $12,118
4/30/99 $14,000 $12,049
5/3/99 $14,330 $12,224
5/4/99 $14,040 $12,020
5/5/99 $14,430 $12,158
5/6/99 $13,990 $12,020
5/7/99 $14,190 $12,137
5/10/99 $14,320 $12,095
5/11/99 $14,770 $12,233
5/12/99 $15,200 $12,309
5/13/99 $14,940 $12,341
5/14/99 $14,580 $12,072
5/17/99 $14,730 $12,088
5/18/99 $14,930 $12,032
5/19/99 $15,240 $12,130
5/20/99 $14,790 $12,082
5/21/99 $14,700 $12,005
5/24/99 $14,340 $11,794
5/25/99 $13,670 $11,590
5/26/99 $13,990 $11,774
5/27/99 $14,030 $11,564
5/28/99 $14,170 $11,748
6/1/99 $13,790 $11,679
6/2/99 $14,260 $11,684
6/3/99 $14,010 $11,727
6/4/99 $14,760 $11,982
6/7/99 $14,970 $12,043
6/8/99 $14,630 $11,888
6/9/99 $15,170 $11,899
6/10/99 $15,360 $11,757
6/11/99 $15,250 $11,674
6/14/99 $15,230 $11,677
6/15/99 $15,600 $11,742
6/16/99 $16,140 $12,006
6/17/99 $16,090 $12,091
6/18/99 $16,070 $12,118
6/21/99 $16,650 $12,173
6/22/99 $16,170 $12,055
6/23/99 $16,330 $12,030
6/24/99 $15,750 $11,874
6/25/99 $15,820 $11,869
6/28/99 $16,060 $12,014
6/29/99 $16,480 $12,196
6/30/99 $16,800 $12,387
7/1/99 $17,160 $12,462
7/2/99 $17,230 $12,554
7/6/99 $17,250 $12,526
7/7/99 $17,230 $12,596
7/8/99 $17,700 $12,583
7/9/99 $17,840 $12,663
7/12/99 $17,810 $12,626
7/13/99 $17,650 $12,576
7/14/99 $18,300 $12,617
7/15/99 $18,360 $12,720
7/16/99 $18,280 $12,803
7/19/99 $18,000 $12,703
7/20/99 $17,090 $12,427
7/21/99 $17,380 $12,447
7/22/99 $16,760 $12,281
7/23/99 $16,950 $12,245
7/26/99 $16,570 $12,162
7/27/99 $17,370 $12,298
7/28/99 $17,800 $12,321
7/29/99 $17,330 $12,102
7/30/99 $17,440 $11,990
8/2/99 $17,550 $11,984
8/3/99 $17,490 $11,931
8/4/99 $17,330 $11,779
8/5/99 $17,400 $11,855
8/6/99 $17,460 $11,734
8/9/99 $17,660 $11,711
8/10/99 $17,350 $11,564
8/11/99 $18,320 $11,749
8/12/99 $17,900 $11,715
8/13/99 $18,540 $11,981
8/16/99 $18,490 $12,009
8/17/99 $18,400 $12,130
8/18/99 $18,030 $12,028
8/19/99 $17,920 $11,944
8/20/99 $18,260 $12,062
8/23/99 $18,750 $12,275
8/24/99 $19,150 $12,304
8/25/99 $19,240 $12,469
8/26/99 $18,910 $12,291
8/27/99 $18,930 $12,167
8/30/99 $18,770 $11,948
8/31/99 $18,970 $11,915
9/1/99 $19,180 $12,012
9/2/99 $19,260 $11,904
9/3/99 $20,130 $12,248
9/7/99 $20,340 $12,187
9/8/99 $20,040 $12,130
9/9/99 $20,270 $12,161
9/10/99 $20,440 $12,197
9/13/99 $19,930 $12,129
9/14/99 $20,520 $12,059
9/15/99 $19,720 $11,893
9/16/99 $19,860 $11,898
9/17/99 $20,400 $12,051
9/20/99 $20,490 $12,052
9/21/99 $19,860 $11,800
9/22/99 $20,120 $11,826
9/23/99 $19,120 $11,558
9/24/99 $19,000 $11,527
9/27/99 $19,500 $11,581
9/28/99 $19,500 $11,571
9/29/99 $19,270 $11,446
9/30/99 $18,820 $11,575
10/1/99 $19,220 $11,576
10/4/99 $20,000 $11,773
10/5/99 $20,330 $11,743
10/6/99 $20,530 $11,960
10/7/99 $19,870 $11,890
10/8/99 $19,540 $12,056
10/11/99 $20,080 $12,049
10/12/99 $19,680 $11,849
10/13/99 $19,070 $11,601
10/14/99 $19,240 $11,582
10/15/99 $19,030 $11,257
10/18/99 $18,510 $11,317
10/19/99 $17,980 $11,382
10/20/99 $18,470 $11,636
10/21/99 $18,600 $11,583
10/22/99 $18,910 $11,746
10/25/99 $18,850 $11,674
10/26/99 $18,890 $11,568
10/27/99 $18,620 $11,702
10/28/99 $19,540 $12,114
10/29/99 $20,800 $12,299
11/1/99 $20,790 $12,220
11/2/99 $21,160 $12,162
11/3/99 $21,810 $12,227
11/4/99 $22,070 $12,297
11/5/99 $22,510 $12,365
11/8/99 $22,550 $12,426
11/9/99 $22,430 $12,320
11/10/99 $23,090 $12,394
11/11/99 $23,620 $12,466
11/12/99 $23,600 $12,598
11/15/99 $23,100 $12,583
11/16/99 $23,430 $12,814
11/17/99 $23,170 $12,730
11/18/99 $24,010 $12,859
11/19/99 $24,220 $12,832
11/22/99 $24,000 $12,823
11/23/99 $23,690 $12,676
11/24/99 $24,180 $12,788
11/26/99 $24,430 $12,784
11/29/99 $24,080 $12,704
11/30/99 $23,200 $12,535
12/1/99 $23,760 $12,613
12/2/99 $24,710 $12,715
12/3/99 $25,270 $12,934
12/6/99 $25,930 $12,844
12/7/99 $25,730 $12,716
12/8/99 $25,540 $12,669
12/9/99 $25,100 $12,707
12/10/99 $24,790 $12,787
12/13/99 $24,930 $12,771
12/14/99 $23,430 $12,662
12/15/99 $24,030 $12,754
12/16/99 $25,030 $12,803
12/17/99 $25,270 $12,824
12/20/99 $25,740 $12,797
12/21/99 $26,750 $12,935
12/22/99 $27,000 $12,960
12/24/99 $27,180 $13,160
12/27/99 $27,680 $13,149
12/28/99 $27,520 $13,154
12/29/99 $27,980 $13,206
12/30/99 $27,780 $13,215
12/31/99 $27,940 $13,259
1/3/00 $28,790 $13,132
1/4/00 $27,190 $12,628
1/5/00 $26,570 $12,653
1/6/00 $25,580 $12,665
1/7/00 $26,930 $13,008
1/10/00 $28,860 $13,153
1/11/00 $28,050 $12,982
1/12/00 $28,330 $12,925
1/13/00 $28,680 $13,082
1/17/00 $30,410 $13,222
1/18/00 $30,440 $13,131
1/19/00 $30,830 $13,138
1/20/00 $31,450 $13,045
1/21/00 $31,280 $13,007
1/24/00 $30,500 $12,651
1/25/00 $31,450 $12,724
1/26/00 $30,190 $12,671
1/27/00 $29,860 $12,621
1/28/00 $28,650 $12,274
1/31/00 $29,570 $12,584
2/1/00 $30,310 $12,717
2/2/00 $31,150 $12,716
2/3/00 $32,820 $12,859
2/4/00 $32,800 $12,854
2/7/00 $33,730 $12,841
2/8/00 $34,440 $13,010
2/9/00 $33,830 $12,739
2/10/00 $34,840 $12,786
2/11/00 $33,610 $12,517
2/14/00 $33,650 $12,543
2/15/00 $34,030 $12,652
2/16/00 $34,250 $12,522
2/17/00 $35,120 $12,528
2/18/00 $33,790 $12,147
2/22/00 $34,780 $12,202
2/23/00 $35,730 $12,279
2/24/00 $37,320 $12,213
2/25/00 $36,870 $12,032
2/28/00 $36,710 $12,165
2/29/00 $38,740 $12,331
3/1/00 $39,310 $12,446
3/2/00 $38,940 $12,469
3/3/00 $40,770 $12,716
3/6/00 $41,330 $12,555
3/7/00 $41,070 $12,233
3/8/00 $40,620 $12,333
3/9/00 $41,750 $12,649
3/10/00 $42,300 $12,589
3/13/00 $41,050 $12,486
3/14/00 $38,920 $12,265
3/15/00 $37,340 $12,563
3/16/00 $39,210 $13,161
3/17/00 $40,580 $13,215
3/20/00 $40,420 $13,145
3/21/00 $41,490 $13,481
3/22/00 $43,140 $13,542
3/23/00 $43,100 $13,783
3/24/00 $43,280 $13,784
3/27/00 $43,700 $13,751
3/28/00 $42,630 $13,606
3/29/00 $40,340 $13,613
3/30/00 $38,760 $13,427
3/31/00 $40,100 $13,523
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED 3/31/00
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------
INVESTOR CLASS (4-1-98) ADVISOR CLASS (4-2-98)
--------------------------- --------------------------
ONE YEAR SINCE INCEPTION ONE YEAR SINCE INCEPTION
<S> <C> <C> <C> <C>
--------------------------------------------------------------------------------------------------------
Electronics Fund 186.02% 100.25% 184.10% 99.54%
S&P 500-Registered Trademark- Index 16.50% 16.29% 16.50% 15.70%
--------------------------------------------------------------------------------------------------------
</TABLE>
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE S&P 500 INDEX IS AN
UNMANAGED STOCK INDEX AND, UNLIKE THE FUND, HAS NO MANAGEMENT FEES OR OTHER
OPERATING EXPENSES TO REDUCE ITS REPORTED 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.
17
<PAGE>
PRECIOUS METALS FUND
OBJECTIVE: SEEKS CAPITAL APPRECIATION BY INVESTING IN COMPANIES THAT ARE
INVOLVED IN THE PRECIOUS METALS INDUSTRY.
INCEPTION: DECEMBER 1, 1993
Precious metals took investors for a wild ride in 1999. The announcement in May
by the Bank of England that it would sell gold in a series of 25-ton auctions
ignited a price descent that bottomed out at $253 per ounce by August. In
September, the 15 European central banks announced that they would limit their
annual gold sales for the next five years. The announcement sent the commodity's
price up to a high of $324.50 per ounce in October before retreating back to
$279.07 per ounce by March 31, 2000. The Precious Metals Fund had a return
-10.26% for the year ended March 31, 2000
CUMULATIVE FUND PERFORMANCE: DECEMBER 1, 1993--MARCH 31, 2000
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
PRECIOUS METALS FUND S&P 500 INDEX
<S> <C> <C>
12/1/93 $10,000 $10,000
12/2/93 $9,980 $10,026
12/3/93 $10,160 $10,065
12/6/93 $10,040 $10,098
12/7/93 $10,110 $10,105
12/8/93 $10,600 $10,095
12/9/93 $10,660 $10,050
12/10/93 $10,720 $10,044
12/13/93 $10,990 $10,082
12/14/93 $10,820 $10,025
12/15/93 $10,800 $9,999
12/16/93 $10,760 $10,031
12/17/93 $10,790 $10,097
12/20/93 $10,820 $10,086
12/21/93 $10,510 $10,074
12/22/93 $10,490 $10,118
12/23/93 $10,470 $10,119
12/27/93 $10,580 $10,187
12/28/93 $10,560 $10,196
12/29/93 $10,670 $10,188
12/30/93 $10,670 $10,146
12/31/93 $10,660 $10,099
1/3/94 $11,260 $10,077
1/4/94 $11,180 $10,108
1/5/94 $10,960 $10,123
1/6/94 $11,100 $10,113
1/7/94 $10,600 $10,173
1/10/94 $10,510 $10,290
1/11/94 $10,760 $10,265
1/12/94 $10,610 $10,266
1/13/94 $10,880 $10,229
1/14/94 $10,980 $10,282
1/17/94 $11,290 $10,247
1/18/94 $11,160 $10,268
1/19/94 $11,030 $10,269
1/20/94 $10,650 $10,283
1/21/94 $10,440 $10,278
1/24/94 $10,350 $10,218
1/25/94 $10,300 $10,196
1/26/94 $10,510 $10,245
1/27/94 $9,880 $10,328
1/28/94 $9,850 $10,364
1/31/94 $10,080 $10,427
2/1/94 $10,610 $10,384
2/2/94 $10,340 $10,435
2/3/94 $10,550 $10,407
2/4/94 $10,250 $10,171
2/7/94 $10,250 $10,214
2/8/94 $9,630 $10,198
2/9/94 $9,740 $10,236
2/10/94 $9,780 $10,152
2/11/94 $9,610 $10,179
2/14/94 $9,730 $10,181
2/15/94 $9,710 $10,230
2/16/94 $10,020 $10,236
2/17/94 $9,910 $10,183
2/18/94 $9,640 $10,126
2/22/94 $9,450 $10,207
2/23/94 $9,480 $10,191
2/24/94 $9,590 $10,051
2/25/94 $9,630 $10,090
2/28/94 $9,870 $10,114
3/1/94 $9,730 $10,055
3/2/94 $9,510 $10,063
3/3/94 $9,370 $10,024
3/4/94 $9,280 $10,062
3/7/94 $9,150 $10,109
3/8/94 $9,070 $10,086
3/9/94 $9,250 $10,112
3/10/94 $9,490 $10,044
3/11/94 $9,400 $10,099
3/14/94 $9,360 $10,119
3/15/94 $9,390 $10,111
3/16/94 $9,330 $10,163
3/17/94 $9,230 $10,195
3/18/94 $9,560 $10,199
3/21/94 $9,340 $10,144
3/22/94 $9,740 $10,150
3/23/94 $10,000 $10,144
3/24/94 $10,210 $10,053
3/25/94 $10,370 $9,972
3/28/94 $10,120 $9,959
3/29/94 $10,010 $9,796
3/30/94 $9,690 $9,646
3/31/94 $10,030 $9,651
4/4/94 $9,460 $9,503
4/5/94 $9,480 $9,706
4/6/94 $9,240 $9,700
4/7/94 $9,290 $9,762
4/8/94 $9,170 $9,680
4/11/94 $8,960 $9,740
4/12/94 $8,950 $9,690
4/13/94 $8,790 $9,662
4/14/94 $8,800 $9,664
4/15/94 $8,360 $9,660
4/18/94 $8,070 $9,579
4/19/94 $7,770 $9,581
4/20/94 $7,740 $9,569
4/21/94 $7,930 $9,715
4/22/94 $7,790 $9,691
4/25/94 $8,050 $9,801
4/26/94 $8,190 $9,783
4/28/94 $8,410 $9,723
4/29/94 $8,310 $9,762
5/2/94 $8,210 $9,808
5/3/94 $8,060 $9,808
5/4/94 $8,230 $9,780
5/5/94 $7,970 $9,780
5/6/94 $8,470 $9,695
5/9/94 $8,440 $9,576
5/10/94 $8,160 $9,656
5/11/94 $8,330 $9,558
5/12/94 $8,230 $9,607
5/13/94 $8,200 $9,616
5/16/94 $8,340 $9,623
5/17/94 $8,220 $9,729
5/18/94 $8,370 $9,729
5/19/94 $8,500 $9,883
5/20/94 $8,820 $9,849
5/23/94 $9,010 $9,812
5/24/94 $8,680 $9,847
5/25/94 $8,640 $9,880
5/26/94 $8,540 $9,895
5/27/94 $8,620 $9,901
5/31/94 $8,770 $9,884
6/1/94 $8,500 $9,908
6/2/94 $8,490 $9,908
6/3/94 $8,350 $9,962
6/6/94 $8,300 $9,935
6/7/94 $8,300 $9,920
6/8/94 $8,240 $9,895
6/9/94 $8,320 $9,913
6/10/94 $8,270 $9,930
6/13/94 $8,400 $9,940
6/14/94 $8,480 $10,010
6/15/94 $8,580 $9,972
6/16/94 $8,450 $10,001
6/17/94 $8,680 $9,926
6/20/94 $8,620 $9,861
6/21/94 $8,750 $9,772
6/22/94 $8,590 $9,809
6/23/94 $8,610 $9,735
6/24/94 $8,470 $9,587
6/27/94 $8,340 $9,684
6/28/94 $8,240 $9,657
6/29/94 $8,320 $9,691
6/30/94 $8,340 $9,619
7/1/94 $8,350 $9,660
7/5/94 $8,140 $9,664
7/6/94 $8,120 $9,659
7/7/94 $8,080 $9,708
7/8/94 $8,000 $9,733
7/11/94 $8,210 $9,701
7/12/94 $8,140 $9,698
7/13/94 $8,060 $9,715
7/14/94 $8,070 $9,816
7/15/94 $8,120 $9,833
7/18/94 $8,080 $9,856
7/19/94 $8,320 $9,826
7/20/94 $8,310 $9,777
7/21/94 $8,280 $9,799
7/22/94 $8,230 $9,810
7/25/94 $8,220 $9,835
7/26/94 $8,280 $9,815
7/27/94 $8,390 $9,798
7/28/94 $8,280 $9,834
7/29/94 $8,150 $9,921
8/1/94 $8,160 $9,981
8/2/94 $7,990 $9,971
8/3/94 $8,000 $9,991
8/4/94 $8,100 $9,924
8/5/94 $7,960 $9,896
8/8/94 $7,960 $9,913
8/9/94 $7,950 $9,914
8/10/94 $7,920 $9,966
8/11/94 $7,990 $9,935
8/12/94 $7,910 $10,001
8/15/94 $7,890 $9,986
8/16/94 $7,860 $10,068
8/17/94 $7,850 $10,071
8/18/94 $8,050 $10,028
8/19/94 $8,140 $10,039
8/22/94 $8,100 $10,009
8/23/94 $8,050 $10,057
8/24/94 $8,210 $10,155
8/25/94 $8,180 $10,134
8/26/94 $8,160 $10,258
8/29/94 $8,380 $10,275
8/30/94 $8,490 $10,307
8/31/94 $8,620 $10,295
9/1/94 $8,660 $10,244
9/2/94 $8,820 $10,197
9/6/94 $8,940 $10,197
9/7/94 $8,890 $10,216
9/8/94 $8,900 $10,197
9/9/94 $9,000 $10,244
9/12/94 $9,080 $10,136
9/13/94 $9,030 $10,094
9/14/94 $8,900 $10,122
9/15/94 $8,820 $10,280
9/16/94 $8,910 $10,201
9/19/94 $9,250 $10,194
9/20/94 $9,330 $10,032
9/21/94 $9,320 $9,991
9/22/94 $9,500 $9,987
9/23/94 $9,660 $9,952
9/26/94 $9,570 $9,977
9/27/94 $9,770 $10,003
9/28/94 $9,600 $10,063
9/29/94 $9,600 $10,007
9/30/94 $9,520 $10,018
10/3/94 $9,300 $9,997
10/4/94 $9,130 $9,842
10/5/94 $8,980 $9,819
10/6/94 $9,200 $9,794
10/7/94 $9,060 $9,853
10/10/94 $9,150 $9,938
10/11/94 $9,160 $10,085
10/12/94 $9,310 $10,078
10/13/94 $9,110 $10,128
10/14/94 $8,970 $10,156
10/17/94 $9,070 $10,153
10/18/94 $9,040 $10,125
10/19/94 $9,090 $10,182
10/20/94 $9,240 $10,107
10/21/94 $9,110 $10,065
10/24/94 $9,070 $9,977
10/25/94 $9,030 $9,992
10/26/94 $8,890 $10,016
10/27/94 $8,600 $10,086
10/28/94 $8,430 $10,257
10/31/94 $8,490 $10,226
11/1/94 $8,460 $10,141
11/2/94 $8,420 $10,100
11/3/94 $8,400 $10,130
11/4/94 $8,330 $10,008
11/7/94 $8,280 $10,025
11/8/94 $8,380 $10,081
11/9/94 $8,250 $10,076
11/10/94 $8,320 $10,053
11/11/94 $8,290 $10,010
11/14/94 $8,200 $10,090
11/15/94 $8,190 $10,068
11/16/94 $8,170 $10,081
11/17/94 $8,020 $10,036
11/18/94 $7,910 $9,991
11/21/94 $7,780 $9,922
11/22/94 $7,590 $9,744
11/23/94 $7,420 $9,741
11/25/94 $7,720 $9,792
11/28/94 $7,550 $9,833
11/29/94 $7,680 $9,855
11/30/94 $7,480 $9,822
12/1/94 $7,470 $9,719
12/2/94 $7,440 $9,814
12/5/94 $7,300 $9,815
12/6/94 $7,440 $9,810
12/7/94 $7,640 $9,769
12/8/94 $7,530 $9,644
12/9/94 $7,610 $9,677
12/12/94 $7,700 $9,731
12/13/94 $7,710 $9,746
12/14/94 $7,820 $9,850
12/15/94 $7,667 $9,858
12/16/94 $7,495 $9,933
12/19/94 $7,616 $9,914
12/20/94 $7,697 $9,896
12/21/94 $7,697 $9,951
12/22/94 $7,616 $9,952
12/23/94 $7,646 $9,955
12/27/94 $7,697 $10,013
12/28/94 $8,029 $9,978
12/29/94 $8,019 $9,984
12/30/94 $7,948 $9,943
1/3/95 $7,626 $9,940
1/4/95 $7,264 $9,974
1/5/95 $7,365 $9,966
1/6/95 $7,184 $9,974
1/9/95 $7,254 $9,977
1/10/95 $7,425 $9,995
1/11/95 $7,838 $9,995
1/12/95 $7,838 $9,995
1/13/95 $7,767 $10,088
1/16/95 $7,616 $10,162
1/17/95 $7,687 $10,177
1/18/95 $7,858 $10,169
1/19/95 $7,858 $10,110
1/20/95 $7,777 $10,063
1/23/95 $7,596 $10,085
1/24/95 $7,596 $10,086
1/25/95 $7,455 $10,120
1/26/95 $7,405 $10,139
1/27/95 $7,163 $10,184
1/30/95 $7,194 $10,143
1/31/95 $7,073 $10,185
2/1/95 $7,174 $10,184
2/2/95 $7,415 $10,236
2/3/95 $7,304 $10,363
2/6/95 $7,314 $10,417
2/7/95 $7,224 $10,410
2/8/95 $7,324 $10,418
2/9/95 $7,415 $10,396
2/10/95 $7,375 $10,424
2/13/95 $7,314 $10,428
2/14/95 $7,284 $10,447
2/15/95 $7,335 $10,490
2/16/95 $7,355 $10,505
2/17/95 $7,495 $10,435
2/21/95 $7,516 $10,451
2/22/95 $7,737 $10,502
2/23/95 $7,626 $10,542
2/24/95 $7,566 $10,571
2/27/95 $7,516 $10,478
2/28/95 $7,536 $10,552
3/1/95 $7,294 $10,514
3/2/95 $7,455 $10,503
3/3/95 $7,294 $10,509
3/6/95 $7,616 $10,514
3/7/95 $7,797 $10,438
3/8/95 $7,858 $10,460
3/9/95 $8,039 $10,460
3/10/95 $7,918 $10,599
3/13/95 $8,109 $10,610
3/14/95 $8,129 $10,671
3/15/95 $8,220 $10,649
3/16/95 $8,170 $10,726
3/17/95 $8,260 $10,728
3/20/95 $8,371 $10,742
3/21/95 $8,300 $10,718
3/22/95 $8,290 $10,731
3/23/95 $8,401 $10,737
3/24/95 $8,310 $10,846
3/27/95 $8,321 $10,894
3/28/95 $8,411 $10,910
3/29/95 $8,371 $10,893
3/30/95 $8,713 $10,873
3/31/95 $8,854 $10,840
4/3/95 $8,864 $10,865
4/4/95 $8,703 $10,939
4/5/95 $8,964 $10,946
4/6/95 $8,904 $10,957
4/7/95 $8,824 $10,964
4/10/95 $8,673 $10,977
4/11/95 $8,683 $10,945
4/12/95 $8,723 $10,980
4/13/95 $8,461 $11,025
4/17/95 $8,944 $10,958
4/18/95 $9,085 $10,941
4/19/95 $9,025 $10,932
4/20/95 $8,733 $10,940
4/21/95 $8,834 $11,009
4/24/95 $8,884 $11,104
4/25/95 $8,934 $11,088
4/26/95 $8,632 $11,099
4/27/95 $8,763 $11,118
4/28/95 $8,512 $11,144
5/1/95 $8,653 $11,134
5/2/95 $8,663 $11,147
5/3/95 $8,471 $11,268
5/4/95 $8,642 $11,270
5/5/95 $8,522 $11,261
5/8/95 $8,502 $11,344
5/9/95 $8,160 $11,335
5/10/95 $8,139 $11,352
5/11/95 $7,978 $11,353
5/12/95 $7,948 $11,378
5/15/95 $8,180 $11,426
5/16/95 $8,290 $11,435
5/17/95 $8,421 $11,411
5/18/95 $8,592 $11,249
5/19/95 $8,411 $11,241
5/22/95 $8,260 $11,337
5/23/95 $8,492 $11,444
5/24/95 $8,733 $11,444
5/25/95 $8,733 $11,444
5/26/95 $8,803 $11,337
5/30/95 $8,693 $11,336
5/31/95 $8,753 $11,548
6/1/95 $8,854 $11,550
6/2/95 $8,653 $11,529
6/5/95 $8,683 $11,596
6/6/95 $8,602 $11,595
6/7/95 $8,783 $11,542
6/8/95 $8,894 $11,525
6/9/95 $8,874 $11,430
6/12/95 $8,793 $11,494
6/13/95 $8,824 $11,606
6/14/95 $9,025 $11,615
6/15/95 $9,236 $11,629
6/16/95 $9,246 $11,687
6/19/95 $9,407 $11,804
6/20/95 $9,125 $11,799
6/21/95 $9,075 $11,777
6/22/95 $9,269 $11,931
6/23/95 $9,228 $11,901
6/26/95 $9,027 $11,781
6/27/95 $9,037 $11,744
6/28/95 $8,865 $11,794
6/29/95 $8,926 $11,775
6/30/95 $8,805 $11,794
7/3/95 $8,775 $11,845
7/5/95 $8,805 $11,848
7/6/95 $9,077 $11,994
7/7/95 $9,249 $12,046
7/10/95 $9,218 $12,063
7/11/95 $9,450 $12,011
7/12/95 $9,591 $12,143
7/13/95 $9,279 $12,146
7/14/95 $9,329 $12,122
7/17/95 $9,491 $12,183
7/18/95 $9,400 $12,091
7/19/95 $9,208 $11,929
7/20/95 $9,037 $11,984
7/21/95 $9,017 $11,986
7/24/95 $9,168 $12,051
7/25/95 $8,986 $12,148
7/26/95 $9,097 $12,159
7/27/95 $8,835 $12,237
7/28/95 $8,764 $12,188
7/31/95 $8,704 $12,169
8/1/95 $9,057 $12,116
8/2/95 $9,007 $12,098
8/3/95 $9,087 $12,097
8/4/95 $9,007 $12,101
8/7/95 $8,916 $12,125
8/8/95 $9,077 $12,133
8/9/95 $8,966 $12,117
8/10/95 $8,885 $12,069
8/11/95 $8,845 $12,018
8/14/95 $9,087 $12,118
8/15/95 $9,259 $12,093
8/16/95 $9,148 $12,123
8/17/95 $9,228 $12,104
8/18/95 $9,218 $12,107
8/21/95 $9,158 $12,083
8/22/95 $9,117 $12,113
8/23/95 $9,329 $12,062
8/24/95 $9,249 $12,069
8/25/95 $9,289 $12,126
8/28/95 $9,289 $12,104
8/29/95 $9,128 $12,124
8/30/95 $8,906 $12,144
8/31/95 $8,986 $12,165
9/1/95 $8,896 $12,207
9/5/95 $9,017 $12,323
9/6/95 $9,168 $12,344
9/7/95 $9,259 $12,347
9/8/95 $9,309 $12,399
9/11/95 $9,370 $12,425
9/12/95 $9,521 $12,482
9/13/95 $9,249 $12,530
9/14/95 $9,329 $12,635
9/15/95 $9,279 $12,630
9/18/95 $9,289 $12,617
9/19/95 $9,107 $12,648
9/20/95 $8,986 $12,704
9/21/95 $9,228 $12,622
9/22/95 $9,067 $12,595
9/25/95 $9,017 $12,596
9/26/95 $9,017 $12,588
9/27/95 $9,017 $12,580
9/28/95 $9,067 $12,684
9/29/95 $9,107 $12,653
10/2/95 $8,976 $12,594
10/3/95 $8,906 $12,608
10/4/95 $8,845 $12,589
10/5/95 $8,875 $12,614
10/6/95 $8,956 $12,611
10/9/95 $9,007 $12,522
10/10/95 $9,027 $12,504
10/11/95 $8,926 $12,545
10/12/95 $8,744 $12,624
10/13/95 $8,754 $12,655
10/16/95 $8,623 $12,623
10/17/95 $8,472 $12,704
10/18/95 $8,311 $12,718
10/19/95 $8,301 $12,788
10/20/95 $8,351 $12,719
10/23/95 $8,119 $12,667
10/24/95 $8,119 $12,699
10/25/95 $8,301 $12,611
10/26/95 $8,139 $12,486
10/27/95 $7,937 $12,551
10/30/95 $7,907 $12,627
10/31/95 $7,857 $12,590
11/1/95 $7,917 $12,648
11/2/95 $8,240 $12,768
11/3/95 $8,179 $12,786
11/6/95 $8,371 $12,740
11/7/95 $8,543 $12,694
11/8/95 $8,482 $12,811
11/9/95 $8,664 $12,844
11/10/95 $8,764 $12,832
11/13/95 $8,593 $12,823
11/14/95 $8,411 $12,758
11/15/95 $8,411 $12,859
11/16/95 $8,452 $12,933
11/17/95 $8,603 $12,992
11/20/95 $8,593 $12,922
11/21/95 $8,613 $12,995
11/22/95 $8,502 $12,955
11/24/95 $8,603 $12,989
11/27/95 $8,916 $13,019
11/28/95 $9,027 $13,130
11/29/95 $8,896 $13,156
11/30/95 $8,906 $13,106
12/1/95 $8,815 $13,141
12/4/95 $8,976 $13,286
12/5/95 $9,168 $13,373
12/6/95 $9,269 $13,427
12/7/95 $9,158 $13,340
12/8/95 $9,238 $13,369
12/11/95 $9,168 $13,413
12/12/95 $9,057 $13,397
12/13/95 $8,845 $13,460
12/14/95 $8,845 $13,356
12/15/95 $8,906 $13,344
12/18/95 $8,916 $13,138
12/19/95 $8,896 $13,248
12/20/95 $8,996 $13,119
12/21/95 $8,966 $13,217
12/22/95 $8,996 $13,249
12/26/95 $8,916 $13,300
12/27/95 $8,815 $13,305
12/28/95 $8,795 $13,296
12/29/95 $8,865 $13,335
1/2/96 $9,299 $13,439
1/3/96 $9,531 $13,452
1/4/96 $9,460 $13,373
1/5/96 $9,753 $13,352
1/9/96 $9,944 $13,195
1/10/96 $10,096 $12,957
1/11/96 $9,823 $13,048
1/12/96 $9,662 $13,029
1/15/96 $9,743 $12,986
1/16/96 $9,723 $13,173
1/17/96 $9,894 $13,128
1/18/96 $9,753 $13,169
1/19/96 $9,955 $13,246
1/22/96 $10,378 $13,280
1/23/96 $10,287 $13,267
1/24/96 $10,076 $13,422
1/25/96 $10,247 $13,359
1/26/96 $10,277 $13,458
1/29/96 $10,449 $13,514
1/30/96 $10,358 $13,643
1/31/96 $10,368 $13,770
2/1/96 $10,822 $13,823
2/2/96 $11,064 $13,766
2/5/96 $11,225 $13,887
2/6/96 $11,225 $13,993
2/7/96 $10,711 $14,071
2/8/96 $10,701 $14,204
2/9/96 $10,519 $14,211
2/12/96 $10,429 $14,321
2/13/96 $10,550 $14,300
2/14/96 $10,852 $14,193
2/15/96 $10,529 $14,101
2/16/96 $10,620 $14,029
2/20/96 $10,398 $13,870
2/21/96 $10,580 $14,031
2/22/96 $10,509 $14,264
2/23/96 $10,459 $14,269
2/26/96 $10,741 $14,083
2/27/96 $10,681 $14,013
2/28/96 $10,650 $13,959
2/29/96 $10,580 $13,865
3/1/96 $10,479 $13,951
3/4/96 $10,055 $14,090
3/5/96 $10,126 $14,198
3/6/96 $10,166 $14,116
3/7/96 $10,328 $14,152
3/8/96 $10,146 $13,715
3/11/96 $10,277 $13,857
3/12/96 $10,096 $13,793
3/13/96 $10,217 $13,825
3/14/96 $10,257 $13,875
3/15/96 $10,146 $13,887
3/18/96 $10,045 $14,130
3/19/96 $10,055 $14,109
3/20/96 $10,055 $14,072
3/21/96 $10,126 $14,055
3/22/96 $10,277 $14,086
3/25/96 $10,489 $14,073
3/26/96 $10,943 $14,137
3/27/96 $10,993 $14,049
3/28/96 $10,570 $14,050
3/29/96 $10,570 $13,975
4/1/96 $10,560 $14,153
4/2/96 $10,479 $14,186
4/3/96 $10,650 $14,200
4/4/96 $10,529 $14,199
4/8/96 $10,893 $13,948
4/9/96 $10,741 $13,904
4/10/96 $10,993 $13,715
4/11/96 $10,953 $13,665
4/12/96 $10,681 $13,785
4/15/96 $10,671 $13,910
4/16/96 $10,429 $13,964
4/17/96 $10,328 $13,891
4/18/96 $10,368 $13,934
4/19/96 $10,136 $13,966
4/22/96 $10,257 $14,027
4/23/96 $10,388 $14,107
4/24/96 $10,287 $14,076
4/25/96 $10,600 $14,135
4/26/96 $10,449 $14,148
4/29/96 $10,368 $14,163
4/30/96 $10,529 $14,163
5/1/96 $10,499 $14,172
5/2/96 $10,439 $13,929
5/3/96 $10,308 $13,891
5/6/96 $10,691 $13,874
5/7/96 $10,943 $13,818
5/8/96 $10,822 $13,960
5/9/96 $10,822 $13,974
5/10/96 $10,772 $14,118
5/13/96 $10,872 $14,322
5/14/96 $10,802 $14,410
5/15/96 $10,842 $14,406
5/16/96 $10,802 $14,394
5/17/96 $10,751 $14,482
5/20/96 $10,499 $14,574
5/21/96 $10,761 $14,565
5/22/96 $10,721 $14,688
5/23/96 $10,590 $14,636
5/24/96 $10,590 $14,690
5/28/96 $10,590 $14,554
5/29/96 $10,610 $14,461
5/30/96 $10,731 $14,542
5/31/96 $10,973 $14,487
6/3/96 $10,893 $14,455
6/4/96 $10,560 $14,561
6/5/96 $10,096 $14,688
6/6/96 $9,874 $14,571
6/7/96 $9,844 $14,577
6/10/96 $9,763 $14,552
6/11/96 $9,662 $14,527
6/12/96 $9,531 $14,485
6/13/96 $9,571 $14,461
6/14/96 $9,561 $14,416
6/17/96 $9,501 $14,401
6/18/96 $9,561 $14,334
6/19/96 $9,602 $14,332
6/20/96 $9,531 $14,335
6/21/96 $9,279 $14,437
6/24/96 $9,531 $14,481
6/25/96 $9,410 $14,473
6/26/96 $9,299 $14,384
6/27/96 $9,178 $14,474
6/28/96 $9,138 $14,519
7/1/96 $9,279 $14,633
7/2/96 $9,238 $14,584
7/3/96 $9,259 $14,558
7/5/96 $9,602 $14,234
7/8/96 $9,390 $14,128
7/9/96 $9,662 $14,175
7/10/96 $9,672 $14,204
7/11/96 $9,440 $13,979
7/12/96 $9,178 $13,990
7/15/96 $9,087 $13,635
7/16/96 $8,775 $13,604
7/17/96 $8,623 $13,728
7/18/96 $8,865 $13,933
7/19/96 $8,946 $13,829
7/22/96 $8,875 $13,721
7/23/96 $8,754 $13,572
7/24/96 $8,593 $13,567
7/25/96 $8,623 $13,665
7/26/96 $8,875 $13,767
7/29/96 $8,704 $13,659
7/30/96 $8,674 $13,753
7/31/96 $9,138 $13,855
8/1/96 $9,138 $14,073
8/2/96 $9,269 $14,343
8/5/96 $9,501 $14,294
8/6/96 $9,380 $14,341
8/7/96 $9,309 $14,379
8/8/96 $9,470 $14,345
8/9/96 $9,339 $14,335
8/12/96 $9,420 $14,414
8/13/96 $9,279 $14,293
8/14/96 $9,077 $14,333
8/15/96 $9,158 $14,338
8/16/96 $8,956 $14,402
8/19/96 $9,259 $14,432
8/20/96 $9,400 $14,412
8/21/96 $9,269 $14,399
8/22/96 $9,440 $14,520
8/23/96 $9,360 $14,441
8/26/96 $9,440 $14,373
8/27/96 $9,410 $14,428
8/28/96 $9,420 $14,393
8/29/96 $9,279 $14,233
8/30/96 $9,198 $14,116
9/3/96 $9,360 $14,175
9/4/96 $9,339 $14,194
9/5/96 $9,269 $14,060
9/6/96 $9,238 $14,196
9/9/96 $8,966 $14,371
9/10/96 $8,976 $14,372
9/11/96 $9,057 $14,447
9/12/96 $9,027 $14,530
9/13/96 $9,188 $14,734
9/16/96 $9,148 $14,808
9/17/96 $9,057 $14,786
9/18/96 $8,976 $14,754
9/19/96 $8,906 $14,787
9/20/96 $8,865 $14,874
9/23/96 $8,865 $14,862
9/24/96 $9,007 $14,844
9/25/96 $8,865 $14,848
9/26/96 $8,623 $14,849
9/27/96 $8,603 $14,856
9/30/96 $8,553 $14,881
10/1/96 $8,664 $14,919
10/2/96 $8,906 $15,025
10/3/96 $8,674 $14,999
10/4/96 $8,684 $15,187
10/7/96 $8,694 $15,228
10/8/96 $8,714 $15,169
10/9/96 $8,754 $15,085
10/10/96 $8,835 $15,038
10/11/96 $8,724 $15,169
10/14/96 $8,623 $15,232
10/15/96 $8,684 $15,211
10/16/96 $8,674 $15,251
10/17/96 $8,522 $15,306
10/18/96 $8,442 $15,389
10/21/96 $8,623 $15,368
10/22/96 $8,764 $15,297
10/23/96 $8,815 $15,313
10/24/96 $8,805 $15,205
10/25/96 $8,795 $15,175
10/28/96 $8,805 $15,096
10/29/96 $8,593 $15,188
10/30/96 $8,714 $15,175
10/31/96 $8,563 $15,269
11/1/96 $8,613 $15,237
11/4/96 $8,633 $15,301
11/5/96 $8,573 $15,456
11/6/96 $8,401 $15,688
11/7/96 $8,643 $15,754
11/8/96 $8,764 $15,822
11/11/96 $8,926 $15,845
11/12/96 $9,299 $15,795
11/13/96 $9,400 $15,829
11/14/96 $9,249 $15,932
11/15/96 $9,238 $15,970
11/18/96 $9,047 $15,957
11/19/96 $9,047 $16,068
11/20/96 $9,339 $16,107
11/21/96 $8,936 $16,081
11/22/96 $8,855 $16,210
11/25/96 $8,714 $16,390
11/26/96 $8,865 $16,367
11/27/96 $8,885 $16,346
11/29/96 $8,885 $16,390
12/2/96 $8,654 $16,380
12/3/96 $8,512 $16,200
12/4/96 $8,785 $16,132
12/5/96 $9,027 $16,116
12/6/96 $8,986 $16,012
12/9/96 $8,976 $16,232
12/10/96 $9,158 $16,012
12/11/96 $8,795 $16,037
12/12/96 $8,825 $15,789
12/13/96 $8,764 $15,775
12/16/96 $8,805 $15,609
12/17/96 $8,875 $15,719
12/18/96 $8,795 $15,838
12/19/96 $8,855 $16,146
12/20/96 $8,674 $16,213
12/23/96 $8,775 $16,171
12/24/96 $8,775 $16,260
12/26/96 $8,734 $16,364
12/27/96 $8,704 $16,385
12/30/96 $8,744 $16,321
12/31/96 $8,633 $16,037
1/2/97 $8,452 $15,956
1/3/97 $8,270 $16,195
1/6/97 $7,978 $16,187
1/7/97 $8,139 $16,308
1/8/97 $7,988 $16,203
1/9/97 $8,270 $16,343
1/10/97 $8,381 $16,443
1/13/97 $8,311 $16,444
1/14/97 $8,079 $16,646
1/15/97 $8,058 $16,610
1/16/97 $8,290 $16,665
1/17/97 $8,401 $16,804
1/20/97 $8,270 $16,816
1/21/97 $8,270 $16,946
1/22/97 $8,129 $17,022
1/23/97 $8,089 $16,834
1/24/97 $8,270 $16,682
1/27/97 $8,472 $16,563
1/28/97 $8,351 $16,563
1/29/97 $8,432 $16,725
1/30/97 $8,200 $16,977
1/31/97 $8,159 $17,021
2/3/97 $8,321 $17,033
2/4/97 $8,250 $17,088
2/5/97 $8,119 $16,850
2/6/97 $8,018 $16,890
2/7/97 $8,149 $17,094
2/10/97 $8,069 $17,005
2/11/97 $7,958 $17,095
2/12/97 $8,311 $17,380
2/13/97 $8,331 $17,576
2/14/97 $8,492 $17,504
2/18/97 $8,553 $17,673
2/19/97 $8,522 $17,591
2/20/97 $8,795 $17,381
2/21/97 $8,795 $17,358
2/24/97 $8,966 $17,543
2/25/97 $8,926 $17,581
2/26/97 $8,734 $17,443
2/27/97 $9,007 $17,213
2/28/97 $9,087 $17,121
3/3/97 $8,936 $17,219
3/4/97 $8,744 $17,124
3/5/97 $8,704 $17,363
3/6/97 $8,603 $17,289
3/7/97 $8,492 $17,428
3/10/97 $8,573 $17,616
3/11/97 $8,694 $17,566
3/12/97 $8,573 $17,412
3/13/97 $8,603 $17,094
3/14/97 $8,553 $17,172
3/17/97 $8,422 $17,227
3/18/97 $8,411 $17,096
3/19/97 $8,391 $17,012
3/20/97 $8,210 $16,945
3/21/97 $8,159 $16,976
3/24/97 $8,079 $17,123
3/25/97 $8,028 $17,084
3/26/97 $8,169 $17,114
3/27/97 $7,786 $16,755
3/31/97 $7,705 $16,392
4/1/97 $7,695 $16,446
4/2/97 $7,766 $16,240
4/3/97 $7,685 $16,245
4/4/97 $7,665 $16,409
4/7/97 $7,595 $16,500
4/8/97 $7,554 $16,587
4/9/97 $7,484 $16,467
4/10/97 $7,675 $16,418
4/11/97 $7,443 $15,970
4/14/97 $7,312 $16,102
4/15/97 $7,211 $16,340
4/16/97 $7,272 $16,531
4/17/97 $7,342 $16,492
4/18/97 $7,211 $16,591
4/21/97 $7,211 $16,462
4/22/97 $7,090 $16,770
4/23/97 $6,959 $16,749
4/24/97 $6,818 $16,696
4/25/97 $6,838 $16,570
4/28/97 $6,858 $16,735
4/29/97 $6,929 $17,191
4/30/97 $6,949 $17,349
5/1/97 $7,080 $17,288
5/2/97 $7,141 $17,601
5/5/97 $7,272 $17,976
5/6/97 $7,312 $17,921
5/7/97 $7,645 $17,658
5/8/97 $7,655 $17,759
5/9/97 $7,897 $17,857
5/12/97 $7,756 $18,135
5/13/97 $7,625 $18,037
5/14/97 $7,504 $18,132
5/15/97 $7,685 $18,227
5/16/97 $7,504 $17,964
5/19/97 $7,504 $18,040
5/20/97 $7,544 $18,222
5/21/97 $7,514 $18,172
5/22/97 $7,504 $18,092
5/23/97 $7,554 $18,338
5/27/97 $7,716 $18,396
5/28/97 $7,645 $18,342
5/29/97 $7,857 $18,274
5/30/97 $7,716 $18,365
6/2/97 $7,534 $18,324
6/3/97 $7,413 $18,305
6/4/97 $7,272 $18,189
6/5/97 $7,504 $18,260
6/6/97 $7,504 $18,576
6/9/97 $7,635 $18,682
6/10/97 $7,595 $18,733
6/11/97 $7,685 $18,826
6/12/97 $7,736 $19,127
6/13/97 $7,716 $19,339
6/16/97 $7,584 $19,353
6/17/97 $7,544 $19,365
6/18/97 $7,342 $19,249
6/19/97 $7,433 $19,442
6/20/97 $7,211 $19,457
6/23/97 $7,080 $19,022
6/24/97 $7,010 $19,406
6/25/97 $7,151 $19,247
6/26/97 $7,161 $19,132
6/27/97 $7,040 $19,210
6/30/97 $7,060 $19,163
7/1/97 $7,181 $19,291
7/2/97 $7,040 $19,572
7/3/97 $6,989 $19,851
7/7/97 $6,435 $19,749
7/8/97 $6,616 $19,891
7/9/97 $6,546 $19,648
7/10/97 $6,767 $19,783
7/11/97 $6,929 $19,846
7/14/97 $6,707 $19,883
7/15/97 $6,636 $20,043
7/16/97 $6,697 $20,277
7/17/97 $6,939 $20,170
7/18/97 $7,141 $19,816
7/21/97 $6,949 $19,765
7/22/97 $6,969 $20,221
7/23/97 $6,899 $20,277
7/24/97 $6,929 $20,357
7/25/97 $6,999 $20,325
7/28/97 $7,090 $20,274
7/29/97 $7,060 $20,401
7/30/97 $7,211 $20,617
7/31/97 $7,211 $20,661
8/1/97 $7,231 $20,506
8/4/97 $7,191 $20,574
8/5/97 $7,030 $20,619
8/6/97 $7,171 $20,791
8/7/97 $7,242 $20,593
8/8/97 $7,544 $20,211
8/11/97 $7,574 $20,286
8/12/97 $7,494 $20,060
8/13/97 $7,564 $19,962
8/14/97 $7,352 $20,021
8/15/97 $7,413 $19,503
8/18/97 $7,393 $19,756
8/19/97 $7,292 $20,048
8/20/97 $7,322 $20,337
8/21/97 $7,393 $20,027
8/22/97 $7,473 $19,995
8/25/97 $7,433 $19,922
8/26/97 $7,413 $19,767
8/27/97 $7,292 $19,782
8/28/97 $7,322 $19,565
8/29/97 $7,272 $19,474
9/2/97 $7,272 $20,082
9/3/97 $7,221 $20,088
9/4/97 $7,231 $20,153
9/5/97 $7,211 $20,114
9/8/97 $6,989 $20,161
9/9/97 $7,040 $20,213
9/10/97 $7,020 $19,897
9/11/97 $6,919 $19,758
9/12/97 $6,909 $20,003
9/15/97 $6,808 $19,913
9/16/97 $6,757 $20,473
9/17/97 $6,818 $20,416
9/18/97 $6,989 $20,509
9/19/97 $6,969 $20,579
9/22/97 $6,838 $20,685
9/23/97 $6,989 $20,609
9/24/97 $7,211 $20,448
9/25/97 $7,595 $20,306
9/26/97 $7,504 $20,464
9/29/97 $7,736 $20,640
9/30/97 $8,028 $20,509
10/1/97 $7,927 $20,685
10/2/97 $7,867 $20,794
10/3/97 $7,998 $20,893
10/6/97 $7,816 $21,059
10/7/97 $7,776 $21,285
10/8/97 $7,998 $21,084
10/9/97 $7,736 $21,014
10/10/97 $7,867 $20,935
10/13/97 $7,857 $20,960
10/14/97 $7,746 $21,007
10/15/97 $7,675 $20,908
10/16/97 $7,514 $20,681
10/17/97 $7,433 $20,441
10/20/97 $7,302 $20,689
10/21/97 $7,484 $21,050
10/22/97 $7,685 $20,968
10/23/97 $7,736 $20,583
10/24/97 $7,070 $20,387
10/27/97 $6,304 $18,987
10/28/97 $6,495 $19,945
10/29/97 $6,293 $19,900
10/30/97 $6,576 $19,565
10/31/97 $6,394 $19,802
11/3/97 $6,425 $20,329
11/4/97 $6,374 $20,368
11/5/97 $6,243 $20,411
11/6/97 $6,172 $20,309
11/7/97 $5,930 $20,081
11/10/97 $5,890 $19,943
11/11/97 $5,890 $20,000
11/12/97 $5,557 $19,614
11/13/97 $5,739 $19,846
11/14/97 $5,608 $20,099
11/17/97 $5,557 $20,485
11/18/97 $5,487 $20,313
11/19/97 $5,436 $20,451
11/20/97 $5,587 $20,762
11/21/97 $5,577 $20,851
11/24/97 $5,436 $20,496
11/25/97 $5,325 $20,585
11/26/97 $5,184 $20,603
11/28/97 $5,174 $20,685
12/1/97 $5,134 $21,104
12/2/97 $5,154 $21,037
12/3/97 $5,043 $21,147
12/4/97 $4,740 $21,068
12/5/97 $4,912 $21,299
12/8/97 $4,821 $21,268
12/9/97 $4,680 $21,126
12/10/97 $4,932 $20,996
12/11/97 $4,811 $20,675
12/12/97 $4,942 $20,641
12/15/97 $5,013 $20,858
12/16/97 $4,992 $20,958
12/17/97 $5,436 $20,904
12/18/97 $5,285 $20,682
12/19/97 $5,174 $20,498
12/22/97 $5,204 $20,648
12/23/97 $5,345 $20,332
12/24/97 $5,477 $20,193
12/26/97 $5,416 $20,275
12/29/97 $5,245 $20,640
12/30/97 $5,466 $21,019
12/31/97 $5,386 $21,010
1/2/98 $5,477 $21,109
1/5/98 $5,134 $21,154
1/6/98 $5,023 $20,927
1/7/98 $5,083 $20,871
1/8/98 $4,791 $20,698
1/9/98 $4,639 $20,085
1/12/98 $4,478 $20,334
1/13/98 $4,831 $20,614
1/14/98 $4,841 $20,740
1/15/98 $5,053 $20,583
1/16/98 $5,214 $20,817
1/20/98 $5,023 $21,187
1/21/98 $5,134 $21,018
1/22/98 $5,002 $20,850
1/23/98 $5,507 $20,732
1/26/98 $5,517 $20,718
1/27/98 $5,608 $20,979
1/28/98 $5,698 $21,162
1/29/98 $5,436 $21,336
1/30/98 $5,406 $21,223
2/2/98 $5,416 $21,678
2/3/98 $5,113 $21,780
2/4/98 $5,406 $21,800
2/5/98 $5,477 $21,727
2/6/98 $5,487 $21,920
2/9/98 $5,577 $21,883
2/10/98 $5,456 $22,062
2/11/98 $5,366 $22,083
2/12/98 $5,436 $22,173
2/13/98 $5,527 $22,085
2/17/98 $5,285 $22,143
2/18/98 $5,255 $22,344
2/19/98 $5,214 $22,262
2/20/98 $5,113 $22,391
2/23/98 $5,023 $22,476
2/24/98 $4,962 $22,312
2/25/98 $4,992 $22,579
2/26/98 $5,245 $22,704
2/27/98 $5,436 $22,718
3/2/98 $5,406 $22,683
3/3/98 $5,315 $22,776
3/4/98 $5,325 $22,675
3/5/98 $5,265 $22,409
3/6/98 $5,376 $22,856
3/9/98 $5,537 $22,783
3/10/98 $5,618 $23,041
3/11/98 $5,456 $23,133
3/12/98 $5,436 $23,164
3/13/98 $5,507 $23,135
3/16/98 $5,416 $23,366
3/17/98 $5,234 $23,392
3/18/98 $5,214 $23,502
3/19/98 $5,174 $23,593
3/20/98 $5,124 $23,797
3/23/98 $5,517 $23,719
3/24/98 $5,456 $23,938
3/25/98 $5,386 $23,857
3/26/98 $5,809 $23,833
3/27/98 $5,981 $23,716
3/30/98 $5,900 $23,676
3/31/98 $5,870 $23,853
4/1/98 $5,769 $23,992
4/2/98 $5,900 $24,248
4/3/98 $6,273 $24,307
4/6/98 $6,384 $24,278
4/7/98 $6,172 $24,022
4/8/98 $6,364 $23,851
4/9/98 $6,142 $24,046
4/13/98 $6,193 $24,025
4/14/98 $6,051 $24,156
4/15/98 $6,082 $24,233
4/16/98 $6,132 $23,992
4/17/98 $6,021 $24,307
4/20/98 $5,991 $24,327
4/21/98 $6,414 $24,385
4/22/98 $6,657 $24,465
4/23/98 $6,687 $24,239
4/24/98 $6,445 $23,986
4/27/98 $6,193 $23,524
4/28/98 $6,334 $23,493
4/29/98 $6,475 $23,699
4/30/98 $6,304 $24,070
5/1/98 $6,132 $24,270
5/4/98 $6,152 $24,293
5/5/98 $6,172 $24,154
5/6/98 $6,122 $23,922
5/7/98 $5,920 $23,710
5/8/98 $6,011 $23,991
5/11/98 $6,142 $23,959
5/12/98 $5,930 $24,157
5/13/98 $5,951 $24,224
5/14/98 $5,991 $24,191
5/15/98 $6,021 $24,004
5/18/98 $5,769 $23,941
5/19/98 $5,759 $24,021
5/20/98 $5,759 $24,228
5/21/98 $5,809 $24,132
5/22/98 $5,749 $24,042
5/26/98 $5,416 $23,686
5/27/98 $5,315 $23,647
5/28/98 $5,416 $23,763
5/29/98 $5,305 $23,616
6/1/98 $5,043 $23,620
6/2/98 $5,204 $23,664
6/3/98 $5,204 $23,441
6/4/98 $5,174 $23,703
6/5/98 $5,164 $24,115
6/8/98 $5,436 $24,156
6/9/98 $5,224 $24,214
6/10/98 $5,124 $24,081
6/11/98 $4,881 $23,698
6/12/98 $4,841 $23,790
6/15/98 $4,680 $23,317
6/16/98 $4,861 $23,547
6/17/98 $5,002 $23,969
6/18/98 $4,902 $23,953
6/19/98 $4,932 $23,829
6/22/98 $4,831 $23,885
6/23/98 $4,932 $24,237
6/24/98 $4,811 $24,527
6/25/98 $4,902 $24,449
6/26/98 $4,932 $24,534
6/29/98 $4,871 $24,649
6/30/98 $5,083 $24,548
7/1/98 $5,013 $24,867
7/2/98 $4,871 $24,820
7/6/98 $4,892 $25,056
7/7/98 $5,063 $24,999
7/8/98 $4,982 $25,252
7/9/98 $4,831 $25,083
7/10/98 $4,781 $25,208
7/13/98 $4,750 $25,227
7/14/98 $4,851 $25,495
7/15/98 $4,811 $25,435
7/16/98 $4,942 $25,634
7/17/98 $4,982 $25,693
7/20/98 $5,053 $25,636
7/21/98 $4,922 $25,224
7/22/98 $4,942 $25,203
7/23/98 $4,760 $24,676
7/24/98 $4,680 $24,699
7/27/98 $4,609 $24,839
7/28/98 $4,710 $24,470
7/29/98 $4,609 $24,361
7/30/98 $4,680 $24,743
7/31/98 $4,458 $24,263
8/3/98 $4,367 $24,085
8/4/98 $4,428 $23,212
8/5/98 $4,488 $23,413
8/6/98 $4,488 $23,591
8/7/98 $4,478 $23,587
8/10/98 $4,468 $23,450
8/11/98 $4,286 $23,144
8/12/98 $4,266 $23,474
8/13/98 $4,317 $23,272
8/14/98 $4,246 $23,009
8/17/98 $4,266 $23,462
8/18/98 $4,296 $23,841
8/19/98 $4,377 $23,773
8/20/98 $4,518 $23,633
8/21/98 $4,367 $23,408
8/24/98 $4,307 $23,558
8/25/98 $4,226 $23,661
8/26/98 $4,085 $23,473
8/27/98 $3,843 $22,572
8/28/98 $3,641 $22,240
8/31/98 $3,469 $20,731
9/1/98 $3,641 $21,525
9/2/98 $3,671 $21,444
9/3/98 $4,115 $21,266
9/4/98 $4,569 $21,085
9/8/98 $4,508 $22,158
9/9/98 $4,307 $21,784
9/10/98 $4,801 $21,221
9/11/98 $4,801 $21,846
9/14/98 $4,730 $22,294
9/15/98 $4,599 $22,466
9/16/98 $4,528 $22,635
9/17/98 $4,760 $22,059
9/18/98 $4,801 $22,085
9/21/98 $4,559 $22,167
9/22/98 $4,589 $22,295
9/23/98 $4,892 $23,081
9/24/98 $5,265 $22,575
9/25/98 $5,224 $22,619
9/28/98 $5,527 $22,704
9/29/98 $5,184 $22,711
9/30/98 $5,285 $22,019
10/1/98 $5,587 $21,356
10/2/98 $5,840 $21,706
10/5/98 $5,517 $21,402
10/6/98 $5,678 $21,317
10/7/98 $6,092 $21,015
10/8/98 $5,870 $20,772
10/9/98 $5,406 $21,311
10/12/98 $5,366 $21,601
10/13/98 $5,194 $21,538
10/14/98 $4,992 $21,770
10/15/98 $5,325 $22,678
10/16/98 $5,386 $22,872
10/19/98 $5,174 $23,001
10/20/98 $5,255 $23,034
10/21/98 $5,124 $23,164
10/22/98 $5,002 $23,349
10/23/98 $4,922 $23,180
10/26/98 $4,861 $23,216
10/27/98 $5,265 $23,065
10/28/98 $5,204 $23,124
10/29/98 $5,315 $23,511
10/30/98 $5,335 $23,786
11/2/98 $5,204 $24,066
11/3/98 $5,174 $24,050
11/4/98 $5,598 $24,219
11/5/98 $5,880 $24,544
11/6/98 $5,608 $24,703
11/9/98 $5,587 $24,469
11/10/98 $5,527 $24,427
11/11/98 $5,406 $24,269
11/12/98 $5,749 $24,198
11/13/98 $5,527 $24,372
11/16/98 $5,325 $24,592
11/17/98 $5,386 $24,666
11/18/98 $5,527 $24,778
11/19/98 $5,477 $24,954
11/20/98 $5,446 $25,191
11/23/98 $5,537 $25,725
11/24/98 $5,386 $25,612
11/25/98 $5,335 $25,696
11/27/98 $5,285 $25,813
11/30/98 $5,033 $25,193
12/1/98 $5,043 $25,445
12/2/98 $4,922 $25,358
12/3/98 $4,690 $24,901
12/4/98 $4,760 $25,477
12/7/98 $4,881 $25,714
12/8/98 $4,670 $25,577
12/9/98 $4,599 $25,623
12/10/98 $4,912 $25,223
12/11/98 $4,670 $25,254
12/14/98 $4,670 $24,707
12/15/98 $4,710 $25,175
12/16/98 $4,952 $25,156
12/17/98 $4,700 $25,547
12/18/98 $4,599 $25,721
12/21/98 $4,498 $26,042
12/22/98 $4,347 $26,058
12/23/98 $4,488 $26,598
12/24/98 $4,498 $26,549
12/28/98 $4,418 $26,532
12/29/98 $4,599 $26,885
12/30/98 $4,508 $26,672
12/31/98 $4,609 $26,613
1/4/99 $4,639 $26,589
1/5/99 $4,730 $26,950
1/6/99 $4,841 $27,546
1/7/99 $5,103 $27,490
1/8/99 $5,164 $27,606
1/11/99 $5,295 $27,363
1/12/99 $4,952 $26,836
1/13/99 $4,922 $26,725
1/14/99 $4,861 $26,244
1/15/99 $4,861 $26,917
1/19/99 $4,781 $27,082
1/20/99 $4,811 $27,206
1/21/99 $4,841 $26,741
1/22/99 $4,730 $26,526
1/25/99 $4,660 $26,716
1/26/99 $4,478 $27,113
1/27/99 $4,367 $26,915
1/28/99 $4,397 $27,395
1/29/99 $4,478 $27,704
2/1/99 $4,649 $27,561
2/2/99 $4,660 $27,322
2/3/99 $4,549 $27,541
2/4/99 $4,791 $27,030
2/5/99 $4,801 $26,833
2/8/99 $4,841 $26,928
2/9/99 $4,498 $26,330
2/10/99 $4,508 $26,490
2/11/99 $4,468 $27,150
2/12/99 $4,710 $26,633
2/16/99 $4,518 $26,887
2/17/99 $4,407 $26,500
2/18/99 $4,397 $26,787
2/19/99 $4,428 $26,829
2/22/99 $4,397 $27,542
2/23/99 $4,357 $27,521
2/24/99 $4,307 $27,137
2/25/99 $4,337 $26,955
2/26/99 $4,276 $26,810
3/1/99 $4,286 $26,763
3/2/99 $4,286 $26,532
3/3/99 $4,337 $26,580
3/4/99 $4,407 $26,990
3/5/99 $4,387 $27,614
3/8/99 $4,579 $27,771
3/9/99 $4,589 $27,709
3/10/99 $4,639 $27,860
3/11/99 $4,629 $28,095
3/12/99 $4,478 $28,028
3/15/99 $4,337 $28,302
3/16/99 $4,387 $28,283
3/17/99 $4,418 $28,098
3/18/99 $4,367 $28,504
3/19/99 $4,418 $28,130
3/22/99 $4,418 $28,080
3/23/99 $4,327 $27,326
3/24/99 $4,438 $27,465
3/25/99 $4,387 $27,929
3/26/99 $4,307 $27,773
3/29/99 $4,145 $28,365
3/30/99 $4,004 $28,161
3/31/99 $4,226 $27,850
4/1/99 $4,165 $28,009
4/2/99 $4,165 $28,009
4/5/99 $4,054 $28,602
4/6/99 $4,115 $28,533
4/7/99 $4,105 $28,727
4/8/99 $4,044 $29,097
4/9/99 $4,196 $29,192
4/12/99 $4,337 $29,415
4/13/99 $4,327 $29,224
4/14/99 $4,175 $28,761
4/15/99 $4,488 $28,640
4/16/99 $4,791 $28,557
4/19/99 $4,922 $27,917
4/20/99 $4,771 $28,279
4/21/99 $4,639 $28,927
4/22/99 $4,851 $29,419
4/23/99 $4,791 $29,376
4/26/99 $4,649 $29,445
4/27/99 $4,912 $29,505
4/28/99 $5,124 $29,247
4/29/99 $5,265 $29,073
4/30/99 $5,174 $28,907
5/3/99 $5,345 $29,328
5/4/99 $5,275 $28,838
5/5/99 $5,608 $29,169
5/6/99 $5,819 $28,839
5/7/99 $5,083 $29,119
5/10/99 $4,750 $29,018
5/11/99 $4,861 $29,349
5/12/99 $4,760 $29,531
5/13/99 $4,851 $29,608
5/14/99 $4,861 $28,964
5/17/99 $4,690 $29,000
5/18/99 $4,508 $28,867
5/19/99 $4,619 $29,103
5/20/99 $4,528 $28,986
5/21/99 $4,508 $28,801
5/24/99 $4,428 $28,296
5/25/99 $4,276 $27,807
5/26/99 $4,317 $28,248
5/27/99 $4,377 $27,743
5/28/99 $4,307 $28,185
6/1/99 $4,236 $28,021
6/2/99 $4,337 $28,033
6/3/99 $4,448 $28,135
6/4/99 $4,428 $28,746
6/7/99 $4,407 $28,893
6/8/99 $4,327 $28,520
6/9/99 $4,256 $28,549
6/10/99 $4,397 $28,206
6/11/99 $4,468 $28,008
6/14/99 $4,387 $28,015
6/15/99 $4,377 $28,170
6/16/99 $4,317 $28,804
6/17/99 $4,347 $29,009
6/18/99 $4,397 $29,073
6/21/99 $4,317 $29,206
6/22/99 $4,226 $28,922
6/23/99 $4,448 $28,861
6/24/99 $4,377 $28,487
6/25/99 $4,478 $28,477
6/28/99 $4,488 $28,824
6/29/99 $4,589 $29,259
6/30/99 $4,730 $29,718
7/1/99 $4,710 $29,898
7/2/99 $4,730 $30,120
7/6/99 $4,448 $30,053
7/7/99 $4,428 $30,221
7/8/99 $4,337 $30,189
7/9/99 $4,397 $30,381
7/12/99 $4,286 $30,291
7/13/99 $4,276 $30,171
7/14/99 $4,246 $30,271
7/15/99 $4,175 $30,519
7/16/99 $4,165 $30,717
7/19/99 $4,065 $30,476
7/20/99 $4,135 $29,814
7/21/99 $4,327 $29,862
7/22/99 $4,337 $29,465
7/23/99 $4,286 $29,378
7/26/99 $4,286 $29,179
7/27/99 $4,296 $29,506
7/28/99 $4,327 $29,561
7/29/99 $4,518 $29,034
7/30/99 $4,377 $28,767
8/2/99 $4,286 $28,753
8/3/99 $4,539 $28,625
8/4/99 $4,609 $28,261
8/5/99 $4,589 $28,442
8/6/99 $4,478 $28,152
8/9/99 $4,740 $28,098
8/10/99 $4,629 $27,743
8/11/99 $4,811 $28,187
8/12/99 $4,720 $28,105
8/13/99 $4,680 $28,745
8/16/99 $4,569 $28,811
8/17/99 $4,730 $29,101
8/18/99 $4,468 $28,856
8/19/99 $4,559 $28,656
8/20/99 $4,599 $28,938
8/23/99 $4,670 $29,449
8/24/99 $4,498 $29,520
8/25/99 $4,438 $29,916
8/26/99 $4,589 $29,488
8/27/99 $4,549 $29,190
8/30/99 $4,407 $28,665
8/31/99 $4,559 $28,587
9/1/99 $4,518 $28,818
9/2/99 $4,569 $28,559
9/3/99 $4,428 $29,384
9/7/99 $4,508 $29,237
9/8/99 $4,448 $29,101
9/9/99 $4,549 $29,177
9/10/99 $4,458 $29,264
9/13/99 $4,377 $29,101
9/14/99 $4,377 $28,931
9/15/99 $4,307 $28,534
9/16/99 $4,337 $28,545
9/17/99 $4,307 $28,912
9/20/99 $4,337 $28,914
9/21/99 $4,629 $28,309
9/22/99 $4,660 $28,373
9/23/99 $4,680 $27,729
9/24/99 $4,771 $27,655
9/27/99 $5,769 $27,784
9/28/99 $5,749 $27,760
9/29/99 $5,466 $27,460
9/30/99 $5,386 $27,771
10/1/99 $5,587 $27,773
10/4/99 $6,001 $28,245
10/5/99 $5,668 $28,174
10/6/99 $5,537 $28,695
10/7/99 $5,366 $28,527
10/8/99 $5,164 $28,925
10/11/99 $5,426 $28,908
10/12/99 $5,174 $28,428
10/13/99 $5,477 $27,832
10/14/99 $5,204 $27,786
10/15/99 $5,234 $27,007
10/18/99 $5,083 $27,152
10/19/99 $4,912 $27,308
10/20/99 $4,912 $27,916
10/21/99 $5,053 $27,790
10/22/99 $4,942 $28,181
10/25/99 $4,912 $28,007
10/26/99 $4,589 $27,754
10/27/99 $4,700 $28,074
10/28/99 $4,639 $29,064
10/29/99 $4,609 $29,508
11/1/99 $4,448 $29,317
11/2/99 $4,569 $29,179
11/3/99 $4,528 $29,334
11/4/99 $4,488 $29,501
11/5/99 $4,367 $29,666
11/8/99 $4,488 $29,813
11/9/99 $4,589 $29,559
11/10/99 $4,881 $29,736
11/11/99 $4,670 $29,909
11/12/99 $4,629 $30,225
11/15/99 $4,720 $30,189
11/16/99 $4,639 $30,744
11/17/99 $4,508 $30,542
11/18/99 $4,528 $30,850
11/19/99 $4,508 $30,787
11/22/99 $4,387 $30,764
11/23/99 $4,690 $30,411
11/24/99 $4,861 $30,680
11/26/99 $4,841 $30,670
11/29/99 $4,518 $30,480
11/30/99 $4,518 $30,074
12/1/99 $4,458 $30,261
12/2/99 $4,367 $30,506
12/3/99 $4,347 $31,031
12/6/99 $4,286 $30,816
12/7/99 $4,518 $30,509
12/8/99 $4,438 $30,394
12/9/99 $4,296 $30,486
12/10/99 $4,307 $30,679
12/13/99 $4,428 $30,640
12/14/99 $4,256 $30,379
12/15/99 $4,438 $30,599
12/16/99 $4,518 $30,717
12/17/99 $4,579 $30,766
12/20/99 $4,468 $30,702
12/21/99 $4,549 $31,034
12/22/99 $4,488 $31,092
12/24/99 $4,488 $31,573
12/27/99 $4,599 $31,546
12/28/99 $4,589 $31,559
12/29/99 $4,670 $31,684
12/30/99 $4,589 $31,706
12/31/99 $4,609 $31,810
1/3/00 $4,569 $31,506
1/4/00 $4,418 $30,298
1/5/00 $4,498 $30,356
1/6/00 $4,478 $30,385
1/7/00 $4,397 $31,208
1/10/00 $4,367 $31,557
1/11/00 $4,458 $31,145
1/12/00 $4,367 $31,008
1/13/00 $4,337 $31,386
1/17/00 $4,246 $31,721
1/18/00 $4,428 $31,504
1/19/00 $4,407 $31,520
1/20/00 $4,286 $31,297
1/21/00 $4,226 $31,206
1/24/00 $4,125 $30,352
1/25/00 $4,065 $30,527
1/26/00 $3,964 $30,399
1/27/00 $4,196 $30,279
1/28/00 $4,004 $29,448
1/31/00 $4,044 $30,190
2/1/00 $3,984 $30,511
2/2/00 $4,075 $30,508
2/3/00 $4,085 $30,851
2/4/00 $4,589 $30,838
2/7/00 $4,428 $30,808
2/8/00 $4,286 $31,214
2/9/00 $4,579 $30,564
2/10/00 $4,609 $30,675
2/11/00 $4,569 $30,031
2/14/00 $4,448 $30,092
2/15/00 $4,549 $30,355
2/16/00 $4,488 $30,043
2/17/00 $4,407 $30,056
2/18/00 $4,539 $29,143
2/22/00 $4,559 $29,275
2/23/00 $4,307 $29,459
2/24/00 $4,135 $29,302
2/25/00 $4,054 $28,867
2/28/00 $3,984 $29,186
2/29/00 $3,974 $29,583
3/1/00 $4,054 $29,860
3/2/00 $3,964 $29,915
3/3/00 $3,923 $30,509
3/6/00 $3,893 $30,121
3/7/00 $4,206 $29,349
3/8/00 $4,075 $29,589
3/9/00 $4,115 $30,347
3/10/00 $3,994 $30,204
3/13/00 $4,065 $29,956
3/14/00 $4,054 $29,426
3/15/00 $4,065 $30,140
3/16/00 $4,044 $31,576
3/17/00 $3,954 $31,706
3/20/00 $4,034 $31,536
3/21/00 $4,175 $32,343
3/22/00 $3,984 $32,489
3/23/00 $4,034 $33,067
3/24/00 $4,034 $33,070
3/27/00 $3,964 $32,992
3/28/00 $3,913 $32,643
3/29/00 $3,822 $32,660
3/30/00 $3,792 $32,214
3/31/00 $3,792 $32,445
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED 3/31/00
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
INVESTOR CLASS (12-1-93)
---------------------------------------------------
ONE YEAR FIVE YEAR SINCE INCEPTION
<S> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------
Precious Metals -10.26% -15.60% -14.19%
S&P 500-Registered Trademark- Index 16.50% 24.51% 20.42%
--------------------------------------------------------------------------------------------------------------
</TABLE>
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE S&P 500 INDEX IS AN
UNMANAGED STOCK INDEX AND, UNLIKE THE FUND, HAS NO MANAGEMENT FEES OR OTHER
OPERATING EXPENSES TO REDUCE ITS REPORTED 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.
18
<PAGE>
RYDEX SERIES FUNDS
ENERGY FUND
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
------- -----------
<S> <C> <C>
COMMON STOCKS 99.3%
Exxon Mobil Corp.............. 36,702 $ 2,855,875
BP Amoco Plc., Sponsored
ADR......................... 34,437 1,827,313
Enron Corp.................... 23,346 1,748,032
Royal Dutch Petroleum Co., NY
Shares...................... 19,653 1,131,276
Chevron Corp.................. 10,036 927,703
Schlumberger Ltd.............. 9,965 762,323
Atlantic Richfield Co......... 8,343 709,155
Halliburton Co................ 16,037 657,517
Texaco, Inc................... 10,488 562,419
Phillips Petroleum Co......... 9,181 424,621
Transocean Sedco
Forex, Inc.................. 7,512 385,460
Baker Hughes, Inc............. 11,933 360,973
Coastal Corp.................. 7,732 355,672
EL Paso Energy Corp........... 8,365 337,737
USX-Marathon Group............ 11,263 293,542
Burlington Resources, Inc..... 7,884 291,708
Occidental Petroleum Corp..... 13,284 275,643
Vastar Resources, Inc......... 3,540 263,066
Unocal Corp................... 8,787 261,413
Weatherford
International, Inc.*........ 3,918 230,917
Amerada Hess Corp............. 3,288 212,487
Apache Corp................... 4,135 205,716
BJ Services Co.*.............. 2,765 204,264
Noble Drilling Corp.*......... 4,764 197,408
Kerr-McGee Corp............... 3,407 196,754
Diamond Offshore
Drilling, Inc............... 4,923 196,612
Nabors Industries, Inc.*...... 4,934 191,501
ENSCO International, Inc...... 4,977 179,794
Anadarko Petroleum Corp....... 4,622 178,814
Conoco, Inc.--Class A......... 6,877 169,346
Global Marine, Inc.*.......... 6,322 160,421
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
------- -----------
<S> <C> <C>
Tosco Corp.................... 5,217 $ 158,793
Santa Fe International
Corp........................ 4,167 154,179
R & B Falcon Corp.*........... 7,019 138,187
Smith International, Inc.*.... 1,773 137,408
Union Pacific Resources
Group, Inc.................. 9,136 132,472
Cooper Cameron Corp.*......... 1,955 130,741
Murphy Oil Corp............... 1,630 93,929
EOG Resources, Inc............ 4,320 91,530
Sunoco, Inc................... 3,257 89,160
Ashland, Inc.................. 2,575 86,102
Ultramar Diamond Shamrock
Corp........................ 3,141 79,703
Tidewater, Inc................ 2,017 64,166
-----------
Total Common Stocks
(Cost $16,401,784)...... 18,111,852
-----------
</TABLE>
<TABLE>
<CAPTION>
FACE
AMOUNT
-------
<S> <C> <C>
REPURCHASE
AGREEMENTS 0.7%
Repurchase agreements
Collateralized by U.S.
Treasury Obligations
(Note 2):
6.00% due 04/03/00.......... $34,980 34,980
6.03% due 04/03/00.......... 24,589 24,589
6.05% due 04/03/00.......... 63,715 63,715
-----------
Total Repurchase
Agreements
(Cost $123,284)......... 123,284
-----------
Total Investments 100%
(Cost $16,525,068)...... $18,235,136
===========
</TABLE>
* NON-INCOME PRODUCING SECURITIES
See Notes to Financial Statements. 19
<PAGE>
RYDEX SERIES FUNDS
FINANCIAL SERVICES FUND
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
------- ------------
<S> <C> <C>
COMMON STOCKS 99.5%
American International
Group, Inc.................... 253,566 $ 27,765,477
Bank of America Corp............ 332,456 17,433,162
Chase Manhattan Corp............ 160,694 14,010,508
Wells Fargo & Co................ 320,201 13,108,228
American Express Co............. 87,284 12,999,861
Citigroup, Inc.................. 216,707 12,853,434
Morgan Stanley Dean Witter &
Co............................ 144,174 11,759,192
Charles Schwab Corp............. 199,839 11,353,353
Fannie Mae...................... 198,763 11,217,687
Merrill Lynch & Co., Inc........ 96,509 10,133,445
Goldman Sachs Group, Inc........ 96,394 10,133,419
Bank One Corp................... 223,609 7,686,559
First Union Corp................ 192,582 7,173,680
FleetBoston Financial Corp...... 178,210 6,504,665
Freddie Mac..................... 135,827 6,001,856
Bank of New York Co., Inc....... 143,577 5,967,419
Marsh & McLennan Cos., Inc...... 52,018 5,738,236
Morgan J.P. & Co. Inc........... 33,758 4,447,617
Firstar Corp.................... 190,643 4,372,874
MBNA Corp....................... 156,325 3,986,287
Fifth Third Bancorp............. 59,529 3,750,327
Allstate Corp................... 157,030 3,739,277
SunTrust Banks, Inc............. 59,768 3,451,602
Household
International, Inc............ 91,664 3,420,213
U.S. Bancorp.................... 147,058 3,216,894
AXA Financial, Inc.............. 87,775 3,148,928
Associates First Capital Corp.,
Class A....................... 141,987 3,043,846
State Street Corp............... 31,191 3,021,628
Washington Mutual, Inc.......... 112,558 2,982,787
Northern Trust Corp............. 43,400 2,932,212
Mellon Financial Corp........... 99,172 2,925,574
CIGNA Corp...................... 36,255 2,746,316
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
------- ------------
<S> <C> <C>
American General Corp........... 48,181 $ 2,704,159
Wachovia Corp................... 39,529 2,670,678
PNC Financial Services Group.... 57,379 2,585,641
National City Corp.............. 118,359 2,441,154
AFLAC, Inc...................... 51,886 2,364,056
Chubb Corp...................... 34,271 2,315,434
Lehman Brothers Holdings, Inc... 23,552 2,284,544
Hartford Financial Services
Group, Inc.................... 43,210 2,279,327
BB&T Corp....................... 67,738 1,900,898
E*trade Group, Inc.*............ 56,365 1,697,996
KeyCorp......................... 87,212 1,657,028
Franklin Resources, Inc......... 48,480 1,621,050
AON Corp........................ 50,036 1,613,661
Aetna, Inc...................... 27,517 1,532,353
------------
Total Common Stocks
(Cost $263,125,702)....... 272,694,542
------------
</TABLE>
<TABLE>
<CAPTION>
FACE
AMOUNT
--------
<S> <C> <C>
REPURCHASE
AGREEMENTS 0.5%
Repurchase agreements
collateralized by U.S.
Treasury Obligations
(Note 2):
6.00% due 04/03/00............ $422,008 422,008
6.03% due 04/03/00............ 296,647 296,647
6.05% due 04/03/00............ 768,683 768,683
------------
Total Repurchase
Agreements
(Cost $1,487,338)....... 1,487,338
------------
Total Investments 100%
(Cost $264,613,040)..... $274,181,880
============
</TABLE>
* NON-INCOME PRODUCING SECURITIES
See Notes to Financial Statements. 20
<PAGE>
RYDEX SERIES FUNDS
HEALTH CARE FUND
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
-------- -----------
<S> <C> <C>
COMMON STOCKS 99.2%
Bristol-Myers Squibb Co...... 44,448 $ 2,566,872
Merck & Co., Inc............. 40,051 2,488,168
Pfizer, Inc.................. 66,188 2,419,999
Amgen, Inc.*................. 32,796 2,012,855
Medtronic, Inc............... 38,347 1,972,474
Johnson & Johnson............ 27,492 1,926,158
Warner-Lambert Co............ 19,240 1,875,900
Eli Lilly & Co............... 22,113 1,393,119
American Home Products
Corp....................... 24,712 1,325,181
Glaxo Welcome Plc., Sponsored
ADR........................ 22,155 1,269,758
Abbott Laboratories.......... 33,438 1,176,600
Immunex Corp.*............... 16,842 1,068,414
Pharmacia & Upjohn, Inc...... 17,523 1,038,238
Schering-Plough Corp......... 27,960 1,027,530
SmithKline Beecham Plc.,
Sponsored ADR.............. 15,192 1,003,621
Baxter
International, Inc......... 9,832 616,344
Guidant Corp................. 10,211 600,534
Columbia/HCA Healthcare
Corp....................... 18,372 465,041
Cardinal Health, Inc......... 9,507 436,134
Medimmune, Inc.*............. 2,139 372,453
United HealthCare Corp....... 5,737 342,069
Becton, Dickinson and Co..... 12,610 331,801
Boston Scientific Corp.*..... 14,015 298,695
Biogen, Inc.*................ 4,220 294,873
Tenet Healthcare Corp.*...... 10,542 242,466
Forest
Laboratories, Inc.*........ 2,855 241,248
Allergan, Inc................ 4,580 229,000
Stryker Corp................. 3,278 228,641
McKesson HBOC, Inc........... 9,522 199,962
WellPoint Health
Networks, Inc.*............ 2,151 150,301
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
-------- -----------
<S> <C> <C>
Genzyme Corp.-General
Division*.................. 2,843 $ 142,505
Biomet, Inc.................. 3,817 138,843
ALZA Corp.*.................. 3,451 129,628
Watson
Pharmaceuticals, Inc.*..... 3,244 128,746
Mylan Laboratories, Inc...... 4,371 120,203
Health Management
Associates, Inc.,
Class A*................... 8,147 116,095
Sybron International
Corp.*..................... 3,518 102,022
Bausch & Lomb, Inc........... 1,933 100,878
Gilead Sciences, Inc.*....... 1,485 94,112
PacifiCare Health
Systems, Inc., Class A*.... 1,473 73,466
St. Jude Medical, Inc.*...... 2,844 73,411
Healthsouth Corp.*........... 13,054 72,613
ICN Pharmaceuticals, Inc..... 2,648 72,158
Hillenbrand
Industries, Inc............ 2,121 72,114
C. R. Bard, Inc.............. 1,730 66,929
Mallinckrodt, Inc............ 2,317 66,614
Beckman Coulter, Inc......... 982 63,032
Lincare Holdings, Inc.*...... 1,826 51,813
DENTSPLY
International, Inc......... 1,784 50,621
Manor Care................... 3,482 47,007
Universal Health
Services, Inc.,
Class B*................... 959 46,991
Oxford Health
Plans, Inc.*............... 2,755 42,014
Humana, Inc.*................ 5,662 41,403
Omnicare, Inc................ 3,085 37,213
Foundation Health
Systems, Inc., Class A*.... 4,020 32,160
Bergen Brunswig Corp.,
Class A.................... 4,545 30,679
Rexall Sundown, Inc.*........ 2,170 30,651
Amerisource Health Corp.,
Class A*................... 1,659 24,885
Quorum Health Group, Inc.*.. 2,390 24,049
Steris Corp.*................ 2,281 23,380
</TABLE>
* NON-INCOME PRODUCING SECURITIES
See Notes to Financial Statements. 21
<PAGE>
RYDEX SERIES FUNDS
HEALTH CARE FUND
SCHEDULE OF INVESTMENTS (CONCLUDED)
--------------------------------------------------------------------------------
March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
-------- -----------
<S> <C> <C>
Covance, Inc.*............... 1,932 $ 20,769
Perrigo Co.*................. 2,480 18,832
Dura
Pharmaceuticals, Inc.*..... 1,495 18,407
Total Renal Care
Holdings, Inc.*............ 2,744 8,575
Genesis Health
Ventures, Inc.*............ 1,644 1,130
-----------
Total Common Stocks
(Cost $29,197,182)..... 31,798,397
-----------
<CAPTION>
MARKET
FACE VALUE
AMOUNT (NOTE 1)
-------- -----------
<S> <C> <C>
REPURCHASE
AGREEMENTS 0.8%
Repurchase Agreements
Collateralized by U.S.
Treasury Obligations
(Note 2):
6.00% due 04/03/00......... $ 71,040 $ 71,040
6.03% due 04/03/00......... 49,937 49,937
6.05% due 04/03/00......... 129,400 129,400
-----------
Total Repurchase
Agreements
(Cost $250,377)........ 250,377
-----------
Total Investments 100%
(Cost $29,447,559)..... $32,048,774
===========
</TABLE>
* NON-INCOME PRODUCING SECURITIES
See Notes to Financial Statements. 22
<PAGE>
RYDEX SERIES FUNDS
TECHNOLOGY FUND
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
-------- ------------
<S> <C> <C>
COMMON STOCKS 99.1%
Microsoft Corp.*............ 120,792 $ 12,834,150
Cisco Systems, Inc.*........ 160,873 12,437,494
Intel Corp.................. 82,159 10,839,853
Oracle Corp.*............... 97,402 7,603,444
International Business
Machines Corp............. 53,642 6,329,756
Sun Microsystems, Inc.*..... 54,584 5,114,691
Lucent
Technologies, Inc......... 82,721 5,025,301
Hewlett-Packard Co.......... 34,638 4,591,700
Texas Instruments, Inc...... 28,258 4,521,280
EMC Corp.*.................. 35,138 4,392,250
Dell Computer Corp.*........ 72,784 3,925,787
America Online, Inc.*....... 55,217 3,713,343
QUALCOMM, Inc.*............. 24,545 3,664,875
Motorola, Inc............... 24,539 3,493,740
Yahoo!, Inc.*............... 18,211 3,120,910
Applied Materials, Inc.*.... 27,766 2,616,946
Veritas Software Corp.*..... 13,446 1,761,426
Compaq Computer Corp........ 58,824 1,566,189
Computer Associates
International, Inc........ 18,754 1,110,002
Micron Technology, Inc.*.... 8,804 1,109,304
CMGI, Inc.*................. 9,682 1,097,092
Automatic Data
Processing, Inc........... 21,809 1,052,284
Electronic Data Systems
Corp...................... 16,290 1,045,614
Analog Devices, Inc.*....... 12,243 986,327
Xilinx, Inc.*............... 11,058 915,741
Tellabs, Inc.*.............. 13,920 876,741
Solectron Corp.*............ 20,508 821,602
Apple Computer, Inc.*....... 5,599 760,414
LSI Logic Corp.*............ 10,293 747,529
Inktomi Corp.*.............. 3,752 731,640
Maxim Integrated
Products, Inc.*........... 9,616 683,337
3Com Corp.*................. 11,806 656,709
First Data Corp............. 14,501 641,669
Altera Corp.*............... 6,887 614,665
Linear Technology Corp...... 10,776 592,680
Gateway, Inc.*.............. 10,953 580,509
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
-------- ------------
<S> <C> <C>
ADC
Telecommunications, Inc.*.. 10,498 $ 565,580
KLA-Tencor Corp.*........... 6,383 537,768
Comverse
Technology, Inc.*......... 2,634 497,826
Teradyne, Inc.*............. 5,917 486,673
Adobe Systems, Inc.......... 4,135 460,277
Computer Sciences Corp.*.... 5,776 457,026
Seagate
Technology, Inc.*......... 7,469 450,007
Paychex, Inc................ 8,552 447,911
BMC Software, Inc.*......... 8,503 419,836
At Home Corp., Series A*.... 12,023 396,008
Atmel Corp.*................ 7,457 384,968
DoubleClick, Inc.*.......... 4,051 379,275
National Semiconductor
Co.*...................... 5,978 362,416
Network Solutions, Inc.*.... 2,353 361,663
Novell, Inc.*............... 11,451 327,785
RealNetworks, Inc.*......... 5,149 293,171
Unisys Corp.*............... 10,813 275,732
Compuware Corp.*............ 12,437 261,954
------------
Total Common Stocks
(Cost $82,778,649).... 119,942,870
------------
<CAPTION>
FACE
AMOUNT
--------
<S> <C> <C>
REPURCHASE
AGREEMENTS 0.9%
Repurchase Agreements
Collateralized by U.S.
Treasury
Obligations (Note 2):
6.00% due 04/03/00........ $308,219 308,219
6.03% due 04/03/00........ 216,659 216,659
6.05% due 04/03/00........ 561,416 561,416
------------
Total Repurchase
Agreements
(Cost $1,086,294)..... 1,086,294
------------
Total Investments 100%
(Cost $83,864,943).... $121,029,164
============
</TABLE>
* NON-INCOME PRODUCING SECURITIES
See Notes to Financial Statements. 23
<PAGE>
RYDEX SERIES FUNDS
BASIC MATERIALS FUND
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
------ ----------
<S> <C> <C>
COMMON STOCKS 99.4%
E. I. DuPont de Nemours & Co........... 47,524 $2,512,831
Alcoa, Inc............................. 33,919 2,382,810
Dow Chemical Co........................ 20,003 2,280,342
International Paper Co................. 37,769 1,614,625
Weyerhaeuser Co........................ 21,508 1,225,956
Rohm & Haas Co......................... 19,882 887,234
PPG Industries, Inc.................... 15,874 830,409
Union Carbide Corp..................... 12,196 711,179
Alcan Aluminium, Ltd................... 19,876 673,299
Georgia-Pacific Corp................... 15,548 615,118
Praxair, Inc........................... 14,498 603,479
Air Products & Chemicals, Inc.......... 20,870 593,491
Barrick Gold Corp...................... 35,978 564,405
Imperial Chemical Industries Plc.,
Sponsored ADR........................ 16,601 535,382
Corus Group Plc........................ 28,385 475,449
Champion International Corp............ 8,775 467,269
Fort James Corp........................ 19,410 427,020
Willamette Industries, Inc............. 10,160 407,670
Nucor Corp............................. 7,945 397,250
Reynolds Metals Co..................... 5,808 388,410
Newmont Mining Corp.................... 15,288 343,024
Phelps Dodge Corp...................... 7,178 340,955
Sherwin-Williams Co.................... 15,173 332,858
Mead Corp.............................. 9,362 327,085
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
------ ----------
<S> <C> <C>
Eastman Chemcial Co.................... 7,100 $ 323,050
Consolidated Papers, Inc............... 8,279 318,224
Inco, Ltd.............................. 16,498 302,119
Temple-Inland, Inc..................... 5,094 253,745
Placer Dome, Inc....................... 29,728 241,540
----------
Total Common Stocks
(Cost $20,668,066)............... 21,376,228
----------
<CAPTION>
FACE
AMOUNT
------
<S> <C> <C>
REPURCHASE
AGREEMENTS 0.6%
Repurchase Agreements Collateralized by
U.S. Treasury Obligations (Note 2):
6.00% due 04/03/00................... $33,641 33,641
6.03% due 04/03/00................... 23,648 23,648
6.05% due 04/03/00................... 61,278 61,278
----------
Total Repurchase Agreements
(Cost $118,567).................. 118,567
----------
Total Investments 100% (Cost
$20,786,633)..................... $21,494,795
==========
</TABLE>
See Notes to Financial Statements. 24
<PAGE>
RYDEX SERIES FUNDS
CONSUMER PRODUCTS FUND
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
------ ----------
<S> <C> <C>
COMMON STOCKS 98.9%
Proctor & Gamble Co.................... 23,390 $1,315,688
Colgate-Palmolive Co................... 18,905 1,065,769
Kimberly-Clark Corp.................... 17,684 990,304
Gillette Co............................ 25,356 955,604
Omnicom Group, Inc..................... 9,416 879,808
Interpublic Group of Cos., Inc......... 12,451 588,310
Unilever N. V., NY Shares.............. 11,803 568,019
Clorox Co.............................. 12,559 408,167
Avery Dennison Corp.................... 6,662 406,798
Cintas Corp............................ 9,841 385,644
Newell Rubbermaid, Inc................. 14,976 371,592
Estee Lauder Cos., Class A............. 7,347 367,809
Nike, Inc., Class B.................... 8,285 328,293
Gucci Group N.V., NY Regular Shares.... 3,455 307,279
Whirlpool Corp......................... 4,391 257,423
Leggett & Platt, Inc................... 11,547 248,261
Jones Apparel Group, Inc.*............. 7,243 230,871
International Flavors &
Fragrances, Inc...................... 6,190 217,037
CDW Computer Centers, Inc.*............ 2,565 216,582
Illinois Tool Works, Inc............... 3,887 214,757
Arrow Electronics, Inc.*............... 5,663 199,621
Black & Decker Corp.................... 5,136 192,921
V. F. Corp............................. 6,934 166,848
Maytag Corp............................ 5,000 165,625
LIZ Claiborne, Inc..................... 3,512 160,894
Miller (Herman), Inc................... 4,609 129,052
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
------ ----------
<S> <C> <C>
Shaw Industries, Inc................... 7,926 $ 120,376
Catalina Marketing Corp.*.............. 1,080 109,350
Payless Shoesource, Inc.*.............. 1,787 92,812
Dial Corp.............................. 6,217 85,484
Clayton Homes, Inc..................... 8,294 83,977
Tommy Hilfiger Corp.*.................. 5,571 80,780
American Greetings..................... 3,531 64,441
Ethan Allen Interiors, Inc............. 2,417 60,425
----------
Total Common Stocks (Cost
$11,418,758)..................... 12,036,621
----------
<CAPTION>
FACE
AMOUNT
------
<S> <C> <C>
REPURCHASE
AGREEMENTS 1.1%
Repurchase Agreements Collateralized by
U.S. Treasury Obligations (Note 2):
6.00% due 04/03/00................... $37,380 37,380
6.03% due 04/03/00................... 26,276 26,276
6.05% due 04/03/00................... 68,086 68,086
----------
Total Repurchase Agreements
(Cost $131,742).................. 131,742
----------
Total Investments 100% (Cost
$11,550,500)..................... $12,168,363
==========
</TABLE>
* NON-INCOME PRODUCING SECURITIES
See Notes to Financial Statements. 25
<PAGE>
RYDEX SERIES FUNDS
LEISURE FUND
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
------ ----------
<S> <C> <C>
COMMON STOCKS 99.0%
Time Warner, Inc....................... 31,634 $3,163,400
Walt Disney Co......................... 64,292 2,660,082
America Online, Inc.*.................. 26,502 1,782,259
CBS Corp.*............................. 23,758 1,345,297
Comcast Corp., Special Class A......... 27,474 1,191,685
Viacom, Inc., Class B.................. 21,718 1,145,624
Cox Communications, Inc., Class A...... 22,023 1,068,116
Seagram Co., Ltd....................... 15,148 901,306
Anheuser-Busch Cos., Inc............... 14,350 893,287
McDonald's Corp........................ 20,923 785,920
Clear Channel Communications, Inc.*.... 10,504 725,433
Gannett Co., Inc....................... 9,706 683,060
News Corp., Ltd., Sponsored ADR........ 11,793 663,356
Cendant Corp.*......................... 28,081 519,498
AMFM, Inc.*............................ 8,153 506,505
Carnival Corp.......................... 18,830 467,219
Harley-Davidson, Inc................... 5,879 466,646
At Home Corp., Series A................ 13,386 440,901
Philip Morris Cos., Inc................ 17,972 379,658
McGraw-Hill Cos., Inc.................. 7,592 345,436
Tribune Co............................. 9,210 336,741
Starbucks Corp.*....................... 7,057 316,242
Marriott International, Inc.,
Class A.............................. 9,480 298,620
New York Times Co., Class A............ 6,616 284,074
USA Networks, Inc.*.................... 10,600 239,162
Tricon Global Restaurants, Inc.*....... 5,998 186,313
Royal Caribbean Cruises, Ltd........... 6,598 184,744
Dun & Bradstreet Corp.................. 6,230 178,334
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
------ ----------
<S> <C> <C>
Electronic Arts, Inc.*................. 2,494 $ 177,542
Mattel, Inc............................ 16,240 169,505
Metro-Goldwyn-Mayer, Inc............... 5,886 149,725
Mirage Resorts, Inc.*.................. 7,477 144,867
Park Place Entertainment Corp.*........ 11,748 135,836
Hasbro, Inc............................ 7,578 125,037
Hilton Hotels Corp..................... 14,319 110,972
MGM Grand, Inc......................... 4,406 105,744
Wendy's International, Inc............. 4,628 93,428
Harrah's Entertainment, Inc.*.......... 4,993 92,683
Darden Restaurants, Inc................ 4,975 88,617
Galileo International, Inc............. 3,512 84,508
----------
Total Common Stocks
(Cost $23,550,461)............... 23,637,382
----------
<CAPTION>
FACE
AMOUNT
------
<S> <C> <C>
REPURCHASE
AGREEMENTS 1.0%
Repurchase agreements collateralized by
U.S. Treasury Obligations (Note 2):
6.00% due 04/03/00................... $68,733 68,733
6.03% due 04/03/00................... 48,316 48,316
6.05% due 04/03/00................... 125,196 125,196
----------
Total Repurchase Agreements
(Cost $242,245).................. 242,245
----------
Total Investments 100% (Cost
$23,792,706)..................... $23,879,627
==========
</TABLE>
* NON-INCOME PRODUCING SECURITIES
See Notes to Financial Statements. 26
<PAGE>
RYDEX SERIES FUNDS
RETAILING FUND
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
-------- ------------
<S> <C> <C>
COMMON STOCKS 100%
Wal-Mart Stores, Inc........ 484,166 $ 26,871,213
Home Depot, Inc............. 372,052 23,997,354
McDonald's Corp............. 318,256 11,954,491
Gap, Inc.................... 225,002 11,207,912
Target Corp................. 102,993 7,698,727
Lowe's Cos., Inc............ 112,341 6,557,906
Walgreen Co................. 236,516 6,090,287
Costco Wholesale Corp.*..... 104,476 5,491,520
Amazon.com, Inc.*........... 80,101 5,366,767
Best Buy Co., Inc.*......... 60,058 5,164,988
Kohl's Corp.*............... 47,899 4,909,647
CVS Corp.................... 115,140 4,324,946
Circuit City Stores -
Circuit City Group........ 59,807 3,640,751
Sears, Roebuck & Co......... 111,047 3,428,576
Tandy Corp.................. 56,798 2,882,498
May Department Stores Co.... 97,210 2,770,485
Staples, Inc.*.............. 138,034 2,760,680
Limited, Inc................ 63,156 2,660,446
Federated Department
Stores, Inc.*............. 61,700 2,575,975
Starbucks Corp.*............ 53,928 2,416,649
Dollar General Corp......... 77,659 2,087,086
TJX Companies, Inc.......... 91,105 2,021,392
Tiffany & Co................ 21,259 1,777,784
Bed Bath & Beyond, Inc.*.... 41,234 1,623,589
Tricon Global
Restaurants, Inc.*........ 45,297 1,407,038
Kmart Corp.*................ 143,055 1,385,845
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
-------- ------------
<S> <C> <C>
Nordstorm, Inc.............. 39,546 $ 1,166,607
J. C. Penney Co., Inc....... 76,465 1,137,417
Autozone, Inc.*............. 40,601 1,126,678
Office Depot, Inc.*......... 96,716 1,118,279
Family Dollar Stores........ 50,333 1,047,556
Toys R US, Inc.*............ 70,499 1,044,266
Dollar Tree
Stores, Inc.*............. 18,223 949,874
BJ's Wholesale
Club, Inc.*............... 21,599 834,261
Wendy's
International, Inc........ 35,131 709,207
Outback Steakhouse, Inc.*.. 22,034 706,465
Darden Restaurants, Inc..... 37,650 670,641
Ross Stores, Inc............ 26,015 625,986
Saks, Inc.*................. 42,254 612,683
Brinker
International, Inc.*...... 19,123 567,714
Harcourt General, Inc....... 15,178 565,380
Lands' End, Inc.*........... 8,850 544,275
Talbots, Inc................ 9,243 544,182
Intimate Brands, Inc........ 13,040 534,640
Fastenal Co................. 11,136 533,136
Williams-Sonoma, Inc.*...... 16,559 513,329
Dillards, Inc............... 29,614 486,780
Zale Corp.*................. 10,298 485,937
Barnes & Noble, Inc.*....... 20,387 468,901
Payless
Shoesource, Inc.*......... 8,892 461,828
------------
Total Common Stocks
(Cost $168,449,608)... 170,530,574
------------
Total Investments 100%
(Cost $168,449,608)... $170,530,574
============
</TABLE>
* NON-INCOME PRODUCING SECURITIES
See Notes to Financial Statements. 27
<PAGE>
RYDEX SERIES FUNDS
TELECOMMUNICATIONS FUND
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
-------- -----------
<S> <C> <C>
COMMON STOCKS 98.9%
Nokia Corp., Class A,
Sponsored ADR.............. 34,280 $ 7,447,330
Nortel Networks Corp......... 47,092 5,933,592
Lucent Technologies, Inc..... 93,898 5,704,304
Vodafone Group Plc.,
Sponsored ADR.............. 99,791 5,544,638
Telefonaktiebolaget LM
Ericsson Sponsored ADR..... 49,660 4,658,729
QUALCOMM, Inc.*.............. 24,548 3,665,323
MCI WorldCom, Inc.*.......... 74,489 3,375,283
BCE, Inc..................... 22,087 2,770,538
BellSouth Corp............... 55,436 2,605,492
Motorola, Inc................ 14,746 2,099,462
AT&T Corp.................... 37,189 2,091,881
Sprint PCS Group*............ 29,841 1,948,991
SBC Communications, Inc...... 39,734 1,668,828
Nextel Communications, Inc.,
Class A*................... 10,956 1,624,227
Cable & Wireless Plc.,
Sponsored ADR.............. 28,164 1,577,184
Alcatel S.A., Sponsored ADR.. 35,809 1,568,882
Qwest Communications
International, Inc.*....... 25,923 1,257,266
Global Crossing, Ltd.*....... 27,503 1,125,904
British Telecommunications
Plc., Sponsored ADR........ 5,685 1,069,491
Bell Atlantic Corp........... 17,016 1,040,103
Tellabs, Inc.*............... 14,046 884,679
GTE Corp..................... 11,719 832,049
Alltel Corp.................. 11,001 693,751
Sprint Corp., FON Group...... 10,760 677,880
VoiceStream Wireless Corp.*.. 4,981 641,615
Ciena Corp.*................. 4,894 617,256
ADC
Telecommunications, Inc.*.. 10,588 570,429
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
-------- -----------
<S> <C> <C>
U.S. West, Inc............... 6,953 $ 504,889
Telefonos de Mexico, S.A.,
Sponsored ADR.............. 7,017 470,139
McLeodUSA, Inc., Class A*.... 5,425 460,108
NTL, Inc.*................... 4,602 427,123
Scientific-Atlanta, Inc...... 5,390 341,928
NEXTLINK Communications,
Inc., Class A *............ 2,535 313,548
Broadwing, Inc............... 7,378 274,395
PanAmSat Corp.*.............. 5,094 249,925
Teleglobe, Inc............... 8,628 234,574
Telephone and Data Systems,
Inc........................ 1,870 207,570
Newbridge Networks Corp.*.... 6,058 196,507
CenturyTel, Inc.............. 4,766 176,938
Advanced Fibre
Communication*............. 2,654 166,373
RCN Corp.*................... 2,604 140,291
United States Cellular
Corp.*..................... 1,862 132,202
Western Wireless Corp.*...... 2,382 109,126
ECI Telecom, Ltd............. 3,126 98,078
Mitel Corp.*................. 3,982 97,808
Millicom International
Cellular SA*............... 1,664 94,952
Loral Space &
Communications*............ 8,355 85,117
Adtran, Inc.*................ 1,347 80,062
Tekelec*..................... 1,893 70,278
Andrew Corp.*................ 2,743 62,746
Aspect Communications
Corp.*..................... 1,660 61,524
Globalstar
Telecommunication*......... 3,312 45,954
-----------
Total Common Stocks (Cost
$46,082,637)........... 68,797,262
-----------
</TABLE>
* NON-INCOME PRODUCING SECURITIES
See Notes to Financial Statements. 28
<PAGE>
RYDEX SERIES FUNDS
TELECOMMUNICATIONS FUND
SCHEDULE OF INVESTMENTS (CONCLUDED)
--------------------------------------------------------------------------------
March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
FACE VALUE
AMOUNT (NOTE 1)
-------- -----------
<S> <C> <C>
REPURCHASE
AGREEMENTS 1.1%
Repurchase Agreements Collateralized by U.S. Treasury
Obligations (Note 2):
6.00% due 04/03/00........................................ $220,781 $ 220,781
6.03% due 04/03/00........................................ 155,196 155,196
6.05% due 04/03/00........................................ 402,151 402,151
-----------
Total Repurchase Agreements
(Cost $778,128)....................................... 778,128
-----------
Total Investments 100% (Cost $46,860,765)............... $69,575,390
===========
</TABLE>
* NON-INCOME PRODUCING SECURITIES
See Notes to Financial Statements. 29
<PAGE>
RYDEX SERIES FUNDS
TRANSPORTATION FUND
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
--------- -----------
<S> <C> <C>
COMMON STOCKS 99.2%
FedEx Corp.*........................... 226,209 $ 8,822,151
Southwest Airlines Co.................. 393,533 8,190,406
Union Pacific Corp..................... 145,439 5,690,301
Burlington Northern Santa Fe Corp...... 249,541 5,521,095
United Parcel Service, Inc.,
Class B.............................. 85,348 5,376,924
Delta Air Lines, Inc................... 100,482 5,350,666
TRW, Inc............................... 80,901 4,732,709
Kansas City Southern
Industries, Inc...................... 51,735 4,445,977
Canadian National Railway Co........... 157,742 4,209,740
AMR Corp.*............................. 115,298 3,675,124
Dana Corp.............................. 128,341 3,617,612
Genuine Parts Co....................... 137,930 3,293,079
Norfolk Southern Corp.................. 222,709 3,201,442
Sabre Holdings Corp.................... 83,485 3,083,727
PACCAR, Inc............................ 61,183 3,059,150
CSX Corp............................... 127,751 3,002,148
Goodyear Tire & Rubber Co.............. 121,978 2,843,612
UAL Corp.*............................. 41,756 2,500,141
Magna International, Inc., Class A..... 61,756 2,470,240
Navistar International Corp. .......... 48,505 1,946,263
Expeditors International of
Washington, Inc...................... 39,355 1,564,361
US Airways Group, Inc.*................ 55,749 1,550,519
Northwest Airlines Corp.*.............. 66,267 1,499,291
Lear Corp.*............................ 52,348 1,472,287
GATX Corp.............................. 38,349 1,457,262
CNF Transportation, Inc................ 37,740 1,047,285
Swift Transporation Co., Inc.*......... 50,190 1,028,895
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
--------- -----------
<S> <C> <C>
Federal-Mogul Corp..................... 57,596 $ 961,133
Airborne Freight Corp.................. 37,948 910,752
Borg-Warner Automotive, Inc............ 21,095 830,616
Newport News Shipbuilding, Inc......... 25,723 778,121
USFreightways Corp..................... 20,659 773,411
Skywest, Inc........................... 19,215 751,787
Cooper Tire & Rubber Co................ 59,172 743,348
Atlas Air, Inc.*....................... 26,791 733,404
Superior Industries
International, Inc................... 20,792 658,846
Werner Enterprises, Inc................ 37,061 630,037
Alaska Airgroup, Inc.*................. 20,458 615,019
Tower Automotive, Inc.*................ 36,572 598,867
EGL, Inc.*............................. 22,492 525,750
-----------
Total Common Stocks
(Cost $102,662,054).............. 104,163,498
-----------
<CAPTION>
FACE
AMOUNT
---------
<S> <C> <C>
REPURCHASE
AGREEMENTS 0.8%
Repurchase Agreements
Collateralized by U.S.
Treasury Obligations (Note 2):
6.00% due 04/03/00................... $ 229,022 229,022
6.03% due 04/03/00................... 160,988 160,988
6.05% due 04/03/00................... 417,160 417,160
-----------
Total Repurchase Agreements
(Cost $807,170).................. 807,170
-----------
Total Investments 100%
(Cost $103,469,224).............. $104,970,668
===========
</TABLE>
* NON-INCOME PRODUCING SECURITIES
See Notes to Financial Statements. 30
<PAGE>
RYDEX SERIES FUNDS
ENERGY SERVICES FUND
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
------- ----------
<S> <C> <C>
COMMON STOCKS 98.0%
Schlumberger Ltd....................... 166,832 $12,762,648
Halliburton Co......................... 250,888 10,286,408
Transocean Sedco Forex, Inc............ 112,865 5,791,385
Baker Hughes, Inc...................... 166,480 5,036,020
Weatherford International, Inc.*....... 84,092 4,956,172
BJ Services Co.*....................... 59,395 4,387,806
Noble Drilling Corp.*.................. 102,259 4,237,357
Nabors Industries, Inc.*............... 105,734 4,103,801
Diamond Offshore Drilling, Inc. ....... 100,544 4,015,476
ENSCO International, Inc............... 107,006 3,865,592
Global Marine, Inc.*................... 135,697 3,443,311
R & B Falcon Corp.*.................... 150,642 2,965,764
Smith International, Inc.*............. 38,055 2,949,262
Cooper Cameron Corp.*.................. 41,956 2,805,808
Rowan Cos., Inc.*...................... 71,633 2,108,696
National-Oilwell, Inc.*................ 45,325 1,399,409
Tidewater, Inc......................... 43,286 1,377,036
Eastern Enterprises.................... 21,021 1,258,632
Marine Drilling Co., Inc.*............. 44,488 1,220,640
Helmerich & Payne, Inc................. 38,632 1,197,592
Pride International, Inc.*............. 47,002 1,072,233
Global Industries Ltd.*................ 70,912 1,037,088
Varco International, Inc.*............. 50,782 641,123
Tuboscope, Inc.*....................... 34,743 590,631
Veritas DGC, Inc.*..................... 19,886 559,294
SEACOR SMIT, Inc.*..................... 8,777 529,911
Newpark Resources, Inc.*............... 54,555 436,440
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
------- ----------
<S> <C> <C>
McDermott International, Inc........... 46,324 $ 425,602
Western Gas
Resources, Inc....................... 25,015 397,113
Houston Exploration Co.*............... 18,609 334,962
Oceaneering International, Inc.*....... 17,705 331,969
CARBO Ceramics, Inc.................... 11,360 319,500
Parker Drilling Co.*................... 60,118 300,590
Input/Output, Inc.*.................... 39,445 241,601
----------
Total Common Stocks
(Cost $67,811,412)............... 87,386,872
----------
<CAPTION>
FACE
AMOUNT
-------
<S> <C> <C>
REPURCHASE
AGREEMENTS 2.0%
Repurchase Agreements Collateralized by
U.S. Treasury Obligations (Note 2):
6.00% due 04/03/00................... $494,655 494,655
6.03% due 04/03/00................... 347,714 347,714
6.05% due 04/03/00................... 901,010 901,010
----------
Total Repurchase
Agreements
(Cost $1,743,379)................ 1,743,379
----------
Total Investments 100% (Cost
$69,554,791)..................... $89,130,251
==========
</TABLE>
* NON-INCOME PRODUCING SECURITIES
See Notes to Financial Statements. 31
<PAGE>
RYDEX SERIES FUNDS
BANKING FUND
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
-------- -----------
<S> <C> <C>
COMMON STOCKS 99.0%
BankAmerica Corp............. 126,156 $ 6,615,305
Chase Manhattan Corp......... 70,868 6,178,804
Wells Fargo Co............... 141,116 5,776,936
First Union Corp............. 101,847 3,793,801
Bank One Corp................ 98,546 3,387,519
Fleet Boston Financial
Corp....................... 73,157 2,670,231
Bank of New York
Co., Inc................... 63,467 2,637,847
J. P. Morgan & Co., Inc...... 14,878 1,960,177
Firstar Corp................. 83,785 1,921,818
Fifth Third Bancorp.......... 26,140 1,646,820
SunTrust Banks, Inc.......... 26,368 1,522,752
U.S. Bancorp................. 64,809 1,417,697
State Street Corp............ 13,745 1,331,547
Washington Mutual, Inc....... 49,604 1,314,506
Northern Trust Corp.......... 19,153 1,294,025
Mellon Bank Corp............. 43,798 1,292,041
Wachovia Corp................ 17,421 1,177,006
PNC Financial Services
Group...................... 25,287 1,139,495
National City Corp........... 52,162 1,075,841
BB&T Corp.................... 29,853 837,750
KeyCorp...................... 38,377 729,163
Comerica, Inc................ 13,418 561,879
Marshall & Ilsley Corp....... 9,138 527,720
Synovus Financial Corp....... 24,006 453,113
Huntington
Bancshares, Inc............ 19,348 432,911
Golden West Financial Corp... 13,865 432,415
Regions Financial Corp....... 18,759 427,940
Summit Bancorp............... 14,909 391,361
UnionBanCal Corp............. 14,125 389,320
Charter One
Financial, Inc............. 18,203 382,263
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
-------- -----------
<S> <C> <C>
Union Planters Corp.......... 12,100 $ 372,831
Southtrust Corp.............. 14,420 366,809
Old Kent Financial Corp...... 10,460 337,989
Zions Bancorp................ 7,336 305,361
North Fork Bancorp., Inc..... 15,205 271,789
Popular, Inc................. 11,708 259,771
AmSouth BanCorp.............. 16,777 250,606
First Tennessee National
Corp....................... 11,210 227,703
First Security Corp.......... 16,795 201,540
-----------
Total Common Stocks
(Cost $53,154,661)..... 56,314,402
-----------
<CAPTION>
FACE
AMOUNT
--------
<S> <C> <C>
REPURCHASE
AGREEMENTS 1.0%
Repurchase Agreements
Collateralized by U.S.
Treasury Obligations
(Note 2):
6.00% due 04/03/00......... $156,936 156,936
6.03% due 04/03/00......... 110,316 110,316
6.05% due 04/03/00......... 285,855 285,855
-----------
Total Repurchase
Agreements
(Cost $553,107)........ 553,107
-----------
Total Investments 100%
(Cost $53,707,768)..... $56,867,509
===========
</TABLE>
See Notes to Financial Statements. 32
<PAGE>
RYDEX SERIES FUNDS
BIOTECHNOLOGY FUND
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
--------- -----------
<S> <C> <C>
COMMON STOCKS 99.0%
Amgen, Inc.*........................... 1,434,726 $88,056,308
Immunex Corp.*......................... 1,078,512 68,418,105
MedImmune, Inc.*....................... 217,561 37,882,809
Biogen, Inc.*.......................... 458,005 32,003,099
Chiron Corp.*.......................... 466,665 23,274,917
Millennium Pharmaceuticals, Inc.*...... 154,376 20,049,583
Idec Pharmaceuticals Corp.*............ 145,615 14,306,674
Affymetrix, Inc.*...................... 90,021 13,362,492
Human Genome Sciences, Inc.*........... 159,000 13,206,938
Andrx Corp.*........................... 107,981 12,471,806
Genzyme Corp. - General Division*...... 216,534 10,853,767
Gilead Sciences, Inc.*................. 150,798 9,556,823
Incyte Pharmaceuticals, Inc.*.......... 97,893 8,559,519
Alkermes, Inc.*........................ 90,130 8,337,025
BioChem Pharma, Inc.*.................. 277,150 6,131,944
Enzo Biochem, Inc.*.................... 86,117 6,071,249
COR Therapeutics, Inc.*................ 86,857 5,725,776
ICOS Corp.*............................ 151,754 5,482,113
Protein Design Labs, Inc.*............. 64,216 5,105,172
Enzon, Inc.*........................... 131,140 4,942,339
Inhale Therapeutic Systems, Inc.*...... 58,479 4,356,686
Transkaryotic Therapies, Inc.*......... 78,029 4,340,363
ALZA Corp.*............................ 112,911 4,241,220
Cephalon, Inc.*........................ 111,948 4,198,050
Vertex Pharmaceuticals, Inc.*.......... 89,284 4,179,607
Immunomedics, Inc.*.................... 160,374 4,139,654
SuperGen, Inc.*........................ 85,616 4,109,568
Alexion Pharmaceuticals, Inc.*......... 50,519 3,523,700
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
--------- -----------
<S> <C> <C>
Sicor, Inc.*........................... 306,177 $ 3,176,586
EntreMed, Inc.*........................ 50,810 3,010,492
Pharmacyclics, Inc.*................... 52,237 2,908,948
Ligand Pharmaceuticals, Inc.,
Class B*............................. 161,047 2,858,584
Bio-Technology General Corp.*.......... 182,814 2,833,617
Amylin Pharmaceuticals, Inc.*.......... 186,642 2,531,332
Alliance Pharmaceutical Corp.*......... 162,319 2,424,640
Cell Genesys, Inc.*.................... 111,941 2,385,743
Liposome Co., Inc.*.................... 134,624 2,351,713
Maxim Pharmaceuticals, Inc.*........... 49,349 2,316,319
Vical, Inc.*........................... 66,049 2,212,641
Cytogen Corp.*......................... 247,010 2,145,899
Myriad Genetics, Inc.*................. 35,237 2,123,029
Triangle Pharmaceuticals, Inc.*........ 129,831 2,044,838
Hyseq, Inc.*........................... 45,037 2,009,776
Coulter Pharmaceutical, Inc.*.......... 58,232 1,776,076
Aphton Corp.*.......................... 52,638 1,756,793
Geron Corp.*........................... 58,004 1,609,611
Genome Therapeutics Corp.*............. 67,429 1,588,796
Neurogen Corp.*........................ 51,045 1,576,014
Biomira, Inc.*......................... 153,222 1,560,949
Aviron*................................ 54,891 1,526,656
XOMA Ltd.*............................. 191,939 1,487,527
Isis Pharmaceuticals, Inc.*............ 103,389 1,453,908
Genzyme Transgenics Corp.*............. 71,969 1,439,380
Regeneron Pharmaceuticals, Inc.*....... 47,860 1,414,861
</TABLE>
* NON-INCOME PRODUCING SECURITIES
See Notes to Financial Statements. 33
<PAGE>
RYDEX SERIES FUNDS
BIOTECHNOLOGY FUND
SCHEDULE OF INVESTMENTS (CONCLUDED)
--------------------------------------------------------------------------------
March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
--------- -----------
<S> <C> <C>
Advanced Tissue Sciences, Inc.*........ 195,553 $ 1,319,983
PathoGenesis Corp.*.................... 56,825 1,292,769
Organogenesis, Inc.*................... 105,262 1,269,723
Creative BioMolecules, Inc.*........... 124,838 1,236,676
Immune Response Corp.*................. 89,576 1,030,124
Texas Biotechnology Corp.*............. 70,981 1,015,916
Geltex Pharmaceuticals, Inc.*.......... 58,346 977,296
Miravant Medical Technologies*......... 62,246 968,703
Vivus, Inc.*........................... 111,867 926,399
Algo Pharmaceuticals Corp.*............ 60,132 864,398
Genelabs Technologies, Inc.*........... 136,687 845,751
CryoLife, Inc.*........................ 42,318 761,724
Martek Biosciences Corp.*.............. 57,067 749,004
Diacrin, Inc.*......................... 49,901 601,931
ArQule, Inc.*.......................... 44,356 598,806
Genzyme Corp. - Tissue Repair*......... 88,218 584,444
LA Jolla Pharamaceutical Co.*.......... 70,031 459,578
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
--------- -----------
<S> <C> <C>
Serologicals Corp.*.................... 77,065 $ 419,041
Scios, Inc.*........................... 79,748 413,693
-----------
Total Common Stocks
(Cost $355,609,812).............. 497,747,993
-----------
<CAPTION>
FACE
AMOUNT
---------
<S> <C> <C>
REPURCHASE
AGREEMENTS 1.0%
Repurchase Agreements Collateralized by
U.S. Treasury Obligations (Note 2):
6.00% due 04/03/00................... $1,485,111 1,485,111
6.03% due 04/03/00................... 1,043,946 1,043,946
6.05% due 04/03/00................... 2,705,114 2,705,114
-----------
Total Repurchase Agreements
(Cost $5,234,171)................ 5,234,171
-----------
Total Investments 100%
(Cost $360,843,983).............. $502,982,164
===========
</TABLE>
* NON-INCOME PRODUCING SECURITIES
See Notes to Financial Statements. 34
<PAGE>
RYDEX SERIES FUNDS
ELECTRONICS FUND
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
--------- -----------
<S> <C> <C>
COMMON STOCKS 99.0%
Intel Corp............................. 265,273 $34,999,456
Texas Instruments, Inc................. 166,479 26,636,640
EMC Corp.*............................. 212,798 26,599,750
Motorola, Inc.......................... 146,194 20,814,371
JDS Uniphase Corp.*.................... 146,566 17,670,363
Applied Materials, Inc.*............... 150,800 14,212,900
Broadcom Corp., Class A*............... 43,186 10,488,800
Micron Technology, Inc.*............... 74,446 9,380,196
Analog Devices, Inc.*.................. 102,968 8,295,359
PMC-Sierra, Inc.*...................... 40,100 8,167,869
Xilinx, Inc.*.......................... 93,619 7,752,823
Solectron Corp.*....................... 172,845 6,924,603
LSI Logic Corp.*....................... 89,038 6,466,385
Maxim Integrated Products, Inc.*....... 81,656 5,802,679
Altera Corp.*.......................... 58,533 5,224,070
Linear Technology Corp................. 91,996 5,059,780
Applied Micro Circuits Corp.*.......... 32,185 4,829,762
STMicroelectronics, N.V................ 25,604 4,792,749
ASM Lithography Holding, N. V.*........ 41,103 4,593,260
KLA Tencor Corp.*...................... 53,636 4,518,833
Vitesse Semiconductor Corp.*........... 46,052 4,432,505
Teradyne, Inc.*........................ 49,752 4,092,102
Seagate Technology, Inc.*.............. 63,615 3,832,804
Atmel Corp.*........................... 63,533 3,279,891
National Semiconductor Corp.*.......... 50,865 3,083,691
Sanmina Corp.*......................... 37,700 2,547,106
Advanced Micro Devices, Inc.*.......... 44,145 2,519,024
Flextronics International, Ltd.*....... 34,046 2,398,115
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
--------- -----------
<S> <C> <C>
SCI Systems, Inc.*..................... 41,885 $ 2,253,937
Sandisk Corp.*......................... 18,149 2,223,252
Symbol Technologies, Inc............... 26,074 2,146,216
Rambus, Inc.*.......................... 6,931 2,041,179
AVX Corp............................... 25,751 1,952,248
Novellus Systems, Inc.*................ 34,541 1,938,614
Molex, Inc............................. 29,575 1,737,531
Cypress Semiconductor Corp.*........... 33,152 1,634,808
LAM Research Corp.*.................... 35,825 1,614,364
Microchip Technology, Inc.*............ 22,572 1,484,109
Taiwan Semiconductor, Sponsored ADR.... 24,417 1,391,769
Vishay Intertechnology, Inc.*.......... 22,044 1,226,198
DII Group, Inc.*....................... 10,641 1,203,098
Micrel, Inc.*.......................... 12,311 1,181,856
Integrated Device Tech, Inc.*.......... 27,022 1,070,747
Arrow Electronics, Inc.*............... 27,777 979,139
Lattice Semiconductor Corp.*........... 14,273 966,104
Credence Systems Corp.*................ 7,410 927,176
Burr-Brown Corp.*...................... 16,863 916,926
Avnet, Inc............................. 12,684 799,092
Kemet Corp.*........................... 12,239 774,117
Tektronix, Inc......................... 13,674 765,744
ASE Test, Ltd.*........................ 22,727 659,083
Dallas Semiconductor Corp.............. 16,975 596,247
Quantum Corp.*......................... 46,473 554,771
Thomas & Betts Corp.................... 16,731 472,651
Storage Technology Corp.*.............. 28,807 459,112
CTS Corp............................... 7,966 454,062
-----------
Total Common Stocks
(Cost $165,163,728).............. 293,840,036
-----------
</TABLE>
* NON-INCOME PRODUCING SECURITIES
See Notes to Financial Statements. 35
<PAGE>
RYDEX SERIES FUNDS
ELECTRONICS FUND
SCHEDULE OF INVESTMENTS (CONCLUDED)
--------------------------------------------------------------------------------
March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
FACE VALUE
AMOUNT (NOTE 1)
--------- -----------
<S> <C> <C>
REPURCHASE
AGREEMENTS 1.0%
Repurchase Agreements Collateralized by
U.S. Treasury Obligations (Note 2):
6.00% due 04/03/00................... $ 843,453 $ 843,453
6.03% due 04/03/00................... 592,897 592,897
6.05% due 04/03/00................... 1,536,339 1,536,339
-----------
Total Repurchase Agreements
(Cost $2,972,689)................ 2,972,689
-----------
Total Investments 100%
(Cost $168,136,417).............. $296,812,725
===========
</TABLE>
* NON-INCOME PRODUCING SECURITIES
See Notes to Financial Statements. 36
<PAGE>
RYDEX SERIES FUNDS
PRECIOUS METALS FUND
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES (NOTE 1)
------- ----------
<S> <C> <C>
COMMON STOCKS 99.5%
Barrick Gold Corp...................... 774,658 $12,152,448
Newmont Mining Corp.................... 329,306 7,388,808
Placer Dome, Inc....................... 639,744 5,197,920
Freeport-McMoRan Copper & Gold, Inc.,
Class B.............................. 321,205 3,874,535
Homestake Mining Co.................... 511,354 3,068,124
Anglogold, Ltd., Sponsored ADR......... 111,509 2,676,216
Stillwater Mining Co.*................. 50,067 2,002,680
Battle Mountain Gold Co................ 451,696 875,161
Hecla Mining Co.*...................... 131,208 180,411
Coeur d'Alene Mines Corp.*............. 57,333 168,416
----------
Total Common Stocks
(Cost $36,886,958)............... 37,584,719
----------
<CAPTION>
MARKET
FACE VALUE
AMOUNT (NOTE 1)
------- ----------
<S> <C> <C>
REPURCHASE
AGREEMENTS 0.5%
Repurchase Agreements Collateralized by
U.S. Treasury Obligations (Note 2):
6.00% due 04/03/00................... $54,297 $ 54,297
6.03% due 04/03/00................... 38,167 38,167
6.05% due 04/03/00................... 98,901 98,901
----------
Total Repurchase Agreements
(Cost $191,365).................. 191,365
----------
Total Investments 100%
(Cost $37,078,323)............... $37,776,084
==========
</TABLE>
* NON-INCOME PRODUCING SECURITIES
See Notes to Financial Statements. 37
<PAGE>
RYDEX SERIES FUNDS
STATEMENT OF ASSETS AND LIABILITIES
--------------------------------------------------------------------------------
March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FINANCIAL BASIC
ENERGY SERVICES HEALTH CARE TECHNOLOGY MATERIALS
FUND FUND FUND FUND FUND
----------- ------------ ----------- ------------ -----------
<S> <C> <C> <C> <C> <C>
ASSETS
Repurchase Agreements............................... $ 123,284 $ 1,487,338 $ 250,377 $ 1,086,294 $ 118,567
Investment Securities............................... 18,111,852 272,694,542 31,798,397 119,942,870 21,376,228
----------- ------------ ----------- ------------ -----------
Securities at Value (Note 1) - See Accompanying
Schedules......................................... 18,235,136 274,181,880 32,048,774 121,029,164 21,494,795
Receivable for Securities Sold...................... -- -- -- -- 612,509
Investment Income Receivable........................ 24,891 70,228 11,586 21,033 49,640
Receivable for Shares Purchased..................... 3,771,868 122,597,246 18,201,249 43,690,135 9,005,117
----------- ------------ ----------- ------------ -----------
Total Assets...................................... 22,031,895 396,849,354 50,261,609 164,740,332 31,162,061
----------- ------------ ----------- ------------ -----------
LIABILITIES
Payable for Securities Purchased.................... 3,466,390 119,208,860 12,603,752 39,202,400 6,702,480
Liability for Shares Redeemed....................... 136,965 2,288,050 5,141,264 2,676,192 2,515,780
Investment Advisory Fee Payable..................... 6,769 59,395 20,806 122,027 5,977
Transfer Agent Fee Payable.......................... 1,991 17,469 6,119 35,890 1,758
Distribution and Service Fee Payable................ 663 9,983 6,909 35,332 270
Other Liabilities................................... 6,912 57,372 13,166 129,372 3,368
----------- ------------ ----------- ------------ -----------
Total Liabilities................................. 3,619,690 121,641,129 17,792,016 42,201,213 9,229,633
----------- ------------ ----------- ------------ -----------
NET ASSETS............................................ $18,412,205 $275,208,225 $32,469,593 $122,539,119 $21,932,428
=========== ============ =========== ============ ===========
INVESTOR CLASS:
Net Assets.......................................... $13,980,024 $145,448,671 $30,728,572 $90,001,650 $16,850,570
Shares Outstanding.................................. 1,286,087 15,346,750 2,998,263 2,849,195 2,114,678
Net Asset Value Per Share........................... $10.87 $9.48 $10.25 $31.59 $7.97
ADVISOR CLASS:
Net Assets.......................................... $4,432,181 $129,759,554 $1,741,021 $32,537,469 $5,081,858
Shares Outstanding.................................. 408,862 13,771,984 172,052 1,042,956 641,071
Net Asset Value Per Share........................... $10.84 $9.42 $10.12 $31.20 $7.93
</TABLE>
See Notes to Financial Statements. 38
<PAGE>
RYDEX SERIES FUNDS
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
--------------------------------------------------------------------------------
March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CONSUMER TELE-
PRODUCTS LEISURE RETAILING COMMUNICATIONS TRANSPORTATION
FUND FUND FUND FUND FUND
----------- ----------- ------------ --------------- --------------
<S> <C> <C> <C> <C> <C>
ASSETS
Repurchase Agreements........................... $ 131,742 $ 242,245 $ -- $ 778,128 $ 807,170
Investment Securities........................... 12,036,621 23,637,382 170,530,574 68,797,262 104,163,498
----------- ----------- ------------ --------------- -------------
Securities at Value (Note 1) - See Accompanying
Schedules..................................... 12,168,363 23,879,627 170,530,574 69,575,390 104,970,668
Receivable for Securities Sold.................. -- 197,146 -- 2,347,132 --
Investment Income Receivable.................... 3,882 1,532 12,705 82,739 1,668
Receivable for Shares Purchased................. 4,400,981 69,052 105,392,994 2,363,209 65,123,356
Other Assets.................................... -- -- 6,043 -- 150
----------- ----------- ------------ --------------- -------------
Total Assets.................................. 16,573,226 24,147,357 275,942,316 74,368,470 170,095,842
----------- ----------- ------------ --------------- -------------
LIABILITIES
Payable for Securities Purchased................ 1,730,830 -- 46,008,321 -- 63,661,029
Liability for Shares Redeemed................... 2,493,787 13,179 56,481,916 3,817,128 724,787
Investment Advisory Fee Payable................. 2,456 4,804 16,811 58,995 9,815
Transfer Agent Fee Payable...................... 722 1,413 4,944 17,352 2,887
Distribution and Service Fee Payable............ 108 1,356 1,321 2,863 1,814
Other Liabilities............................... 29,221 4,088 591,913 118,807 5,274
----------- ----------- ------------ --------------- -------------
Total Liabilities............................. 4,257,124 24,840 103,105,226 4,015,145 64,405,606
----------- ----------- ------------ --------------- -------------
NET ASSETS........................................ $12,316,102 $24,122,517 $172,837,090 $ 70,353,325 $ 105,690,236
=========== =========== ============ =============== =============
INVESTOR CLASS:
Net Assets...................................... $9,181,328 $5,563,327 $81,096,810 $66,903,861 $18,501,021
Shares Outstanding.............................. 1,214,273 501,281 6,136,724 3,280,424 2,965,090
Net Asset Value Per Share....................... $7.56 $11.10 $13.22 $20.39 $6.24
ADVISOR CLASS:
Net Assets...................................... $3,134,774 $18,559,190 $91,740,280 $3,449,464 $87,189,215
Shares Outstanding.............................. 417,975 1,696,370 6,960,508 171,371 14,151,795
Net Asset Value Per Share....................... $7.50 $10.94 $13.18 $20.13 $6.16
</TABLE>
See Notes to Financial Statements. 39
<PAGE>
RYDEX SERIES FUNDS
STATEMENT OF ASSETS AND LIABILITIES (CONCLUDED)
--------------------------------------------------------------------------------
March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ENERGY BIO- PRECIOUS
SERVICES BANKING TECHNOLOGY ELECTRONICS METALS
FUND FUND FUND FUND FUND
----------- ----------- ------------ ------------ -----------
<S> <C> <C> <C> <C> <C>
ASSETS
Repurchase Agreements............................... $ 1,743,379 $ 553,107 $ 5,234,171 $ 2,972,689 $ 191,365
Investment Securities............................... 87,386,872 56,314,402 497,747,993 293,840,036 37,584,719
----------- ----------- ------------ ------------ -----------
Securities at Value (Note 1) - See Accompanying
Schedules......................................... 89,130,251 56,867,509 502,982,164 296,812,725 37,776,084
Receivable for Securities Sold...................... -- -- -- -- 1,116,034
Investment Income Receivable........................ 29,334 26,169 1,049 39,566 86,676
Receivable for Shares Purchased..................... 5,273,870 3,726,437 17,337,455 18,556,730 839,467
----------- ----------- ------------ ------------ -----------
Total Assets...................................... 94,433,455 60,620,115 520,320,668 315,409,021 39,818,261
----------- ----------- ------------ ------------ -----------
LIABILITIES
Payable for Securities Purchased.................... 2,457,845 2,217,399 13,220,494 4,681,696 --
Liability for Shares Redeemed....................... 2,737,958 940,081 3,800,427 10,590,126 1,958,334
Investment Advisory Fee Payable..................... 43,092 17,633 606,834 306,450 24,456
Transfer Agent Fee Payable.......................... 12,674 5,186 178,481 90,132 8,152
Distribution and Service Fee Payable................ 9,061 2,408 55,683 45,369 --
Other Liabilities................................... 39,894 19,520 398,669 107,709 47,370
----------- ----------- ------------ ------------ -----------
Total Liabilities................................. 5,300,524 3,202,227 18,260,588 15,821,482 2,038,312
----------- ----------- ------------ ------------ -----------
NET ASSETS............................................ $89,132,931 $57,417,888 $502,060,080 $299,587,539 $37,779,949
=========== =========== ============ ============ ===========
INVESTOR CLASS:
Net Assets.......................................... $54,608,787 $39,546,013 $456,303,287 $274,553,900 $37,779,949
Shares Outstanding.................................. 5,864,771 5,407,060 15,802,659 6,847,248 10,035,200
Net Asset Value Per Share........................... $9.31 $7.31 $28.88 $40.10 $3.76
ADVISOR CLASS:
Net Assets.......................................... $34,524,144 $17,871,875 $45,756,793 $25,033,639 N/A
Shares Outstanding.................................. 3,739,641 2,468,794 1,607,706 631,192
Net Asset Value Per Share........................... $9.23 $7.24 $28.46 $39.66
</TABLE>
See Notes to Financial Statements. 40
<PAGE>
RYDEX SERIES FUNDS
STATEMENT OF OPERATIONS
--------------------------------------------------------------------------------
Year Ended March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FINANCIAL HEALTH BASIC
ENERGY SERVICES CARE TECHNOLOGY MATERIALS
FUND FUND FUND FUND FUND
--------- ------------ ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Interest (Note 1)....................................... $ 3,643 $ 18,864 $ 9,041 $ 59,340 $ 4,746
Dividends, Net of Foreign Taxes Withheld (Note 1)....... 285,683 568,306 225,631 123,118 321,997
Other Income............................................ 1,949 -- -- 329,238 169,485
--------- ------------ ----------- ----------- -----------
Total Income.......................................... 291,275 587,170 234,672 511,696 496,228
--------- ------------ ----------- ----------- -----------
EXPENSES
Advisory Fees (Note 3).................................. 99,495 311,265 215,917 927,380 122,580
Transfer Agent Fees (Note 3)............................ 27,424 91,549 63,505 272,759 36,053
Audit and Outside Services.............................. 2,560 6,475 3,906 13,960 3,589
Accounting Fees (Note 3)................................ 10,746 22,325 21,141 49,249 12,478
Legal................................................... 1,062 2,170 1,634 5,391 1,231
Registration Fees....................................... 3,990 7,298 11,174 17,135 6,646
Custodian Fees.......................................... 30,851 57,130 57,784 97,479 27,316
Distribution Fees--Advisor Class (Note 3)............... 3,436 32,689 19,709 83,224 5,829
Servicing Fees--Advisor Class (Note 3).................. 3,436 32,689 19,709 83,224 5,829
Miscellaneous........................................... 5,020 144,074 3,186 147,734 10,913
--------- ------------ ----------- ----------- -----------
Total Expenses........................................ 188,020 707,664 417,665 1,697,535 232,464
Custodian Fees Paid Indirectly (Note 4)............... 660 2,113 1,458 6,255 825
--------- ------------ ----------- ----------- -----------
Net Expenses.......................................... 187,360 705,551 416,207 1,691,280 231,639
--------- ------------ ----------- ----------- -----------
Net Investment Income (Loss).............................. 103,915 (118,381) (181,535) (1,179,584) 264,589
--------- ------------ ----------- ----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on Investment Securities......... (852,887) (21,466,024) (5,944,978) 31,334,941 (3,917,664)
Net Change in Unrealized Appreciation (Depreciation) on
Investments............................................. 576,502 6,528,169 759,492 29,114,262 624,960
--------- ------------ ----------- ----------- -----------
Net Gain (Loss) on Investments.......................... (276,385) (14,937,855) (5,185,486) 60,449,203 (3,292,704)
--------- ------------ ----------- ----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS..... $(172,470) $(15,056,236) $(5,367,021) $59,269,619 $(3,028,115)
========= ============ =========== =========== ===========
</TABLE>
See Notes to Financial Statements. 41
<PAGE>
RYDEX SERIES FUNDS
STATEMENT OF OPERATIONS (CONTINUED)
--------------------------------------------------------------------------------
Year Ended March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CONSUMER TELE-
PRODUCTS LEISURE RETAILING COMMUNICATIONS TRANSPORTATION
FUND FUND FUND FUND FUND
----------- ----------- ----------- --------------- --------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Interest (Note 1)................................. $ 7,526 $ 1,699 $ 7,857 $ 38,107 $ 1,674
Dividends, Net of Foreign Taxes Withheld
(Note 1)........................................ 143,234 27,568 99,076 587,855 59,497
Other Income...................................... -- 56,074 27,211 -- --
----------- ----------- ----------- --------------- -------------
Total Income.................................... 150,760 85,341 134,144 625,962 61,171
----------- ----------- ----------- --------------- -------------
EXPENSES
Advisory Fees (Note 3).............................. 102,097 48,812 147,554 586,872 48,417
Transfer Agent Fees (Note 3)........................ 30,539 14,356 43,398 173,135 14,240
Audit and Outside Services.......................... 2,345 1,076 4,048 8,503 1,001
Accounting Fees (Note 3)............................ 9,756 5,154 13,138 39,353 4,552
Legal............................................... 983 410 1,741 3,397 375
Registration Fees................................... 2,119 1,443 5,128 10,543 1,710
Custodian Fees...................................... 19,932 15,211 37,713 69,824 13,222
Distribution Fees--Advisor Class (Note 3)........... 24,233 4,791 16,378 56,233 2,297
Servicing Fees--Advisor Class (Note 3).............. 24,233 4,791 16,378 56,233 2,297
Miscellaneous....................................... 21,781 3,547 8,897 158,975 18,360
----------- ----------- ----------- --------------- -------------
Total Expenses.................................. 238,018 99,591 294,373 1,163,068 106,471
Custodian Fees Paid Indirectly (Note 4)......... 688 327 999 3,971 327
----------- ----------- ----------- --------------- -------------
Net Expenses.................................... 237,330 99,264 293,374 1,159,097 106,144
----------- ----------- ----------- --------------- -------------
Net Investment Loss................................. (86,570) (13,923) (159,230) (533,135) (44,973)
----------- ----------- ----------- --------------- -------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on Investment Securities... (3,394,356) (3,349,492) 9,078,600 16,564,307 (1,666,272)
Net Change in Unrealized Appreciation (Depreciation)
on Investments.................................... (318,356) (901,853) (6,938,229) 19,910,114 1,238,395
----------- ----------- ----------- --------------- -------------
Net Gain (Loss) on Investments.................... (3,712,712) (4,251,345) 2,140,371 36,474,421 (427,877)
----------- ----------- ----------- --------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS........................................ $(3,799,282) $(4,265,268) $ 1,981,141 $ 35,941,286 $ (472,850)
=========== =========== =========== =============== =============
</TABLE>
See Notes to Financial Statements. 42
<PAGE>
RYDEX SERIES FUNDS
STATEMENT OF OPERATIONS (CONCLUDED)
--------------------------------------------------------------------------------
Year Ended March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ENERGY PRECIOUS
SERVICES BANKING BIOTECHNOLOGY ELECTRONICS METALS
FUND FUND FUND FUND FUND
----------- ------------ ------------- ------------ ------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Interest (Note 1)................................. $ 24,610 $ 7,549 $ 137,832 $ 74,488 $ 31,875
Dividends, Net of Foreign Taxes Withheld
(Note 1)........................................ 286,347 398,606 9,634 132,100 295,887
Other Income...................................... -- -- 41,620 26,666 --
----------- ------------ ------------- ------------ ------------
Total Income.................................... 310,957 406,155 189,086 233,254 327,762
----------- ------------ ------------- ------------ ------------
EXPENSES
Advisory Fees (Note 3)............................ 350,059 149,100 1,983,545 1,148,841 276,528
Transfer Agent Fees (Note 3)...................... 102,958 43,853 583,396 337,892 75,371
Audit and Outside Services........................ 9,401 2,778 29,048 15,498 6,353
Accounting Fees (Note 3).......................... 30,584 12,181 62,215 48,927 30,309
Legal............................................. 3,737 998 8,147 5,348 2,357
Registration Fees................................. 13,343 3,809 26,087 20,162 8,268
Custodian Fees.................................... 58,813 30,896 144,883 85,231 27,804
Distribution Fees--Advisor Class (Note 3)......... 20,196 17,111 134,784 94,298 --
Servicing Fees--Advisor Class (Note 3)............ 20,196 17,111 134,784 94,298 --
Miscellaneous..................................... 92,985 31,613 483,282 76,249 26,697
----------- ------------ ------------- ------------ ------------
Total Expenses.................................. 702,272 309,450 3,590,171 1,926,744 453,687
Custodian Fees Paid Indirectly (Note 4)......... 2,369 1,005 13,410 7,787 2,111
----------- ------------ ------------- ------------ ------------
Net Expenses.................................... 699,903 308,445 3,576,761 1,918,957 451,576
----------- ------------ ------------- ------------ ------------
Net Investment Income (Loss)........................ (388,946) 97,710 (3,387,675) (1,685,703) (123,814)
----------- ------------ ------------- ------------ ------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on Investment Securities... (8,199,128) (11,496,684) (54,111,549) 9,632,774 (16,292,915)
Net Change in Unrealized Appreciation (Depreciation)
on Investments.................................... 9,819,662 2,857,006 135,921,230 123,021,801 (834,336)
----------- ------------ ------------- ------------ ------------
Net Gain (Loss) on Investments.................... 1,620,534 (8,639,678) 81,809,681 132,654,575 (17,127,251)
----------- ------------ ------------- ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS........................................ $ 1,231,588 $ (8,541,968) $ 78,422,006 $130,968,872 $(17,251,065)
=========== ============ ============= ============ ============
</TABLE>
See Notes to Financial Statements. 43
<PAGE>
RYDEX SERIES FUNDS
STATEMENT OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ENERGY FUND FINANCIAL SERVICES FUND
------------------------- --------------------------
YEAR PERIOD YEAR PERIOD
ENDED ENDED ENDED ENDED
MARCH 31, MARCH 31, MARCH 31, MARCH 31,
2000 1999* 2000 1999*
----------- ----------- ------------ -----------
<S> <C> <C> <C> <C>
FROM OPERATIONS
Net Investment Income (Loss)....................... $ 103,915 $ 13,918 $ (118,381) $ (42,388)
Net Realized Gain (Loss) on Investments............ (852,887) (2,729,989) (21,466,024) 4,615,491
Net Change in Unrealized Appreciation on
Investments...................................... 576,502 1,133,566 6,528,169 3,040,671
----------- ----------- ------------ -----------
Net Increase (Decrease) in Net Assets
from Operations.................................. (172,470) (1,582,505) (15,056,236) 7,613,774
----------- ----------- ------------ -----------
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 1)
From Realized Gain on Investments
Investor Class................................... -- -- (85,446) --
Advisor Class.................................... -- -- (88,678) --
----------- ----------- ------------ -----------
Total Distributions to Shareholders................ -- -- (174,124) --
----------- ----------- ------------ -----------
NET INCREASE IN NET ASSETS FROM SHARE
TRANSACTIONS (NOTE 7).............................. 533,548 19,633,632 246,886,721 35,938,090
----------- ----------- ------------ -----------
Net Increase in Net Assets......................... 361,078 18,051,127 231,656,361 43,551,864
NET ASSETS--BEGINNING OF PERIOD...................... 18,051,127 -- 43,551,864 --
----------- ----------- ------------ -----------
NET ASSETS--END OF PERIOD............................ $18,412,205 $18,051,127 $275,208,225 $43,551,864
=========== =========== ============ ===========
</TABLE>
* COMMENCEMENT OF OPERATIONS: APRIL 2, 1998--FINANCIAL SERVICES FUND INVESTOR
CLASS; APRIL 6, 1998--FINANCIAL SERVICES FUND ADVISOR CLASS; APRIL 21,
1998--ENERGY FUND INVESTOR CLASS; MAY 5, 1998--ENERGY FUND ADVISOR CLASS.
See Notes to Financial Statements. 44
<PAGE>
RYDEX SERIES FUNDS
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
HEALTH CARE FUND TECHNOLOGY FUND
------------------------- --------------------------
YEAR PERIOD YEAR PERIOD
ENDED ENDED ENDED ENDED
MARCH 31, MARCH 31, MARCH 31, MARCH 31,
2000 1999* 2000 1999*
----------- ----------- ------------ -----------
<S> <C> <C> <C> <C>
FROM OPERATIONS
Net Investment Loss................................ $ (181,535) $ (186,061) $ (1,179,584) $ (544,718)
Net Realized Gain (Loss) on Investments............ (5,944,978) (343,071) 31,334,941 5,051,570
Net Change in Unrealized Appreciation on
Investments...................................... 759,492 1,841,723 29,114,262 8,049,959
----------- ----------- ------------ -----------
Net Increase (Decrease) in Net Assets
from Operations.................................. (5,367,021) 1,312,591 59,269,619 12,556,811
----------- ----------- ------------ -----------
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 1)
From Realized Gain on Investments
Investor Class................................... (13,006) -- -- --
Advisor Class.................................... (2,122) -- -- --
----------- ----------- ------------ -----------
Total Distributions to Shareholders................ (15,128) -- -- --
----------- ----------- ------------ -----------
NET INCREASE IN NET ASSETS FROM SHARE
TRANSACTIONS (NOTE 7).............................. 23,811,084 12,728,067 36,600,319 14,112,370
----------- ----------- ------------ -----------
Net Increase in Net Assets......................... 18,428,935 14,040,658 95,869,938 26,669,181
NET ASSETS--BEGINNING OF PERIOD...................... 14,040,658 -- 26,669,181 --
----------- ----------- ------------ -----------
NET ASSETS--END OF PERIOD............................ $32,469,593 $14,040,658 $122,539,119 $26,669,181
=========== =========== ============ ===========
</TABLE>
* COMMENCEMENT OF OPERATIONS: APRIL 14, 1998--TECHNOLOGY FUND INVESTOR CLASS;
APRIL 17, 1998--HEALTH CARE FUND INVESTOR CLASS; APRIL 29, 1998--TECHNOLOGY FUND
ADVISOR CLASS; MAY 11, 1998--HEALTH CARE FUND ADVISOR CLASS.
See Notes to Financial Statements. 45
<PAGE>
RYDEX SERIES FUNDS
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
BASIC MATERIALS FUND CONSUMER PRODUCTS FUND
------------------------- -------------------------
YEAR PERIOD YEAR PERIOD
ENDED ENDED ENDED ENDED
MARCH 31, MARCH 31, MARCH 31, MARCH 31,
2000 1999* 2000 1999*
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
FROM OPERATIONS
Net Investment Income (Loss)........................ $ 264,589 $ 27,799 $ (86,570) $ (78,972)
Net Realized Gain (Loss) on Investments............. (3,917,664) (1,963,215) (3,394,356) 156,727
Net Change in Unrealized Appreciation (Depreciation)
on Investments.................................... 624,960 83,202 (318,356) 936,219
----------- ----------- ----------- -----------
Net Increase (Decrease) in Net Assets
from Operations................................... (3,028,115) (1,852,214) (3,799,282) 1,013,974
----------- ----------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 1)
From Realized Gain on Investments
Investor Class.................................... -- -- (44,500) --
Advisor Class..................................... -- -- (738,697) --
----------- ----------- ----------- -----------
Total Distributions to Shareholders................. -- -- (783,197) --
----------- ----------- ----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS (NOTE 7)............................... 22,093,367 4,719,390 (5,333,752) 21,218,359
----------- ----------- ----------- -----------
Net Increase (Decrease) in Net Assets............... 19,065,252 2,867,176 (9,916,231) 22,232,333
NET ASSETS--BEGINNING OF PERIOD....................... 2,867,176 -- 22,232,333 --
----------- ----------- ----------- -----------
NET ASSETS--END OF PERIOD............................. $21,932,428 $ 2,867,176 $12,316,102 $22,232,333
=========== =========== =========== ===========
</TABLE>
* COMMENCEMENT OF OPERATIONS: APRIL 1, 1998--BASIC MATERIALS FUND INVESTOR
CLASS; APRIL 14, 1998--BASIC MATERIALS FUND ADVISOR CLASS; JULY 6,
1998--CONSUMER PRODUCTS FUND INVESTOR CLASS; AUGUST 17, 1998--CONSUMER PRODUCTS
FUND ADVISOR CLASS.
See Notes to Financial Statements. 46
<PAGE>
RYDEX SERIES FUNDS
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
LEISURE FUND RETAILING FUND
------------------------ --------------------------
YEAR PERIOD YEAR PERIOD
ENDED ENDED ENDED ENDED
MARCH 31, MARCH 31, MARCH 31, MARCH 31,
2000 1999* 2000 1999*
----------- ---------- ------------ -----------
<S> <C> <C> <C> <C>
FROM OPERATIONS
Net Investment Loss................................. $ (13,923) $ (41,961) $ (159,230) $ (349,024)
Net Realized Gain (Loss) on Investments............. (3,349,492) 268,558 9,078,600 (2,619,776)
Net Change in Unrealized Appreciation (Depreciation)
on Investments.................................... (901,853) 988,774 (6,938,229) 9,019,195
----------- ---------- ------------ -----------
Net Increase (Decrease) in Net Assets
from Operations................................... (4,265,268) 1,215,371 1,981,141 6,050,395
----------- ---------- ------------ -----------
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 1)
From Realized Gain on Investments
Investor Class.................................... (24,743) -- (49,622) --
Advisor Class..................................... (19,785) -- (33,828) --
----------- ---------- ------------ -----------
Total Distributions to Shareholders................. (44,528) -- (83,450) --
----------- ---------- ------------ -----------
NET INCREASE IN NET ASSETS FROM SHARE
TRANSACTIONS (NOTE 7)............................... 23,628,274 3,588,668 125,382,979 39,506,025
----------- ---------- ------------ -----------
Net Increase in Net Assets.......................... 19,318,478 4,804,039 127,280,670 45,556,420
NET ASSETS--BEGINNING OF PERIOD....................... 4,804,039 -- 45,556,420 --
----------- ---------- ------------ -----------
NET ASSETS--END OF PERIOD............................. $24,122,517 $4,804,039 $172,837,090 $45,556,420
=========== ========== ============ ===========
</TABLE>
* COMMENCEMENT OF OPERATIONS: APRIL 1, 1998--LEISURE FUND INVESTOR CLASS AND
RETAILING FUND INVESTOR CLASS; APRIL 21, 1998--RETAILING FUND ADVISOR CLASS;
JUNE 3, 1998--LEISURE FUND ADVISOR CLASS.
See Notes to Financial Statements. 47
<PAGE>
RYDEX SERIES FUNDS
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TELECOMMUNICATIONS FUND TRANSPORTATION FUND
------------------------- --------------------------
YEAR PERIOD YEAR PERIOD
ENDED ENDED ENDED ENDED
MARCH 31, MARCH 31, MARCH 31, MARCH 31,
2000 1999* 2000 1999*
----------- ----------- ------------ -----------
<S> <C> <C> <C> <C>
FROM OPERATIONS
Net Investment Loss................................ $ (533,135) $ (47,160) $ (44,973) $ (18,703)
Net Realized Gain (Loss) on Investments............ 16,564,307 (526,000) (1,666,272) (2,169,675)
Net Change in Unrealized Appreciation on
Investments...................................... 19,910,114 2,804,511 1,238,395 263,049
----------- ----------- ------------ -----------
Net Increase (Decrease) in Net Assets
from Operations.................................. 35,941,286 2,231,351 (472,850) (1,925,329)
----------- ----------- ------------ -----------
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 1)
From Realized Gain on Investments
Investor Class................................... (20,927) -- -- --
Advisor Class.................................... (3,084) -- -- --
----------- ----------- ------------ -----------
Total Distributions to Shareholders................ (24,011) -- -- --
----------- ----------- ------------ -----------
NET INCREASE IN NET ASSETS FROM SHARE
TRANSACTIONS (NOTE 7).............................. 20,207,309 11,997,390 103,144,182 4,944,233
----------- ----------- ------------ -----------
Net Increase in Net Assets......................... 56,124,584 14,228,741 102,671,332 3,018,904
NET ASSETS--BEGINNING OF PERIOD...................... 14,228,741 -- 3,018,904 --
----------- ----------- ------------ -----------
NET ASSETS--END OF PERIOD............................ $70,353,325 $14,228,741 $105,690,236 $ 3,018,904
=========== =========== ============ ===========
</TABLE>
* COMMENCEMENT OF OPERATIONS: APRIL 1, 1998--TELECOMMUNICATIONS FUND INVESTOR
AND ADVISOR CLASS; APRIL 2, 1998-- TRANSPORTATION FUND INVESTOR CLASS; JUNE 9,
1998--TRANSPORTATION FUND ADVISOR CLASS.
See Notes to Financial Statements. 48
<PAGE>
RYDEX SERIES FUNDS
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ENERGY SERVICES FUND BANKING FUND
-------------------------- -------------------------
YEAR PERIOD YEAR PERIOD
ENDED ENDED ENDED ENDED
MARCH 31, MARCH 31, MARCH 31, MARCH 31,
2000 1999* 2000 1999*
----------- ------------ ------------ ----------
<S> <C> <C> <C> <C>
FROM OPERATIONS
Net Investment Income (Loss)....................... $ (388,946) $ (209,569) $ 97,710 $ 18,923
Net Realized Gain (Loss) on Investments............ (8,199,128) (22,977,833) (11,496,684) 161,995
Net Change in Unrealized Appreciation on
Investments...................................... 9,819,662 9,755,798 2,857,006 302,735
----------- ------------ ------------ ----------
Net Increase (Decrease) in Net Assets
from Operations.................................. 1,231,588 (13,431,604) (8,541,968) 483,653
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 1)............... -- -- -- --
NET INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS (NOTE 7).............................. (8,557,296) 109,890,243 58,129,988 7,346,215
----------- ------------ ------------ ----------
Net Increase (Decrease) in Net Assets.............. (7,325,708) 96,458,639 49,588,020 7,829,868
NET ASSETS--BEGINNING OF PERIOD...................... 96,458,639 -- 7,829,868 --
----------- ------------ ------------ ----------
NET ASSETS--END OF PERIOD............................ $89,132,931 $ 96,458,639 $ 57,417,888 $7,829,868
=========== ============ ============ ==========
</TABLE>
* COMMENCEMENT OF OPERATIONS: APRIL 1, 1998--BANKING FUND INVESTOR AND ADVISOR
CLASS, AND ENERGY SERVICES FUND INVESTOR CLASS; APRIL 2, 1998--ENERGY SERVICES
FUND ADVISOR CLASS.
See Notes to Financial Statements. 49
<PAGE>
RYDEX SERIES FUNDS
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
BIOTECHNOLOGY FUND ELECTRONICS FUND
--------------------------- --------------------------
YEAR PERIOD YEAR PERIOD
ENDED ENDED ENDED ENDED
MARCH 31, MARCH 31, MARCH 31, MARCH 31,
2000 1999* 2000 1999*
------------ ------------ ------------ -----------
<S> <C> <C> <C> <C>
FROM OPERATIONS
Net Investment Loss.............................. $ (3,387,675) $ (53,019) $ (1,685,703) $ (481,527)
Net Realized Gain (Loss) on Investments.......... (54,111,549) (10,986,292) 9,632,774 11,895,141
Net Change in Unrealized Appreciation on
Investments.................................... 135,921,230 6,216,951 123,021,801 5,654,507
------------ ------------ ------------ -----------
Net Increase (Decrease) in Net Assets
from Operations................................ 78,422,006 (4,822,360) 130,968,872 17,068,121
------------ ------------ ------------ -----------
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 1)
From Realized Gain on Investments
Investor Class................................. (107,916) -- -- --
Advisor Class.................................. (16,072) -- -- --
------------ ------------ ------------ -----------
Total Distributions to Shareholders.............. (123,988) -- -- --
------------ ------------ ------------ -----------
NET INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS (NOTE 7)............................ 383,719,101 44,865,321 151,781,114 (230,568)
------------ ------------ ------------ -----------
Net Increase in Net Assets....................... 462,017,119 40,042,961 282,749,986 16,837,553
NET ASSETS--BEGINNING OF PERIOD.................... 40,042,961 -- 16,837,553 --
------------ ------------ ------------ -----------
NET ASSETS--END OF PERIOD.......................... $502,060,080 $ 40,042,961 $299,587,539 $16,837,553
============ ============ ============ ===========
</TABLE>
* COMMENCEMENT OF OPERATIONS: APRIL 1, 1998--BIOTECHNOLOGY FUND INVESTOR AND
ADVISOR CLASS, AND ELECTRONICS FUND INVESTOR CLASS; APRIL 2, 1998--ELECTRONICS
FUND ADVISOR CLASS.
See Notes to Financial Statements. 50
<PAGE>
RYDEX SERIES FUNDS
STATEMENT OF CHANGES IN NET ASSETS (CONCLUDED)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRECIOUS METALS FUND
---------------------------
YEAR YEAR
ENDED ENDED
MARCH 31, MARCH 31,
2000 1999
------------ ------------
<S> <C> <C>
FROM OPERATIONS
Net Investment Loss....................................... $ (123,814) $ (202,340)
Net Realized Loss on Investments.......................... (16,292,915) (12,122,162)
Net Change in Unrealized Depreciation on Investments...... (834,336) (2,802,502)
------------ ------------
Net Decrease in Net Assets from Operations................ (17,251,065) (15,127,004)
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 1)...................... -- --
NET INCREASE IN NET ASSETS FROM SHARE TRANSACTIONS
(NOTE 7).................................................. 28,207,743 7,412,063
------------ ------------
Net Increase (Decrease) in Net Assets..................... 10,956,678 (7,714,941)
NET ASSETS--BEGINNING OF YEAR............................... 26,823,271 34,538,212
------------ ------------
NET ASSETS--END OF YEAR..................................... $ 37,779,949 $ 26,823,271
============ ============
</TABLE>
See Notes to Financial Statements. 51
<PAGE>
RYDEX SERIES FUNDS
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INVESTOR CLASS
-----------------------------------------------------
FINANCIAL
ENERGY SERVICES
FUND FUND
-------------------------- -------------------------
YEAR PERIOD YEAR PERIOD
ENDED ENDED ENDED ENDED
MARCH 31, MARCH 31, MARCH 31, MARCH 31,
2000 1999* 2000 1999*
------------ ------------ ------------ -----------
<S> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:+
NET ASSET VALUE--BEGINNING OF PERIOD... $ 8.99 $10.00 $9.99 $10.00
------------ ------------ ------------ -----------
Net Investment Income (Loss)......... .08 .05 (.01) (.01)
Net Realized and Unrealized Gains
(Losses) on Securities............. 1.80 (1.06) (.49) 0.00
------------ ------------ ------------ -----------
Net Increase (Decrease) in Net Asset
Value Resulting from Operations.... 1.88 (1.01) (.50) (.01)
Distributions to Shareholders from
Net Realized Capital Gain.......... -- -- (.01) --
------------ ------------ ------------ -----------
Net Increase (Decrease) in Net Asset
Value.............................. 1.88 (1.01) (.51) (.01)
------------ ------------ ------------ -----------
NET ASSET VALUE--END OF PERIOD......... $10.87 $ 8.99 $9.48 $ 9.99
============ ============ ============ ===========
TOTAL INVESTMENT RETURN................ 20.91% (10.10)% (4.97)% (0.10)%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses....................... 1.58% 1.62%** 1.72% 1.58%**
Net Expenses......................... 1.57% 1.62%** 1.71% 1.57%**
Net Investment Income (Loss)......... 0.83% 0.69%** (0.15)% (0.07)%**
SUPPLEMENTARY DATA:
Portfolio Turnover Rate***........... 2,854% 6,070% 2,770% 7,269%
Net Assets, End of Period (000's
omitted)........................... $13,980 $17,442 $145,449 $22,165
</TABLE>
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE PERIOD.
* SINCE THE COMMENCEMENT OF OPERATIONS: APRIL 21, 1998--ENERGY FUND;
APRIL 2, 1998--FINANCIAL SERVICES FUND.
** ANNUALIZED
*** PORTFOLIO TURNOVER RATE IS CALCULATED WITHOUT REGARD TO SHORT-TERM
SECURITIES HAVING A MATURITY OF LESS THAN ONE YEAR.
See Notes to Financial Statements. 52
<PAGE>
RYDEX SERIES FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INVESTOR CLASS
-------------------------------------------------
HEALTH CARE FUND TECHNOLOGY FUND
---------------------- -------------------------
YEAR PERIOD YEAR PERIOD
ENDED ENDED ENDED ENDED
MARCH 31, MARCH 31, MARCH 31, MARCH 31,
2000 1999* 2000 1999*
---------- ---------- ------------ -----------
<S> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:+
NET ASSET VALUE--BEGINNING OF PERIOD... $11.45 $10.00 $17.02 $10.00
--------- --------- ------------ -----------
Net Investment Loss.................. (.04) (.02) (.19) (.16)
Net Realized and Unrealized Gains
(Losses) on Securities............. (1.15) 1.47 14.76 7.18
--------- --------- ------------ -----------
Net Increase (Decrease) in Net Asset
Value Resulting from Operations.... (1.19) 1.45 14.57 7.02
Distributions to Shareholders from
Net Realized Capital Gain.......... (.01) -- -- --
--------- --------- ------------ -----------
Net Increase (Decrease) in Net Asset
Value.............................. (1.20) 1.45 14.57 7.02
--------- --------- ------------ -----------
NET ASSET VALUE--END OF PERIOD......... $10.25 $11.45 $31.59 $17.02
========= ========= ============ ===========
TOTAL INVESTMENT RETURN................ (10.44)% 14.50% 85.61% 70.20%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses....................... 1.41% 1.44%** 1.41% 1.39%**
Net Expenses......................... 1.41% 1.43%** 1.40% 1.39%**
Net Investment Loss.................. (0.36)% (0.21)%** (0.85)% (1.23)%**
SUPPLEMENTARY DATA:
Portfolio Turnover Rate***........... 4,850% 4,465% 4,929% 4,598%
Net Assets, End of Period (000's
omitted)........................... $30,729 $14,016 $90,002 $24,400
</TABLE>
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE PERIOD.
* SINCE THE COMMENCEMENT OF OPERATIONS: APRIL 17, 1998--HEALTH CARE FUND;
APRIL 14, 1998--TECHNOLOGY FUND.
** ANNUALIZED
*** PORTFOLIO TURNOVER RATE IS CALCULATED WITHOUT REGARD TO SHORT-TERM
SECURITIES HAVING A MATURITY OF LESS THAN ONE YEAR.
See Notes to Financial Statements. 53
<PAGE>
RYDEX SERIES FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INVESTOR CLASS
-----------------------------------------------------
BASIC MATERIALS FUND CONSUMER PRODUCTS FUND
-------------------------- -------------------------
YEAR PERIOD YEAR PERIOD
ENDED ENDED ENDED ENDED
MARCH 31, MARCH 31, MARCH 31, MARCH 31,
2000 1999* 2000 1999*
------------ ------------ ------------ -----------
<S> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:+
NET ASSET VALUE--BEGINNING OF PERIOD... $7.75 $10.00 $ 9.71 $10.00
------------ ------------ ------------ -----------
Net Investment Income................ .20 -- .04 --
Net Realized and Unrealized Gains
(Losses) on Securities............. .02 (2.25) (1.84) (.29)
------------ ------------ ------------ -----------
Net Increase (Decrease) in Net Asset
Value Resulting from Operations.... .22 (2.25) (1.80) (.29)
Distributions to Shareholders from
Net Realized Capital Gain.......... -- -- (.35) --
------------ ------------ ------------ -----------
Net Increase (Decrease) in Net Asset
Value.............................. .22 (2.25) (2.15) (.29)
------------ ------------ ------------ -----------
NET ASSET VALUE--END OF PERIOD......... $7.97 $ 7.75 $ 7.56 $ 9.71
============ ============ ============ ===========
TOTAL INVESTMENT RETURN................ 2.84% (22.50)% (19.20)% (2.90)%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses....................... 1.54% 1.62%** 1.37% 1.55%**
Net Expenses......................... 1.53% 1.61%** 1.36% 1.54%**
Net Investment Income (Loss)......... 2.21% (0.02)%** 0.49% (0.03)%**
SUPPLEMENTARY DATA:
Portfolio Turnover Rate***........... 3,641% 5,704% 5,466% 1,255%
Net Assets, End of Period (000's
omitted)........................... $16,851 $2,179 $9,181 $1,280
</TABLE>
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE PERIOD.
* SINCE THE COMMENCEMENT OF OPERATIONS: APRIL 1, 1998--BASIC MATERIALS
FUND; JULY 6, 1998--CONSUMER PRODUCTS FUND.
** ANNUALIZED
*** PORTFOLIO TURNOVER RATE IS CALCULATED WITHOUT REGARD TO SHORT-TERM
SECURITIES HAVING A MATURITY OF LESS THAN ONE YEAR.
See Notes to Financial Statements. 54
<PAGE>
RYDEX SERIES FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INVESTOR CLASS
------------------------------------------------
LEISURE FUND RETAILING FUND
---------------------- ------------------------
YEAR PERIOD YEAR PERIOD
ENDED ENDED ENDED ENDED
MARCH 31, MARCH 31, MARCH 31, MARCH 31,
2000 1999* 2000 1999*
---------- ---------- ------------ ----------
<S> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:+
NET ASSET VALUE--BEGINNING OF PERIOD... $11.21 $10.00 $13.54 $10.00
-------- ---------- ------------ ----------
Net Investment Income (Loss)......... .03 (.08) .02 (.10)
Net Realized and Unrealized Gains
(Losses) on Securities............. (.04) 1.29 (.23) 3.64
-------- ---------- ------------ ----------
Net Increase (Decrease) in Net Asset
Value Resulting from Operations.... (.01) 1.21 (.21) 3.54
Distributions to Shareholders from
Net Realized Capital Gain.......... (.10) -- (.11) --
-------- ---------- ------------ ----------
Net Increase (Decrease) in Net Asset
Value.............................. (.11) 1.21 (.32) 3.54
-------- ---------- ------------ ----------
NET ASSET VALUE--END OF PERIOD......... $11.10 $11.21 $13.22 $13.54
======== ========== ============ ==========
TOTAL INVESTMENT RETURN................ (0.07)% 12.10% (1.51)% 35.40%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses....................... 1.58% 1.59%** 1.44% 1.42%**
Net Expenses......................... 1.58% 1.59%** 1.44% 1.42%**
Net Investment Income (Loss)......... 0.30% (0.76)%** 0.16% (0.81)%**
SUPPLEMENTARY DATA:
Portfolio Turnover Rate***........... 5,734% 5,581% 2,537% 3,243%
Net Assets, End of Period (000's
omitted)........................... $5,563 $4,796 $81,097 $45,219
</TABLE>
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE PERIOD.
* SINCE THE COMMENCEMENT OF OPERATIONS: APRIL 1, 1998--LEISURE FUND AND
RETAILING FUND.
** ANNUALIZED
*** PORTFOLIO TURNOVER RATE IS CALCULATED WITHOUT REGARD TO SHORT-TERM
SECURITIES HAVING A MATURITY OF LESS THAN ONE YEAR.
See Notes to Financial Statements. 55
<PAGE>
RYDEX SERIES FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INVESTOR CLASS
---------------------------------------------------
TELECOMMUNICATIONS
FUND TRANSPORTATION FUND
------------------------- ------------------------
YEAR PERIOD YEAR PERIOD
ENDED ENDED ENDED ENDED
MARCH 31, MARCH 31, MARCH 31, MARCH 31,
2000 1999* 2000 1999*
------------ ----------- ----------- -----------
<S> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:+
NET ASSET VALUE--BEGINNING OF PERIOD... $13.03 $10.00 $ 7.99 $10.00
------------ ----------- ----------- -----------
Net Investment Loss.................. (.10) (.04) (.07) (.03)
Net Realized and Unrealized Gains
(Losses) on Securities............. 7.47 3.07 (1.68) (1.98)
------------ ----------- ----------- -----------
Net Increase (Decrease) in Net Asset
Value Resulting from Operations.... 7.37 3.03 (1.75) (2.01)
Distributions to Shareholders from
Net Realized Capital Gain.......... (.01) -- -- --
------------ ----------- ----------- -----------
Net Increase (Decrease) in Net Asset
Value.............................. 7.36 3.03 (1.75) (2.01)
------------ ----------- ----------- -----------
NET ASSET VALUE--END OF PERIOD......... $20.39 $13.03 $ 6.24 $ 7.99
============ =========== =========== ===========
TOTAL INVESTMENT RETURN................ 56.54% 30.30% (21.90)% (20.10)%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses....................... 1.50% 1.56%** 1.97% 1.58%**
Net Expenses......................... 1.49% 1.55%** 1.96% 1.58%**
Net Investment Loss.................. (0.59)% (0.34)%** (0.92)% (0.36)%**
SUPPLEMENTARY DATA:
Portfolio Turnover Rate***........... 1,555% 2,788% 1,970% 7,583%
Net Assets, End of Period (000's
omitted)........................... $66,904 $12,300 $18,501 $3,014
</TABLE>
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE PERIOD.
* SINCE THE COMMENCEMENT OF OPERATIONS: APRIL 1, 1998--TELECOMMUNICATIONS
FUND; APRIL 2, 1998--TRANSPORTATION FUND.
** ANNUALIZED
*** PORTFOLIO TURNOVER RATE IS CALCULATED WITHOUT REGARD TO SHORT-TERM
SECURITIES HAVING A MATURITY OF LESS THAN ONE YEAR.
See Notes to Financial Statements. 56
<PAGE>
RYDEX SERIES FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INVESTOR CLASS
----------------------------------------------
ENERGY SERVICES FUND BANKING FUND
---------------------- ----------------------
YEAR PERIOD YEAR PERIOD
ENDED ENDED ENDED ENDED
MARCH 31, MARCH 31, MARCH 31, MARCH 31,
2000 1999* 2000 1999*
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:+
NET ASSET VALUE--BEGINNING OF PERIOD... $6.02 $10.00 $ 8.77 $10.00
Net Investment Income (Loss)......... (.06) (.07) .07 .01
Net Realized and Unrealized Gains
(Losses) on Securities............. 3.35 (3.91) (1.53) (1.24)
-------- -------- -------- --------
Net Increase (Decrease) in Net Asset
Value Resulting from Operations.... 3.29 (3.98) (1.46) (1.23)
Distributions to Shareholders........ -- -- -- --
-------- -------- -------- --------
Net Increase (Decrease) in Net Asset
Value................................ 3.29 (3.98) (1.46) (1.23)
-------- -------- -------- --------
NET ASSET VALUE--END OF PERIOD......... $9.31 $ 6.02 $ 7.31 $ 8.77
======== ======== ======== ========
TOTAL INVESTMENT RETURN................ 54.65% (39.80)% (16.65)% (12.30)%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses....................... 1.58% 1.58%** 1.58% 1.58%**
Net Expenses......................... 1.57% 1.57%** 1.57% 1.57%**
Net Investment Income (Loss)......... (0.81)% (1.14)%** 0.87% 0.13%**
SUPPLEMENTARY DATA:
Portfolio Turnover Rate***........... 1,794% 3,170% 3,829% 11,211%
Net Assets, End of Period (000's
omitted)........................... $54,609 $74,135 $39,546 $7,827
</TABLE>
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE PERIOD.
* SINCE THE COMMENCEMENT OF OPERATIONS: APRIL 1, 1998--ENERGY SERVICES
FUND AND BANKING FUND.
** ANNUALIZED
*** PORTFOLIO TURNOVER RATE IS CALCULATED WITHOUT REGARD TO SHORT-TERM
SECURITIES HAVING A MATURITY OF LESS THAN ONE YEAR.
See Notes to Financial Statements. 57
<PAGE>
RYDEX SERIES FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INVESTOR CLASS
--------------------------------------------------
BIOTECHNOLOGY FUND ELECTRONICS FUND
------------------------ ------------------------
YEAR PERIOD YEAR PERIOD
ENDED ENDED ENDED ENDED
MARCH 31, MARCH 31, MARCH 31, MARCH 31,
2000 1999* 2000 1999*
------------ ---------- ------------ ----------
<S> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:+
NET ASSET VALUE--BEGINNING OF PERIOD... $12.81 $10.00 $14.02 $10.00
------------ ---------- ------------ ----------
Net Investment Loss.................. (.34) (.16) (.30) (.15)
Net Realized and Unrealized Gains
on Securities...................... 16.45 2.97 26.38 4.17
------------ ---------- ------------ ----------
Net Increase in Net Asset Value
Resulting from Operations.......... 16.11 2.81 26.08 4.02
Distributions to Shareholders from
Net Realized Capital Gain.......... (.04) -- -- --
------------ ---------- ------------ ----------
Net Increase in Net Asset Value...... 16.07 2.81 26.08 4.02
------------ ---------- ------------ ----------
NET ASSET VALUE--END OF PERIOD......... $28.88 $12.81 $40.10 $14.02
============ ========== ============ ==========
TOTAL INVESTMENT RETURN................ 125.98% 28.10% 186.02% 40.20%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses....................... 1.42% 1.56%** 1.29% 1.57%**
Net Expenses......................... 1.41% 1.55%** 1.28% 1.56%**
Net Investment Loss.................. (1.29)% (1.52)%** (1.14)% (1.23)%**
SUPPLEMENTARY DATA:
Portfolio Turnover Rate***........... 699% 2,670% 1,162% 3,011%
Net Assets, End of Period (000's
omitted)........................... $456,303 $38,205 $274,554 $12,814
</TABLE>
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE PERIOD.
* SINCE THE COMMENCEMENT OF OPERATIONS: APRIL 1, 1998--BIOTECHNOLOGY FUND
AND ELECTRONICS FUND.
** ANNUALIZED
*** PORTFOLIO TURNOVER RATE IS CALCULATED WITHOUT REGARD TO SHORT-TERM
SECURITIES HAVING A MATURITY OF LESS THAN ONE YEAR.
See Notes to Financial Statements. 58
<PAGE>
RYDEX SERIES FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INVESTOR CLASS
------------------------------------------------------------------------
PRECIOUS METALS FUND
------------------------------------------------------------------------
YEAR YEAR YEAR PERIOD YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
MARCH 31, MARCH 31, MARCH 31, MARCH 31, JUNE 30, JUNE 30,
2000 1999 1998 1997*** 1996 1995
---------- ---------- ---------- ---------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE--BEGINNING OF PERIOD... $ 4.19 $ 5.82 $ 7.64 $ 9.05 $ 8.73 $ 8.29
-------- -------- -------- -------- ----------- -----------
Net Investment Income (Loss)+........ (.02) (.03) -- -- -- .10
Net Realized and Unrealized Gains
(Losses) on Securities............. (.41) (1.60) (1.82) (1.41) .32 .43
-------- -------- -------- -------- ----------- -----------
Net Increase (Decrease) in Net Asset
Value Resulting from Operations.... (.43) (1.63) (1.82) (1.41) .32 .53
Distributions to Shareholders from
Net Investment Income.............. -- -- -- -- -- (.09)
-------- -------- -------- -------- ----------- -----------
Net Increase (Decrease) in Net Asset
Value.............................. (.43) (1.63) (1.82) (1.41) .32 .44
-------- -------- -------- -------- ----------- -----------
NET ASSET VALUE--END OF PERIOD......... $ 3.76 $ 4.19 $ 5.82 $ 7.64 $ 9.05 $ 8.73
======== ======== ======== ======== =========== ===========
TOTAL INVESTMENT RETURN................ (10.26)% (28.01)% (23.82)% (20.77)%* 3.67% 6.21%
RATIOS TO AVERAGE NET ASSETS
Gross Expenses....................... 1.23% 1.37% 1.42% 1.49%*
Net Expenses......................... 1.23% 1.36% 1.41% 1.45%* 1.33% 1.38%
Net Investment Income (Loss)......... (0.34)% (0.69)% 0.05% 0.00%* (0.01)% 1.15%
SUPPLEMENTARY DATA:
Portfolio Turnover Rate**............ 1,004% 1,191% 752% 743% 1,036% 1,765%
Net Assets, End of Year (000's
omitted)........................... $37,780 $26,823 $34,538 $23,680 $36,574 $40,861
</TABLE>
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE YEAR.
* ANNUALIZED
** PORTFOLIO TURNOVER RATE IS CALCULATED WITHOUT REGARD TO SHORT-TERM
SECURITIES HAVING A MATURITY OF LESS THAN ONE YEAR.
*** DURING 1997, THE TRUST CHANGED ITS FISCAL YEAR END FROM JUNE 30 TO MARCH
31. ACCORDINGLY, THE PERIOD ENDED MARCH 31, 1997 REFLECTS NINE MONTHS OF
ACTIVITY.
See Notes to Financial Statements. 59
<PAGE>
RYDEX SERIES FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ADVISOR CLASS
-------------------------------------------------
ENERGY FUND FINANCIAL SERVICES FUND
---------------------- -------------------------
YEAR PERIOD YEAR PERIOD
ENDED ENDED ENDED ENDED
MARCH 31, MARCH 31, MARCH 31, MARCH 31,
2000 1999* 2000 1999*
---------- ---------- ------------ -----------
<S> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:+
NET ASSET VALUE--BEGINNING OF PERIOD... $ 9.01 $10.07 $9.95 $10.47
--------- -------- ------------ -----------
Net Investment Income (Loss)......... .15 (.14) (.05) (.05)
Net Realized and Unrealized Gains
(Losses) on Securities............. 1.68 (.92) (.47) (.47)
--------- -------- ------------ -----------
Net Increase (Decrease) in Net Asset
Value Resulting from Operations.... 1.83 (1.06) (.52) (.52)
Distributions to Shareholders from
Net Realized Capital Gain.......... -- -- (.01) --
--------- -------- ------------ -----------
Net Increase (Decrease) in Net Asset
Value.............................. 1.83 (1.06) (.53) (.52)
--------- -------- ------------ -----------
NET ASSET VALUE--END OF PERIOD......... $10.84 $ 9.01 $9.42 $ 9.95
========= ======== ============ ===========
TOTAL INVESTMENT RETURN................ 20.31% (10.53)% (5.19)% (4.97)%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses....................... 2.06% 1.99%** 2.29% 2.13%**
Net Expenses......................... 2.05% 1.98%** 2.28% 2.12%**
Net Investment Income (Loss)......... 1.45% (1.75)%** (0.64)% (0.60)%**
SUPPLEMENTARY DATA:
Portfolio Turnover Rate***........... 2,854% 6,070% 2,770% 7,269%
Net Assets, End of Period (000's
omitted)........................... $4,432 $609 $129,760 $21,387
</TABLE>
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE PERIOD.
* SINCE THE COMMENCEMENT OF OPERATIONS: MAY 5, 1998--ENERGY FUND;
APRIL 6, 1998--FINANCIAL SERVICES FUND.
** ANNUALIZED
*** PORTFOLIO TURNOVER RATE IS CALCULATED WITHOUT REGARD TO SHORT-TERM
SECURITIES HAVING A MATURITY OF LESS THAN ONE YEAR.
See Notes to Financial Statements. 60
<PAGE>
RYDEX SERIES FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ADVISOR CLASS
----------------------------------------------
HEALTH CARE FUND TECHNOLOGY FUND
---------------------- ----------------------
YEAR PERIOD YEAR PERIOD
ENDED ENDED ENDED ENDED
MARCH 31, MARCH 31, MARCH 31, MARCH 31,
2000 1999* 2000 1999*
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:+
NET ASSET VALUE--BEGINNING OF PERIOD... $11.37 $ 9.93 $16.90 $10.84
-------- --------- --------- ---------
Net Investment Loss.................. (.15) (.18) (.37) (.20)
Net Realized and Unrealized Gains
(Losses) on Securities............. (1.09) 1.62 14.67 6.26
-------- --------- --------- ---------
Net Increase (Decrease) in Net Asset
Value Resulting from Operations.... (1.24) 1.44 14.30 6.06
Distributions to Shareholders from
Net Realized Capital Gain.......... (.01) -- -- --
-------- --------- --------- ---------
Net Increase (Decrease) in Net Asset
Value.............................. (1.25) 1.44 14.30 6.06
-------- --------- --------- ---------
NET ASSET VALUE--END OF PERIOD......... $10.12 $11.37 $31.20 $16.90
======== ========= ========= =========
TOTAL INVESTMENT RETURN................ (10.95)% 14.50% 84.62% 55.90%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses....................... 2.16% 2.24%** 1.89% 2.18%**
Net Expenses......................... 2.15% 2.23%** 1.89% 2.17%**
Net Investment Loss.................. (1.51)% (1.96)%** (1.60)% (1.78)%**
SUPPLEMENTARY DATA:
Portfolio Turnover Rate***........... 4,850% 4,465% 4,929% 4,598%
Net Assets, End of Period (000's
omitted)........................... $1,741 $24 $32,537 $2,269
</TABLE>
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE PERIOD.
* SINCE THE COMMENCEMENT OF OPERATIONS: MAY 11, 1998--HEALTH CARE FUND;
APRIL 29, 1998--TECHNOLOGY FUND.
** ANNUALIZED
*** PORTFOLIO TURNOVER RATE IS CALCULATED WITHOUT REGARD TO SHORT-TERM
SECURITIES HAVING A MATURITY OF LESS THAN ONE YEAR.
See Notes to Financial Statements. 61
<PAGE>
RYDEX SERIES FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ADVISOR CLASS
----------------------------------------------------
BASIC MATERIALS FUND CONSUMER PRODUCTS FUND
------------------------- -------------------------
YEAR PERIOD YEAR PERIOD
ENDED ENDED ENDED ENDED
MARCH 31, MARCH 31, MARCH 31, MARCH 31,
2000 1999* 2000 1999*
------------ ----------- ----------- ------------
<S> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:+
NET ASSET VALUE--BEGINNING OF PERIOD... $7.72 $10.56 $ 9.70 $8.73
------------ ----------- ----------- ------------
Net Investment Income (Loss)......... (.01) .13 (.08) (.08)
Net Realized and Unrealized Gains
(Losses) on Securities............. .22 (2.97) (1.77) 1.05
------------ ----------- ----------- ------------
Net Increase (Decrease) in Net Asset
Value Resulting from Operations.... .21 (2.84) (1.85) .97
Distributions to Shareholders from
Net Realized Capital Gain.......... -- -- (.35) --
------------ ----------- ----------- ------------
Net Increase (Decrease) in Net Asset
Value.............................. .21 (2.84) (2.20) .97
------------ ----------- ----------- ------------
NET ASSET VALUE--END OF PERIOD......... $7.93 $ 7.72 $ 7.50 $9.70
============ =========== =========== ============
TOTAL INVESTMENT RETURN................ 2.72% (26.89)% (19.76)% 11.11%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses....................... 2.01% 1.96%** 2.13% 2.05%**
Net Expenses......................... 2.00% 1.95%** 2.13% 2.04%**
Net Investment Income (Loss)......... (0.10)% 1.25%** (1.01)% (1.38)%**
SUPPLEMENTARY DATA:
Portfolio Turnover Rate***........... 3,641% 5,704% 5,466% 1,255%
Net Assets, End of Period (000's
omitted)........................... $5,082 $688 $3,135 $20,952
</TABLE>
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE PERIOD.
* SINCE THE COMMENCEMENT OF OPERATIONS: APRIL 14, 1998--BASIC MATERIALS
FUND; AUGUST 17, 1998--CONSUMER PRODUCTS FUND.
** ANNUALIZED
*** PORTFOLIO TURNOVER RATE IS CALCULATED WITHOUT REGARD TO SHORT-TERM
SECURITIES HAVING A MATURITY OF LESS THAN ONE YEAR.
See Notes to Financial Statements. 62
<PAGE>
RYDEX SERIES FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ADVISOR CLASS
----------------------------------------------
LEISURE FUND RETAILING FUND
---------------------- ----------------------
YEAR PERIOD YEAR PERIOD
ENDED ENDED ENDED ENDED
MARCH 31, MARCH 31, MARCH 31, MARCH 31,
2000 1999* 2000 1999*
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:+
NET ASSET VALUE--BEGINNING OF PERIOD... $11.16 $ 9.35 $13.50 $10.01
-------- -------- -------- --------
Net Investment Loss.................. (.14) (.12) (.33) (.15)
Net Realized and Unrealized Gains on
Securities......................... .02 1.93 .12 3.64
-------- -------- -------- --------
Net Increase (Decrease) in Net Asset
Value Resulting from Operations.... (.12) 1.81 (.21) 3.49
Distributions to Shareholders from
Net Realized Capital Gain.......... (.10) -- (.11) --
-------- -------- -------- --------
Net Increase (Decrease) in Net Asset
Value.............................. (.22) 1.81 (.32) 3.49
-------- -------- -------- --------
NET ASSET VALUE--END OF PERIOD......... $10.94 $11.16 $13.18 $13.50
======== ======== ======== ========
TOTAL INVESTMENT RETURN................ (1.06)% 19.36% (1.52)% 34.87%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses....................... 2.08% 2.23%** 2.10% 1.95%**
Net Expenses......................... 2.08% 2.22%** 2.09% 1.94%**
Net Investment Loss.................. (1.32)% (1.95)%** (2.69)% (1.37)%**
SUPPLEMENTARY DATA:
Portfolio Turnover Rate***........... 5,734% 5,581% 2,537% 3,243%
Net Assets, End of Period (000's
omitted)........................... $18,559 $8 $91,740 $337
</TABLE>
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE PERIOD.
* SINCE THE COMMENCEMENT OF OPERATIONS: JUNE 3, 1998--LEISURE FUND;
APRIL 21, 1998--RETAILING FUND.
** ANNUALIZED
*** PORTFOLIO TURNOVER RATE IS CALCULATED WITHOUT REGARD TO SHORT-TERM
SECURITIES HAVING A MATURITY OF LESS THAN ONE YEAR.
See Notes to Financial Statements. 63
<PAGE>
RYDEX SERIES FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ADVISOR CLASS
------------------------------------------------------
TELECOMMUNICATIONS
FUND TRANSPORTATION FUND
-------------------------- --------------------------
YEAR PERIOD YEAR PERIOD
ENDED ENDED ENDED ENDED
MARCH 31, MARCH 31, MARCH 31, MARCH 31,
2000 1999* 2000 1999*
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:+
NET ASSET VALUE--BEGINNING OF PERIOD... $12.91 $10.00 $ 7.95 $ 9.26
------------ ------------ ------------ ------------
Net Investment Loss.................. (.19) (.03) -- (.10)
Net Realized and Unrealized Gains
(Losses) on Securities............. 7.42 2.94 (1.79) (1.21)
------------ ------------ ------------ ------------
Net Increase (Decrease) in Net Asset
Value Resulting from Operations.... 7.23 2.91 (1.79) (1.31)
Distributions to Shareholders from
Net Realized Capital Gain.......... (.01) -- -- --
------------ ------------ ------------ ------------
Net Increase (Decrease) in Net Asset
Value.............................. 7.22 2.91 (1.79) (1.31)
------------ ------------ ------------ ------------
NET ASSET VALUE--END OF PERIOD......... $20.13 $12.91 $ 6.16 $ 7.95
============ ============ ============ ============
TOTAL INVESTMENT RETURN................ 55.98% 29.10% (22.52)% (14.15)%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses....................... 2.05% 2.35%** 1.34% 2.08%**
Net Expenses......................... 2.05% 2.34%** 1.33% 2.07%**
Net Investment Loss.................. (1.14)% (0.27)%** (0.08)% (1.38)%**
SUPPLEMENTARY DATA:
Portfolio Turnover Rate***........... 1,555% 2,788% 1,970% 7,583%
Net Assets, End of Period (000's
omitted)........................... $3,449 $1,929 $87,189 $4
</TABLE>
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE PERIOD.
* SINCE THE COMMENCEMENT OF OPERATIONS: APRIL 1, 1998--TELECOMMUNICATIONS
FUND; JUNE 9, 1998--TRANSPORTATION FUND.
** ANNUALIZED
*** PORTFOLIO TURNOVER RATE IS CALCULATED WITHOUT REGARD TO SHORT-TERM
SECURITIES HAVING A MATURITY OF LESS THAN ONE YEAR.
See Notes to Financial Statements. 64
<PAGE>
RYDEX SERIES FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ADVISOR CLASS
------------------------------------------------------
ENERGY SERVICES FUND BANKING FUND
-------------------------- --------------------------
YEAR PERIOD YEAR PERIOD
ENDED ENDED ENDED ENDED
MARCH 31, MARCH 31, MARCH 31, MARCH 31,
2000 1999* 2000 1999*
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:+
NET ASSET VALUE--BEGINNING OF PERIOD... $6.01 $ 9.86 $ 8.74 $10.00
------------ ------------ ------------ ------------
Net Investment Income (Loss)......... (.11) (.09) .01 .03
Net Realized and Unrealized Gains
(Losses) on Securities............. 3.33 (3.76) (1.51) (1.29)
------------ ------------ ------------ ------------
Net Increase (Decrease) in Net Asset
Value Resulting from Operations.... 3.22 (3.85) (1.50) (1.26)
Distributions to Shareholders........ -- -- -- --
------------ ------------ ------------ ------------
Net Increase (Decrease) in Net Asset
Value.............................. 3.22 (3.85) (1.50) (1.26)
------------ ------------ ------------ ------------
NET ASSET VALUE--END OF PERIOD......... $9.23 $ 6.01 $ 7.24 $ 8.74
============ ============ ============ ============
TOTAL INVESTMENT RETURN................ 53.58% (39.05)% (17.16)% (12.60)%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses....................... 2.20% 2.05%** 2.06% 2.08%**
Net Expenses......................... 2.20% 2.04%** 2.05% 2.08%**
Net Investment Income (Loss)......... (1.49%) (1.66)%** 0.07% 0.28%**
SUPPLEMENTARY DATA:
Portfolio Turnover Rate***........... 1,794% 3,170% 3,829% 11,211%
Net Assets, End of Period (000's
omitted)........................... $34,524 $22,323 $17,872 $2
</TABLE>
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE PERIOD.
* SINCE THE COMMENCEMENT OF OPERATIONS: APRIL 2, 1998--ENERGY SERVICES
FUND; APRIL 1, 1998--BANKING FUND.
** ANNUALIZED
*** PORTFOLIO TURNOVER RATE IS CALCULATED WITHOUT REGARD TO SHORT-TERM
SECURITIES HAVING A MATURITY OF LESS THAN ONE YEAR.
See Notes to Financial Statements. 65
<PAGE>
RYDEX SERIES FUNDS
FINANCIAL HIGHLIGHTS (CONCLUDED)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ADVISOR CLASS
------------------------------------------------------
BIOTECHNOLOGY FUND ELECTRONICS FUND
-------------------------- --------------------------
YEAR PERIOD YEAR PERIOD
ENDED ENDED ENDED ENDED
MARCH 31, MARCH 31, MARCH 31, MARCH 31,
2000 1999* 2000 1999*
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:+
NET ASSET VALUE--BEGINNING OF PERIOD... $12.66 $10.00 $13.96 $ 9.98
------------ ------------ ------------ ------------
Net Investment Income (Loss)......... (.44) .18 (.35) (.23)
Net Realized and Unrealized Gains on
Securities......................... 16.28 2.48 26.05 4.21
------------ ------------ ------------ ------------
Net Increase in Net Asset Value
Resulting from Operations.......... 15.84 2.66 25.70 3.98
Distributions to Shareholders from
Net Realized Capital Gain.......... (.04) -- -- --
------------ ------------ ------------ ------------
Net Increase in Net Asset Value...... 15.80 2.66 25.70 3.98
------------ ------------ ------------ ------------
NET ASSET VALUE--END OF PERIOD......... $28.46 $12.66 $39.66 $13.96
============ ============ ============ ============
TOTAL INVESTMENT RETURN................ 125.34% 26.60% 184.10% 39.88%
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses....................... 1.93% 2.16%** 1.76% 2.05%**
Net Expenses......................... 1.92% 2.16%** 1.75% 2.04%**
Net Investment Income (Loss)......... (1.96)% 1.79%** (1.51)% (1.86)%**
SUPPLEMENTARY DATA:
Portfolio Turnover Rate***........... 699% 2,670% 1,162% 3,011%
Net Assets, End of Period (000's
omitted)........................... $45,757 $1,838 $25,034 $4,024
</TABLE>
+ CALCULATED USING THE AVERAGE DAILY SHARES OUTSTANDING FOR THE PERIOD.
* SINCE THE COMMENCEMENT OF OPERATIONS: APRIL 1, 1998--BIOTECHNOLOGY FUND;
APRIL 2, 1998--ELECTRONICS FUND.
** ANNUALIZED
*** PORTFOLIO TURNOVER RATE IS CALCULATED WITHOUT REGARD TO SHORT-TERM
SECURITIES HAVING A MATURITY OF LESS THAN ONE YEAR.
See Notes to Financial Statements. 66
<PAGE>
RYDEX SERIES FUNDS
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
The Rydex Series Funds (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 offers 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. At March 31,
2000, the Trust consisted of twenty-two separate series: six benchmark funds,
one money market fund, and fifteen sector funds. This report covers the fifteen
sector funds (the "Sector Funds"), while the Benchmark Funds and Money Market
Fund 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.
A. Securities listed on an exchange are valued at the last 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 is accounted for
using the unrealized gain or loss on the contracts that is determined by marking
the contracts to their current realized settlement prices. Short-term
securities, if any, are valued at amortized cost, which approximates market
value. Securities and assets for which market quotations are not readily
available are valued at fair value as determined in good faith by or under
direction of the Board of Trustees or by the Advisor using methods established
or ratified by the Board of Trustees.
B. Securities transactions are recorded on the trade date for financial
reporting purposes. Realized gains and losses from securities transactions are
recorded using the identified cost basis. Dividend income is recorded on the
ex-dividend date, net of applicable taxes withheld by foreign countries, and
subsequently adjusted to reflect actual holdings on the record date. Interest
income is accrued on a daily basis.
C. 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.
D. Interest and dividend income, most expenses, all realized gains and losses,
and all unrealized gains and losses are allocated to the classes based upon the
value of the outstanding shares in each Class. Certain costs, such as
distribution fees relating to the Advisor Classes, are charged directly to
specific classes.
67
<PAGE>
RYDEX SERIES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
E. Distributions to shareholders are recorded on the ex-dividend date.
Distributions from net investment income and net realized capital gains are
determined in accordance with income tax regulations which may differ from
generally accepted accounting principles. These differences are primarily due to
differing treatments for items such as deferral of wash sales and post-October
losses and regulated futures contracts and options. Net investment income and
loss, net realized gains and losses, and net assets were not affected by these
differences.
F. Each Sector Fund seeks capital appreciation and invests substantially all of
its assets in equity securities of companies involved in its sector. The Funds
may also engage in futures and options transactions, purchase ADRs and U.S.
Government securities, and enter into repurchase agreements. The risks inherent
in the use of futures and options include 1) adverse changes in the value of
such instruments; 2) imperfect correlation between the price of the instruments
and movements in the price of the underlying securities or index; and 3) the
possible absence of a liquid secondary market for any particular instrument at
any time.
G. 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. 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. The collateral is in the possession of the Trust's custodians and
is evaluated daily to ensure that its market value exceeds the delivery value of
the repurchase agreements at maturity.
The repurchase agreements that were executed and outstanding on March 31, 2000
are as follows:
<TABLE>
<CAPTION>
COUNTERPARTY TERMS OF AGREEMENT FACE VALUE MARKET VALUE
------------ ------------------ ------------ ------------
<S> <C> <C> <C>
Salomon Smith Barney, Inc.................. 6.00% due 04/03/00 $170,000,000 $170,000,000
Lehman Brothers, Inc....................... 6.03% due 04/03/00 119,500,000 119,500,000
PaineWebber, Inc........................... 6.05% due 04/03/00 165,000,000 165,000,000
Fuji Securities, Inc....................... 6.05% due 04/03/00 144,653,204 144,653,204
------------
$599,153,204
============
</TABLE>
68
<PAGE>
RYDEX SERIES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
As of March 31, 2000, the collateral for the repurchase agreements in the joint
account was as follows:
<TABLE>
<CAPTION>
SECURITY TYPE RANGE OF RATES PAR VALUE MARKET VALUE
------------- -------------- ------------ ------------
<S> <C> <C> <C>
U. S. Treasury Notes............................ 4.625%-7.875% $241,885,000 $248,703,032
U. S. Treasury Bonds............................ 6.125%-6.375% 119,365,000 120,140,644
U. S. Treasury Bills............................ 188,555,000 236,816,369
------------
$605,660,045
============
</TABLE>
3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Under the terms of an investment advisory contract, the Trust pays Rydex Global
Advisors, an affiliated entity, investment advisory fees calculated at an
annualized rate of eighty-five hundredths of one percent (0.85%) of the average
daily net assets of each of the Sector Funds, except the Precious Metals Fund,
which is three-quarters of one percent (0.75%) of the average daily net assets.
Certain officers and trustees of the Trust are also officers and directors of
Rydex Global Advisors.
PADCO Service Company, Inc., a subsidiary of the investment advisor, provides
transfer agent services to the Trust for fees calculated at an annualized rate
of one quarter of one percent (0.25%) of the average daily net assets of each of
the Sector Funds. Certain officers and trustees of the Trust are also officers
and directors of PADCO Service Company, Inc.
The Trust paid PADCO Service Company, Inc. $372,108 in accounting fees for the
Sector Funds for the year ended March 31, 2000.
The Trust has adopted a Distribution and Shareholder Services Plan applicable to
Advisor Class Shares, for which the Distributor, Rydex Distributors, 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 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, in turn,
will pay the Service Provider out of its fees. The Distributor may, at its
discretion, retain a portion of such payments to compensate itself for
distribution services. If a Service Provider provides shareholder 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, in
turn, will pay the Service Provider out of its fees. Certain officers and
trustees of the Trust are also officers and directors of Rydex Distributors,
Inc.
69
<PAGE>
RYDEX SERIES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
4. 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
expenses.
5. SECURITIES TRANSACTIONS
During the year ended March 31, 2000 purchases and sales of investment
securities, excluding short-term and temporary cash investments, were:
<TABLE>
<CAPTION>
FINANCIAL HEALTH BASIC
ENERGY SERVICES CARE TECHNOLOGY MATERIALS
FUND FUND FUND FUND FUND
------------ -------------- ------------- --------------- -------------
<S> <C> <C> <C> <C> <C>
Purchases.................................. $300,460,532 $1,347,592,690 $ 872,963,613 $ 4,627,893,613 $ 461,153,491
Sales...................................... $299,752,016 $1,102,647,409 $ 849,753,028 $ 4,595,686,747 $ 439,281,969
</TABLE>
<TABLE>
<CAPTION>
CONSUMER TELE-
PRODUCTS LEISURE RETAILING COMMUNICATIONS TRANSPORTATION
FUND FUND FUND FUND FUND
------------ ------------ ------------- --------------- --------------
<S> <C> <C> <C> <C> <C>
Purchases................................... $265,185,117 $295,966,979 $ 799,796,752 $ 884,828,471 $ 346,016,837
Sales....................................... $271,224,377 $272,787,005 $ 676,059,232 $ 866,425,682 $ 244,383,808
</TABLE>
<TABLE>
<CAPTION>
ENERGY PRECIOUS
SERVICES BANKING BIOTECHNOLOGY ELECTRONICS METALS
FUND FUND FUND FUND FUND
------------ ------------ -------------- --------------- -------------
<S> <C> <C> <C> <C> <C>
Purchases.................................. $764,119,412 $613,763,370 $1,936,995,065 $ 1,444,380,539 $ 395,676,450
Sales...................................... $772,777,123 $556,489,287 $1,560,298,160 $ 1,299,693,014 $ 366,966,288
</TABLE>
70
<PAGE>
RYDEX SERIES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
6. NET UNREALIZED APPRECIATION (DEPRECIATION) OF SECURITIES
At March 31, 2000, unrealized appreciation (depreciation) and cost of investment
securities for Federal income tax purposes were:
<TABLE>
<CAPTION>
FINANCIAL HEALTH BASIC
ENERGY SERVICES CARE TECHNOLOGY MATERIALS
FUND FUND FUND FUND FUND
----------- ------------ ------------- --------------- -------------
<S> <C> <C> <C> <C> <C>
Gross Unrealized Appreciation................ $ -- $ -- $ -- $ 10,243,277 $ --
Gross Unrealized (Depreciation).............. (688,742) (13,138,073) (7,134,877) -- (5,914,856)
----------- ------------ ------------- --------------- -------------
Net Unrealized Appreciation (Depreciation)... $ (688,742) $(13,138,073) $ (7,134,877) $ 10,243,277 $ (5,914,856)
=========== ============ ============= =============== =============
Cost of Investments for Federal
Income Tax Purposes........................ $18,923,878 $287,319,953 $ 39,183,651 $ 110,785,887 $ 27,409,651
=========== ============ ============= =============== =============
</TABLE>
<TABLE>
<CAPTION>
CONSUMER TELE-
PRODUCTS LEISURE RETAILING COMMUNICATIONS TRANSPORTATION
FUND FUND FUND FUND FUND
----------- ----------- ------------- --------------- --------------
<S> <C> <C> <C> <C> <C>
Gross Unrealized Appreciation.................. $ -- $ -- $ -- $ 16,345,841 $ --
Gross Unrealized (Depreciation)................ (463,061) (2,266,178) (2,073,573) (170,137) (1,317,310)
----------- ----------- ------------- --------------- -------------
Net Unrealized Appreciation (Depreciation)..... $ (463,061) $(2,266,178) $ (2,073,573) $ 16,175,704 $ (1,317,310)
=========== =========== ============= =============== =============
Cost of Investments for Federal
Income Tax Purposes.......................... $12,631,424 $26,145,805 $ 172,604,147 $ 53,399,686 $ 106,287,978
=========== =========== ============= =============== =============
</TABLE>
<TABLE>
<CAPTION>
ENERGY PRECIOUS
SERVICES BANKING BIOTECHNOLOGY ELECTRONICS METALS
FUND FUND FUND FUND FUND
----------- ------------ ------------- --------------- -------------
<S> <C> <C> <C> <C> <C>
Gross Unrealized Appreciation................ $ -- $ -- $ 74,184,555 $ 99,660,430 $ --
Gross Unrealized (Depreciation).............. (4,224,897) (5,274,878) (3,921,696) -- (30,789,421)
----------- ------------ ------------- --------------- -------------
Net Unrealized Appreciation (Depreciation)... $(4,224,897) $ (5,274,878) $ 70,262,859 $ 99,660,430 $ (30,789,421)
=========== ============ ============= =============== =============
Cost of Investments for Federal
Income Tax Purposes........................ $93,355,148 $ 62,142,387 $ 432,719,305 $ 197,152,295 $ 68,565,505
=========== ============ ============= =============== =============
</TABLE>
71
<PAGE>
RYDEX SERIES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
7. SHARE TRANSACTIONS
The Funds are authorized to distribute an unlimited number of shares.
Transactions in shares for the year ended March 31, 2000 were:
INVESTOR CLASS:
<TABLE>
<CAPTION>
FINANCIAL HEALTH BASIC
ENERGY SERVICES CARE TECHNOLOGY MATERIALS
FUND FUND FUND FUND FUND
----------- --------------- ------------- ------------ -----------
<S> <C> <C> <C> <C> <C>
Shares Purchased........................... 37,086,231 135,595,843 92,165,902 218,223,409 70,265,243
Purchased through Dividend Reinvestment.... -- 8,140 1,198 -- --
----------- --------------- ------------- ------------ -----------
Total Purchased............................ 37,086,231 135,603,983 92,167,100 218,223,409 70,265,243
Shares Redeemed............................ (37,739,352) (122,474,988) (90,393,124) (216,807,742) (68,431,847)
----------- --------------- ------------- ------------ -----------
Net Shares Purchased (Redeemed)............ (653,121) 13,128,995 1,773,976 1,415,667 1,833,396
=========== =============== ============= ============ ===========
<CAPTION>
CONSUMER
PRODUCTS LEISURE
FUND FUND
----------- -----------
<S> <C> <C>
Shares Purchased........................... 17,516,286 21,272,970
Purchased through Dividend Reinvestment.... 4,604 2,346
----------- -----------
Total Purchased............................ 17,520,890 21,275,316
Shares Redeemed............................ (16,438,554) (21,201,952)
----------- -----------
Net Shares Purchased (Redeemed)............ 1,082,336 73,364
=========== ===========
</TABLE>
<TABLE>
<CAPTION>
TELE- ENERGY BIO-
RETAILING COMMUNICATIONS TRANSPORTATION SERVICES BANKING TECHNOLOGY
FUND FUND FUND FUND FUND FUND
----------- --------------- -------------- ------------ ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Shares Purchased.............. 62,752,393 54,375,652 42,495,268 161,342,833 72,159,617 104,199,277
Purchased through Dividend
Reinvestment................ 3,929 1,178 -- -- -- 5,772
----------- --------------- ------------- ------------ ----------- -----------
Total Purchased............... 62,756,322 54,376,830 42,495,268 161,342,833 72,159,617 104,205,049
Shares Redeemed............... (59,959,127) (52,040,471) (39,907,272) (167,799,145) (67,645,236) (91,384,381)
----------- --------------- ------------- ------------ ----------- -----------
Net Shares Purchased
(Redeemed).................. 2,797,195 2,336,359 2,587,996 (6,456,312) 4,514,381 12,820,668
=========== =============== ============= ============ =========== ===========
<CAPTION>
PRECIOUS
ELECTRONICS METALS
FUND FUND
----------- ------------
<S> <C> <C>
Shares Purchased.............. 71,193,538 171,423,400
Purchased through Dividend
Reinvestment................ -- --
----------- ------------
Total Purchased............... 71,193,538 171,423,400
Shares Redeemed............... (65,260,403) (167,783,091)
----------- ------------
Net Shares Purchased
(Redeemed).................. 5,933,135 3,640,309
=========== ============
</TABLE>
ADVISOR CLASS:
<TABLE>
<CAPTION>
FINANCIAL HEALTH BASIC CONSUMER
ENERGY SERVICES CARE TECHNOLOGY MATERIALS PRODUCTS LEISURE
FUND FUND FUND FUND FUND FUND FUND
----------- --------------- ------------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Shares Purchased.......... 4,318,626 40,787,735 19,022,831 44,245,767 6,675,880 15,552,265 10,405,706
Purchased through Dividend
Reinvestment............ -- 9,092 188 -- -- 79,687 1,913
----------- --------------- ------------- ----------- ----------- ----------- -----------
Total Purchased........... 4,318,626 40,796,827 19,023,019 44,245,767 6,675,880 15,631,952 10,407,619
Shares Redeemed........... (3,977,401) (29,174,926) (18,853,118) (43,337,079) (6,123,920) (17,372,881) (8,712,000)
----------- --------------- ------------- ----------- ----------- ----------- -----------
Net Shares Purchased
(Redeemed).............. 341,225 11,621,901 169,901 908,688 551,960 (1,740,929) 1,695,619
=========== =============== ============= =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
TELE- ENERGY
RETAILING COMMUNICATIONS TRANSPORTATION SERVICES BANKING
FUND FUND FUND FUND FUND
----------- --------------- -------------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Shares Purchased............................. 18,040,945 28,852,932 19,171,837 36,933,011 26,461,063
Purchased through Dividend Reinvestment...... 2,722 180 -- -- --
----------- --------------- ------------- ----------- -----------
Total Purchased.............................. 18,043,667 28,853,112 19,171,837 36,933,011 26,461,063
Shares Redeemed.............................. (11,108,125) (28,831,128) (5,020,598) (36,908,776) (23,992,548)
----------- --------------- ------------- ----------- -----------
Net Shares Purchased......................... 6,935,542 21,984 14,151,239 24,235 2,468,515
=========== =============== ============= =========== ===========
<CAPTION>
BIO-
TECHNOLOGY ELECTRONICS
FUND FUND
----------- -----------
<S> <C> <C>
Shares Purchased............................. 46,912,665 33,552,489
Purchased through Dividend Reinvestment...... 366 --
----------- -----------
Total Purchased.............................. 46,913,031 33,552,489
Shares Redeemed.............................. (45,450,559) (33,209,557)
----------- -----------
Net Shares Purchased......................... 1,462,472 342,932
=========== ===========
</TABLE>
72
<PAGE>
RYDEX SERIES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Transactions in shares for the period ended March 31, 1999 were:
INVESTOR CLASS:
<TABLE>
<CAPTION>
FINANCIAL HEALTH BASIC CONSUMER
ENERGY SERVICES CARE TECHNOLOGY MATERIALS PRODUCTS LEISURE
FUND FUND FUND FUND FUND FUND FUND
----------- ------------ ------------ ------------ ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Shares Purchased............. 46,387,425 175,105,868 111,431,268 152,417,675 42,902,101 14,367,530 31,368,517
----------- ------------ ------------ ------------ ----------- ----------- -----------
Total Purchased.............. 46,387,425 175,105,868 111,431,268 152,417,675 42,902,101 14,367,530 31,368,517
Shares Redeemed.............. (44,448,217) (172,888,113) (110,206,981) (150,984,147) (42,620,819) (14,235,593) (30,940,600)
----------- ------------ ------------ ------------ ----------- ----------- -----------
Net Shares Purchased......... 1,939,208 2,217,755 1,224,287 1,433,528 281,282 131,937 427,917
=========== ============ ============ ============ =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
TELE- ENERGY BIO-
RETAILING COMMUNICATIONS TRANSPORTATION SERVICES BANKING TECHNOLOGY
FUND FUND FUND FUND FUND FUND
------------ --------------- -------------- ------------ ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
Shares Purchased............ 106,899,905 39,367,649 51,900,725 142,946,134 105,870,225 64,205,421
------------ --------------- ------------- ------------ ------------ -----------
Total Purchased............. 106,899,905 39,367,649 51,900,725 142,946,134 105,870,225 64,205,421
Shares Redeemed............. (103,560,376) (38,423,584) (51,523,631) (130,625,051) (104,977,546) (61,223,430)
------------ --------------- ------------- ------------ ------------ -----------
Net Shares Purchased........ 3,339,529 944,065 377,094 12,321,083 892,679 2,981,991
============ =============== ============= ============ ============ ===========
<CAPTION>
PRECIOUS
ELECTRONICS METALS
FUND FUND
----------- ------------
<S> <C> <C>
Shares Purchased............ 99,841,803 118,999,730
----------- ------------
Total Purchased............. 99,841,803 118,999,730
Shares Redeemed............. (98,927,690) (118,541,590)
----------- ------------
Net Shares Purchased........ 914,113 458,140
=========== ============
</TABLE>
ADVISOR CLASS:
<TABLE>
<CAPTION>
FINANCIAL HEALTH BASIC CONSUMER
ENERGY SERVICES CARE TECHNOLOGY MATERIALS PRODUCTS LEISURE
FUND FUND FUND FUND FUND FUND FUND
---------- --------------- ------------- ----------- ---------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Shares Purchased............ 4,846,931 15,301,901 13,765,297 17,949,043 2,376,986 4,811,089 74,059
---------- --------------- ------------- ----------- ---------- ----------- -----------
Total Purchased............. 4,846,931 15,301,901 13,765,297 17,949,043 2,376,986 4,811,089 74,059
Shares Redeemed............. (4,779,294) (13,151,818) (13,763,146) (17,814,775) (2,287,875) (2,652,185) (73,308)
---------- --------------- ------------- ----------- ---------- ----------- -----------
Net Shares Purchased........ 67,637 2,150,083 2,151 134,268 89,111 2,158,904 751
========== =============== ============= =========== ========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
TELE- ENERGY BIO-
RETAILING COMMUNICATIONS TRANSPORTATION SERVICES BANKING TECHNOLOGY ELECTRONICS
FUND FUND FUND FUND FUND FUND FUND
---------- --------------- -------------- ----------- ---------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Shares Purchased........... 6,183,393 9,035,854 329,926 19,842,213 9,665,490 26,571,862 29,570,978
---------- --------------- ------------- ----------- ---------- ----------- -----------
Total Purchased............ 6,183,393 9,035,854 329,926 19,842,213 9,665,490 26,571,862 29,570,978
Shares Redeemed............ (6,158,427) (8,886,467) (329,370) (16,126,807) (9,665,211) (26,426,628) (29,282,718)
---------- --------------- ------------- ----------- ---------- ----------- -----------
Net Shares Purchased....... 24,966 149,387 556 3,715,406 279 145,234 288,260
========== =============== ============= =========== ========== =========== ===========
</TABLE>
73
<PAGE>
RYDEX SERIES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Transactions in dollars for the year ended March 31, 2000 were:
INVESTOR CLASS:
<TABLE>
<CAPTION>
FINANCIAL HEALTH BASIC
ENERGY SERVICES CARE TECHNOLOGY MATERIALS
FUND FUND FUND FUND FUND
------------ -------------- ------------ -------------- ------------
<S> <C> <C> <C> <C> <C>
Shares Purchased............................. $374,159,027 $1,305,737,326 $965,053,318 $4,828,884,170 $637,733,841
Purchased through Dividend Re-investment..... -- 79,309 12,715 -- --
------------ -------------- ------------ -------------- ------------
Total Purchased.............................. 374,159,027 1,305,816,635 965,066,033 4,828,884,170 637,733,841
Shares Redeemed.............................. (377,234,768) (1,172,219,237) (946,175,002) (4,808,166,600) (620,774,859)
------------ -------------- ------------ -------------- ------------
Net Change................................... $ (3,075,741) $ 133,597,398 $ 18,891,031 $ 20,717,570 $ 16,958,982
============ ============== ============ ============== ============
</TABLE>
<TABLE>
<CAPTION>
CONSUMER TELE-
PRODUCTS LEISURE RETAILING COMMUNICATIONS TRANSPORTATION
FUND FUND FUND FUND FUND
------------ -------------- ------------ -------------- --------------
<S> <C> <C> <C> <C> <C>
Shares Purchased............................. $154,432,875 $ 232,663,291 $808,947,665 $ 864,398,077 $322,027,110
Purchased through Dividend Re-investment..... 42,676 24,591 48,873 19,842 --
------------ -------------- ------------ -------------- ------------
Total Purchased.............................. 154,475,551 232,687,882 808,996,538 864,417,919 322,027,110
Shares Redeemed.............................. (145,647,165) (231,143,075) (772,499,152) (827,616,358) (306,057,194)
------------ -------------- ------------ -------------- ------------
Net Change................................... $ 8,828,386 $ 1,544,807 $ 36,497,386 $ 36,801,561 $ 15,969,916
============ ============== ============ ============== ============
</TABLE>
<TABLE>
<CAPTION>
ENERGY BIO- PRECIOUS
SERVICES BANKING TECHNOLOGY ELECTRONICS METALS
FUND FUND FUND FUND FUND
--------------- -------------- -------------- -------------- ------------
<S> <C> <C> <C> <C> <C>
Shares Purchased......................... $ 1,142,611,280 $ 579,045,578 $2,388,242,730 $1,757,578,749 $788,390,455
Purchased through Dividend
Re-investment.......................... -- -- 94,092 -- --
--------------- -------------- -------------- -------------- ------------
Total Purchased.......................... 1,142,611,280 579,045,578 2,388,336,822 1,757,578,749 788,390,455
Shares Redeemed.......................... (1,160,809,005) (543,830,769) (2,007,703,924) (1,589,923,739) (760,182,712)
--------------- -------------- -------------- -------------- ------------
Net Change............................... $ (18,197,725) $ 35,214,809 $ 380,632,898 $ 167,655,010 $ 28,207,743
=============== ============== ============== ============== ============
</TABLE>
74
<PAGE>
RYDEX SERIES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
ADVISOR CLASS:
<TABLE>
<CAPTION>
FINANCIAL HEALTH BASIC
ENERGY SERVICES CARE TECHNOLOGY MATERIALS
FUND FUND FUND FUND FUND
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Shares Purchased............................... $ 44,222,102 $ 379,668,024 $ 194,121,965 $ 968,612,178 $ 60,977,958
Purchased through Dividend Reinvestment........ -- 88,193 1,977 -- --
------------- ------------- ------------- ------------- -------------
Total Purchased................................ 44,222,102 379,756,217 194,123,942 968,612,178 60,977,958
Shares Redeemed................................ (40,612,813) (266,466,894) (189,203,889) (952,729,429) (55,843,573)
------------- ------------- ------------- ------------- -------------
Net Change..................................... $ 3,609,289 $ 113,289,323 $ 4,920,053 $ 15,882,749 $ 5,134,385
============= ============= ============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
CONSUMER TELE-
PRODUCTS LEISURE RETAILING COMMUNICATIONS TRANSPORTATION
FUND FUND FUND FUND FUND
------------- ------------- ------------- --------------- --------------
<S> <C> <C> <C> <C> <C>
Shares Purchased............................... $ 135,834,992 $ 116,337,582 $ 228,512,867 $ 459,121,497 $ 120,860,199
Purchased through Dividend Reinvestment........ 738,696 19,785 33,785 2,989 --
------------- ------------- ------------- --------------- -------------
Total Purchased................................ 136,573,688 116,357,367 228,546,652 459,124,486 120,860,199
Shares Redeemed................................ (150,735,826) (94,273,900) (139,661,059) (475,718,738) (33,685,933)
------------- ------------- ------------- --------------- -------------
Net Change..................................... $ (14,162,138) $ 22,083,467 $ 88,885,593 $ (16,594,252) $ 87,174,266
============= ============= ============= =============== =============
</TABLE>
<TABLE>
<CAPTION>
ENERGY BIO-
SERVICES BANKING TECHNOLOGY ELECTRONICS
FUND FUND FUND FUND
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Shares Purchased............................................ $ 269,901,263 $ 214,513,223 $ 902,518,655 $ 744,677,976
Purchased through Dividend Reinvestment..................... -- -- 5,890 --
------------- ------------- ------------- -------------
Total Purchased............................................. 269,901,263 214,513,223 902,524,545 744,677,976
Shares Redeemed............................................. (260,260,834) (191,598,044) (899,438,342) (760,551,872)
------------- ------------- ------------- -------------
Net Change.................................................. $ 9,640,429 $ 22,915,179 $ 3,086,203 $ (15,873,896)
============= ============= ============= =============
</TABLE>
75
<PAGE>
RYDEX SERIES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Transactions in dollars for the period ended March 31, 1999 were:
INVESTOR CLASS:
<TABLE>
<CAPTION>
FINANCIAL HEALTH BASIC CONSUMER
ENERGY SERVICES CARE TECHNOLOGY MATERIALS PRODUCTS
FUND FUND FUND FUND FUND FUND
------------- --------------- --------------- --------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Shares Purchased.............. $ 405,972,500 $ 1,663,306,900 $ 1,193,748,091 $ 1,975,925,370 $ 357,734,614 $ 130,779,402
------------- --------------- --------------- --------------- ------------- -------------
Total Purchased............... 405,972,500 1,663,306,900 1,193,748,091 1,975,925,370 357,734,614 130,779,402
Shares Redeemed............... (387,651,774) (1,646,656,560) (1,179,863,050) (1,968,545,957) (355,208,043) (129,379,038)
------------- --------------- --------------- --------------- ------------- -------------
Net Change.................... $ 18,320,726 $ 16,650,340 $ 13,885,041 $ 7,379,413 $ 2,526,571 $ 1,400,364
============= =============== =============== =============== ============= =============
<CAPTION>
LEISURE
FUND
-------------
<S> <C>
Shares Purchased.............. $ 316,035,670
-------------
Total Purchased............... 316,035,670
Shares Redeemed............... (312,432,852)
-------------
Net Change.................... $ 3,602,818
=============
</TABLE>
<TABLE>
<CAPTION>
TELE- ENERGY BIO-
RETAILING COMMUNICATIONS TRANSPORTATION SERVICES BANKING TECHNOLOGY
FUND FUND FUND FUND FUND FUND
--------------- --------------- -------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Shares Purchased..... $ 1,216,853,482 $ 434,963,177 $ 429,557,052 $ 932,647,460 $ 968,633,702 $ 650,802,231
--------------- --------------- ------------- ------------- ------------- -------------
Total Purchased...... 1,216,853,482 434,963,177 429,557,052 932,647,460 968,633,702 650,802,231
Shares Redeemed...... (1,175,145,535) (424,898,368) (424,745,172) (847,116,721) (961,587,382) (611,349,719)
--------------- --------------- ------------- ------------- ------------- -------------
Net Change........... $ 41,707,947 $ 10,064,809 $ 4,811,880 $ 85,530,739 $ 7,046,320 $ 39,452,512
=============== =============== ============= ============= ============= =============
<CAPTION>
PRECIOUS
ELECTRONICS METALS
FUND FUND
--------------- -------------
<S> <C> <C>
Shares Purchased..... $ 1,049,075,039 $ 593,482,014
--------------- -------------
Total Purchased...... 1,049,075,039 593,482,014
Shares Redeemed...... (1,047,424,530) (586,069,951)
--------------- -------------
Net Change........... $ 1,650,509 $ 7,412,063
=============== =============
</TABLE>
ADVISOR CLASS:
<TABLE>
<CAPTION>
FINANCIAL HEALTH BASIC CONSUMER
ENERGY SERVICES CARE TECHNOLOGY MATERIALS PRODUCTS
FUND FUND FUND FUND FUND FUND
------------ --------------- ------------- ------------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
Shares Purchased.................... $ 42,291,652 $ 139,338,555 $ 143,259,326 $ 239,709,281 $ 24,197,174 $ 43,203,938
------------ --------------- ------------- ------------- ------------ -------------
Total Purchased..................... 42,291,652 139,338,555 143,259,326 239,709,281 24,197,174 43,203,938
Shares Redeemed..................... (40,978,746) (120,050,805) (144,416,300) (232,976,324) (22,004,355) (23,385,943)
------------ --------------- ------------- ------------- ------------ -------------
Net Change.......................... $ 1,312,906 $ 19,287,750 $ (1,156,974) $ 6,732,957 $ 2,192,819 $ 19,817,995
============ =============== ============= ============= ============ =============
<CAPTION>
LEISURE
FUND
-------------
<S> <C>
Shares Purchased.................... $ 759,767
-------------
Total Purchased..................... 759,767
Shares Redeemed..................... (773,917)
-------------
Net Change.......................... $ (14,150)
=============
</TABLE>
<TABLE>
<CAPTION>
TELE- ENERGY
RETAILING COMMUNICATIONS TRANSPORTATION SERVICES BANKING
FUND FUND FUND FUND FUND
------------ --------------- -------------- ------------- ------------
<S> <C> <C> <C> <C> <C>
Shares Purchased.................... $ 65,114,723 $ 104,546,686 $ 2,824,467 $ 116,337,472 $ 87,183,915
------------ --------------- ------------- ------------- ------------
Total Purchased..................... 65,114,723 104,546,686 2,824,467 116,337,472 87,183,915
Shares Redeemed..................... (67,316,645) (102,614,106) (2,692,114) (91,977,968) (86,884,020)
------------ --------------- ------------- ------------- ------------
Net Change.......................... $ (2,201,922) $ 1,932,580 $ 132,353 $ 24,359,504 $ 299,895
============ =============== ============= ============= ============
<CAPTION>
BIO-
TECHNOLOGY ELECTRONICS
FUND FUND
------------- -------------
<S> <C> <C>
Shares Purchased.................... $ 275,824,051 $ 337,795,310
------------- -------------
Total Purchased..................... 275,824,051 337,795,310
Shares Redeemed..................... (270,411,242) (339,676,387)
------------- -------------
Net Change.......................... $ 5,412,809 $ (1,881,077)
============= =============
</TABLE>
76
<PAGE>
RYDEX SERIES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
8. NET ASSETS
At March 31, 2000, net assets consisted of:
<TABLE>
<CAPTION>
FINANCIAL HEALTH BASIC
ENERGY SERVICES CARE TECHNOLOGY MATERIALS
FUND FUND FUND FUND FUND
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Paid-In-Capital........................................ $ 20,707,779 $293,598,978 $ 41,815,187 $111,109,666 $ 28,204,263
Undistributed Net Investment Income.................... -- -- -- -- --
Accumulated Net Realized Loss on Investments........... (4,005,642) (27,959,593) (11,946,809) (25,734,768) (6,979,997)
Net Unrealized Appreciation on Investments............. 1,710,068 9,568,840 2,601,215 37,164,221 708,162
------------ ------------ ------------ ------------ ------------
Net Assets............................................. $ 18,412,205 $275,208,225 $ 32,469,593 $122,539,119 $ 21,932,428
============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
CONSUMER TELE-
PRODUCTS LEISURE RETAILING COMMUNICATIONS TRANSPORTATION
FUND FUND FUND FUND FUND
------------ ------------ ------------ --------------- --------------
<S> <C> <C> <C> <C> <C>
Paid-In-Capital................................... $ 16,605,534 $ 28,846,638 $174,910,663 $ 54,220,448 $ 108,504,234
Undistributed Net Investment Income............... -- -- -- -- --
Accumulated Net Realized Loss on Investments...... (4,907,295) (4,811,042) (4,154,539) (6,581,748) (4,315,442)
Net Unrealized Appreciation on Investments........ 617,863 86,921 2,080,966 22,714,625 1,501,444
------------ ------------ ------------ --------------- -------------
Net Assets........................................ $ 12,316,102 $ 24,122,517 $172,837,090 $ 70,353,325 $ 105,690,236
============ ============ ============ =============== =============
</TABLE>
<TABLE>
<CAPTION>
ENERGY BIO- PRECIOUS
SERVICES BANKING TECHNOLOGY ELECTRONICS METALS
FUND FUND FUND FUND FUND
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Paid-In-Capital........................................ $100,734,432 $ 68,608,146 $431,822,555 $189,846,538 $ 99,508,794
Undistributed Net Investment Income.................... -- 8,922 -- -- --
Accumulated Net Realized Loss on Investments........... (31,176,961) (14,358,921) (71,900,656) (18,935,307) (62,426,606)
Net Unrealized Appreciation on Investments............. 19,575,460 3,159,741 142,138,181 128,676,308 697,761
------------ ------------ ------------ ------------ ------------
Net Assets............................................. $ 89,132,931 $ 57,417,888 $502,060,080 $299,587,539 $ 37,779,949
============ ============ ============ ============ ============
</TABLE>
77
<PAGE>
RYDEX SERIES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
9. LOSS CARRYFORWARD--FEDERAL INCOME TAX
At March 31, 2000, for Federal income tax purposes, the following sector 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>
FINANCIAL CONSUMER ENERGY
ENERGY SERVICES PRODUCTS LEISURE TRANSPORTATION SERVICES
EXPIRES MARCH 31 FUND FUND FUND FUND FUND FUND
---------------- ---------- ---------- ----------- -------- --------------- ----------
<S> <C> <C> <C> <C> <C> <C>
2004.......................... $ -- $ -- $ -- $ -- $ -- $ --
2005.......................... -- -- -- -- -- --
2006.......................... -- -- -- -- -- --
2007.......................... -- -- -- -- -- 364,446
2008.......................... 1,381,425 922,016 3,149,176 189,716 1,496,274 7,012,158
<CAPTION>
PRECIOUS
BANKING METALS
EXPIRES MARCH 31 FUND FUND
---------------- ---------- -----------
<S> <C> <C>
2004.......................... $ -- $ 4,249,968
2005.......................... -- 709,440
2006.......................... -- 6,318,198
2007.......................... -- 5,630,309
2008.......................... 1,605,231 11,740,001
</TABLE>
10. SUBSEQUENT EVENT
Effective after the close of business on April 14, 2000, the Precious Metals
Fund, Investor Class shares, underwent a 1-for-5 reverse split. The effect of
this transaction was to divide the number of outstanding shares in this Fund by
five, while multiplying the net asset value per share by five. The net asset
value per share prior to the reverse split was $3.88; after the reverse split,
the net asset value per share was $19.40.
78
<PAGE>
RYDEX SERIES FUNDS
INDEPENDENT AUDITORS' REPORT
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
The Shareholders and Board of Trustees,
Rydex Series Funds:
We have audited the accompanying statements of assets and liabilities of the
Energy, Financial Services, Health Care, Technology, Basic Materials, Consumer
Products, Leisure, Retailing, Telecommunications, Transportation, Energy
Services, Banking, Biotechnology, Electronics and Precious Metals Funds
(comprising fifteen of the twenty-two Funds) of the Rydex Series Funds (the
"Trust"), including the schedules of investments, as of March 31, 2000, and the
related statements of operations for the year then ended, the statements of
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 auditing standards generally accepted
in the United States of America. 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. Our procedures included confirmation of
securities owned as of March 31, 2000, 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
Energy, Financial Services, Health Care, Technology, Basic Materials, Consumer
Products, Leisure, Retailing, Telecommunications, Transportation, Energy
Services, Banking, Biotechnology, Electronics and Precious Metals Funds of the
Rydex Series Funds as of March 31, 2000, the results of their operations for the
year then ended, the changes in their net assets, and the financial highlights
for each of the periods presented, in conformity with accounting principles
generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Princeton, New Jersey
May 22, 2000
<PAGE>
DISTRIBUTIONS (Unaudited)
During the fiscal year ended March 31, 2000, shareholders redeemed
$2,907,142,266, $1,135,378,891, $912,160,211, $5,760,896,029, and $1,303,335,096
from the Biotechnology, Health Care, Retailing, Technology, and
Telecommunications Funds, respectively. A portion of those proceeds received by
shareholders represent long-term capital gain distributions in the amounts of
$26,967, $8,969, $43,480, $2,483, and $2,637, respectively. This notification is
to meet certain Internal Revenue Service requirements.
<PAGE>
A FAMILY OF MUTUAL FUNDS
DESIGNED EXCLUSIVELY FOR
PROFESSIONAL MONEY MANAGERS
ENERGY FUND
FINANCIAL SERVICES FUND
HEALTH CARE FUND
TECHNOLOGY FUND
BASIC MATERIALS FUND
CONSUMER PRODUCTS FUND
LEISURE FUND
RETAILING FUND
TELECOMMUNICATIONS FUND
TRANSPORTATION FUND
ENERGY SERVICES FUND
BANKING FUND
BIOTECHNOLOGY FUND
ELECTRONICS FUND
PRECIOUS METALS 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 FUNDS
6116 Executive Blvd., Suite 400
Rockville, MD 20852
(301) 468-8520 (800) 820-0888
www.rydexfunds.com
ADVISOR CLASS SHARES ARE DISTRIBUTED BY
RYDEX DISTRIBUTORS, INC.
