Mutual Fund Advisory Program - Information about Mutual Fund Market Timing Program

Elliott Wave Advisers

"Money Management that Focuses on the
Power of Constant Rate Daily Compound Growth"

Track Record

Sample Client Account Summary
(This is an actual account - not hypothetical):

Initial Balance - 04/07/03 - $5,000.00
Balance as of - 12/31/07 - $11,859.10
* Average Annualized Percentage Return Since Inception (daily compounding) is 18.24% vs DJIA's 9.90%

* Verification of our track record is provided by Jozwiak Law, Steven J. Jozwiak, Esquire, Cherry Hill, New Jersey, Member of the American Association of Attorneys - Certified Public Accountants. Annualized percertage return figures are computed on the basis of daily compounding. Many mutual funds report their returns on the basis of annual compounding which produces a greater return. For purposes of comparison, on this basis, our track record would have an average annualized percentage return since inception of 19.93%.

Example of ProFunds Transaction Activity (inception through 9/30/04 quarterly update):

Transaction Date / Fund Name / Transaction Type / Dollar Amount / Share Price / Number of Shares

04/07/2003 MONEY MARKET-INV PURCHASE $5,000.00 $1.00 5,000.000
04/14/2003 MONEY MARKET-INV EXCH TO ULTRAOTC-INV -$1,250.00 $1.00 -1,250.000
04/14/2003 ULTRAOTC-INV EXCH FROM MONEY MARKET-INV $1,250.00 $11.80 105.932
04/16/2003 MONEY MARKET-INV EXCH FROM ULTRAOTC-INV $1,264.83 $1.00 1,264.830
04/16/2003 ULTRAOTC-INV EXCH TO MONEY MARKET-INV -$1,264.83 $11.94 -105.932
04/17/2003 MONEY MARKET-INV EXCH TO SHORT OTC-INV -$1,002.97 $1.00 -1,002.966
04/17/2003 SHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,002.97 $29.79 33.668
04/21/2003 MONEY MARKET-INV EXCH TO SHORT OTC-INV -$1,203.56 $1.00 -1,203.559
04/21/2003 SHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,203.56 $29.86 40.307
04/22/2003 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$1,404.15 $1.00 -1,404.152
04/22/2003 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,404.15 $41.06 34.198
04/25/2003 MONEY MARKET-INV EXCH FROM ULTRASHORT OTC-INV $1,452.05 $1.00 1,452.050
04/25/2003 MONEY MARKET-INV EXCH FROM SHORT OTC-INV $2,201.50 $1.00 2,201.500
04/25/2003 ULTRASHORT OTC-INV EXCH TO MONEY MARKET-INV -$1,452.05 $42.46 -34.198
04/25/2003 SHORT OTC-INV EXCH TO MONEY MARKET-INV -$2,201.50 $29.76 -73.975
04/28/2003 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$1,517.31 $1.00 -1,517.311
04/28/2003 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,517.31 $40.57 37.400
04/29/2003 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$1,500.00 $1.00 -1,500.000
04/29/2003 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,500.00 $39.86 37.632
04/30/2003 MONEY MARKET-INV DIVIDEND REINVESTED $1.08 $1.00 1.080
05/02/2003 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$1,000.00 $1.00 -1,000.000
05/02/2003 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,000.00 $38.42 26.028
05/08/2003 MONEY MARKET-INV EXCH FROM ULTRASHORT OTC-INV $3,999.95 $1.00 3,999.950
05/08/2003 ULTRASHORT OTC-INV EXCH TO MONEY MARKET-INV -$3,999.95 $39.58 -101.060
05/09/2003 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$2,520.71 $1.00 -2,520.711
05/09/2003 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $2,520.71 $37.83 66.633
05/12/2003 MONEY MARKET-INV EXCH TO ULTRASMALL-CAP-INV -$1,260.36 $1.00 -1,260.356
05/12/2003 ULTRASMALL-CAP-INV EXCH FROM MONEY MARKET-INV $1,260.36 $11.29 111.635
05/14/2003 MONEY MARKET-INV EXCH FROM ULTRASMALL-CAP-INV $1,267.06 $1.00 1,267.060
05/14/2003 ULTRASMALL-CAP-INV EXCH TO MONEY MARKET-INV -$1,267.06 $11.35 -111.635
05/15/2003 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$1,000.00 $1.00 -1,000.000
05/15/2003 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,000.00 $36.54 27.367
05/16/2003 MONEY MARKET-INV EXCH FROM ULTRASHORT OTC-INV $1,000.00 $1.00 1,000.000
05/16/2003 ULTRASHORT OTC-INV EXCH TO MONEY MARKET-INV -$1,000.00 $37.08 -26.969
05/19/2003 MONEY MARKET-INV EXCH FROM ULTRASHORT OTC-INV $2,665.82 $1.00 2,665.820
05/19/2003 ULTRASHORT OTC-INV EXCH TO MONEY MARKET-INV -$2,665.82 $39.77 -67.031
05/20/2003 MONEY MARKET-INV EXCH TO ULTRAOTC-INV -$2,500.00 $1.00 -2,500.000
05/20/2003 ULTRAOTC-INV EXCH FROM MONEY MARKET-INV $2,500.00 $13.18 189.681
05/22/2003 MONEY MARKET-INV EXCH FROM ULTRAOTC-INV $2,583.46 $1.00 2,583.460
05/22/2003 ULTRAOTC-INV EXCH TO MONEY MARKET-INV -$2,583.46 $13.62 -189.681
05/28/2003 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$2,638.35 $1.00 -2,638.348
05/28/2003 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $2,638.35 $35.60 74.111
05/30/2003 MONEY MARKET-INV DIVIDEND REINVESTED $1.10 $1.00 1.100
05/30/2003 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$1,000.00 $1.00 -1,000.000
05/30/2003 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,000.00 $34.14 29.291
06/02/2003 MONEY MARKET-INV EXCH FROM ULTRASHORT OTC-INV $1,000.00 $1.00 1,000.000
06/02/2003 ULTRASHORT OTC-INV EXCH TO MONEY MARKET-INV -$1,000.00 $34.86 -28.686
06/04/2003 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$1,319.72 $1.00 -1,319.724
06/04/2003 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,319.72 $32.59 40.495
06/09/2003 MONEY MARKET-INV EXCH FROM ULTRASHORT OTC-INV $1,967.82 $1.00 1,967.820
06/09/2003 ULTRASHORT OTC-INV EXCH TO MONEY MARKET-INV -$1,967.82 $34.16 -57.606
06/10/2003 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$1,000.00 $1.00 -1,000.000
06/10/2003 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,000.00 $33.16 30.157
06/11/2003 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$1,000.00 $1.00 -1,000.000
06/11/2003 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,000.00 $32.33 30.931
06/13/2003 MONEY MARKET-INV EXCH FROM ULTRASHORT OTC-INV $1,000.00 $1.00 1,000.000
06/13/2003 ULTRASHORT OTC-INV EXCH TO MONEY MARKET-INV -$1,000.00 $33.61 -29.753
06/16/2003 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$1,143.77 $1.00 -1,143.772
06/16/2003 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,143.77 $31.52 36.287
06/19/2003 MONEY MARKET-INV EXCH FROM ULTRASHORT OTC-INV $1,000.00 $1.00 1,000.000
06/19/2003 ULTRASHORT OTC-INV EXCH TO MONEY MARKET-INV -$1,000.00 $32.30 -30.960
06/23/2003 MONEY MARKET-INV EXCH FROM ULTRASHORT OTC-INV $3,173.97 $1.00 3,173.970
06/23/2003 ULTRASHORT OTC-INV EXCH TO MONEY MARKET-INV -$3,173.97 $33.67 -94.267
06/27/2003 MONEY MARKET-INV EXCH TO DOW 30-INV -$1,329.44 $1.00 -1,329.435
06/27/2003 DOW 30-INV EXCH FROM MONEY MARKET-INV $1,329.44 $23.35 56.935
06/30/2003 MONEY MARKET-INV DIVIDEND REINVESTED $0.70 $1.00 0.700
06/30/2003 MONEY MARKET-INV EXCH FROM DOW 30-INV $1,328.29 $1.00 1,328.290
06/30/2003 DOW 30-INV EXCH TO MONEY MARKET-INV -$1,328.29 $23.33 -56.935
07/08/2003 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$1,329.32 $1.00 -1,329.324
07/08/2003 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,329.32 $28.50 46.643
07/09/2003 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$1,355.91 $1.00 -1,355.910
07/09/2003 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,355.91 $28.63 47.360
07/10/2003 MONEY MARKET-INV EXCH FROM ULTRASHORT OTC-INV $2,801.29 $1.00 2,801.290
07/10/2003 ULTRASHORT OTC-INV EXCH TO MONEY MARKET-INV -$2,801.29 $29.80 -94.003
07/14/2003 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$1,358.34 $1.00 -1,358.338
07/14/2003 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,358.34 $28.55 47.578
07/15/2003 MONEY MARKET-INV EXCH FROM ULTRASHORT OTC-INV $1,361.21 $1.00 1,361.210
07/15/2003 ULTRASHORT OTC-INV EXCH TO MONEY MARKET-INV -$1,361.21 $28.61 -47.578
07/16/2003 MONEY MARKET-INV EXCH TO ULTRAOTC-INV -$1,087.25 $1.00 -1,087.245
07/16/2003 MONEY MARKET-INV EXCH TO DOW 30-INV -$2,174.49 $1.00 -2,174.490
07/16/2003 ULTRAOTC-INV EXCH FROM MONEY MARKET-INV $1,087.25 $17.50 62.129
07/16/2003 DOW 30-INV EXCH FROM MONEY MARKET-INV $2,174.49 $23.84 91.212
07/17/2003 MONEY MARKET-INV EXCH TO ULTRAOTC-INV -$1,087.24 $1.00 -1,087.244
07/17/2003 ULTRAOTC-INV EXCH FROM MONEY MARKET-INV $1,087.24 $16.52 65.814
07/23/2003 MONEY MARKET-INV EXCH FROM DOW 30-INV $1,000.00 $1.00 1,000.000
07/23/2003 DOW 30-INV EXCH TO MONEY MARKET-INV -$1,000.00 $24.35 -41.068
07/30/2003 MONEY MARKET-INV EXCH TO U.S. GOV PLUS-INV -$1,087.24 $1.00 -1,087.240
07/30/2003 U.S. GOV PLUS-INV EXCH FROM MONEY MARKET-INV $1,087.24 $30.72 35.392
07/31/2003 MONEY MARKET-INV DIVIDEND REINVESTED $0.89 $1.00 0.890
07/31/2003 MONEY MARKET-INV EXCH FROM ULTRAOTC-INV $2,180.15 $1.00 2,180.150
07/31/2003 ULTRAOTC-INV EXCH TO MONEY MARKET-INV -$2,180.15 $17.04 -127.943
07/31/2003 U.S. GOV PLUS-INV DIVIDEND REINVESTED $0.13 $30.00 0.004
07/31/2003 U.S. GOV PLUS-INV EXCH FROM DOW 30-INV $1,230.53 $30.00 41.018
07/31/2003 DOW 30-INV EXCH TO U.S. GOV PLUS-INV -$1,230.53 $24.54 -50.144
08/04/2003 MONEY MARKET-INV EXCH TO ULTRAOTC-INV -$1,590.52 $1.00 -1,590.522
08/04/2003 ULTRAOTC-INV EXCH FROM U.S. GOV PLUS-INV $1,167.22 $16.79 69.519
08/04/2003 ULTRAOTC-INV EXCH FROM MONEY MARKET-INV $1,590.52 $16.79 94.730
08/04/2003 U.S. GOV PLUS-INV EXCH TO ULTRAOTC-INV -$1,167.22 $30.55 -38.207
08/05/2003 MONEY MARKET-INV DIVIDEND REINVEST-ADJ $0.07 $1.00 0.070
08/05/2003 MONEY MARKET-INV EXCH TO U.S. GOV PLUS-INV -$1,590.59 $1.00 -1,590.593
08/05/2003 U.S. GOV PLUS-INV EXCH FROM MONEY MARKET-INV $1,590.59 $30.01 53.002
08/06/2003 ULTRAOTC-INV EXCH FROM U.S. GOV PLUS-INV $1,401.87 $15.41 90.971
08/06/2003 U.S. GOV PLUS-INV EXCH TO ULTRAOTC-INV -$1,401.87 $30.74 -45.604
08/12/2003 MONEY MARKET-INV EXCH FROM ULTRAOTC-INV $1,460.99 $1.00 1,460.990
08/12/2003 ULTRAOTC-INV EXCH TO MONEY MARKET-INV -$1,460.99 $16.06 -90.971
08/13/2003 MONEY MARKET-INV DIVIDEND REINVEST-ADJ $0.01 $1.00 0.010
08/13/2003 MONEY MARKET-INV EXCH TO U.S. GOV PLUS-INV -$1,461.00 $1.00 -1,461.000
08/13/2003 U.S. GOV PLUS-INV EXCH FROM MONEY MARKET-INV $1,461.00 $29.59 49.375
08/18/2003 MONEY MARKET-INV EXCH FROM ULTRAOTC-INV $1,412.53 $1.00 1,412.530
08/18/2003 MONEY MARKET-INV EXCH FROM U.S. GOV PLUS-INV $1,430.40 $1.00 1,430.400
08/18/2003 ULTRAOTC-INV EXCH TO MONEY MARKET-INV -$1,412.53 $17.20 -82.124
08/18/2003 U.S. GOV PLUS-INV EXCH TO MONEY MARKET-INV -$1,430.40 $30.12 -47.490
08/19/2003 MONEY MARKET-INV EXCH FROM ULTRAOTC-INV $1,446.22 $1.00 1,446.220
08/19/2003 MONEY MARKET-INV EXCH FROM U.S. GOV PLUS-INV $1,463.27 $1.00 1,463.270
08/19/2003 ULTRAOTC-INV EXCH TO MONEY MARKET-INV -$1,446.22 $17.61 -82.125
08/19/2003 U.S. GOV PLUS-INV DIVIDEND REINVEST-ADJ $4.84 $30.71 0.158
08/19/2003 U.S. GOV PLUS-INV EXCH TO MONEY MARKET-INV -$1,463.27 $30.71 -47.648
08/20/2003 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$1,150.48 $1.00 -1,150.484
08/20/2003 MONEY MARKET-INV EXCH TO ULTRABEAR-INV -$1,150.48 $1.00 -1,150.484
08/20/2003 ULTRABEAR-INV EXCH FROM MONEY MARKET-INV $1,150.48 $29.57 38.907
08/20/2003 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,150.48 $28.03 41.045
08/21/2003 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$1,138.98 $1.00 -1,138.979
08/21/2003 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,138.98 $27.39 41.584
08/22/2003 MONEY MARKET-INV EXCH FROM ULTRASHORT OTC-INV $1,148.94 $1.00 1,148.940
08/22/2003 MONEY MARKET-INV EXCH FROM ULTRABEAR-INV $1,167.60 $1.00 1,167.600
08/22/2003 ULTRABEAR-INV EXCH TO MONEY MARKET-INV -$1,167.60 $30.01 -38.907
08/22/2003 ULTRASHORT OTC-INV EXCH TO MONEY MARKET-INV -$1,148.94 $27.81 -41.314
08/25/2003 MONEY MARKET-INV EXCH FROM ULTRASHORT OTC-INV $1,145.25 $1.00 1,145.250
08/25/2003 ULTRASHORT OTC-INV EXCH TO MONEY MARKET-INV -$1,145.25 $27.72 -41.315
08/28/2003 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$1,154.85 $1.00 -1,154.853
08/28/2003 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,154.85 $26.65 43.334
08/29/2003 MONEY MARKET-INV DIVIDEND REINVESTED $0.18 $1.00 0.180
08/29/2003 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$1,154.85 $1.00 -1,154.852
08/29/2003 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,154.85 $26.30 43.911
09/02/2003 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$1,154.91 $1.00 -1,154.910
09/02/2003 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,154.91 $25.52 45.255
09/08/2003 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$1,154.91 $1.00 -1,154.914
09/08/2003 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,154.91 $24.56 47.024
09/09/2003 MONEY MARKET-INV EXCH FROM ULTRASHORT OTC-INV $1,181.71 $1.00 1,181.710
09/09/2003 ULTRASHORT OTC-INV EXCH TO MONEY MARKET-INV -$1,181.71 $25.13 -47.024
09/10/2003 ULTRASHORT OTC-INV EXCH TO SHORT OTC-INV -$1,160.02 $26.53 -43.725
09/10/2003 SHORT OTC-INV EXCH FROM ULTRASHORT OTC-INV $1,160.02 $23.62 49.112
09/11/2003 MONEY MARKET-INV EXCH TO SHORT OTC-INV -$1,168.31 $1.00 -1,168.312
09/11/2003 SHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,168.31 $23.30 50.142
09/12/2003 MONEY MARKET-INV DIVIDEND REINVEST-ADJ $0.06 $1.00 0.060
09/12/2003 MONEY MARKET-INV EXCH TO SHORT OTC-INV -$1,168.37 $1.00 -1,168.372
09/12/2003 SHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,168.37 $23.20 50.361
09/15/2003 MONEY MARKET-INV EXCH FROM SHORT OTC-INV $1,152.37 $1.00 1,152.370
09/15/2003 SHORT OTC-INV EXCH TO MONEY MARKET-INV -$1,152.37 $23.34 -49.373
09/16/2003 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$1,152.37 $1.00 -1,152.370
09/16/2003 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,152.37 $24.56 46.921
09/22/2003 MONEY MARKET-INV EXCH FROM ULTRASHORT OTC-INV $1,124.43 $1.00 1,124.430
09/22/2003 ULTRASHORT OTC-INV EXCH TO MONEY MARKET-INV -$1,124.43 $25.11 -44.780
09/24/2003 MONEY MARKET-INV EXCH FROM SHORT OTC-INV $2,346.67 $1.00 2,346.670
09/24/2003 MONEY MARKET-INV EXCH FROM ULTRASHORT OTC-INV $2,363.82 $1.00 2,363.820
09/24/2003 ULTRASHORT OTC-INV EXCH TO MONEY MARKET-INV -$2,363.82 $26.00 -90.916
09/24/2003 SHORT OTC-INV EXCH TO MONEY MARKET-INV -$2,346.67 $23.41 -100.242
09/30/2003 MONEY MARKET-INV DIVIDEND REINVESTED $0.05 $1.00 0.050
09/30/2003 MONEY MARKET-INV EXCH TO DOW 30-INV -$1,458.73 $1.00 -1,458.730
09/30/2003 DOW 30-INV EXCH FROM MONEY MARKET-INV $1,458.73 $24.73 58.986
10/01/2003 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$1,181.59 $1.00 -1,181.585
10/01/2003 MONEY MARKET-INV EXCH FROM ULTRA DOW 30 $1,518.89 $1.00 1,518.890
10/01/2003 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,181.59 $26.06 45.341
10/01/2003 ULTRA DOW 30 EXCH TO MONEY MARKET-INV -$1,518.89 $25.75 -58.986
10/02/2003 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$1,178.39 $1.00 -1,178.386
10/02/2003 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,178.39 $25.99 45.340
10/03/2003 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$1,166.60 $1.00 -1,166.602
10/03/2003 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,166.60 $24.51 47.597
10/06/2003 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$1,184.28 $1.00 -1,184.278
10/06/2003 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,184.28 $24.28 48.776
10/13/2003 MONEY MARKET-INV DIVIDEND REINVEST-ADJ $0.01 $1.00 0.010
10/13/2003 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$1,184.29 $1.00 -1,184.289
10/13/2003 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,184.29 $23.15 51.157
10/22/2003 MONEY MARKET-INV EXCH FROM ULTRASHORT OTC-INV $1,710.82 $1.00 1,710.820
10/22/2003 ULTRASHORT OTC-INV EXCH TO MONEY MARKET-INV -$1,710.82 $23.94 -71.463
10/23/2003 MONEY MARKET-INV EXCH FROM ULTRASHORT OTC-INV $1,000.00 $1.00 1,000.000
10/23/2003 ULTRASHORT OTC-INV EXCH TO MONEY MARKET-INV -$1,000.00 $24.26 -41.220
10/24/2003 ULTRABULL-INV EXCH FROM ULTRASHORT OTC-INV $1,539.60 $40.75 37.782
10/24/2003 ULTRASHORT OTC-INV EXCH TO ULTRABULL-INV -$1,539.60 $24.53 -62.764
10/30/2003 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$1,000.00 $1.00 -1,000.000
10/30/2003 ULTRABULL-INV EXCH TO ULTRASHORT OTC-INV -$1,594.02 $42.19 -37.782
10/30/2003 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,000.00 $22.88 43.706
10/30/2003 ULTRASHORT OTC-INV EXCH FROM ULTRABULL-INV $1,594.02 $22.88 69.669
10/31/2003 MONEY MARKET-INV DIVIDEND REINVESTED $0.10 $1.00 0.100
11/17/2003 MONEY MARKET-INV EXCH FROM ULTRASHORT OTC-INV $1,243.90 $1.00 1,243.900
11/17/2003 ULTRASHORT OTC-INV EXCH TO MONEY MARKET-INV -$1,243.90 $23.54 -52.842
11/18/2003 MONEY MARKET-INV EXCH FROM ULTRASHORT OTC-INV $1,000.00 $1.00 1,000.000
11/18/2003 ULTRASHORT OTC-INV EXCH TO MONEY MARKET-INV -$1,000.00 $24.47 -40.866
11/24/2003 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$1,384.19 $1.00 -1,384.187
11/24/2003 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,384.19 $22.58 61.302
11/28/2003 MONEY MARKET-INV DIVIDEND REINVESTED $0.27 $1.00 0.270
12/01/2003 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$1,285.45 $1.00 -1,285.452
12/01/2003 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,285.45 $21.70 59.237
12/02/2003 MONEY MARKET-INV EXCH FROM ULTRASHORT OTC-INV $1,000.00 $1.00 1,000.000
12/02/2003 ULTRASHORT OTC-INV EXCH TO MONEY MARKET-INV -$1,000.00 $22.16 -45.126
12/05/2003 MONEY MARKET-INV EXCH FROM ULTRASHORT OTC-INV $1,000.00 $1.00 1,000.000
12/05/2003 ULTRASHORT OTC-INV EXCH TO MONEY MARKET-INV -$1,000.00 $22.93 -43.611
12/08/2003 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$1,084.20 $1.00 -1,084.199
12/08/2003 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,084.20 $22.57 48.037
12/09/2003 MONEY MARKET-INV EXCH FROM ULTRASHORT OTC-INV $1,536.37 $1.00 1,536.370
12/09/2003 ULTRASHORT OTC-INV EXCH TO MONEY MARKET-INV -$1,536.37 $23.67 -64.908
12/10/2003 MONEY MARKET-INV EXCH FROM ULTRASHORT OTC-INV $2,287.03 $1.00 2,287.030
12/10/2003 ULTRASHORT OTC-INV EXCH TO MONEY MARKET-INV -$2,287.03 $23.49 -97.362
12/18/2003 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$3,012.33 $1.00 -3,012.326
12/18/2003 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $3,012.33 $22.04 136.676
12/19/2003 MONEY MARKET-INV EXCH FROM ULTRASHORT OTC-INV $1,517.10 $1.00 1,517.100
12/19/2003 ULTRASHORT OTC-INV EXCH TO MONEY MARKET-INV -$1,517.10 $22.20 -68.338
12/22/2003 MONEY MARKET-INV EXCH FROM ULTRASHORT OTC-INV $1,505.49 $1.00 1,505.490
12/22/2003 ULTRASHORT OTC-INV EXCH TO MONEY MARKET-INV -$1,505.49 $22.03 -68.338
12/26/2003 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$1,508.73 $1.00 -1,508.729
12/26/2003 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,508.73 $21.65 69.687
12/29/2003 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$1,131.55 $1.00 -1,131.547
12/29/2003 ULTRASHORT OTC-INV DIVIDEND REINVE 0.003296 $0.23 $20.85 0.011
12/29/2003 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,131.55 $20.85 54.271
12/30/2003 MONEY MARKET-INV EXCH FROM ULTRASHORT OTC-INV $1,135.00 $1.00 1,135.000
12/30/2003 ULTRASHORT OTC-INV EXCH TO MONEY MARKET-INV -$1,135.00 $20.86 -54.410
12/31/2003 MONEY MARKET-INV DIVIDEND REINVESTED $1.43 $1.00 1.430
01/02/2004 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$1,540.56 $1.00 -1,540.564
01/02/2004 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,540.56 $21.05 73.186
01/05/2004 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$1,495.25 $1.00 -1,495.253
01/05/2004 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,495.25 $20.10 74.391
01/08/2004 MONEY MARKET-INV DIVIDEND REINVEST-ADJ $0.22 $1.00 0.220
01/08/2004 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$1,495.47 $1.00 -1,495.473
01/08/2004 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,495.47 $19.21 77.849
01/28/2004 ULTRASHORT OTC-INV EXCH TO ULTRA DOW 30 -$2,970.49 $20.14 -147.492
01/28/2004 ULTRA DOW 30 EXCH FROM ULTRASHORT OTC-INV $2,970.49 $31.36 94.722
01/29/2004 MONEY MARKET-INV EXCH FROM ULTRASHORT OTC-INV $2,952.81 $1.00 2,952.810
01/29/2004 ULTRAOTC-INV EXCH FROM ULTRA DOW 30 $1,497.55 $22.63 66.175
01/29/2004 ULTRASHORT OTC-INV EXCH TO MONEY MARKET-INV -$2,952.81 $20.02 -147.493
01/29/2004 ULTRA DOW 30 EXCH TO ULTRAOTC-INV -$1,497.55 $31.62 -47.361
01/30/2004 MONEY MARKET-INV DIVIDEND REINVESTED $0.07 $1.00 0.070
01/30/2004 MONEY MARKET-INV EXCH TO ULTRABULL-INV -$1,476.41 $1.00 -1,476.405
01/30/2004 ULTRABULL-INV EXCH FROM MONEY MARKET-INV $1,476.41 $49.18 30.021
02/02/2004 MONEY MARKET-INV DIVIDEND REINVEST-ADJ $0.01 $1.00 0.010
02/02/2004 MONEY MARKET-INV EXCH TO ULTRASMALL-CAP-INV -$1,476.49 $1.00 -1,476.485
02/02/2004 ULTRASMALL-CAP-INV EXCH FROM MONEY MARKET-INV $1,476.49 $20.83 70.883
02/09/2004 MONEY MARKET-INV EXCH FROM ULTRASMALL-CAP-INV $1,499.88 $1.00 1,499.880
02/09/2004 ULTRASMALL-CAP-INV EXCH TO MONEY MARKET-INV -$1,499.88 $21.16 -70.883
02/10/2004 MONEY MARKET-INV EXCH FROM ULTRAOTC-INV $1,502.17 $1.00 1,502.170
02/10/2004 MONEY MARKET-INV EXCH FROM ULTRABULL-INV $1,513.96 $1.00 1,513.960
02/10/2004 MONEY MARKET-INV EXCH FROM ULTRA DOW 30 $1,527.39 $1.00 1,527.390
02/10/2004 ULTRABULL-INV EXCH TO MONEY MARKET-INV -$1,513.96 $50.43 -30.021
02/10/2004 ULTRAOTC-INV EXCH TO MONEY MARKET-INV -$1,502.17 $22.70 -66.175
02/10/2004 ULTRA DOW 30 EXCH TO MONEY MARKET-INV -$1,527.39 $32.25 -47.361
02/11/2004 MONEY MARKET-INV EXCH TO ULTRABEAR-INV -$3,021.70 $1.00 -3,021.700
02/11/2004 ULTRABEAR-INV EXCH FROM MONEY MARKET-INV $3,021.70 $21.44 140.938
02/12/2004 MONEY MARKET-INV EXCH FROM ULTRABEAR-INV $3,049.90 $1.00 3,049.900
02/12/2004 ULTRABEAR-INV EXCH TO MONEY MARKET-INV -$3,049.90 $21.64 -140.938
02/17/2004 MONEY MARKET-INV EXCH TO ULTRABEAR-INV -$1,214.32 $1.00 -1,214.320
02/17/2004 ULTRABEAR-INV EXCH FROM MONEY MARKET-INV $1,214.32 $21.45 56.612
02/18/2004 MONEY MARKET-INV EXCH FROM ULTRABEAR-INV $1,225.08 $1.00 1,225.080
02/18/2004 ULTRABEAR-INV EXCH TO MONEY MARKET-INV -$1,225.08 $21.64 -56.612
02/19/2004 MONEY MARKET-INV EXCH TO ULTRABEAR-INV -$1,520.59 $1.00 -1,520.590
02/19/2004 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$1,520.59 $1.00 -1,520.590
02/19/2004 ULTRABEAR-INV EXCH FROM MONEY MARKET-INV $1,520.59 $21.81 69.720
02/19/2004 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,520.59 $20.23 75.165
02/20/2004 MONEY MARKET-INV EXCH FROM ULTRASHORT OTC-INV $1,525.85 $1.00 1,525.850
02/20/2004 MONEY MARKET-INV EXCH FROM ULTRABEAR-INV $1,527.57 $1.00 1,527.570
02/20/2004 ULTRABEAR-INV EXCH TO MONEY MARKET-INV -$1,527.57 $21.91 -69.720
02/20/2004 ULTRASHORT OTC-INV EXCH TO MONEY MARKET-INV -$1,525.85 $20.30 -75.165
02/23/2004 MONEY MARKET-INV EXCH TO ULTRAOTC-INV -$2,011.22 $1.00 -2,011.218
02/23/2004 ULTRAOTC-INV EXCH FROM MONEY MARKET-INV $2,011.22 $21.60 93.112
02/26/2004 MONEY MARKET-INV EXCH FROM ULTRAOTC-INV $2,047.53 $1.00 2,047.530
02/26/2004 ULTRAOTC-INV EXCH TO MONEY MARKET-INV -$2,047.53 $21.99 -93.112
02/27/2004 MONEY MARKET-INV DIVIDEND REINVESTED $0.78 $1.00 0.780
02/27/2004 MONEY MARKET-INV EXCH TO ULTRABEAR-INV -$1,532.73 $1.00 -1,532.728
02/27/2004 ULTRABEAR-INV EXCH FROM MONEY MARKET-INV $1,532.73 $21.85 70.148
03/02/2004 MONEY MARKET-INV EXCH TO ULTRA SHORT SMALL-CAP-INV -$1,517.66 $1.00 -1,517.658
03/02/2004 ULTRA SHORT SMALL-CAP-INV EXCH FROM MONEY MARKET-INV $1,517.66 $28.68 52.917
03/04/2004 MONEY MARKET-INV EXCH TO ULTRABEAR-INV -$1,016.83 $1.00 -1,016.831
03/04/2004 ULTRABEAR-INV EXCH FROM MONEY MARKET-INV $1,016.83 $21.48 47.338
03/09/2004 MONEY MARKET-INV EXCH FROM ULTRA SHORT SMALL-CAP-INV $1,540.94 $1.00 1,540.940
03/09/2004 ULTRABEAR-INV EXCH TO ULTRAOTC-INV -$2,585.87 $22.01 -117.486
03/09/2004 ULTRAOTC-INV EXCH FROM ULTRABEAR-INV $2,585.87 $20.81 124.261
03/09/2004 ULTRA SHORT SMALL-CAP-INV EXCH TO MONEY MARKET-INV -$1,540.94 $29.12 -52.917
03/10/2004 MONEY MARKET-INV EXCH TO ULTRAOTC-INV -$1,189.79 $1.00 -1,189.787
03/10/2004 ULTRAOTC-INV EXCH FROM MONEY MARKET-INV $1,189.79 $20.23 58.813
03/11/2004 MONEY MARKET-INV EXCH TO ULTRAOTC-INV -$1,207.81 $1.00 -1,207.814
03/11/2004 ULTRAOTC-INV EXCH FROM MONEY MARKET-INV $1,207.81 $19.78 61.062
03/15/2004 MONEY MARKET-INV DIVIDEND REINVEST-ADJ $0.28 $1.00 0.280
03/15/2004 MONEY MARKET-INV EXCH TO ULTRA DOW 30 -$1,208.09 $1.00 -1,208.094
03/15/2004 ULTRA DOW 30 EXCH FROM MONEY MARKET-INV $1,208.09 $29.24 41.316
03/16/2004 MONEY MARKET-INV EXCH FROM ULTRA DOW 30 $1,227.50 $1.00 1,227.500
03/16/2004 ULTRA DOW 30 EXCH TO MONEY MARKET-INV -$1,227.50 $29.71 -41.316
03/22/2004 MONEY MARKET-INV DIVIDEND REINVEST-ADJ $0.05 $1.00 0.050
03/22/2004 MONEY MARKET-INV EXCH TO ULTRAOTC-INV -$1,227.55 $1.00 -1,227.550
03/22/2004 ULTRAOTC-INV EXCH FROM MONEY MARKET-INV $1,227.55 $19.14 64.135
03/25/2004 MONEY MARKET-INV EXCH FROM ULTRAOTC-INV $1,255.28 $1.00 1,255.280
03/25/2004 ULTRAOTC-INV EXCH TO MONEY MARKET-INV -$1,255.28 $20.36 -61.654
03/26/2004 ULTRABEAR-INV EXCH FROM ULTRAOTC-INV $1,238.63 $23.18 53.435
03/26/2004 ULTRAOTC-INV EXCH TO ULTRABEAR-INV -$1,238.63 $20.09 -61.654
03/29/2004 MONEY MARKET-INV EXCH FROM ULTRAOTC-INV $1,272.03 $1.00 1,272.030
03/29/2004 ULTRAOTC-INV EXCH TO MONEY MARKET-INV -$1,272.03 $20.84 -61.038
03/31/2004 MONEY MARKET-INV DIVIDEND REINVESTED $0.08 $1.00 0.080
04/01/2004 MONEY MARKET-INV EXCH FROM ULTRAOTC-INV $1,309.88 $1.00 1,309.880
04/01/2004 ULTRAOTC-INV EXCH TO MONEY MARKET-INV -$1,309.88 $21.14 -61.962
04/02/2004 MONEY MARKET-INV EXCH FROM ULTRAOTC-INV $1,375.58 $1.00 1,375.580
04/02/2004 ULTRAOTC-INV EXCH TO MONEY MARKET-INV -$1,375.58 $22.20 -61.963
04/05/2004 MONEY MARKET-INV EXCH TO ULTRA DOW 30 -$1,303.21 $1.00 -1,303.212
04/05/2004 ULTRA DOW 30 EXCH FROM MONEY MARKET-INV $1,303.21 $31.88 40.879
04/08/2004 ULTRABEAR-INV EXCH TO ULTRA DOW 30 -$1,171.30 $21.92 -53.435
04/08/2004 ULTRA DOW 30 EXCH FROM ULTRABEAR-INV $1,171.30 $31.17 37.578
04/13/2004 MONEY MARKET-INV EXCH TO ULTRA DOW 30 -$1,290.18 $1.00 -1,290.181
04/13/2004 ULTRA DOW 30 EXCH FROM MONEY MARKET-INV $1,290.18 $30.79 41.903
04/14/2004 MONEY MARKET-INV EXCH TO ULTRA DOW 30 -$1,309.73 $1.00 -1,309.728
04/14/2004 ULTRA DOW 30 EXCH FROM MONEY MARKET-INV $1,309.73 $30.77 42.565
04/15/2004 MONEY MARKET-INV DIVIDEND REINVEST-ADJ $0.39 $1.00 0.390
04/15/2004 MONEY MARKET-INV EXCH TO ULTRAOTC-INV -$1,310.12 $1.00 -1,310.119
04/15/2004 ULTRAOTC-INV EXCH FROM MONEY MARKET-INV $1,310.12 $21.28 61.566
04/16/2004 MONEY MARKET-INV EXCH FROM ULTRA DOW 30 $1,016.33 $1.00 1,016.330
04/16/2004 ULTRA DOW 30 EXCH TO MONEY MARKET-INV -$1,016.33 $31.19 -32.585
04/19/2004 MONEY MARKET-INV EXCH FROM ULTRAOTC-INV $1,333.52 $1.00 1,333.520
04/19/2004 ULTRAOTC-INV EXCH TO MONEY MARKET-INV -$1,333.52 $21.66 -61.566
04/21/2004 MONEY MARKET-INV EXCH TO ULTRA DOW 30 -$1,000.00 $1.00 -1,000.000
04/21/2004 ULTRA DOW 30 EXCH FROM MONEY MARKET-INV $1,000.00 $30.41 32.884
04/22/2004 MONEY MARKET-INV EXCH FROM ULTRA DOW 30 $1,032.57 $1.00 1,032.570
04/22/2004 ULTRA DOW 30 EXCH TO MONEY MARKET-INV -$1,032.57 $31.29 -33.000
04/23/2004 MONEY MARKET-INV EXCH FROM ULTRA DOW 30 $1,000.00 $1.00 1,000.000
04/23/2004 ULTRA DOW 30 EXCH TO MONEY MARKET-INV -$1,000.00 $31.31 -31.939
04/26/2004 MONEY MARKET-INV EXCH TO ULTRABULL-INV -$1,116.20 $1.00 -1,116.199
04/26/2004 ULTRABULL-INV EXCH FROM MONEY MARKET-INV $1,116.20 $49.45 22.572
04/28/2004 MONEY MARKET-INV EXCH TO ULTRAOTC-INV -$1,118.06 $1.00 -1,118.057
04/28/2004 MONEY MARKET-INV EXCH FROM ULTRABULL-INV $1,121.83 $1.00 1,121.830
04/28/2004 ULTRABULL-INV EXCH TO MONEY MARKET-INV -$1,121.83 $49.70 -22.572
04/28/2004 ULTRAOTC-INV EXCH FROM MONEY MARKET-INV $1,118.06 $21.01 53.216
04/29/2004 MONEY MARKET-INV EXCH TO ULTRAOTC-INV -$1,135.00 $1.00 -1,134.997
04/29/2004 ULTRAOTC-INV EXCH FROM MONEY MARKET-INV $1,135.00 $20.42 55.583
04/30/2004 MONEY MARKET-INV DIVIDEND REINVEST-ADJ $0.22 $1.00 0.220
04/30/2004 MONEY MARKET-INV EXCH TO ULTRAOTC-INV -$1,135.22 $1.00 -1,135.217
04/30/2004 ULTRAOTC-INV EXCH FROM MONEY MARKET-INV $1,135.22 $19.54 58.097
05/03/2004 MONEY MARKET-INV EXCH FROM ULTRAOTC-INV $1,155.36 $1.00 1,155.360
05/03/2004 ULTRAOTC-INV EXCH TO MONEY MARKET-INV -$1,155.36 $19.92 -58.000
05/04/2004 MONEY MARKET-INV EXCH FROM ULTRAOTC-INV $1,000.00 $1.00 1,000.000
05/04/2004 ULTRAOTC-INV EXCH TO MONEY MARKET-INV -$1,000.00 $20.14 -49.652
05/06/2004 MONEY MARKET-INV EXCH TO ULTRAOTC-INV -$1,077.68 $1.00 -1,077.680
05/06/2004 ULTRAOTC-INV EXCH FROM MONEY MARKET-INV $1,077.68 $19.94 54.046
05/07/2004 MONEY MARKET-INV DIVIDEND REINVEST-ADJ $0.04 $1.00 0.040
05/07/2004 MONEY MARKET-INV EXCH TO ULTRASMALL-CAP-INV -$1,077.72 $1.00 -1,077.720
05/07/2004 ULTRAOTC-INV EXCH TO ULTRASMALL-CAP-INV -$1,062.18 $19.67 -54.000
05/07/2004 ULTRASMALL-CAP-INV EXCH FROM ULTRAOTC-INV $1,062.18 $18.38 57.790
05/07/2004 ULTRASMALL-CAP-INV EXCH FROM MONEY MARKET-INV $1,077.72 $19.43 55.467
06/04/2004 MONEY MARKET-INV EXCH FROM ULTRAOTC-INV $1,245.09 $1.00 1,245.090
06/04/2004 ULTRAOTC-INV EXCH TO MONEY MARKET-INV -$1,245.09 $21.00 -59.290
06/07/2004 MONEY MARKET-INV EXCH FROM ULTRASMALL-CAP-INV $1,000.00 $1.00 1,000.000
06/07/2004 MONEY MARKET-INV EXCH FROM ULTRA DOW 30 $1,000.00 $1.00 1,000.000
06/07/2004 ULTRASMALL-CAP-INV EXCH TO MONEY MARKET-INV -$1,000.00 $20.51 -48.757
06/07/2004 ULTRA DOW 30 EXCH TO MONEY MARKET-INV -$1,000.00 $30.83 -32.436
06/08/2004 MONEY MARKET-INV EXCH FROM ULTRA DOW 30 $1,022.95 $1.00 1,022.950
06/08/2004 ULTRA DOW 30 EXCH TO MONEY MARKET-INV -$1,022.95 $31.07 -32.924
06/09/2004 MONEY MARKET-INV EXCH TO ULTRASMALL-CAP-INV -$1,000.00 $1.00 -1,000.000
06/09/2004 MONEY MARKET-INV EXCH TO ULTRA DOW 30 -$1,300.00 $1.00 -1,300.000
06/09/2004 ULTRASMALL-CAP-INV EXCH FROM MONEY MARKET-INV $1,000.00 $19.77 50.582
06/09/2004 ULTRA DOW 30 EXCH FROM MONEY MARKET-INV $1,300.00 $30.69 42.359
06/14/2004 MONEY MARKET-INV DIVIDEND REINVEST-ADJ $0.14 $1.00 0.140
06/14/2004 MONEY MARKET-INV EXCH TO ULTRASMALL-CAP-INV -$1,968.18 $1.00 -1,968.180
06/14/2004 ULTRASMALL-CAP-INV EXCH FROM MONEY MARKET-INV $1,968.18 $19.04 103.371
06/15/2004 MONEY MARKET-INV EXCH FROM ULTRASMALL-CAP-INV $1,078.61 $1.00 1,078.610
06/15/2004 MONEY MARKET-INV EXCH FROM ULTRASMALL-CAP-INV $1,078.61 $1.00 1,078.610
06/15/2004 ULTRASMALL-CAP-INV EXCH TO MONEY MARKET-INV -$1,078.61 $19.75 -54.613
06/15/2004 ULTRASMALL-CAP-INV EXCH TO MONEY MARKET-INV -$1,078.61 $19.75 -54.613
06/16/2004 MONEY MARKET-INV EXCH FROM ULTRA DOW 30 $1,000.00 $1.00 1,000.000
06/16/2004 ULTRABEAR-INV EXCH FROM ULTRASMALL-CAP-INV $1,086.82 $21.88 49.672
06/16/2004 ULTRASMALL-CAP-INV EXCH TO ULTRABEAR-INV -$1,086.82 $19.90 -54.614
06/16/2004 ULTRA DOW 30 EXCH TO MONEY MARKET-INV -$1,000.00 $30.77 -32.499
06/17/2004 ULTRABEAR-INV EXCH TO ULTRAOTC-INV -$1,090.30 $21.95 -49.672
06/17/2004 ULTRAOTC-INV EXCH FROM ULTRABEAR-INV $1,090.30 $21.21 51.405
06/18/2004 MONEY MARKET-INV EXCH FROM ULTRAOTC-INV $1,090.81 $1.00 1,090.810
06/18/2004 ULTRAOTC-INV EXCH TO MONEY MARKET-INV -$1,090.81 $21.22 -51.405
06/21/2004 MONEY MARKET-INV EXCH TO ULTRABEAR-INV -$1,062.01 $1.00 -1,062.008
06/21/2004 ULTRABEAR-INV EXCH FROM MONEY MARKET-INV $1,062.01 $22.01 48.251
06/22/2004 MONEY MARKET-INV EXCH TO ULTRABEAR-INV -$1,051.39 $1.00 -1,051.387
06/22/2004 ULTRABEAR-INV EXCH FROM MONEY MARKET-INV $1,051.39 $21.82 48.185
06/23/2004 MONEY MARKET-INV EXCH FROM ULTRASMALL-CAP-INV $1,127.76 $1.00 1,127.760
06/23/2004 ULTRASMALL-CAP-INV EXCH TO MONEY MARKET-INV -$1,127.76 $20.65 -54.613
06/25/2004 ULTRABEAR-INV EXCH TO ULTRA DOW 30 -$1,047.29 $21.72 -48.218
06/25/2004 ULTRA DOW 30 EXCH FROM ULTRABEAR-INV $1,047.29 $30.81 33.992
06/28/2004 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$1,076.59 $1.00 -1,076.590
06/28/2004 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,076.59 $19.31 55.753
06/29/2004 MONEY MARKET-INV EXCH TO ULTRA SHORT SMALL-CAP-INV -$1,092.90 $1.00 -1,092.902
06/29/2004 ULTRA SHORT SMALL-CAP-INV EXCH FROM MONEY MARKET-INV $1,092.90 $27.89 39.186
06/30/2004 MONEY MARKET-INV DIVIDEND REINVESTED $0.41 $1.00 0.410
06/30/2004 MONEY MARKET-INV EXCH FROM ULTRA DOW 30 $2,386.23 $1.00 2,386.230
06/30/2004 ULTRA DOW 30 EXCH TO MONEY MARKET-INV -$2,386.23 $31.08 -76.777
07/01/2004 MONEY MARKET-INV EXCH FROM ULTRABEAR-INV $1,062.72 $1.00 1,062.720
07/01/2004 MONEY MARKET-INV EXCH FROM ULTRASHORT OTC-INV $1,079.94 $1.00 1,079.940
07/01/2004 MONEY MARKET-INV EXCH FROM ULTRA SHORT SMALL-CAP-INV $1,112.10 $1.00 1,112.100
07/01/2004 ULTRABEAR-INV EXCH TO MONEY MARKET-INV -$1,062.72 $22.04 -48.218
07/01/2004 ULTRASHORT OTC-INV EXCH TO MONEY MARKET-INV -$1,079.94 $19.37 -55.753
07/01/2004 ULTRA SHORT SMALL-CAP-INV EXCH TO MONEY MARKET-INV -$1,112.10 $28.38 -39.186
07/08/2004 MONEY MARKET-INV EXCH TO ULTRAOTC-INV -$1,077.49 $1.00 -1,077.488
07/08/2004 MONEY MARKET-INV EXCH TO ULTRASMALL-CAP-INV -$1,077.49 $1.00 -1,077.488
07/08/2004 MONEY MARKET-INV EXCH TO ULTRA DOW 30 -$1,212.18 $1.00 -1,212.175
07/08/2004 ULTRAOTC-INV EXCH FROM MONEY MARKET-INV $1,077.49 $20.19 53.368
07/08/2004 ULTRASMALL-CAP-INV EXCH FROM MONEY MARKET-INV $1,077.49 $19.11 56.384
07/08/2004 ULTRA DOW 30 EXCH FROM MONEY MARKET-INV $1,212.18 $29.52 41.063
07/09/2004 MONEY MARKET-INV EXCH FROM ULTRAOTC-INV $1,090.84 $1.00 1,090.840
07/09/2004 MONEY MARKET-INV EXCH FROM ULTRASMALL-CAP-INV $1,091.03 $1.00 1,091.030
07/09/2004 MONEY MARKET-INV EXCH FROM ULTRA DOW 30 $1,222.45 $1.00 1,222.450
07/09/2004 ULTRAOTC-INV EXCH TO MONEY MARKET-INV -$1,090.84 $20.44 -53.368
07/09/2004 ULTRASMALL-CAP-INV EXCH TO MONEY MARKET-INV -$1,091.03 $19.35 -56.384
07/09/2004 ULTRA DOW 30 EXCH TO MONEY MARKET-INV -$1,222.45 $29.77 -41.063
07/15/2004 MONEY MARKET-INV EXCH TO ULTRAOTC-INV -$1,015.72 $1.00 -1,015.721
07/15/2004 MONEY MARKET-INV EXCH TO ULTRA DOW 30 -$1,354.29 $1.00 -1,354.294
07/15/2004 MONEY MARKET-INV EXCH TO ULTRABULL-INV -$1,354.29 $1.00 -1,354.294
07/15/2004 ULTRABULL-INV EXCH FROM MONEY MARKET-INV $1,354.29 $46.94 28.852
07/15/2004 ULTRAOTC-INV EXCH FROM MONEY MARKET-INV $1,015.72 $19.75 51.429
07/15/2004 ULTRA DOW 30 EXCH FROM MONEY MARKET-INV $1,354.29 $29.47 45.955
07/16/2004 MONEY MARKET-INV EXCH TO ULTRAOTC-INV -$1,005.56 $1.00 -1,005.564
07/16/2004 ULTRAOTC-INV EXCH FROM MONEY MARKET-INV $1,005.56 $19.10 52.647
07/20/2004 MONEY MARKET-INV EXCH FROM ULTRAOTC-INV $1,034.00 $1.00 1,034.000
07/20/2004 ULTRAOTC-INV EXCH TO MONEY MARKET-INV -$1,034.00 $19.87 -52.038
07/21/2004 MONEY MARKET-INV EXCH TO ULTRAOTC-INV -$1,014.95 $1.00 -1,014.948
07/21/2004 ULTRABULL-INV EXCH TO ULTRAOTC-INV -$1,322.29 $45.83 -28.852
07/21/2004 ULTRAOTC-INV EXCH FROM MONEY MARKET-INV $1,014.95 $18.93 53.616
07/21/2004 ULTRAOTC-INV EXCH FROM ULTRABULL-INV $1,322.29 $18.93 69.852
07/21/2004 ULTRAOTC-INV EXCH FROM ULTRA DOW 30 $1,323.50 $18.93 69.915
07/21/2004 ULTRA DOW 30 EXCH TO ULTRAOTC-INV -$1,323.50 $28.80 -45.955
07/22/2004 MONEY MARKET-INV EXCH FROM ULTRAOTC-INV $1,045.51 $1.00 1,045.510
07/22/2004 ULTRAOTC-INV EXCH TO MONEY MARKET-INV -$1,045.51 $19.50 -53.616
07/23/2004 MONEY MARKET-INV EXCH TO ULTRAOTC-INV -$2,050.07 $1.00 -2,050.066
07/23/2004 ULTRAOTC-INV EXCH FROM MONEY MARKET-INV $2,050.07 $18.60 110.219
07/27/2004 MONEY MARKET-INV EXCH FROM ULTRAOTC-INV $5,741.48 $1.00 5,741.480
07/27/2004 ULTRAOTC-INV EXCH TO MONEY MARKET-INV -$5,741.48 $19.01 -302.024
07/29/2004 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$1,087.61 $1.00 -1,087.612
07/29/2004 MONEY MARKET-INV EXCH TO ULTRA SHORT SMALL-CAP-INV -$1,087.61 $1.00 -1,087.612
07/29/2004 MONEY MARKET-INV EXCH TO ULTRA SHORT DOW 30-INV -$1,087.61 $1.00 -1,087.612
07/29/2004 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,087.61 $21.78 49.936
07/29/2004 ULTRA SHORT DOW 30-INV EXCH FROM MONEY MARKET-INV $1,087.61 $29.45 36.931
07/29/2004 ULTRA SHORT SMALL-CAP-INV EXCH FROM MONEY MARKET-INV $1,087.61 $31.58 34.440
07/30/2004 MONEY MARKET-INV DIVIDEND REINVESTED $1.92 $1.00 1.920
07/30/2004 ULTRASHORT OTC-INV EXCH FROM ULTRA SHORT DOW 30-INV $1,085.40 $21.72 49.972
07/30/2004 ULTRA SHORT DOW 30-INV EXCH TO ULTRASHORT OTC-INV -$1,085.40 $29.39 -36.931
08/02/2004 MONEY MARKET-INV EXCH TO ULTRA SHORT DOW 30-INV -$1,167.10 $1.00 -1,167.097
08/02/2004 ULTRA SHORT DOW 30-INV EXCH FROM MONEY MARKET-INV $1,167.10 $29.14 40.051
08/04/2004 MONEY MARKET-INV EXCH FROM ULTRASHORT OTC-INV $2,236.94 $1.00 2,236.940
08/04/2004 ULTRASHORT OTC-INV EXCH TO MONEY MARKET-INV -$2,236.94 $22.39 -99.908
08/04/2004 ULTRA SHORT DOW 30-INV EXCH FROM ULTRA SHORT SMALL-CAP-INV $1,116.89 $29.41 37.977
08/04/2004 ULTRA SHORT SMALL-CAP-INV EXCH TO ULTRA SHORT DOW 30-INV -$1,116.89 $32.43 -34.440
08/05/2004 MONEY MARKET-INV EXCH TO ULTRAOTC-INV -$1,566.21 $1.00 -1,566.211
08/05/2004 MONEY MARKET-INV EXCH FROM ULTRA SHORT DOW 30-INV $2,369.71 $1.00 2,369.710
08/05/2004 ULTRAOTC-INV EXCH FROM MONEY MARKET-INV $1,566.21 $17.96 87.205
08/05/2004 ULTRA SHORT DOW 30-INV EXCH TO MONEY MARKET-INV -$2,369.71 $30.37 -78.028
08/06/2004 MONEY MARKET-INV EXCH TO ULTRAOTC-INV -$1,082.00 $1.00 -1,082.000
08/06/2004 MONEY MARKET-INV EXCH TO ULTRASMALL-CAP-INV -$1,082.00 $1.00 -1,082.000
08/06/2004 ULTRAOTC-INV EXCH FROM MONEY MARKET-INV $1,082.00 $16.96 63.797
08/06/2004 ULTRASMALL-CAP-INV EXCH FROM MONEY MARKET-INV $1,082.00 $16.34 66.218
08/09/2004 MONEY MARKET-INV EXCH TO ULTRASMALL-CAP-INV -$1,071.18 $1.00 -1,071.180
08/09/2004 ULTRASMALL-CAP-INV EXCH FROM MONEY MARKET-INV $1,071.18 $16.26 65.878
08/10/2004 MONEY MARKET-INV EXCH FROM ULTRASMALL-CAP-INV $1,122.16 $1.00 1,122.160
08/10/2004 MONEY MARKET-INV EXCH FROM ULTRAOTC-INV $1,340.14 $1.00 1,340.140
08/10/2004 ULTRAOTC-INV EXCH TO MONEY MARKET-INV -$1,340.14 $17.75 -75.501
08/10/2004 ULTRASMALL-CAP-INV EXCH TO MONEY MARKET-INV -$1,122.16 $16.99 -66.048
08/11/2004 MONEY MARKET-INV EXCH TO ULTRAOTC-INV -$2,318.56 $1.00 -2,318.560
08/11/2004 ULTRAOTC-INV EXCH FROM MONEY MARKET-INV $2,318.56 $17.17 135.036
08/12/2004 MONEY MARKET-INV EXCH TO ULTRASMALL-CAP-INV -$1,159.28 $1.00 -1,159.280
08/12/2004 ULTRASMALL-CAP-INV EXCH FROM MONEY MARKET-INV $1,159.28 $16.18 71.649
08/13/2004 MONEY MARKET-INV DIVIDEND REINVEST-ADJ $0.76 $1.00 0.760
08/13/2004 MONEY MARKET-INV EXCH TO ULTRA DOW 30 -$1,160.04 $1.00 -1,160.041
08/13/2004 ULTRA DOW 30 EXCH FROM MONEY MARKET-INV $1,160.04 $27.53 42.137
08/16/2004 MONEY MARKET-INV EXCH FROM ULTRA DOW 30 $1,189.95 $1.00 1,189.950
08/16/2004 MONEY MARKET-INV EXCH FROM ULTRASMALL-CAP-INV $2,322.95 $1.00 2,322.950
08/16/2004 MONEY MARKET-INV EXCH FROM ULTRAOTC-INV $3,625.45 $1.00 3,625.450
08/16/2004 ULTRAOTC-INV EXCH TO MONEY MARKET-INV -$3,625.45 $17.22 -210.537
08/16/2004 ULTRASMALL-CAP-INV EXCH TO MONEY MARKET-INV -$2,322.95 $16.87 -137.697
08/16/2004 ULTRA DOW 30 EXCH TO MONEY MARKET-INV -$1,189.95 $28.24 -42.137
08/18/2004 MONEY MARKET-INV EXCH TO ULTRA SHORT DOW 30-INV -$1,427.67 $1.00 -1,427.670
08/18/2004 ULTRA SHORT DOW 30-INV EXCH FROM MONEY MARKET-INV $1,427.67 $29.37 48.610
08/20/2004 MONEY MARKET-INV EXCH TO ULTRABULL-INV -$1,142.14 $1.00 -1,142.136
08/20/2004 ULTRABULL-INV EXCH FROM MONEY MARKET-INV $1,142.14 $46.15 24.748
08/23/2004 ULTRABULL-INV EXCH TO ULTRASHORT OTC-INV -$1,136.68 $45.93 -24.748
08/23/2004 ULTRASHORT OTC-INV EXCH FROM ULTRABULL-INV $1,136.68 $22.48 50.564
08/24/2004 MONEY MARKET-INV EXCH FROM ULTRASHORT OTC-INV $1,138.70 $1.00 1,138.700
08/24/2004 MONEY MARKET-INV EXCH TO ULTRA SHORT DOW 30-INV -$1,553.31 $1.00 -1,553.305
08/24/2004 ULTRASHORT OTC-INV EXCH TO MONEY MARKET-INV -$1,138.70 $22.52 -50.564
08/24/2004 ULTRA SHORT DOW 30-INV EXCH FROM MONEY MARKET-INV $1,553.31 $29.24 53.123
08/26/2004 MONEY MARKET-INV EXCH TO ULTRA SHORT DOW 30-INV -$1,412.34 $1.00 -1,412.339
08/26/2004 ULTRA SHORT DOW 30-INV EXCH FROM MONEY MARKET-INV $1,412.34 $28.81 49.023
08/27/2004 MONEY MARKET-INV EXCH TO ULTRA SHORT DOW 30-INV -$1,370.80 $1.00 -1,370.800
08/27/2004 ULTRA SHORT DOW 30-INV EXCH FROM MONEY MARKET-INV $1,370.80 $28.68 47.796
08/30/2004 MONEY MARKET-INV EXCH FROM ULTRA SHORT DOW 30-INV $1,443.97 $1.00 1,443.970
08/30/2004 ULTRA SHORT DOW 30-INV EXCH TO MONEY MARKET-INV -$1,443.97 $29.09 -49.638
08/31/2004 MONEY MARKET-INV DIVIDEND REINVESTED $1.35 $1.00 1.350
09/01/2004 MONEY MARKET-INV EXCH TO ULTRA DOW 30 -$1,408.06 $1.00 -1,408.060
09/01/2004 ULTRA DOW 30 EXCH FROM MONEY MARKET-INV $1,408.06 $29.47 47.779
09/02/2004 ULTRASHORT OTC-INV EXCH FROM ULTRA DOW 30 $1,442.45 $21.57 66.873
09/02/2004 ULTRA DOW 30 EXCH TO ULTRASHORT OTC-INV -$1,442.45 $30.19 -47.779
09/03/2004 ULTRABULL-INV EXCH FROM ULTRASHORT OTC-INV $1,496.62 $47.46 31.534
09/03/2004 ULTRASHORT OTC-INV EXCH TO ULTRABULL-INV -$1,496.62 $22.38 -66.873
09/07/2004 ULTRABULL-INV EXCH TO ULTRASHORT OTC-INV -$1,516.15 $48.08 -31.534
09/07/2004 ULTRASHORT OTC-INV EXCH FROM ULTRABULL-INV $1,516.15 $22.07 68.697
09/08/2004 MONEY MARKET-INV DIVIDEND REINVEST-ADJ $0.27 $1.00 0.270
09/08/2004 MONEY MARKET-INV EXCH TO ULTRASMALL-CAP-INV -$1,408.33 $1.00 -1,408.330
09/08/2004 ULTRABULL-INV EXCH FROM ULTRASHORT OTC-INV $1,527.13 $47.65 32.049
09/08/2004 ULTRASHORT OTC-INV EXCH TO ULTRABULL-INV -$1,527.13 $22.23 -68.697
09/08/2004 ULTRASMALL-CAP-INV EXCH FROM MONEY MARKET-INV $1,408.33 $18.81 74.871
09/09/2004 ULTRASMALL-CAP-INV EXCH TO ULTRA DOW 30 -$1,453.25 $19.41 -74.871
09/09/2004 ULTRA DOW 30 EXCH FROM ULTRASMALL-CAP-INV $1,453.25 $30.15 48.201
09/10/2004 MONEY MARKET-INV EXCH FROM ULTRA DOW 30 $1,460.01 $1.00 1,460.010
09/10/2004 MONEY MARKET-INV EXCH FROM ULTRABULL-INV $1,547.65 $1.00 1,547.650
09/10/2004 ULTRABULL-INV EXCH TO MONEY MARKET-INV -$1,547.65 $48.29 -32.049
09/10/2004 ULTRA DOW 30 EXCH TO MONEY MARKET-INV -$1,460.01 $30.29 -48.201
09/13/2004 MONEY MARKET-INV EXCH TO ULTRASHORT OTC-INV -$1,022.60 $1.00 -1,022.604
09/13/2004 ULTRASHORT OTC-INV EXCH FROM MONEY MARKET-INV $1,022.60 $20.68 49.449
09/15/2004 MONEY MARKET-INV EXCH TO ULTRABULL-INV -$1,000.00 $1.00 -1,000.000
09/15/2004 MONEY MARKET-INV EXCH FROM ULTRASHORT OTC-INV $1,038.43 $1.00 1,038.430
09/15/2004 ULTRABULL-INV EXCH FROM MONEY MARKET-INV $1,000.00 $47.98 20.842
09/15/2004 ULTRASHORT OTC-INV EXCH TO MONEY MARKET-INV -$1,038.43 $21.00 -49.449
09/16/2004 MONEY MARKET-INV EXCH FROM ULTRABULL-INV $1,005.83 $1.00 1,005.830
09/16/2004 ULTRABULL-INV EXCH TO MONEY MARKET-INV -$1,005.83 $48.26 -20.842
09/17/2004 MONEY MARKET-INV EXCH TO ULTRA SHORT DOW 30-INV -$1,514.66 $1.00 -1,514.658
09/17/2004 ULTRA SHORT DOW 30-INV EXCH FROM MONEY MARKET-INV $1,514.66 $28.07 53.960
09/20/2004 MONEY MARKET-INV DIVIDEND REINVEST-ADJ $0.42 $1.00 0.420
09/20/2004 MONEY MARKET-INV EXCH TO ULTRASMALL-CAP-INV -$1,515.08 $1.00 -1,515.078
09/20/2004 ULTRABULL-INV EXCH FROM ULTRA SHORT DOW 30-INV $2,025.09 $48.16 42.049
09/20/2004 ULTRASMALL-CAP-INV EXCH FROM MONEY MARKET-INV $1,515.08 $19.68 76.986
09/20/2004 ULTRA SHORT DOW 30-INV EXCH TO ULTRABULL-INV -$2,025.09 $28.52 -71.006
09/21/2004 MONEY MARKET-INV EXCH FROM ULTRASMALL-CAP-INV $1,548.19 $1.00 1,548.190
09/21/2004 MONEY MARKET-INV EXCH FROM ULTRABULL-INV $2,049.47 $1.00 2,049.470
09/21/2004 ULTRABULL-INV EXCH TO MONEY MARKET-INV -$2,049.47 $48.74 -42.049
09/21/2004 ULTRASMALL-CAP-INV EXCH TO MONEY MARKET-INV -$1,548.19 $20.11 -76.986
09/22/2004 MONEY MARKET-INV EXCH FROM ULTRA SHORT DOW 30-INV $1,916.04 $1.00 1,916.040
09/22/2004 ULTRA SHORT DOW 30-INV EXCH TO MONEY MARKET-INV -$1,916.04 $29.06 -65.934
09/23/2004 MONEY MARKET-INV EXCH FROM ULTRA SHORT DOW 30-INV $1,939.78 $1.00 1,939.780
09/23/2004 ULTRA SHORT DOW 30-INV EXCH TO MONEY MARKET-INV -$1,939.78 $29.42 -65.934
09/24/2004 MONEY MARKET-INV EXCH TO RISING RATES-INV -$1,490.70 $1.00 -1,490.696
09/24/2004 MONEY MARKET-INV EXCH TO ULTRA DOW 30 -$1,490.70 $1.00 -1,490.696
09/24/2004 RISING RATES-INV EXCH FROM MONEY MARKET-INV $1,490.70 $21.27 70.085
09/24/2004 ULTRA DOW 30 EXCH FROM MONEY MARKET-INV $1,490.70 $28.72 51.905
09/27/2004 MONEY MARKET-INV EXCH TO ULTRA DOW 30 -$1,118.02 $1.00 -1,118.022
09/27/2004 MONEY MARKET-INV EXCH TO RISING RATES-INV -$1,118.02 $1.00 -1,118.022
09/27/2004 RISING RATES-INV EXCH FROM MONEY MARKET-INV $1,118.02 $21.16 52.836
09/27/2004 ULTRA DOW 30 EXCH FROM MONEY MARKET-INV $1,118.02 $28.38 39.395
09/28/2004 MONEY MARKET-INV EXCH FROM RISING RATES-INV $1,307.87 $1.00 1,307.870
09/28/2004 MONEY MARKET-INV EXCH FROM ULTRA DOW 30 $2,636.74 $1.00 2,636.740
09/28/2004 RISING RATES-INV EXCH TO MONEY MARKET-INV -$1,307.87 $21.28 -61.460
09/28/2004 ULTRA DOW 30 EXCH TO MONEY MARKET-INV -$2,636.74 $28.88 -91.300
09/29/2004 MONEY MARKET-INV EXCH FROM RISING RATES-INV $1,323.87 $1.00 1,323.870
09/29/2004 RISING RATES-INV EXCH TO MONEY MARKET-INV -$1,323.87 $21.54 -61.461
09/30/2004 MONEY MARKET-INV DIVIDEND REINVESTED $1.28 $1.00 1.280
09/30/2004 MONEY MARKET-INV EXCH TO ULTRA DOW 30 -$1,500.91 $1.00 -1,500.905
09/30/2004 MONEY MARKET-INV EXCH TO ULTRA SHORT SMALL-CAP-INV -$1,876.13 $1.00 -1,876.131
09/30/2004 ULTRA DOW 30 EXCH FROM MONEY MARKET-INV $1,500.91 $28.86 52.007
09/30/2004 ULTRA SHORT SMALL-CAP-INV EXCH FROM MONEY MARKET-INV $1,876.13 $28.53 65.760

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