UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-21114
ProShares Trust
(Exact name of registrant as specified in charter)
7501 Wisconsin Avenue, Suite 1000 Bethesda, MD					20814
(Address of principal executive offices)					(Zip code)
ProShare Advisors LLC 7501 Wisconsin Avenue, Suite 1000 Bethesda, MD 20814
(Name and address of agent for service)
Registrant’s telephone number, including area code:				(240) 497-6400
Date of fiscal year end:	May 31
Date of reporting period:		November 30, 2009

Item 1. Reports To Stockholders.

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

Semiannual Report

November 30, 2009

Ultra ProShares

Ultra MarketCap

QLD  Ultra QQQ^®

DDM  Ultra Dow30^SM

SSO  Ultra S&P500^®

UWC  Ultra Russell3000

MVV  Ultra MidCap400

SAA  Ultra SmallCap600

UWM  Ultra Russell2000

UPRO  UltraPro S&P500^®

Ultra Style

UVG  Ultra Russell1000 Value

UKF  Ultra Russell1000 Growth

UVU  Ultra Russell MidCap Value

UKW  Ultra Russell MidCap Growth

UVT  Ultra Russell2000 Value

UKK  Ultra Russell2000 Growth

Ultra Sector

UYM  Ultra Basic Materials

UGE  Ultra Consumer Goods

UCC  Ultra Consumer Services

UYG  Ultra Financials

RXL  Ultra Health Care

UXI  Ultra Industrials

DIG  Ultra Oil & Gas

URE  Ultra Real Estate

USD  Ultra Semiconductors

ROM  Ultra Technology

LTL  Ultra Telecommunications

UPW  Ultra Utilities

Ultra International

EFO  Ultra MSCI EAFE

EET  Ultra MSCI Emerging Markets

XPP  Ultra FTSE/Xinhua China 25

EZJ  Ultra MSCI Japan

Short ProShares

Short MarketCap

PSQ  Short QQQ^®

DOG  Short Dow30^SM

SH  Short S&P500^®

MYY  Short MidCap400

SBB  Short SmallCap600

RWM  Short Russell2000

QID  UltraShort QQQ^®

DXD  UltraShort Dow30^SM

SDS  UltraShort S&P500^®

TWQ  UltraShort Russell3000

MZZ  UltraShort MidCap400

SDD  UltraShort SmallCap600

TWM  UltraShort Russell2000

SPXU  UltraPro Short S&P500^®

Short Style

SJF  UltraShort Russell1000 Value

SFK  UltraShort Russell1000 Growth

SJL  UltraShort Russell MidCap Value

SDK  UltraShort Russell MidCap Growth

SJH  UltraShort Russell2000 Value

SKK  UltraShort Russell2000 Growth

Short Sector

SEF  Short Financials

DDG  Short Oil & Gas

SMN  UltraShort Basic Materials

SZK  UltraShort Consumer Goods

SCC  UltraShort Consumer Services

SKF  UltraShort Financials

RXD  UltraShort Health Care

SIJ  UltraShort Industrials

DUG  UltraShort Oil & Gas

SRS  UltraShort Real Estate

SSG  UltraShort Semiconductors

REW  UltraShort Technology

TLL  UltraShort Telecommunications

SDP  UltraShort Utilities

Short International

EFZ  Short MSCI EAFE

EUM  Short MSCI Emerging Markets

EFU  UltraShort MSCI EAFE

EEV  UltraShort MSCI Emerging Markets

EPV  UltraShort MSCI Europe

JPX  UltraShort MSCI Pacific ex-Japan

BZQ  UltraShort MSCI Brazil

FXP  UltraShort FTSE/Xinhua China 25

EWV  UltraShort MSCI Japan

SMK  UltraShort MSCI Mexico
Investable Market

Short Fixed-Income

TBF  Short 20+ Year Treasury

PST  UltraShort 7-10 Year Treasury

TBT  UltraShort 20+ Year Treasury

Alpha ProShares

CSM  Credit Suisse 130/30

ProShares Trust  Distributor: SEI Investments Distribution Co.

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2 :: proshares.com

Table of Contents

I	Shareholder Letter
II	Allocation of Portfolio Holdings and Index Composition
XXXIV	Expense Examples
	Schedule of Portfolio Investments
2	Ultra QQQ®
6	Ultra Dow30SM
9	Ultra S&P500®
13	Ultra Russell3000
17	Ultra MidCap400
21	Ultra SmallCap600
25	Ultra Russell2000
29	UltraPro S&P500®
33	Ultra Russell1000 Value
37	Ultra Russell1000 Growth
41	Ultra Russell MidCap Value
45	Ultra Russell MidCap Growth
49	Ultra Russell2000 Value
53	Ultra Russell2000 Growth
57	Ultra Basic Materials
60	Ultra Consumer Goods
64	Ultra Consumer Services
68	Ultra Financials
72	Ultra Health Care
76	Ultra Industrials
80	Ultra Oil & Gas
84	Ultra Real Estate
87	Ultra Semiconductors
90	Ultra Technology
95	Ultra Telecommunications
98	Ultra Utilities
101	Ultra MSCI EAFE
107	Ultra MSCI Emerging Markets
113	Ultra FTSE/Xinhua China 25
115	Ultra MSCI Japan
117	Short QQQ®
120	Short Dow30SM
123	Short S&P500®
126	Short MidCap400
129	Short SmallCap600
131	Short Russell2000
134	UltraShort QQQ®
137	UltraShort Dow30SM
140	UltraShort S&P500®
143	UltraShort Russell3000
145	UltraShort MidCap400
148	UltraShort SmallCap600
150	UltraShort Russell2000
153	UltraPro Short S&P500®
156	UltraShort Russell1000 Value
158	UltraShort Russell1000 Growth
160	UltraShort Russell MidCap Value
162	UltraShort Russell MidCap Growth

164	UltraShort Russell2000 Value
166	UltraShort Russell2000 Growth
168	Short Financials
170	Short Oil & Gas
172	UltraShort Basic Materials
174	UltraShort Consumer Goods
176	UltraShort Consumer Services
178	UltraShort Financials
180	UltraShort Health Care
182	UltraShort Industrials
184	UltraShort Oil & Gas
186	UltraShort Real Estate
188	UltraShort Semiconductors
190	UltraShort Technology
192	UltraShort Telecommunications
194	UltraShort Utilities
196	Short MSCI EAFE
198	Short MSCI Emerging Markets
200	UltraShort MSCI EAFE
202	UltraShort MSCI Emerging Markets
204	UltraShort MSCI Europe
206	UltraShort MSCI Pacific ex-Japan
208	UltraShort MSCI Brazil
210	UltraShort FTSE/Xinhua China 25
212	UltraShort MSCI Japan
214	UltraShort MSCI Mexico Investable Market
216	Short 20+ Year Treasury
219	UltraShort 7-10 Year Treasury
222	UltraShort 20+ Year Treasury
225	Credit Suisse 130/30
229	Statements of Assets and Liabilities
243	Statements of Operations
257	Statements of Changes in Net Assets
283	Financial Highlights
309	Notes to Financial Statements
333	Board Approval of Investment Advisory Agreement
335	Proxy Voting & Quarterly Portfolio Holdings Information

Dear Shareholder,

I am pleased to present the ProShares Semiannual Report for the six months ended November 30, 2009.

Most major financial markets showed gains for the six-month period. Investor sentiment improved worldwide, as economic data signaled a potential upturn in the global economy. U.S. large-cap stocks, as measured by the S&P 500^®, gained 20.50%; non-U.S. stocks, as represented by the MSCI All World ex-U.S. Index, advanced 20.46%. Prices of raw materials rose as well during the period, with the Dow Jones-UBS Commodity Index^SM rising 9.33%. Fixed-income markets participated in the rally, with the Barclays Capital U.S. Aggregate Bond Index gaining 6.21%.⁽¹⁾ There were signs of decreasing tension in the financial markets, with the volatility of the S&P 500 at 18.35% for the six-month period — significantly lower than the 39.53% for the previous six months, an d below the 10-year average of 22.23%.⁽²⁾

New ProShares Funds in 2009

ProShares launched 13 new leveraged and inverse exchange traded funds (ETFs) in 2009: eight new Ultra and UltraShort International ProShares; Ultra and UltraShort Russell3000; UltraPro and UltraPro Short S&P 500 (which seek 3x and -3x the performance of the S&P 500 for a single day, respectively); and Short 20+ Year Treasury.

ProShares achieved an industry first in 2009 with the launch of ProShares Credit Suisse 130/30, the first 130/30 ETF. This fund marks the beginning of our new series of Alpha ProShares, which are ETFs designed to provide access to advanced investment strategies.

We manage ProShares with an eye toward minimizing capital gains distributions, so I am delighted to report that ProShares made no 2009 year-end capital gains distributions on any of our 78 equity and fixed-income ETFs.

Finally, ProShares continues to be committed to helping you better understand how leveraged and inverse funds work. To that end, we have added additional educational information about leveraged and inverse investing on www.proshares.com.

As always, we appreciate the trust and confidence you have placed with us by choosing ProShares and look forward to continuing to serve your investing needs.

Sincerely,

Michael Sapir

Chairman

⁽¹⁾All investment performance index figures above reflect total return performance. Source: Bloomberg. ⁽²⁾Annualized standard deviation. Source: Bloomberg.

proshares.com :: I

Allocation of Portfolio Holdings & Index Composition

II :: ProShares Trust :: Allocation of Portfolio Holdings & Index Composition :: November 30, 2009 (Unaudited)

ProShares Ultra QQQ^® (Ticker: QLD)

ProShares Ultra QQQ^® seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the NASDAQ-100^® Index. The NASDAQ-100^® Index includes 100 of the largest non-financial domestic and international issues listed on the NASDAQ Stock Market.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		71	%
Swap Agreements		114	%
Futures Contracts		15	%
Total Exposure		200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company	% of Net Assets
Apple, Inc.		11.1	%
QUALCOMM, Inc.		4.0	%
Microsoft Corp.		4.0	%
Google, Inc., Class A		3.8	%
Cisco Systems, Inc.		2.1	%

Nasdaq-100 Index – Composition

	% of Index
Technology		42.8	%
Communications		27.4	%
Consumer, Non-cyclical		17.7	%
Consumer, Cyclical		7.7	%
Industrials		3.2	%
Basic Materials		0.6	%
Energy		0.6	%

ProShares Ultra Dow30^SM (Ticker: DDM)

ProShares Ultra Dow30^SM seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the Dow Jones Industrial Average^SM (DJIA) Index. The DJIA Index is a price-weighted index maintained by editors of The Wall Street Journal. The Index includes 30 large-cap, "blue-chip" U.S. stocks, excluding utility and transportation companies.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		66	%
Swap Agreements		122	%
Futures Contracts		12	%
Total Exposure		200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company	% of Net Assets
International Business Machines Corp.		6.1	%
Chevron Corp.		3.8	%
3M Co.		3.7	%
Exxon Mobil Corp.		3.6	%
United Technologies Corp.		3.2	%

Dow Jones Industrial Average
Index – Composition

	% of Index
Industrials		19.8	%
Consumer, Non-cyclical		19.2	%
Technology		16.4	%
Energy		11.2	%
Financials		11.2	%
Consumer, Cyclical		10.6	%
Communications		8.2	%
Basic Materials		3.4	%

ProShares Ultra S&P500^® (Ticker: SSO)

ProShares Ultra S&P500^® seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the S&P 500^® Index. The S&P 500^® Index is a measure of large-cap U.S. stock market performance.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		67	%
Swap Agreements		121	%
Futures Contracts		12	%
Total Exposure		200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company	% of Net Assets
Exxon Mobil Corp.		2.5	%
Microsoft Corp.		1.6	%
Procter & Gamble Co. (The)		1.3	%
Apple, Inc.		1.2	%
Johnson & Johnson		1.2	%

S&P 500 Index – Composition

	% of Index
Consumer, Non-cyclical		23.2	%
Financials		14.3	%
Technology		12.9	%
Energy		12.2	%
Communications		11.5	%
Industrials		10.5	%
Consumer, Cyclical		8.4	%
Basic Materials		3.5	%
Utilities		3.5	%

November 30, 2009 (Unaudited) :: Allocation of Portfolio Holdings & Index Composition :: ProShares Trust :: III

ProShares Ultra Russell3000 (Ticker: UWC)

ProShares Ultra Russell3000 seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the Russell 3000^® Index. The Russell 3000^® Index offers investors access to the broad U.S. equity universe representing approximately 98% of the U.S. market.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		81	%
Swap Agreements		119	%
Futures Contracts		—
Total Exposure		200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company	% of Net Assets
Exxon Mobil Corp.		2.5	%
Microsoft Corp.		1.6	%
Procter & Gamble Co. (The)		1.3	%
Apple, Inc.		1.2	%
Johnson & Johnson		1.2	%

Russell 3000 Index – Composition

	% of Index
Consumer, Non-cyclical		22.9	%
Financials		15.0	%
Technology		12.3	%
Energy		11.3	%
Communications		11.0	%
Industrials		11.0	%
Consumer, Cyclical		9.1	%
Basic Materials		3.7	%
Utilities		3.7	%

ProShares Ultra MidCap400 (Ticker: MVV)

ProShares Ultra MidCap400 seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the S&P MidCap 400^TM Index. The S&P MidCap 400^TM Index is a measure of mid-size company U.S. stock market performance.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		62	%
Swap Agreements		121	%
Futures Contracts		17	%
Total Exposure		200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company	% of Net Assets
Vertex Pharmaceuticals, Inc.		0.5	%
Cliffs Natural Resources, Inc.		0.4	%
Newfield Exploration Co.		0.4	%
Ross Stores, Inc.		0.4	%
Pride International, Inc.		0.4	%

S&P MidCap 400 Index – Composition

	% of Index
Consumer, Non-cyclical		20.7	%
Industrials		17.9	%
Financials		17.6	%
Consumer, Cyclical		13.7	%
Technology		8.0	%
Utilities		6.3	%
Energy		6.3	%
Basic Materials		5.1	%
Communications		4.4	%

ProShares Ultra SmallCap600 (Ticker: SAA)

ProShares Ultra SmallCap600 seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the S&P SmallCap 600^TM Index. The S&P SmallCap 600^TM Index is a measure of small-cap company U.S. stock market performance.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		79	%
Swap Agreements		121	%
Futures Contracts		—
Total Exposure		200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company	% of Net Assets
Senior Housing Properties Trust		0.6	%
Mednax, Inc.		0.5	%
Green Mountain Coffee Roasters, Inc.		0.5	%
Varian Semiconductor Equipment Associates, Inc.		0.4	%
Atwood Oceanics, Inc.		0.4	%

S&P SmallCap 600 Index – Composition

	% of Index
Consumer, Non-cyclical		19.5	%
Industrials		19.0	%
Financials		18.8	%
Consumer, Cyclical		15.6	%
Technology		10.2	%
Communications		5.2	%
Energy		5.0	%
Utilities		3.6	%
Basic Materials		3.1	%

IV :: ProShares Trust :: Allocation of Portfolio Holdings & Index Composition :: November 30, 2009 (Unaudited)

ProShares Ultra Russell2000 (Ticker: UWM)

ProShares Ultra Russell2000 seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the Russell 2000^® Index. The Russell 2000^® Index is a measure of small-cap U.S. stock market performance.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		71	%
Swap Agreements		111	%
Futures Contracts		18	%
Total Exposure		200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company	% of Net Assets
Human Genome Sciences, Inc.		0.4	%
Tupperware Brands Corp.		0.3	%
3Com Corp.		0.3	%
Solera Holdings, Inc.		0.2	%
E*Trade Financial Corp.		0.2	%

Russell 2000 Index – Composition

	% of Index
Consumer, Non-cyclical		21.7	%
Financials		19.8	%
Industrials		14.6	%
Consumer, Cyclical		13.8	%
Technology		10.1	%
Communications		8.3	%
Energy		4.2	%
Basic Materials		3.9	%
Utilities		3.5	%
Diversified		0.1	%

ProShares UltraPro S&P500^® (Ticker: UPRO)

ProShares UltraPro S&P500^® seeks daily investment results, before fees and expenses, that correspond to triple (300%) the daily performance of the S&P 500^® Index. The S&P 500^® Index is a measure of large-cap U.S. stock market performance.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		40	%
Swap Agreements		225	%
Futures Contracts		35	%
Total Exposure		300	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company	% of Net Assets
Exxon Mobil Corp.		1.5	%
Microsoft Corp.		0.9	%
Procter & Gamble Co. (The)		0.8	%
Apple, Inc.		0.7	%
Johnson & Johnson		0.7	%

S&P 500 Index – Composition

	% of Index
Consumer, Non-cyclical		23.2	%
Financials		14.3	%
Technology		12.9	%
Energy		12.2	%
Communications		11.5	%
Industrials		10.5	%
Consumer, Cyclical		8.4	%
Basic Materials		3.5	%
Utilities		3.5	%

ProShares Ultra Russell1000 Value (Ticker: UVG)

ProShares Ultra Russell1000 Value seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the Russell 1000^® Value Index. The Russell 1000^® Value Index is designed to provide a comprehensive measure of large-cap U.S. equity "value" performance.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		81	%
Swap Agreements		119	%
Futures Contracts		—
Total Exposure		200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company	% of Net Assets
Exxon Mobil Corp.		4.1	%
General Electric Co.		2.6	%
JPMorgan Chase & Co.		2.4	%
AT&T, Inc.		2.4	%
Chevron Corp.		2.4	%

Russell 1000 Value Index – Composition

	% of Index
Financials		26.4	%
Consumer, Non-cyclical		13.5	%
Industrials		11.5	%
Utilities		8.9	%
Energy		8.6	%
Consumer, Cyclical		8.5	%
Basic Materials		8.5	%
Communications		7.2	%
Technology		6.9	%

November 30, 2009 (Unaudited) :: Allocation of Portfolio Holdings & Index Composition :: ProShares Trust :: V

ProShares Ultra Russell1000 Growth (Ticker: UKF)

ProShares Ultra Russell1000 Growth seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the Russell 1000^® Growth Index. The Russell 1000^® Growth Index is designed to provide a comprehensive measure of large-cap U.S. equity "growth" performance.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		78	%
Swap Agreements		122	%
Futures Contracts		—
Total Exposure		200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company	% of Net Assets
Microsoft Corp.		3.3	%
Apple, Inc.		2.6	%
International Business Machines Corp.		2.4	%
Google, Inc., Class A		2.0	%
Cisco Systems, Inc.		2.0	%

Russell 1000 Growth
Index – Composition

	% of Index
Consumer, Non-cyclical		31.5	%
Technology		21.2	%
Consumer, Cyclical		12.2	%
Communications		11.1	%
Industrials		10.1	%
Financials		4.7	%
Energy		4.6	%
Basic Materials		3.8	%
Utilities		0.8	%

ProShares Ultra Russell MidCap Value (Ticker: UVU)

ProShares Ultra Russell MidCap Value seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the Russell Midcap^® Value Index. The Russell Midcap^® Value Index is designed to provide a comprehensive measure of mid-cap U.S. equity "value" performance.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		85	%
Swap Agreements		115	%
Futures Contracts		—
Total Exposure		200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company	% of Net Assets
Sempra Energy		0.7	%
Spectra Energy Corp.		0.7	%
SunTrust Banks, Inc.		0.7	%
Consolidated Edison, Inc.		0.7	%
Noble Energy, Inc.		0.6	%

Russell Midcap Value
Index – Composition

	% of Index
Financials		27.6	%
Consumer, Non-cyclical		12.7	%
Industrials		11.6	%
Utilities		11.1	%
Energy		9.6	%
Consumer, Cyclical		9.0	%
Basic Materials		6.6	%
Communications		6.4	%
Technology		5.2	%
Diversified		0.2	%

ProShares Ultra Russell MidCap Growth (Ticker: UKW)

ProShares Ultra Russell MidCap Growth seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the Russell Midcap^® Growth Index. The Russell Midcap^® Growth Index is designed to provide a comprehensive measure of mid-cap U.S. equity "growth" performance.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		86	%
Swap Agreements		114	%
Futures Contracts		—
Total Exposure		200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company	% of Net Assets
TJX Cos., Inc.		1.0	%
Avon Products, Inc.		0.9	%
Precision Castparts Corp.		0.9	%
Cognizant Technology Solutions Corp., Class A		0.8	%
T. Rowe Price Group, Inc.		0.8	%

Russell Midcap Growth
Index – Composition

	% of Index
Consumer, Non-cyclical		25.6	%
Technology		16.9	%
Industrials		16.0	%
Consumer, Cyclical		14.8	%
Financials		7.9	%
Communications		6.2	%
Energy		6.1	%
Basic Materials		3.8	%
Utilities		2.6	%
Diversified		0.1	%

VI :: ProShares Trust :: Allocation of Portfolio Holdings & Index Composition :: November 30, 2009 (Unaudited)

ProShares Ultra Russell2000 Value (Ticker: UVT)

ProShares Ultra Russell2000 Value seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the Russell 2000^® Value Index. The Russell 2000^® Value Index is designed to provide a comprehensive measure of small-cap U.S. equity "value" performance.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		82	%
Swap Agreements		118	%
Futures Contracts		—
Total Exposure		200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company	% of Net Assets
E*Trade Financial Corp.		0.5	%
Domtar Corp.		0.4	%
Highwoods Properties, Inc.		0.4	%
MFA Financial, Inc.		0.4	%
Assured Guaranty Ltd.		0.4	%

Russell 2000 Value Index – Composition

	% of Index
Financials		33.6	%
Industrials		16.4	%
Consumer, Cyclical		11.9	%
Consumer, Non-cyclical		10.9	%
Utilities		6.5	%
Basic Materials		6.0	%
Energy		4.9	%
Technology		4.9	%
Communications		4.8	%
Diversified		0.1	%

ProShares Ultra Russell2000 Growth (Ticker: UKK)

ProShares Ultra Russell2000 Growth seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the Russell 2000^® Growth Index. The Russell 2000^® Growth Index is designed to provide a comprehensive measure of small-cap U.S. equity "growth" performance.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		85	%
Swap Agreements		115	%
Futures Contracts		—
Total Exposure		200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company	% of Net Assets
Human Genome Sciences, Inc.		0.9	%
Tupperware Brands Corp.		0.6	%
Solera Holdings, Inc.		0.5	%
3Com Corp.		0.5	%
Bally Technologies, Inc.		0.5	%

Russell 2000 Growth
Index – Composition

	% of Index
Consumer, Non-cyclical		33.2	%
Consumer, Cyclical		15.8	%
Technology		15.7	%
Industrials		12.6	%
Communications		12.1	%
Financials		5.1	%
Energy		3.5	%
Basic Materials		1.6	%
Utilities		0.4	%

ProShares Ultra Basic Materials (Ticker: UYM)

ProShares Ultra Basic Materials seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the Dow Jones U.S. Basic Materials^SM Index. The Dow Jones U.S. Basic Materials^SM Index measures the performance of the basic materials industry of the U.S. equity market.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		56	%
Swap Agreements		144	%
Futures Contracts		—
Total Exposure		200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company	% of Net Assets
Freeport-McMoRan Copper & Gold, Inc.		5.0	%
Dow Chemical Co. (The)		4.7	%
E.I. du Pont de Nemours & Co.		4.3	%
Newmont Mining Corp.		3.8	%
Praxair, Inc.		3.7	%

Dow Jones U.S. Basic Materials
Index – Composition

	% of Index
Chemicals		52.6	%
Industrials Metals		25.5	%
Mining		18.5	%
Forestry and Paper		3.4	%

November 30, 2009 (Unaudited) :: Allocation of Portfolio Holdings & Index Composition :: ProShares Trust :: VII

ProShares Ultra Consumer Goods (Ticker: UGE)

ProShares Ultra Consumer Goods seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the Dow Jones U.S. Consumer Goods^SM Index. The Dow Jones U.S. Consumer Goods^SM Index measures the performance of consumer spending in the goods industry of the U.S. equity market.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		86	%
Swap Agreements		115	%
Futures Contracts		—
Total Exposure		201	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company	% of Net Assets
Procter & Gamble Co. (The)		13.6	%
Coca-Cola Co. (The)		9.0	%
PepsiCo, Inc.		7.2	%
Philip Morris International, Inc.		6.9	%
Monsanto Co.		3.2	%

Dow Jones U.S. Consumer Goods
Index – Composition

	% of Index
Beverages		22.5	%
Household Goods		21.9	%
Food Producers		20.1	%
Tobacco		13.4	%
Personal Goods		12.4	%
Automobiles and Parts		6.3	%
Leisure Goods		3.4	%

ProShares Ultra Consumer Services (Ticker: UCC)

ProShares Ultra Consumer Services seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the Dow Jones U.S. Consumer Services^SM Index. The Dow Jones U.S. Consumer Services^SM Index measures the performance of consumer spending in the services industry of the U.S. equity market.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		86	%
Swap Agreements		114	%
Futures Contracts		—
Total Exposure		200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company	% of Net Assets
Wal-Mart Stores, Inc.		7.9	%
McDonald's Corp.		4.6	%
Walt Disney Co. (The)		3.5	%
Home Depot, Inc.		3.1	%
CVS Caremark Corp.		3.0	%

Dow Jones U.S. Consumer Services
Index – Composition

	% of Index
General Retailers		44.7	%
Media		24.5	%
Travel and Leisure		17.6	%
Food and Drug Retailers		13.2	%

ProShares Ultra Financials (Ticker: UYG)

ProShares Ultra Financials seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the Dow Jones U.S. Financials^SM Index. The Dow Jones U.S. Financials^SM Index measures the performance of the financial services industry of the U.S. equity market.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		74	%
Swap Agreements		126	%
Futures Contracts		—
Total Exposure		200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company	% of Net Assets
JPMorgan Chase & Co.		7.0	%
Bank of America Corp.		5.8	%
Wells Fargo & Co.		5.2	%
Goldman Sachs Group, Inc. (The)		3.1	%
Citigroup, Inc.		2.6	%

Dow Jones U.S. Financials
Index – Composition

	% of Index
Banks		40.6	%
General Financial		27.2	%
Nonlife Insurance		13.2	%
Real Estate Investment Trusts		12.6	%
Life Insurance		5.7	%
Real Estate Investment & Services		0.7	%

VIII :: ProShares Trust :: Allocation of Portfolio Holdings & Index Composition :: November 30, 2009 (Unaudited)

ProShares Ultra Health Care (Ticker: RXL)

ProShares Ultra Health Care seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the Dow Jones U.S. Health Care^SM Index. The Dow Jones U.S. Health Care^SM Index measures the performance of the healthcare industry of the U.S. equity market.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		64	%
Swap Agreements		136	%
Futures Contracts		—
Total Exposure		200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company	% of Net Assets
Johnson & Johnson		8.1	%
Pfizer, Inc.		6.8	%
Merck & Co., Inc.		5.1	%
Abbott Laboratories		3.9	%
Amgen, Inc.		2.6	%

Dow Jones U.S. Health Care
Index – Composition

	% of Index
Pharmaceuticals and Biotechnology		63.5	%
Health Care Equipment and Services		36.5	%

ProShares Ultra Industrials (Ticker: UXI)

ProShares Ultra Industrials seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the Dow Jones U.S. Industrials^SM Index. The Dow Jones U.S. Industrials^SM Index measures the performance of the industrial industry of the U.S. equity market.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		79	%
Swap Agreements		121	%
Futures Contracts		—
Total Exposure		200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company	% of Net Assets
General Electric Co.		9.4	%
United Technologies Corp.		3.3	%
3M Co.		2.8	%
United Parcel Service, Inc., Class B		2.2	%
Caterpillar, Inc.		2.0	%

Dow Jones U.S. Industrials
Index – Composition

	% of Index
General Industrials		23.3	%
Aerospace and Defense		16.9	%
Support Services		14.7	%
Industrial Transportation		14.4	%
Industrial Engineering		14.0	%
Electronic & Electrical Equipment		10.7	%
Construction and Materials		6.0	%

ProShares Ultra Oil & Gas (Ticker: DIG)

ProShares Ultra Oil & Gas seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the Dow Jones U.S. Oil & Gas^SM Index. The Dow Jones U.S. Oil & Gas^SM Index measures the performance of the oil and gas industry of the U.S. equity market.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		75	%
Swap Agreements		125	%
Futures Contracts		—
Total Exposure		200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company	% of Net Assets
Exxon Mobil Corp.		21.3	%
Chevron Corp.		9.2	%
Schlumberger Ltd.		4.5	%
ConocoPhillips		4.0	%
Occidental Petroleum Corp.		3.9	%

Dow Jones U.S. Oil & Gas
Index – Composition

	% of Index
Oil and Gas Producers		76.5	%
Oil Equipment, Services and Distribution		22.9	%
Alternative Energy		0.6	%

November 30, 2009 (Unaudited) :: Allocation of Portfolio Holdings & Index Composition :: ProShares Trust :: IX

ProShares Ultra Real Estate (Ticker: URE)

ProShares Ultra Real Estate seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the Dow Jones U.S. Real Estate^SM Index. The Dow Jones U.S. Real Estate^SM Index measures the performance of the real estate sector of the U.S. equity market.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		78	%
Swap Agreements		123	%
Futures Contracts		—
Total Exposure		201	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company	% of Net Assets
Simon Property Group, Inc.		6.9	%
Vornado Realty Trust		3.9	%
Public Storage		3.4	%
Annaly Capital Management, Inc.		3.4	%
Boston Properties, Inc.		3.1	%

Dow Jones U.S. Real Estate
Index – Composition

	% of Index
Real Estate		100.0	%

ProShares Ultra Semiconductors (Ticker: USD)

ProShares Ultra Semiconductors seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the Dow Jones U.S. Semiconductors^SM Index. The Dow Jones U.S. Semiconductors^SM Index measures the performance of the semiconductor subsector of the U.S. equity market.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		75	%
Swap Agreements		125	%
Futures Contracts		—
Total Exposure		200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company	% of Net Assets
Intel Corp.		26.9	%
Texas Instruments, Inc.		8.1	%
Applied Materials, Inc.		4.2	%
Broadcom Corp., Class A		3.2	%
Analog Devices, Inc.		2.2	%

Dow Jones U.S. Semiconductors
Index – Composition

	% of Index
Semiconductors		100.0	%

ProShares Ultra Technology (Ticker: ROM)

ProShares Ultra Technology seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the Dow Jones U.S. Technology^SM Index. The Dow Jones U.S. Technology^SM Index measures the performance of the technology industry of the U.S. equity market.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		76	%
Swap Agreements		124	%
Futures Contracts		—
Total Exposure		200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company	% of Net Assets
Microsoft Corp.		9.4	%
Apple, Inc.		7.2	%
International Business Machines Corp.		6.7	%
Google, Inc., Class A		5.7	%
Cisco Systems, Inc.		5.5	%

Dow Jones U.S. Technology
Index – Composition

	% of Index
Technology Hardware and Equipment		55.2	%
Software and Computer Services		44.8	%

X :: ProShares Trust :: Allocation of Portfolio Holdings & Index Composition :: November 30, 2009 (Unaudited)

ProShares Ultra Telecommunications (Ticker: LTL)

ProShares Ultra Telecommunications seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the Dow Jones U.S. Select Telecommunications^SM Index. The Dow Jones U.S. Select Telecommunications^SM Index is a measure of U.S. stock market performance of fixed-line (regional and long-distance carriers) and mobile telephone services (cellular, satellite and paging services).

Market Exposure

Investment Type	% of Net Assets
Equity Securities		86	%
Swap Agreements		114	%
Futures Contracts		—
Total Exposure		200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company	% of Net Assets
AT&T, Inc.		16.0	%
Verizon Communications, Inc.		11.8	%
CenturyTel, Inc.		5.9	%
Sprint Nextel Corp.		5.5	%
Virgin Media, Inc.		4.2	%

Dow Jones U.S. Select
Telecommunications
Index – Composition

	% of Index
Fixed Line Telecommunications		76.9	%
Mobile Telecommunications		23.1	%

ProShares Ultra Utilities (Ticker: UPW)

ProShares Ultra Utilities seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the Dow Jones U.S. Utilities^SM Index. The Dow Jones U.S. Utilities^SM Index measures the performance of the utilities industry of the U.S. equity market.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		78	%
Swap Agreements		122	%
Futures Contracts		—
Total Exposure		200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company	% of Net Assets
Exelon Corp.		5.7	%
Southern Co.		4.6	%
Duke Energy Corp.		3.8	%
Dominion Resources, Inc.		3.8	%
FPL Group, Inc.		3.5	%

Dow Jones U.S. Utilities
Index – Composition

	% of Index
Electricity		72.9	%
Gas, Water & Multi Utilities		27.1	%

ProShares Ultra MSCI EAFE (Ticker: EFO)

ProShares Ultra MSCI EAFE seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the MSCI EAFE Index^®. The MSCI EAFE Index^® (Europe, Australasia, Far East) adjusts the market capitalization of index constituents for free float and targets for index inclusion 85% of free float-adjusted market capitalization in each industry group, in developed market countries, excluding the U.S. and Canada.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		55	%
Swap Agreements		145	%
Futures Contracts		—
Total Exposure		200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company	% of Net Assets
Mitsui & Co., Ltd. (ADR)		2.9	%
BP plc (ADR)		2.6	%
Novartis AG (ADR)		2.6	%
Westpac Banking Corp. (ADR)		2.6	%
AXA S.A. (ADR)		2.3	%

MSCI EAFE Index – Composition

	% of Index
Financials		25.9	%
Industrials		11.1	%
Materials		10.2	%
Consumer Staples		10.1	%
Consumer Discretionary		9.5	%
Health Care		8.4	%
Energy		8.3	%
Telecommunication Services		6.0	%
Utilities		5.9	%
Information Technology		4.6	%

November 30, 2009 (Unaudited) :: Allocation of Portfolio Holdings & Index Composition :: ProShares Trust :: XI

ProShares Ultra MSCI Emerging Markets (Ticker: EET)

ProShares Ultra MSCI Emerging Markets seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the MSCI Emerging Markets Index^®. The MSCI Emerging Markets Index^® adjusts the market capitalization of index constituents for free float and targets for index inclusion 85% of free float-adjusted market capitalization in each industry group, in global emerging markets countries.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		65	%
Swap Agreements		135	%
Futures Contracts		—
Total Exposure		200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company	% of Net Assets
China Life Insurance Co., Ltd. (ADR)		4.3	%
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		3.8	%
POSCO (ADR)		2.9	%
Sasol Ltd. (ADR)		2.7	%
AngloGold Ashanti Ltd. (ADR)		2.5	%

MSCI Emerging Markets
Index – Composition

	% of Index
Financials		24.6	%
Energy		15.3	%
Materials		15.0	%
Information Technology		13.0	%
Telecommunication Services		9.0	%
Industrials		6.5	%
Consumer Staples		5.5	%
Consumer Discretionary		5.4	%
Utilities		3.5	%
Health Care		2.2	%

ProShares Ultra FTSE/Xinhua China 25 (Ticker: XPP)

ProShares Ultra FTSE/Xinhua China 25 seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the FTSE/Xinhua China 25 Index^®. The FTSE/Xinhua China 25 Index^® is comprised of 25 of the largest and most liquid Chinese stocks listed on the Hong Kong Stock Exchange (HKEX).

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		200	%
Futures Contracts		—
Total Exposure		200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

FTSE/Xinhua China 25 Index – Composition

	% of Index
Financials		47.5	%
Telecommunications		16.7	%
Basic Materials		12.4	%
Oil & Gas		11.5	%
Industrials		8.9	%
Utilities		1.8	%
Consumer Services		1.2	%

ProShares Ultra MSCI Japan (Ticker: EZJ)

ProShares Ultra MSCI Japan seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the MSCI Japan Index^®. The MSCI Japan Index^® adjusts the market capitalization of index constituents for free float and targets for index inclusion 85% of free float-adjusted market capitalization in each industry group, in Japan.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		201	%
Futures Contracts		—
Total Exposure		201	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

MSCI Japan Index – Composition

	% of Index
Consumer Discretionary		19.9	%
Industrials		18.7	%
Financials		17.1	%
Information Technology		13.2	%
Materials		8.2	%
Utilities		6.2	%
Health Care		6.1	%
Consumer Staples		5.6	%
Telecommunication Services		3.9	%
Energy		1.1	%

XII :: ProShares Trust :: Allocation of Portfolio Holdings & Index Composition :: November 30, 2009 (Unaudited)

ProShares Short QQQ^® (Ticker: PSQ)

ProShares Short QQQ^® seeks daily investment results, before fees and expenses, that correspond to the inverse (opposite) of the daily performance of the NASDAQ-100^® Index. The NASDAQ-100^® Index includes 100 of the largest non-financial domestic and international issues listed on the NASDAQ Stock Market.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-75	%
Futures Contracts		-25	%
Total Exposure		-100	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Nasdaq-100 Index – Composition

	% of Index
Technology		42.8	%
Communications		27.4	%
Consumer, Non-cyclical		17.7	%
Consumer, Cyclical		7.7	%
Industrials		3.2	%
Basic Materials		0.6	%
Energy		0.6	%

ProShares Short Dow30^SM (Ticker: DOG)

ProShares Short Dow30^SM seeks daily investment results, before fees and expenses, that correspond to the inverse (opposite) of the daily performance of the Dow Jones Industrial Average^SM (DJIA) Index. The DJIA Index is a price-weighted index maintained by editors of The Wall Street Journal. The Index includes 30 large-cap, "blue-chip" U.S. stocks, excluding utility and transportation companies.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-76	%
Futures Contracts		-24	%
Total Exposure		-100	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Dow Jones Industrial Average Index – Composition

	% of Index
Industrials		19.8	%
Consumer, Non-cyclical		19.2	%
Technology		16.4	%
Energy		11.2	%
Financials		11.2	%
Consumer, Cyclical		10.6	%
Communications		8.2	%
Basic Materials		3.4	%

ProShares Short S&P500^® (Ticker: SH)

ProShares Short S&P500^® seeks daily investment results, before fees and expenses, that correspond to the inverse (opposite) of the daily performance of the S&P 500^® Index. The S&P 500^® Index is a measure of large-cap U.S. stock market performance.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-75	%
Futures Contracts		-25	%
Total Exposure		-100	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

S&P 500 Index – Composition

	% of Index
Consumer, Non-cyclical		23.2	%
Financials		14.3	%
Technology		12.9	%
Energy		12.2	%
Communications		11.5	%
Industrials		10.5	%
Consumer, Cyclical		8.4	%
Basic Materials		3.5	%
Utilities		3.5	%

November 30, 2009 (Unaudited) :: Allocation of Portfolio Holdings & Index Composition :: ProShares Trust :: XIII

ProShares Short MidCap400 (Ticker: MYY)

ProShares Short MidCap400 seeks daily investment results, before fees and expenses, that correspond to the inverse (opposite) of the daily performance of the S&P MidCap 400^TM Index. The S&P MidCap 400^TM Index is a measure of mid-size company U.S. stock market performance.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-84	%
Futures Contracts		-16	%
Total Exposure		-100	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

S&P MidCap 400 Index – Composition

	% of Index
Consumer, Non-cyclical		20.7	%
Industrials		17.9	%
Financials		17.6	%
Consumer, Cyclical		13.7	%
Technology		8.0	%
Utilities		6.3	%
Energy		6.3	%
Basic Materials		5.1	%
Communications		4.4	%

ProShares Short SmallCap600 (Ticker: SBB)

ProShares Short SmallCap600 seeks daily investment results, before fees and expenses, that correspond to the inverse (opposite) of the daily performance of the S&P SmallCap 600^TM Index. The S&P SmallCap 600^TM Index is a measure of small-cap company U.S. stock market performance.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-100	%
Futures Contracts		—
Total Exposure		-100	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

S&P SmallCap 600 Index – Composition

	% of Index
Consumer, Non-cyclical		19.5	%
Industrials		19.0	%
Financials		18.8	%
Consumer, Cyclical		15.6	%
Technology		10.2	%
Communications		5.2	%
Energy		5.0	%
Utilities		3.6	%
Basic Materials		3.1	%

ProShares Short Russell2000 (Ticker: RWM)

ProShares Short Russell2000 seeks daily investment results, before fees and expenses, that correspond to the inverse (opposite) of the daily performance of the Russell 2000^® Index. The Russell 2000^® Index is a measure of small-cap U.S. stock market performance.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-76	%
Futures Contracts		-24	%
Total Exposure		-100	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Russell 2000 Index – Composition

	% of Index
Consumer, Non-cyclical		21.7	%
Financials		19.8	%
Industrials		14.6	%
Consumer, Cyclical		13.8	%
Technology		10.1	%
Communications		8.3	%
Energy		4.2	%
Basic Materials		3.9	%
Utilities		3.5	%
Diversified		0.1	%

XIV :: ProShares Trust :: Allocation of Portfolio Holdings & Index Composition :: November 30, 2009 (Unaudited)

ProShares UltraShort QQQ^® (Ticker: QID)

ProShares UltraShort QQQ^® seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the NASDAQ-100^® Index. The NASDAQ-100^® Index includes 100 of the largest non-financial domestic and international issues listed on the NASDAQ Stock Market.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-177	%
Futures Contracts		-23	%
Total Exposure		-200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Nasdaq-100 Index – Composition

	% of Index
Technology		42.8	%
Communications		27.4	%
Consumer, Non-cyclical		17.7	%
Consumer, Cyclical		7.7	%
Industrials		3.2	%
Basic Materials		0.6	%
Energy		0.6	%

ProShares UltraShort Dow30^SM (Ticker: DXD)

ProShares UltraShort Dow30^SM seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the Dow Jones Industrial Average^SM (DJIA) Index. The DJIA Index is a price-weighted index maintained by editors of The Wall Street Journal. The Index includes 30 large-cap, "blue-chip" U.S. stocks, excluding utility and transportation companies.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-176	%
Futures Contracts		-24	%
Total Exposure		-200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Dow Jones Industrial Average Index – Composition

	% of Index
Industrials		19.8	%
Consumer, Non-cyclical		19.2	%
Technology		16.4	%
Energy		11.2	%
Financials		11.2	%
Consumer, Cyclical		10.6	%
Communications		8.2	%
Basic Materials		3.4	%

ProShares UltraShort S&P500^® (Ticker: SDS)

ProShares UltraShort S&P500^® seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the S&P 500^® Index. The S&P 500^® Index is a measure of large-cap U.S. stock market performance.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-175	%
Futures Contracts		-25	%
Total Exposure		-200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

S&P 500 Index – Composition

	% of Index
Consumer, Non-cyclical		23.2	%
Financials		14.3	%
Technology		12.9	%
Energy		12.2	%
Communications		11.5	%
Industrials		10.5	%
Consumer, Cyclical		8.4	%
Basic Materials		3.5	%
Utilities		3.5	%

November 30, 2009 (Unaudited) :: Allocation of Portfolio Holdings & Index Composition :: ProShares Trust :: XV

ProShares UltraShort Russell3000 (Ticker: TWQ)

ProShares UltraShort Russell3000 seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the Russell 3000^® Index. The Russell 3000^® Index offers investors access to the broad U.S. equity universe representing approximately 98% of the U.S. market.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-200	%
Futures Contracts		—
Total Exposure		-200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Russell 3000 Index – Composition

	% of Index
Consumer, Non-cyclical		22.9	%
Financials		15.0	%
Technology		12.3	%
Energy		11.3	%
Communications		11.0	%
Industrials		11.0	%
Consumer, Cyclical		9.1	%
Basic Materials		3.7	%
Utilities		3.7	%

ProShares UltraShort MidCap400 (Ticker: MZZ)

ProShares UltraShort MidCap400 seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the S&P MidCap 400^TM Index. The S&P MidCap 400^TM Index is a measure of mid-size company U.S. stock market performance.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-173	%
Futures Contracts		-27	%
Total Exposure		-200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

S&P MidCap 400 Index – Composition

	% of Index
Consumer, Non-cyclical		20.7	%
Industrials		17.9	%
Financials		17.6	%
Consumer, Cyclical		13.7	%
Technology		8.0	%
Utilities		6.3	%
Energy		6.3	%
Basic Materials		5.1	%
Communications		4.4	%

ProShares UltraShort SmallCap600 (Ticker: SDD)

ProShares UltraShort SmallCap600 seeks daily investment results, before fees and expenses that correspond to twice (200%) the inverse (opposite) of the daily performance of the S&P SmallCap 600^TM Index. The S&P SmallCap 600^TM Index is a measure of small-cap company U.S. stock market performance.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-200	%
Futures Contracts		—
Total Exposure		-200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

S&P SmallCap 600 Index – Composition

	% of Index
Consumer, Non-cyclical		19.5	%
Industrials		19.0	%
Financials		18.8	%
Consumer, Cyclical		15.6	%
Technology		10.2	%
Communications		5.2	%
Energy		5.0	%
Utilities		3.6	%
Basic Materials		3.1	%

XVI :: ProShares Trust :: Allocation of Portfolio Holdings & Index Composition :: November 30, 2009 (Unaudited)

ProShares UltraShort Russell2000 (Ticker: TWM)

ProShares UltraShort Russell2000 seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the Russell 2000^® Index. The Russell 2000^® Index is a measure of small-cap U.S. stock market performance.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-176	%
Futures Contracts		-24	%
Total Exposure		-200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Russell 2000 Index – Composition

	% of Index
Consumer, Non-cyclical		21.7	%
Financials		19.8	%
Industrials		14.6	%
Consumer, Cyclical		13.8	%
Technology		10.1	%
Communications		8.3	%
Energy		4.2	%
Basic Materials		3.9	%
Utilities		3.5	%
Diversified		0.1	%

ProShares UltraPro Short S&P500^® (Ticker: SPXU)

ProShares UltraPro Short S&P500^® seeks daily investment results, before fees and expenses, that correspond to triple (300%) the inverse (opposite) of the daily performance of the S&P 500^® Index. The S&P 500^® Index is a measure of large-cap U.S. stock market performance.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-270	%
Futures Contracts		-30	%
Total Exposure		-300	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

S&P 500 Index – Composition

	% of Index
Consumer, Non-cyclical		23.2	%
Financials		14.3	%
Technology		12.9	%
Energy		12.2	%
Communications		11.5	%
Industrials		10.5	%
Consumer, Cyclical		8.4	%
Basic Materials		3.5	%
Utilities		3.5	%

ProShares UltraShort Russell1000 Value (Ticker: SJF)

ProShares UltraShort Russell1000 Value seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the Russell 1000^® Value Index. The Russell 1000^® Value Index is designed to provide a comprehensive measure of large-cap U.S. equity "value" performance.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-200	%
Futures Contracts		—
Total Exposure		-200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Russell 1000 Value Index – Composition

	% of Index
Financials		26.4	%
Consumer, Non-cyclical		13.5	%
Industrials		11.5	%
Utilities		8.9	%
Energy		8.6	%
Consumer, Cyclical		8.5	%
Basic Materials		8.5	%
Communications		7.2	%
Technology		6.9	%

November 30, 2009 (Unaudited) :: Allocation of Portfolio Holdings & Index Composition :: ProShares Trust :: XVII

ProShares UltraShort Russell1000 Growth (Ticker: SFK)

ProShares UltraShort Russell1000 Growth seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the Russell 1000^® Growth Index. The Russell 1000^® Growth Index is designed to provide a comprehensive measure of large-cap U.S. equity "growth" performance.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-200	%
Futures Contracts		—
Total Exposure		-200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Russell 1000 Growth Index – Composition

	% of Index
Consumer, Non-cyclical		31.5	%
Technology		21.2	%
Consumer, Cyclical		12.2	%
Communications		11.1	%
Industrials		10.1	%
Financials		4.7	%
Energy		4.6	%
Basic Materials		3.8	%
Utilities		0.8	%

ProShares UltraShort Russell MidCap Value (Ticker: SJL)

ProShares UltraShort Russell MidCap Value seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the Russell Midcap^® Value Index. The Russell Midcap^® Value Index is designed to provide a comprehensive measure of mid-cap U.S. equity "value" performance.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-200	%
Futures Contracts		—
Total Exposure		-200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Russell Midcap Value Index – Composition

	% of Index
Financials		27.6	%
Consumer, Non-cyclical		12.7	%
Industrials		11.6	%
Utilities		11.1	%
Energy		9.6	%
Consumer, Cyclical		9.0	%
Basic Materials		6.6	%
Communications		6.4	%
Technology		5.2	%
Diversified		0.2	%

ProShares UltraShort Russell MidCap Growth (Ticker: SDK)

ProShares UltraShort Russell MidCap Growth seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the Russell Midcap^® Growth Index. The Russell Midcap^® Growth Index is designed to provide a comprehensive measure of mid-cap U.S. equity "growth" performance.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-200	%
Futures Contracts		—
Total Exposure		-200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Russell Midcap Growth Index – Composition

	% of Index
Consumer, Non-cyclical		25.6	%
Technology		16.9	%
Industrials		16.0	%
Consumer, Cyclical		14.8	%
Financials		7.9	%
Communications		6.2	%
Energy		6.1	%
Basic Materials		3.8	%
Utilities		2.6	%
Diversified		0.1	%

XVIII :: ProShares Trust :: Allocation of Portfolio Holdings & Index Composition :: November 30, 2009 (Unaudited)

ProShares UltraShort Russell2000 Value (Ticker: SJH)

ProShares UltraShort Russell2000 Value seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the Russell 2000^® Value Index. The Russell 2000^® Value Index is designed to provide a comprehensive measure of small-cap U.S. equity "value" performance.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-200	%
Futures Contracts		—
Total Exposure		-200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Russell 2000 Value Index – Composition

	% of Index
Financials		33.6	%
Industrials		16.4	%
Consumer, Cyclical		11.9	%
Consumer, Non-cyclical		10.9	%
Utilities		6.5	%
Basic Materials		6.0	%
Energy		4.9	%
Technology		4.9	%
Communications		4.8	%
Diversified		0.1	%

ProShares UltraShort Russell2000 Growth (Ticker: SKK)

ProShares UltraShort Russell2000 Growth seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the Russell 2000^® Growth Index. The Russell 2000^® Growth Index is designed to provide a comprehensive measure of small-cap U.S. equity "growth" performance.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-200	%
Futures Contracts		—
Total Exposure		-200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Russell 2000 Growth Index – Composition

	% of Index
Consumer, Non-cyclical		33.2	%
Consumer, Cyclical		15.8	%
Technology		15.7	%
Industrials		12.6	%
Communications		12.1	%
Financials		5.1	%
Energy		3.5	%
Basic Materials		1.6	%
Utilities		0.4	%

ProShares Short Financials (Ticker: SEF)

ProShares Short Financials seeks daily investment results, before fees and expenses, that correspond to the inverse (opposite) of the daily performance of the Dow Jones U.S. Financials^SM Index. The Dow Jones U.S. Financials^SM Index measures the performance of the financial services industry of the U.S. equity market.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-100	%
Futures Contracts		—
Total Exposure		-100	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Dow Jones U.S. Financials Index – Composition

	% of Index
Banks		40.6	%
General Financial		27.2	%
Nonlife Insurance		13.2	%
Real Estate Investment Trusts		12.6	%
Life Insurance		5.7	%
Real Estate Investment & Services		0.7	%

November 30, 2009 (Unaudited) :: Allocation of Portfolio Holdings & Index Composition :: ProShares Trust :: XIX

ProShares Short Oil & Gas (Ticker: DDG)

ProShares Short Oil & Gas seeks daily investment results, before fees and expenses, that correspond to the inverse (opposite) of the daily performance of the Dow Jones U.S. Oil & Gas^SM Index. The Dow Jones U.S. Oil & Gas^SM Index measures the performance of the oil and gas industry of the U.S. equity market.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-100	%
Futures Contracts		—
Total Exposure		-100	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Dow Jones U.S. Oil & Gas Index – Composition

	% of Index
Oil and Gas Producers		76.5	%
Oil Equipment, Services and Distribution		22.9	%
Alternative Energy		0.6	%

ProShares UltraShort Basic Materials (Ticker: SMN)

ProShares UltraShort Basic Materials seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the Dow Jones U.S. Basic Materials^SM Index. The Dow Jones U.S. Basic Materials^SM Index measures the performance of the basic materials industry of the U.S. equity market.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-200	%
Futures Contracts		—
Total Exposure		-200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Dow Jones U.S. Basic Materials Index – Composition

	% of Index
Chemicals		52.6	%
Industrial Metals		25.5	%
Mining		18.5	%
Forestry and Paper		3.4	%

ProShares UltraShort Consumer Goods (Ticker: SZK)

ProShares UltraShort Consumer Goods seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the Dow Jones U.S. Consumer Goods^SM Index. The Dow Jones U.S. Consumer Goods^SM Index measures the performance of consumer spending in the goods industry of the U.S. equity market.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-200	%
Futures Contracts		—
Total Exposure		-200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Dow Jones U.S. Consumer Goods Index – Composition

	% of Index
Beverages		22.5	%
Household Goods		21.9	%
Food Producers		20.1	%
Tobacco		13.4	%
Personal Goods		12.4	%
Automobiles and Parts		6.3	%
Leisure Goods		3.4	%

XX :: ProShares Trust :: Allocation of Portfolio Holdings & Index Composition :: November 30, 2009 (Unaudited)

ProShares UltraShort Consumer Services (Ticker: SCC)

ProShares UltraShort Consumer Services seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the Dow Jones U.S. Consumer Services^SM Index. The Dow Jones U.S. Consumer Services^SM Index measures the performance of consumer spending in the services industry of the U.S. equity market.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-200	%
Futures Contracts		—
Total Exposure		-200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Dow Jones U.S. Consumer Services Index – Composition

	% of Index
General Retailers		44.7	%
Media		24.5	%
Travel and Leisure		17.6	%
Food and Drug Retailers		13.2	%

ProShares UltraShort Financials (Ticker: SKF)

ProShares UltraShort Financials seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the Dow Jones U.S. Financials^SM Index. The Dow Jones U.S. Financials^SM Index measures the performance of the financial services industry of the U.S. equity market.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-200	%
Futures Contracts		—
Total Exposure		-200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Dow Jones U.S. Financials Index – Composition

	% of Index
Banks		40.6	%
General Financial		27.2	%
Nonlife Insurance		13.2	%
Real Estate Investment Trusts		12.6	%
Life Insurance		5.7	%
Real Estate Investment & Services		0.7	%

ProShares UltraShort Health Care (Ticker: RXD)

ProShares UltraShort Health Care seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the Dow Jones U.S. Health Care^SM Index. The Dow Jones U.S. Health Care^SM Index measures the performance of the healthcare industry of the U.S. equity market.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-199	%
Futures Contracts		—
Total Exposure		-199	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Dow Jones U.S. Health Care Index – Composition

	% of Index
Pharmaceuticals and Biotechnology		63.5	%
Health Care Equipment and Services		36.5	%

November 30, 2009 (Unaudited) :: Allocation of Portfolio Holdings & Index Composition :: ProShares Trust :: XXI

ProShares UltraShort Industrials (Ticker: SIJ)

ProShares UltraShort Industrials seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the Dow Jones U.S. Industrials^SM Index. The Dow Jones U.S. Industrials^SM Index measures the performance of the industrial industry of the U.S. equity market.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-199	%
Futures Contracts		—
Total Exposure		-199	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Dow Jones U.S. Industrials Index – Composition

	% of Index
General Industrials		23.3	%
Aerospace and Defense		16.9	%
Support Services		14.7	%
Industrial Transportation		14.4	%
Industrial Engineering		14.0	%
Electronic & Electrical Equipment		10.7	%
Construction and Materials		6.0	%

ProShares UltraShort Oil & Gas (Ticker: DUG)

ProShares UltraShort Oil & Gas seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the Dow Jones U.S. Oil & Gas^SM Index. The Dow Jones U.S. Oil & Gas^SM Index measures the performance of the oil and gas industry of the U.S. equity market.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-200	%
Futures Contracts		—
Total Exposure		-200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Dow Jones U.S. Oil & Gas Index – Composition

	% of Index
Oil and Gas Producers		76.5	%
Oil Equipment, Services and Distribution		22.9	%
Alternative Energy		0.6	%

ProShares UltraShort Real Estate (Ticker: SRS)

ProShares UltraShort Real Estate seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the Dow Jones U.S. Real Estate^SM Index. The Dow Jones U.S. Real Estate^SM Index measures the performance of the real estate sector of the U.S. equity market.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-199	%
Futures Contracts		—
Total Exposure		-199	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Dow Jones U.S. Real Estate Index – Composition

	% of Index
Real Estate		100.0	%

XXII :: ProShares Trust :: Allocation of Portfolio Holdings & Index Composition :: November 30, 2009 (Unaudited)

ProShares UltraShort Semiconductors (Ticker: SSG)

ProShares UltraShort Semiconductors seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of Dow Jones U.S. Semiconductors^SM Index. The Dow Jones U.S. Semiconductors^SM Index measures the performance of the semiconductor subsector of the U.S. equity market.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-200	%
Futures Contracts		—
Total Exposure		-200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Dow Jones U.S. Semiconductors Index – Composition

	% of Index
Semiconductors		100.0	%

ProShares UltraShort Technology (Ticker: REW)

ProShares UltraShort Technology seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the Dow Jones U.S. Technology^SM Index. The Dow Jones U.S. Technology^SM Index measures the performance of the technology industry of the U.S. equity market.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-200	%
Futures Contracts		—
Total Exposure		-200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Dow Jones U.S. Technology Index – Composition

	% of Index
Technology Hardware and Equipment		55.2	%
Software and Computer Services		44.8	%

ProShares UltraShort Telecommunications (Ticker: TLL)

ProShares UltraShort Telecommunications seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the Dow Jones U.S. Select Telecommunications^SM Index. The Dow Jones U.S. Select Telecommunications^SM Index is a measure of U.S. stock market performance of fixed- line (regional and long-distance carriers) and mobile telephone services (cellular, satellite and paging services).

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-200	%
Futures Contracts		—
Total Exposure		-200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Dow Jones U.S. Select Telecommunications Index – Composition

	% of Index
Fixed Line Telecommunications		76.9	%
Mobile Telecommunications		23.1	%

November 30, 2009 (Unaudited) :: Allocation of Portfolio Holdings & Index Composition :: ProShares Trust :: XXIII

ProShares UltraShort Utilities (Ticker: SDP)

ProShares UltraShort Utilities seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the Dow Jones U.S. Utilities^SM Index. The Dow Jones U.S. Utilities^SM Index measures the performance of the utilities industry of the U.S. equity market.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-200	%
Futures Contracts		—
Total Exposure		-200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Dow Jones U.S. Utilities Index – Composition

	% of Index
Electricity		72.9	%
Gas, Water & Multi Utilities		27.1	%

ProShares Short MSCI EAFE (Ticker: EFZ)

ProShares Short MSCI EAFE seeks daily investment results, before fees and expenses, that correspond to the inverse (opposite) of the daily performance of the MSCI EAFE Index^®. The MSCI EAFE Index^® (Europe, Australasia, Far East) adjusts the market capitalization of index constituents for free float and targets for index inclusion 85% of free float-adjusted market capitalization in each industry group, in developed market countries, excluding the U.S. and Canada.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-100	%
Futures Contracts		—
Total Exposure		-100	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

MSCI EAFE Index – Country

	% of Index
United Kingdom		21.5	%
Japan		20.6	%
France		10.9	%
Australia		8.4	%
Germany		8.2	%
Switzerland		7.8	%
Spain		4.8	%
Italy		3.5	%
Netherlands		2.6	%
Sweden		2.6	%
Hong Kong		2.3	%
Singapore		1.4	%
Finland		1.1	%
Belgium		1.0	%
Denmark		0.9	%
Norway		0.8	%
Greece		0.6	%
Portugal		0.3	%
Austria		0.3	%
Ireland		0.3	%
New Zealand		0.1	%

MSCI EAFE Index – Composition

	% of Index
Financials		25.9	%
Industrials		11.1	%
Materials		10.2	%
Consumer Staples		10.1	%
Consumer Discretionary		9.5	%
Health Care		8.4	%
Energy		8.3	%
Telecommunication Services		6.0	%
Utilities		5.9	%
Information Technology		4.6	%

XXIV :: ProShares Trust :: Allocation of Portfolio Holdings & Index Composition :: November 30, 2009 (Unaudited)

ProShares Short MSCI Emerging Markets (Ticker: EUM)

ProShares Short MSCI Emerging Markets seeks daily investment results, before fees and expenses, that correspond to the inverse (opposite) of the daily performance of the MSCI Emerging Markets Index^®. The MSCI Emerging Markets Index^® adjusts the market capitalization of index constituents for free float and targets for index inclusion 85% of free float-adjusted market capitalization in each industry group, in global emerging markets countries.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-100	%
Futures Contracts		—
Total Exposure		-100	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

MSCI Emerging Markets
Index – Country

	% of Index
China		18.3	%
Brazil		16.9	%
Korea		12.4	%
Taiwan		11.1	%
India		7.5	%
South Africa		7.0	%
Russia		6.4	%
Mexico		4.5	%
Israel		2.7	%
Malaysia		2.7	%
Indonesia		1.8	%
Chile		1.4	%
Poland		1.3	%
Turkey		1.3	%
Thailand		1.2	%
Colombia		0.6	%
Hungary		0.6	%
Peru		0.6	%
Czech Republic		0.5	%
Egypt		0.5	%
Philippines		0.4	%
Morocco		0.3	%

MSCI Emerging Markets
Index – Composition

	% of Index
Financials		24.6	%
Energy		15.3	%
Materials		15.0	%
Information Technology		13.0	%
Telecommunication Services		9.0	%
Industrials		6.5	%
Consumer Staples		5.5	%
Consumer Discretionary		5.4	%
Utilities		3.5	%
Health Care		2.2	%

ProShares UltraShort MSCI EAFE (Ticker: EFU)

ProShares UltraShort MSCI EAFE seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the MSCI EAFE Index^®. The MSCI EAFE Index^® (Europe, Australasia, Far East) adjusts the market capitalization of index constituents for free float and targets for index inclusion 85% of free float-adjusted market capitalization in each industry group, in developed market countries, excluding the U.S. and Canada.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-200	%
Futures Contracts		—
Total Exposure		-200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

MSCI EAFE Index – Country

	% of Index
United Kingdom		21.5	%
Japan		20.6	%
France		10.9	%
Australia		8.4	%
Germany		8.2	%
Switzerland		7.8	%
Spain		4.8	%
Italy		3.5	%
Netherlands		2.6	%
Sweden		2.6	%
Hong Kong		2.3	%
Singapore		1.4	%
Finland		1.1	%
Belgium		1.0	%
Denmark		0.9	%
Norway		0.8	%
Greece		0.6	%
Portugal		0.3	%
Austria		0.3	%
Ireland		0.3	%
New Zealand		0.1	%

MSCI EAFE Index – Composition

	% of Index
Financials		25.9	%
Industrials		11.1	%
Materials		10.2	%
Consumer Staples		10.1	%
Consumer Discretionary		9.5	%
Health Care		8.4	%
Energy		8.3	%
Telecommunication Services		6.0	%
Utilities		5.9	%
Information Technology		4.6	%

November 30, 2009 (Unaudited) :: Allocation of Portfolio Holdings & Index Composition :: ProShares Trust :: XXV

ProShares UltraShort MSCI Emerging Markets (Ticker: EEV)

ProShares UltraShort MSCI Emerging Markets seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the MSCI Emerging Markets Index^®. The MSCI Emerging Markets Index^® adjusts the market capitalization of index constituents for free float and targets for index inclusion 85% of free float-adjusted market capitalization in each industry group, in global emerging markets countries.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-199	%
Futures Contracts		—
Total Exposure		-199	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

MSCI Emerging Markets
Index – Country

	% of Index
China		18.3	%
Brazil		16.9	%
Korea		12.4	%
Taiwan		11.1	%
India		7.5	%
South Africa		7.0	%
Russia		6.4	%
Mexico		4.5	%
Israel		2.7	%
Malaysia		2.7	%
Indonesia		1.8	%
Chile		1.4	%
Poland		1.3	%
Turkey		1.3	%
Thailand		1.2	%
Colombia		0.6	%
Hungary		0.6	%
Peru		0.6	%
Czech Republic		0.5	%
Egypt		0.5	%
Philippines		0.4	%
Morocco		0.3	%

MSCI Emerging Markets
Index – Composition

	% of Index
Financials		24.6	%
Energy		15.3	%
Materials		15.0	%
Information Technology		13.0	%
Telecommunication Services		9.0	%
Industrials		6.5	%
Consumer Staples		5.5	%
Consumer Discretionary		5.4	%
Utilities		3.5	%
Health Care		2.2	%

ProShares UltraShort MSCI Europe (Ticker: EPV)

ProShares UltraShort MSCI Europe seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the MSCI Europe Index^®. The MSCI Europe Index^® is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed markets in Europe.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-199	%
Futures Contracts		—
Total Exposure		-199	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

MSCI Europe Index – Country

	% of Index
United Kingdom		31.9	%
France		16.2	%
Germany		12.2	%
Switzerland		11.6	%
Spain		7.1	%
Italy		5.3	%
Netherlands		3.9	%
Sweden		3.9	%
Finland		1.7	%
Belgium		1.5	%
Denmark		1.3	%
Norway		1.1	%
Greece		0.9	%
Austria		0.5	%
Portugal		0.5	%
Ireland		0.4	%

MSCI Europe Index – Composition

	% of Index
Financials		24.7	%
Consumer Staples		11.9	%
Energy		11.2	%
Health Care		10.2	%
Industrials		9.4	%
Materials		9.2	%
Consumer Discretionary		7.2	%
Telecommunication Services		7.2	%
Utilities		6.3	%
Information Technology		2.7	%

XXVI :: ProShares Trust :: Allocation of Portfolio Holdings & Index Composition :: November 30, 2009 (Unaudited)

ProShares UltraShort MSCI Pacific ex-Japan (Ticker: JPX)

ProShares UltraShort MSCI Pacific ex-Japan seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the MSCI Pacific ex-Japan Index^®. The MSCI Pacific ex-Japan Index^® is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed markets in the Pacific region, excluding Japan.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-200	%
Futures Contracts		—
Total Exposure		-200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

MSCI Pacific ex-Japan Index – Country

	% of Index
Australia		68.6	%
Hong Kong		19.0	%
Singapore		11.5	%
New Zealand		0.9	%

MSCI Pacific ex-Japan
Index – Composition

	% of Index
Financials		47.9	%
Materials		18.5	%
Consumer Staples		7.7	%
Industrials		7.7	%
Energy		4.8	%
Consumer Discretionary		4.4	%
Utilities		3.3	%
Telecommunication Services		2.9	%
Health Care		2.1	%
Information Technology		0.7	%

ProShares UltraShort MSCI Brazil (Ticker: BZQ)

ProShares UltraShort MSCI Brazil seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the MSCI Brazil Index^®. The MSCI Brazil Index^® is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the Brazilian market.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-201	%
Futures Contracts		—
Total Exposure		-201	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

MSCI Brazil Index – Composition

	% of Index
Materials		28.1	%
Energy		27.2	%
Financials		22.0	%
Consumer Staples		6.9	%
Utilities		5.2	%
Telecommunication Services		4.0	%
Consumer Discretionary		2.5	%
Information Technology		2.1	%
Industrials		2.0	%

ProShares UltraShort FTSE/Xinhua China 25 (Ticker: FXP)

ProShares UltraShort FTSE/Xinhua China 25 seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the FTSE/Xinhua China 25 Index^®. The FTSE/Xinhua China 25 Index^® is comprised of 25 of the largest and most liquid Chinese stocks listed on the Hong Kong Stock Exchange (HKEX).

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-199	%
Futures Contracts		—
Total Exposure		-199	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

FTSE/Xinhua China 25 Index – Composition

	% of Index
Financials		47.5	%
Telecommunications		16.7	%
Basic Materials		12.4	%
Oil & Gas		11.5	%
Industrials		8.9	%
Utilities		1.8	%
Consumer Services		1.2	%

November 30, 2009 (Unaudited) :: Allocation of Portfolio Holdings & Index Composition :: ProShares Trust :: XXVII

ProShares UltraShort MSCI Japan (Ticker: EWV)

ProShares UltraShort MSCI Japan seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the MSCI Japan Index^®. The MSCI Japan Index^® adjusts the market capitalization of index constituents for free float and targets for index inclusion 85% of free float-adjusted market capitalization in each industry group, in Japan.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-197	%
Futures Contracts		—
Total Exposure		-197	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

MSCI Japan Index – Composition

	% of Index
Consumer Discretionary		19.9	%
Industrials		18.7	%
Financials		17.1	%
Information Technology		13.2	%
Materials		8.2	%
Utilities		6.2	%
Health Care		6.1	%
Consumer Staples		5.6	%
Telecommunication Services		3.9	%
Energy		1.1	%

ProShares UltraShort MSCI Mexico Investable Market (Ticker: SMK)

ProShares UltraShort MSCI Mexico Investable Market seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the MSCI Mexico Investable Market Index^®. The MSCI Mexico Investable Market Index^® measures the performance of the Mexican equity market. It is a capitalization weighted index that aims to capture 99% of the (publicly available) total market capitalization.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-200	%
Futures Contracts		—
Total Exposure		-200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

MSCI Mexico Investable Market Index – Composition

	% of Index
Telecommunication Services		38.4	%
Consumer Staples		20.9	%
Materials		15.2	%
Consumer Discretionary		12.7	%
Industrials		7.0	%
Financials		5.6	%
Health Care		0.2	%

ProShares Short 20+ Year Treasury (Ticker: TBF)

ProShares Short 20+ Year Treasury seeks daily investment results, before fees and expenses and interest income earned on cash and financial instruments, that correspond to the inverse (opposite) of the daily performance of the Barclays Capital 20+ Year U.S. Treasury Bond Index. The Barclays Capital 20+ Year U.S. Treasury Bond Index includes all publicly issued, U.S. Treasury securities that have a remaining maturity greater than 20 years, are non-convertible, are denominated in U.S. dollars, are rated investment grade (at least Baa3 by Moody's Investors Service or BBB- by S&P), are fixed rate, and have more than $250 million par outstanding.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-99	%
Futures Contracts		-1	%
Total Exposure		-100	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Barclays Capital 20+ Year U.S. Treasury Bond
Index – Composition

	% of Index
20+ Year U.S. Treasury		100.0	%

XXVIII :: ProShares Trust :: Allocation of Portfolio Holdings & Index Composition :: November 30, 2009 (Unaudited)

ProShares UltraShort 7-10 Year Treasury (Ticker: PST)

ProShares UltraShort 7-10 Year Treasury seeks daily investment results, before fees and expenses and interest income earned on cash and financial instruments, that correspond to twice (200%) the inverse (opposite) of the daily performance of the Barclays Capital 7-10 Year U.S. Treasury Bond Index. The Barclays Capital 7-10 Year U.S. Treasury Bond Index includes all publicly issued, U.S. Treasury securities that have a remaining maturity of between 7 and 10 years, are non-convertible, are denominated in U.S. dollars, are rated investment grade (at least Baa3 by Moody's Investors Service or BBB- by S&P), are fixed rate, and have more than $250 million par outstanding.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-200	%
Futures Contracts		-1	%
Total Exposure		-201	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Barclays Capital 7-10 Year U.S. Treasury Bond
Index – Composition

	% of Index
7-10 Year U.S. Treasury		100.0	%

ProShares UltraShort 20+ Year Treasury (Ticker: TBT)

ProShares UltraShort 20+ Year Treasury seeks daily investment results, before fees and expenses and interest income earned on cash and financial instruments, that correspond to twice (200%) the inverse (opposite) of the daily performance of the Barclays Capital 20+ Year U.S. Treasury Bond Index. The Barclays Capital 20+ Year U.S. Treasury Bond Index includes all publicly issued, U.S. Treasury securities that have a remaining maturity greater than 20 years, are non-convertible, are denominated in U.S. dollars, are rated investment grade (at least Baa3 by Moody's Investors Service or BBB- by S&P), are fixed rate, and have more than $250 million par outstanding.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		—
Swap Agreements		-199	%
Futures Contracts		-2	%
Total Exposure		-201	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Barclays Capital 20+ Year U.S. Treasury Bond
Index – Composition

	% of Index
20+ Year U.S. Treasury		100.0	%

ProShares Credit Suisse 130/30 (Ticker: CSM)

ProShares Credit Suisse 130/30 seeks investment results, before fees and expenses, that track the performance of the Credit Suisse 130/30 Large Cap Index. The Credit Suisse 130/30 Large Cap Index is designed to replicate an investment strategy that establishes either long or short positions in the stocks of certain of the 500 largest U.S. companies based on market capitalization by applying a rules-based ranking and weighting methodology. The design intends to provide an indexed representation of a quantitatively constructed 130/30 U.S. large cap equity strategy.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		88	%
Swap Agreements (Long)		42	%
Swap Agreements (Short)		-30	%
Futures Contracts		—
Total Exposure		100	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company	% of Net Assets
Exxon Mobil Corp.		2.3	%
Apple, Inc.		1.5	%
JPMorgan Chase & Co.		1.5	%
Microsoft Corp.		1.4	%
AT&T, Inc.		1.4	%

Credit Suisse 130/30 Large Cap
Index – Composition

	% of Index
Consumer, Non-Cyclical		26.8	%
Technology		13.5	%
Financials		13.0	%
Industrials		10.5	%
Communications		10.4	%
Consumer, Cyclical		9.5	%
Energy		9.3	%
Utilities		5.6	%
Basic Materials		1.7	%
Diversified		-0.3	%

November 30, 2009 (Unaudited) :: Allocation of Portfolio Holdings & Index Composition :: ProShares Trust :: XXIX

ProShares Trust Performance Data

ULTRA PROSHARES

		NAV TOTAL RETURNS (%) AS OF 11/30/09									MARKET VALUE RETURNS† (%) AS OF 11/30/09									INDEX* TOTAL RETURNS (%) AS OF 11/30/09
	Inception Date	One Year Total Return			Average Annual Total Return since Inception			Cumulative Total Return since Inception			One Year Total Return			Average Annual Total Return since Inception			Cumulative Total Return since Inception			One Year Total Return		Average Annual Total Return since Inception			Cumulative Total Return since Inception
Ultra MarketCap
Ultra QQQ	06/19/06		102.18			(4.28	)		(13.99	)		103.18			(4.27	)		(13.96	)		50.15		4.49			16.36
Ultra Dow30	06/19/06		33.56			(8.68	)		(26.88	)		34.04			(8.67	)		(26.87	)		21.05		1.10			3.86
Ultra S&P500	06/19/06		40.46			(14.08	)		(40.74	)		40.65			(14.09	)		(40.78	)		25.39		(1.39	)		(4.73	)
Ultra Russell3000	06/30/09		NA			NA			40.60			NA			NA			38.90			NA		NA			19.76
Ultra MidCap400	06/19/06		57.40			(13.78	)		(40.04	)		57.84			(13.77	)		(40.02	)		35.53		(0.30	)		(1.05	)
Ultra SmallCap600	01/23/07		27.06			(27.50	)		(60.04	)		26.64			(27.47	)		(59.98	)		22.65		(7.76	)		(20.60	)
Ultra Russell2000	01/23/07		29.09			(30.05	)		(63.91	)		26.70			(30.10	)		(63.98	)		24.53		(8.79	)		(23.09	)
UltraPro S&P500	06/23/09		NA			NA			79.24			NA			NA			79.24			NA		NA			23.56
Ultra Style
Ultra Russell1000 Value	02/20/07		23.72			(32.47	)		(66.37	)		24.05			(32.47	)		(66.37	)		19.24		(11.26	)		(28.23	)
Ultra Russell1000 Growth	02/20/07		66.75			(19.37	)		(44.99	)		67.04			(19.35	)		(44.94	)		35.50		(4.58	)		(12.20	)
Ultra Russell MidCap Value	02/20/07		51.55			(32.55	)		(66.48	)		52.60			(32.53	)		(66.45	)		33.74		(10.99	)		(27.63	)
Ultra Russell MidCap Growth	02/20/07		78.33			(26.94	)		(58.16	)		79.18			(26.95	)		(58.17	)		42.82		(7.77	)		(20.13	)
Ultra Russell2000 Value	02/20/07		15.45			(36.48	)		(71.62	)		16.91			(36.57	)		(71.73	)		18.98		(12.57	)		(31.16	)
Ultra Russell2000 Growth	02/20/07		46.61			(29.38	)		(61.91	)		46.15			(29.39	)		(61.93	)		30.59		(8.92	)		(22.86	)
Ultra Sector
Ultra Basic Materials	01/30/07		118.98			(20.71	)		(48.17	)		120.78			(20.73	)		(48.22	)		66.37		0.59			1.69
Ultra Consumer Goods	01/30/07		38.65			(9.59	)		(24.85	)		39.61			(9.57	)		(24.80	)		21.49		(0.68	)		(1.90	)
Ultra Consumer Services	01/30/07		67.36			(24.06	)		(54.15	)		68.52			(24.02	)		(54.08	)		36.15		(7.25	)		(19.21	)
Ultra Financials	01/30/07		(9.89	)		(58.17	)		(91.53	)		(8.90	)		(58.20	)		(91.55	)		18.99		(23.06	)		(52.44	)
Ultra Health Care	01/30/07		49.91			(10.97	)		(28.05	)		51.00			(10.96	)		(28.02	)		26.96		(1.17	)		(3.28	)
Ultra Industrials	01/30/07		35.71			(23.92	)		(53.91	)		36.20			(23.89	)		(53.84	)		25.73		(6.05	)		(16.22	)
Ultra Oil & Gas	01/30/07		7.05			(18.11	)		(43.22	)		7.81			(18.12	)		(43.24	)		12.62		1.20			3.44
Ultra Real Estate	01/30/07		7.60			(56.26	)		(90.39	)		(2.07	)		(56.31	)		(90.42	)		42.02		(18.61	)		(44.23	)
Ultra Semiconductors	01/30/07		105.90			(26.92	)		(58.87	)		107.32			(26.90	)		(58.84	)		57.88		(6.56	)		(17.51	)
Ultra Technology	01/30/07		121.87			(12.22	)		(30.86	)		123.12			(12.19	)		(30.80	)		58.14		0.25			0.72
Ultra Telecommunications	03/25/08		22.70			(33.22	)		(49.35	)		22.65			(33.49	)		(49.70	)		17.78		(10.27	)		(16.69	)
Ultra Utilities	01/30/07		1.21			(18.46	)		(43.91	)		1.37			(18.53	)		(44.04	)		4.37		(4.43	)		(12.07	)

†  Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at market value. Market value is determined by trading that occurs on the NYSE Arca (prior to November 12, 2008, trading occurred on the American Stock Exchange). Market value may be greater or less than net asset value, depending on the Fund's closing price on the NYSE Arca.

*  See the allocation of Portfolio Holdings and Composition for the related index for each fund.

NA  Not Applicable. Fund in operation less than one year.

XXX :: ProShares Trust :: Performance Data

ProShares Trust Performance Data (continued)

ULTRA PROSHARES

		NAV TOTAL RETURNS (%) AS OF 11/30/09									MARKET VALUE RETURNS† (%) AS OF 11/30/09									INDEX* TOTAL RETURNS (%) AS OF 11/30/09
	Inception Date	One Year Total Return			Average Annual Total Return since Inception			Cumulative Total Return since Inception			One Year Total Return			Average Annual Total Return since Inception			Cumulative Total Return since Inception			One Year Total Return		Average Annual Total Return since Inception			Cumulative Total Return since Inception
Ultra International
Ultra MSCI EAFE	06/02/09		NA			NA			28.57			NA			NA			28.70			NA		NA			15.32
Ultra MSCI Emerging Markets	06/02/09		NA			NA			38.47			NA			NA			38.40			NA		NA			19.65
Ultra FTSE/Xinhua China 25	06/02/09		NA			NA			25.60			NA			NA			25.47			NA		NA			13.89
Ultra MSCI Japan	06/02/09		NA			NA			(0.65	)		NA			NA			(2.72	)		NA		NA			0.85
SHORT PROSHARES
Short MarketCap
Short QQQ	06/19/06		(39.66	)		(8.08	)		(25.22	)		(39.72	)		(8.07	)		(25.19	)		50.15		4.49			16.36
Short Dow30	06/19/06		(23.80	)		(2.93	)		(9.74	)		(23.90	)		(2.94	)		(9.78	)		21.05		1.10			3.86
Short S&P500	06/19/06		(27.87	)		(1.51	)		(5.11	)		(27.91	)		(1.51	)		(5.10	)		25.39		(1.39	)		(4.73	)
Short MidCap400	06/19/06		(36.22	)		(4.52	)		(14.74	)		(36.13	)		(4.51	)		(14.72	)		35.53		(0.30	)		(1.05	)
Short SmallCap600	01/23/07		(31.44	)		(0.73	)		(2.06	)		(31.14	)		(0.75	)		(2.13	)		22.65		(7.76	)		(20.60	)
Short Russell2000	01/23/07		(33.59	)		(1.66	)		(4.66	)		(33.46	)		(1.62	)		(4.56	)		24.53		(8.79	)		(23.09	)
UltraShort QQQ	07/11/06		(66.62	)		(25.14	)		(62.52	)		(66.73	)		(25.17	)		(62.58	)		50.15		4.89			17.57
UltraShort Dow30	07/11/06		(45.96	)		(13.34	)		(38.44	)		(46.13	)		(13.35	)		(38.48	)		21.05		0.57			1.95
UltraShort S&P500	07/11/06		(52.37	)		(11.23	)		(33.23	)		(52.44	)		(11.23	)		(33.23	)		25.39		(2.20	)		(7.25	)
UltraShort Russell3000	06/30/09		NA			NA			(33.68	)		NA			NA			(33.53	)		NA		NA			19.76
UltraShort MidCap400	07/11/06		(64.32	)		(17.47	)		(47.84	)		(64.34	)		(17.46	)		(47.82	)		35.53		(1.37	)		(4.59	)
UltraShort SmallCap600	01/23/07		(59.35	)		(13.94	)		(34.83	)		(59.19	)		(14.00	)		(34.96	)		22.65		(7.76	)		(20.60	)
UltraShort Russell2000	01/23/07		(62.56	)		(16.95	)		(41.11	)		(62.04	)		(16.95	)		(41.11	)		24.53		(8.79	)		(23.09	)
UltraPro Short S&P500	06/23/09		NA			NA			(51.63	)		NA			NA			(51.60	)		NA		NA			23.56
Short Style
UltraShort Russell1000 Value	02/20/07		(52.40	)		(4.68	)		(12.44	)		(52.60	)		(4.68	)		(12.46	)		19.24		(11.26	)		(28.23	)
UltraShort Russell1000 Growth	02/20/07		(57.63	)		(8.97	)		(22.96	)		(58.24	)		(9.00	)		(23.04	)		35.50		(4.58	)		(12.20	)
UltraShort Russell MidCap Value	02/20/07		(65.29	)		(8.04	)		(20.74	)		(65.46	)		(7.98	)		(20.61	)		33.74		(10.99	)		(27.63	)
UltraShort Russell MidCap Growth	02/20/07		(66.28	)		(11.00	)		(27.62	)		(66.94	)		(11.04	)		(27.72	)		42.82		(7.77	)		(20.13	)
UltraShort Russell2000 Value	02/20/07		(61.85	)		(13.70	)		(33.56	)		(61.56	)		(13.64	)		(33.43	)		18.98		(12.57	)		(31.16	)
UltraShort Russell2000 Growth	02/20/07		(63.13	)		(13.77	)		(33.72	)		(63.64	)		(13.83	)		(33.83	)		30.59		(8.92	)		(22.86	)

†  Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at market value. Market value is determined by trading that occurs on the NYSE Arca (prior to November 12, 2008, trading occurred on the American Stock Exchange). Market value may be greater or less than net asset value, depending on the Fund's closing price on the NYSE Arca.

*  See the allocation of Portfolio Holdings and Composition for the related index for each fund.

NA  Not Applicable. Fund in operation less than one year.

Performance Data :: ProShares Trust :: XXXI

ProShares Trust Performance Data (continued)

SHORT PROSHARES

		NAV TOTAL RETURNS (%) AS OF 11/30/09									MARKET VALUE RETURNS† (%) AS OF 11/30/09									INDEX* TOTAL RETURNS (%) AS OF 11/30/09
	Inception Date	One Year Total Return			Average Annual Total Return since Inception			Cumulative Total Return since Inception			One Year Total Return			Average Annual Total Return since Inception			Cumulative Total Return since Inception			One Year Total Return		Average Annual Total Return since Inception			Cumulative Total Return since Inception
Short Sector
Short Financials	06/10/08		(46.33	)		(24.22	)		(33.55	)		(46.58	)		(24.27	)		(33.62	)		18.99		(21.09	)		(29.47	)
Short Oil & Gas	06/10/08		(23.72	)		(1.35	)		(1.99	)		(24.74	)		(1.43	)		(2.10	)		12.62		(21.79	)		(30.40	)
UltraShort Basic Materials	01/30/07		(80.83	)		(41.69	)		(78.30	)		(81.17	)		(41.71	)		(78.33	)		66.37		0.59			1.69
UltraShort Consumer Goods	01/30/07		(42.22	)		(7.38	)		(19.53	)		(42.97	)		(7.43	)		(19.64	)		21.49		(0.68	)		(1.90	)
UltraShort Consumer Services	01/30/07		(59.36	)		(5.57	)		(14.99	)		(59.61	)		(5.53	)		(14.89	)		36.15		(7.25	)		(19.21	)
UltraShort Financials	01/30/07		(81.76	)		(30.37	)		(64.13	)		(81.90	)		(30.36	)		(64.12	)		18.99		(23.06	)		(52.44	)
UltraShort Health Care	01/30/07		(47.29	)		(7.07	)		(18.76	)		(47.73	)		(7.12	)		(18.87	)		26.96		(1.17	)		(3.28	)
UltraShort Industrials	01/30/07		(58.33	)		(12.58	)		(31.67	)		(58.46	)		(12.61	)		(31.75	)		25.73		(6.05	)		(16.22	)
UltraShort Oil & Gas	01/30/07		(48.87	)		(39.70	)		(76.15	)		(49.21	)		(39.70	)		(76.15	)		12.62		1.20			3.44
UltraShort Real Estate	01/30/07		(92.36	)		(50.38	)		(86.27	)		(92.26	)		(50.36	)		(86.25	)		42.02		(18.61	)		(44.23	)
UltraShort Semiconductors	01/30/07		(76.53	)		(20.78	)		(48.30	)		(76.70	)		(20.78	)		(48.30	)		57.88		(6.56	)		(17.51	)
UltraShort Technology	01/30/07		(70.78	)		(21.23	)		(49.13	)		(70.73	)		(21.23	)		(49.13	)		58.14		0.25			0.72
UltraShort Telecommunications	03/25/08		(48.99	)		(24.48	)		(37.69	)		(49.80	)		(24.30	)		(37.44	)		17.78		(10.27	)		(16.69	)
UltraShort Utilities	01/30/07		(25.46	)		(8.56	)		(22.39	)		(26.24	)		(8.55	)		(22.36	)		4.37		(4.43	)		(12.07	)
Short International
Short MSCI EAFE	10/23/07		(37.35	)		0.32			0.68			(37.17	)		0.31			0.65			37.26		(14.51	)		(28.13	)
Short MSCI Emerging Markets	10/30/07		(55.51	)		(19.48	)		(36.34	)		(55.74	)		(19.53	)		(36.42	)		80.52		(11.33	)		(22.21	)
UltraShort MSCI EAFE	10/23/07		(65.16	)		(15.24	)		(29.38	)		(64.74	)		(15.13	)		(29.19	)		37.26		(14.51	)		(28.13	)
UltraShort MSCI Emerging Markets	10/30/07		(83.77	)		(56.53	)		(82.39	)		(83.88	)		(56.53	)		(82.39	)		80.52		(11.33	)		(22.21	)
UltraShort MSCI Europe	06/16/09		NA			NA			(44.05	)		NA			NA			(44.13	)		NA		NA			26.47
UltraShort MSCI Pacific ex-Japan	06/16/09		NA			NA			(50.83	)		NA			NA			(49.83	)		NA		NA			34.55
UltraShort MSCI Brazil	06/16/09		NA			NA			(60.30	)		NA			NA			(60.23	)		NA		NA			44.84
UltraShort FTSE/Xinhua China 25	11/06/07		(84.37	)		(64.68	)		(88.35	)		(84.26	)		(64.66	)		(88.34	)		67.03		(16.51	)		(31.16	)
UltraShort MSCI Japan	11/06/07		(40.58	)		(5.98	)		(11.97	)		(39.76	)		(5.92	)		(11.85	)		11.92		(15.85	)		(30.02	)
UltraShort MSCI Mexico Investable Market	06/16/09		NA			NA			(52.85	)		NA			NA			(52.92	)		NA		NA			35.42

†  Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at market value. Market value is determined by trading that occurs on the NYSE Arca (prior to November 12, 2008, trading occurred on the American Stock Exchange). Market value may be greater or less than net asset value, depending on the Fund's closing price on the NYSE Arca.

*  See the allocation of Portfolio Holdings and Composition for the related index for each fund.

NA  Not Applicable. Fund in operation less than one year.

XXXII :: ProShares Trust :: Performance Data

ProShares Trust Performance Data (continued)

SHORT PROSHARES

		NAV TOTAL RETURNS (%) AS OF 11/30/09									MARKET VALUE RETURNS† (%) AS OF 11/30/09									INDEX* TOTAL RETURNS (%) AS OF 11/30/09
	Inception Date	One Year Total Return			Average Annual Total Return since Inception			Cumulative Total Return since Inception			One Year Total Return			Average Annual Total Return since Inception			Cumulative Total Return since Inception			One Year Total Return			Average Annual Total Return since Inception		Cumulative Total Return since Inception
Short Fixed-Income
Short 20+ Year Treasury	08/18/09	NA			NA				(5.04	)	NA			NA				(4.96	)	NA			NA			3.73
UltraShort 7-10 Year Treasury	04/29/08		(14.41	)		(19.11	)		(28.61	)		(14.89	)		(19.14	)		(28.66	)		3.18			7.44		12.08
UltraShort 20+ Year Treasury	04/29/08		(8.41	)		(24.90	)		(36.55	)		(8.49	)		(24.91	)		(36.56	)		(4.90	)		7.17		11.64
Alpha ProShares
Credit Suisse 130/30	07/13/09	NA			NA				22.86		NA			NA				22.93		NA			NA			22.39

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor's shares, when redeemed may be more or less than the original cost. To obtain performance current to the most recent month please visit www.proshares.com.

†  Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at market value. Market value is determined by trading that occurs on the NYSE Arca (prior to November 12, 2008, trading occurred on the American Stock Exchange). Market value may be greater or less than net asset value, depending on the Fund's closing price on the NYSE Arca.

*  See the allocation of Portfolio Holdings and Composition for the related index for each fund.

NA  Not Applicable. Fund in operation less than one year.

Performance Data :: ProShares Trust :: XXXIII

Expense Examples

XXXIV :: ProShares Trust :: Expense Examples (Unaudited)

As a shareholder, you incur two types of costs: (1) transactions costs for purchasing and selling shares and (2) ongoing costs, including advisory fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in exchange-traded funds.

Actual Expenses

The actual expense examples are based on an investment of $1,000 invested at the beginning of the six-month period and held through the period ended, November 30, 2009.

The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 =8.6), then multiply the result by the number in the first line under the heading "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The hypothetical expense examples are based on an investment of $1,000 invested at the beginning of the period and held through the period ended, November 30, 2009.

The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as creation or redemption fees, or brokerage charges. Therefore, the second line for each Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning Account Value		Ending Account Value 11/30/09		Expenses Paid During the Period*		Annualized Expense Ratio During Period
Ultra QQQ®
Actual	$	1,000.00	$	1,487.10	$	5.92		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Ultra Dow30SM
Actual	$	1,000.00	$	1,493.80	$	5.94		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Ultra S&P500®
Actual	$	1,000.00	$	1,417.20	$	5.64		0.93	%
Hypothetical	$	1,000.00	$	1,020.41	$	4.71		0.93	%
Ultra Russell3000 (a)
Actual	$	1,000.00	$	1,406.00	$	4.79		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Ultra MidCap400
Actual	$	1,000.00	$	1,392.10	$	5.70		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Ultra SmallCap600
Actual	$	1,000.00	$	1,307.40	$	5.50		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Ultra Russell2000
Actual	$	1,000.00	$	1,305.60	$	5.49		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%

Expense Examples (Unaudited) :: ProShares Trust :: XXXV

	Beginning Account Value		Ending Account Value 11/30/09		Expenses Paid During the Period*		Annualized Expense Ratio During Period
UltraPro S&P500® (b)
Actual	$	1,000.00	$	1,792.40	$	5.81		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Ultra Russell1000 Value
Actual	$	1,000.00	$	1,402.70	$	5.72		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Ultra Russell1000 Growth
Actual	$	1,000.00	$	1,426.80	$	5.78		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Ultra Russell MidCap Value
Actual	$	1,000.00	$	1,477.70	$	5.90		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Ultra Russell MidCap Growth
Actual	$	1,000.00	$	1,368.20	$	5.64		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Ultra Russell2000 Value
Actual	$	1,000.00	$	1,331.90	$	5.55		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Ultra Russell2000 Growth
Actual	$	1,000.00	$	1,274.60	$	5.42		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Ultra Basic Materials
Actual	$	1,000.00	$	1,562.40	$	6.10		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Ultra Consumer Goods
Actual	$	1,000.00	$	1,420.30	$	5.76		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Ultra Consumer Services
Actual	$	1,000.00	$	1,446.50	$	5.83		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Ultra Financials
Actual	$	1,000.00	$	1,376.30	$	5.66		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Ultra Health Care
Actual	$	1,000.00	$	1,411.20	$	5.74		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Ultra Industrials
Actual	$	1,000.00	$	1,487.20	$	5.92		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Ultra Oil & Gas
Actual	$	1,000.00	$	1,168.60	$	5.16		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%

XXXVI :: ProShares Trust :: Expense Examples (Unaudited)

	Beginning Account Value		Ending Account Value 11/30/09		Expenses Paid During the Period*		Annualized Expense Ratio During Period
Ultra Real Estate
Actual	$	1,000.00	$	1,608.20	$	6.21		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Ultra Semiconductors
Actual	$	1,000.00	$	1,412.20	$	5.74		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Ultra Technology
Actual	$	1,000.00	$	1,582.30	$	6.15		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Ultra Telecommunications
Actual	$	1,000.00	$	1,097.80	$	5.00		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Ultra Utilities
Actual	$	1,000.00	$	1,269.10	$	5.40		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Ultra MSCI EAFE (c)
Actual	$	1,000.00	$	1,285.70	$	5.38		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Ultra MSCI Emerging Markets (c)
Actual	$	1,000.00	$	1,384.70	$	5.62		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Ultra FTSE/Xinhua China 25 (c)
Actual	$	1,000.00	$	1,256.00	$	5.31		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Ultra MSCI Japan (c)
Actual	$	1,000.00	$	993.50	$	4.70		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Short QQQ®
Actual	$	1,000.00	$	791.90	$	4.27		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Short Dow30SM
Actual	$	1,000.00	$	795.60	$	4.28		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Short S&P500®
Actual	$	1,000.00	$	812.80	$	4.23		0.93	%
Hypothetical	$	1,000.00	$	1,020.41	$	4.71		0.93	%
Short MidCap400
Actual	$	1,000.00	$	809.40	$	4.31		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Short SmallCap600
Actual	$	1,000.00	$	826.50	$	4.35		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%

Expense Examples (Unaudited) :: ProShares Trust :: XXXVII

	Beginning Account Value		Ending Account Value 11/30/09		Expenses Paid During the Period*		Annualized Expense Ratio During Period
Short Russell2000
Actual	$	1,000.00	$	824.70	$	4.35		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
UltraShort QQQ®
Actual	$	1,000.00	$	618.30	$	3.85		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
UltraShort Dow30SM
Actual	$	1,000.00	$	625.80	$	3.87		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
UltraShort S&P500®
Actual	$	1,000.00	$	651.20	$	3.73		0.90	%
Hypothetical	$	1,000.00	$	1,020.56	$	4.56		0.90	%
UltraShort Russell3000 (a)
Actual	$	1,000.00	$	663.20	$	3.31		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
UltraShort MidCap400
Actual	$	1,000.00	$	641.00	$	3.91		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
UltraShort SmallCap600
Actual	$	1,000.00	$	665.40	$	3.97		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
UltraShort Russell2000
Actual	$	1,000.00	$	661.10	$	3.96		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
UltraPro Short S&P500® (b)
Actual	$	1,000.00	$	483.70	$	3.09		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
UltraShort Russell1000 Value
Actual	$	1,000.00	$	640.20	$	3.91		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
UltraShort Russell1000 Growth
Actual	$	1,000.00	$	652.80	$	3.94		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
UltraShort Russell MidCap Value
Actual	$	1,000.00	$	589.00	$	3.78		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
UltraShort Russell MidCap Growth
Actual	$	1,000.00	$	655.30	$	3.94		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
UltraShort Russell2000 Value
Actual	$	1,000.00	$	636.40	$	3.90		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%

XXXVIII :: ProShares Trust :: Expense Examples (Unaudited)

	Beginning Account Value		Ending Account Value 11/30/09		Expenses Paid During the Period*		Annualized Expense Ratio During Period
UltraShort Russell2000 Growth
Actual	$	1,000.00	$	686.10	$	4.02		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Short Financials
Actual	$	1,000.00	$	785.60	$	4.25		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Short Oil & Gas
Actual	$	1,000.00	$	870.00	$	4.45		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
UltraShort Basic Materials
Actual	$	1,000.00	$	507.60	$	3.59		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
UltraShort Consumer Goods
Actual	$	1,000.00	$	665.10	$	3.97		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
UltraShort Consumer Services
Actual	$	1,000.00	$	631.40	$	3.89		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
UltraShort Financials
Actual	$	1,000.00	$	590.20	$	3.79		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
UltraShort Health Care
Actual	$	1,000.00	$	667.70	$	3.97		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
UltraShort Industrials
Actual	$	1,000.00	$	592.70	$	3.79		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
UltraShort Oil & Gas
Actual	$	1,000.00	$	736.10	$	4.13		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
UltraShort Real Estate
Actual	$	1,000.00	$	446.40	$	3.44		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
UltraShort Semiconductors
Actual	$	1,000.00	$	603.30	$	3.82		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
UltraShort Technology
Actual	$	1,000.00	$	579.50	$	3.76		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
UltraShort Telecommunications
Actual	$	1,000.00	$	837.40	$	4.38		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%

Expense Examples (Unaudited) :: ProShares Trust :: XXXIX

	Beginning Account Value		Ending Account Value 11/30/09		Expenses Paid During the Period*		Annualized Expense Ratio During Period
UltraShort Utilities
Actual	$	1,000.00	$	730.50	$	4.12		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Short MSCI EAFE
Actual	$	1,000.00	$	805.40	$	4.30		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Short MSCI Emerging Markets
Actual	$	1,000.00	$	771.60	$	4.22		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
UltraShort MSCI EAFE
Actual	$	1,000.00	$	631.90	$	3.89		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
UltraShort MSCI Emerging Markets
Actual	$	1,000.00	$	566.50	$	3.73		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
UltraShort MSCI Europe (d)
Actual	$	1,000.00	$	559.50	$	3.39		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
UltraShort MSCI Pacific ex-Japan (d)
Actual	$	1,000.00	$	491.70	$	3.24		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
UltraShort MSCI Brazil (d)
Actual	$	1,000.00	$	397.00	$	3.04		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
UltraShort FTSE/Xinhua China 25
Actual	$	1,000.00	$	590.60	$	3.79		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
UltraShort MSCI Japan
Actual	$	1,000.00	$	895.10	$	4.51		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
UltraShort MSCI Mexico Investable Market (d)
Actual	$	1,000.00	$	471.50	$	3.20		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Short 20+ Year Treasury (e)
Actual	$	1,000.00	$	949.60	$	2.64		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
UltraShort 7-10 Year Treasury
Actual	$	1,000.00	$	879.70	$	4.48		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%
UltraShort 20+ Year Treasury
Actual	$	1,000.00	$	844.00	$	4.39		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%

XL :: ProShares Trust :: Expense Examples (Unaudited)

	Beginning Account Value		Ending Account Value 11/30/09		Expenses Paid During the Period*		Annualized Expense Ratio During Period
Credit Suisse 130/30 (f)
Actual	$	1,000.00	$	1,228.60	$	4.06		0.95	%
Hypothetical	$	1,000.00	$	1,020.31	$	4.81		0.95	%

*  Expenses are equal to the average account value over the period multiplied by the Fund's annualized expense ratio, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one half year period).

(a)  The Fund commenced operations on June 30, 2009. Expenses are equal to the Fund's annualized net expense ratio, multiplied by the average account value over the period, multiplied by 153 divided by 365 (to reflect the actual days in the period). Hypothetical Expenses Paid During the Period are equal to the Fund's annualized net expense ratio, multiplied by the average account value over the period, multiplied by 183 divided by 365 (to reflect the one half year period).

(b)  The Fund commenced operations on June 23, 2009. Expenses are equal to the Fund's annualized net expense ratio, multiplied by the average account value over the period, multiplied by 160 divided by 365 (to reflect the actual days in the period). Hypothetical Expenses Paid During the Period are equal to the Fund's annualized net expense ratio, multiplied by the average account value over the period, multiplied by 183 divided by 365 (to reflect the one half year period).

(c)  The Fund commenced operations on June 2, 2009. Expenses are equal to the Fund's annualized net expense ratio, multiplied by the average account value over the period, multiplied by 181 divided by 365 (to reflect the actual days in the period). Hypothetical Expenses Paid During the Period are equal to the Fund's annualized net expense ratio, multiplied by the average account value over the period, multiplied by 183 divided by 365 (to reflect the one half year period).

(d)  The Fund commenced operations on June 16, 2009. Expenses are equal to the Fund's annualized net expense ratio, multiplied by the average account value over the period, multiplied by 167 divided by 365 (to reflect the actual days in the period). Hypothetical Expenses Paid During the Period are equal to the Fund's annualized net expense ratio, multiplied by the average account value over the period, multiplied by 183 divided by 365 (to reflect the one half year period).

(e)  The Fund commenced operations on August 18, 2009. Expenses are equal to the Fund's annualized net expense ratio, multiplied by the average account value over the period, multiplied by 104 divided by 365 (to reflect the actual days in the period). Hypothetical Expenses Paid During the Period are equal to the Fund's annualized net expense ratio, multiplied by the average account value over the period, multiplied by 183 divided by 365 (to reflect the one half year period).

(f)  The Fund commenced operations on July 13, 2009. Expenses are equal to the Fund's annualized net expense ratio, multiplied by the average account value over the period, multiplied by 140 divided by 365 (to reflect the actual days in the period). Hypothetical Expenses Paid During the Period are equal to the Fund's annualized net expense ratio, multiplied by the average account value over the period, multiplied by 183 divided by 365 (to reflect the one half year period).

Expense Examples (Unaudited) :: ProShares Trust :: XLI

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Schedule of Portfolio Investments

November 30, 2009 (Unaudited) :: Schedule of Portfolio Investments :: 1

  Ultra QQQ^®  QLD

Shares			Value
		Common Stocks (a) — 70.8%
		Consumer Discretionary — 9.9%
	111,903	Amazon.com, Inc.*	$	15,208,737
	60,638	Apollo Group, Inc., Class A*		3,460,611
	137,461	Bed Bath & Beyond, Inc.*		5,135,543
	563,323	Comcast Corp., Class A		8,263,948
	277,745	DIRECTV, Class A*		8,785,074
	83,952	DISH Network Corp., Class A		1,738,646
	110,777	Expedia, Inc.*		2,822,598
	72,592	Garmin Ltd.		2,169,049
	53,920	Liberty Global, Inc., Class A*		1,040,117
	213,267	Liberty Media Corp. - Interactive, Class A*		2,269,161
	555,231	News Corp., Class A		6,362,947
	53,205	O'Reilly Automotive, Inc.*		2,063,290
	17,455	priceline.com, Inc.*		3,737,465
	49,995	Ross Stores, Inc.		2,198,780
	48,498	Sears Holdings Corp.*		3,440,933
	189,382	Staples, Inc.		4,416,388
	400,006	Starbucks Corp.*		8,760,131
	64,952	Urban Outfitters, Inc.*		2,055,081
	52,387	Wynn Resorts Ltd.		3,381,057
				87,309,556
		Consumer Staples — 0.8%
	89,405	Costco Wholesale Corp.		5,356,254
	34,995	Hansen Natural Corp.*		1,223,775
				6,580,029
		Health Care — 11.1%
	184,734	Amgen, Inc.*		10,409,761
	122,558	Biogen Idec, Inc.*		5,752,873
	177,487	Celgene Corp.*		9,841,654
	28,377	Cephalon, Inc.*		1,559,316
	31,510	Cerner Corp.*		2,372,388
	55,673	DENTSPLY International, Inc.		1,855,024
	95,577	Express Scripts, Inc.*		8,200,507
	132,265	Genzyme Corp.*		6,705,837
	347,574	Gilead Sciences, Inc.*		16,005,783
	35,098	Henry Schein, Inc.*		1,742,967
	105,322	Hologic, Inc.*		1,524,009
	47,562	Illumina, Inc.*		1,375,493
	14,790	Intuitive Surgical, Inc.*		4,149,187
	69,658	Life Technologies Corp.*		3,467,575
	45,782	Patterson Cos., Inc.*		1,177,055
	44,848	Pharmaceutical Product Development, Inc.		961,541
	287,874	Teva Pharmaceutical Industries Ltd. (ADR)		15,196,868
	73,744	Vertex Pharmaceuticals, Inc.*		2,862,742
	97,737	Warner Chilcott plc, Class A*		2,402,375
				97,562,955

Shares			Value
		Common Stocks (a) (continued)
		Industrials — 3.2%
	64,904	C.H. Robinson Worldwide, Inc.	$	3,617,749
	71,544	Cintas Corp.		2,009,671
	81,285	Expeditors International of Washington, Inc.		2,595,430
	55,421	Fastenal Co.		2,055,010
	28,936	First Solar, Inc.*		3,446,567
	51,552	Foster Wheeler AG*		1,538,312
	49,474	J.B. Hunt Transport Services, Inc.		1,576,241
	39,187	Joy Global, Inc.		2,098,072
	158,948	PACCAR, Inc.		5,893,792
	45,380	Ryanair Holdings plc (ADR)*		1,189,410
	34,874	Stericycle, Inc.*		1,908,654
				27,928,908
		Information Technology — 44.8%
	443,149	Activision Blizzard, Inc.*		5,047,467
	200,822	Adobe Systems, Inc.*		7,044,836
	64,474	Akamai Technologies, Inc.*		1,547,376
	161,497	Altera Corp.		3,396,282
	487,674	Apple, Inc.*		97,490,909
	269,065	Applied Materials, Inc.		3,312,190
	93,431	Autodesk, Inc.*		2,190,957
	138,510	Automatic Data Processing, Inc.		6,018,259
	10,314	Baidu, Inc. (ADR)*		4,473,594
	155,220	Broadcom Corp., Class A*		4,532,424
	196,363	CA, Inc.		4,339,622
	80,480	Check Point Software Technologies*		2,542,363
	804,285	Cisco Systems, Inc.*		18,820,269
	84,879	Citrix Systems, Inc.*		3,240,680
	111,529	Cognizant Technology Solutions Corp., Class A*		4,899,469
	280,569	Dell, Inc.*		3,961,634
	375,778	eBay, Inc.*		9,195,288
	127,295	Electronic Arts, Inc.*		2,150,013
	75,375	Fiserv, Inc.*		3,485,340
	343,423	Flextronics International Ltd.*		2,428,001
	61,875	FLIR Systems, Inc.*		1,775,813
	57,458	Google, Inc., Class A*		33,498,014
	53,297	IAC/InterActiveCorp.*		1,036,627
	42,016	Infosys Technologies Ltd. (ADR)		2,141,556
	765,092	Intel Corp.		14,689,766
	158,844	Intuit, Inc.*		4,639,833
	80,723	KLA-Tencor Corp.		2,521,787
	51,038	Lam Research Corp.*		1,734,782
	115,965	Linear Technology Corp.		3,127,576
	68,713	Logitech International S.A. (Registered)*		1,135,826
	230,602	Marvell Technology Group Ltd.*		3,555,883
	117,564	Maxim Integrated Products, Inc.		2,069,126
	59,361	Microchip Technology, Inc.		1,558,226

See accompanying notes to the financial statements.

2 :: Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

QLD  Ultra QQQ^®

Shares			Value
		Common Stocks (a) (continued)
	1,196,954	Microsoft Corp.	$	35,202,417
	137,222	NetApp, Inc.*		4,229,182
	209,958	NVIDIA Corp.*		2,742,051
	816,168	Oracle Corp.		18,020,989
	133,708	Paychex, Inc.		4,191,746
	782,503	QUALCOMM, Inc.		35,212,635
	221,609	Research In Motion Ltd.*		12,828,945
	192,814	Seagate Technology		2,917,276
	332,419	Symantec Corp.*		5,900,437
	70,977	VeriSign, Inc.*		1,592,724
	142,915	Xilinx, Inc.		3,235,596
	263,309	Yahoo!, Inc.*		3,941,736
				393,617,522
		Materials — 0.4%
	45,661	Sigma-Aldrich Corp.		2,435,558
	86,600	Steel Dynamics, Inc.		1,465,272
				3,900,830
		Telecommunication Services — 0.6%
	40,971	Millicom International Cellular S.A.*		3,064,631
	62,990	NII Holdings, Inc.*		1,877,102
				4,941,733
		Total Common Stocks (Cost $496,177,288)		621,841,533
Principal Amount
		Repurchase Agreements (a) — 5.9%
$	1,438,023	Bank of America Corp., 0.15%, dated 11/30/09, due 12/01/09, total to be received $1,438,029 (b)		1,438,023
	2,876,046	Bank of America Corp., 0.16%, dated 11/30/09, due 12/01/09, total to be received $2,876,059 (c)		2,876,046
	8,628,139	Credit Suisse (USA) LLC, 0.06%, dated 11/24/09, due 12/01/09, total to be received $8,628,240 (d)		8,628,139
	1,729,213	Credit Suisse (USA) LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $1,729,220 (e)		1,729,213
	3,019,849	Credit Suisse (USA) LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $3,019,862 (f)		3,019,849
	5,752,093	ING Financial Markets LLC, 0.11%, dated 11/27/09, due 12/04/09, total to be received $5,752,216 (g)		5,752,093

Principal Amount			Value
		Repurchase Agreements (a) (continued)
$	1,438,023	ING Financial Markets LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $1,438,029 (h)	$	1,438,023
	8,628,139	ING Financial Markets LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $8,628,177 (i)		8,628,139
	7,190,116	JPMorgan Chase & Co., 0.16%, dated 11/30/09, due 12/01/09, total to be received $7,190,148 (j)		7,190,116
	4,314,069	UBS Warburg LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $4,314,087 (k)		4,314,069
	6,638,408	UBS Warburg LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $6,638,438 (l)		6,638,408
		Total Repurchase Agreements (Cost $51,652,118)		51,652,118
		Total Investment Securities (Cost $547,829,406) — 76.7%		673,493,651
		Other assets less liabilities — 23.3%		204,555,540
		Net Assets — 100.0%	$	878,049,191

*  Non-income producing security.

(a)  A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of 11/30/09, the aggregate amount held in a segregated account was $192,073,318.

(b)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.75% to 3.75%, due 08/15/12 to 11/15/18, which had a total value of $1,466,784. The investment in the repurchase agreement was through participation in a pooled account.

(c)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 0.47% to 6.50%, due 03/15/23 to 09/15/50, which had a total value of $2,933,567. The investment in the repurchase agreement was through participation in a pooled account.

(d)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 4.50% to 6.00%, due 12/15/37 to 11/20/39; U.S. Treasury Notes, 2.13% to 6.50%, due 02/15/10 to 02/15/18, which had a total value of $8,800,732. The investment in the repurchase agreement was through participation in a pooled account.

(e)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Schedule of Portfolio Investments :: 3

  Ultra QQQ^®  QLD

schedule as follows: U.S. Treasury Notes, 1.38% to 4.88%, due 04/30/11 to 11/30/14, which had a total value of $1,763,798. The investment in the repurchase agreement was through participation in a pooled account.

(f)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/14/09 to 02/24/10; Federal National Mortgage Association, 0%, due 04/28/10 to 05/26/10; Government National Mortgage Association, 4.50% to 8.00%, due 09/15/24 to 10/15/39; International Bank for Reconstruction and Development, 4.75% to 5.00%, due 04/01/16 to 02/15/35, which had a total value of $3,080,269. The investment in the repurchase agreement was through participation in a pooled account.

(g)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Farm Credit Bank, 3.88%, due 12/17/09; Federal Home Loan Bank, 0% to 6.38%, due 12/02/09 to 11/08/22; Federal Home Loan Mortgage Corp., 1.75% to 4.88%, due 02/09/10 to 06/15/12; Federal National Mortgage Association, 2.05% to 6.13%, due 03/15/12 to 06/19/28; U.S. Treasury Bonds, 3.50% to 9.13%, due 05/15/16 to 11/15/39; U.S. Treasury Notes, 0% to 6.50%, due 12/31/09 to 01/15/28, which had a total value of $5,867,147. The investment in the repurchase agreement was through participation in a pooled account.

(h)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bonds, 7.25% to 9.00%, due 08/15/17 to 08/15/22, which had a total value of $1,466,785. The investment in the repurchase agreement was through participation in a pooled account.

(i)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.38% to 5.75%, due 01/08/10 to 09/13/24; Federal Home Loan Mortgage Corp., 1.50% to 7.00%, due 03/15/10 to 07/15/32; Federal National Mortgage Association, 2.75% to 5.00%, due 04/11/11 to 03/15/16; U.S. Treasury Bonds, 0% to 9.00%, due 02/15/10 to 08/15/39; U.S. Treasury Notes, 1.75% to 3.63%, due 01/15/25 to 04/15/32, which had a total value of $8,800,712. The investment in the repurchase agreement was through participation in a pooled account.

(j)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.77% to 1.76%, due 12/30/09 to 11/05/12; Federal Home Loan Mortgage Corp., 0% to 6.88%, due 12/21/09 to 08/20/12; Federal National Mortgage Association, 0% to 7.13%, due 12/15/09 to 06/18/19; U.S. Treasury Notes, 3.25% to 4.50%, due 12/31/09 to 04/30/12, which had a total value of $7,333,935. The investment in the repurchase agreement was through participation in a pooled account.

(k)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bills, 0%, due 12/03/09 to 09/23/10, which had a total value of $4,400,364. The investment in the repurchase agreement was through participation in a pooled account.

(l)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/01/09 to 08/02/10; U.S. Treasury Bills, 0%, due 12/31/09 to 02/25/10, which had a total value of $6,771,186. The investment in the repurchase agreement was through participation in a pooled account.

ADR  American Depositary Receipt

As of November 30, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	64,592,990
Aggregate gross unrealized depreciation		(12,159,034	)
Net unrealized appreciation	$	52,433,956
Federal income tax cost of investments	$	621,059,695

Futures Contracts Purchased

Ultra QQQ^® had the following open long futures contracts as of November 30, 2009:

	Number of Contracts		Expiration Date		Notional Amount at Value		Unrealized Appreciation
E-Mini NASDAQ-100 Futures Contracts		3,751		12/18/09	$	132,616,605	$	1,695,095

Cash collateral in the amount of $11,178,193 was pledged to cover margin requirements for open futures contracts as of November 30, 2009.

See accompanying notes to the financial statements.

4 :: Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

QLD  Ultra QQQ^®

Swap Agreements

Ultra QQQ^® had the following open swap agreements as of November 30, 2009:

	Notional Amount at Value		Unrealized Appreciation/ (Depreciation)
Equity Index Swap Agreement with Credit Suisse Securities (Europe) Limited, based on the NASDAQ-100® Index	$	122,054,163	$	(3,059,852	)
Equity Index Swap Agreement with Deutsche Bank AG, based on the NASDAQ-100® Index		112,165,724		(2,348,273	)
Equity Index Swap Agreement with Goldman Sachs International, based on the NASDAQ-100® Index		68,253,428		6,198,357
Equity Index Swap Agreement with Societe Generale, based on the NASDAQ-100® Index		697,886,963		192,179,415
Equity Index Swap Agreement with UBS AG, based on the NASDAQ-100® Index		1,274,611		(28,237	)
			$	192,941,410

Valuation Information

The following is a summary of the valuation inputs used to value the Fund's investments at November 30, 2009. The inputs or methodology used for valuing investments may not be an indication of the risk associated with investing in those investments. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Note 2 to the Financial Statements.

Description	Level 1		Level 2		Total
Investment Securities:
Common Stocks	$	621,841,533	$	—	$	621,841,533
Repurchase Agreements		—		51,652,118		51,652,118
Total Investment Securities		621,841,533		51,652,118		673,493,651
Other Financial Instruments*:
Futures Contracts		1,695,095		—		1,695,095
Swap Agreements		—		192,941,410		192,941,410
Total Other Financial Instruments		1,695,095		192,941,410		194,636,505
Total Investments	$	623,536,628	$	244,593,528	$	868,130,156

*  These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Schedule of Portfolio Investments :: 5

  Ultra Dow30^SM  DDM

Shares			Value
		Common Stocks (a) — 66.0%
		Consumer Discretionary — 5.8%
	196,909	Home Depot, Inc.	$	5,387,430
	196,909	McDonald's Corp.		12,454,494
	196,909	Walt Disney Co. (The)		5,950,590
				23,792,514
		Consumer Staples — 9.7%
	196,909	Coca-Cola Co. (The)		11,263,195
	196,909	Kraft Foods, Inc., Class A		5,233,841
	196,909	Procter & Gamble Co. (The)		12,277,276
	196,909	Wal-Mart Stores, Inc.		10,741,386
				39,515,698
		Energy — 7.4%
	196,909	Chevron Corp.		15,366,778
	196,909	Exxon Mobil Corp.		14,781,959
				30,148,737
		Financials — 7.4%
	196,909	American Express Co.		8,236,703
	196,909	Bank of America Corp.		3,121,008
	196,909	JPMorgan Chase & Co.		8,366,663
	196,909	Travelers Cos., Inc. (The)		10,316,063
				30,040,437
		Health Care — 5.6%
	196,909	Johnson & Johnson		12,373,762
	196,909	Merck & Co., Inc.		7,130,075
	196,909	Pfizer, Inc.		3,577,836
				23,081,673
		Industrials — 13.1%
	196,909	3M Co.		15,248,633
	196,909	Boeing Co. (The)		10,320,001
	196,909	Caterpillar, Inc.		11,497,516
	196,909	General Electric Co.		3,154,482
	196,909	United Technologies Corp.		13,240,161
				53,460,793
		Information Technology — 11.9%
	196,909	Cisco Systems, Inc.*		4,607,671
	196,909	Hewlett-Packard Co.		9,660,355
	196,909	Intel Corp.		3,780,653
	196,909	International Business Machines Corp.		24,879,452
	196,909	Microsoft Corp.		5,791,094
				48,719,225

Shares			Value
		Common Stocks (a) (continued)
		Materials — 2.3%
	196,909	Alcoa, Inc.	$	2,465,301
	196,909	E.I. du Pont de Nemours & Co.		6,809,113
				9,274,414
		Telecommunication Services — 2.8%
	196,909	AT&T, Inc.		5,304,729
	196,909	Verizon Communications, Inc.		6,194,757
				11,499,486
		Total Common Stocks (Cost $220,593,492)		269,532,977
Principal Amount
		Repurchase Agreements (a) — 5.9%
$	666,683	Bank of America Corp., 0.15%, dated 11/30/09, due 12/01/09, total to be received $666,686 (b)		666,683
	1,333,365	Bank of America Corp., 0.16%, dated 11/30/09, due 12/01/09, total to be received $1,333,371 (c)		1,333,365
	4,000,095	Credit Suisse (USA) LLC, 0.06%, dated 11/24/09, due 12/01/09, total to be received $4,000,142 (d)		4,000,095
	801,681	Credit Suisse (USA) LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $801,684 (e)		801,681
	1,400,033	Credit Suisse (USA) LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $1,400,039 (f)		1,400,033
	2,666,730	ING Financial Markets LLC, 0.11%, dated 11/27/09, due 12/04/09, total to be received $2,666,787 (g)		2,666,730
	666,683	ING Financial Markets LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $666,686 (h)		666,683
	4,000,095	ING Financial Markets LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $4,000,113 (i)		4,000,095
	3,333,413	JPMorgan Chase & Co., 0.16%, dated 11/30/09, due 12/01/09, total to be received $3,333,428 (j)		3,333,413

See accompanying notes to the financial statements.

6 :: Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

DDM  Ultra Dow30^SM

Principal Amount			Value
		Repurchase Agreements (a) (continued)
$	2,000,048	UBS Warburg LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $2,000,056 (k)	$	2,000,048
	3,077,636	UBS Warburg LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $3,077,650 (l)		3,077,636
		Total Repurchase Agreements (Cost $23,946,462)		23,946,462
		Total Investment Securities (Cost $244,539,954) — 71.9%		293,479,439
		Other assets less liabilities — 28.1%		114,639,867
		Net Assets — 100.0%	$	408,119,306

*  Non-income producing security.

(a)  A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of 11/30/09, the aggregate amount held in a segregated account was $86,442,084.

(b)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.75% to 3.75%, due 08/15/12 to 11/15/18, which had a total value of $680,017. The investment in the repurchase agreement was through participation in a pooled account.

(c)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 0.47% to 6.50%, due 03/15/23 to 09/15/50, which had a total value of $1,360,032. The investment in the repurchase agreement was through participation in a pooled account.

(d)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 4.50% to 6.00%, due 12/15/37 to 11/20/39; U.S. Treasury Notes, 2.13% to 6.50%, due 02/15/10 to 02/15/18, which had a total value of $4,080,111. The investment in the repurchase agreement was through participation in a pooled account.

(e)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.38% to 4.88%, due 04/30/11 to 11/30/14, which had a total value of $817,715. The investment in the repurchase agreement was through participation in a pooled account.

(f)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/14/09 to 02/24/10; Federal National Mortgage Association, 0%, due 04/28/10 to 05/26/10; Government National Mortgage Association, 4.50% to 8.00%, due 09/15/24 to 10/15/39; International Bank for Reconstruction and Development, 4.75% to 5.00%, due 04/01/16 to 02/15/35, which had a total value of $1,428,044. The investment in the repurchase agreement was through participation in a pooled account.

(g)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Farm Credit Bank, 3.88%, due 12/17/09; Federal Home Loan Bank, 0% to 6.38%, due 12/02/09 to 11/08/22; Federal Home Loan Mortgage Corp., 1.75% to 4.88%, due 02/09/10 to 06/15/12; Federal National Mortgage Association, 2.05% to 6.13%, due 03/15/12 to 06/19/28; U.S. Treasury Bonds, 3.50% to 9.13%, due 05/15/16 to 11/15/39; U.S. Treasury Notes, 0% to 6.50%, due 12/31/09 to 01/15/28, which had a total value of $2,720,070. The investment in the repurchase agreement was through participation in a pooled account.

(h)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bonds, 7.25% to 9.00%, due 08/15/17 to 08/15/22, which had a total value of $680,018. The investment in the repurchase agreement was through participation in a pooled account.

(i)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.38% to 5.75%, due 01/08/10 to 09/13/24; Federal Home Loan Mortgage Corp., 1.50% to 7.00%, due 03/15/10 to 07/15/32; Federal National Mortgage Association, 2.75% to 5.00%, due 04/11/11 to 03/15/16; U.S. Treasury Bonds, 0% to 9.00%, due 02/15/10 to 08/15/39; U.S. Treasury Notes, 1.75% to 3.63%, due 01/15/25 to 04/15/32, which had a total value of $4,080,102. The investment in the repurchase agreement was through participation in a pooled account.

(j)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.77% to 1.76%, due 12/30/09 to 11/05/12; Federal Home Loan Mortgage Corp., 0% to 6.88%, due 12/21/09 to 08/20/12; Federal National Mortgage Association, 0% to 7.13%, due 12/15/09 to 06/18/19; U.S. Treasury Notes, 3.25% to 4.50%, due 12/31/09 to 04/30/12, which had a total value of $3,400,089. The investment in the repurchase agreement was through participation in a pooled account.

(k)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bills, 0%, due 12/03/09 to 09/23/10, which had a total value of $2,040,055. The investment in the repurchase agreement was through participation in a pooled account.

(l)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/01/09 to 08/02/10; U.S. Treasury Bills, 0%, due 12/31/09 to 02/25/10, which had a total value of $3,139,193. The investment in the repurchase agreement was through participation in a pooled account.

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Schedule of Portfolio Investments :: 7

  Ultra Dow30^SM  DDM

As of November 30, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	22,684,888
Aggregate gross unrealized depreciation		(325,201	)
Net unrealized appreciation	$	22,359,687
Federal income tax cost of investments	$	271,119,752

Futures Contracts Purchased

Ultra Dow30^SM had the following open long futures contracts as of November 30, 2009:

	Number of Contracts		Expiration Date		Notional Amount at Value		Unrealized Appreciation
E-Mini Dow Jones Futures Contracts		951		12/18/09	$	49,152,435	$	1,775,187

Cash collateral in the amount of $5,152,715 was pledged to cover margin requirements for open futures contracts as of November 30, 2009.

Swap Agreements

Ultra Dow30^SM had the following open swap agreements as of November 30, 2009:

	Notional Amount at Value		Unrealized Appreciation/ (Depreciation)
Equity Index Swap Agreement with Credit Suisse Securities (Europe) Limited, based on Dow Jones Industrial AverageSM Index	$	23,115,141	$	(251,385	)
Equity Index Swap Agreement with Deutsche Bank AG, based on Dow Jones Industrial AverageSM Index		33,956,600		(455,704	)
Equity Index Swap Agreement with Goldman Sachs International, based on Dow Jones Industrial AverageSM Index		6,376,520		1,416,094
Equity Index Swap Agreement with Societe Generale, based on Dow Jones Industrial AverageSM Index		432,539,480		108,248,970
Equity Index Swap Agreement with UBS AG, based on Dow Jones Industrial AverageSM Index		1,565,769		(6,842	)
			$	108,951,133

Valuation Information

The following is a summary of the valuation inputs used to value the Fund's investments at November 30, 2009. The inputs or methodology used for valuing investments may not be an indication of the risk associated with investing in those investments. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Note 2 to the Financial Statements.

Description	Level 1		Level 2		Total
Investment Securities:
Common Stocks	$	269,532,977	$	—	$	269,532,977
Repurchase Agreements		—		23,946,462		23,946,462
Total Investment Securities		269,532,977		23,946,462		293,479,439
Other Financial Instruments*:
Futures Contracts		1,775,187		—		1,775,187
Swap Agreements		—		108,951,133		108,951,133
Total Other Financial Instruments		1,775,187		108,951,133		110,726,320
Total Investments	$	271,308,164	$	132,897,595	$	404,205,759

*  These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

See accompanying notes to the financial statements.

8 :: Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

SSO  Ultra S&P500^®

Shares			Percentage of Net Assets			Value
		Common Stocks (a) — 66.9%
	80,630	3M Co. (Industrials)		0.4	%	$	6,243,987
	178,489	Abbott Laboratories (Health Care)		0.6	%		9,725,866
	38,392	Amazon.com, Inc.* (Consumer Discretionary)		0.3	%		5,217,857
	137,302	American Express Co. (Financials)		0.3	%		5,743,343
	117,249	Amgen, Inc.* (Health Care)		0.4	%		6,606,981
	103,421	Apple, Inc.* (Information Technology)		1.2	%		20,674,892
	681,227	AT&T, Inc. (Telecommunication Services)		1.1	%		18,352,255
	998,935	Bank of America Corp. (Financials)		1.0	%		15,833,120
	228,733	Bristol-Myers Squibb Co. (Health Care)		0.3	%		5,789,232
	231,574	Chevron Corp. (Energy)		1.1	%		18,072,035
	665,975	Cisco Systems, Inc.* (Information Technology)		0.9	%		15,583,815
	1,505,852	Citigroup, Inc. (Financials)		0.4	%		6,189,052
	267,572	Coca-Cola Co. (The) (Consumer Staples)		0.9	%		15,305,118
	57,549	Colgate-Palmolive Co. (Consumer Staples)		0.3	%		4,845,050
	331,352	Comcast Corp., Class A (Consumer Discretionary)		0.3	%		4,860,934
	171,211	ConocoPhillips (Energy)		0.5	%		8,863,593
	166,653	CVS Caremark Corp. (Consumer Staples)		0.3	%		5,167,910
	554,902	Exxon Mobil Corp. (Energy)		2.5	%		41,656,493
	1,227,015	General Electric Co. (Industrials)		1.2	%		19,656,780
	104,411	Gilead Sciences, Inc.* (Health Care)		0.3	%		4,808,127
	59,067	Goldman Sachs Group, Inc. (The) (Financials)		0.6	%		10,021,307
	27,780	Google, Inc., Class A* (Information Technology)		1.0	%		16,195,740
	273,777	Hewlett-Packard Co. (Information Technology)		0.8	%		13,431,500
	196,813	Home Depot, Inc. (Consumer Discretionary)		0.3	%		5,384,804
	646,370	Intel Corp. (Information Technology)		0.7	%		12,410,304
	151,372	International Business Machines Corp. (Information Technology)		1.2	%		19,125,852
	318,203	Johnson & Johnson (Health Care)		1.2	%		19,995,877
	454,071	JPMorgan Chase & Co. (Financials)		1.2	%		19,293,477

Shares			Percentage of Net Assets			Value
		Common Stocks (a) (continued)
	126,001	McDonald's Corp. (Consumer Discretionary)		0.5	%	$	7,969,563
	127,789	Medtronic, Inc. (Health Care)		0.3	%		5,423,365
	352,297	Merck & Co., Inc. (Health Care)		0.8	%		12,756,667
	895,110	Microsoft Corp. (Information Technology)		1.6	%		26,325,185
	63,043	Monsanto Co. (Materials)		0.3	%		5,090,722
	156,942	Morgan Stanley (Financials)		0.3	%		4,956,228
	93,624	Occidental Petroleum Corp. (Energy)		0.5	%		7,563,883
	450,947	Oracle Corp. (Information Technology)		0.6	%		9,956,910
	179,883	PepsiCo, Inc. (Consumer Staples)		0.7	%		11,192,320
	931,117	Pfizer, Inc. (Health Care)		1.0	%		16,918,396
	223,356	Philip Morris International, Inc. (Consumer Staples)		0.6	%		10,741,190
	337,024	Procter & Gamble Co. (The) (Consumer Staples)		1.3	%		21,013,446
	191,942	QUALCOMM, Inc. (Information Technology)		0.5	%		8,637,390
	138,302	Schlumberger Ltd. (Energy)		0.5	%		8,836,115
	220,756	U.S. Bancorp (Financials)		0.3	%		5,326,842
	114,821	United Parcel Service, Inc., Class B (Industrials)		0.4	%		6,598,763
	108,671	United Technologies Corp. (Industrials)		0.4	%		7,307,038
	327,969	Verizon Communications, Inc. (Telecommunication Services)		0.6	%		10,317,905
	249,365	Wal-Mart Stores, Inc. (Consumer Staples)		0.8	%		13,602,861
	214,600	Walt Disney Co. (The) (Consumer Discretionary)		0.4	%		6,485,212
	539,391	Wells Fargo & Co. (Financials)		0.9	%		15,124,524
	18,643,336	Other Common Stocks		32.3	%		537,614,131
		Total Common Stocks (Cost $881,453,675)					1,114,813,957
Principal Amount
		Repurchase Agreements (a) — 3.4%
$	1,609,221	Bank of America Corp., 0.15%, dated 11/30/09, due 12/01/09, total to be received $1,609,228 (b)					1,609,221
	3,218,443	Bank of America Corp., 0.16%, dated 11/30/09, due 12/01/09, total to be received $3,218,457 (c)					3,218,443

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Summary Schedule of Portfolio Investments :: 9

  Ultra S&P500^®  SSO

Principal Amount			Value
		Repurchase Agreements (a) (continued)
$	9,655,328	Credit Suisse (USA) LLC, 0.06%, dated 11/24/09, due 12/01/09, total to be received $9,655,441 (d)	$	9,655,328
	1,935,077	Credit Suisse (USA) LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $1,935,085 (e)		1,935,077
	3,379,365	Credit Suisse (USA) LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $3,379,380 (f)		3,379,365
	6,436,885	ING Financial Markets LLC, 0.11%, dated 11/27/09, due 12/04/09, total to be received $6,437,023 (g)		6,436,885
	1,609,221	ING Financial Markets LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $1,609,228 (h)		1,609,221
	9,655,328	ING Financial Markets LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $9,655,371 (i)		9,655,328
	8,046,107	JPMorgan Chase & Co., 0.16%, dated 11/30/09, due 12/01/09, total to be received $8,046,143 (j)		8,046,107
	4,827,664	UBS Warburg LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $4,827,684 (k)		4,827,664
	7,428,720	UBS Warburg LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $7,428,753 (l)		7,428,720
		Total Repurchase Agreements (Cost $57,801,359)		57,801,359
		Total Investment Securities (Cost $939,255,034) — 70.3%		1,172,615,316
		Other assets in excess of liabilities — 29.7%		494,316,712
		Net Assets — 100.0%	$	1,666,932,028

*  Non-income producing security.

(a)  A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of 11/30/09, the aggregate amount held in a segregated account was $395,109,025.

(b)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.75% to 3.75%, due 08/15/12 to 11/15/18, which had a total value of $1,641,406. The investment in the repurchase agreement was through participation in a pooled account.

(c)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 0.47% to 6.50%, due 03/15/23 to 09/15/50, which had a total value of $3,282,812. The investment in the repurchase agreement was through participation in a pooled account.

(d)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 4.50% to 6.00%, due 12/15/37 to 11/20/39; U.S. Treasury Notes, 2.13% to 6.50%, due 02/15/10 to 02/15/18, which had a total value of $9,848,469. The investment in the repurchase agreement was through participation in a pooled account.

(e)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.38% to 4.88%, due 04/30/11 to 11/30/14, which had a total value of $1,973,780. The investment in the repurchase agreement was through participation in a pooled account.

(f)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/14/09 to 02/24/10; Federal National Mortgage Association, 0%, due 04/28/10 to 05/26/10; Government National Mortgage Association, 4.50% to 8.00%, due 09/15/24 to 10/15/39; International Bank for Reconstruction and Development, 4.75% to 5.00%, due 04/01/16 to 02/15/35, which had a total value of $3,446,978. The investment in the repurchase agreement was through participation in a pooled account.

(g)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Farm Credit Bank, 3.88%, due 12/17/09; Federal Home Loan Bank, 0% to 6.38%, due 12/02/09 to 11/08/22; Federal Home Loan Mortgage Corp., 1.75% to 4.88%, due 02/09/10 to 06/15/12; Federal National Mortgage Association, 2.05% to 6.13%, due 03/15/12 to 06/19/28; U.S. Treasury Bonds, 3.50% to 9.13%, due 05/15/16 to 11/15/39; U.S. Treasury Notes, 0% to 6.50%, due 12/31/09 to 01/15/28, which had a total value of $6,565,636. The investment in the repurchase agreement was through participation in a pooled account.

(h)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bonds, 7.25% to 9.00%, due 08/15/17 to 08/15/22, which had a total value of $1,641,408. The investment in the repurchase agreement was through participation in a pooled account.

(i)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.38% to 5.75%, due 01/08/10 to 09/13/24; Federal Home Loan Mortgage Corp., 1.50% to 7.00%, due 03/15/10 to 07/15/32; Federal National Mortgage Association, 2.75% to 5.00%, due 04/11/11 to 03/15/16; U.S. Treasury Bonds, 0% to 9.00%, due 02/15/10 to 08/15/39; U.S. Treasury Notes, 1.75% to 3.63%, due 01/15/25 to

See accompanying notes to the financial statements.

10 :: Summary Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

SSO  Ultra S&P500^®

04/15/32, which had a total value of $9,848,446. The investment in the repurchase agreement was through participation in a pooled account.

(j)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.77% to 1.76%, due 12/30/09 to 11/05/12; Federal Home Loan Mortgage Corp., 0% to 6.88%, due 12/21/09 to 08/20/12; Federal National Mortgage Association, 0% to 7.13%, due 12/15/09 to 06/18/19; U.S. Treasury Notes, 3.25% to 4.50%, due 12/31/09 to 04/30/12, which had a total value of $8,207,048. The investment in the repurchase agreement was through participation in a pooled account.

(k)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bills, 0%, due 12/03/09 to 09/23/10, which had a total value of $4,924,232. The investment in the repurchase agreement was through participation in a pooled account.

(l)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/01/09 to 08/02/10; U.S. Treasury Bills, 0%, due 12/31/09 to 02/25/10, which had a total value of $7,577,305. The investment in the repurchase agreement was through participation in a pooled account.

As of November 30, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	82,393,636
Aggregate gross unrealized depreciation		(8,645,349	)
Net unrealized appreciation	$	73,748,287
Federal income tax cost of investments	$	1,098,867,029

Futures Contracts Purchased

Ultra S&P500^® had the following open long futures contracts as of November 30, 2009:

	Number of Contracts		Expiration Date		Notional Amount at Value		Unrealized Appreciation
E-Mini S&P 500 Futures Contracts		3,818		12/18/09	$	208,987,775	$	3,415,646

Cash collateral in the amount of $15,605,825 was pledged to cover margin requirements for open futures contracts as of November 30, 2009.

Swap Agreements

Ultra S&P500^® had the following open swap agreements as of November 30, 2009:

	Notional Amount at Value		Unrealized Appreciation/ (Depreciation)
Equity Index Swap Agreement with Credit Suisse Securities (Europe) Limited, based on the S&P 500® Index	$	43,844,343	$	(586,299	)
Equity Index Swap Agreement with Deutsche Bank AG, based on the S&P 500® Index		53,646,345		(716,843	)
Equity Index Swap Agreement with Goldman Sachs International, based on the S&P 500® Index		50,595,722		6,253,456
Equity Index Swap Agreement with Societe Generale, based on the S&P 500® Index		1,861,211,790		467,706,209
Equity Index Swap Agreement with UBS AG, based on the S&P 500® Index		771,490		19,884
			$	472,676,407

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Summary Schedule of Portfolio Investments :: 11

  Ultra S&P500^®  SSO

Ultra S&P500^® invested, as a percentage of net assets, in the following industries, as of November 30, 2009:

Consumer Discretionary	6.3	%
Consumer Staples	7.8	%
Energy	8.0	%
Financials	9.7	%
Health Care	8.6	%
Industrials	6.9	%
Information Technology	12.7	%
Materials	2.4	%
Telecommunication Services	2.1	%
Utilities	2.4	%
Other1	33.1	%
	100.0	%

1  Includes any non-equity securities and net other assets (liabilities).

Valuation Information

The following is a summary of the valuation inputs used to value the Fund's investments at November 30, 2009. The inputs or methodology used for valuing investments may not be an indication of the risk associated with investing in those investments. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Note 2 to the Financial Statements.

Description	Level 1		Level 2		Total
Investment Securities:
Common Stocks	$	1,114,813,957	$	—	$	1,114,813,957
Repurchase Agreements		—		57,801,359		57,801,359
Total Investment Securities		1,114,813,957		57,801,359		1,172,615,316
Other Financial Instruments*:
Futures Contracts		3,415,646		—		3,415,646
Swap Agreements		—		472,676,407		472,676,407
Total Other Financial Instruments		3,415,646		472,676,407		476,092,053
Total Investments	$	1,118,229,603	$	530,477,766	$	1,648,707,369

*  These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

See accompanying notes to the financial statements.

12 :: Summary Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

UWC  Ultra Russell3000

Shares			Percentage of Net Assets			Value
		Common Stocks (a) — 80.6%
	270	3M Co. (Industrials)		0.4	%	$	20,909
	600	Abbott Laboratories (Health Care)		0.6	%		32,694
	128	Amazon.com, Inc.* (Consumer Discretionary)		0.3	%		17,396
	394	American Express Co. (Financials)		0.3	%		16,481
	393	Amgen, Inc.*(Health Care)		0.4	%		22,146
	347	Apple, Inc.*(Information Technology)		1.2	%		69,369
	2,293	AT&T, Inc. (Telecommunication Services)		1.1	%		61,773
	3,361	Bank of America Corp. (Financials)		0.9	%		53,272
	769	Bristol-Myers Squibb Co. (Health Care)		0.3	%		19,463
	779	Chevron Corp. (Energy)		1.1	%		60,793
	2,241	Cisco Systems, Inc.* (Information Technology)		0.9	%		52,439
	5,901	Citigroup, Inc. (Financials)		0.4	%		24,253
	900	Coca-Cola Co. (The) (Consumer Staples)		0.9	%		51,480
	195	Colgate-Palmolive Co. (Consumer Staples)		0.3	%		16,417
	1,117	Comcast Corp., Class A (Consumer Discretionary)		0.3	%		16,386
	576	ConocoPhillips (Energy)		0.5	%		29,820
	566	CVS Caremark Corp. (Consumer Staples)		0.3	%		17,552
	1,896	Exxon Mobil Corp. (Energy)		2.5	%		142,333
	4,114	General Electric Co. (Industrials)		1.2	%		65,906
	352	Gilead Sciences, Inc.* (Health Care)		0.3	%		16,210
	196	Goldman Sachs Group, Inc. (The) (Financials)		0.6	%		33,253
	93	Google, Inc., Class A* (Information Technology)		1.0	%		54,219
	929	Hewlett-Packard Co. (Information Technology)		0.8	%		45,577
	659	Home Depot, Inc. (Consumer Discretionary)		0.3	%		18,030
	2,170	Intel Corp. (Information Technology)		0.7	%		41,664
	513	International Business Machines Corp. (Information Technology)		1.2	%		64,818
	1,071	Johnson & Johnson (Health Care)		1.2	%		67,302
	1,461	JPMorgan Chase & Co. (Financials)		1.1	%		62,078
	429	McDonald's Corp. (Consumer Discretionary)		0.5	%		27,134

Shares			Percentage of Net Assets			Value
		Common Stocks (a) (continued)
	435	Medtronic, Inc. (Health Care)		0.3	%	$	18,461
	1,185	Merck & Co., Inc. (Health Care)		0.8	%		42,903
	2,995	Microsoft Corp. (Information Technology)		1.6	%		88,083
	212	Monsanto Co. (Materials)		0.3	%		17,119
	528	Morgan Stanley (Financials)		0.3	%		16,674
	315	Occidental Petroleum Corp. (Energy)		0.5	%		25,449
	1,486	Oracle Corp. (Information Technology)		0.6	%		32,811
	605	PepsiCo, Inc. (Consumer Staples)		0.7	%		37,643
	3,133	Pfizer, Inc. (Health Care)		1.0	%		56,927
	762	Philip Morris International, Inc. (Consumer Staples)		0.7	%		36,645
	1,132	Procter & Gamble Co. (The) (Consumer Staples)		1.3	%		70,580
	643	QUALCOMM, Inc. (Information Technology)		0.5	%		28,935
	465	Schlumberger Ltd. (Energy)		0.5	%		29,709
	738	U.S. Bancorp (Financials)		0.3	%		17,808
	268	United Parcel Service, Inc., Class B (Industrials)		0.3	%		15,402
	325	United Technologies Corp. (Industrials)		0.4	%		21,853
	1,103	Verizon Communications, Inc. (Telecommunication Services)		0.6	%		34,700
	859	Wal-Mart Stores, Inc. (Consumer Staples)		0.8	%		46,858
	721	Walt Disney Co. (The) (Consumer Discretionary)		0.4	%		21,789
	1,848	Wells Fargo & Co. (Financials)		0.9	%		51,818
	109,185	Other Common Stocks		46.2	%		2,591,403
		Total Common Stocks (Cost $4,542,850)					4,524,737
Principal Amount
		Repurchase Agreements (a) — 10.7%
$	16,768	Bank of America Corp., 0.15%, dated 11/30/09, due 12/01/09, total to be received $16,768 (b)					16,768
	33,536	Bank of America Corp., 0.16%, dated 11/30/09, due 12/01/09, total to be received $33,536 (c)					33,536

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Summary Schedule of Portfolio Investments :: 13

  Ultra Russell3000  UWC

Principal Amount			Value
		Repurchase Agreements (a) (continued)
$	100,608	Credit Suisse (USA) LLC, 0.06%, dated 11/24/09, due 12/01/09, total to be received $100,609 (d)	$	100,608
	20,163	Credit Suisse (USA) LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $20,163 (e)		20,163
	35,213	Credit Suisse (USA) LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $35,213 (f)		35,213
	67,072	ING Financial Markets LLC, 0.11%, dated 11/27/09, due 12/04/09, total to be received $67,073 (g)		67,072
	16,768	ING Financial Markets LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $16,768 (h)		16,768
	100,608	ING Financial Markets LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $100,608 (i)		100,608
	83,840	JPMorgan Chase & Co., 0.16%, dated 11/30/09, due 12/01/09, total to be received $83,840 (j)		83,840
	50,304	UBS Warburg LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $50,304 (k)		50,304
	77,409	UBS Warburg LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $77,409 (l)		77,409
		Total Repurchase Agreements (Cost $602,289)		602,289
		Total Investment Securities (Cost $5,145,139) — 91.3%		5,127,026
		Other assets in excess of liabilities — 8.7%		487,987
		Net Assets — 100.0%	$	5,615,013

*  Non-income producing security.

(a)  A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of 11/30/09, the aggregate amount held in a segregated account was $1,427,626.

(b)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.75% to 3.75%, due 08/15/12 to 11/15/18, which had a total value of $17,103. The investment in the repurchase agreement was through participation in a pooled account.

(c)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 0.47% to 6.50%, due 03/15/23 to 09/15/50, which had a total value of $34,207. The investment in the repurchase agreement was through participation in a pooled account.

(d)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 4.50% to 6.00%, due 12/15/37 to 11/20/39; U.S. Treasury Notes, 2.13% to 6.50%, due 02/15/10 to 02/15/18, which had a total value of $102,621. The investment in the repurchase agreement was through participation in a pooled account.

(e)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.38% to 4.88%, due 04/30/11 to 11/30/14, which had a total value of $20,566. The investment in the repurchase agreement was through participation in a pooled account.

(f)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/14/09 to 02/24/10; Federal National Mortgage Association, 0%, due 04/28/10 to 05/26/10; Government National Mortgage Association, 4.50% to 8.00%, due 09/15/24 to 10/15/39; International Bank for Reconstruction and Development, 4.75% to 5.00%, due 04/01/16 to 02/15/35, which had a total value of $35,918. The investment in the repurchase agreement was through participation in a pooled account.

(g)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Farm Credit Bank, 3.88%, due 12/17/09; Federal Home Loan Bank, 0% to 6.38%, due 12/02/09 to 11/08/22; Federal Home Loan Mortgage Corp., 1.75% to 4.88%, due 02/09/10 to 06/15/12; Federal National Mortgage Association, 2.05% to 6.13%, due 03/15/12 to 06/19/28; U.S.Treasury Bonds, 3.50% to 9.13%, due 05/15/16 to 11/15/39; U.S. Treasury Notes, 0% to 6.50%, due 12/31/09 to 01/15/28, which had a total value of $68,414. The investment in the repurchase agreement was through participation in a pooled account.

(h)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bonds, 7.25% to 9.00%, due 08/15/17 to 08/15/22, which had a total value of $17,103. The investment in the repurchase agreement was through participation in a pooled account.

(i)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.38% to 5.75%, due 01/08/10 to 09/13/24; Federal Home Loan Mortgage Corp., 1.50% to 7.00%, due 03/15/10 to 07/15/32; Federal National Mortgage Association, 2.75% to 5.00%, due 04/11/11 to 03/15/16; U.S. Treasury Bonds, 0% to 9.00%, due 02/15/10 to 08/15/39; U.S. Treasury Notes, 1.75% to 3.63%, due 01/15/25 to 04/15/32, which had a total value of $102,620. The investment in the repurchase agreement was through participation in a pooled account.

See accompanying notes to the financial statements.

14 :: Summary Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

UWC  Ultra Russell3000

(j)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.77% to 1.76%, due 12/30/09 to 11/05/12; Federal Home Loan Mortgage Corp., 0% to 6.88%, due 12/21/09 to 08/20/12; Federal National Mortgage Association, 0% to 7.13%, due 12/15/09 to 06/18/19; U.S. Treasury Notes, 3.25% to 4.50%, due 12/31/09 to 04/30/12, which had a total value of $85,517. The investment in the repurchase agreement was through participation in a pooled account.

(k)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bills, 0%, due 12/03/09 to 09/23/10, which had a total value of $51,310. The investment inthe repurchase agreement was through participation in a pooled account.

(l)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/01/09 to 08/02/10; U.S. Treasury Bills, 0%, due 12/31/09 to 02/25/10, which had a total value of $78,957. The investment in the repurchase agreement was through participation in a pooled account.

As of November 30, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	130,849
Aggregate gross unrealized depreciation		(150,615	)
Net unrealized depreciation	$	(19,766	)
Federal income tax cost of investments	$	5,146,792

Swap Agreements

Ultra Russell3000 had the following open swap agreements as of November 30, 2009:

	Notional Amount at Value		Unrealized Appreciation/ (Depreciation)
Equity Index Swap Agreement with Credit Suisse Securities (Europe) Limited, based on the Russell 3000® Index	$	2,849,829	$	469,984
Equity Index Swap Agreement with Deutsche Bank AG, based on the Russell 3000® Index		2,411,002		(40,285	)
Equity Index Swap Agreement with UBS AG, based on the Russell 3000® Index		1,437,070		14,484
			$	444,183

Ultra Russell3000 invested, as a percentage of net assets, in the following industries, as of November 30, 2009:

Consumer Discretionary	8.3	%
Consumer Staples	8.3	%
Energy	9.0	%
Financials	12.3	%
Health Care	10.3	%
Industrials	8.7	%
Information Technology	15.0	%
Materials	3.3	%
Telecommunication Services	2.3	%
Utilities	3.1	%
Other1	19.4	%
	100.0	%

1  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Summary Schedule of Portfolio Investments :: 15

  Ultra Russell3000  UWC

Valuation Information

The following is a summary of the valuation inputs used to value the Fund's investments at November 30, 2009. The inputs or methodology used for valuing investments may not be an indication of the risk associated with investing in those investments. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Note 2 to the Financial Statements.

Description	Level 1		Level 2		Total
Investment Securities:
Common Stocks	$	4,524,737	$	—	$	4,524,737
Repurchase Agreements		—		602,289		602,289
Total Investment Securities		4,524,737		602,289		5,127,026
Other Financial Instruments*:
Swap Agreements		—		444,183		444,183
Total Other Financial Instruments		—		444,183		444,183
Total Investments	$	4,524,737	$	1,046,472	$	5,571,209

*  These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

See accompanying notes to the financial statements.

16 :: Summary Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

MVV  Ultra MidCap400

Shares			Percentage of Net Assets			Value
		Common Stocks (a) — 62.0%
	7,753	Advance Auto Parts, Inc. (Consumer Discretionary)		0.3	%	$	304,693
	8,733	AMETEK, Inc. (Industrials)		0.3	%		319,278
	12,272	Avnet, Inc.* (Information Technology)		0.3	%		334,412
	5,568	Beckman Coulter, Inc. (Health Care)		0.3	%		361,697
	9,476	BorgWarner, Inc. (Consumer Discretionary)		0.2	%		286,270
	6,102	Bucyrus International, Inc. (Industrials)		0.3	%		316,023
	17,894	CarMax, Inc.* (Consumer Discretionary)		0.3	%		355,733
	5,465	Cerner Corp.* (Health Care)		0.4	%		411,460
	5,710	Church & Dwight Co., Inc. (Consumer Staples)		0.3	%		337,118
	6,775	Cimarex Energy Co. (Energy)		0.3	%		317,341
	10,641	Cliffs Natural Resources, Inc. (Materials)		0.4	%		468,842
	8,186	Cree, Inc.* (Information Technology)		0.3	%		391,536
	7,261	Dollar Tree, Inc.* (Consumer Discretionary)		0.3	%		355,571
	9,541	Eaton Vance Corp. (Financials)		0.2	%		287,566
	4,582	Edwards Lifesciences Corp.* (Health Care)		0.3	%		377,007
	5,637	Energizer Holdings, Inc.* (Consumer Staples)		0.3	%		317,589
	3,136	Equinix, Inc.* (Information Technology)		0.3	%		301,652
	4,944	Everest Re Group Ltd. (Financials)		0.4	%		420,784
	6,396	F5 Networks, Inc.* (Information Technology)		0.3	%		300,804
	4,970	Federal Realty Investment Trust (REIT) (Financials)		0.3	%		319,670
	6,543	Global Payments, Inc. (Information Technology)		0.3	%		335,394
	8,566	Helmerich & Payne, Inc. (Energy)		0.3	%		321,653
	7,327	Henry Schein, Inc.* (Health Care)		0.3	%		363,859
	20,847	Hologic, Inc.* (Health Care)		0.3	%		301,656
	8,313	Joy Global, Inc. (Industrials)		0.4	%		445,078
	10,287	Lam Research Corp.* (Information Technology)		0.3	%		349,655
	7,809	Lender Processing Services, Inc. (Information Technology)		0.3	%		326,260

Shares			Percentage of Net Assets			Value
		Common Stocks (a) (continued)
	5,493	Lubrizol Corp. (Materials)		0.4	%	$	398,352
	6,368	Manpower, Inc. (Industrials)		0.3	%		313,688
	3,619	Martin Marietta Materials, Inc. (Materials)		0.3	%		308,664
	14,952	MDU Resources Group, Inc. (Utilities)		0.3	%		337,915
	6,518	National Fuel Gas Co. (Utilities)		0.3	%		305,238
	9,114	Nationwide Health Properties, Inc. (REIT) (Financials)		0.3	%		309,967
	28,428	New York Community Bancorp, Inc. (Financials)		0.3	%		332,323
	10,776	Newfield Exploration Co.* (Energy)		0.4	%		455,609
	8,677	NSTAR (Utilities)		0.2	%		287,469
	472	NVR, Inc.* (Consumer Discretionary)		0.3	%		317,727
	8,561	Oneok, Inc. (Utilities)		0.3	%		342,611
	7,261	Oshkosh Corp. (Industrials)		0.2	%		288,480
	11,311	Plains Exploration & Production Co.* (Energy)		0.3	%		307,772
	14,102	Pride International, Inc.* (Energy)		0.4	%		446,046
	6,136	ResMed, Inc.* (Health Care)		0.3	%		308,457
	7,379	Roper Industries, Inc. (Industrials)		0.3	%		384,003
	10,161	Ross Stores, Inc. (Consumer Discretionary)		0.4	%		446,881
	17,041	SAIC, Inc.* (Information Technology)		0.3	%		303,671
	17,478	Steel Dynamics, Inc. (Materials)		0.3	%		295,728
	8,106	Terra Industries, Inc. (Materials)		0.3	%		312,729
	10,527	Urban Outfitters, Inc.* (Consumer Discretionary)		0.3	%		333,074
	14,674	Vertex Pharmaceuticals, Inc.* (Health Care)		0.5	%		569,645
	2,339,080	Other Common Stocks		46.7	%		52,219,613
		Total Common Stocks (Cost $46,918,592)					69,254,263
Principal Amount
		Repurchase Agreements (a) — 21.9%
$	681,459	Bank of America Corp., 0.15%, dated 11/30/09, due 12/01/09, total to be received $681,462 (b)					681,459

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Summary Schedule of Portfolio Investments :: 17

  Ultra MidCap400  MVV

Principal Amount			Value
		Repurchase Agreements (a) (continued)
$	1,362,918	Bank of America Corp., 0.16%, dated 11/30/09, due 12/01/09, total to be received $1,362,924 (c)	$	1,362,918
	4,088,754	Credit Suisse (USA) LLC, 0.06%, dated 11/24/09, due 12/01/09, total to be received $4,088,802 (d)		4,088,754
	819,450	Credit Suisse (USA) LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $819,453 (e)		819,450
	1,431,064	Credit Suisse (USA) LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $1,431,070 (f)		1,431,064
	2,725,836	ING Financial Markets LLC, 0.11%, dated 11/27/09, due 12/04/09, total to be received $2,725,894 (g)		2,725,836
	681,459	ING Financial Markets LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $681,462 (h)		681,459
	4,088,754	ING Financial Markets LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $4,088,772 (i)		4,088,754
	3,407,295	JPMorgan Chase & Co., 0.16%, dated 11/30/09, due 12/01/09, total to be received $3,407,310 (j)		3,407,295
	2,044,377	UBS Warburg LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $2,044,386 (k)		2,044,377
	3,145,846	UBS Warburg LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $3,145,860 (l)		3,145,846
		Total Repurchase Agreements (Cost $24,477,212)		24,477,212
		Total Investment Securities (Cost $71,395,804) — 83.9%		93,731,475
		Other assets in excess of liabilities — 16.1%		17,995,666
		Net Assets — 100.0%	$	111,727,141

*  Non-income producing security.

(a)  A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of 11/30/09, the aggregate amount held in a segregated account was $40,752,991.

(b)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.75% to 3.75%, due 08/15/12 to 11/15/18, which had a total value of $695,088. The investment in the repurchase agreement was through participation in a pooled account.

(c)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 0.47% to 6.50%, due 03/15/23 to 09/15/50, which had a total value of $1,390,176. The investment in the repurchase agreement was through participation in a pooled account.

(d)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 4.50% to 6.00%, due 12/15/37 to 11/20/39; U.S. Treasury Notes, 2.13% to 6.50%, due 02/15/10 to 02/15/18, which had a total value of $4,170,543. The investment in the repurchase agreement was through participation in a pooled account.

(e)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.38% to 4.88%, due 04/30/11 to 11/30/14, which had a total value of $835,840. The investment in the repurchase agreement was through participation in a pooled account.

(f)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/14/09 to 02/24/10; Federal National Mortgage Association, 0%, due 04/28/10 to 05/26/10; Government National Mortgage Association, 4.50% to 8.00%, due 09/15/24 to 10/15/39; International Bank for Reconstruction and Development, 4.75% to 5.00%, due 04/01/16 to 02/15/35, which had a total value of $1,459,696. The investment in the repurchase agreement was through participation in a pooled account.

(g)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Farm Credit Bank, 3.88%, due 12/17/09; Federal Home Loan Bank, 0% to 6.38%, due 12/02/09 to 11/08/22; Federal Home Loan Mortgage Corp., 1.75% to 4.88%, due 02/09/10 to 06/15/12; Federal National Mortgage Association, 2.05% to 6.13%, due 03/15/12 to 06/19/28; U.S. Treasury Bonds, 3.50% to 9.13%, due 05/15/16 to 11/15/39; U.S. Treasury Notes, 0% to 6.50%, due 12/31/09 to 01/15/28, which had a total value of $2,780,358. The investment in the repurchase agreement was through participation in a pooled account.

(h)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bonds, 7.25% to 9.00%, due 08/15/17 to 08/15/22, which had a total value of $695,089. The investment in the repurchase agreement was through participation in a pooled account.

(i)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.38% to 5.75%, due 01/08/10 to 09/13/24; Federal Home Loan Mortgage Corp., 1.50% to 7.00%, due 03/15/10 to 07/15/32; Federal National

See accompanying notes to the financial statements.

18 :: Summary Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

MVV  Ultra MidCap400

Mortgage Association, 2.75% to 5.00%, due 04/11/11 to 03/15/16; U.S. Treasury Bonds, 0% to 9.00%, due 02/15/10 to 08/15/39; U.S. Treasury Notes, 1.75% to 3.63%, due 01/15/25 to 04/15/32, which had a total value of $4,170,534. The investment in the repurchase agreement was through participation in a pooled account.

(j)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.77% to 1.76%, due 12/30/09 to 11/05/12; Federal Home Loan Mortgage Corp., 0% to 6.88%, due 12/21/09 to 08/20/12; Federal National Mortgage Association, 0% to 7.13%, due 12/15/09 to 06/18/19; U.S. Treasury Notes, 3.25% to 4.50%, due 12/31/09 to 04/30/12, which had a total value of $3,475,449. The investment in the repurchase agreement was through participation in a pooled account.

(k)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bills, 0%, due 12/03/09 to 09/23/10, which had a total value of $2,085,271. The investment in the repurchase agreement was through participation in a pooled account.

(l)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/01/09 to 08/02/10; U.S. Treasury Bills, 0%, due 12/31/09 to 02/25/10, which had a total value of $3,208,767. The investment in the repurchase agreement was through participation in a pooled account.

REIT  Real Estate Investment Trust

As of November 30, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	6,767,721
Aggregate gross unrealized depreciation		(485,235	)
Net unrealized appreciation	$	6,282,486
Federal income tax cost of investments	$	87,548,989

Futures Contracts Purchased

Ultra MidCap400 had the following open long futures contracts as of November 30, 2009:

	Number of Contracts		Expiration Date		Notional Amount at Value		Unrealized Appreciation
E-Mini S&P MidCap 400 Futures Contracts		281		12/18/09	$	19,231,640	$	73,552

Cash collateral in the amount of $1,823,542 was pledged to cover margin requirements for open futures contracts as of November 30, 2009.

Swap Agreements

Ultra MidCap400 had the following open swap agreements as of November 30, 2009:

	Notional Amount at Value		Unrealized Appreciation/ (Depreciation)
Equity Index Swap Agreement with Credit Suisse Securities (Europe) Limited, based on the S&P MidCap 400TM Index	$	23,151,383	$	(859,957	)
Equity Index Swap Agreement with Deutsche Bank AG, based on the S&P MidCap 400TM Index		26,236,647		(1,245,991	)
Equity Index Swap Agreement with Societe Generale, based on the S&P MidCap 400TM Index		63,718,634		16,593,293
Equity Index Swap Agreement with UBS AG, based on the S&P MidCap 400TM Index		21,880,136		1,907,009
			$	16,394,354

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Summary Schedule of Portfolio Investments :: 19

  Ultra MidCap400  MVV

Ultra MidCap400 invested, as a percentage of net assets, in the following industries, as of November 30, 2009:

Consumer Discretionary	9.2	%
Consumer Staples	2.3	%
Energy	4.0	%
Financials	11.6	%
Health Care	7.5	%
Industrials	9.4	%
Information Technology	9.3	%
Materials	4.3	%
Telecommunication Services	0.3	%
Utilities	4.1	%
Other1	38.0	%
	100.0	%

1  Includes any non-equity securities and net other assets (liabilities).

Valuation Information

The following is a summary of the valuation inputs used to value the Fund's investments at November 30, 2009. The inputs or methodology used for valuing investments may not be an indication of the risk associated with investing in those investments. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Note 2 to the Financial Statements.

Description	Level 1		Level 2		Total
Investment Securities:
Common Stocks	$	69,254,263	$	—	$	69,254,263
Repurchase Agreements		—		24,477,212		24,477,212
Total Investment Securities		69,254,263		24,477,212		93,731,475
Other Financial Instruments*:
Futures Contracts		73,552		—		73,552
Swap Agreements		—		16,394,354		16,394,354
Total Other Financial Instruments		73,552		16,394,354		16,467,906
Total Investments	$	69,327,815	$	40,871,566	$	110,199,381

*  These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

See accompanying notes to the financial statements.

20 :: Summary Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

SAA  Ultra SmallCap600

Shares			Percentage of Net Assets			Value
		Common Stocks (a) — 78.6%
	4,107	Acuity Brands, Inc. (Industrials)		0.3	%	$	132,574
	7,085	American Medical Systems Holdings, Inc.* (Health Care)		0.3	%		124,483
	2,828	Anixter International, Inc.* (Information Technology)		0.3	%		122,226
	5,390	Atwood Oceanics, Inc.* (Energy)		0.4	%		203,095
	9,362	BioMed Realty Trust, Inc. (REIT) (Financials)		0.3	%		128,166
	4,992	Brady Corp., Class A (Industrials)		0.3	%		148,163
	2,863	CACI International, Inc., Class A* (Information Technology)		0.3	%		132,900
	4,853	Casey's General Stores, Inc. (Consumer Staples)		0.3	%		148,453
	3,645	Catalyst Health Solutions, Inc.* (Health Care)		0.3	%		123,966
	4,861	CLARCOR, Inc. (Industrials)		0.3	%		154,920
	4,035	Concur Technologies, Inc.* (Information Technology)		0.3	%		149,537
	4,316	Cooper Cos., Inc. (The) (Health Care)		0.3	%		144,543
	4,350	Curtiss-Wright Corp. (Industrials)		0.3	%		123,801
	14,778	Cypress Semiconductor Corp.* (Information Technology)		0.3	%		141,425
	2,829	Dril-Quip, Inc.* (Energy)		0.3	%		152,794
	8,739	East West Bancorp, Inc. (Financials)		0.3	%		127,502
	6,284	EMCOR Group, Inc.* (Industrials)		0.3	%		149,559
	3,850	Entertainment Properties Trust (REIT) (Financials)		0.3	%		121,622
	4,960	Gardner Denver, Inc. (Industrials)		0.4	%		185,653
	3,321	Green Mountain Coffee Roasters, Inc.* (Consumer Staples)		0.5	%		209,157
	1,953	Greenhill & Co., Inc. (Financials)		0.4	%		159,462
	2,452	Haemonetics Corp.* (Health Care)		0.3	%		130,888
	5,662	Healthcare Realty Trust, Inc. (REIT) (Financials)		0.3	%		125,074
	3,156	Home Properties, Inc. (REIT) (Financials)		0.3	%		141,799
	4,116	Kilroy Realty Corp. (REIT) (Financials)		0.3	%		124,015
	3,365	Magellan Health Services, Inc.* (Health Care)		0.3	%		123,731

Shares			Percentage of Net Assets			Value
		Common Stocks (a) (continued)
	4,422	Mednax, Inc.* (Health Care)		0.5	%	$	248,561
	2,696	Mid-America Apartment Communities, Inc. (REIT) (Financials)		0.3	%		125,391
	7,699	National Retail Properties, Inc. (REIT) (Financials)		0.3	%		154,288
	4,010	New Jersey Resources Corp. (Utilities)		0.3	%		141,272
	4,735	Oil States International, Inc.* (Energy)		0.4	%		169,844
	6,978	Piedmont Natural Gas Co., Inc. (Utilities)		0.4	%		165,379
	3,116	Polaris Industries, Inc. (Consumer Discretionary)		0.3	%		135,951
	3,116	ProAssurance Corp.* (Financials)		0.4	%		165,927
	4,403	Prosperity Bancshares, Inc. (Financials)		0.4	%		175,371
	3,416	Regal-Beloit Corp. (Industrials)		0.4	%		162,123
	3,684	Rock-Tenn Co., Class A (Materials)		0.4	%		166,406
	1,925	SEACOR Holdings, Inc.* (Energy)		0.3	%		147,455
	12,114	Senior Housing Properties Trust (REIT) (Financials)		0.6	%		251,608
	16,331	Skyworks Solutions, Inc.* (Information Technology)		0.4	%		201,035
	5,967	St. Mary Land & Exploration Co. (Energy)		0.4	%		193,211
	2,856	Stifel Financial Corp.* (Financials)		0.3	%		153,424
	3,842	Tanger Factory Outlet Centers (REIT) (Financials)		0.3	%		150,799
	5,781	Tetra Tech, Inc.* (Industrials)		0.3	%		152,272
	3,261	Toro Co. (Industrials)		0.3	%		129,918
	3,436	Tractor Supply Co.* (Consumer Discretionary)		0.4	%		160,427
	6,992	Varian Semiconductor Equipment Associates, Inc.* (Information Technology)		0.4	%		203,677
	3,036	Watsco, Inc. (Industrials)		0.3	%		152,286
	2,824	World Fuel Services Corp. (Energy)		0.3	%		150,180
	1,796,214	Other Common Stocks		61.9	%		28,171,415
		Total Common Stocks (Cost $29,049,872)					35,757,728

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Summary Schedule of Portfolio Investments :: 21

  Ultra SmallCap600  SAA

Principal Amount			Value
		Repurchase Agreements (a) — 8.2%
$	104,327	Bank of America Corp., 0.15%, dated 11/30/09, due 12/01/09, total to be received $104,327 (b)	$	104,327
	208,655	Bank of America Corp., 0.16%, dated 11/30/09, due 12/01/09, total to be received $208,656 (c)		208,655
	625,964	Credit Suisse (USA) LLC, 0.06%, dated 11/24/09, due 12/01/09, total to be received $625,971 (d)		625,964
	125,453	Credit Suisse (USA) LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $125,454 (e)		125,453
	219,087	Credit Suisse (USA) LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $219,088 (f)		219,087
	417,309	ING Financial Markets LLC, 0.11%, dated 11/27/09, due 12/04/09, total to be received $417,318 (g)		417,309
	104,327	ING Financial Markets LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $104,327 (h)		104,327
	625,964	ING Financial Markets LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $625,967 (i)		625,964
	521,637	JPMorgan Chase & Co., 0.16%, dated 11/30/09, due 12/01/09, total to be received $521,639 (j)		521,637
	312,982	UBS Warburg LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $312,983 (k)		312,982
	481,612	UBS Warburg LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $481,614 (l)		481,612
		Total Repurchase Agreements (Cost $3,747,317)		3,747,317
		Total Investment Securities (Cost $32,797,189) — 86.8%		39,505,045
		Other assets in excess of liabilities — 13.2%		6,012,318
		Net Assets — 100.0%	$	45,517,363

*  Non-income producing security.

(a)  A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of 11/30/09, the aggregate amount held in a segregated account was $14,090,851.

(b)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.75% to 3.75%, due 08/15/12 to 11/15/18, which had a total value of $106,414. The investment in the repurchase agreement was through participation in a pooled account.

(c)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 0.47% to 6.50%, due 03/15/23 to 09/15/50, which had a total value of $212,828. The investment in the repurchase agreement was through participation in a pooled account.

(d)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 4.50% to 6.00%, due 12/15/37 to 11/20/39; U.S. Treasury Notes, 2.13% to 6.50%, due 02/15/10 to 02/15/18, which had a total value of $638,485. The investment in the repurchase agreement was through participation in a pooled account.

(e)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.38% to 4.88%, due 04/30/11 to 11/30/14, which had a total value of $127,962. The investment in the repurchase agreement was through participation in a pooled account.

(f)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/14/09 to 02/24/10; Federal National Mortgage Association, 0%, due 04/28/10 to 05/26/10; Government National Mortgage Association, 4.50% to 8.00%, due 09/15/24 to 10/15/39; International Bank for Reconstruction and Development, 4.75% to 5.00%, due 04/01/16 to 02/15/35, which had a total value of $223,470. The investment in the repurchase agreement was through participation in a pooled account.

(g)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Farm Credit Bank, 3.88%, due 12/17/09; Federal Home Loan Bank, 0% to 6.38%, due 12/02/09 to 11/08/22; Federal Home Loan Mortgage Corp., 1.75% to 4.88%, due 02/09/10 to 06/15/12; Federal National Mortgage Association, 2.05% to 6.13%, due 03/15/12 to 06/19/28; U.S. Treasury Bonds, 3.50% to 9.13%, due 05/15/16 to 11/15/39; U.S. Treasury Notes, 0% to 6.50%, due 12/31/09 to 01/15/28, which had a total value of $425,656. The investment in the repurchase agreement was through participation in a pooled account.

(h)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bonds, 7.25% to 9.00%, due 08/15/17 to 08/15/22, which had a total value of $106,414. The investment in the repurchase agreement was through participation in a pooled account.

(i)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this

See accompanying notes to the financial statements.

22 :: Summary Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

SAA  Ultra SmallCap600

schedule as follows: Federal Home Loan Bank, 0.38% to 5.75%, due 01/08/10 to 09/13/24; Federal Home Loan Mortgage Corp., 1.50% to 7.00%, due 03/15/10 to 07/15/32; Federal National Mortgage Association, 2.75% to 5.00%, due 04/11/11 to 03/15/16; U.S. Treasury Bonds, 0% to 9.00%, due 02/15/10 to 08/15/39; U.S. Treasury Notes, 1.75% to 3.63%, due 01/15/25 to 04/15/32, which had a total value of $638,484. The investment in the repurchase agreement was through participation in a pooled account.

(j)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.77% to 1.76%, due 12/30/09 to 11/05/12; Federal Home Loan Mortgage Corp., 0% to 6.88%, due 12/21/09 to 08/20/12; Federal National Mortgage Association, 0% to 7.13%, due 12/15/09 to 06/18/19; U.S. Treasury Notes, 3.25% to 4.50%, due 12/31/09 to 04/30/12, which had a total value of $532,071. The investment in the repurchase agreement was through participation in a pooled account.

(k)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bills, 0%, due 12/03/09 to 09/23/10, which had a total value of $319,243. The investment in the repurchase agreement was through participation in a pooled account.

(l)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/01/09 to 08/02/10; U.S. Treasury Bills, 0%, due 12/31/09 to 02/25/10, which had a total value of $491,245. The investment in the repurchase agreement was through participation in a pooled account.

REIT  Real Estate Investment Trust

As of November 30, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	—
Aggregate gross unrealized depreciation		(4,232,151	)
Net unrealized depreciation	$	(4,232,151	)
Federal income tax cost of investments	$	43,737,196

Swap Agreements

Ultra SmallCap600 had the following open swap agreements as of November 30, 2009:

	Notional Amount at Value		Unrealized Appreciation/ (Depreciation)
Equity Index Swap Agreement with Credit Suisse Securities (Europe) Limited, based on the S&P SmallCap 600TM Index	$	10,360,284	$	3,456,113
Equity Index Swap Agreement with Deutsche Bank AG, based on the S&P SmallCap 600TM Index		10,422,102		(567,053	)
Equity Index Swap Agreement with Societe Generale, based on the S&P SmallCap 600TM Index		19,695,032		4,862,680
Equity Index Swap Agreement with UBS AG, based on the S&P SmallCap 600TM Index		14,769,966		(632,162	)
			$	7,119,578

Ultra SmallCap600 invested, as a percentage of net assets, in the following industries, as of November 30, 2009:

Consumer Discretionary	11.5	%
Consumer Staples	3.2	%
Energy	4.5	%
Financials	15.1	%
Health Care	10.5	%
Industrials	13.3	%
Information Technology	13.5	%
Materials	3.7	%
Telecommunication Services	0.4	%
Utilities	2.9	%
Other1	21.4	%
	100.0	%

1  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Summary Schedule of Portfolio Investments :: 23

  Ultra SmallCap600  SAA

Valuation Information

The following is a summary of the valuation inputs used to value the Fund's investments at November 30, 2009. The inputs or methodology used for valuing investments may not be an indication of the risk associated with investing in those investments. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Note 2 to the Financial Statements.

Description	Level 1		Level 2		Total
Investment Securities:
Common Stocks	$	35,757,728	$	—	$	35,757,728
Repurchase Agreements		—		3,747,317		3,747,317
Total Investment Securities		35,757,728		3,747,317		39,505,045
Other Financial Instruments*:
Swap Agreements		—		7,119,578		7,119,578
Total Other Financial Instruments		—		7,119,578		7,119,578
Total Investments	$	35,757,728	$	10,866,895	$	46,624,623

*  These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

See accompanying notes to the financial statements.

24 :: Summary Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

UWM  Ultra Russell2000

Shares			Percentage of Net Assets			Value
		Common Stocks (a) — 71.4%
	51,363	3Com Corp.* (Information Technology)		0.3	%	$	378,545
	21,582	Apollo Investment Corp. (Financials)		0.1	%		207,619
	13,868	Assured Guaranty Ltd. (Financials)		0.2	%		314,526
	8,100	Atheros Communications, Inc.* (Information Technology)		0.1	%		230,607
	8,956	Atlas Energy, Inc. (Energy)		0.1	%		230,169
	6,118	Auxilium Pharmaceuticals, Inc.* (Health Care)		0.1	%		213,335
	7,229	Bally Technologies, Inc.* (Consumer Discretionary)		0.2	%		300,220
	6,748	CLARCOR, Inc. (Industrials)		0.1	%		215,059
	9,985	Coeur d'Alene Mines Corp.* (Materials)		0.1	%		227,758
	5,499	Domtar Corp.* (Materials)		0.2	%		310,254
	3,862	Dril-Quip, Inc.* (Energy)		0.1	%		208,587
	194,031	E*Trade Financial Corp.* (Financials)		0.2	%		318,211
	8,724	EMCOR Group, Inc.* (Industrials)		0.1	%		207,631
	10,931	FirstMerit Corp. (Financials)		0.1	%		229,004
	15,942	GrafTech International Ltd.* (Industrials)		0.2	%		234,507
	9,391	Highwoods Properties, Inc. (REIT) (Financials)		0.2	%		287,459
	21,569	Human Genome Sciences, Inc.* (Health Care)		0.4	%		600,050
	11,549	Informatica Corp.* (Information Technology)		0.2	%		259,275
	6,662	J. Crew Group, Inc.* (Consumer Discretionary)		0.2	%		285,067
	11,110	Jack Henry & Associates, Inc. (Information Technology)		0.2	%		253,863
	37,140	MFA Financial, Inc. (REIT) (Financials)		0.2	%		281,150
	10,585	National Retail Properties, Inc. (REIT) (Financials)		0.1	%		212,123
	5,993	Nicor, Inc. (Utilities)		0.2	%		234,686
	4,461	Nordson Corp. (Industrials)		0.2	%		239,154
	8,184	Onyx Pharmaceuticals, Inc.* (Health Care)		0.2	%		234,144
	5,519	Owens & Minor, Inc. (Health Care)		0.1	%		214,082
	21,920	Palm, Inc.* (Information Technology)		0.2	%		239,147

Shares			Percentage of Net Assets			Value
		Common Stocks (a) (continued)
	15,364	Parametric Technology Corp.* (Information Technology)		0.1	%	$	231,382
	9,741	Piedmont Natural Gas Co., Inc. (Utilities)		0.1	%		230,862
	6,775	Platinum Underwriters Holdings Ltd. (Financials)		0.2	%		239,090
	11,116	Polycom, Inc.* (Information Technology)		0.2	%		239,661
	4,387	ProAssurance Corp.* (Financials)		0.2	%		233,608
	6,109	Prosperity Bancshares, Inc. (Financials)		0.2	%		243,321
	4,742	Regal-Beloit Corp. (Industrials)		0.1	%		225,055
	5,079	Rock-Tenn Co., Class A (Materials)		0.1	%		229,418
	22,182	Skyworks Solutions, Inc.* (Information Technology)		0.2	%		273,060
	9,200	Solera Holdings, Inc. (Information Technology)		0.2	%		321,632
	7,753	STERIS Corp. (Health Care)		0.2	%		250,499
	3,992	Stifel Financial Corp.* (Financials)		0.1	%		214,450
	5,345	Tanger Factory Outlet Centers (REIT) (Financials)		0.1	%		209,791
	9,925	Tempur-Pedic International, Inc.* (Consumer Discretionary)		0.1	%		213,884
	7,993	Tetra Tech, Inc.* (Industrials)		0.1	%		210,536
	7,473	Thoratec Corp.* (Health Care)		0.1	%		222,621
	4,754	Tractor Supply Co.* (Consumer Discretionary)		0.1	%		221,964
	8,301	Tupperware Brands Corp. (Consumer Discretionary)		0.3	%		386,412
	6,066	Warnaco Group, Inc. (The)* (Consumer Discretionary)		0.2	%		246,947
	5,649	Watson Wyatt Worldwide, Inc., Class A (Industrials)		0.2	%		233,530
	6,639	WGL Holdings, Inc. (Utilities)		0.1	%		208,996
	9,554	WR Grace & Co.* (Materials)		0.1	%		218,404
	8,847,268	Other Common Stocks		63.5	%		101,382,654
		Total Common Stocks (Cost $89,412,635)					113,854,009

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Summary Schedule of Portfolio Investments :: 25

  Ultra Russell2000  UWM

No. of Warrants			Percentage of Net Assets			Value
		Warrants — 0.0%
	67	GreenHunter Energy, Inc., expiring 08/27/11 at $27.50*		0.0	%	$	—
		Total Warrants (Cost $—)					—
Principal Amount
		Repurchase Agreements (a) — 4.5%
$	201,126	Bank of America Corp., 0.15%, dated 11/30/09, due 12/01/09, total to be received $201,127 (b)					201,126
	402,253	Bank of America Corp., 0.16%, dated 11/30/09, due 12/01/09, total to be received $402,255 (c)					402,253
	1,206,758	Credit Suisse (USA) LLC, 0.06%, dated 11/24/09, due 12/01/09, total to be received $1,206,772 (d)					1,206,758
	241,853	Credit Suisse (USA) LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $241,854 (e)					241,853
	422,365	Credit Suisse (USA) LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $422,367 (f)					422,365
	804,506	ING Financial Markets LLC, 0.11%, dated 11/27/09, due 12/04/09, total to be received $804,523 (g)					804,506
	201,126	ING Financial Markets LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $201,127 (h)					201,126
	1,206,758	ING Financial Markets LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $1,206,763 (i)					1,206,758
	1,005,632	JPMorgan Chase & Co., 0.16%, dated 11/30/09, due 12/01/09, total to be received $1,005,636 (j)					1,005,632
	603,379	UBS Warburg LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $603,382 (k)					603,379

Principal Amount			Value
		Repurchase Agreements (a) (continued)
$	928,470	UBS Warburg LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $928,474 (l)	$	928,470
		Total Repurchase Agreements (Cost $7,224,226)		7,224,226
		Total Investment Securities (Cost $96,636,861) — 75.9%		121,078,235
		Other assets in excess of liabilities — 24.1%		38,530,038
		Net Assets — 100.0%	$	159,608,273

*  Non-income producing security.

(a)  A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of 11/30/09, the aggregate amount held in a segregated account was $29,742,325.

(b)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.75% to 3.75%, due 08/15/12 to 11/15/18, which had a total value of $205,149. The investment in the repurchase agreement was through participation in a pooled account.

(c)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 0.47% to 6.50%, due 03/15/23 to 09/15/50, which had a total value of $410,298. The investment in the repurchase agreement was through participation in a pooled account.

(d)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 4.50% to 6.00%, due 12/15/37 to 11/20/39; U.S. Treasury Notes, 2.13% to 6.50%, due 02/15/10 to 02/15/18, which had a total value of $1,230,897. The investment in the repurchase agreement was through participation in a pooled account.

(e)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.38% to 4.88%, due 04/30/11 to 11/30/14, which had a total value of $246,690. The investment in the repurchase agreement was through participation in a pooled account.

(f)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due

See accompanying notes to the financial statements.

26 :: Summary Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

UWM  Ultra Russell2000

12/14/09 to 02/24/10; Federal National Mortgage Association, 0%, due 04/28/10 to 05/26/10; Government National Mortgage Association, 4.50% to 8.00%, due 09/15/24 to 10/15/39; International Bank for Reconstruction and Development, 4.75% to 5.00%, due 04/01/16 to 02/15/35, which had a total value of $430,816. The investment in the repurchase agreement was through participation in a pooled account.

(g)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Farm Credit Bank, 3.88%, due 12/17/09; Federal Home Loan Bank, 0% to 6.38%, due 12/02/09 to 11/08/22; Federal Home Loan Mortgage Corp., 1.75% to 4.88%, due 02/09/10 to 06/15/12; Federal National Mortgage Association, 2.05% to 6.13%, due 03/15/12 to 06/19/28; U.S. Treasury Bonds, 3.50% to 9.13%, due 05/15/16 to 11/15/39; U.S. Treasury Notes, 0% to 6.50%, due 12/31/09 to 01/15/28, which had a total value of $820,598. The investment in the repurchase agreement was through participation in a pooled account.

(h)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bonds, 7.25% to 9.00%, due 08/15/17 to 08/15/22, which had a total value of $205,149. The investment in the repurchase agreement was through participation in a pooled account.

(i)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.38% to 5.75%, due 01/08/10 to 09/13/24; Federal Home Loan Mortgage Corp., 1.50% to 7.00%, due 03/15/10 to 07/15/32; Federal National Mortgage Association, 2.75% to 5.00%, due 04/11/11 to 03/15/16; U.S. Treasury Bonds, 0% to 9.00%, due 02/15/10 to 08/15/39; U.S. Treasury Notes, 1.75% to 3.63%, due 01/15/25 to 04/15/32, which had a total value of $1,230,895. The investment in the repurchase agreement was through participation in a pooled account.

(j)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.77% to 1.76%, due 12/30/09 to 11/05/12; Federal Home Loan Mortgage Corp., 0% to 6.88%, due 12/21/09 to 08/20/12; Federal National Mortgage Association, 0% to 7.13%, due 12/15/09 to 06/18/19; U.S. Treasury Notes, 3.25% to 4.50%, due 12/31/09 to 04/30/12, which had a total value of $1,025,747. The investment in the repurchase agreement was through participation in a pooled account.

(k)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bills, 0%, due 12/03/09 to 09/23/10, which had a total value of $615,448. The investment in the repurchase agreement was through participation in a pooled account.

(l)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/01/09 to 08/02/10; U.S. Treasury Bills, 0%, due 12/31/09 to 02/25/10, which had a total value of $947,041. The investment in the repurchase agreement was through participation in a pooled account.

REIT  Real Estate Investment Trust

As of November 30, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	—
Aggregate gross unrealized depreciation		(25,836,234	)
Net unrealized depreciation	$	(25,836,234	)
Federal income tax cost of investments	$	146,914,469

Futures Contracts Purchased

Ultra Russell2000 had the following open long futures contracts as of November 30, 2009:

	Number of Contracts		Expiration Date		Notional Amount at Value		Unrealized Depreciation
E-Mini Russell 2000 Futures Contracts		500		12/18/09	$	28,950,000	$	(168,172	)

Cash collateral in the amount of $1,237,381 was pledged to cover margin requirements for open futures contracts as of November 30, 2009.

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Summary Schedule of Portfolio Investments :: 27

  Ultra Russell2000  UWM

Swap Agreements

Ultra Russell2000 had the following open swap agreements as of November 30, 2009:

	Notional Amount at Value		Unrealized Appreciation/ (Depreciation)
Equity Index Swap Agreement with Credit Suisse Securities (Europe) Limited, based on the Russell 2000® Index	$	7,013,620	$	(274,360	)
Equity Index Swap Agreement with Deutsche Bank AG, based on the Russell 2000® Index		7,532,261		(673,708	)
Equity Index Swap Agreement with Societe Generale, based on the Russell 2000® Index		156,217,420		37,677,076
Equity Index Swap Agreement with UBS AG, based on the Russell 2000® Index		5,677,571		(223,015	)
			$	36,505,993

Ultra Russell2000 invested, as a percentage of net assets, in the following industries, as of November 30, 2009:

Consumer Discretionary	9.8	%
Consumer Staples	2.5	%
Energy	3.5	%
Financials	14.7	%
Health Care	10.1	%
Industrials	11.2	%
Information Technology	13.1	%
Materials	3.4	%
Telecommunication Services	0.7	%
Utilities	2.4	%
Other1	28.6	%
	100.0	%

1  Includes any non-equity securities and net other assets (liabilities).

Valuation Information

The following is a summary of the valuation inputs used to value the Fund's investments at November 30, 2009. The inputs or methodology used for valuing investments may not be an indication of the risk associated with investing in those investments. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Note 2 to the Financial Statements.

Description	Level 1			Level 2		Total
Investment Securities:
Common Stocks	$	113,853,377		$	632	$	113,854,009
Rights/Warrants		—			—		—
Repurchase Agreements		—			7,224,226		7,224,226
Total Investment Securities		113,853,377			7,224,858		121,078,235
Other Financial Instruments*:
Futures Contracts		(168,172	)		—		(168,172	)
Swap Agreements		—			36,505,993		36,505,993
Total Other Financial Instruments		(168,172	)		36,505,993		36,337,821
Total Investments	$	113,685,205		$	43,730,851	$	157,416,056

*  These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

See accompanying notes to the financial statements.

28 :: Summary Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

UPRO  UltraPro S&P500^®

Shares			Percentage of Net Assets			Value
		Common Stocks (a) — 39.8%
	2,477	3M Co. (Industrials)		0.2	%	$	191,819
	5,483	Abbott Laboratories (Health Care)		0.3	%		298,769
	1,179	Amazon.com, Inc.* (Consumer Discretionary)		0.2	%		160,238
	4,218	American Express Co. (Financials)		0.2	%		176,439
	3,602	Amgen, Inc.* (Health Care)		0.2	%		202,973
	3,177	Apple, Inc.* (Information Technology)		0.7	%		635,114
	20,925	AT&T, Inc. (Telecommunication Services)		0.7	%		563,720
	30,684	Bank of America Corp. (Financials)		0.6	%		486,341
	7,026	Bristol-Myers Squibb Co. (Health Care)		0.2	%		177,828
	7,113	Chevron Corp. (Energy)		0.6	%		555,099
	20,457	Cisco Systems, Inc.* (Information Technology)		0.6	%		478,694
	46,254	Citigroup, Inc. (Financials)		0.2	%		190,104
	8,219	Coca-Cola Co. (The) (Consumer Staples)		0.5	%		470,127
	1,768	Colgate-Palmolive Co. (Consumer Staples)		0.2	%		148,848
	10,178	Comcast Corp., Class A (Consumer Discretionary)		0.2	%		149,311
	5,259	ConocoPhillips (Energy)		0.3	%		272,258
	5,119	CVS Caremark Corp. (Consumer Staples)		0.2	%		158,740
	17,044	Exxon Mobil Corp. (Energy)		1.5	%		1,279,493
	37,690	General Electric Co. (Industrials)		0.7	%		603,794
	3,207	Gilead Sciences, Inc.* (Health Care)		0.2	%		147,682
	1,813	Goldman Sachs Group, Inc. (The) (Financials)		0.3	%		307,594
	853	Google, Inc., Class A* (Information Technology)		0.6	%		497,299
	8,409	Hewlett-Packard Co. (Information Technology)		0.5	%		412,546
	6,045	Home Depot, Inc. (Consumer Discretionary)		0.2	%		165,391
	19,854	Intel Corp. (Information Technology)		0.4	%		381,197
	4,649	International Business Machines Corp. (Information Technology)		0.7	%		587,401
	9,774	Johnson & Johnson (Health Care)		0.7	%		614,198
	13,947	JPMorgan Chase & Co. (Financials)		0.7	%		592,608

Shares			Percentage of Net Assets			Value
		Common Stocks (a) (continued)
	3,871	McDonald's Corp. (Consumer Discretionary)		0.3	%	$	244,841
	3,925	Medtronic, Inc. (Health Care)		0.2	%		166,577
	10,822	Merck & Co., Inc. (Health Care)		0.5	%		391,865
	27,495	Microsoft Corp. (Information Technology)		0.9	%		808,628
	1,936	Monsanto Co. (Materials)		0.2	%		156,332
	4,820	Morgan Stanley (Financials)		0.2	%		152,216
	2,876	Occidental Petroleum Corp. (Energy)		0.3	%		232,352
	13,852	Oracle Corp. (Information Technology)		0.3	%		305,852
	5,525	PepsiCo, Inc. (Consumer Staples)		0.4	%		343,766
	28,601	Pfizer, Inc. (Health Care)		0.6	%		519,680
	6,861	Philip Morris International, Inc. (Consumer Staples)		0.4	%		329,945
	10,352	Procter & Gamble Co. (The) (Consumer Staples)		0.8	%		645,447
	5,896	QUALCOMM, Inc. (Information Technology)		0.3	%		265,320
	4,248	Schlumberger Ltd. (Energy)		0.3	%		271,405
	6,781	U.S. Bancorp (Financials)		0.2	%		163,626
	3,527	United Parcel Service, Inc., Class B (Industrials)		0.2	%		202,697
	3,338	United Technologies Corp. (Industrials)		0.3	%		224,447
	10,075	Verizon Communications, Inc. (Telecommunication Services)		0.4	%		316,960
	7,660	Wal-Mart Stores, Inc. (Consumer Staples)		0.5	%		417,853
	6,592	Walt Disney Co. (The) (Consumer Discretionary)		0.2	%		199,210
	16,569	Wells Fargo & Co. (Financials)		0.5	%		464,595
	572,312	Other Common Stocks		19.2	%		16,509,991
		Total Common Stocks (Cost $34,032,949)					34,239,230
Principal Amount
		Repurchase Agreements (a) — 57.7%
$	1,379,996	Bank of America Corp., 0.15%, dated 11/30/09, due 12/01/09, total to be received $1,380,002 (b)					1,379,996
	2,759,992	Bank of America Corp., 0.16%, dated 11/30/09, due 12/01/09, total to be received $2,760,004 (c)					2,759,992

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Summary Schedule of Portfolio Investments :: 29

  UltraPro S&P500^®  UPRO

Principal Amount			Value
		Repurchase Agreements (a) (continued)
$	8,279,977	Credit Suisse (USA) LLC, 0.06%, dated 11/24/09, due 12/01/09, total to be received $8,280,074 (d)	$	8,279,977
	1,659,436	Credit Suisse (USA) LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $1,659,443 (e)		1,659,436
	2,897,992	Credit Suisse (USA) LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $2,898,005 (f)		2,897,992
	5,519,985	ING Financial Markets LLC, 0.11%, dated 11/27/09, due 12/04/09, total to be received $5,520,103 (g)		5,519,985
	1,379,996	ING Financial Markets LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $1,380,002 (h)		1,379,996
	8,279,977	ING Financial Markets LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $8,280,014 (i)		8,279,977
	6,899,981	JPMorgan Chase & Co., 0.16%, dated 11/30/09, due 12/01/09, total to be received $6,900,012 (j)		6,899,981
	4,139,989	UBS Warburg LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $4,140,006 (k)		4,139,989
	6,370,538	UBS Warburg LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $6,370,566 (l)		6,370,538
		Total Repurchase Agreements (Cost $49,567,859)		49,567,859
		Total Investment Securities (Cost $83,600,808) — 97.5%		83,807,089
		Other assets in excess of liabilities — 2.5%		2,183,082
		Net Assets — 100.0%	$	85,990,171

*  Non-income producing security.

(a)  A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of 11/30/09, the aggregate amount held in a segregated account was $35,079,187.

(b)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.75% to 3.75%, due 08/15/12 to 11/15/18, which had a total value of $1,407,596. The investment in the repurchase agreement was through participation in a pooled account.

(c)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 0.47% to 6.50%, due 03/15/23 to 09/15/50, which had a total value of $2,815,192. The investment in the repurchase agreement was through participation in a pooled account.

(d)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 4.50% to 6.00%, due 12/15/37 to 11/20/39; U.S. Treasury Notes, 2.13% to 6.50%, due 02/15/10 to 02/15/18, which had a total value of $8,445,606. The investment in the repurchase agreement was through participation in a pooled account.

(e)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.38% to 4.88%, due 04/30/11 to 11/30/14, which had a total value of $1,692,626. The investment in the repurchase agreement was through participation in a pooled account.

(f)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/14/09 to 02/24/10; Federal National Mortgage Association, 0%, due 04/28/10 to 05/26/10; Government National Mortgage Association, 4.50% to 8.00%, due 09/15/24 to 10/15/39; International Bank for Reconstruction and Development, 4.75% to 5.00%, due 04/01/16 to 02/15/35, which had a total value of $2,955,974. The investment in the repurchase agreement was through participation in a pooled account.

(g)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Farm Credit Bank, 3.88%, due 12/17/09; Federal Home Loan Bank, 0% to 6.38%, due 12/02/09 to 11/08/22; Federal Home Loan Mortgage Corp., 1.75% to 4.88%, due 02/09/10 to 06/15/12; Federal National Mortgage Association, 2.05% to 6.13%, due 03/15/12 to 06/19/28; U.S. Treasury Bonds, 3.50% to 9.13%, due 05/15/16 to 11/15/39; U.S. Treasury Notes, 0% to 6.50%, due 12/31/09 to 01/15/28, which had a total value of $5,630,396. The investment in the repurchase agreement was through participation in a pooled account.

(h)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bonds, 7.25% to 9.00%, due 08/15/17 to 08/15/22, which had a total value of $1,407,598. The investment in the repurchase agreement was through participation in a pooled account.

(i)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.38% to 5.75%, due 01/08/10 to 09/13/24; Federal Home Loan Mortgage Corp., 1.50% to 7.00%, due 03/15/10 to 07/15/32; Federal National Mortgage Association, 2.75% to 5.00%, due 04/11/11 to 03/15/16; U.S. Treasury Bonds, 0% to 9.00%, due 02/15/10 to 08/15/39; U.S. Treasury Notes, 1.75% to 3.63%, due 01/15/25 to

See accompanying notes to the financial statements.

30 :: Summary Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

UPRO  UltraPro S&P500^®

04/15/32, which had a total value of $8,445,586. The investment in the repurchase agreement was through participation in a pooled account.

(j)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.77% to 1.76%, due 12/30/09 to 11/05/12; Federal Home Loan Mortgage Corp., 0% to 6.88%, due 12/21/09 to 08/20/12; Federal National Mortgage Association, 0% to 7.13%, due 12/15/09 to 06/18/19; U.S. Treasury Notes, 3.25% to 4.50%, due 12/31/09 to 04/30/12, which had a total value of $7,037,997. The investment in the repurchase agreement was through participation in a pooled account.

(k)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bills, 0%, due 12/03/09 to 09/23/10, which had a total value of $4,222,802. The investment in the repurchase agreement was through participation in a pooled account.

(l)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/01/09 to 08/02/10; U.S. Treasury Bills, 0%, due 12/31/09 to 02/25/10, which had a total value of $6,497,958. The investment in the repurchase agreement was through participation in a pooled account.

As of November 30, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	703,881
Aggregate gross unrealized depreciation		(506,637	)
Net unrealized appreciation	$	197,244
Federal income tax cost of investments	$	83,609,845

Futures Contracts Purchased

UltraPro S&P500^® had the following open long futures contracts as of November 30, 2009:

	Number of Contracts		Expiration Date		Notional Amount at Value		Unrealized Depreciation
E-Mini S&P 500 Futures Contracts		547		12/18/09	$	29,941,413	$	744,344

Cash collateral in the amount of $2,642,462 was pledged to cover margin requirements for open futures contracts as of November 30, 2009.

Swap Agreements

UltraPro S&P500^® had the following open swap agreements as of November 30, 2009:

	Notional Amount at Value		Unrealized Appreciation/ (Depreciation)
Equity Index Swap Agreement with Credit Suisse Securities (Europe) Limited, based on the S&P 500® Index	$	17,325,442	$	1,659,813
Equity Index Swap Agreement with Deutsche Bank AG, based on the S&P 500® Index		41,463,494		(531,094	)
Equity Index Swap Agreement with Societe Generale, based on the S&P 500® Index		108,312,722		(1,552,634	)
Equity Index Swap Agreement with UBS AG, based on the S&P 500® Index		26,685,081		(309,416	)
			$	(733,331	)

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Summary Schedule of Portfolio Investments :: 31

  UltraPro S&P500^®  UPRO

UltraPro S&P500^® invested, as a percentage of net assets, in the following industries, as of November 30, 2009:

Consumer Discretionary	3.8	%
Consumer Staples	4.7	%
Energy	4.8	%
Financials	5.8	%
Health Care	5.1	%
Industrials	4.1	%
Information Technology	7.5	%
Materials	1.4	%
Telecommunication Services	1.2	%
Utilities	1.4	%
Other1	60.2	%
	100.0	%

1  Includes any non-equity securities and net other assets (liabilities).

Valuation Information

The following is a summary of the valuation inputs used to value the Fund's investments at November 30, 2009. The inputs or methodology used for valuing investments may not be an indication of the risk associated with investing in those investments. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Note 2 to the Financial Statements.

Description	Level 1		Level 2			Total
Investment Securities:
Common Stocks	$	34,239,230	$	—		$	34,239,230
Repurchase Agreements		—		49,567,859			49,567,859
Total Investment Securities		34,239,230		49,567,859			83,807,089
Other Financial Instruments*:
Futures Contracts		744,344		—			744,344
Swap Agreements		—		(733,331	)		(733,331	)
Total Other Financial Instruments		744,344		(733,331	)		11,013
Total Investments	$	34,983,574	$	48,834,528		$	83,818,102

*  These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

See accompanying notes to the financial statements.

32 :: Summary Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

UVG  Ultra Russell1000 Value

Shares			Percentage of Net Assets			Value
		Common Stocks (a) — 81.2%
	3,169	American Express Co. (Financials)		0.5	%	$	132,559
	1,908	Anadarko Petroleum Corp. (Energy)		0.4	%		113,583
	1,281	Apache Corp. (Energy)		0.5	%		122,054
	22,552	AT&T, Inc. (Telecommunication Services)		2.4	%		607,551
	33,069	Bank of America Corp. (Financials)		2.1	%		524,144
	3,632	Bank of New York Mellon Corp. (The) (Financials)		0.4	%		96,756
	2,548	Boeing Co. (The) (Industrials)		0.5	%		133,541
	1,005	Burlington Northern Santa Fe Corp. (Industrials)		0.4	%		98,792
	7,663	Chevron Corp. (Energy)		2.4	%		598,021
	58,053	Citigroup, Inc. (Financials)		0.9	%		238,598
	1,894	Coca-Cola Co. (The) (Consumer Staples)		0.4	%		108,337
	10,164	Comcast Corp., Class A (Consumer Discretionary)		0.6	%		149,106
	5,663	ConocoPhillips (Energy)		1.2	%		293,174
	3,867	CVS Caremark Corp. (Consumer Staples)		0.5	%		119,916
	1,697	Devon Energy Corp. (Energy)		0.4	%		114,293
	4,253	Dow Chemical Co. (The) (Materials)		0.5	%		118,148
	6,894	EMC Corp.* (Information Technology)		0.5	%		116,026
	2,299	Exelon Corp. (Utilities)		0.4	%		110,766
	13,839	Exxon Mobil Corp. (Energy)		4.1	%		1,038,894
	1,191	FedEx Corp. (Industrials)		0.4	%		100,580
	11,944	Ford Motor Co.* (Consumer Discretionary)		0.4	%		106,182
	40,477	General Electric Co. (Industrials)		2.6	%		648,442
	1,805	Goldman Sachs Group, Inc. (The) (Financials)		1.2	%		306,236
	3,429	Halliburton Co. (Energy)		0.4	%		100,675
	2,065	Hewlett-Packard Co. (Information Technology)		0.4	%		101,309
	6,049	Home Depot, Inc. (Consumer Discretionary)		0.7	%		165,501
	8,176	Intel Corp. (Information Technology)		0.6	%		156,979
	2,380	Johnson & Johnson (Health Care)		0.6	%		149,559
	14,368	JPMorgan Chase & Co. (Financials)		2.4	%		610,496

Shares			Percentage of Net Assets			Value
		Common Stocks (a) (continued)
	5,629	Kraft Foods, Inc., Class A (Consumer Staples)		0.6	%	$	149,619
	2,705	Marathon Oil Corp. (Energy)		0.3	%		88,237
	7,150	Merck & Co., Inc. (Health Care)		1.0	%		258,895
	3,990	Morgan Stanley (Financials)		0.5	%		126,004
	8,702	News Corp., Class A (Consumer Discretionary)		0.4	%		99,725
	3,098	Occidental Petroleum Corp. (Energy)		1.0	%		250,287
	30,813	Pfizer, Inc. (Health Care)		2.2	%		559,872
	1,759	PNC Financial Services Group, Inc. (Financials)		0.4	%		100,281
	3,844	Procter & Gamble Co. (The) (Consumer Staples)		1.0	%		239,673
	2,497	Schlumberger Ltd. (Energy)		0.6	%		159,533
	2,990	Southern Co. (Utilities)		0.4	%		95,949
	4,573	Time Warner, Inc. (Consumer Discretionary)		0.6	%		140,483
	2,088	Travelers Cos., Inc. (The) (Financials)		0.4	%		109,390
	7,253	U.S. Bancorp (Financials)		0.7	%		175,015
	4,547	UnitedHealth Group, Inc. (Health Care)		0.5	%		130,362
	10,858	Verizon Communications, Inc. (Telecommunication Services)		1.4	%		341,593
	7,098	Walt Disney Co. (The) (Consumer Discretionary)		0.9	%		214,502
	1,721	WellPoint, Inc.* (Health Care)		0.4	%		92,986
	15,488	Wells Fargo & Co. (Financials)		1.7	%		434,284
	2,216	XTO Energy, Inc. (Energy)		0.4	%		94,047
	397,363	Other Common Stocks		37.0	%		9,332,029
		Total Common Stocks (Cost $16,244,616)					20,472,984
Principal Amount
		Repurchase Agreements (a) — 6.4%
$	44,903	Bank of America Corp., 0.15%, dated 11/30/09, due 12/01/09, total to be received $44,903 (b)					44,903
	89,805	Bank of America Corp., 0.16%, dated 11/30/09, due 12/01/09, total to be received $89,805 (c)					89,805

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Summary Schedule of Portfolio Investments :: 33

  Ultra Russell1000 Value  UVG

Principal Amount			Value
		Repurchase Agreements (a) (continued)
$	269,415	Credit Suisse (USA) LLC, 0.06%, dated 11/24/09, due 12/01/09, total to be received $269,418 (d)	$	269,415
	53,995	Credit Suisse (USA) LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $53,995 (e)		53,995
	94,295	Credit Suisse (USA) LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $94,295 (f)		94,295
	179,610	ING Financial Markets LLC, 0.11%, dated 11/27/09, due 12/04/09, total to be received $179,614 (g)		179,610
	44,903	ING Financial Markets LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $44,903 (h)		44,903
	269,415	ING Financial Markets LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $269,416 (i)		269,415
	224,513	JPMorgan Chase & Co., 0.16%, dated 11/30/09, due 12/01/09, total to be received $224,514 (j)		224,513
	134,708	UBS Warburg LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $134,709 (k)		134,708
	207,286	UBS Warburg LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $207,287 (l)		207,286
		Total Repurchase Agreements (Cost $1,612,848)		1,612,848
		Total Investment Securities (Cost $17,857,464) — 87.6%		22,085,832
		Other assets in excess of liabilities — 12.4%		3,115,146
		Net Assets — 100.0%	$	25,200,978

*  Non-income producing security.

(a)  A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of 11/30/09, the aggregate amount held in a segregated account was $5,722,190.

(b)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.75% to 3.75%, due 08/15/12 to 11/15/18, which had a total value of $45,801. The investment in the repurchase agreement was through participation in a pooled account.

(c)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 0.47% to 6.50%, due 03/15/23 to 09/15/50, which had a total value of $91,601. The investment in the repurchase agreement was through participation in a pooled account.

(d)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 4.50% to 6.00%, due 12/15/37 to 11/20/39; U.S. Treasury Notes, 2.13% to 6.50%, due 02/15/10 to 02/15/18, which had a total value of $274,804. The investment in the repurchase agreement was through participation in a pooled account.

(e)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.38% to 4.88%, due 04/30/11 to 11/30/14, which had a total value of $55,075. The investment in the repurchase agreement was through participation in a pooled account.

(f)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/14/09 to 02/24/10; Federal National Mortgage Association, 0%, due 04/28/10 to 05/26/10; Government National Mortgage Association, 4.50% to 8.00%, due 09/15/24 to 10/15/39; International Bank for Reconstruction and Development, 4.75% to 5.00%, due 04/01/16 to 02/15/35, which had a total value of $96,182. The investment in the repurchase agreement was through participation in a pooled account.

(g)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Farm Credit Bank, 3.88%, due 12/17/09; Federal Home Loan Bank, 0% to 6.38%, due 12/02/09 to 11/08/22; Federal Home Loan Mortgage Corp., 1.75% to 4.88%, due 02/09/10 to 06/15/12; Federal National Mortgage Association, 2.05% to 6.13%, due 03/15/12 to 06/19/28; U.S. Treasury Bonds, 3.50% to 9.13%, due 05/15/16 to 11/15/39; U.S. Treasury Notes, 0% to 6.50%, due 12/31/09 to 01/15/28, which had a total value of $183,203. The investment in the repurchase agreement was through participation in a pooled account.

(h)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bonds, 7.25% to 9.00%, due 08/15/17 to 08/15/22, which had a total value of $45,801. The investment in the repurchase agreement was through participation in a pooled account.

(i)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.38% to 5.75%, due 01/08/10 to 09/13/24; Federal Home Loan Mortgage Corp., 1.50% to 7.00%, due 03/15/10 to 07/15/32; Federal National Mortgage Association, 2.75% to 5.00%, due 04/11/11 to 03/15/16; U.S. Treasury Bonds, 0% to 9.00%, due 02/15/10 to 08/15/39; U.S. Treasury Notes, 1.75% to 3.63%, due 01/15/25 to 04/15/32,

See accompanying notes to the financial statements.

34 :: Summary Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

UVG  Ultra Russell1000 Value

which had a total value of $274,804. The investment in the repurchase agreement was through participation in a pooled account.

(j)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.77% to 1.76%, due 12/30/09 to 11/05/12; Federal Home Loan Mortgage Corp., 0% to 6.88%, due 12/21/09 to 08/20/12; Federal National Mortgage Association, 0% to 7.13%, due 12/15/09 to 06/18/19; U.S. Treasury Notes, 3.25% to 4.50%, due 12/31/09 to 04/30/12, which had a total value of $229,004. The investment in the repurchase agreement was through participation in a pooled account.

(k)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bills, 0%, due 12/03/09 to 09/23/10, which had a total value of $137,403. The investment in the repurchase agreement was through participation in a pooled account.

(l)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/01/09 to 08/02/10; U.S. Treasury Bills, 0%, due 12/31/09 to 02/25/10, which had a total value of $211,432. The investment in the repurchase agreement was through participation in a pooled account.

As of November 30, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	—
Aggregate gross unrealized depreciation		(818,569	)
Net unrealized depreciation	$	(818,569	)
Federal income tax cost of investments	$	22,904,401

Swap Agreements

Ultra Russell1000 Value had the following open swap agreements as of November 30, 2009:

	Notional Amount at Value		Unrealized Appreciation/ (Depreciation)
Equity Index Swap Agreement with Credit Suisse Securities (Europe) Limited, based on Russell 1000® Value Index	$	4,397,944	$	1,462,195
Equity Index Swap Agreement with Deutsche Bank AG, based on Russell 1000® Value Index		6,607,471		(111,513	)
Equity Index Swap Agreement with Societe Generale, based on Russell 1000® Value Index		9,263,882		2,408,264
Equity Index Swap Agreement with UBS AG, based on Russell 1000® Value Index		9,722,809		(138,088	)
			$	3,620,858

Ultra Russell1000 Value invested, as a percentage of net assets, in the following industries, as of November 30, 2009:

Consumer Discretionary	7.6	%
Consumer Staples	4.4	%
Energy	15.5	%
Financials	20.1	%
Health Care	7.4	%
Industrials	8.8	%
Information Technology	4.0	%
Materials	3.3	%
Telecommunication Services	4.5	%
Utilities	5.6	%
Other1	18.8	%
	100.0	%

1  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Summary Schedule of Portfolio Investments :: 35

  Ultra Russell1000 Value  UVG

Valuation Information

The following is a summary of the valuation inputs used to value the Fund's investments at November 30, 2009. The inputs or methodology used for valuing investments may not be an indication of the risk associated with investing in those investments. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Note 2 to the Financial Statements.

Description	Level 1		Level 2		Total
Investment Securities:
Common Stocks	$	20,472,984	$	—	$	20,472,984
Repurchase Agreements		—		1,612,848		1,612,848
Total Investment Securities		20,472,984		1,612,848		22,085,832
Other Financial Instruments*:
Swap Agreements		—		3,620,858		3,620,858
Total Other Financial Instruments		—		3,620,858		3,620,858
Total Investments	$	20,472,984	$	5,233,706	$	25,706,690

*  These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

See accompanying notes to the financial statements.

36 :: Summary Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

UKF  Ultra Russell1000 Growth

Shares			Percentage of Net Assets			Value
		Common Stocks (a) — 78.3%
	2,760	3M Co. (Industrials)		0.8	%	$	213,734
	6,148	Abbott Laboratories (Health Care)		1.2	%		335,005
	8,227	Altria Group, Inc. (Consumer Staples)		0.6	%		154,750
	1,308	Amazon.com, Inc.* (Consumer Discretionary)		0.6	%		177,770
	4,030	Amgen, Inc.* (Health Care)		0.8	%		227,090
	3,551	Apple, Inc.* (Information Technology)		2.6	%		709,880
	2,409	Baxter International, Inc. (Health Care)		0.5	%		131,411
	4,368	Bristol-Myers Squibb Co. (Health Care)		0.4	%		110,554
	1,834	Celgene Corp.* (Health Care)		0.4	%		101,695
	22,950	Cisco Systems, Inc.* (Information Technology)		2.0	%		537,030
	7,241	Coca-Cola Co. (The) (Consumer Staples)		1.5	%		414,185
	1,990	Colgate-Palmolive Co. (Consumer Staples)		0.6	%		167,538
	5,280	Corning, Inc. (Information Technology)		0.3	%		88,070
	1,726	Costco Wholesale Corp. (Consumer Staples)		0.4	%		103,405
	6,815	Dell, Inc.* (Information Technology)		0.3	%		96,228
	2,991	Emerson Electric Co. (Industrials)		0.4	%		123,857
	1,089	Express Scripts, Inc.* (Health Care)		0.3	%		93,436
	5,010	Exxon Mobil Corp. (Energy)		1.4	%		376,101
	3,606	Gilead Sciences, Inc.* (Health Care)		0.6	%		166,056
	952	Google, Inc., Class A* (Information Technology)		2.0	%		555,016
	7,367	Hewlett-Packard Co. (Information Technology)		1.3	%		361,425
	2,961	Honeywell International, Inc. (Industrials)		0.4	%		113,910
	13,711	Intel Corp. (Information Technology)		1.0	%		263,251
	5,260	International Business Machines Corp. (Information Technology)		2.4	%		664,601
	8,485	Johnson & Johnson (Health Care)		1.9	%		533,197
	1,435	Kimberly-Clark Corp. (Consumer Staples)		0.3	%		94,667
	1,265	Lockheed Martin Corp. (Industrials)		0.4	%		97,696
	4,390	McDonald's Corp. (Consumer Discretionary)		1.0	%		277,667

Shares			Percentage of Net Assets			Value
		Common Stocks (a) (continued)
	1,920	Medco Health Solutions, Inc.* (Health Care)		0.4	%	$	121,267
	4,453	Medtronic, Inc. (Health Care)		0.7	%		188,985
	4,690	Merck & Co., Inc. (Health Care)		0.6	%		169,815
	30,667	Microsoft Corp. (Information Technology)		3.3	%		901,916
	2,170	Monsanto Co. (Materials)		0.6	%		175,227
	1,906	Newmont Mining Corp. (Materials)		0.4	%		102,238
	1,436	NIKE, Inc., Class B (Consumer Discretionary)		0.3	%		93,182
	15,208	Oracle Corp. (Information Technology)		1.2	%		335,793
	6,195	PepsiCo, Inc. (Consumer Staples)		1.4	%		385,453
	7,804	Philip Morris International, Inc. (Consumer Staples)		1.4	%		375,294
	1,220	Praxair, Inc. (Materials)		0.4	%		100,077
	7,599	Procter & Gamble Co. (The) (Consumer Staples)		1.7	%		473,798
	6,584	QUALCOMM, Inc. (Information Technology)		1.1	%		296,280
	2,163	Schlumberger Ltd. (Energy)		0.5	%		138,194
	2,994	Target Corp. (Consumer Discretionary)		0.5	%		139,401
	5,068	Texas Instruments, Inc. (Information Technology)		0.5	%		128,170
	2,753	United Parcel Service, Inc., Class B (Industrials)		0.6	%		158,215
	3,056	United Technologies Corp. (Industrials)		0.8	%		205,485
	1,788	Visa, Inc., Class A (Information Technology)		0.5	%		144,828
	3,948	Walgreen Co. (Consumer Staples)		0.6	%		153,538
	8,797	Wal-Mart Stores, Inc. (Consumer Staples)		1.7	%		479,876
	290,629	Other Common Stocks		32.7	%		9,026,031
		Total Common Stocks (Cost $17,722,395)					21,582,288
Principal Amount
		Repurchase Agreements (a) — 7.5%
$	58,013	Bank of America Corp., 0.15%, dated 11/30/09, due 12/01/09, total to be received $58,013 (b)					58,013
	116,025	Bank of America Corp., 0.16%, dated 11/30/09, due 12/01/09, total to be received $116,026 (c)					116,025

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Summary Schedule of Portfolio Investments :: 37

  Ultra Russell1000 Growth  UKF

Principal Amount			Value
		Repurchase Agreements (a) (continued)
$	348,076	Credit Suisse (USA) LLC, 0.06%, dated 11/24/09, due 12/01/09, total to be received $348,080 (d)	$	348,076
	69,760	Credit Suisse (USA) LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $69,760 (e)		69,760
	121,827	Credit Suisse (USA) LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $121,828 (f)		121,827
	232,051	ING Financial Markets LLC, 0.11%, dated 11/27/09, due 12/04/09, total to be received $232,056 (g)		232,051
	58,013	ING Financial Markets LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $58,013 (h)		58,013
	348,076	ING Financial Markets LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $348,078 (i)		348,076
	290,063	JPMorgan Chase & Co., 0.16%, dated 11/30/09, due 12/01/09, total to be received $290,064 (j)		290,063
	174,038	UBS Warburg LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $174,039 (k)		174,038
	267,806	UBS Warburg LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $267,807 (l)		267,806
		Total Repurchase Agreements (Cost $2,083,748)		2,083,748
		Total Investment Securities (Cost $19,806,143) — 85.8%		23,666,036
		Other assets in excess of liabilities — 14.2%		3,903,059
		Net Assets — 100.0%	$	27,569,095

*  Non-income producing security.

(a)  A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of 11/30/09, the aggregate amount held in a segregated account was $8,098,801.

(b)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.75% to 3.75%, due 08/15/12 to 11/15/18, which had a total value of $59,173. The investment in the repurchase agreement was through participation in a pooled account.

(c)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 0.47% to 6.50%, due 03/15/23 to 09/15/50, which had a total value of $118,346. The investment in the repurchase agreement was through participation in a pooled account.

(d)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 4.50% to 6.00%, due 12/15/37 to 11/20/39; U.S. Treasury Notes, 2.13% to 6.50%, due 02/15/10 to 02/15/18, which had a total value of $355,039. The investment in the repurchase agreement was through participation in a pooled account.

(e)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.38% to 4.88%, due 04/30/11 to 11/30/14, which had a total value of $71,155. The investment in the repurchase agreement was through participation in a pooled account.

(f)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/14/09 to 02/24/10; Federal National Mortgage Association, 0%, due 04/28/10 to 05/26/10; Government National Mortgage Association, 4.50% to 8.00%, due 09/15/24 to 10/15/39; International Bank for Reconstruction and Development, 4.75% to 5.00%, due 04/01/16 to 02/15/35, which had a total value of $124,264. The investment in the repurchase agreement was through participation in a pooled account.

(g)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Farm Credit Bank, 3.88%, due 12/17/09; Federal Home Loan Bank, 0% to 6.38%, due 12/02/09 to 11/08/22; Federal Home Loan Mortgage Corp., 1.75% to 4.88%, due 02/09/10 to 06/15/12; Federal National Mortgage Association, 2.05% to 6.13%, due 03/15/12 to 06/19/28; U.S.Treasury Bonds, 3.50% to 9.13%, due 05/15/16 to 11/15/39; U.S. Treasury Notes, 0% to 6.50%, due 12/31/09 to 01/15/28, which had a total value of $236,692. The investment in the repurchase agreement was through participation in a pooled account.

(h)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bonds, 7.25% to 9.00%, due 08/15/17 to 08/15/22, which had a total value of $59,173. The investment in the repurchase agreement was through participation in a pooled account.

(i)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.38% to 5.75%, due 01/08/10 to 09/13/24; Federal Home Loan Mortgage Corp., 1.50% to 7.00%, due 03/15/10 to 07/15/32; Federal National Mortgage Association, 2.75% to 5.00%, due 04/11/11 to 03/15/16; U.S.Treasury Bonds, 0% to 9.00%, due 02/15/10 to 08/15/39;

See accompanying notes to the financial statements.

38 :: Summary Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

UKF  Ultra Russell1000 Growth

U.S. Treasury Notes, 1.75% to 3.63%, due 01/15/25 to 04/15/32, which had a total value of $355,038. The investment in the repurchase agreement was through participation in a pooled account.

(j)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.77% to 1.76%, due 12/30/09 to 11/05/12; Federal Home Loan Mortgage Corp., 0% to 6.88%, due 12/21/09 to 08/20/12; Federal National Mortgage Association, 0% to 7.13%, due 12/15/09 to 06/18/19; U.S.Treasury Notes, 3.25% to 4.50%, due 12/31/09 to 04/30/12, which had a total value of $295,865. The investment in the repurchase agreement was through participation in a pooled account.

(k)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bills, 0%, due 12/03/09 to 09/23/10, which had a total value of $177,519. The investment in the repurchase agreement was through participation in a pooled account.

(l)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/01/09 to 08/02/10; U.S. Treasury Bills, 0%, due 12/31/09 to 02/25/10, which had a total value of $273,162. The investment in the repurchase agreement was through participation in a pooled account.

As of November 30, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	—
Aggregate gross unrealized depreciation		(3,558,574	)
Net unrealized depreciation	$	(3,558,574	)
Federal income tax cost of investments	$	27,224,610

Swap Agreements

Ultra Russell1000 Growth had the following open swap agreements as of November 30, 2009:

	Notional Amount at Value		Unrealized Appreciation/ (Depreciation)
Equity Index Swap Agreement with Credit Suisse Securities (Europe) Limited, based on the Russell 1000® Growth Index	$	5,782,956	$	1,835,744
Equity Index Swap Agreement with Deutsche Bank AG, based on the Russell 1000® Growth Index		7,163,969		(111,140	)
Equity Index Swap Agreement with Societe Generale, based on the Russell 1000® Growth Index		13,179,506		3,313,453
Equity Index Swap Agreement with UBS AG, based on the Russell 1000® Growth Index		7,511,395		(102,865	)
			$	4,935,192

Ultra Russell1000 Growth invested, as a percentage of net assets, in the following industries, as of November 30, 2009:

Consumer Discretionary	8.2	%
Consumer Staples	12.8	%
Energy	3.4	%
Financials	3.9	%
Health Care	12.6	%
Industrials	7.8	%
Information Technology	25.3	%
Materials	3.2	%
Telecommunication Services	0.4	%
Utilities	0.7	%
Other1	21.7	%
	100.0	%

1  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Summary Schedule of Portfolio Investments :: 39

  Ultra Russell1000 Growth  UKF

Valuation Information

The following is a summary of the valuation inputs used to value the Fund's investments at November 30, 2009. The inputs or methodology used for valuing investments may not be an indication of the risk associated with investing in those investments. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Note 2 to the Financial Statements.

Description	Level 1		Level 2		Total
Investment Securities:
Common Stocks	$	21,582,288	$	—	$	21,582,288
Repurchase Agreements		—		2,083,748		2,083,748
Total Investment Securities		21,582,288		2,083,748		23,666,036
Other Financial Instruments*:
Swap Agreements		—		4,935,192		4,935,192
Total Other Financial Instruments		—		4,935,192		4,935,192
Total Investments	$	21,582,288	$	7,018,940	$	28,601,228

*  These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

See accompanying notes to the financial statements.

40 :: Summary Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

UVU  Ultra Russell MidCap Value

Shares			Percentage of Net Assets			Value
		Common Stocks (a) — 84.6%
	3,121	Ameriprise Financial, Inc. (Financials)		0.5	%	$	118,973
	7,232	Annaly Capital Management, Inc. (REIT) (Financials)		0.6	%		133,141
	3,678	AON Corp. (Financials)		0.6	%		142,449
	1,841	Boston Properties, Inc. (REIT) (Financials)		0.5	%		123,310
	1,781	Bunge Ltd. (Consumer Staples)		0.5	%		110,244
	8,071	CBS Corp., Class B (Consumer Discretionary)		0.4	%		103,390
	3,942	CenturyTel, Inc. (Telecommunication Services)		0.6	%		140,296
	3,389	CIGNA Corp. (Health Care)		0.5	%		108,719
	2,013	Computer Sciences Corp.* (Information Technology)		0.5	%		111,339
	5,942	ConAgra Foods, Inc. (Consumer Staples)		0.6	%		131,853
	3,646	Consolidated Edison, Inc. (Utilities)		0.7	%		156,450
	2,477	Crown Castle International Corp.* (Telecommunication Services)		0.4	%		90,881
	7,117	Discover Financial Services (Financials)		0.5	%		110,029
	3,373	Dr. Pepper Snapple Group, Inc.* (Consumer Staples)		0.4	%		88,339
	2,177	DTE Energy Co. (Utilities)		0.4	%		87,319
	2,200	Eaton Corp. (Industrials)		0.6	%		140,580
	4,329	Edison International (Utilities)		0.6	%		147,402
	3,638	Equity Residential (REIT) (Financials)		0.5	%		117,180
	10,567	Fifth Third Bancorp (Financials)		0.4	%		106,515
	4,007	Forest Laboratories, Inc.* (Health Care)		0.5	%		122,855
	3,115	Harley-Davidson, Inc. (Consumer Discretionary)		0.4	%		90,771
	4,324	Hartford Financial Services Group, Inc. (Financials)		0.4	%		105,765
	5,742	International Paper Co. (Materials)		0.6	%		146,134
	5,080	Invesco Ltd. (Financials)		0.5	%		113,030
	2,179	ITT Corp. (Industrials)		0.5	%		112,698
	2,955	J.C. Penney Co., Inc. (Consumer Discretionary)		0.3	%		84,927
	1,573	J.M. Smucker Co. (The) (Consumer Staples)		0.4	%		92,933

Shares			Percentage of Net Assets			Value
		Common Stocks (a) (continued)
	1,549	L-3 Communications Holdings, Inc. (Industrials)		0.5	%	$	121,395
	5,588	Macy's, Inc. (Consumer Discretionary)		0.4	%		91,140
	6,422	Marsh & McLennan Cos., Inc. (Financials)		0.6	%		144,816
	2,535	Murphy Oil Corp. (Energy)		0.6	%		142,949
	2,303	Noble Energy, Inc. (Energy)		0.6	%		150,271
	2,133	Parker Hannifin Corp. (Industrials)		0.5	%		115,097
	2,186	PPG Industries, Inc. (Materials)		0.5	%		129,914
	3,707	Progress Energy, Inc. (Utilities)		0.6	%		144,907
	8,125	Progressive Corp. (The)* (Financials)		0.6	%		136,256
	2,313	Questar Corp. (Utilities)		0.4	%		91,757
	15,346	Regions Financial Corp. (Financials)		0.4	%		89,928
	5,659	Safeway, Inc. (Consumer Staples)		0.5	%		127,328
	3,246	Sempra Energy (Utilities)		0.7	%		172,492
	8,569	Spectra Energy Corp. (Energy)		0.7	%		166,324
	9,939	Sun Microsystems, Inc.* (Information Technology)		0.3	%		84,581
	6,627	SunTrust Banks, Inc. (Financials)		0.7	%		156,596
	1,904	United States Steel Corp. (Materials)		0.3	%		85,033
	2,079	Ventas, Inc. (REIT) (Financials)		0.4	%		89,251
	2,036	Vornado Realty Trust (REIT) (Financials)		0.6	%		133,277
	2,808	Weyerhaeuser Co. (Materials)		0.5	%		109,344
	6,054	Xcel Energy, Inc. (Utilities)		0.5	%		123,017
	11,490	Xerox Corp. (Information Technology)		0.4	%		88,473
	748,551	Other Common Stocks		59.9	%		14,135,132
		Total Common Stocks (Cost $15,639,467)					19,966,800
Principal Amount
		Repurchase Agreements (a) — 7.5%
$	49,015	Bank of America Corp., 0.15%, dated 11/30/09, due 12/01/09, total to be received $49,015 (b)					49,015
	98,030	Bank of America Corp., 0.16%, dated 11/30/09, due 12/01/09, total to be received $98,030 (c)					98,030

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Summary Schedule of Portfolio Investments :: 41

  Ultra Russell MidCap Value  UVU

Principal Amount			Value
		Repurchase Agreements (a) (continued)
$	294,091	Credit Suisse (USA) LLC, 0.06%, dated 11/24/09, due 12/01/09, total to be received $294,094 (d)	$	294,091
	58,940	Credit Suisse (USA) LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $58,940 (e)		58,940
	102,932	Credit Suisse (USA) LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $102,932 (f)		102,932
	196,061	ING Financial Markets LLC, 0.11%, dated 11/27/09, due 12/04/09, total to be received $196,065 (g)		196,061
	49,015	ING Financial Markets LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $49,015 (h)		49,015
	294,091	ING Financial Markets LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $294,092 (i)		294,091
	245,076	JPMorgan Chase & Co., 0.16%, dated 11/30/09, due 12/01/09, total to be received $245,077 (j)		245,076
	147,046	UBS Warburg LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $147,047 (k)		147,046
	226,273	UBS Warburg LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $226,274 (l)		226,273
		Total Repurchase Agreements (Cost $1,760,570)		1,760,570
		Total Investment Securities (Cost $17,400,037) — 92.1%		21,727,370
		Other assets in excess of liabilities — 7.9%		1,873,770
		Net Assets — 100.0%	$	23,601,140

*  Non-income producing security.

(a)  A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of 11/30/09, the aggregate amount held in a segregated account was $7,076,833.

(b)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.75% to 3.75%, due 08/15/12 to 11/15/18, which had a total value of $49,995. The investment in the repurchase agreement was through participation in a pooled account.

(c)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 0.47% to 6.50%, due 03/15/23 to 09/15/50, which had a total value of $99,991. The investment in the repurchase agreement was through participation in a pooled account.

(d)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 4.50% to 6.00%, due 12/15/37 to 11/20/39; U.S. Treasury Notes, 2.13% to 6.50%, due 02/15/10 to 02/15/18, which had a total value of $299,974. The investment in the repurchase agreement was through participation in a pooled account.

(e)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.38% to 4.88%, due 04/30/11 to 11/30/14, which had a total value of $60,119. The investment in the repurchase agreement was through participation in a pooled account.

(f)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/14/09 to 02/24/10; Federal National Mortgage Association, 0%, due 04/28/10 to 05/26/10; Government National Mortgage Association, 4.50% to 8.00%, due 09/15/24 to 10/15/39; International Bank for Reconstruction and Development, 4.75% to 5.00%, due 04/01/16 to 02/15/35, which had a total value of $104,991. The investment in the repurchase agreement was through participation in a pooled account.

(g)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Farm Credit Bank, 3.88%, due 12/17/09; Federal Home Loan Bank, 0% to 6.38%, due 12/02/09 to 11/08/22; Federal Home Loan Mortgage Corp., 1.75% to 4.88%, due 02/09/10 to 06/15/12; Federal National Mortgage Association, 2.05% to 6.13%, due 03/15/12 to 06/19/28; U.S.Treasury Bonds, 3.50% to 9.13%, due 05/15/16 to 11/15/39; U.S. Treasury Notes, 0% to 6.50%, due 12/31/09 to 01/15/28, which had a total value of $199,983. The investment in the repurchase agreement was through participation in a pooled account.

(h)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bonds, 7.25% to 9.00%, due 08/15/17 to 08/15/22, which had a total value of $49,995. The investment in the repurchase agreement was through participation in a pooled account.

(i)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.38% to 5.75%, due 01/08/10 to 09/13/24; Federal Home Loan Mortgage Corp., 1.50% to 7.00%, due 03/15/10 to 07/15/32; Federal National Mortgage Association, 2.75% to 5.00%, due 04/11/11 to 03/15/16; U.S. Treasury Bonds, 0% to 9.00%, due 02/15/10 to 08/15/39;

See accompanying notes to the financial statements.

42 :: Summary Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

UVU  Ultra Russell MidCap Value

U.S.Treasury Notes, 1.75% to 3.63%, due 01/15/25 to 04/15/32, which had a total value of $299,973. The investment in the repurchase agreement was through participation in a pooled account.

(j)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.77% to 1.76%, due 12/30/09 to 11/05/12; Federal Home Loan Mortgage Corp., 0% to 6.88%, due 12/21/09 to 08/20/12; Federal National Mortgage Association, 0% to 7.13%, due 12/15/09 to 06/18/19; U.S.Treasury Notes, 3.25% to 4.50%, due 12/31/09 to 04/30/12, which had a total value of $249,978. The investment in the repurchase agreement was through participation in a pooled account.

(k)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bills, 0%, due 12/03/09 to 09/23/10, which had a total value of $149,987. The investment in the repurchase agreement was through participation in a pooled account.

(l)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/01/09 to 08/02/10; U.S. Treasury Bills, 0%, due 12/31/09 to 02/25/10, which had a total value of $230,799. The investment in the repurchase agreement was through participation in a pooled account.

REIT  Real Estate Investment Trust

As of November 30, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	1,030,543
Aggregate gross unrealized depreciation		(259,135	)
Net unrealized appreciation	$	771,408
Federal income tax cost of investments	$	20,955,962

Swap Agreements

Ultra Russell MidCap Value had the following open swap agreements as of November 30, 2009:

	Notional Amount at Value		Unrealized Appreciation/ (Depreciation)
Equity Index Swap Agreement with Credit Suisse Securities (Europe) Limited, based on the Russell Midcap® Value Index	$	3,155,528	$	1,208,803
Equity Index Swap Agreement with Deutsche Bank AG, based on the Russell Midcap® Value Index		7,417,440		(227,750	)
Equity Index Swap Agreement with Societe Generale, based on the Russell Midcap® Value Index		5,606,880		1,697,458
Equity Index Swap Agreement with UBS AG, based on the Russell Midcap® Value Index		11,025,711		(284,990	)
			$	2,393,521

Ultra Russell MidCap Value invested, as a percentage of net assets, in the following industries, as of November 30, 2009:

Consumer Discretionary	10.4	%
Consumer Staples	5.4	%
Energy	7.8	%
Financials	23.8	%
Health Care	3.7	%
Industrials	9.2	%
Information Technology	5.7	%
Materials	6.6	%
Telecommunication Services	2.1	%
Utilities	9.9	%
Other1	15.4	%
	100.0	%

1  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Summary Schedule of Portfolio Investments :: 43

  Ultra Russell MidCap Value  UVU

Valuation Information

The following is a summary of the valuation inputs used to value the Fund's investments at November 30, 2009. The inputs or methodology used for valuing investments may not be an indication of the risk associated with investing in those investments. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Note 2 to the Financial Statements.

Description	Level 1		Level 2		Total
Investment Securities:
Common Stocks	$	19,966,800	$	—	$	19,966,800
Repurchase Agreements		—		1,760,570		1,760,570
Total Investment Securities		19,966,800		1,760,570		21,727,370
Other Financial Instruments*:
Swap Agreements		—		2,393,521		2,393,521
Total Other Financial Instruments		—		2,393,521		2,393,521
Total Investments	$	19,966,800	$	4,154,091	$	24,120,891

*  These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

See accompanying notes to the financial statements.

44 :: Summary Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

UKW  Ultra Russell MidCap Growth

Shares			Percentage of Net Assets			Value
		Common Stocks (a) — 85.9%
	6,940	AES Corp. (The)* (Utilities)		0.4	%	$	88,416
	4,431	Agilent Technologies, Inc.* (Information Technology)		0.6	%		128,145
	2,213	Amphenol Corp., Class A (Information Technology)		0.4	%		91,176
	3,762	Analog Devices, Inc. (Information Technology)		0.5	%		112,822
	1,714	Apollo Group, Inc., Class A* (Consumer Discretionary)		0.5	%		97,818
	5,514	Avon Products, Inc. (Consumer Staples)		0.9	%		188,855
	3,369	Bed Bath & Beyond, Inc.* (Consumer Discretionary)		0.6	%		125,866
	2,389	BMC Software, Inc.* (Information Technology)		0.4	%		92,526
	2,189	C.H. Robinson Worldwide, Inc. (Industrials)		0.6	%		122,015
	1,283	C.R. Bard, Inc. (Health Care)		0.5	%		105,475
	2,802	Cameron International Corp.* (Energy)		0.5	%		105,916
	2,337	Citrix Systems, Inc.* (Information Technology)		0.4	%		89,227
	1,594	Clorox Co. (Consumer Staples)		0.5	%		96,070
	4,102	Coach, Inc. (Consumer Discretionary)		0.7	%		142,545
	3,774	Cognizant Technology Solutions Corp., Class A* (Information Technology)		0.8	%		165,792
	2,333	CONSOL Energy, Inc. (Energy)		0.5	%		107,131
	891	Diamond Offshore Drilling, Inc. (Energy)		0.4	%		88,690
	3,379	Discovery Communications, Inc., Class C* (Consumer Discretionary)		0.4	%		94,747
	3,054	Ecolab, Inc. (Materials)		0.6	%		137,155
	2,743	Expeditors International of Washington, Inc. (Industrials)		0.4	%		87,584
	2,010	Fiserv, Inc.* (Information Technology)		0.4	%		92,942
	2,323	Fluor Corp. (Industrials)		0.5	%		98,681
	1,597	FMC Technologies, Inc.* (Energy)		0.4	%		86,989
	1,600	Goodrich Corp. (Industrials)		0.4	%		94,944
	4,388	H&R Block, Inc. (Consumer Discretionary)		0.4	%		89,076
	3,292	H. J. Heinz Co. (Consumer Staples)		0.7	%		139,745
	2,073	Hospira, Inc.* (Health Care)		0.5	%		97,327

Shares			Percentage of Net Assets			Value
		Common Stocks (a) (continued)
	940	IntercontinentalExchange, Inc.* (Financials)		0.5	%	$	100,383
	4,173	Intuit, Inc.* (Information Technology)		0.6	%		121,893
	489	Intuitive Surgical, Inc.* (Health Care)		0.6	%		137,184
	1,399	Laboratory Corp. of America Holdings* (Health Care)		0.5	%		102,071
	1,999	Life Technologies Corp.* (Health Care)		0.5	%		99,510
	1,918	Lorillard, Inc. (Consumer Staples)		0.7	%		149,431
	5,987	Marvell Technology Group Ltd.* (Information Technology)		0.4	%		92,320
	4,063	McGraw-Hill Cos., Inc. (The) (Consumer Discretionary)		0.6	%		121,727
	4,298	NetApp, Inc.* (Information Technology)		0.6	%		132,464
	7,055	NVIDIA Corp.* (Information Technology)		0.4	%		92,138
	4,157	Paychex, Inc. (Information Technology)		0.6	%		130,322
	4,857	PPL Corp. (Utilities)		0.7	%		148,236
	1,810	Precision Castparts Corp. (Industrials)		0.9	%		187,661
	538	priceline.com, Inc.* (Consumer Discretionary)		0.5	%		115,197
	4,013	Principal Financial Group, Inc. (Financials)		0.5	%		101,890
	1,737	Public Storage (REIT) (Financials)		0.7	%		138,230
	2,006	Quest Diagnostics, Inc. (Health Care)		0.6	%		116,228
	2,046	Rockwell Collins, Inc. (Industrials)		0.5	%		109,379
	1,399	Salesforce.com, Inc.* (Information Technology)		0.4	%		87,689
	3,300	T. Rowe Price Group, Inc. (Financials)		0.8	%		161,469
	5,338	TJX Cos., Inc. (Consumer Discretionary)		1.0	%		204,872
	2,594	Western Digital Corp.* (Information Technology)		0.5	%		95,563
	478,051	Other Common Stocks		58.9	%		12,451,245
		Total Common Stocks (Cost $14,408,770)					18,164,777
Principal Amount
		Repurchase Agreements (a) — 7.0%
$	40,921	Bank of America Corp., 0.15%, dated 11/30/09, due 12/01/09, total to be received $40,921 (b)					40,921

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Summary Schedule of Portfolio Investments :: 45

  Ultra Russell MidCap Growth  UKW

Principal Amount			Value
		Repurchase Agreements (a) (continued)
$	81,843	Bank of America Corp., 0.16%, dated 11/30/09, due 12/01/09, total to be received $81,843 (c)	$	81,843
	245,529	Credit Suisse (USA) LLC, 0.06%, dated 11/24/09, due 12/01/09, total to be received $245,532 (d)		245,529
	49,208	Credit Suisse (USA) LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $49,208 (e)		49,208
	85,935	Credit Suisse (USA) LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $85,935 (f)		85,935
	163,686	ING Financial Markets LLC, 0.11%, dated 11/27/09, due 12/04/09, total to be received $163,690 (g)		163,686
	40,921	ING Financial Markets LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $40,921 (h)		40,921
	245,529	ING Financial Markets LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $245,530 (i)		245,529
	204,607	JPMorgan Chase & Co., 0.16%, dated 11/30/09, due 12/01/09, total to be received $204,608 (j)		204,607
	122,764	UBS Warburg LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $122,765 (k)		122,764
	188,908	UBS Warburg LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $188,909 (l)		188,908
		Total Repurchase Agreements (Cost $1,469,851)		1,469,851
		Total Investment Securities (Cost $15,878,621) — 92.9%		19,634,628
		Other assets in excess of liabilities — 7.1%		1,499,109
		Net Assets — 100.0%	$	21,133,737

*  Non-income producing security.

(a)  A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of 11/30/09, the aggregate amount held in a segregated account was $5,546,980.

(b)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.75% to 3.75%, due 08/15/12 to 11/15/18, which had a total value of $41,739. The investment in the repurchase agreement was through participation in a pooled account.

(c)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 0.47% to 6.50%, due 03/15/23 to 09/15/50, which had a total value of $83,480. The investment in the repurchase agreement was through participation in a pooled account.

(d)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 4.50% to 6.00%, due 12/15/37 to 11/20/39; U.S. Treasury Notes, 2.13% to 6.50%, due 02/15/10 to 02/15/18, which had a total value of $250,440. The investment in the repurchase agreement was through participation in a pooled account.

(e)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.38% to 4.88%, due 04/30/11 to 11/30/14, which had a total value of $50,192. The investment in the repurchase agreement was through participation in a pooled account.

(f)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/14/09 to 02/24/10; Federal National Mortgage Association, 0%, due 04/28/10 to 05/26/10; Government National Mortgage Association, 4.50% to 8.00%, due 09/15/24 to 10/15/39; International Bank for Reconstruction and Development, 4.75% to 5.00%, due 04/01/16 to 02/15/35, which had a total value of $87,654. The investment in the repurchase agreement was through participation in a pooled account.

(g)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Farm Credit Bank, 3.88%, due 12/17/09; Federal Home Loan Bank, 0% to 6.38%, due 12/02/09 to 11/08/22; Federal Home Loan Mortgage Corp., 1.75% to 4.88%, due 02/09/10 to 06/15/12; Federal National Mortgage Association, 2.05% to 6.13%, due 03/15/12 to 06/19/28; U.S.Treasury Bonds, 3.50% to 9.13%, due 05/15/16 to 11/15/39; U.S. Treasury Notes, 0% to 6.50%, due 12/31/09 to 01/15/28, which had a total value of $166,960. The investment in the repurchase agreement was through participation in a pooled account.

(h)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bonds, 7.25% to 9.00%, due 08/15/17 to 08/15/22, which had a total value of $41,739. The investment in the repurchase agreement was through participation in a pooled account.

(i)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.38% to 5.75%, due 01/08/10 to 09/13/24; Federal Home Loan Mortgage Corp., 1.50% to 7.00%, due 03/15/10 to 07/15/32; Federal National Mortgage Association, 2.75% to 5.00%, due 04/11/11 to 03/15/16;

See accompanying notes to the financial statements.

46 :: Summary Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

UKW  Ultra Russell MidCap Growth

U.S. Treasury Bonds, 0% to 9.00%, due 02/15/10 to 08/15/39; U.S. Treasury Notes, 1.75% to 3.63%, due 01/15/25 to 04/15/32, which had a total value of $250,440. The investment in the repurchase agreement was through participation in a pooled account.

(j)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.77% to 1.76%, due 12/30/09 to 11/05/12; Federal Home Loan Mortgage Corp., 0% to 6.88%, due 12/21/09 to 08/20/12; Federal National Mortgage Association, 0% to 7.13%, due 12/15/09 to 06/18/19; U.S.Treasury Notes, 3.25% to 4.50%, due 12/31/09 to 04/30/12, which had a total value of $208,700. The investment in the repurchase agreement was through participation in a pooled account.

(k)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bills, 0%, due 12/03/09 to 09/23/10, which had a total value of $125,220. The investment in the repurchase agreement was through participation in a pooled account.

(l)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/01/09 to 08/02/10; U.S. Treasury Bills, 0%, due 12/31/09 to 02/25/10, which had a total value of $192,686. The investment in the repurchase agreement was through participation in a pooled account.

REIT  Real Estate Investment Trust

As of November 30, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	708,246
Aggregate gross unrealized depreciation		(449,341	)
Net unrealized appreciation	$	258,905
Federal income tax cost of investments	$	19,375,723

Swap Agreements

Ultra Russell MidCap Growth had the following open swap agreements as of November 30, 2009:

	Notional Amount at Value		Unrealized Appreciation/ (Depreciation)
Equity Index Swap Agreement with Credit Suisse Securities (Europe) Limited, based on the Russell Midcap® Growth Index	$	2,984,752	$	1,008,469
Equity Index Swap Agreement with Deutsche Bank AG, based on the Russell Midcap® Growth Index		7,644,850		(299,482	)
Equity Index Swap Agreement with Societe Generale, based on the Russell Midcap® Growth Index		6,052,027		1,598,117
Equity Index Swap Agreement with UBS AG, based on the Russell Midcap® Growth Index		7,400,373		(265,155	)
			$	2,041,949

Ultra Russell MidCap Growth invested, as a percentage of net assets, in the following industries, as of November 30, 2009:

Consumer Discretionary	15.4	%
Consumer Staples	6.4	%
Energy	4.7	%
Financials	7.6	%
Health Care	11.7	%
Industrials	12.5	%
Information Technology	19.8	%
Materials	4.3	%
Telecommunication Services	0.9	%
Utilities	2.6	%
Other1	14.1	%
	100.0	%

1  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Summary Schedule of Portfolio Investments :: 47

  Ultra Russell MidCap Growth  UKW

Valuation Information

The following is a summary of the valuation inputs used to value the Fund's investments at November 30, 2009. The inputs or methodology used for valuing investments may not be an indication of the risk associated with investing in those investments. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Note 2 to the Financial Statements.

Description	Level 1		Level 2		Total
Investment Securities:
Common Stocks	$	18,164,777	$	—	$	18,164,777
Repurchase Agreements		—		1,469,851		1,469,851
Total Investment Securities		18,164,777		1,469,851		19,634,628
Other Financial Instruments*:
Swap Agreements		—		2,041,949		2,041,949
Total Other Financial Instruments		—		2,041,949		2,041,949
Total Investments	$	18,164,777	$	3,511,800	$	21,676,577

*  These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

See accompanying notes to the financial statements.

48 :: Summary Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

UVT  Ultra Russell2000 Value

Shares			Percentage of Net Assets			Value
		Common Stocks (a) — 81.8%
	1,662	American Campus Communities, Inc. (REIT) (Financials)		0.3	%	$	44,791
	5,189	Apollo Investment Corp. (Financials)		0.3	%		49,918
	2,921	Assured Guaranty Ltd. (Financials)		0.4	%		66,248
	3,121	BioMed Realty Trust, Inc. (REIT) (Financials)		0.3	%		42,726
	1,527	Brady Corp., Class A (Industrials)		0.3	%		45,321
	847	CACI International, Inc., Class A* (Information Technology)		0.2	%		39,318
	4,392	CBL & Associates Properties, Inc. (REIT) (Financials)		0.2	%		40,670
	1,924	Cleco Corp. (Utilities)		0.3	%		49,100
	2,400	Coeur d'Alene Mines Corp.* (Materials)		0.3	%		54,744
	1,440	Curtiss-Wright Corp. (Industrials)		0.2	%		40,982
	4,555	Developers Diversified Realty Corp. (REIT) (Financials)		0.3	%		46,097
	1,323	Domtar Corp.* (Materials)		0.4	%		74,644
	46,630	E*Trade Financial Corp.* (Financials)		0.5	%		76,473
	2,921	East West Bancorp, Inc. (Financials)		0.3	%		42,617
	2,626	FirstMerit Corp. (Financials)		0.3	%		55,015
	1,887	Healthcare Realty Trust, Inc. (REIT) (Financials)		0.3	%		41,684
	7,536	Hecla Mining Co.* (Materials)		0.3	%		49,813
	2,257	Highwoods Properties, Inc. (REIT) (Financials)		0.4	%		69,087
	1,046	Home Properties, Inc. (REIT) (Financials)		0.3	%		46,997
	1,501	IDACORP, Inc. (Utilities)		0.3	%		44,385
	8,065	JetBlue Airways Corp.* (Industrials)		0.3	%		44,438
	2,718	Jones Apparel Group, Inc. (Consumer Discretionary)		0.3	%		46,070
	1,375	Kilroy Realty Corp. (REIT) (Financials)		0.2	%		41,429
	1,126	Magellan Health Services, Inc.* (Health Care)		0.2	%		41,403
	1,620	Medicis Pharmaceutical Corp., Class A (Health Care)		0.2	%		38,216
	8,928	MFA Financial, Inc. (REIT) (Financials)		0.4	%		67,585
	2,747	Montpelier Re Holdings Ltd. (Financials)		0.3	%		45,985
	1,443	Moog, Inc., Class A* (Industrials)		0.2	%		38,110

Shares			Percentage of Net Assets			Value
		Common Stocks (a) (continued)
	2,945	MPS Group, Inc.* (Industrials)		0.2	%	$	40,199
	2,546	National Retail Properties, Inc. (REIT) (Financials)		0.3	%		51,022
	1,127	New Jersey Resources Corp. (Utilities)		0.2	%		39,704
	3,399	NewAlliance Bancshares, Inc. (Financials)		0.2	%		40,040
	1,439	Nicor, Inc. (Utilities)		0.3	%		56,351
	1,345	Nordic American Tanker Shipping (Energy)		0.3	%		43,000
	2,137	Omega Healthcare Investors, Inc. (REIT) (Financials)		0.2	%		38,658
	2,196	Piedmont Natural Gas Co., Inc. (Utilities)		0.3	%		52,045
	1,628	Platinum Underwriters Holdings Ltd. (Financials)		0.3	%		57,452
	2,392	Portland General Electric Co. (Utilities)		0.3	%		46,907
	1,055	ProAssurance Corp.* (Financials)		0.3	%		56,179
	1,467	Prosperity Bancshares, Inc. (Financials)		0.3	%		58,431
	1,140	Regal-Beloit Corp. (Industrials)		0.3	%		54,104
	1,551	Sensient Technologies Corp. (Materials)		0.2	%		39,302
	3,788	Solutia, Inc.* (Materials)		0.2	%		40,797
	1,027	UMB Financial Corp. (Financials)		0.2	%		40,361
	1,271	Unisys Corp.* (Information Technology)		0.2	%		40,786
	757	United Stationers, Inc.* (Industrials)		0.2	%		38,562
	1,647	Washington Real Estate Investment Trust (REIT) (Financials)		0.3	%		42,987
	1,346	WellCare Health Plans, Inc.* (Health Care)		0.3	%		44,405
	1,599	WGL Holdings, Inc. (Utilities)		0.3	%		50,337
	1,111,600	Other Common Stocks		68.1	%		11,761,475
		Total Common Stocks (Cost $12,071,314)					14,116,970
Principal Amount
		Repurchase Agreements (a) — 8.2%
$	39,704	Bank of America Corp., 0.15%, dated 11/30/09, due 12/01/09, total to be received $39,704 (b)					39,704

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Summary Schedule of Portfolio Investments :: 49

  Ultra Russell2000 Value  UVT

Principal Amount			Value
		Repurchase Agreements (a) (continued)
$	79,407	Bank of America Corp., 0.16%, dated 11/30/09, due 12/01/09, total to be received $79,407 (c)	$	79,407
	238,222	Credit Suisse (USA) LLC, 0.06%, dated 11/24/09, due 12/01/09, total to be received $238,225 (d)		238,222
	47,743	Credit Suisse (USA) LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $47,743 (e)		47,743
	83,378	Credit Suisse (USA) LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $83,378 (f)		83,378
	158,814	ING Financial Markets LLC, 0.11%, dated 11/27/09, due 12/04/09, total to be received $158,817 (g)		158,814
	39,704	ING Financial Markets LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $39,704 (h)		39,704
	238,222	ING Financial Markets LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $238,223 (i)		238,222
	198,518	JPMorgan Chase & Co., 0.16%, dated 11/30/09, due 12/01/09, total to be received $198,519 (j)		198,518
	119,111	UBS Warburg LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $119,111 (k)		119,111
	183,284	UBS Warburg LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $183,285 (l)		183,284
		Total Repurchase Agreements (Cost $1,426,107)		1,426,107
		Total Investment Securities (Cost $13,497,421) — 90.0%		15,543,077
		Other assets in excess of liabilities — 10.0%		1,720,621
		Net Assets — 100.0%	$	17,263,698

*  Non-income producing security.

(a)  A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of 11/30/09, the aggregate amount held in a segregated account was $4,431,293.

(b)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.75% to 3.75%, due 08/15/12 to 11/15/18, which had a total value of $40,498. The investment in the repurchase agreement was through participation in a pooled account.

(c)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 0.47% to 6.50%, due 03/15/23 to 09/15/50, which had a total value of $80,995. The investment in the repurchase agreement was through participation in a pooled account.

(d)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 4.50% to 6.00%, due 12/15/37 to 11/20/39; U.S. Treasury Notes, 2.13% to 6.50%, due 02/15/10 to 02/15/18, which had a total value of $242,987. The investment in the repurchase agreement was through participation in a pooled account.

(e)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.38% to 4.88%, due 04/30/11 to 11/30/14, which had a total value of $48,698. The investment in the repurchase agreement was through participation in a pooled account.

(f)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/14/09 to 02/24/10; Federal National Mortgage Association, 0%, due 04/28/10 to 05/26/10; Government National Mortgage Association, 4.50% to 8.00%, due 09/15/24 to 10/15/39; International Bank for Reconstruction and Development, 4.75% to 5.00%, due 04/01/16 to 02/15/35, which had a total value of $85,046. The investment in the repurchase agreement was through participation in a pooled account.

(g)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Farm Credit Bank, 3.88%, due 12/17/09; Federal Home Loan Bank, 0% to 6.38%, due 12/02/09 to 11/08/22; Federal Home Loan Mortgage Corp., 1.75% to 4.88%, due 02/09/10 to 06/15/12; Federal National Mortgage Association, 2.05% to 6.13%, due 03/15/12 to 06/19/28; U.S. Treasury Bonds, 3.50% to 9.13%, due 05/15/16 to 11/15/39; U.S. Treasury Notes, 0% to 6.50%, due 12/31/09 to 01/15/28, which had a total value of $161,991. The investment in the repurchase agreement was through participation in a pooled account.

(h)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bonds, 7.25% to 9.00%, due 08/15/17 to 08/15/22, which had a total value of $40,498. The investment in the repurchase agreement was through participation in a pooled account.

(i)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.38% to 5.75%, due 01/08/10 to 09/13/24; Federal Home Loan Mortgage Corp., 1.50% to 7.00%, due 03/15/10 to 07/15/32; Federal National Mortgage Association, 2.75% to 5.00%, due 04/11/11 to

See accompanying notes to the financial statements.

50 :: Summary Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

UVT  Ultra Russell2000 Value

03/15/16; U.S. Treasury Bonds, 0% to 9.00%, due 02/15/10 to 08/15/39; U.S. Treasury Notes, 1.75% to 3.63%, due 01/15/25 to 04/15/32, which had a total value of $242,987. The investment in the repurchase agreement was through participation in a pooledaccount.

(j)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.77% to 1.76%, due 12/30/09 to 11/05/12; Federal Home Loan Mortgage Corp., 0% to 6.88%, due 12/21/09 to 08/20/12; Federal National Mortgage Association, 0% to 7.13%, due 12/15/09 to 06/18/19; U.S.Treasury Notes, 3.25% to 4.50%, due 12/31/09 to 04/30/12, which had a total value of $202,489. The investment in the repurchase agreement was through participation in a pooled account.

(k)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bills, 0%, due 12/03/09 to 09/23/10, which had a total value of $121,494. The investment in the repurchase agreement was through participation in a pooledaccount.

(l)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/01/09 to 08/02/10; U.S. Treasury Bills, 0%, due 12/31/09 to 02/25/10, which had a total value of $186,950. The investment inthe repurchase agreement was through participation in a pooled account.

REIT  Real Estate Investment Trust

As of November 30, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	—
Aggregate gross unrealized depreciation		(1,877,801	)
Net unrealized depreciation	$	(1,877,801	)
Federal income tax cost of investments	$	17,420,878

Swap Agreements

Ultra Russell2000 Value had the following open swap agreements as of November 30, 2009:

	Notional Amount at Value		Unrealized Appreciation/ (Depreciation)
Equity Index Swap Agreement with Credit Suisse Securities (Europe) Limited, based on the Russell 2000® Value Index	$	2,970,489	$	1,019,165
Equity Index Swap Agreement with Deutsche Bank AG, based on the Russell 2000® Value Index		5,820,705		(241,241	)
Equity Index Swap Agreement with Societe Generale, based on the Russell 2000® Value Index		6,513,239		1,604,778
Equity Index Swap Agreement with UBS AG, based on the Russell 2000® Value Index		5,087,434		(179,535	)
			$	2,203,167

Ultra Russell2000 Value invested, as a percentage of net assets, in the following industries, as of November 30, 2009:

Consumer Discretionary	9.3	%
Consumer Staples	2.4	%
Energy	4.8	%
Financials	28.0	%
Health Care	4.0	%
Industrials	13.7	%
Information Technology	8.5	%
Materials	5.6	%
Telecommunication Services	0.4	%
Utilities	5.1	%
Other1	18.2	%
	100.0	%

1  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Summary Schedule of Portfolio Investments :: 51

  Ultra Russell2000 Value  UVT

Valuation Information

The following is a summary of the valuation inputs used to value the Fund's investments at November 30, 2009. The inputs or methodology used for valuing investments may not be an indication of the risk associated with investing in those investments. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Note 2 to the Financial Statements.

Description	Level 1		Level 2		Total
Investment Securities:
Common Stocks	$	14,116,925	$	45	$	14,116,970
Repurchase Agreements		—		1,426,107		1,426,107
Total Investment Securities		14,116,925		1,426,152		15,543,077
Other Financial Instruments*:
Swap Agreements		—		2,203,167		2,203,167
Total Other Financial Instruments		—		2,203,167		2,203,167
Total Investments	$	14,116,925	$	3,629,319	$	17,746,244

*  These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

See accompanying notes to the financial statements.

52 :: Summary Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

UKK  Ultra Russell2000 Growth

Shares			Percentage of Net Assets			Value
		Common Stocks (a) — 85.1%
	15,332	3Com Corp.* (Information Technology)		0.5	%	$	112,997
	3,567	American Medical Systems Holdings, Inc.* (Health Care)		0.3	%		62,672
	2,098	American Superconductor Corp.* (Industrials)		0.3	%		69,654
	2,557	AMERIGROUP Corp.* (Health Care)		0.3	%		60,626
	1,845	Arena Resources, Inc.* (Energy)		0.3	%		75,442
	1,617	athenahealth, Inc.* (Health Care)		0.3	%		67,752
	2,952	Atheros Communications, Inc.* (Information Technology)		0.3	%		84,043
	2,235	Auxilium Pharmaceuticals, Inc.* (Health Care)		0.3	%		77,934
	2,630	Bally Technologies, Inc.* (Consumer Discretionary)		0.5	%		109,224
	1,530	Blackboard, Inc.* (Information Technology)		0.3	%		63,847
	1,773	Catalyst Health Solutions, Inc.* (Health Care)		0.3	%		60,300
	1,922	Concur Technologies, Inc.* (Information Technology)		0.3	%		71,229
	853	Dionex Corp.* (Health Care)		0.2	%		59,804
	1,404	Dril-Quip, Inc.* (Energy)		0.3	%		75,830
	2,267	Fossil, Inc.* (Consumer Discretionary)		0.3	%		69,937
	1,238	Haemonetics Corp.* (Health Care)		0.3	%		66,084
	4,266	HealthSouth Corp.* (Health Care)		0.3	%		74,826
	7,864	Human Genome Sciences, Inc.* (Health Care)		0.9	%		218,776
	3,405	Immucor, Inc.* (Health Care)		0.3	%		62,822
	4,212	Informatica Corp.* (Information Technology)		0.4	%		94,559
	2,430	J. Crew Group, Inc.* (Consumer Discretionary)		0.4	%		103,980
	4,048	Jack Henry & Associates, Inc. (Information Technology)		0.4	%		92,497
	2,451	Masimo Corp.* (Health Care)		0.3	%		64,608
	1,247	MercadoLibre, Inc.* (Information Technology)		0.3	%		61,552
	3,924	Microsemi Corp.* (Information Technology)		0.2	%		59,763
	2,388	Nu Skin Enterprises, Inc., Class A (Consumer Staples)		0.3	%		63,951

Shares			Percentage of Net Assets			Value
		Common Stocks (a) (continued)
	2,980	Onyx Pharmaceuticals, Inc.* (Health Care)		0.4	%	$	85,258
	1,609	Owens & Minor, Inc. (Health Care)		0.3	%		62,413
	7,063	Palm, Inc.* (Information Technology)		0.3	%		77,057
	5,598	Parametric Technology Corp.* (Information Technology)		0.3	%		84,306
	1,480	Polaris Industries, Inc. (Consumer Discretionary)		0.3	%		64,572
	1,140	Quality Systems, Inc. (Health Care)		0.3	%		67,819
	3,210	Rackspace Hosting, Inc.* (Information Technology)		0.2	%		59,417
	1,621	Rock-Tenn Co., Class A (Materials)		0.3	%		73,221
	8,090	Skyworks Solutions, Inc.* (Information Technology)		0.4	%		99,588
	3,359	Solera Holdings, Inc. (Information Technology)		0.5	%		117,431
	1,893	Starent Networks Corp.* (Information Technology)		0.3	%		65,290
	2,826	STERIS Corp. (Health Care)		0.4	%		91,308
	1,454	Stifel Financial Corp.* (Financials)		0.3	%		78,109
	3,619	Tempur-Pedic International, Inc.* (Consumer Discretionary)		0.3	%		77,989
	2,908	Tetra Tech, Inc.* (Industrials)		0.3	%		76,597
	2,728	Thoratec Corp.* (Health Care)		0.3	%		81,267
	1,733	Tractor Supply Co.* (Consumer Discretionary)		0.3	%		80,914
	3,025	Tupperware Brands Corp. (Consumer Discretionary)		0.6	%		140,814
	2,213	Warnaco Group, Inc. (The)* (Consumer Discretionary)		0.4	%		90,091
	1,688	Watson Wyatt Worldwide, Inc., Class A (Industrials)		0.3	%		69,782
	1,583	West Pharmaceutical Services, Inc. (Health Care)		0.3	%		61,025
	2,376	Wolverine World Wide, Inc. (Consumer Discretionary)		0.3	%		60,754
	1,423	World Fuel Services Corp. (Energy)		0.3	%		75,675
	1,401,987	Other Common Stocks		68.5	%		16,187,451
		Total Common Stocks (Cost $17,411,453)					20,112,857

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Summary Schedule of Portfolio Investments :: 53

  Ultra Russell2000 Growth  UKK

No. of Warrants			Percentage of Net Assets			Value
		Warrants — 0.0%
	18	GreenHunter Energy, Inc., expiring 08/27/11 at $27.50 *		0.0	%	$	—
		Total Warrants (Cost $—)					—
Principal Amount
		Repurchase Agreements (a) — 8.7%
$	57,638	Bank of America Corp., 0.15%, dated 11/30/09, due 12/01/09, total to be received $57,638 (b)					57,638
	115,275	Bank of America Corp., 0.16%, dated 11/30/09, due 12/01/09, total to be received $115,276 (c)					115,275
	345,825	Credit Suisse (USA) LLC, 0.06%, dated 11/24/09, due 12/01/09, total to be received $345,829 (d)					345,825
	69,309	Credit Suisse (USA) LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $69,309 (e)					69,309
	121,039	Credit Suisse (USA) LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $121,040 (f)					121,039
	230,550	ING Financial Markets LLC, 0.11%, dated 11/27/09, due 12/04/09, total to be received $230,555 (g)					230,550
	57,638	ING Financial Markets LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $57,638 (h)					57,638
	345,825	ING Financial Markets LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $345,827 (i)					345,825
	288,188	JPMorgan Chase & Co., 0.16%, dated 11/30/09, due 12/01/09, total to be received $288,189 (j)					288,188
	172,913	UBS Warburg LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $172,914 (k)					172,913
	266,074	UBS Warburg LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $266,075 (l)					266,074
		Total Repurchase Agreements (Cost $2,070,274)					2,070,274
		Total Investment Securities (Cost $19,481,727) — 93.8%					22,183,131
		Other assets in excess of liabilities — 6.2%					1,461,107
		Net Assets — 100.0%				$	23,644,238

*  Non-income producing security.

(a)  A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of 11/30/09, the aggregate amount held in a segregated account was $8,257,378.

(b)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.75% to 3.75%, due 08/15/12 to 11/15/18, which had a total value of $58,791. The investment in the repurchase agreement was through participation in a pooled account.

(c)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 0.47% to 6.50%, due 03/15/23 to 09/15/50, which had a total value of $117,581. The investment in the repurchase agreement was through participation in a pooled account.

(d)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 4.50% to 6.00%, due 12/15/37 to 11/20/39; U.S. Treasury Notes, 2.13% to 6.50%, due 02/15/10 to 02/15/18, which had a total value of $352,743. The investment in the repurchase agreement was through participation in a pooled account.

(e)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.38% to 4.88%, due 04/30/11 to 11/30/14, which had a total value of $70,695. The investment in the repurchase agreement was through participation in a pooled account.

(f)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/14/09 to 02/24/10; Federal National Mortgage Association, 0%, due 04/28/10 to 05/26/10; Government National Mortgage Association, 4.50% to 8.00%, due 09/15/24 to 10/15/39; International Bank for Reconstruction and Development, 4.75% to 5.00%, due 04/01/16 to 02/15/35, which had a total value of $123,461. The investment in the repurchase agreement was through participation in a pooled account.

(g)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Farm Credit Bank, 3.88%, due 12/17/09; Federal Home Loan Bank, 0% to 6.38%, due 12/02/09 to 11/08/22; Federal Home Loan Mortgage Corp., 1.75% to 4.88%, due 02/09/10 to 06/15/12; Federal National Mortgage Association, 2.05% to 6.13%, due 03/15/12 to 06/19/28; U.S. Treasury Bonds, 3.50% to 9.13%, due 05/15/16 to 11/15/39; U.S. Treasury Notes, 0% to 6.50%, due 12/31/09 to 01/15/28, which had a total value of $235,161. The investment in the repurchase agreement was through participation in a pooled account.

(h)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bonds, 7.25% to 9.00%, due 08/15/17 to 08/15/22, which had a total value of $58,791. The investment in the repurchase agreement was through participation in a pooled account.

See accompanying notes to the financial statements.

54 :: Summary Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

UKK  Ultra Russell2000 Growth

(i)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.38% to 5.75%, due 01/08/10 to 09/13/24; Federal Home Loan Mortgage Corp., 1.50% to 7.00%, due 03/15/10 to 07/15/32; Federal National Mortgage Association, 2.75% to 5.00%, due 04/11/11 to 03/15/16; U.S. Treasury Bonds, 0% to 9.00%, due 02/15/10 to 08/15/39; U.S. Treasury Notes, 1.75% to 3.63%, due 01/15/25 to 04/15/32, which had a total value of $352,742. The investment in the repurchase agreement was through participation in a pooledaccount.

(j)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.77% to 1.76%, due 12/30/09 to 11/05/12; Federal Home Loan Mortgage Corp., 0% to 6.88%, due 12/21/09 to 08/20/12; Federal National Mortgage Association, 0% to 7.13%, due 12/15/09 to 06/18/19; U.S. Treasury Notes, 3.25% to 4.50%, due 12/31/09 to 04/30/12, which had a total value of $293,952. The investment in the repurchase agreement was through participation in a pooled account.

(k)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bills, 0%, due 12/03/09 to 09/23/10, which had a total value of $176,372. The investment in the repurchase agreement was through participation in a pooledaccount.

(l)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/01/09 to 08/02/10; U.S. Treasury Bills, 0%, due 12/31/09 to 02/25/10, which had a total value of $271,396. The investment in the repurchase agreement was through participation in a pooledaccount.

As of November 30, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	978,913
Aggregate gross unrealized depreciation		(1,560,134	)
Net unrealized depreciation	$	(581,221	)
Federal income tax cost of investments	$	22,764,352

Swap Agreements

Ultra Russell2000 Growth had the following open swap agreements as of November 30, 2009:

	Notional Amount at Value		Unrealized Appreciation/ (Depreciation)
Equity Index Swap Agreement with Credit Suisse Securities (Europe) Limited, based on Russell 2000 Growth® Index	$	4,391,007	$	1,419,447
Equity Index Swap Agreement with Deutsche Bank AG, based on Russell 2000 Growth® Index		7,040,290		(395,955	)
Equity Index Swap Agreement with Societe Generale, based on Russell 2000 Growth® Index		7,802,501		1,837,400
Equity Index Swap Agreement with UBS AG, based on Russell 2000 Growth® Index		7,917,121		(389,780	)
			$	2,471,112

Ultra Russell2000 Growth invested, as a percentage of net assets, in the following industries, as of November 30, 2009:

Consumer Discretionary	13.8	%
Consumer Staples	3.5	%
Energy	3.5	%
Financials	5.1	%
Health Care	20.5	%
Industrials	12.4	%
Information Technology	22.7	%
Materials	2.1	%
Telecommunication Services	1.3	%
Utilities	0.2	%
Other1	14.9	%
	100.0	%

1  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Summary Schedule of Portfolio Investments :: 55

  Ultra Russell2000 Growth  UKK

Valuation Information

The following is a summary of the valuation inputs used to value the Fund's investments at November 30, 2009. The inputs or methodology used for valuing investments may not be an indication of the risk associated with investing in those investments. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Note 2 to the Financial Statements.

Description	Level 1		Level 2		Total
Investment Securities:
Common Stocks	$	20,112,834	$	23	$	20,112,857
Rights/Warrants		—		—		—
Repurchase Agreements		—		2,070,274		2,070,274
Total Investment Securities		20,112,834		2,070,297		22,183,131
Other Financial Instruments*:
Swap Agreements		—		2,471,112		2,471,112
Total Other Financial Instruments		—		2,471,112		2,471,112
Total Investments	$	20,112,834	$	4,541,409	$	24,654,243

*  These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

See accompanying notes to the financial statements.

56 :: Summary Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

UYM  Ultra Basic Materials

Shares			Value
		Common Stocks (a) — 55.8%
		Chemicals — 28.9%
	14,412	A. Schulman, Inc.	$	235,204
	121,656	Air Products & Chemicals, Inc.		10,088,932
	43,019	Airgas, Inc.		1,989,629
	56,343	Albemarle Corp.		1,901,576
	41,060	Ashland, Inc.		1,475,286
	31,062	Cabot Corp.		712,252
	33,316	Calgon Carbon Corp.*		466,091
	88,393	Celanese Corp., Class A		2,630,576
	34,736	CF Industries Holdings, Inc.		2,965,065
	29,872	Cytec Industries, Inc.		1,015,050
	704,845	Dow Chemical Co. (The)		19,580,594
	522,079	E.I. du Pont de Nemours & Co.		18,053,492
	42,101	Eastman Chemical Co.		2,531,112
	145,749	Ecolab, Inc.		6,545,588
	44,796	FMC Corp.		2,508,128
	29,856	H.B. Fuller Co.		607,868
	101,001	Huntsman Corp.		961,529
	48,429	International Flavors & Fragrances, Inc.		1,972,029
	26,253	Intrepid Potash, Inc.*		799,141
	41,455	Lubrizol Corp.		3,006,317
	11,554	Minerals Technologies, Inc.		610,513
	91,723	Mosaic Co. (The)		4,994,317
	6,726	NewMarket Corp.		704,347
	42,493	Olin Corp.		712,608
	18,939	OM Group, Inc.*		580,101
	101,962	PPG Industries, Inc.		6,059,602
	190,086	Praxair, Inc.		15,592,754
	31,291	Rockwood Holdings, Inc.*		704,360
	79,332	RPM International, Inc.		1,554,907
	30,026	Sensient Technologies Corp.		760,859
	64,482	Sigma-Aldrich Corp.		3,439,470
	73,360	Solutia, Inc.*		790,087
	61,453	Terra Industries, Inc.		2,370,857
	57,289	Valspar Corp.		1,502,118
	37,143	WR Grace & Co.*		849,089
				121,271,448
		Commercial Services & Supplies — 0.6%
	69,493	Avery Dennison Corp.		2,610,157
		Industrial Conglomerates — 0.0%
	14,962	Tredegar Corp.		215,602
		Metals & Mining — 19.4%
	67,343	AK Steel Holding Corp.		1,346,860
	599,584	Alcoa, Inc.		7,506,792
	56,534	Allegheny Technologies, Inc.		1,923,852

Shares			Value
		Common Stocks (a) (continued)
	27,178	Carpenter Technology Corp.	$	629,986
	80,732	Cliffs Natural Resources, Inc.		3,557,052
	46,476	Coeur d'Alene Mines Corp.*		1,060,117
	69,229	Commercial Metals Co.		1,100,741
	19,964	Compass Minerals International, Inc.		1,299,457
	253,775	Freeport-McMoRan Copper & Gold, Inc.*		21,012,570
	145,754	Hecla Mining Co.*		963,434
	9,556	Kaiser Aluminum Corp.		369,244
	294,330	Newmont Mining Corp.		15,787,861
	175,613	Nucor Corp.		7,447,747
	39,484	Reliance Steel & Aluminum Co.		1,614,106
	24,915	Royal Gold, Inc.		1,340,925
	17,965	RTI International Metals, Inc.*		355,887
	130,558	Southern Copper Corp.		4,548,641
	132,619	Steel Dynamics, Inc.		2,243,913
	52,735	Titanium Metals Corp.		515,221
	88,335	United States Steel Corp.		3,945,041
	32,591	Walter Energy, Inc.		2,235,743
	39,642	Worthington Industries, Inc.		464,208
				81,269,398
		Oil, Gas & Consumable Fuels — 5.0%
	96,509	Alpha Natural Resources, Inc.*		3,570,833
	100,144	Arch Coal, Inc.		2,089,004
	111,336	CONSOL Energy, Inc.		5,112,549
	52,689	Massey Energy Co.		1,984,268
	47,429	Patriot Coal Corp.*		581,005
	164,346	Peabody Energy Corp.		7,306,823
	69,249	USEC, Inc.*		253,452
				20,897,934
		Paper & Forest Products — 1.9%
	25,843	Domtar Corp.*		1,458,062
	245,043	International Paper Co.		6,236,344
	30,378	Wausau Paper Corp.		308,337
				8,002,743
		Total Common Stocks (Cost $140,701,718)		234,267,282
Principal Amount
		Repurchase Agreements (a) — 9.5%
$	1,106,518	Bank of America Corp., 0.15%, dated 11/30/09, due 12/01/09, total to be received $1,106,523 (b)		1,106,518
	2,213,035	Bank of America Corp., 0.16%, dated 11/30/09, due 12/01/09, total to be received $2,213,045 (c)		2,213,035

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Schedule of Portfolio Investments :: 57

  Ultra Basic Materials  UYM

Principal Amount			Value
		Repurchase Agreements (a) (continued)
$	6,639,105	Credit Suisse (USA) LLC, 0.06%, dated 11/24/09, due 12/01/09, total to be received $6,639,182 (d)	$	6,639,105
	1,330,579	Credit Suisse (USA) LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $1,330,585 (e)		1,330,579
	2,323,687	Credit Suisse (USA) LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $2,323,697 (f)		2,323,687
	4,426,070	ING Financial Markets LLC, 0.11%, dated 11/27/09, due 12/04/09, total to be received $4,426,165 (g)		4,426,070
	1,106,518	ING Financial Markets LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $1,106,523 (h)		1,106,518
	6,639,105	ING Financial Markets LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $6,639,135 (i)		6,639,105
	5,532,588	JPMorgan Chase & Co., 0.16%, dated 11/30/09, due 12/01/09, total to be received $5,532,613 (j)		5,532,588
	3,319,553	UBS Warburg LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $3,319,567 (k)		3,319,553
	5,108,065	UBS Warburg LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $5,108,088 (l)		5,108,065
		Total Repurchase Agreements (Cost $39,744,823)		39,744,823
		Total Investment Securities (Cost $180,446,541) — 65.3%		274,012,105
		Other assets less liabilities — 34.7%		145,744,564
		Net Assets — 100.0%	$	419,756,669

*  Non-income producing security.

(a)  A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of 11/30/09, the aggregate amount held in a segregated account was $141,938,946.

(b)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.75% to 3.75%, due 08/15/12 to 11/15/18, which had a total value of $1,128,649. The investment in the repurchase agreement was through participation in a pooled account.

(c)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 0.47% to 6.50%, due 03/15/23 to 09/15/50, which had a total value of $2,257,296. The investment in the repurchase agreement was through participation in a pooled account.

(d)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 4.50% to 6.00%, due 12/15/37 to 11/20/39; U.S. Treasury Notes, 2.13% to 6.50%, due 02/15/10 to 02/15/18, which had a total value of $6,771,910. The investment in the repurchase agreement was through participation in a pooled account.

(e)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.38% to 4.88%, due 04/30/11 to 11/30/14, which had a total value of $1,357,191. The investment in the repurchase agreement was through participation in a pooled account.

(f)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/14/09 to 02/24/10; Federal National Mortgage Association, 0%, due 04/28/10 to 05/26/10; Government National Mortgage Association, 4.50% to 8.00%, due 09/15/24 to 10/15/39; International Bank for Reconstruction and Development, 4.75% to 5.00%, due 04/01/16 to 02/15/35, which had a total value of $2,370,178. The investment in the repurchase agreement was through participation in a pooled account.

(g)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Farm Credit Bank, 3.88%, due 12/17/09; Federal Home Loan Bank, 0% to 6.38%, due 12/02/09 to 11/08/22; Federal Home Loan Mortgage Corp., 1.75% to 4.88%, due 02/09/10 to 06/15/12; Federal National Mortgage Association, 2.05% to 6.13%, due 03/15/12 to 06/19/28; U.S. Treasury Bonds, 3.50% to 9.13%, due 05/15/16 to 11/15/39; U.S. Treasury Notes, 0% to 6.50%, due 12/31/09 to 01/15/28, which had a total value of $4,514,600. The investment in the repurchase agreement was through participation in a pooled account.

(h)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bonds, 7.25% to 9.00%, due 08/15/17 to 08/15/22, which had a total value of $1,128,650. The investment in the repurchase agreement was through participation in a pooled account.

(i)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.38% to 5.75%, due 01/08/10 to 09/13/24; Federal Home Loan Mortgage Corp., 1.50% to 7.00%, due 03/15/10 to 07/15/32; Federal National Mortgage Association, 2.75% to 5.00%, due 04/11/11 to 03/15/16; U.S. Treasury Bonds, 0% to 9.00%, due 02/15/10 to 08/15/39; U.S. Treasury Notes, 1.75% to 3.63%, due 01/15/25 to 04/15/32, which had a total value of $6,771,895. The investment in the repurchase agreement was through participation in a pooled account.

See accompanying notes to the financial statements.

58 :: Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

UYM  Ultra Basic Materials

(j)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.77% to 1.76%, due 12/30/09 to 11/05/12; Federal Home Loan Mortgage Corp., 0% to 6.88%, due 12/21/09 to 08/20/12; Federal National Mortgage Association, 0% to 7.13%, due 12/15/09 to 06/18/19; U.S. Treasury Notes, 3.25% to 4.50%, due 12/31/09 to 04/30/12, which had a total value of $5,643,253. The investment in the repurchase agreement was through participation in a pooled account.

(k)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bills, 0%, due 12/03/09 to 09/23/10, which had a total value of $3,385,954. The investment in the repurchase agreement was through participation in a pooled account.

(l)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/01/09 to 08/02/10; U.S. Treasury Bills, 0%, due 12/31/09 to 02/25/10, which had a total value of $5,210,234. The investment in the repurchase agreement was through participation in a pooled account.

As of November 30, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	52,313,902
Aggregate gross unrealized depreciation		(461,963	)
Net unrealized appreciation	$	51,851,939
Federal income tax cost of investments	$	222,160,166

Swap Agreements

Ultra Basic Materials had the following open swap agreements as of November 30, 2009:

	Notional Amount at Value		Unrealized Appreciation/ (Depreciation)
Equity Index Swap Agreement with Credit Suisse Securities (Europe) Limited, based on the Dow Jones U.S. Basic MaterialsSM Index	$	127,069,199	$	58,113,560
Equity Index Swap Agreement with Deutsche Bank AG, based on the Dow Jones U.S. Basic MaterialsSM Index		60,767,965		(2,557,022	)
Equity Index Swap Agreement with Societe Generale, based on the Dow Jones U.S. Basic MaterialsSM Index		247,997,020		94,376,841
Equity Index Swap Agreement with UBS AG, based on the Dow Jones U.S. Basic MaterialsSM Index		170,834,692		(4,820,807	)
			$	145,112,572

Valuation Information

The following is a summary of the valuation inputs used to value the Fund's investments at November 30, 2009. The inputs or methodology used for valuing investments may not be an indication of the risk associated with investing in those investments. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Note 2 to the Financial Statements.

Description	Level 1		Level 2		Total
Investment Securities:
Common Stocks	$	234,267,282	$	—	$	234,267,282
Repurchase Agreements		—		39,744,823		39,744,823
Total Investment Securities		234,267,282		39,744,823		274,012,105
Other Financial Instruments*:
Swap Agreements		—		145,112,572		145,112,572
Total Other Financial Instruments		—		145,112,572		145,112,572
Total Investments	$	234,267,282	$	184,857,395	$	419,124,677

*  These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Schedule of Portfolio Investments :: 59

  Ultra Consumer Goods  UGE

Shares			Value
		Common Stocks (a) — 85.6%
		Auto Components — 2.2%
	2,580	BorgWarner, Inc.	$	77,942
	1,308	Cooper Tire & Rubber Co.		23,439
	3,060	Gentex Corp.		50,857
	5,337	Goodyear Tire & Rubber Co. (The)*		73,170
	13,088	Johnson Controls, Inc.		354,031
	1,517	TRW Automotive Holdings Corp.*		33,010
	1,424	WABCO Holdings, Inc.		33,649
				646,098
		Automobiles — 2.7%
	69,946	Ford Motor Co.*		621,820
	5,174	Harley-Davidson, Inc.		150,771
	843	Thor Industries, Inc.		23,983
				796,574
		Beverages — 19.3%
	413	Brown-Forman Corp., Class A		22,095
	2,092	Brown-Forman Corp., Class B		107,048
	1,327	Central European Distribution Corp.*		36,997
	47,311	Coca-Cola Co. (The)		2,706,189
	7,075	Coca-Cola Enterprises, Inc.		139,024
	4,383	Constellation Brands, Inc., Class A*		74,993
	5,227	Dr. Pepper Snapple Group, Inc.*		136,895
	1,598	Hansen Natural Corp.*		55,882
	3,490	Molson Coors Brewing Co., Class B		157,783
	3,187	Pepsi Bottling Group, Inc.		120,947
	1,386	PepsiAmericas, Inc.		41,025
	34,792	PepsiCo, Inc.		2,164,758
				5,763,636
		Biotechnology — 0.0%
	738	Martek Biosciences Corp.*		12,841
		Chemicals — 3.4%
	12,028	Monsanto Co.		971,261
	983	Scotts Miracle-Gro Co. (The), Class A		39,251
				1,010,512
		Commercial Services & Supplies — 0.1%
	1,241	Herman Miller, Inc.		18,851
	826	HNI Corp.		20,873
				39,724
		Distributors — 0.6%
	3,544	Genuine Parts Co.		126,981
	3,106	LKQ Corp.*		54,138
				181,119

Shares			Value
		Common Stocks (a) (continued)
		Food Products — 13.4%
	13,053	Archer-Daniels-Midland Co.	$	402,163
	2,979	Bunge Ltd.		184,400
	4,867	Campbell Soup Co.		170,199
	984	Chiquita Brands International, Inc.*		16,718
	9,937	ConAgra Foods, Inc.		220,502
	1,644	Corn Products International, Inc.		46,098
	1,828	Darling International, Inc.*		13,015
	4,010	Dean Foods Co.*		63,759
	4,430	Del Monte Foods Co.		46,471
	1,905	Flowers Foods, Inc.		43,605
	933	Fresh Del Monte Produce, Inc.*		20,274
	6,887	General Mills, Inc.		468,316
	860	Green Mountain Coffee Roasters, Inc.*		54,163
	6,968	H. J. Heinz Co.		295,791
	900	Hain Celestial Group, Inc. (The)*		15,606
	3,452	Hershey Co. (The)		122,097
	1,631	Hormel Foods Corp.		61,195
	2,621	J.M. Smucker Co. (The)		154,849
	5,296	Kellogg Co.		278,464
	29,871	Kraft Foods, Inc., Class A		793,971
	454	Lancaster Colony Corp.		21,665
	2,413	McCormick & Co., Inc. (Non-Voting)		86,096
	1,252	Ralcorp Holdings, Inc.*		72,516
	14,622	Sara Lee Corp.		177,511
	2,987	Smithfield Foods, Inc.*		46,239
	513	Tootsie Roll Industries, Inc.		13,040
	702	TreeHouse Foods, Inc.*		24,479
	6,835	Tyson Foods, Inc., Class A		82,157
				3,995,359
		Household Durables — 3.6%
	1,331	Black & Decker Corp.		80,778
	6,167	D.R. Horton, Inc.		63,397
	601	Ethan Allen Interiors, Inc.		6,978
	2,638	Garmin Ltd.		78,823
	1,541	Harman International Industries, Inc.		57,957
	1,952	Jarden Corp.		53,582
	1,696	KB Home		22,981
	3,472	Leggett & Platt, Inc.		67,565
	3,201	Lennar Corp., Class A		40,557
	801	MDC Holdings, Inc.		23,782
	1,227	Mohawk Industries, Inc.*		50,405
	6,202	Newell Rubbermaid, Inc.		89,991
	130	NVR, Inc.*		87,510
	7,424	Pulte Homes, Inc.		67,855
	957	Ryland Group, Inc.		17,523
	1,569	Tempur-Pedic International, Inc.*		33,812

See accompanying notes to the financial statements.

60 :: Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

UGE  Ultra Consumer Goods

Shares			Value
		Common Stocks (a) (continued)
	2,920	Toll Brothers, Inc.*	$	56,911
	1,391	Tupperware Brands Corp.		64,751
	1,633	Whirlpool Corp.		121,103
				1,086,261
		Household Products — 20.0%
	1,556	Church & Dwight Co., Inc.		91,866
	3,075	Clorox Co.		185,330
	11,102	Colgate-Palmolive Co.		934,678
	1,542	Energizer Holdings, Inc.*		86,876
	9,228	Kimberly-Clark Corp.		608,771
	65,135	Procter & Gamble Co. (The)		4,061,167
	343	WD-40 Co.		11,028
				5,979,716
		Leisure Equipment & Products — 1.1%
	1,946	Brunswick Corp.		19,538
	1,436	Callaway Golf Co.		10,296
	5,655	Eastman Kodak Co.*		22,903
	2,790	Hasbro, Inc.		82,723
	8,030	Mattel, Inc.		156,264
	722	Polaris Industries, Inc.		31,501
	1,074	Pool Corp.		19,396
				342,621
		Machinery — 0.5%
	1,099	Briggs & Stratton Corp.		20,727
	1,277	Snap-On, Inc.		46,163
	1,738	Stanley Works (The)		84,415
				151,305
		Media — 0.2%
	1,153	Marvel Entertainment, Inc.*		60,014
		Personal Products — 2.3%
	1,947	Alberto-Culver Co.		54,808
	9,484	Avon Products, Inc.		324,827
	422	Chattem, Inc.*		27,785
	2,447	Estee Lauder Cos., Inc. (The), Class A		114,593
	1,368	Herbalife Ltd.		57,374
	709	Mead Johnson Nutrition Co., Class A		31,104
	1,242	NBTY, Inc.*		49,854
	1,139	Nu Skin Enterprises, Inc., Class A		30,502
				690,847
		Software — 1.0%
	12,824	Activision Blizzard, Inc.*		146,065
	7,151	Electronic Arts, Inc.*		120,781
	1,785	Take-Two Interactive Software, Inc.*		20,081

Shares			Value
		Common Stocks (a) (continued)
	2,408	TiVo, Inc.*	$	23,839
				310,766
		Textiles, Apparel & Luxury Goods — 3.7%
	1,259	Carter's, Inc.*		27,383
	7,057	Coach, Inc.		245,231
	293	Deckers Outdoor Corp.*		27,141
	1,049	Fossil, Inc.*		32,362
	2,085	Hanesbrands, Inc.*		50,061
	1,586	Iconix Brand Group, Inc.*		17,858
	1,897	Jones Apparel Group, Inc.		32,154
	6,003	NIKE, Inc., Class B		389,535
	1,141	Phillips-Van Heusen Corp.		45,640
	992	Timberland Co. (The), Class A*		16,566
	832	Under Armour, Inc., Class A*		21,299
	1,936	VF Corp.		140,786
	1,016	Warnaco Group, Inc. (The)*		41,361
	1,087	Wolverine World Wide, Inc.		27,795
				1,115,172
		Tobacco — 11.5%
	45,773	Altria Group, Inc.		860,990
	3,669	Lorillard, Inc.		285,852
	42,990	Philip Morris International, Inc.		2,067,389
	3,756	Reynolds American, Inc.		187,650
	552	Universal Corp.		23,686
				3,425,567
		Total Common Stocks (Cost $21,146,695)		25,608,132
Principal Amount
		Repurchase Agreements (a) — 7.4%
$	61,832	Bank of America Corp., 0.15%, dated 11/30/09, due 12/01/09, total to be received $61,832 (b)		61,832
	123,663	Bank of America Corp., 0.16%, dated 11/30/09, due 12/01/09, total to be received $123,664 (c)		123,663
	370,989	Credit Suisse (USA) LLC, 0.06%, dated 11/24/09, due 12/01/09, total to be received $370,993 (d)		370,989
	74,352	Credit Suisse (USA) LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $74,352 (e)		74,352
	129,846	Credit Suisse (USA) LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $129,847 (f)		129,846

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Schedule of Portfolio Investments :: 61

  Ultra Consumer Goods  UGE

Principal Amount			Value
		Repurchase Agreements (a) (continued)
$	247,326	ING Financial Markets LLC, 0.11%, dated 11/27/09, due 12/04/09, total to be received $247,331 (g)	$	247,326
	61,832	ING Financial Markets LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $61,832 (h)		61,832
	370,989	ING Financial Markets LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $370,991 (i)		370,989
	309,158	JPMorgan Chase & Co., 0.16%, dated 11/30/09, due 12/01/09, total to be received $309,159 (j)		309,158
	185,495	UBS Warburg LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $185,496 (k)		185,495
	285,435	UBS Warburg LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $285,436 (l)		285,435
		Total Repurchase Agreements (Cost $2,220,917)		2,220,917
		Total Investment Securities (Cost $23,367,612) — 93.0%		27,829,049
		Other assets less liabilities — 7.0%		2,100,492
		Net Assets — 100.0%	$	29,929,541

*  Non-income producing security.

(a)  A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of 11/30/09, the aggregate amount held in a segregated account was $5,708,463.

(b)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.75% to 3.75%, due 08/15/12 to 11/15/18, which had a total value of $63,069. The investment in the repurchase agreement was through participation in a pooled account.

(c)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 0.47% to 6.50%, due 03/15/23 to 09/15/50, which had a total value of $126,136. The investment in the repurchase agreement was through participation in a pooled account.

(d)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 4.50% to 6.00%, due 12/15/37 to 11/20/39; U.S. Treasury Notes, 2.13% to 6.50%, due 02/15/10 to 02/15/18, which had a total value of $378,410. The investment in the repurchase agreement was through participation in a pooled account.

(e)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.38% to 4.88%, due 04/30/11 to 11/30/14, which had a total value of $75,839. The investment in the repurchase agreement was through participation in a pooled account.

(f)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/14/09 to 02/24/10; Federal National Mortgage Association, 0%, due 04/28/10 to 05/26/10; Government National Mortgage Association, 4.50% to 8.00%, due 09/15/24 to 10/15/39; International Bank for Reconstruction and Development, 4.75% to 5.00%, due 04/01/16 to 02/15/35, which had a total value of $132,444. The investment in the repurchase agreement was through participation in a pooled account.

(g)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Farm Credit Bank, 3.88%, due 12/17/09; Federal Home Loan Bank, 0% to 6.38%, due 12/02/09 to 11/08/22; Federal Home Loan Mortgage Corp., 1.75% to 4.88%, due 02/09/10 to 06/15/12; Federal National Mortgage Association, 2.05% to 6.13%, due 03/15/12 to 06/19/28; U.S. Treasury Bonds, 3.50% to 9.13%, due 05/15/16 to 11/15/39; U.S. Treasury Notes, 0% to 6.50%, due 12/31/09 to 01/15/28, which had a total value of $252,273. The investment in the repurchase agreement was through participation in a pooled account.

(h)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bonds, 7.25% to 9.00%, due 08/15/17 to 08/15/22, which had a total value of $63,069. The investment in the repurchase agreement was through participation in a pooled account.

(i)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.38% to 5.75%, due 01/08/10 to 09/13/24; Federal Home Loan Mortgage Corp., 1.50% to 7.00%, due 03/15/10 to 07/15/32; Federal National Mortgage Association, 2.75% to 5.00%, due 04/11/11 to 03/15/16; U.S. Treasury Bonds, 0% to 9.00%, due 02/15/10 to 08/15/39; U.S. Treasury Notes, 1.75% to 3.63%, due 01/15/25 to 04/15/32, which had a total value of $378,409. The investment in the repurchase agreement was through participation in a pooled account.

(j)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.77% to 1.76%, due 12/30/09 to 11/05/12; Federal Home Loan Mortgage Corp., 0% to 6.88%, due 12/21/09 to 08/20/12; Federal National Mortgage Association, 0% to 7.13%, due 12/15/09 to 06/18/19; U.S. Treasury Notes, 3.25% to 4.50%, due 12/31/09 to 04/30/12, which had a total value of $315,342. The investment in the repurchase agreement was through participation in a pooled account.

(k)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this

See accompanying notes to the financial statements.

62 :: Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

UGE  Ultra Consumer Goods

schedule as follows: U.S. Treasury Bills, 0%, due 12/03/09 to 09/23/10, which had a total value of $189,205. The investment in the repurchase agreement was through participation in a pooled account.

(l)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/01/09 to 08/02/10; U.S. Treasury Bills, 0%, due 12/31/09 to 02/25/10, which had a total value of $291,144. The investment in the repurchase agreement was through participation in a pooled account.

As of November 30, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	2,213,103
Aggregate gross unrealized depreciation		(301,799	)
Net unrealized appreciation	$	1,911,304
Federal income tax cost of investments	$	25,917,745

Swap Agreements

Ultra Consumer Goods had the following open swap agreements as of November 30, 2009:

	Notional Amount at Value		Unrealized Appreciation/ (Depreciation)
Equity Index Swap Agreement with Credit Suisse Securities (Europe) Limited, based on the Dow Jones U.S. Consumer GoodsSM Index	$	2,776,617	$	825,543
Equity Index Swap Agreement with Deutsche Bank AG, based on the Dow Jones U.S. Consumer GoodsSM Index		15,098,146		(243,173	)
Equity Index Swap Agreement with Societe Generale, based on the Dow Jones U.S. Consumer GoodsSM Index		6,507,076		1,624,798
Equity Index Swap Agreement with UBS AG, based on the Dow Jones U.S. Consumer GoodsSM Index		10,051,337		(116,450	)
			$	2,090,718

Valuation Information

The following is a summary of the valuation inputs used to value the Fund's investments at November 30, 2009. The inputs or methodology used for valuing investments may not be an indication of the risk associated with investing in those investments. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Note 2 to the Financial Statements.

Description	Level 1		Level 2		Total
Investment Securities:
Common Stocks	$	25,608,132	$	—	$	25,608,132
Repurchase Agreements		—		2,220,917		2,220,917
Total Investment Securities		25,608,132		2,220,917		27,829,049
Other Financial Instruments*:
Swap Agreements		—		2,090,718		2,090,718
Total Other Financial Instruments		—		2,090,718		2,090,718
Total Investments	$	25,608,132	$	4,311,635	$	29,919,767

*  These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Schedule of Portfolio Investments :: 63

  Ultra Consumer Services  UCC

Shares			Percentage of Net Assets			Value
		Common Stocks (a) — 86.3%
	3,393	Amazon.com, Inc.* (Internet & Catalog Retail)		2.8	%	$	461,143
	3,266	AmerisourceBergen Corp. (Health Care Providers & Services)		0.5	%		80,638
	1,396	Apollo Group, Inc., Class A* (Diversified Consumer Services)		0.5	%		79,670
	2,879	Bed Bath & Beyond, Inc.* (Specialty Retail)		0.6	%		107,559
	3,727	Best Buy Co., Inc. (Specialty Retail)		1.0	%		159,627
	2,714	Cablevision Systems Corp., Class A (Media)		0.4	%		67,904
	3,918	Cardinal Health, Inc. (Health Care Providers & Services)		0.8	%		126,277
	4,638	Carnival Corp.* (Hotels, Restaurants & Leisure)		0.9	%		148,555
	6,420	CBS Corp., Class B (Media)		0.5	%		82,240
	22,627	Comcast Corp., Class A (Media)		2.0	%		331,938
	8,785	Comcast Corp., Special, Class A (Media)		0.7	%		121,321
	4,744	Costco Wholesale Corp. (Food & Staples Retailing)		1.7	%		284,213
	15,734	CVS Caremark Corp. (Food & Staples Retailing)		3.0	%		487,911
	8,479	Delta Air Lines, Inc.* (Airlines)		0.4	%		69,443
	10,458	DIRECTV, Class A* (Media)		2.0	%		330,784
	12,060	eBay, Inc.* (Internet Software & Services)		1.8	%		295,108
	5,574	Gap, Inc. (The) (Specialty Retail)		0.7	%		119,395
	3,720	H&R Block, Inc. (Diversified Consumer Services)		0.5	%		75,516
	18,665	Home Depot, Inc. (Specialty Retail)		3.1	%		510,674
	2,281	J.C. Penney Co., Inc. (Multiline Retail)		0.4	%		65,556
	3,156	Kohl's Corp.* (Multiline Retail)		1.0	%		167,710
	6,698	Kroger Co. (The) (Food & Staples Retailing)		0.9	%		152,313
	4,751	Las Vegas Sands Corp.* (Hotels, Restaurants & Leisure)		0.4	%		72,785

Shares			Percentage of Net Assets			Value
		Common Stocks (a) (continued)
	6,203	Liberty Media Corp. - Interactive, Class A* (Internet & Catalog Retail)		0.4	%	$	66,000
	16,073	Lowe's Cos., Inc. (Specialty Retail)		2.1	%		350,552
	4,614	Macy's, Inc. (Multiline Retail)		0.5	%		75,254
	3,423	Marriott International, Inc., Class A (Hotels, Restaurants & Leisure)		0.5	%		88,030
	11,993	McDonald's Corp. (Hotels, Restaurants & Leisure)		4.6	%		758,557
	3,455	McGraw-Hill Cos., Inc. (The) (Media)		0.6	%		103,512
	2,953	McKesson Corp. (Health Care Providers & Services)		1.1	%		183,145
	19,945	News Corp., Class A (Media)		1.4	%		228,570
	4,778	News Corp., Class B (Media)		0.4	%		65,411
	1,851	Nordstrom, Inc. (Multiline Retail)		0.4	%		61,916
	3,416	Omnicom Group, Inc. (Media)		0.8	%		125,436
	458	priceline.com, Inc.* (Internet & Catalog Retail)		0.6	%		98,067
	4,576	Safeway, Inc. (Food & Staples Retailing)		0.6	%		102,960
	8,149	Southwest Airlines Co. (Airlines)		0.4	%		74,971
	7,861	Staples, Inc. (Specialty Retail)		1.1	%		183,319
	8,025	Starbucks Corp.* (Hotels, Restaurants & Leisure)		1.1	%		175,747
	6,476	Sysco Corp. (Food & Staples Retailing)		1.1	%		175,111
	7,514	Target Corp. (Multiline Retail)		2.1	%		349,852
	3,873	Time Warner Cable, Inc. (Media)		1.0	%		162,240
	13,107	Time Warner, Inc. (Media)		2.4	%		402,647
	4,542	TJX Cos., Inc. (Specialty Retail)		1.0	%		174,322
	6,033	Viacom, Inc., Class B* (Media)		1.1	%		178,818
	10,893	Walgreen Co. (Food & Staples Retailing)		2.6	%		423,629
	24,045	Wal-Mart Stores, Inc. (Food & Staples Retailing)		7.9	%		1,311,655

See accompanying notes to the financial statements.

64 :: Summary Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

UCC  Ultra Consumer Services

Shares			Percentage of Net Assets			Value
		Common Stocks (a) (continued)
	19,063	Walt Disney Co. (The) (Media)		3.5	%	$	576,084
	5,084	Yum! Brands, Inc. (Hotels, Restaurants & Leisure)		1.1	%		179,313
	151,281	Other Common Stocks		19.3	%		3,181,499
		Total Common Stocks (Cost $11,014,861)					14,254,897
Principal Amount
		Repurchase Agreements (a) — 6.9%
$	31,853	Bank of America Corp., 0.15%, dated 11/30/09, due 12/01/09, total to be received $31,853 (b)					31,853
	63,706	Bank of America Corp., 0.16%, dated 11/30/09, due 12/01/09, total to be received $63,706 (c)					63,706
	191,118	Credit Suisse (USA) LLC, 0.06%, dated 11/24/09, due 12/01/09, total to be received $191,120 (d)					191,118
	38,303	Credit Suisse (USA) LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $38,303 (e)					38,303
	66,891	Credit Suisse (USA) LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $66,891 (f)					66,891
	127,412	ING Financial Markets LLC, 0.11%, dated 11/27/09, due 12/04/09, total to be received $127,415 (g)					127,412
	31,853	ING Financial Markets LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $31,853 (h)					31,853
	191,118	ING Financial Markets LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $191,119 (i)					191,118
	159,265	JPMorgan Chase & Co., 0.16%, dated 11/30/09, due 12/01/09, total to be received $159,266 (j)					159,265
	95,559	UBS Warburg LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $95,559 (k)					95,559

Principal Amount			Value
		Repurchase Agreements (a) (continued)
$	147,044	UBS Warburg LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $147,045(l)	$	147,044
		Total Repurchase Agreements (Cost $1,144,122)		1,144,122
		Total Investment Securities (Cost $12,158,983) — 93.2%		15,399,019
		Other assets in excess of liabilities — 6.8%		1,115,409
		Net Assets — 100.0%	$	16,514,428

*  Non-income producing security.

(a)  A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of 11/30/09, the aggregate amount held in a segregated account was $3,514,585.

(b)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.75% to 3.75%, due 08/15/12 to 11/15/18, which had a total value of $32,490. The investment in the repurchase agreement was through participation in a pooled account.

(c)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 0.47% to 6.50%, due 03/15/23 to 09/15/50, which had a total value of $64,980. The investment in the repurchase agreement was through participation in a pooled account.

(d)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 4.50% to 6.00%, due 12/15/37 to 11/20/39; U.S. Treasury Notes, 2.13% to 6.50%, due 02/15/10 to 02/15/18, which had a total value of $194,941. The investment in the repurchase agreement was through participation in a pooled account.

(e)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.38% to 4.88%, due 04/30/11 to 11/30/14, which had a total value of $39,069. The investment in the repurchase agreement was through participation in a pooled account.

(f)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/14/09 to 02/24/10; Federal National Mortgage Association, 0%, due 04/28/10 to 05/26/10; Government National Mortgage Association, 4.50% to 8.00%, due 09/15/24 to 10/15/39; International Bank for Reconstruction and Development, 4.75% to 5.00%,

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Summary Schedule of Portfolio Investments :: 65

  Ultra Consumer Services  UCC

due 04/01/16 to 02/15/35, which had a total value of $68,229. The investment in the repurchase agreement was through participation in a pooled account.

(g)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Farm Credit Bank, 3.88%, due 12/17/09; Federal Home Loan Bank, 0% to 6.38%, due 12/02/09 to 11/08/22; Federal Home Loan Mortgage Corp., 1.75% to 4.88%, due 02/09/10 to 06/15/12; Federal National Mortgage Association, 2.05% to 6.13%, due 03/15/12 to 06/19/28; U.S. Treasury Bonds, 3.50% to 9.13%, due 05/15/16 to 11/15/39; U.S. Treasury Notes, 0% to 6.50%, due 12/31/09 to 01/15/28, which had a total value of $129,961. The investment in the repurchase agreement was through participation in a pooled account.

(h)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bonds, 7.25% to 9.00%, due 08/15/17 to 08/15/22, which had a total value of $32,490. The investment in the repurchase agreement was through participation in a pooled account.

(i)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.38% to 5.75%, due 01/08/10 to 09/13/24; Federal Home Loan Mortgage Corp., 1.50% to 7.00%, due 03/15/10 to 07/15/32; Federal National Mortgage Association, 2.75% to 5.00%, due 04/11/11 to 03/15/16; U.S. Treasury Bonds, 0% to 9.00%, due 02/15/10 to 08/15/39; U.S. Treasury Notes, 1.75% to 3.63%, due 01/15/25 to 04/15/32, which had a total value of $194,941. The investment in the repurchase agreement was through participation in a pooled account.

(j)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.77% to 1.76%, due 12/30/09 to 11/05/12; Federal Home Loan Mortgage Corp., 0% to 6.88%, due 12/21/09 to 08/20/12; Federal National Mortgage Association, 0% to 7.13%, due 12/15/09 to 06/18/19; U.S. Treasury Notes, 3.25% to 4.50%, due 12/31/09 to 04/30/12, which had a total value of $162,451. The investment in the repurchase agreement was through participation in a pooled account.

(k)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bills, 0%, due 12/03/09 to 09/23/10, which had a total value of $97,470. The investment in the repurchase agreement was through participation in a pooled account.

(l)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/01/09 to 08/02/10; U.S. Treasury Bills, 0%, due 12/31/09 to 02/25/10, which had a total value of $149,985. The investment in the repurchase agreement was through participation in a pooled account.

As of November 30, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	388,154
Aggregate gross unrealized depreciation		(123,801	)
Net unrealized appreciation	$	264,353
Federal income tax cost of investments	$	15,134,666

Swap Agreements

Ultra Consumer Services had the following open swap agreements as of November 30, 2009:

	Notional Amount at Value		Unrealized Appreciation/ (Depreciation)
Equity Index Swap with Credit Suisse Securities (Europe) Limited, based on the Dow Jones U.S. Consumer ServicesSM Index	$	1,457,044	$	467,967
Equity Index Swap with Deutsche Bank AG, based on the Dow Jones U.S. Consumer ServicesSM Index		8,885,574		(201,357	)
Equity Index Swap with Societe Generale, based on the Dow Jones U.S. Consumer ServicesSM Index		3,999,130		1,033,822
Equity Index Swap with UBS AG, based on the Dow Jones U.S. Consumer ServicesSM Index		4,563,150		(101,533	)
			$	1,198,899

See accompanying notes to the financial statements.

66 :: Summary Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

UCC  Ultra Consumer Services

Ultra Consumer Services invested, as a percentage of net assets, in the following industries as of November 30, 2009:

Airlines	1.4	%
Commercial Services & Supplies	0.2	%
Computers & Peripherals	0.0	%
Diversified Consumer Services	2.3	%
Electronic Equipment, Instruments & Components	0.2	%
Food & Staples Retailing	18.7	%
Health Care Providers & Services	2.7	%
Hotels, Restaurants & Leisure	12.5	%
Internet & Catalog Retail	4.4	%
Internet Software & Services	1.8	%
IT Services	0.1	%
Media	19.9	%
Multiline Retail	5.5	%
Professional Services	0.4	%
Road & Rail	0.2	%
Software	0.2	%
Specialty Retail	15.5	%
Textiles, Apparel & Luxury Goods	0.3	%
Other1	13.7	%
	100.0	%

1  Includes any non-equity securities and net other assets (liabilities).

Valuation Information

The following is a summary of the valuation inputs used to value the Fund's investments at November 30, 2009. The inputs or methodology used for valuing investments may not be an indication of the risk associated with investing in those investments. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Note 2 to the Financial Statements.

Description	Level 1		Level 2		Total
Investment Securities:
Common Stocks	$	14,254,897	$	—	$	14,254,897
Repurchase Agreements		—		1,144,122		1,144,122
Total Investment Securities		14,254,897		1,144,122		15,399,019
Other Financial Instruments*:
Swap Agreements		—		1,198,899		1,198,899
Total Other Financial Instruments		—		1,198,899		1,198,899
Total Investments	$	14,254,897	$	2,343,021	$	16,597,918

*  These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Summary Schedule of Portfolio Investments :: 67

  Ultra Financials  UYG

Shares			Percentage of Net Assets			Value
		Common Stocks (a) — 73.9%
	282,850	ACE Ltd.* (Insurance)		0.7	%	$	13,777,623
	395,928	Aflac, Inc. (Insurance)		0.9	%		18,224,566
	455,381	Allstate Corp. (The) (Insurance)		0.6	%		12,937,374
	894,074	American Express Co. (Consumer Finance)		1.9	%		37,399,116
	216,618	Ameriprise Financial, Inc. (Capital Markets)		0.4	%		8,257,478
	462,485	Annaly Capital Management, Inc. (Real Estate Investment Trusts)		0.4	%		8,514,349
	207,332	AON Corp. (Insurance)		0.4	%		8,029,968
	7,349,584	Bank of America Corp. (Diversified Financial Services)		5.8	%		116,490,906
	1,015,545	Bank of New York Mellon Corp. (The) (Capital Markets)		1.3	%		27,054,119
	578,979	BB&T Corp. (Commercial Banks)		0.7	%		14,416,577
	117,717	Boston Properties, Inc. (Real Estate Investment Trusts)		0.4	%		7,884,685
	380,403	Capital One Financial Corp. (Consumer Finance)		0.7	%		14,592,259
	799,846	Charles Schwab Corp. (The) (Capital Markets)		0.7	%		14,661,177
	299,057	Chubb Corp. (Insurance)		0.7	%		14,994,718
	12,906,496	Citigroup, Inc. (Diversified Financial Services)		2.6	%		53,045,699
	56,882	CME Group, Inc. (Diversified Financial Services)		0.9	%		18,670,379
	462,010	Discover Financial Services (Consumer Finance)		0.4	%		7,142,675
	232,664	Equity Residential (Real Estate Investment Trusts)		0.4	%		7,494,107
	675,645	Fifth Third Bancorp (Commercial Banks)		0.3	%		6,810,502
	132,346	Franklin Resources, Inc. (Capital Markets)		0.7	%		14,297,338
	366,272	Goldman Sachs Group, Inc. (The) (Capital Markets)		3.1	%		62,141,707
	327,313	Hartford Financial Services Group, Inc. (Insurance)		0.4	%		8,006,076
	247,034	HCP, Inc. (Real Estate Investment Trusts)		0.4	%		7,732,164
	61,419	IntercontinentalExchange, Inc.* (Diversified Financial Services)		0.3	%		6,558,935

Shares			Percentage of Net Assets			Value
		Common Stocks (a) (continued)
	353,424	Invesco Ltd. (Capital Markets)		0.4	%	$	7,863,684
	3,340,616	JPMorgan Chase & Co. (Diversified Financial Services)		7.0	%		141,942,774
	301,010	Loews Corp. (Insurance)		0.5	%		10,661,774
	443,960	Marsh & McLennan Cos., Inc. (Insurance)		0.5	%		10,011,298
	81,687	Mastercard, Inc., Class A (IT Services)		1.0	%		19,675,131
	492,055	MetLife, Inc. (Insurance)		0.8	%		16,823,360
	1,052,902	Morgan Stanley (Capital Markets)		1.7	%		33,250,645
	205,171	Northern Trust Corp. (Capital Markets)		0.5	%		10,155,964
	391,878	PNC Financial Services Group, Inc. (Commercial Banks)		1.1	%		22,340,965
	255,140	Principal Financial Group, Inc. (Insurance)		0.3	%		6,478,005
	538,734	Progressive Corp. (The)* (Insurance)		0.5	%		9,034,569
	391,505	Prudential Financial, Inc. (Insurance)		1.0	%		19,516,524
	109,080	Public Storage (Real Estate Investment Trusts)		0.4	%		8,680,586
	1,009,451	Regions Financial Corp. (Commercial Banks)		0.3	%		5,915,383
	240,221	Simon Property Group, Inc. (Real Estate Investment Trusts)		0.9	%		17,454,458
	419,959	State Street Corp. (Capital Markets)		0.9	%		17,344,307
	423,656	SunTrust Banks, Inc. (Commercial Banks)		0.5	%		10,010,991
	216,948	T. Rowe Price Group, Inc. (Capital Markets)		0.5	%		10,615,266
	482,093	Travelers Cos., Inc. (The) (Insurance)		1.3	%		25,256,852
	1,624,307	U.S. Bancorp (Commercial Banks)		1.9	%		39,194,528
	132,971	Ventas, Inc. (Real Estate Investment Trusts)		0.3	%		5,708,445
	390,981	Visa, Inc., Class A (IT Services)		1.6	%		31,669,461
	152,380	Vornado Realty Trust (Real Estate Investment Trusts)		0.5	%		9,974,795
	3,767,723	Wells Fargo & Co. (Commercial Banks)		5.2	%		105,646,953
	595,649	Western Union Co. (The) (IT Services)		0.6	%		10,989,724
	21,423,548	Other Common Stocks		18.6	%		376,505,811
		Total Common Stocks (Cost $961,847,765)					1,491,856,750

See accompanying notes to the financial statements.

68 :: Summary Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

UYG  Ultra Financials

Principal Amount			Value
		Repurchase Agreements (a) — 2.9%
$	1,649,724	Bank of America Corp., 0.15%, dated 11/30/09, due 12/01/09, total to be received $1,649,731 (b)	$	1,649,724
	3,299,447	Bank of America Corp., 0.16%, dated 11/30/09, due 12/01/09, total to be received $3,299,462 (c)		3,299,447
	9,898,341	Credit Suisse (USA) LLC, 0.06%, dated 11/24/09, due 12/01/09, total to be received $9,898,456 (d)		9,898,341
	1,983,781	Credit Suisse (USA) LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $1,983,789 (e)		1,983,781
	3,464,419	Credit Suisse (USA) LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $3,464,434 (f)		3,464,419
	6,598,894	ING Financial Markets LLC, 0.11%, dated 11/27/09, due 12/04/09, total to be received $6,599,035 (g)		6,598,894
	1,649,724	ING Financial Markets LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $1,649,731 (h)		1,649,724
	9,898,341	ING Financial Markets LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $9,898,385 (i)		9,898,341
	8,248,618	JPMorgan Chase & Co., 0.16%, dated 11/30/09, due 12/01/09, total to be received $8,248,655 (j)		8,248,618
	4,949,171	UBS Warburg LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $4,949,192 (k)		4,949,171
	7,615,691	UBS Warburg LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $7,615,725 (l)		7,615,691
		Total Repurchase Agreements (Cost $59,256,151)		59,256,151
		Total Investment Securities (Cost $1,021,103,916) — 76.8%		1,551,112,901
		Other assets in excess of liabilities — 23.2%		467,978,473
		Net Assets — 100.0%	$	2,019,091,374

*  Non-income producing security.

(a)  A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of 11/30/09, the aggregate amount held in a segregated account was $639,359,577.

(b)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.75% to 3.75%, due 08/15/12 to 11/15/18, which had a total value of $1,682,719. The investment in the repurchase agreement was through participation in a pooled account.

(c)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 0.47% to 6.50%, due 03/15/23 to 09/15/50, which had a total value of $3,365,436. The investment in the repurchase agreement was through participation in a pooled account.

(d)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 4.50% to 6.00%, due 12/15/37 to 11/20/39; U.S. Treasury Notes, 2.13% to 6.50%, due 02/15/10 to 02/15/18, which had a total value of $10,096,343. The investment in the repurchase agreement was through participation in a pooled account.

(e)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.38% to 4.88%, due 04/30/11 to 11/30/14, which had a total value of $2,023,458. The investment in the repurchase agreement was through participation in a pooled account.

(f)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/14/09 to 02/24/10; Federal National Mortgage Association, 0%, due 04/28/10 to 05/26/10; Government National Mortgage Association, 4.50% to 8.00%, due 09/15/24 to 10/15/39; International Bank for Reconstruction and Development, 4.75% to 5.00%, due 04/01/16 to 02/15/35, which had a total value of $3,533,734. The investment in the repurchase agreement was through participation in a pooled account.

(g)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Farm Credit Bank, 3.88%, due 12/17/09; Federal Home Loan Bank, 0% to 6.38%, due 12/02/09 to 11/08/22; Federal Home Loan Mortgage Corp., 1.75% to 4.88%, due 02/09/10 to 06/15/12; Federal National Mortgage Association, 2.05% to 6.13%, due 03/15/12 to 06/19/28; U.S. Treasury Bonds, 3.50% to 9.13%, due 05/15/16 to 11/15/39; U.S. Treasury Notes, 0% to 6.50%, due 12/31/09 to 01/15/28, which had a total value of $6,730,885. The investment in the repurchase agreement was through participation in a pooled account.

(h)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bonds, 7.25% to 9.00%, due 08/15/17 to 08/15/22, which had a total value of $1,682,721. The investment in the repurchase agreement was through participation in a pooled account.

(i)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Summary Schedule of Portfolio Investments :: 69

  Ultra Financials   UYG

schedule as follows: Federal Home Loan Bank, 0.38% to 5.75%, due 01/08/10 to 09/13/24; Federal Home Loan Mortgage Corp., 1.50% to 7.00%, due 03/15/10 to 07/15/32; Federal National Mortgage Association, 2.75% to 5.00%, due 04/11/11 to 03/15/16; U.S. Treasury Bonds, 0% to 9.00%, due 02/15/10 to 08/15/39; U.S. Treasury Notes, 1.75% to 3.63%, due 01/15/25 to 04/15/32, which had a total value of $10,096,320. The investment in the repurchase agreement was through participation in a pooled account.

(j)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.77% to 1.76%, due 12/30/09 to 11/05/12; Federal Home Loan Mortgage Corp., 0% to 6.88%, due 12/21/09 to 08/20/12; Federal National Mortgage Association, 0% to 7.13%, due 12/15/09 to 06/18/19; U.S. Treasury Notes, 3.25% to 4.50%, due 12/31/09 to 04/30/12, which had a total value of $8,413,610. The investment in the repurchase agreement was through participation in a pooled account.

(k)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bills, 0%, due 12/03/09 to 09/23/10, which had a total value of $5,048,170. The investment in the repurchase agreement was through participation in a pooled account.

(l)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/01/09 to 08/02/10; U.S. Treasury Bills, 0%, due 12/31/09 to 02/25/10, which had a total value of $7,768,016. The investment in the repurchase agreement was through participation in a pooled account.

As of November 30, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	77,070,128
Aggregate gross unrealized depreciation		(10,643,427	)
Net unrealized appreciation	$	66,426,701
Federal income tax cost of investments	$	1,484,686,200

Swap Agreements

Ultra Financials had the following open swap agreements as of November 30, 2009:

	Notional Amount at Value		Unrealized Appreciation/ (Depreciation)
Equity Index Swap Agreement with Credit Suisse Securities (Europe) Limited, based on the Dow Jones U.S. FinancialsSM Index	$	284,709,009	$	(5,853,765	)
Equity Index Swap Agreement with Deutsche Bank AG, based on the Dow Jones U.S. FinancialsSM Index		402,020,500		(11,160,450	)
Equity Index Swap Agreement with Goldman Sachs International, based on the Dow Jones U.S. FinancialsSM Index		287,794,091		3,581,210
Equity Index Swap Agreement with Societe Generale, based on the Dow Jones U.S. FinancialsSM Index		1,357,959,340		486,636,629
Equity Index Swap Agreement with UBS AG, based on the Dow Jones U.S. FinancialsSM Index		221,077,719		(4,817,314	)
			$	468,386,310

Ultra Financials invested, as a percentage of net assets, in the following industries as of November 30, 2009:

Capital Markets	12.1	%
Commercial Banks	13.1	%
Consumer Finance	3.2	%
Diversified Financial Services	17.4	%
Insurance	14.1	%
IT Services	3.1	%
Professional Services	0.2	%
Real Estate Investment Trusts	9.3	%
Real Estate Management & Development	0.5	%
Thrifts & Mortgage Finance	0.9	%
Other1	26.1	%
	100.0	%

1  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

70 :: Summary Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

UYG  Ultra Financials

Valuation Information

The following is a summary of the valuation inputs used to value the Fund's investments at November 30, 2009. The inputs or methodology used for valuing investments may not be an indication of the risk associated with investing in those investments. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Note 2 to the Financial Statements.

Description	Level 1		Level 2		Total
Investment Securities:
Common Stocks	$	1,491,856,750	$	—	$	1,491,856,750
Repurchase Agreements		—		59,256,151		59,256,151
Total Investment Securities		1,491,856,750		59,256,151		1,551,112,901
Other Financial Instruments*:
Swap Agreements		—		468,386,310		468,386,310
Total Other Financial Instruments		—		468,386,310		468,386,310
Total Investments	$	1,491,856,750	$	527,642,461	$	2,019,499,211

*  These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Summary Schedule of Portfolio Investments :: 71

  Ultra Health Care  RXL

Shares			Value
		Common Stocks (a) — 64.1%
		Biotechnology — 9.1%
	742	Acorda Therapeutics, Inc.*	$	17,867
	1,756	Alexion Pharmaceuticals, Inc.*		79,635
	1,904	Alkermes, Inc.*		17,098
	20,267	Amgen, Inc.*		1,142,045
	2,824	Amylin Pharmaceuticals, Inc.*		40,270
	5,761	Biogen Idec, Inc.*		270,421
	1,997	BioMarin Pharmaceutical, Inc.*		32,970
	1,612	Celera Corp.*		10,059
	9,209	Celgene Corp.*		510,639
	1,497	Cephalon, Inc.*		82,260
	1,150	Cepheid, Inc.*		14,237
	1,142	Cubist Pharmaceuticals, Inc.*		19,049
	2,315	Dendreon Corp.*		63,292
	5,418	Genzyme Corp.*		274,693
	18,230	Gilead Sciences, Inc.*		839,492
	3,170	Human Genome Sciences, Inc.*		88,189
	1,845	Incyte Corp.*		15,369
	745	InterMune, Inc.*		8,001
	1,845	Isis Pharmaceuticals, Inc.*		19,760
	1,897	Myriad Genetics, Inc.*		43,859
	1,230	Onyx Pharmaceuticals, Inc.*		35,190
	1,161	OSI Pharmaceuticals, Inc.*		38,673
	2,398	PDL BioPharma, Inc.		15,587
	1,250	Regeneron Pharmaceuticals, Inc.*		22,937
	1,219	Savient Pharmaceuticals, Inc.*		16,371
	1,079	Theravance, Inc.*		14,200
	968	United Therapeutics Corp.*		44,131
	3,636	Vertex Pharmaceuticals, Inc.*		141,150
				3,917,444
		Health Care Equipment & Supplies — 12.4%
	1,513	Alcon, Inc.		223,742
	1,464	American Medical Systems Holdings, Inc.*		25,722
	12,125	Baxter International, Inc.		661,419
	1,345	Beckman Coulter, Inc.		87,371
	4,540	Becton, Dickinson and Co.		339,592
	30,198	Boston Scientific Corp.*		252,757
	1,970	C.R. Bard, Inc.		161,954
	3,555	CareFusion Corp.*		91,826
	925	Cooper Cos., Inc. (The)		30,978
	10,074	Covidien plc		471,665
	2,976	DENTSPLY International, Inc.		99,160
	1,141	Edwards Lifesciences Corp.*		93,882
	1,018	Gen-Probe, Inc.*		42,440
	526	Haemonetics Corp.*		28,078
	1,240	Hill-Rom Holdings, Inc.		27,503
	5,092	Hologic, Inc.*		73,681
	3,172	Hospira, Inc.*		148,925
	1,172	IDEXX Laboratories, Inc.*		58,659

Shares			Value
		Common Stocks (a) (continued)
	1,414	Immucor, Inc.*	$	26,088
	747	Intuitive Surgical, Inc.*		209,563
	625	Invacare Corp.		15,563
	1,558	Inverness Medical Innovations, Inc.*		65,514
	1,260	Kinetic Concepts, Inc.*		42,475
	1,034	Masimo Corp.*		27,256
	22,229	Medtronic, Inc.		943,399
	737	NuVasive, Inc.*		23,916
	1,533	ResMed, Inc.*		77,064
	6,881	St. Jude Medical, Inc.*		252,602
	1,064	STERIS Corp.		34,378
	6,103	Stryker Corp.		307,591
	1,136	Thoratec Corp.*		33,841
	2,494	Varian Medical Systems, Inc.*		116,570
	651	West Pharmaceutical Services, Inc.		25,096
	4,305	Zimmer Holdings, Inc.*		254,727
				5,374,997
		Health Care Providers & Services — 9.6%
	8,748	Aetna, Inc.		254,654
	543	Amedisys, Inc.*		20,113
	1,068	AMERIGROUP Corp.*		25,322
	1,094	Brookdale Senior Living, Inc.*		17,045
	746	Catalyst Health Solutions, Inc.*		25,371
	926	Centene Corp.*		17,427
	5,460	CIGNA Corp.		175,157
	1,860	Community Health Systems, Inc.*		56,749
	2,953	Coventry Health Care, Inc.*		66,590
	2,084	DaVita, Inc.*		123,456
	5,105	Express Scripts, Inc.*		438,009
	4,875	Health Management Associates, Inc., Class A*		29,884
	2,059	Health Net, Inc.*		43,692
	1,742	HealthSouth Corp.*		30,555
	679	Healthways, Inc.*		11,658
	1,790	Henry Schein, Inc.*		88,891
	533	HMS Holdings Corp.*		23,564
	3,394	Humana, Inc.*		140,885
	2,168	Laboratory Corp. of America Holdings*		158,177
	1,078	LifePoint Hospitals, Inc.*		31,294
	1,342	Lincare Holdings, Inc.*		47,668
	698	Magellan Health Services, Inc.*		25,666
	9,473	Medco Health Solutions, Inc.*		598,315
	894	Mednax, Inc.*		50,252
	653	Odyssey HealthCare, Inc.*		9,488
	838	Owens & Minor, Inc.		32,506
	2,014	Patterson Cos., Inc.*		51,780
	609	PharMerica Corp.*		9,165
	1,209	PSS World Medical, Inc.*		23,394
	1,071	Psychiatric Solutions, Inc.*		23,733
	3,097	Quest Diagnostics, Inc.		179,440
	9,607	Tenet Healthcare Corp.*		43,712

See accompanying notes to the financial statements.

72 :: Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

RXL  Ultra Health Care

Shares			Value
		Common Stocks (a) (continued)
	23,286	UnitedHealth Group, Inc.	$	667,610
	927	Universal Health Services, Inc., Class B		51,810
	840	WellCare Health Plans, Inc.*		27,712
	9,519	WellPoint, Inc.*		514,312
				4,135,056
		Life Sciences Tools & Services — 2.6%
	1,423	Affymetrix, Inc.*		6,745
	369	Bio-Rad Laboratories, Inc., Class A*		35,679
	1,322	Charles River Laboratories International, Inc.*		42,502
	1,281	Covance, Inc.*		68,034
	2,471	Illumina, Inc.*		71,461
	3,527	Life Technologies Corp.*		175,574
	1,117	Millipore Corp.*		76,068
	1,159	Parexel International Corp.*		13,919
	2,202	Pharmaceutical Product Development, Inc.		47,211
	734	Techne Corp.		49,824
	8,169	Thermo Fisher Scientific, Inc.*		385,822
	600	Varian, Inc.*		30,714
	1,928	Waters Corp.*		113,328
				1,116,881
		Pharmaceuticals — 30.4%
	30,793	Abbott Laboratories		1,677,911
	6,175	Allergan, Inc.		358,953
	874	Auxilium Pharmaceuticals, Inc.*		30,476
	39,412	Bristol-Myers Squibb Co.		997,518
	19,653	Eli Lilly & Co.		721,855
	2,067	Endo Pharmaceuticals Holdings, Inc.*		45,536
	6,052	Forest Laboratories, Inc.*		185,554
	55,394	Johnson & Johnson		3,480,959
	4,933	King Pharmaceuticals, Inc.*		58,357
	1,191	Medicis Pharmaceutical Corp., Class A		28,096
	61,045	Merck & Co., Inc.		2,210,423
	6,038	Mylan, Inc.*		107,899
	1,843	Nektar Therapeutics*		16,052
	672	Par Pharmaceutical Cos., Inc.*		15,940
	1,681	Perrigo Co.		67,475
	161,307	Pfizer, Inc.		2,930,948
	1,408	Valeant Pharmaceuticals International*		46,027
	1,962	Warner Chilcott plc, Class A*		48,226
	2,130	Watson Pharmaceuticals, Inc.*		79,002
				13,107,207
		Total Common Stocks (Cost $22,441,946)		27,651,585

Principal Amount			Value
		Repurchase Agreements (a) — 19.2%
$	230,914	Bank of America Corp., 0.15%, dated 11/30/09, due 12/01/09, total to be received $230,915 (b)	$	230,914
	461,828	Bank of America Corp., 0.16%, dated 11/30/09, due 12/01/09, total to be received $461,830 (c)		461,828
	1,385,485	Credit Suisse (USA) LLC, 0.06%, dated 11/24/09, due 12/01/09, total to be received $1,385,501 (d)		1,385,485
	277,673	Credit Suisse (USA) LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $277,674 (e)		277,673
	484,920	Credit Suisse (USA) LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $484,922 (f)		484,920
	923,657	ING Financial Markets LLC, 0.11%, dated 11/27/09, due 12/04/09, total to be received $923,677 (g)		923,657
	230,914	ING Financial Markets LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $230,915 (h)		230,914
	1,385,485	ING Financial Markets LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $1,385,491 (i)		1,385,485
	1,154,571	JPMorgan Chase & Co., 0.16%, dated 11/30/09, due 12/01/09, total to be received $1,154,576 (j)		1,154,571
	692,743	UBS Warburg LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $692,746 (k)		692,743
	1,065,981	UBS Warburg LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $1,065,986 (l)		1,065,981
		Total Repurchase Agreements (Cost $8,294,171)		8,294,171
		Total Investment Securities (Cost $30,736,117) — 83.3%		35,945,756
		Other assets less liabilities — 16.7%		7,206,628
		Net Assets — 100.0%	$	43,152,384

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Schedule of Portfolio Investments :: 73

  Ultra Health Care  RXL

*  Non-income producing security.

(a)  A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of 11/30/09, the aggregate amount held in a segregated account was $12,495,935.

(b)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.75% to 3.75%, due 08/15/12 to 11/15/18, which had a total value of $235,532. The investment in the repurchase agreement was through participation in a pooled account.

(c)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 0.47% to 6.50%, due 03/15/23 to 09/15/50, which had a total value of $471,065. The investment in the repurchase agreement was through participation in a pooled account.

(d)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 4.50% to 6.00%, due 12/15/37 to 11/20/39; U.S. Treasury Notes, 2.13% to 6.50%, due 02/15/10 to 02/15/18, which had a total value of $1,413,200. The investment in the repurchase agreement was through participation in a pooled account.

(e)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.38% to 4.88%, due 04/30/11 to 11/30/14, which had a total value of $283,227. The investment in the repurchase agreement was through participation in a pooled account.

(f)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/14/09 to 02/24/10; Federal National Mortgage Association, 0%, due 04/28/10 to 05/26/10; Government National Mortgage Association, 4.50% to 8.00%, due 09/15/24 to 10/15/39; International Bank for Reconstruction and Development, 4.75% to 5.00%, due 04/01/16 to 02/15/35, which had a total value of $494,622. The investment in the repurchase agreement was through participation in a pooled account.

(g)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Farm Credit Bank, 3.88%, due 12/17/09; Federal Home Loan Bank, 0% to 6.38%, due 12/02/09 to 11/08/22; Federal Home Loan Mortgage Corp., 1.75% to 4.88%, due 02/09/10 to 06/15/12; Federal National Mortgage Association, 2.05% to 6.13%, due 03/15/12 to 06/19/28; U.S. Treasury Bonds, 3.50% to 9.13%, due 05/15/16 to 11/15/39; U.S. Treasury Notes, 0% to 6.50%, due 12/31/09 to 01/15/28, which had a total value of $942,132. The investment in the repurchase agreement was through participation in a pooled account.

(h)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bonds, 7.25% to 9.00%, due 08/15/17 to 08/15/22, which had a total value of $235,533. The investment in the repurchase agreement was through participation in a pooled account.

(i)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.38% to 5.75%, due 01/08/10 to 09/13/24; Federal Home Loan Mortgage Corp., 1.50% to 7.00%, due 03/15/10 to 07/15/32; Federal National Mortgage Association, 2.75% to 5.00%, due 04/11/11 to 03/15/16; U.S. Treasury Bonds, 0% to 9.00%, due 02/15/10 to 08/15/39; U.S. Treasury Notes, 1.75% to 3.63%, due 01/15/25 to 04/15/32, which had a total value of $1,413,196. The investment in the repurchase agreement was through participation in a pooled account.

(j)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.77% to 1.76%, due 12/30/09 to 11/05/12; Federal Home Loan Mortgage Corp., 0% to 6.88%, due 12/21/09 to 08/20/12; Federal National Mortgage Association, 0% to 7.13%, due 12/15/09 to 06/18/19; U.S. Treasury Notes, 3.25% to 4.50%, due 12/31/09 to 04/30/12, which had a total value of $1,177,665. The investment in the repurchase agreement was through participation in a pooled account.

(k)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bills, 0%, due 12/03/09 to 09/23/10, which had a total value of $706,600. The investment in the repurchase agreement was through participation in a pooled account.

(l)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/01/09 to 08/02/10; U.S. Treasury Bills, 0%, due 12/31/09 to 02/25/10, which had a total value of $1,087,302. The investment in the repurchase agreement was through participation in a pooled account.

As of November 30, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	—
Aggregate gross unrealized depreciation		(870,989	)
Net unrealized depreciation	$	(870,989	)
Federal income tax cost of investments	$	36,816,745

See accompanying notes to the financial statements.

74 :: Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

RXL  Ultra Health Care

Swap Agreements

Ultra Health Care had the following open swap agreements as of November 30, 2009:

	Notional Amount at Value		Unrealized Appreciation/ (Depreciation)
Equity Index Swap Agreement with Credit Suisse Securities (Europe) Limited, based on the Dow Jones U.S. Health CareSM Index	$	11,458,636	$	2,582,896
Equity Index Swap Agreement with Deutsche Bank AG, based on the Dow Jones U.S. Health CareSM Index		15,174,803		(216,503	)
Equity Index Swap Agreement with Societe Generale, based on the Dow Jones U.S. Health CareSM Index		23,795,952		4,938,527
Equity Index Swap Agreement with UBS AG, based on the Dow Jones U.S. Health CareSM Index		8,382,065		(68,086	)
			$	7,236,834

Valuation Information

The following is a summary of the valuation inputs used to value the Fund's investments at November 30, 2009. The inputs or methodology used for valuing investments may not be an indication of the risk associated with investing in those investments. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Note 2 to the Financial Statements.

Description	Level 1		Level 2		Total
Investment Securities:
Common Stocks	$	27,651,585	$	—	$	27,651,585
Repurchase Agreements		—		8,294,171		8,294,171
Total Investment Securities		27,651,585		8,294,171		35,945,756
Other Financial Instruments*:
Swap Agreements		—		7,236,834		7,236,834
Total Other Financial Instruments		—		7,236,834		7,236,834
Total Investments	$	27,651,585	$	15,531,005	$	43,182,590

*  These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Schedule of Portfolio Investments :: 75

  Ultra Industrials  UXI

Shares			Percentage of Net Assets			Value
		Common Stocks (a) — 79.5%
	15,218	3M Co. (Industrial Conglomerates)		2.8	%	$	1,178,482
	13,629	Accenture plc, Class A (IT Services)		1.3	%		559,334
	8,195	Agilent Technologies, Inc.* (Electronic Equipment, Instruments & Components)		0.6	%		236,999
	4,062	Amphenol Corp., Class A (Electronic Equipment, Instruments & Components)		0.4	%		167,354
	11,908	Automatic Data Processing, Inc. (IT Services)		1.2	%		517,403
	15,536	Boeing Co. (The) (Aerospace & Defense)		1.9	%		814,242
	6,568	Burlington Northern Santa Fe Corp. (Road & Rail)		1.5	%		645,634
	4,029	C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)		0.5	%		224,576
	14,752	Caterpillar, Inc. (Machinery)		2.0	%		861,369
	4,126	Cooper Industries plc, Class A (Electrical Equipment)		0.4	%		176,139
	9,294	CSX Corp. (Road & Rail)		1.0	%		441,279
	4,285	Cummins, Inc. (Machinery)		0.5	%		192,396
	5,854	Danaher Corp. (Machinery)		1.0	%		415,166
	9,993	Deere & Co. (Machinery)		1.3	%		534,725
	4,413	Dover Corp. (Machinery)		0.4	%		180,403
	3,931	Eaton Corp. (Machinery)		0.6	%		251,191
	17,926	Emerson Electric Co. (Electrical Equipment)		1.7	%		742,316
	5,061	Expeditors International of Washington, Inc. (Air Freight & Logistics)		0.4	%		161,598
	6,907	FedEx Corp. (Air Freight & Logistics)		1.4	%		583,296
	7,363	Fidelity National Information Services, Inc. (IT Services)		0.4	%		166,404
	3,694	Fiserv, Inc.* (IT Services)		0.4	%		170,811
	4,306	Fluor Corp. (Construction & Engineering)		0.4	%		182,919
	7,639	General Dynamics Corp. (Aerospace & Defense)		1.2	%		503,410
	250,703	General Electric Co. (Industrial Conglomerates)		9.4	%		4,016,262
	2,921	Goodrich Corp. (Aerospace & Defense)		0.4	%		173,332
	16,331	Honeywell International, Inc. (Aerospace & Defense)		1.5	%		628,254
	10,184	Illinois Tool Works, Inc. (Machinery)		1.2	%		495,350
	7,533	Ingersoll-Rand plc (Machinery)		0.6	%		266,442
	4,305	ITT Corp. (Aerospace & Defense)		0.5	%		222,655

Shares			Percentage of Net Assets			Value
		Common Stocks (a) (continued)
	2,769	L-3 Communications Holdings, Inc. (Aerospace & Defense)		0.5	%	$	217,007
	7,263	Lockheed Martin Corp. (Aerospace & Defense)		1.3	%		560,921
	8,701	Norfolk Southern Corp. (Road & Rail)		1.1	%		447,231
	7,036	Northrop Grumman Corp. (Aerospace & Defense)		0.9	%		385,573
	8,179	PACCAR, Inc. (Machinery)		0.7	%		303,277
	3,825	Parker Hannifin Corp. (Machinery)		0.5	%		206,397
	7,694	Paychex, Inc. (IT Services)		0.6	%		241,207
	3,310	Precision Castparts Corp. (Aerospace & Defense)		0.8	%		343,181
	9,241	Raytheon Co. (Aerospace & Defense)		1.1	%		476,189
	7,352	Republic Services, Inc. (Commercial Services & Supplies)		0.5	%		207,326
	3,752	Rockwell Collins, Inc. (Aerospace & Defense)		0.5	%		200,582
	2,347	Sherwin-Williams Co. (The) (Specialty Retail)		0.3	%		142,791
	10,865	Tyco Electronics Ltd. (Electronic Equipment, Instruments & Components)		0.6	%		252,177
	11,274	Tyco International Ltd. (Industrial Conglomerates)		1.0	%		404,398
	11,946	Union Pacific Corp. (Road & Rail)		1.8	%		755,704
	16,599	United Parcel Service, Inc., Class B (Air Freight & Logistics)		2.2	%		953,945
	20,818	United Technologies Corp. (Aerospace & Defense)		3.3	%		1,399,802
	1,467	W.W. Grainger, Inc. (Trading Companies & Distributors)		0.3	%		143,326
	11,760	Waste Management, Inc. (Commercial Services & Supplies)		0.9	%		386,198
	4,972	Weyerhaeuser Co. (Paper & Forest Products)		0.5	%		193,610
	370,334	Other Common Stocks		23.2	%		9,870,748
		Total Common Stocks (Cost $25,554,554)					33,801,331
Principal Amount
		Repurchase Agreements (a) — 8.6%
$	101,077	Bank of America Corp., 0.15%, dated 11/30/09, due 12/01/09, total to be received $101,077 (b)					101,077

See accompanying notes to the financial statements.

76 :: Summary Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

  UXI  Ultra Industrials

Principal Amount			Value
		Repurchase Agreements (a) (continued)
$	202,154	Bank of America Corp., 0.16%, dated 11/30/09, due 12/01/09, total to be received $202,155 (c)	$	202,154
	606,462	Credit Suisse (USA) LLC, 0.06%, dated 11/24/09, due 12/01/09, total to be received $606,469 (d)		606,462
	121,544	Credit Suisse (USA) LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $121,545 (e)		121,544
	212,262	Credit Suisse (USA) LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $212,263 (f)		212,262
	404,308	ING Financial Markets LLC, 0.11%, dated 11/27/09, due 12/04/09, total to be received $404,317 (g)		404,308
	101,077	ING Financial Markets LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $101,077 (h)		101,077
	606,462	ING Financial Markets LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $606,465 (i)		606,462
	505,385	JPMorgan Chase & Co., 0.16%, dated 11/30/09, due 12/01/09, total to be received $505,387 (j)		505,385
	303,231	UBS Warburg LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $303,232 (k)		303,231
	466,607	UBS Warburg LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $466,609 (l)		466,607
		Total Repurchase Agreements (Cost $3,630,569)		3,630,569
		Total Investment Securities (Cost $29,185,123) — 88.1%		37,431,900
		Other assets in excess of liabilities —11.9%		5,077,227
		Net Assets — 100.0%	$	42,509,127

*  Non-income producing security.

(a)  A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of 11/30/09, the aggregate amount held in a segregated account was $16,026,385.

(b)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.75% to 3.75%, due 08/15/12 to 11/15/18, which had a total value of $103,099. The investment in the repurchase agreement was through participation in a pooled account.

(c)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 0.47% to 6.50%, due 03/15/23 to 09/15/50, which had a total value of $206,197. The investment in the repurchase agreement was through participation in a pooled account.

(d)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 4.50% to 6.00%, due 12/15/37 to 11/20/39; U.S. Treasury Notes, 2.13% to 6.50%, due 02/15/10 to 02/15/18, which had a total value of $618,593. The investment in the repurchase agreement was through participation in a pooled account.

(e)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.38% to 4.88%, due 04/30/11 to 11/30/14, which had a total value of $123,975. The investment in the repurchase agreement was through participation in a pooled account.

(f)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/14/09 to 02/24/10; Federal National Mortgage Association, 0%, due 04/28/10 to 05/26/10; Government National Mortgage Association, 4.50% to 8.00%, due 09/15/24 to 10/15/39; International Bank for Reconstruction and Development, 4.75% to 5.00%, due 04/01/16 to 02/15/35, which had a total value of $216,509. The investment in the repurchase agreement was through participation in a pooled account.

(g)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Farm Credit Bank, 3.88%, due 12/17/09; Federal Home Loan Bank, 0% to 6.38%, due 12/02/09 to 11/08/22; Federal Home Loan Mortgage Corp., 1.75% to 4.88%, due 02/09/10 to 06/15/12; Federal National Mortgage Association, 2.05% to 6.13%, due 03/15/12 to 06/19/28; U.S. Treasury Bonds, 3.50% to 9.13%, due 05/15/16 to 11/15/39; U.S. Treasury Notes, 0% to 6.50%, due 12/31/09 to 01/15/28, which had a total value of $412,395. The investment in the repurchase agreement was through participation in a pooled account.

(h)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bonds, 7.25% to 9.00%, due 08/15/17 to 08/15/22, which had a total value of $103,099. The investment in the repurchase agreement was through participation in a pooled account.

(i)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.38% to 5.75%, due 01/08/10 to 09/13/24; Federal Home Loan Mortgage Corp., 1.50% to 7.00%, due 03/15/10 to 07/15/32; Federal National Mortgage Association, 2.75% to 5.00%, due 04/11/11 to 03/15/16;

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Summary Schedule of Portfolio Investments :: 77

  Ultra Industrials  UXI

U.S. Treasury Bonds, 0% to 9.00%, due 02/15/10 to 08/15/39; U.S. Treasury Notes, 1.75% to 3.63%, due 01/15/25 to 04/15/32, which had a total value of $618,592. The investment in the repurchase agreement was through participation in a pooled account.

(j)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.77% to 1.76%, due 12/30/09 to 11/05/12; Federal Home Loan Mortgage Corp., 0% to 6.88%, due 12/21/09 to 08/20/12; Federal National Mortgage Association, 0% to 7.13%, due 12/15/09 to 06/18/19; U.S. Treasury Notes, 3.25% to 4.50%, due 12/31/09 to 04/30/12, which had a total value of $515,494. The investment in the repurchase agreement was through participation in a pooled account.

(k)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bills, 0%, due 12/03/09 to 09/23/10, which had a total value of $309,297. The investment in the repurchase agreement was through participation in a pooled account.

(l)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/01/09 to 08/02/10; U.S. Treasury Bills, 0%, due 12/31/09 to 02/25/10, which had a total value of $475,940. The investment in the repurchase agreement was through participation in a pooled account.

As of November 30, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	4,362,007
Aggregate gross unrealized depreciation		(144,291	)
Net unrealized appreciation	$	4,217,716
Federal income tax cost of investments	$	33,214,184

Swap Agreements

Ultra Industrials had the following open swap agreements as of November 30, 2009:

	Notional Amount at Value		Unrealized Appreciation/ (Depreciation)
Equity Index Swap Agreement with Credit Suisse Securities (Europe) Limited, based on the Dow Jones U.S. IndustrialsSM Index	$	4,786,819	$	1,844,785
Equity Index Swap Agreement with Deutsche Bank AG, based on the Dow Jones U.S. IndustrialsSM Index		7,946,484		(234,446	)
Equity Index Swap Agreement with Societe Generale, based on the Dow Jones U.S. IndustrialsSM Index		12,944,753		4,092,162
Equity Index Swap Agreement with UBS AG, based on the Dow Jones U.S. IndustrialsSM Index		25,680,165		(598,575	)
			$	5,103,926

Ultra Industrials invested, as a percentage of net assets, in the following industries as of November 30, 2009:

Aerospace & Defense	14.8	%
Air Freight & Logistics	4.7	%
Building Products	0.6	%
Chemicals	0.2	%
Commercial Services & Supplies	3.1	%
Communications Equipment	0.2	%
Construction & Engineering	1.9	%
Construction Materials	0.6	%
Containers & Packaging	2.1	%
Diversified Consumer Services	0.1	%
Diversified Financial Services	0.0	%
Electrical Equipment	3.9	%
Electronic Equipment, Instruments & Components	3.6	%
Health Care Equipment & Supplies	0.1	%
Health Care Technology	0.2	%
Household Durables	0.3	%
Industrial Conglomerates	13.9	%
Internet Software & Services	0.1	%
IT Services	5.8	%
Life Sciences Tools & Services	0.4	%

See accompanying notes to the financial statements.

78 :: Summary Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

  UXI  Ultra Industrials

Machinery	12.6	%
Marine	0.2	%
Metals & Mining	0.1	%
Multi-Utilities	0.2	%
Office Electronics	0.1	%
Oil, Gas & Consumable Fuels	0.2	%
Paper & Forest Products	0.7	%
Professional Services	1.0	%
Road & Rail	6.3	%
Semiconductors & Semiconductor Equipment	0.1	%
Software	0.1	%
Specialty Retail	0.3	%
Trading Companies & Distributors	1.0	%
Other1	20.5	%
	100.0	%

1  Includes any non-equity securities and net other assets (liabilities).

Valuation Information

The following is a summary of the valuation inputs used to value the Fund's investments at November 30, 2009. The inputs or methodology used for valuing investments may not be an indication of the risk associated with investing in those investments. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Note 2 to the Financial Statements.

Description	Level 1		Level 2		Total
Investment Securities:
Common Stocks	$	33,801,331	$	—	$	33,801,331
Repurchase Agreements		—		3,630,569		3,630,569
Total Investment Securities		33,801,331		3,630,569		37,431,900
Other Financial Instruments*:
Swap Agreements		—		5,103,926		5,103,926
Total Other Financial Instruments		—		5,103,926		5,103,926
Total Investments	$	33,801,331	$	8,734,495	$	42,535,826

*  These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Summary Schedule of Portfolio Investments :: 79

  Ultra Oil & Gas  DIG

Shares			Value
		Common Stocks (a) — 75.3%
		Electrical Equipment — 0.5%
	11,318	Energy Conversion Devices, Inc.*	$	112,275
	11,700	First Solar, Inc.*		1,393,587
	13,536	SunPower Corp., Class A*		279,789
	10,421	SunPower Corp., Class B*		186,223
				1,971,874
		Energy Equipment & Services — 15.9%
	13,791	Atwood Oceanics, Inc.*		519,645
	76,336	Baker Hughes, Inc.		3,109,929
	72,593	BJ Services Co.		1,363,296
	6,816	Bristow Group, Inc.*		233,925
	60,086	Cameron International Corp.*		2,271,251
	15,574	Complete Production Services, Inc.*		161,814
	5,684	Core Laboratories N.V.		603,925
	16,218	Diamond Offshore Drilling, Inc.		1,614,340
	20,310	Dresser-Rand Group, Inc.*		570,305
	7,485	Dril-Quip, Inc.*		404,265
	35,130	ENSCO International, Inc.		1,545,720
	15,471	Exterran Holdings, Inc.*		324,117
	30,611	FMC Technologies, Inc.*		1,667,381
	25,525	Global Industries Ltd.*		149,832
	221,302	Halliburton Co.		6,497,427
	23,386	Helix Energy Solutions Group, Inc.*		275,019
	23,952	Helmerich & Payne, Inc.		899,398
	23,399	Hercules Offshore, Inc.*		119,569
	30,576	Key Energy Services, Inc.*		232,989
	70,478	Nabors Industries Ltd.*		1,455,371
	103,547	National Oilwell Varco, Inc.		4,454,592
	64,682	Noble Corp.		2,672,013
	12,605	Oceaneering International, Inc.*		688,611
	12,244	Oil States International, Inc.*		439,192
	28,513	Parker Drilling Co.*		142,565
	38,284	Patterson-UTI Energy, Inc.		589,191
	38,782	Pride International, Inc.*		1,226,675
	25,882	Rowan Cos., Inc.*		639,027
	295,182	Schlumberger Ltd.		18,859,178
	4,709	SEACOR Holdings, Inc.*		360,709
	54,192	Smith International, Inc.		1,472,938
	19,205	Superior Energy Services, Inc.*		405,994
	18,623	Tetra Technologies, Inc.*		192,934
	12,745	Tidewater, Inc.		572,888
	79,026	Transocean Ltd.*		6,748,030
	11,661	Unit Corp.*		438,570
	172,786	Weatherford International Ltd.*		2,885,526
				66,808,151
		Gas Utilities — 0.2%
	17,919	Energen Corp.		779,476

Shares			Value
		Common Stocks (a) (continued)
		Machinery — 0.0%
	7,031	Chart Industries, Inc.*	$	116,715
		Multi-Utilities — 0.2%
	23,782	OGE Energy Corp.		822,857
		Oil, Gas & Consumable Fuels — 58.5%
	121,480	Anadarko Petroleum Corp.		7,231,704
	82,497	Apache Corp.		7,860,314
	9,452	Arena Resources, Inc.*		386,492
	13,969	Atlas Energy, Inc.		359,003
	9,789	Berry Petroleum Co., Class A		267,533
	8,262	Bill Barrett Corp.*		235,880
	25,411	Cabot Oil & Gas Corp.		973,241
	6,886	Carrizo Oil & Gas, Inc.*		144,950
	155,243	Chesapeake Energy Corp.		3,713,413
	496,348	Chevron Corp.		38,734,998
	20,445	Cimarex Energy Co.		957,644
	6,908	CNX Gas Corp.*		188,450
	11,380	Comstock Resources, Inc.*		422,539
	17,699	Concho Resources, Inc.*		723,535
	322,388	ConocoPhillips		16,690,027
	7,676	Continental Resources, Inc.*		289,001
	61,604	Denbury Resources, Inc.*		817,485
	103,802	Devon Energy Corp.		6,991,065
	174,664	El Paso Corp.		1,669,788
	13,179	Encore Acquisition Co.*		593,319
	62,383	EOG Resources, Inc.		5,395,506
	42,307	EXCO Resources, Inc.		715,834
	1,189,984	Exxon Mobil Corp.		89,332,099
	25,098	Forest Oil Corp.*		459,795
	25,637	Frontier Oil Corp.		295,595
	6,562	Goodrich Petroleum Corp.*		145,217
	73,121	Hess Corp.		4,238,093
	10,377	Holly Corp.		264,095
	175,867	Marathon Oil Corp.		5,736,782
	25,230	Mariner Energy, Inc.*		315,627
	46,999	Murphy Oil Corp.		2,650,274
	32,608	Newfield Exploration Co.*		1,378,666
	42,934	Noble Energy, Inc.		2,801,444
	200,551	Occidental Petroleum Corp.		16,202,515
	11,233	Penn Virginia Corp.		203,542
	74,499	Petrohawk Energy Corp.*		1,664,308
	28,217	Pioneer Natural Resources Co.		1,166,773
	33,914	Plains Exploration & Production Co.*		922,800
	29,576	Quicksilver Resources, Inc.*		393,657
	38,765	Range Resources Corp.		1,826,995
	36,106	SandRidge Energy, Inc.*		338,674
	25,846	Southern Union Co.		535,529
	84,677	Southwestern Energy Co.*		3,722,401

See accompanying notes to the financial statements.

80 :: Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

DIG  Ultra Oil & Gas

Shares			Value
		Common Stocks (a) (continued)
	15,388	St. Mary Land & Exploration Co.	$	498,263
	29,101	Sunoco, Inc.		733,345
	8,984	Swift Energy Co.*		192,887
	34,253	Tesoro Corp.		437,753
	37,611	Ultra Petroleum Corp.*		1,767,341
	139,360	Valero Energy Corp.		2,214,430
	9,136	W&T Offshore, Inc.		94,558
	12,496	Whiting Petroleum Corp.*		777,876
	142,686	Williams Cos., Inc. (The)		2,838,025
	142,819	XTO Energy, Inc.		6,061,238
				245,572,318
		Total Common Stocks (Cost $250,045,763)		316,071,391
Principal Amount
		Repurchase Agreements (a) — 4.8%
$	561,670	Bank of America Corp., 0.15%, dated 11/30/09, due 12/01/09, total to be received $561,672 (b)		561,670
	1,123,340	Bank of America Corp., 0.16%, dated 11/30/09, due 12/01/09, total to be received $1,123,345 (c)		1,123,340
	3,370,020	Credit Suisse (USA) LLC, 0.06%, dated 11/24/09, due 12/01/09, total to be received $3,370,059 (d)		3,370,020
	675,404	Credit Suisse (USA) LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $675,407 (e)		675,404
	1,179,507	Credit Suisse (USA) LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $1,179,512 (f)		1,179,507
	2,246,680	ING Financial Markets LLC, 0.11%, dated 11/27/09, due 12/04/09, total to be received $2,246,728 (g)		2,246,680
	561,670	ING Financial Markets LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $561,672 (h)		561,670
	3,370,020	ING Financial Markets LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $3,370,035 (i)		3,370,020
	2,808,350	JPMorgan Chase & Co., 0.16%, dated 11/30/09, due 12/01/09, total to be received $2,808,362 (j)		2,808,350

Principal Amount			Value
		Repurchase Agreements (a) (continued)
$	1,685,010	UBS Warburg LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $1,685,017 (k)	$	1,685,010
	2,592,862	UBS Warburg LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $2,592,874 (l)		2,592,862
		Total Repurchase Agreements (Cost $20,174,533)		20,174,533
		Total Investment Securities (Cost $270,220,296) — 80.1%		336,245,924
		Other assets less liabilities — 19.9%		83,709,536
		Net Assets — 100.0%	$	419,955,460

*  Non-income producing security.

(a)  A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of 11/30/09, the aggregate amount held in a segregated account was $113,565,065.

(b)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.75% to 3.75%, due 08/15/12 to 11/15/18, which had a total value of $572,903. The investment in the repurchase agreement was through participation in a pooled account.

(c)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 0.47% to 6.50%, due 03/15/23 to 09/15/50, which had a total value of $1,145,807. The investment in the repurchase agreement was through participation in a pooled account.

(d)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 4.50% to 6.00%, due 12/15/37 to 11/20/39; U.S. Treasury Notes, 2.13% to 6.50%, due 02/15/10 to 02/15/18, which had a total value of $3,437,432. The investment in the repurchase agreement was through participation in a pooled account.

(e)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.38% to 4.88%, due 04/30/11 to 11/30/14, which had a total value of $688,913. The investment in the repurchase agreement was through participation in a pooled account.

(f)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/14/09 to 02/24/10; Federal National Mortgage Association, 0%, due 04/28/10 to 05/26/10; Government National Mortgage Association, 4.50% to 8.00%, due 09/15/24 to 10/15/39; International Bank for Reconstruction and Development, 4.75% to 5.00%, due 04/01/16 to 02/15/35, which had a total value of

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Schedule of Portfolio Investments :: 81

  Ultra Oil & Gas  DIG

$1,203,106. The investment in the repurchase agreement was through participation in a pooled account.

(g)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Farm Credit Bank, 3.88%, due 12/17/09; Federal Home Loan Bank, 0% to 6.38%, due 12/02/09 to 11/08/22; Federal Home Loan Mortgage Corp., 1.75% to 4.88%, due 02/09/10 to 06/15/12; Federal National Mortgage Association, 2.05% to 6.13%, due 03/15/12 to 06/19/28; U.S. Treasury Bonds, 3.50% to 9.13%, due 05/15/16 to 11/15/39; U.S. Treasury Notes, 0% to 6.50%, due 12/31/09 to 01/15/28, which had a total value of $2,291,618. The investment in the repurchase agreement was through participation in a pooled account.

(h)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bonds, 7.25% to 9.00%, due 08/15/17 to 08/15/22, which had a total value of $572,904. The investment in the repurchase agreement was through participation in a pooled account.

(i)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.38% to 5.75%, due 01/08/10 to 09/13/24; Federal Home Loan Mortgage Corp., 1.50% to 7.00%, due 03/15/10 to 07/15/32; Federal National Mortgage Association, 2.75% to 5.00%, due 04/11/11 to 03/15/16; U.S. Treasury Bonds, 0% to 9.00%, due 02/15/10 to 08/15/39; U.S. Treasury Notes, 1.75% to 3.63%, due 01/15/25 to 04/15/32, which had a total value of $3,437,424. The investment in the repurchase agreement was through participation in a pooled account.

(j)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.77% to 1.76%, due 12/30/09 to 11/05/12; Federal Home Loan Mortgage Corp., 0% to 6.88%, due 12/21/09 to 08/20/12; Federal National Mortgage Association, 0% to 7.13%, due 12/15/09 to 06/18/19; U.S. Treasury Notes, 3.25% to 4.50%, due 12/31/09 to 04/30/12, which had a total value of $2,864,524. The investment in the repurchase agreement was through participation in a pooled account.

(k)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bills, 0%, due 12/03/09 to 09/23/10, which had a total value of $1,718,715. The investment in the repurchase agreement was through participation in a pooled account.

(l)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/01/09 to 08/02/10; U.S. Treasury Bills, 0%, due 12/31/09 to 02/25/10, which had a total value of $2,644,723. The investment in the repurchase agreement was through participation in a pooled account.

As of November 30, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	18,401,190
Aggregate gross unrealized depreciation		(1,316,386	)
Net unrealized appreciation	$	17,084,804
Federal income tax cost of investments	$	319,161,120

Swap Agreements

Ultra Oil & Gas had the following open swap agreements as of November 30, 2009:

	Notional Amount at Value		Unrealized Appreciation/ (Depreciation)
Equity Index Swap Agreement with Credit Suisse Securities (Europe) Limited, based on the Dow Jones U.S. Oil & GasSM Index	$	17,234,056	$	(1,446,294	)
Equity Index Swap Agreement with Deutsche Bank AG, based on the Dow Jones U.S. Oil & GasSM Index		12,646,380		(927,415	)
Equity Index Swap Agreement with Goldman Sachs International, based on the Dow Jones U.S. Oil & GasSM Index		20,546,950		(276,929	)
Equity Index Swap Agreement with Societe Generale, based on the Dow Jones U.S. Oil & GasSM Index		458,128,162		93,150,479
Equity Index Swap Agreement with UBS AG, based on the Dow Jones U.S. Oil & GasSM Index		18,011,441		(513,114	)
			$	89,986,727

See accompanying notes to the financial statements.

82 :: Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

DIG  Ultra Oil & Gas

Valuation Information

The following is a summary of the valuation inputs used to value the Fund's investments at November 30, 2009. The inputs or methodology used for valuing investments may not be an indication of the risk associated with investing in those investments. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Note 2 to the Financial Statements.

Description	Level 1		Level 2		Total
Investment Securities:
Common Stocks	$	316,071,391	$	—	$	316,071,391
Repurchase Agreements		—		20,174,533		20,174,533
Total Investment Securities		316,071,391		20,174,533		336,245,924
Other Financial Instruments*:
Swap Agreements		—		89,986,727		89,986,727
Total Other Financial Instruments		—		89,986,727		89,986,727
Total Investments	$	316,071,391	$	110,161,260	$	426,232,651

*  These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Schedule of Portfolio Investments :: 83

  Ultra Real Estate  URE

Shares			Value
		Common Stocks (a) — 78.3%
		Real Estate Investment Trusts — 74.4%
	89,944	Alexandria Real Estate Equities, Inc.	$	5,070,143
	303,176	AMB Property Corp.		7,139,795
	109,214	American Campus Communities, Inc.		2,943,317
	1,128,465	Annaly Capital Management, Inc.		20,775,041
	242,187	Apartment Investment & Management Co., Class A		3,271,946
	164,605	AvalonBay Communities, Inc.		11,891,065
	199,874	BioMed Realty Trust, Inc.		2,736,275
	287,400	Boston Properties, Inc.		19,250,052
	266,605	Brandywine Realty Trust		2,618,061
	109,522	BRE Properties, Inc.		3,431,324
	132,849	Camden Property Trust		5,147,899
	285,824	CBL & Associates Properties, Inc.		2,646,730
	1,302,991	Chimera Investment Corp.		5,251,054
	125,462	Colonial Properties Trust		1,356,244
	120,164	Corporate Office Properties Trust		4,108,407
	423,589	DCT Industrial Trust, Inc.		2,012,048
	263,820	Developers Diversified Realty Corp.		2,669,858
	223,752	DiamondRock Hospitality Co.*		1,798,966
	145,395	Digital Realty Trust, Inc.		7,074,921
	251,851	Douglas Emmett, Inc.		3,455,396
	464,219	Duke Realty Corp.		5,203,895
	53,909	EastGroup Properties, Inc.		2,044,229
	83,895	Entertainment Properties Trust		2,650,243
	57,143	Equity Lifestyle Properties, Inc.		2,743,435
	567,865	Equity Residential		18,290,932
	56,905	Essex Property Trust, Inc.		4,538,174
	126,270	Federal Realty Investment Trust		8,121,686
	147,229	Franklin Street Properties Corp.		1,662,215
	74,936	Hatteras Financial Corp.		2,293,042
	602,944	HCP, Inc.		18,872,147
	248,376	Health Care REIT, Inc.		11,065,151
	121,979	Healthcare Realty Trust, Inc.		2,694,516
	146,907	Highwoods Properties, Inc.		4,496,823
	68,046	Home Properties, Inc.		3,057,307
	253,273	Hospitality Properties Trust		4,916,029
	1,236,908	Host Hotels & Resorts, Inc.		13,012,272
	467,479	HRPT Properties Trust		2,870,321
	89,255	Kilroy Realty Corp.		2,689,253
	780,247	Kimco Realty Corp.		9,612,643
	131,556	LaSalle Hotel Properties		2,450,888
	198,716	Lexington Realty Trust		965,760
	231,578	Liberty Property Trust		6,863,972
	190,090	Macerich Co. (The)		5,657,078
	162,270	Mack-Cali Realty Corp.		4,980,066
	565,468	MFA Financial, Inc.		4,280,593
	58,575	Mid-America Apartment Communities, Inc.		2,724,323
	165,892	National Retail Properties, Inc.		3,324,476

Shares			Value
		Common Stocks (a) (continued)
	221,390	Nationwide Health Properties, Inc.	$	7,529,474
	172,497	Omega Healthcare Investors, Inc.		3,120,471
	337,691	Plum Creek Timber Co., Inc.		11,646,963
	91,552	Post Properties, Inc.		1,687,303
	81,915	Potlatch Corp.		2,411,578
	917,843	ProLogis		12,005,387
	266,469	Public Storage		21,205,603
	162,441	Rayonier, Inc.		6,455,405
	216,117	Realty Income Corp.		5,465,599
	144,494	Redwood Trust, Inc.		2,076,379
	165,721	Regency Centers Corp.		5,546,682
	263,247	Senior Housing Properties Trust		5,467,640
	584,659	Simon Property Group, Inc.		42,481,323
	159,190	SL Green Realty Corp.		7,071,220
	197,599	Sunstone Hotel Investors, Inc.*		1,600,552
	82,732	Tanger Factory Outlet Centers		3,247,231
	109,039	Taubman Centers, Inc.		3,746,580
	309,330	UDR, Inc.		4,630,670
	324,445	Ventas, Inc.		13,928,424
	371,938	Vornado Realty Trust		24,347,062
	120,770	Washington Real Estate Investment Trust		3,152,097
	247,864	Weingarten Realty Investors		4,811,040
				460,364,694
		Real Estate Management & Development — 3.9%
	537,226	Brookfield Properties Corp.		6,049,165
	464,604	CB Richard Ellis Group, Inc., Class A*		5,310,424
	246,878	Forest City Enterprises, Inc., Class A*		2,649,001
	73,973	Forestar Group, Inc.*		1,372,199
	84,868	Jones Lang LaSalle, Inc.		4,317,235
	190,150	St. Joe Co. (The)*		4,734,735
				24,432,759
		Total Common Stocks (Cost $411,005,688)		484,797,453
Principal Amount
		Repurchase Agreements (a) — 9.3%
$	1,600,361	Bank of America Corp., 0.15%, dated 11/30/09, due 12/01/09, total to be received $1,600,368 (b)		1,600,361
	3,200,723	Bank of America Corp., 0.16%, dated 11/30/09, due 12/01/09, total to be received $3,200,737 (c)		3,200,723
	9,602,168	Credit Suisse (USA) LLC, 0.06%, dated 11/24/09, due 12/01/09, total to be received $9,602,280 (d)		9,602,168

See accompanying notes to the financial statements.

84 :: Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

URE  Ultra Real Estate

Principal Amount			Value
		Repurchase Agreements (a) (continued)
$	1,924,423	Credit Suisse (USA) LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $1,924,431 (e)	$	1,924,423
	3,360,759	Credit Suisse (USA) LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $3,360,774 (f)		3,360,759
	6,401,446	ING Financial Markets LLC, 0.11%, dated 11/27/09, due 12/04/09, total to be received $6,401,583 (g)		6,401,446
	1,600,361	ING Financial Markets LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $1,600,368 (h)		1,600,361
	9,602,168	ING Financial Markets LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $9,602,211 (i)		9,602,168
	8,001,807	JPMorgan Chase & Co., 0.16%, dated 11/30/09, due 12/01/09, total to be received $8,001,843 (j)		8,001,807
	4,801,084	UBS Warburg LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $4,801,104 (k)		4,801,084
	7,387,820	UBS Warburg LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $7,387,853 (l)		7,387,820
		Total Repurchase Agreements (Cost $57,483,120)		57,483,120
		Total Investment Securities (Cost $468,488,808) — 87.6%		542,280,573
		Other assets less liabilities — 12.4%		76,865,972
		Net Assets — 100.0%	$	619,146,545

*  Non-income producing security.

(a)  A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of 11/30/09, the aggregate amount held in a segregated account was $264,738,086.

(b)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.75% to 3.75%, due 08/15/12 to 11/15/18, which had a total value of $1,632,368. The investment in the repurchase agreement was through participation in a pooled account.

(c)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 0.47% to 6.50%, due 03/15/23 to 09/15/50, which had a total value of $3,264,737. The investment in the repurchase agreement was through participation in a pooled account.

(d)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 4.50% to 6.00%, due 12/15/37 to 11/20/39; U.S. Treasury Notes, 2.13% to 6.50%, due 02/15/10 to 02/15/18, which had a total value of $9,794,245. The investment in the repurchase agreement was through participation in a pooled account.

(e)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.38% to 4.88%, due 04/30/11 to 11/30/14, which had a total value of $1,962,913. The investment in the repurchase agreement was through participation in a pooled account.

(f)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/14/09 to 02/24/10; Federal National Mortgage Association, 0%, due 04/28/10 to 05/26/10; Government National Mortgage Association, 4.50% to 8.00%, due 09/15/24 to 10/15/39; International Bank for Reconstruction and Development, 4.75% to 5.00%, due 04/01/16 to 02/15/35, which had a total value of $3,428,000. The investment in the repurchase agreement was through participation in a pooled account.

(g)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Farm Credit Bank, 3.88%, due 12/17/09; Federal Home Loan Bank, 0% to 6.38%, due 12/02/09 to 11/08/22; Federal Home Loan Mortgage Corp., 1.75% to 4.88%, due 02/09/10 to 06/15/12; Federal National Mortgage Association, 2.05% to 6.13%, due 03/15/12 to 06/19/28; U.S. Treasury Bonds, 3.50% to 9.13%, due 05/15/16 to 11/15/39; U.S. Treasury Notes, 0% to 6.50%, due 12/31/09 to 01/15/28, which had a total value of $6,529,488. The investment in the repurchase agreement was through participation in a pooled account.

(h)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bonds, 7.25% to 9.00%, due 08/15/17 to 08/15/22, which had a total value of $1,632,370. The investment in the repurchase agreement was through participation in a pooled account.

(i)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.38% to 5.75%, due 01/08/10 to 09/13/24; Federal Home Loan Mortgage Corp., 1.50% to 7.00%, due 03/15/10 to 07/15/32; Federal National Mortgage Association, 2.75% to 5.00%, due 04/11/11 to 03/15/16; U.S. Treasury Bonds, 0% to 9.00%, due 02/15/10 to 08/15/39; U.S. Treasury Notes, 1.75% to 3.63%, due 01/15/25 to 04/15/32, which had a total value of $9,794,223. The investment in the repurchase agreement was through participation in a pooled account.

(j)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.77% to 1.76%, due 12/30/09 to 11/05/12; Federal Home Loan Mortgage Corp.,

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Schedule of Portfolio Investments :: 85

  Ultra Real Estate  URE

0% to 6.88%, due 12/21/09 to 08/20/12; Federal National Mortgage Association, 0% to 7.13%, due 12/15/09 to 06/18/19; U.S. Treasury Notes, 3.25% to 4.50%, due 12/31/09 to 04/30/12, which had a total value of $8,161,862. The investment in the repurchase agreement was through participation in a pooled account.

(k)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bills, 0%, due 12/03/09 to 09/23/10, which had a total value of $4,897,121. The investment in the repurchase agreement was through participation in a pooled account.

(l)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/01/09 to 08/02/10; U.S. Treasury Bills, 0%, due 12/31/09 to 02/25/10, which had a total value of $7,535,587. The investment in the repurchase agreement was through participation in a pooled account.

As of November 30, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	63,461,811
Aggregate gross unrealized depreciation		(986,878	)
Net unrealized appreciation	$	62,474,933
Federal income tax cost of investments	$	479,805,640

Swap Agreements

Ultra Real Estate had the following open swap agreements as of November 30, 2009:

	Notional Amount at Value		Unrealized Appreciation/ (Depreciation)
Equity Index Swap Agreement with Credit Suisse Securities (Europe) Limited, based on the Dow Jones U.S. Real EstateSM Index	$	57,365,483	$	24,415,833
Equity Index Swap Agreement with Deutsche Bank AG, based on the Dow Jones U.S. Real EstateSM Index		424,303,302		(7,372,566	)
Equity Index Swap Agreement with Goldman Sachs International, based on the Dow Jones U.S. Real EstateSM Index		97,233,415		9,559,165
Equity Index Swap Agreement with Societe Generale, based on the Dow Jones U.S. Real EstateSM Index		112,506,055		50,194,415
Equity Index Swap Agreement with UBS AG, based on the Dow Jones U.S. Real EstateSM Index		67,521,664		(1,175,645	)
			$	75,621,202

Valuation Information

The following is a summary of the valuation inputs used to value the Fund's investments at November 30, 2009. The inputs or methodology used for valuing investments may not be an indication of the risk associated with investing in those investments. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Note 2 to the Financial Statements.

Description	Level 1		Level 2		Total
Investment Securities:
Common Stocks	$	484,797,453	$	—	$	484,797,453
Repurchase Agreements		—		57,483,120		57,483,120
Total Investment Securities		484,797,453		57,483,120		542,280,573
Other Financial Instruments*:
Swap Agreements		—		75,621,202		75,621,202
Total Other Financial Instruments		—		75,621,202		75,621,202
Total Investments	$	484,797,453	$	133,104,322	$	617,901,775

*  These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

See accompanying notes to the financial statements.

86 :: Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

USD  Ultra Semiconductors

Shares			Value
		Common Stocks (a) — 74.8%
		Communications Equipment — 0.3%
	9,278	InterDigital, Inc.*	$	220,724
		Computers & Peripherals — 1.2%
	48,147	SanDisk Corp.*		949,459
	7,383	STEC, Inc.*		91,475
				1,040,934
		Semiconductors & Semiconductor Equipment — 73.3%
	130,156	Advanced Micro Devices, Inc.*		912,394
	62,275	Altera Corp.		1,309,643
	24,737	Amkor Technology, Inc.*		137,290
	61,578	Analog Devices, Inc.		1,846,724
	284,794	Applied Materials, Inc.		3,505,814
	13,796	Applied Micro Circuits Corp.*		102,504
	13,100	Atheros Communications, Inc.*		372,957
	85,319	Atmel Corp.*		338,716
	6,655	ATMI, Inc.*		103,485
	92,524	Broadcom Corp., Class A*		2,701,701
	4,975	Cabot Microelectronics Corp.*		152,185
	19,649	Cree, Inc.*		939,812
	6,281	Cymer, Inc.*		210,037
	30,747	Cypress Semiconductor Corp.*		294,249
	26,336	Fairchild Semiconductor International, Inc.*		213,322
	10,478	Formfactor, Inc.*		177,602
	34,967	Integrated Device Technology, Inc.*		197,913
	1,180,652	Intel Corp.		22,668,518
	15,475	International Rectifier Corp.*		289,692
	25,948	Intersil Corp., Class A		335,248
	35,844	KLA-Tencor Corp.		1,119,767
	26,831	Lam Research Corp.*		911,986
	43,770	Linear Technology Corp.		1,180,477
	136,934	LSI Corp.*		724,381
	103,562	Marvell Technology Group Ltd.*		1,596,926
	64,699	Maxim Integrated Products, Inc.		1,138,702
	47,436	MEMC Electronic Materials, Inc.*		571,129
	38,617	Microchip Technology, Inc.		1,013,696
	179,764	Micron Technology, Inc.*		1,351,825
	17,206	Microsemi Corp.*		262,047
	50,176	National Semiconductor Corp.		732,570
	20,727	Novellus Systems, Inc.*		428,842
	115,605	NVIDIA Corp.*		1,509,801
	10,627	Omnivision Technologies, Inc.*		148,353
	89,229	ON Semiconductor Corp.*		692,417
	47,275	PMC-Sierra, Inc.*		374,891
	22,297	Rambus, Inc.*		397,333
	51,264	RF Micro Devices, Inc.*		221,460
	12,831	Semtech Corp.*		205,553
	9,495	Silicon Laboratories, Inc.*		400,974

Shares			Value
		Common Stocks (a) (continued)
	35,418	Skyworks Solutions, Inc.*	$	435,996
	36,663	Teradyne, Inc.*		324,834
	10,515	Tessera Technologies, Inc.*		248,890
	270,311	Texas Instruments, Inc.		6,836,165
	31,967	TriQuint Semiconductor, Inc.*		173,901
	15,409	Varian Semiconductor Equipment Associates, Inc.*		448,864
	58,684	Xilinx, Inc.		1,328,606
	10,864	Zoran Corp.*		99,297
				61,689,489
		Total Common Stocks (Cost $43,375,375)		62,951,147
Principal Amount
		Repurchase Agreements (a) — 6.9%
$	162,140	Bank of America Corp., 0.15%, dated 11/30/09, due 12/01/09, total to be received $162,141 (b)		162,140
	324,280	Bank of America Corp., 0.16%, dated 11/30/09, due 12/01/09, total to be received $324,281 (c)		324,280
	972,841	Credit Suisse (USA) LLC, 0.06%, dated 11/24/09, due 12/01/09, total to be received $972,852 (d)		972,841
	194,972	Credit Suisse (USA) LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $194,973 (e)		194,972
	340,494	Credit Suisse (USA) LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $340,496 (f)		340,494
	648,561	ING Financial Markets LLC, 0.11%, dated 11/27/09, due 12/04/09, total to be received $648,575 (g)		648,561
	162,140	ING Financial Markets LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $162,141 (h)		162,140
	972,841	ING Financial Markets LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $972,845 (i)		972,841
	810,701	JPMorgan Chase & Co., 0.16%, dated 11/30/09, due 12/01/09, total to be received $810,705 (j)		810,701
	486,421	UBS Warburg LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $486,423 (k)		486,421

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Schedule of Portfolio Investments :: 87

  Ultra Semiconductors  USD

Principal Amount			Value
		Repurchase Agreements (a) (continued)
$	748,496	UBS Warburg LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $748,499 (l)	$	748,496
		Total Repurchase Agreements (Cost $5,823,887)		5,823,887
		Total Investment Securities (Cost $49,199,262) — 81.7%		68,775,034
		Other assets less liabilities — 18.3%		15,415,493
		Net Assets — 100.0%	$	84,190,527

*  Non-income producing security.

(a)  A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of 11/30/09, the aggregate amount held in a segregated account was $26,252,536.

(b)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.75% to 3.75%, due 08/15/12 to 11/15/18, which had a total value of $165,383. The investment in the repurchase agreement was through participation in a pooled account.

(c)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 0.47% to 6.50%, due 03/15/23 to 09/15/50, which had a total value of $330,766. The investment in the repurchase agreement was through participation in a pooled account.

(d)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 4.50% to 6.00%, due 12/15/37 to 11/20/39; U.S. Treasury Notes, 2.13% to 6.50%, due 02/15/10 to 02/15/18, which had a total value of $992,301. The investment in the repurchase agreement was through participation in a pooled account.

(e)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.38% to 4.88%, due 04/30/11 to 11/30/14, which had a total value of $198,872. The investment in the repurchase agreement was through participation in a pooled account.

(f)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/14/09 to 02/24/10; Federal National Mortgage Association, 0%, due 04/28/10 to 05/26/10; Government National Mortgage Association, 4.50% to 8.00%, due 09/15/24 to 10/15/39; International Bank for Reconstruction and Development, 4.75% to 5.00%, due 04/01/16 to 02/15/35, which had a total value of $347,306. The investment in the repurchase agreement was through participation in a pooled account.

(g)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Farm Credit Bank, 3.88%, due 12/17/09; Federal Home Loan Bank, 0% to 6.38%, due 12/02/09 to 11/08/22; Federal Home Loan Mortgage Corp., 1.75% to 4.88%, due 02/09/10 to 06/15/12; Federal National Mortgage Association, 2.05% to 6.13%, due 03/15/12 to 06/19/28; U.S. Treasury Bonds, 3.50% to 9.13%, due 05/15/16 to 11/15/39; U.S. Treasury Notes, 0% to 6.50%, due 12/31/09 to 01/15/28, which had a total value of $661,534. The investment in the repurchase agreement was through participation in a pooled account.

(h)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bonds, 7.25% to 9.00%, due 08/15/17 to 08/15/22, which had a total value of $165,383. The investment in the repurchase agreement was through participation in a pooled account.

(i)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.38% to 5.75%, due 01/08/10 to 09/13/24; Federal Home Loan Mortgage Corp., 1.50% to 7.00%, due 03/15/10 to 07/15/32; Federal National Mortgage Association, 2.75% to 5.00%, due 04/11/11 to 03/15/16; U.S. Treasury Bonds, 0% to 9.00%, due 02/15/10 to 08/15/39; U.S. Treasury Notes, 1.75% to 3.63%, due 01/15/25 to 04/15/32, which had a total value of $992,299. The investment in the repurchase agreement was through participation in a pooled account.

(j)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.77% to 1.76%, due 12/30/09 to 11/05/12; Federal Home Loan Mortgage Corp., 0% to 6.88%, due 12/21/09 to 08/20/12; Federal National Mortgage Association, 0% to 7.13%, due 12/15/09 to 06/18/19; U.S. Treasury Notes, 3.25% to 4.50%, due 12/31/09 to 04/30/12, which had a total value of $826,917. The investment in the repurchase agreement was through participation in a pooled account.

(k)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bills, 0%, due 12/03/09 to 09/23/10, which had a total value of $496,151. The investment in the repurchase agreement was through participation in a pooled account.

(l)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/01/09 to 08/02/10; U.S. Treasury Bills, 0%, due 12/31/09 to 02/25/10, which had a total value of $763,467. The investment in the repurchase agreement was through participation in a pooled account.

As of November 30, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	486,935
Aggregate gross unrealized depreciation		(534,470	)
Net unrealized depreciation	$	(47,535	)
Federal income tax cost of investments	$	68,822,569

See accompanying notes to the financial statements.

88 :: Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

USD  Ultra Semiconductors

Swap Agreements

Ultra Semiconductors had the following open swap agreements as of November 30, 2009:

	Notional Amount at Value		Unrealized Appreciation/ (Depreciation)
Equity Index Swap Agreement with Credit Suisse Securities (Europe) Limited, based on the Dow Jones U.S. SemiconductorsSM Index	$	20,985,446	$	6,252,801
Equity Index Swap Agreement with Deutsche Bank AG, based on the Dow Jones U.S. SemiconductorsSM Index		13,490,644		(936,638	)
Equity Index Swap Agreement with Societe Generale, based on the Dow Jones U.S. SemiconductorsSM Index		46,185,567		11,534,716
Equity Index Swap Agreement with UBS AG, based on the Dow Jones U.S. SemiconductorsSM Index		24,822,344		(1,163,850	)
			$	15,687,029

Valuation Information

The following is a summary of the valuation inputs used to value the Fund's investments at November 30, 2009. The inputs or methodology used for valuing investments may not be an indication of the risk associated with investing in those investments. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Note 2 to the Financial Statements.

Description	Level 1		Level 2		Total
Investment Securities:
Common Stocks	$	62,951,147	$	—	$	62,951,147
Repurchase Agreements		—		5,823,887		5,823,887
Total Investment Securities		62,951,147		5,823,887		68,775,034
Other Financial Instruments*:
Swap Agreements		—		15,687,029		15,687,029
Total Other Financial Instruments		—		15,687,029		15,687,029
Total Investments	$	62,951,147	$	21,510,916	$	84,462,063

*  These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Schedule of Portfolio Investments :: 89

  Ultra Technology  ROM

Shares			Value
		Common Stocks (a) — 76.3%
		Commercial Services & Supplies — 0.2%
	12,058	Pitney Bowes, Inc.	$	277,816
		Communications Equipment — 11.1%
	22,458	3Com Corp.*		165,516
	5,603	ADC Telecommunications, Inc.*		34,346
	3,619	ADTRAN, Inc.		76,470
	7,197	Arris Group, Inc.*		71,898
	2,592	Avocent Corp.*		64,748
	23,132	Brocade Communications Systems, Inc.*		164,006
	5,295	Ciena Corp.*		64,334
	334,927	Cisco Systems, Inc.*		7,837,292
	1,642	Comtech Telecommunications Corp.*		47,191
	2,200	EchoStar Corp., Class A*		42,746
	4,774	Emulex Corp.*		46,499
	4,563	F5 Networks, Inc.*		214,598
	5,522	Harmonic, Inc.*		27,941
	7,686	Harris Corp.		337,415
	2,537	InterDigital, Inc.*		60,355
	12,447	JDS Uniphase Corp.*		91,983
	30,651	Juniper Networks, Inc.*		800,911
	124,749	Motorola, Inc.		999,240
	7,232	Palm, Inc.*		78,901
	2,841	Plantronics, Inc.		65,769
	4,831	Polycom, Inc.*		104,156
	95,289	QUALCOMM, Inc.		4,288,005
	3,234	Riverbed Technology, Inc.*		65,844
	11,858	Sonus Networks, Inc.*		25,851
	11,113	Sycamore Networks, Inc.*		31,450
	3,845	Tekelec*		54,676
	21,141	Tellabs, Inc.*		118,601
				15,980,742
		Computers & Peripherals — 23.1%
	51,623	Apple, Inc.*		10,319,954
	100,205	Dell, Inc.*		1,414,895
	3,815	Diebold, Inc.		95,909
	2,858	Electronics for Imaging, Inc.*		34,325
	116,890	EMC Corp.*		1,967,259
	137,686	Hewlett-Packard Co.		6,754,875
	2,797	Intermec, Inc.*		34,375
	76,734	International Business Machines Corp.		9,695,341
	4,555	Lexmark International, Inc., Class A*		114,649
	9,163	NCR Corp.*		86,224
	19,525	NetApp, Inc.*		601,760
	6,904	QLogic Corp.*		123,858
	13,172	SanDisk Corp.*		259,752

Shares			Value
		Common Stocks (a) (continued)
	28,142	Seagate Technology	$	425,788
	2,020	STEC, Inc.*		25,028
	43,330	Sun Microsystems, Inc.*		368,738
	1,972	Synaptics, Inc.*		53,126
	9,997	Teradata Corp.*		292,912
	12,820	Western Digital Corp.*		472,289
				33,141,057
		Construction & Engineering — 0.0%
	2,284	Dycom Industries, Inc.*		17,792
		Electronic Equipment, Instruments & Components — 1.3%
	3,852	Brightpoint, Inc.*		27,657
	90,835	Corning, Inc.		1,515,128
	9,401	Ingram Micro, Inc., Class A*		159,723
	2,646	Insight Enterprises, Inc.*		26,857
	2,930	Tech Data Corp.*		123,382
				1,852,747
		Health Care Technology — 0.3%
	3,367	Allscripts-Misys Healthcare Solutions, Inc.*		64,646
	1,836	athenahealth, Inc.*		76,929
	3,704	Cerner Corp.*		278,874
	1,042	Quality Systems, Inc.		61,989
				482,438
		Internet Software & Services — 7.2%
	10,030	Akamai Technologies, Inc.*		240,720
	2,218	Digital River, Inc.*		55,960
	6,160	Earthlink, Inc.		50,697
	2,201	Equinix, Inc.*		211,714
	13,994	Google, Inc., Class A*		8,158,502
	5,279	IAC/InterActiveCorp.*		102,676
	2,586	j2 Global Communications, Inc.*		51,410
	4,439	Rackspace Hosting, Inc.*		82,166
	2,311	SAVVIS, Inc.*		28,934
	4,853	United Online, Inc.		33,000
	11,289	VeriSign, Inc.*		253,325
	76,008	Yahoo!, Inc.*		1,137,840
				10,406,944
		IT Services — 1.5%
	10,975	Amdocs Ltd.*		290,069
	1,735	CACI International, Inc., Class A*		80,539
	16,954	Cognizant Technology Solutions Corp., Class A*		744,789
	8,787	Computer Sciences Corp.*		486,009
	2,031	CSG Systems International, Inc.*		39,320
	2,294	DST Systems, Inc.*		97,449
	3,706	Gartner, Inc.*		70,118

See accompanying notes to the financial statements.

90 :: Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

ROM  Ultra Technology

Shares			Value
		Common Stocks (a) (continued)
	11,842	SAIC, Inc.*	$	211,024
	2,522	SRA International, Inc., Class A*		45,522
	1,953	Unisys Corp.*		62,672
	4,338	VeriFone Holdings, Inc.*		57,522
				2,185,033
		Office Electronics — 0.3%
	50,650	Xerox Corp.		390,005
		Semiconductors & Semiconductor Equipment — 11.8%
	35,608	Advanced Micro Devices, Inc.*		249,612
	17,043	Altera Corp.		358,414
	6,771	Amkor Technology, Inc.*		37,579
	16,843	Analog Devices, Inc.		505,122
	77,916	Applied Materials, Inc.		959,146
	3,772	Applied Micro Circuits Corp.*		28,026
	3,585	Atheros Communications, Inc.*		102,065
	23,343	Atmel Corp.*		92,672
	1,824	ATMI, Inc.*		28,363
	25,311	Broadcom Corp., Class A*		739,081
	1,360	Cabot Microelectronics Corp.*		41,602
	5,371	Cree, Inc.*		256,895
	1,724	Cymer, Inc.*		57,651
	8,406	Cypress Semiconductor Corp.*		80,445
	7,209	Fairchild Semiconductor International, Inc.*		58,393
	2,867	Formfactor, Inc.*		48,596
	9,561	Integrated Device Technology, Inc.*		54,115
	322,981	Intel Corp.		6,201,235
	4,235	International Rectifier Corp.*		79,279
	7,101	Intersil Corp., Class A		91,745
	9,804	KLA-Tencor Corp.		306,277
	7,333	Lam Research Corp.*		249,249
	11,976	Linear Technology Corp.		322,993
	37,461	LSI Corp.*		198,169
	28,323	Marvell Technology Group Ltd.*		436,741
	17,695	Maxim Integrated Products, Inc.		311,432
	12,976	MEMC Electronic Materials, Inc.*		156,231
	10,565	Microchip Technology, Inc.		277,331
	49,178	Micron Technology, Inc.*		369,819
	4,705	Microsemi Corp.*		71,657
	13,726	National Semiconductor Corp.		200,400
	5,668	Novellus Systems, Inc.*		117,271
	31,622	NVIDIA Corp.*		412,983
	2,901	Omnivision Technologies, Inc.*		40,498
	24,414	ON Semiconductor Corp.*		189,453
	12,930	PMC-Sierra, Inc.*		102,535
	6,097	Rambus, Inc.*		108,648
	14,026	RF Micro Devices, Inc.*		60,592
	3,510	Semtech Corp.*		56,230
	2,596	Silicon Laboratories, Inc.*		109,629

Shares			Value
		Common Stocks (a) (continued)
	9,689	Skyworks Solutions, Inc.*	$	119,272
	10,029	Teradyne, Inc.*		88,857
	2,884	Tessera Technologies, Inc.*		68,264
	73,947	Texas Instruments, Inc.		1,870,120
	8,743	TriQuint Semiconductor, Inc.*		47,562
	4,219	Varian Semiconductor Equipment Associates, Inc.*		122,899
	16,053	Xilinx, Inc.		363,440
	2,975	Zoran Corp.*		27,191
				16,875,779
		Software — 18.3%
	2,039	ACI Worldwide, Inc.*		33,603
	30,433	Adobe Systems, Inc.*		1,067,590
	820	Advent Software, Inc.*		31,094
	5,094	ANSYS, Inc.*		198,360
	5,075	Ariba, Inc.*		55,013
	13,135	Autodesk, Inc.*		308,016
	1,696	Blackboard, Inc.*		70,774
	10,719	BMC Software, Inc.*		415,147
	24,321	CA, Inc.		537,494
	15,304	Cadence Design Systems, Inc.*		91,824
	9,762	Check Point Software Technologies*		308,382
	10,547	Citrix Systems, Inc.*		402,684
	13,790	Compuware Corp.*		95,703
	2,446	Concur Technologies, Inc.*		90,649
	2,811	Fair Isaac Corp.		51,301
	5,057	Informatica Corp.*		113,530
	17,098	Intuit, Inc.*		499,433
	1,822	JDA Software Group, Inc.*		42,780
	9,015	McAfee, Inc.*		343,922
	5,578	Mentor Graphics Corp.*		41,110
	4,688	MICROS Systems, Inc.*		131,545
	459,432	Microsoft Corp.		13,511,895
	20,049	Novell, Inc.*		78,392
	12,676	Nuance Communications, Inc.*		192,548
	222,183	Oracle Corp.		4,905,801
	6,734	Parametric Technology Corp.*		101,414
	2,312	Progress Software Corp.*		55,696
	3,554	Quest Software, Inc.*		59,814
	10,922	Red Hat, Inc.*		291,617
	4,784	Rovi Corp.*		142,611
	5,988	Salesforce.com, Inc.*		375,328
	4,024	Solera Holdings, Inc.		140,679
	4,826	Sybase, Inc.*		194,198
	47,673	Symantec Corp.*		846,196
	8,327	Synopsys, Inc.*		187,108
	10,132	TIBCO Software, Inc.*		87,135
	3,210	VMware, Inc., Class A*		134,756
	2,372	Websense, Inc.*		37,311
				26,272,453

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Schedule of Portfolio Investments :: 91

  Ultra Technology  ROM

Shares			Value
		Common Stocks (a) (continued)
		Wireless Telecommunication Services — 1.2%
	22,997	American Tower Corp., Class A*	$	941,037
	14,344	Crown Castle International Corp.*		526,281
	6,774	SBA Communications Corp., Class A*		217,039
	3,968	Syniverse Holdings, Inc.*		62,933
				1,747,290
		Total Common Stocks (Cost $79,091,004)		109,630,096
Principal Amount
		Repurchase Agreements (a) — 7.5%
$	298,171	Bank of America Corp., 0.15%, dated 11/30/09, due 12/01/09, total to be received $298,172 (b)		298,171
	596,343	Bank of America Corp., 0.16%, dated 11/30/09, due 12/01/09, total to be received $596,346 (c)		596,343
	1,789,028	Credit Suisse (USA) LLC, 0.06%, dated 11/24/09, due 12/01/09, total to be received $1,789,049 (d)		1,789,028
	358,549	Credit Suisse (USA) LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $358,550 (e)		358,549
	626,160	Credit Suisse (USA) LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $626,163 (f)		626,160
	1,192,685	ING Financial Markets LLC, 0.11%, dated 11/27/09, due 12/04/09, total to be received $1,192,711 (g)		1,192,685
	298,171	ING Financial Markets LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $298,172 (h)		298,171
	1,789,028	ING Financial Markets LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $1,789,036 (i)		1,789,028
	1,490,856	JPMorgan Chase & Co., 0.16%, dated 11/30/09, due 12/01/09, total to be received $1,490,863 (j)		1,490,856
	894,514	UBS Warburg LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $894,518 (k)		894,514

Principal Amount			Value
		Repurchase Agreements (a) (continued)
$	1,376,460	UBS Warburg LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $1,376,466 (l)	$	1,376,460
		Total Repurchase Agreements (Cost $10,709,965)		10,709,965
		Total Investment Securities (Cost $89,800,969) — 83.8%		120,340,061
		Other assets less liabilities — 16.2%		23,305,252
		Net Assets — 100.0%	$	143,645,313

*  Non-income producing security.

(a)  A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of 11/30/09, the aggregate amount held in a segregated account was $32,904,979.

(b)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.75% to 3.75%, due 08/15/12 to 11/15/18, which had a total value of $304,134. The investment in the repurchase agreement was through participation in a pooled account.

(c)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 0.47% to 6.50%, due 03/15/23 to 09/15/50, which had a total value of $608,270. The investment in the repurchase agreement was through participation in a pooled account.

(d)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 4.50% to 6.00%, due 12/15/37 to 11/20/39; U.S. Treasury Notes, 2.13% to 6.50%, due 02/15/10 to 02/15/18, which had a total value of $1,824,815. The investment in the repurchase agreement was through participation in a pooled account.

(e)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.38% to 4.88%, due 04/30/11 to 11/30/14, which had a total value of $365,720. The investment in the repurchase agreement was through participation in a pooled account.

(f)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/14/09 to 02/24/10; Federal National Mortgage Association, 0%, due 04/28/10 to 05/26/10; Government National Mortgage Association, 4.50% to 8.00%, due 09/15/24 to 10/15/39; International Bank for Reconstruction and Development, 4.75% to 5.00%, due 04/01/16 to 02/15/35, which had a total value of $638,688. The investment in the repurchase agreement was through participation in a pooled account.

(g)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this

See accompanying notes to the financial statements.

92 :: Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

ROM  Ultra Technology

schedule as follows: Federal Farm Credit Bank, 3.88%, due 12/17/09; Federal Home Loan Bank, 0% to 6.38%, due 12/02/09 to 11/08/22; Federal Home Loan Mortgage Corp., 1.75% to 4.88%, due 02/09/10 to 06/15/12; Federal National Mortgage Association, 2.05% to 6.13%, due 03/15/12 to 06/19/28; U.S. Treasury Bonds, 3.50% to 9.13%, due 05/15/16 to 11/15/39; U.S. Treasury Notes, 0% to 6.50%, due 12/31/09 to 01/15/28, which had a total value of $1,216,541. The investment in the repurchase agreement was through participation in a pooled account.

(h)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bonds, 7.25% to 9.00%, due 08/15/17 to 08/15/22, which had a total value of $304,135. The investment in the repurchase agreement was through participation in a pooled account.

(i)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.38% to 5.75%, due 01/08/10 to 09/13/24; Federal Home Loan Mortgage Corp., 1.50% to 7.00%, due 03/15/10 to 07/15/32; Federal National Mortgage Association, 2.75% to 5.00%, due 04/11/11 to 03/15/16; U.S. Treasury Bonds, 0% to 9.00%, due 02/15/10 to 08/15/39; U.S. Treasury Notes, 1.75% to 3.63%, due 01/15/25 to 04/15/32, which had a total value of $1,824,811. The investment in the repurchase agreement was through participation in a pooled account.

(j)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.77% to 1.76%, due 12/30/09 to 11/05/12; Federal Home Loan Mortgage Corp., 0% to 6.88%, due 12/21/09 to 08/20/12; Federal National Mortgage Association, 0% to 7.13%, due 12/15/09 to 06/18/19; U.S. Treasury Notes, 3.25% to 4.50%, due 12/31/09 to 04/30/12, which had a total value of $1,520,677. The investment in the repurchase agreement was through participation in a pooled account.

(k)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bills, 0%, due 12/03/09 to 09/23/10, which had a total value of $912,407. The investment in the repurchase agreement was through participation in a pooled account.

(l)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/01/09 to 08/02/10; U.S. Treasury Bills, 0%, due 12/31/09 to 02/25/10, which had a total value of $1,403,991. The investment in the repurchase agreement was through participation in a pooled account.

As of November 30, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	3,665,129
Aggregate gross unrealized depreciation		(453,433	)
Net unrealized appreciation	$	3,211,696
Federal income tax cost of investments	$	117,128,365

Swap Agreements

Ultra Technology had the following open swap agreements as of November 30, 2009:

	Notional Amount at Value		Unrealized Appreciation/ (Depreciation)
Equity Index Swap Agreement with Credit Suisse Securities (Europe) Limited, based on the Dow Jones U.S. TechnologySM Index	$	25,042,069	$	9,178,065
Equity Index Swap Agreement with Deutsche Bank AG, based on the Dow Jones U.S. TechnologySM Index		60,812,251		(2,170,793	)
Equity Index Swap Agreement with Societe Generale, based on the Dow Jones U.S. TechnologySM Index		56,336,751		17,389,847
Equity Index Swap Agreement with UBS AG, based on the Dow Jones U.S. TechnologySM Index		35,880,089		(1,252,271	)
			$	23,144,848

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Schedule of Portfolio Investments :: 93

  Ultra Technology  ROM

Valuation Information

The following is a summary of the valuation inputs used to value the Fund's investments at November 30, 2009. The inputs or methodology used for valuing investments may not be an indication of the risk associated with investing in those investments. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Note 2 to the Financial Statements.

Description	Level 1		Level 2		Total
Investment Securities:
Common Stocks	$	109,630,096	$	—	$	109,630,096
Repurchase Agreements		—		10,709,965		10,709,965
Total Investment Securities		109,630,096		10,709,965		120,340,061
Other Financial Instruments*:
Swap Agreements		—		23,144,848		23,144,848
Total Other Financial Instruments		—		23,144,848		23,144,848
Total Investments	$	109,630,096	$	33,854,813	$	143,484,909

*  These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

See accompanying notes to the financial statements.

94 :: Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

LTL  Ultra Telecommunications

Shares			Value
		Common Stocks (a) — 85.6%
		Diversified Financial Services — 3.2%
	18,571	Leucadia National Corp.*	$	399,648
		Diversified Telecommunication Services — 58.7%
	4,078	AboveNet, Inc.*		209,201
	13,026	Alaska Communications Systems Group, Inc.		95,220
	74,922	AT&T, Inc.		2,018,399
	2,519	Atlantic Tele-Network, Inc.		118,066
	7,310	Cbeyond, Inc.*		94,372
	20,736	CenturyTel, Inc.		737,994
	47,263	Cincinnati Bell, Inc.*		140,844
	7,013	Consolidated Communications Holdings, Inc.		106,598
	42,236	Frontier Communications Corp.		333,664
	12,447	General Communication, Inc., Class A*		75,180
	8,775	Global Crossing Ltd.*		99,158
	9,478	Iowa Telecommunications Services, Inc.		150,700
	227,329	Level 3 Communications, Inc.*		284,161
	36,709	PAETEC Holding Corp.*		134,722
	131,785	Qwest Communications International, Inc.		481,015
	5,682	SureWest Communications*		49,490
	21,385	tw telecom, inc.*		311,152
	47,257	Verizon Communications, Inc.		1,486,705
	45,959	Windstream Corp.		455,913
				7,382,554
		Media — 4.9%
	11,011	RCN Corp.*		94,364
	31,856	Virgin Media, Inc.		524,350
				618,714
		Wireless Telecommunication Services — 18.8%
	11,120	Leap Wireless International, Inc.*		160,461
	33,642	MetroPCS Communications, Inc.*		211,945
	16,517	NII Holdings, Inc.*		492,207
	7,595	NTELOS Holdings Corp.		127,672
	6,715	Shenandoah Telecommunications Co.		112,812
	187,828	Sprint Nextel Corp.*		696,842
	11,612	Telephone & Data Systems, Inc.		354,050
	3,721	United States Cellular Corp.*		138,644
	7,388	USA Mobility, Inc.		73,732
				2,368,365
		Total Common Stocks (Cost $9,095,568)		10,769,281

Principal Amount			Value
		Repurchase Agreements (a) — 7.9%
$	27,837	Bank of America Corp., 0.15%, dated 11/30/09, due 12/01/09, total to be received $27,837 (b)	$	27,837
	55,675	Bank of America Corp., 0.16%, dated 11/30/09, due 12/01/09, total to be received $55,675 (c)		55,675
	167,024	Credit Suisse (USA) LLC, 0.06%, dated 11/24/09, due 12/01/09, total to be received $167,026 (d)		167,024
	33,474	Credit Suisse (USA) LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $33,474 (e)		33,474
	58,458	Credit Suisse (USA) LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $58,458 (f)		58,458
	111,349	ING Financial Markets LLC, 0.11%, dated 11/27/09, due 12/04/09, total to be received $111,351 (g)		111,349
	27,837	ING Financial Markets LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $27,837 (h)		27,837
	167,024	ING Financial Markets LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $167,025 (i)		167,024
	139,187	JPMorgan Chase & Co., 0.16%, dated 11/30/09, due 12/01/09, total to be received $139,188 (j)		139,187
	83,512	UBS Warburg LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $83,512 (k)		83,512
	128,508	UBS Warburg LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $128,509 (l)		128,508
		Total Repurchase Agreements (Cost $999,885)		999,885
		Total Investment Securities (Cost $10,095,453) — 93.5%		11,769,166
		Other assets less liabilities — 6.5%		817,771
		Net Assets — 100.0%	$	12,586,937

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Schedule of Portfolio Investments :: 95

  Ultra Telecommunications  LTL

*  Non-income producing security.

(a)  A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of 11/30/09, the aggregate amount held in a segregated account was $3,143,900, including $171,168 related to Lehman. See Note 14 to the Financial Statements.

(b)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.75% to 3.75%, due 08/15/12 to 11/15/18, which had a total value of $28,394. The investment in the repurchase agreement was through participation in a pooled account.

(c)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 0.47% to 6.50%, due 03/15/23 to 09/15/50, which had a total value of $56,789. The investment in the repurchase agreement was through participation in a pooled account.

(d)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 4.50% to 6.00%, due 12/15/37 to 11/20/39; U.S. Treasury Notes, 2.13% to 6.50%, due 02/15/10 to 02/15/18, which had a total value of $170,365. The investment in the repurchase agreement was through participation in a pooled account.

(e)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.38% to 4.88%, due 04/30/11 to 11/30/14, which had a total value of $34,144. The investment in the repurchase agreement was through participation in a pooled account.

(f)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/14/09 to 02/24/10; Federal National Mortgage Association, 0%, due 04/28/10 to 05/26/10; Government National Mortgage Association, 4.50% to 8.00%, due 09/15/24 to 10/15/39; International Bank for Reconstruction and Development, 4.75% to 5.00%, due 04/01/16 to 02/15/35, which had a total value of $59,628. The investment in the repurchase agreement was through participation in a pooled account.

(g)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Farm Credit Bank, 3.88%, due 12/17/09; Federal Home Loan Bank, 0% to 6.38%, due 12/02/09 to 11/08/22; Federal Home Loan Mortgage Corp., 1.75% to 4.88%, due 02/09/10 to 06/15/12; Federal National Mortgage Association, 2.05% to 6.13%, due 03/15/12 to 06/19/28; U.S.Treasury Bonds, 3.50% to 9.13%, due 05/15/16 to 11/15/39; U.S.Treasury Notes, 0% to 6.50%, due 12/31/09 to 01/15/28, which had a total value of $113,576. The investment in the repurchase agreement was through participation in a pooled account.

(h)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bonds, 7.25% to 9.00%, due 08/15/17 to 08/15/22, which had a total value of $28,394. The investment in the repurchase agreement was through participation in a pooled account.

(i)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.38% to 5.75%, due 01/08/10 to 09/13/24; Federal Home Loan Mortgage Corp., 1.50% to 7.00%, due 03/15/10 to 07/15/32; Federal National Mortgage Association, 2.75% to 5.00%, due 04/11/11 to 03/15/16; U.S. Treasury Bonds, 0% to 9.00%, due 02/15/10 to 08/15/39; U.S. Treasury Notes, 1.75% to 3.63%, due 01/15/25 to 04/15/32, which had a total value of $170,365. The investment in the repurchase agreement was through participation in a pooled account.

(j)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.77% to 1.76%, due 12/30/09 to 11/05/12; Federal Home Loan Mortgage Corp., 0% to 6.88%, due 12/21/09 to 08/20/12; Federal National Mortgage Association, 0% to 7.13%, due 12/15/09 to 06/18/19; U.S.Treasury Notes, 3.25% to 4.50%, due 12/31/09 to 04/30/12, which had a total value of $141,971. The investment in the repurchase agreement was through participation in a pooled account.

(k)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bills, 0%, due 12/03/09 to 09/23/10, which had a total value of $85,183. The investment in the repurchase agreement was through participation in a pooled account.

(l)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/01/09 to 08/02/10; U.S. Treasury Bills, 0%, due 12/31/09 to 02/25/10, which had a total value of $131,078. The investment in the repurchase agreement was through participation in a pooled account.

As of November 30, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	272,287
Aggregate gross unrealized depreciation		(761,983	)
Net unrealized depreciation	$	(489,696	)
Federal income tax cost of investments	$	12,258,862

See accompanying notes to the financial statements.

96 :: Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

LTL  Ultra Telecommunications

Swap Agreements

Ultra Telecommunications had the following open swap agreements as of November 30, 2009:

	Notional Amount at Value		Unrealized Appreciation/ (Depreciation)
Equity Index Swap Agreement with Credit Suisse Securities (Europe) Limited, based on the Dow Jones U.S. Select TelecommunicationsSM Index	$	2,414,026	$	488,364
Equity Index Swap Agreement with Deutsche Bank AG, based on the Dow Jones U.S. Select TelecommunicationsSM Index		4,369,532		(91,513	)
Equity Index Swap Agreement with Societe Generale, based on the Dow Jones U.S. Select TelecommunicationsSM Index		4,508,085		614,622
Equity Index Swap Agreement with UBS AG, based on the Dow Jones U.S. Select TelecommunicationsSM Index		3,115,574		(28,668	)
			$	982,805

Valuation Information

The following is a summary of the valuation inputs used to value the Fund's investments at November 30, 2009. The inputs or methodology used for valuing investments may not be an indication of the risk associated with investing in those investments. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Note 2 to the Financial Statements.

Description	Level 1		Level 2		Total
Investment Securities:
Common Stocks	$	10,769,281	$	—	$	10,769,281
Repurchase Agreements		—		999,885		999,885
Total Investment Securities		10,769,281		999,885		11,769,166
Other Financial Instruments*:
Swap Agreements		—		982,805		982,805
Total Other Financial Instruments		—		982,805		982,805
Total Investments	$	10,769,281	$	1,982,690	$	12,751,971

*  These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Schedule of Portfolio Investments :: 97

  Ultra Utilities  UPW

Shares			Value
		Common Stocks (a) — 77.8%
		Commercial Services & Supplies — 0.4%
	4,889	Covanta Holding Corp.*	$	83,455
		Electric Utilities — 38.0%
	6,361	Allegheny Energy, Inc.		139,815
	1,066	Allete, Inc.		35,647
	17,902	American Electric Power Co., Inc.		576,265
	2,268	Cleco Corp.		57,879
	4,355	DPL, Inc.		116,975
	48,331	Duke Energy Corp.		806,161
	11,237	Edison International		382,620
	1,695	El Paso Electric Co.*		33,561
	7,363	Entergy Corp.		579,100
	24,782	Exelon Corp.		1,193,997
	11,446	FirstEnergy Corp.		493,094
	14,106	FPL Group, Inc.		733,089
	5,077	Great Plains Energy, Inc.		90,371
	3,437	Hawaiian Electric Industries, Inc.		68,259
	1,770	IDACORP, Inc.		52,339
	1,855	ITC Holdings Corp.		82,492
	6,577	Northeast Utilities		158,571
	8,776	NV Energy, Inc.		102,153
	8,261	Pepco Holdings, Inc.		134,654
	3,778	Pinnacle West Capital Corp.		132,570
	2,947	PNM Resources, Inc.		32,830
	2,820	Portland General Electric Co.		55,300
	13,977	PPL Corp.		426,578
	10,478	Progress Energy, Inc.		409,585
	29,891	Southern Co.		959,202
	1,333	Unisource Energy Corp.		39,750
	4,066	Westar Energy, Inc.		83,719
				7,976,576
		Gas Utilities — 6.6%
	2,870	AGL Resources, Inc.		99,158
	3,442	Atmos Energy Corp.		94,276
	4,628	EQT Corp.		190,442
	774	Laclede Group, Inc. (The)		24,234
	2,532	National Fuel Gas Co.		118,574
	1,582	New Jersey Resources Corp.		55,734
	1,687	Nicor, Inc.		66,063
	999	Northwest Natural Gas Co.		42,837
	3,696	Oneok, Inc.		147,914
	2,589	Piedmont Natural Gas Co., Inc.		61,359
	6,464	Questar Corp.		256,427
	1,119	South Jersey Industries, Inc.		40,351
	1,679	Southwest Gas Corp.		44,007
	4,042	UGI Corp.		94,906
	1,881	WGL Holdings, Inc.		59,214
				1,395,496

Shares			Value
		Common Stocks (a) (continued)
		Independent Power Producers & Energy Traders — 5.3%
	25,066	AES Corp. (The)*	$	319,341
	13,991	Calpine Corp.*		155,580
	6,763	Constellation Energy Group, Inc.		215,199
	18,933	Dynegy, Inc., Class A*		34,269
	5,414	Mirant Corp.*		77,095
	9,961	NRG Energy, Inc.*		238,466
	13,136	RRI Energy, Inc.*		64,629
				1,104,579
		Multi-Utilities — 24.4%
	4,143	Alliant Energy Corp.		113,850
	8,018	Ameren Corp.		208,388
	2,043	Avista Corp.		42,515
	1,457	Black Hills Corp.		34,341
	12,109	Centerpoint Energy, Inc.		160,686
	8,516	CMS Energy Corp.		121,268
	10,275	Consolidated Edison, Inc.		440,900
	22,154	Dominion Resources, Inc.		805,963
	6,147	DTE Energy Co.		246,556
	2,871	Integrys Energy Group, Inc.		110,648
	10,285	NiSource, Inc.		146,561
	1,348	NorthWestern Corp.		34,765
	4,007	NSTAR		132,752
	13,920	PG&E Corp.		589,373
	19,093	Public Service Enterprise Group, Inc.		598,756
	4,135	SCANA Corp.		145,552
	8,506	Sempra Energy		452,009
	7,469	TECO Energy, Inc.		110,168
	3,041	Vectren Corp.		71,433
	4,394	Wisconsin Energy Corp.		198,169
	17,111	Xcel Energy, Inc.		347,696
				5,112,349
		Oil, Gas & Consumable Fuels — 2.2%
	23,999	Spectra Energy Corp.		465,821
		Water Utilities — 0.9%
	3,366	American Water Works Co., Inc.		74,860
	5,087	Aqua America, Inc.		83,020
	724	California Water Service Group		26,484
				184,364
		Total Common Stocks (Cost $15,229,449)		16,322,640

See accompanying notes to the financial statements.

98 :: Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

UPW  Ultra Utilities

Principal Amount			Value
		Repurchase Agreements (a) — 6.6%
$	38,578	Bank of America Corp., 0.15%, dated 11/30/09, due 12/01/09, total to be received $38,578 (b)	$	38,578
	77,156	Bank of America Corp., 0.16%, dated 11/30/09, due 12/01/09, total to be received $77,156 (c)		77,156
	231,467	Credit Suisse (USA) LLC, 0.06%, dated 11/24/09, due 12/01/09, total to be received $231,470 (d)		231,467
	46,390	Credit Suisse (USA) LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $46,390 (e)		46,390
	81,014	Credit Suisse (USA) LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $81,014 (f)		81,014
	154,312	ING Financial Markets LLC, 0.11%, dated 11/27/09, due 12/04/09, total to be received $154,315 (g)		154,312
	38,578	ING Financial Markets LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $38,578 (h)		38,578
	231,467	ING Financial Markets LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $231,468 (i)		231,467
	192,890	JPMorgan Chase & Co., 0.16%, dated 11/30/09, due 12/01/09, total to be received $192,891 (j)		192,890
	115,734	UBS Warburg LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $115,734 (k)		115,734
	178,087	UBS Warburg LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $178,088 (l)		178,087
		Total Repurchase Agreements (Cost $1,385,673)		1,385,673
		Total Investment Securities (Cost $16,615,122) — 84.4%		17,708,313
		Other assets less liabilities — 15.6%		3,284,139
		Net Assets — 100.0%	$	20,992,452

*  Non-income producing security.

(a)  A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of 11/30/09, the aggregate amount held in a segregated account was $5,493,061.

(b)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.75% to 3.75%, due 08/15/12 to 11/15/18, which had a total value of $39,350. The investment in the repurchase agreement was through participation in a pooled account.

(c)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 0.47% to 6.50%, due 03/15/23 to 09/15/50, which had a total value of $78,699. The investment in the repurchase agreement was through participation in a pooled account.

(d)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 4.50% to 6.00%, due 12/15/37 to 11/20/39; U.S. Treasury Notes, 2.13% to 6.50%, due 02/15/10 to 02/15/18, which had a total value of $236,097. The investment in the repurchase agreement was through participation in a pooled account.

(e)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.38% to 4.88%, due 04/30/11 to 11/30/14, which had a total value of $47,318. The investment in the repurchase agreement was through participation in a pooled account.

(f)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/14/09 to 02/24/10; Federal National Mortgage Association, 0%, due 04/28/10 to 05/26/10; Government National Mortgage Association, 4.50% to 8.00%, due 09/15/24 to 10/15/39; International Bank for Reconstruction and Development, 4.75% to 5.00%, due 04/01/16 to 02/15/35, which had a total value of $82,635. The investment in the repurchase agreement was through participation in a pooled account.

(g)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Farm Credit Bank, 3.88%, due 12/17/09; Federal Home Loan Bank, 0% to 6.38%, due 12/02/09 to 11/08/22; Federal Home Loan Mortgage Corp., 1.75% to 4.88%, due 02/09/10 to 06/15/12; Federal National Mortgage Association, 2.05% to 6.13%, due 03/15/12 to 06/19/28; U.S.Treasury Bonds, 3.50% to 9.13%, due 05/15/16 to 11/15/39; U.S.Treasury Notes, 0% to 6.50%, due 12/31/09 to 01/15/28, which had a total value of $157,399. The investment in the repurchase agreement was through participation in a pooled account.

(h)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bonds, 7.25% to 9.00%, due 08/15/17 to 08/15/22, which had a total value of $39,350. The investment in the repurchase agreement was through participation in a pooled account.

(i)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Schedule of Portfolio Investments :: 99

  Ultra Utilities  UPW

U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.38% to 5.75%, due 01/08/10 to 09/13/24; Federal Home Loan Mortgage Corp., 1.50% to 7.00%, due 03/15/10 to 07/15/32; Federal National Mortgage Association, 2.75% to 5.00%, due 04/11/11 to 03/15/16; U.S. Treasury Bonds, 0% to 9.00%, due 02/15/10 to 08/15/39; U.S.Treasury Notes, 1.75% to 3.63%, due 01/15/25 to 04/15/32, which had a total value of $236,097. The investment in the repurchase agreement was through participation in a pooled account.

(j)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.77% to 1.76%, due 12/30/09 to 11/05/12; Federal Home Loan Mortgage Corp., 0% to 6.88%, due 12/21/09 to 08/20/12; Federal National Mortgage Association, 0% to 7.13%, due 12/15/09 to 06/18/19; U.S.Treasury Notes, 3.25% to 4.50%, due 12/31/09 to 04/30/12, which had a total value of $196,748. The investment in the repurchase agreement was through participation in a pooled account.

(k)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bills, 0%, due 12/03/09 to 09/23/10, which had a total value of $118,049. The investment in the repurchase agreement was through participation in a pooled account.

(l)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/01/09 to 08/02/10; U.S. Treasury Bills, 0%, due 12/31/09 to 02/25/10, which had a total value of $181,649. The investment in the repurchase agreement was through participation in a pooled account.

As of November 30, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	—
Aggregate gross unrealized depreciation		(1,504,028	)
Net unrealized depreciation	$	(1,504,028	)
Federal income tax cost of investments	$	19,212,341

Swap Agreements

Ultra Utilities had the following open swap agreements as of November 30, 2009:

	Notional Amount at Value		Unrealized Appreciation/ (Depreciation)
Equity Index Swap Agreement with Credit Suisse Securities (Europe) Limited, based on the Dow Jones U.S. UtilitiesSM Index	$	5,097,523	$	1,245,163
Equity Index Swap Agreement with Deutsche Bank AG, based on the Dow Jones U.S. UtilitiesSM Index		5,342,744		(27,820	)
Equity Index Swap Agreement with Societe Generale, based on the Dow Jones U.S. UtilitiesSM Index		11,614,527		1,930,128
Equity Index Swap Agreement with UBS AG, based on the Dow Jones U.S. UtilitiesSM Index		3,584,089		18,362
			$	3,165,833

Valuation Information

The following is a summary of the valuation inputs used to value the Fund's investments at November 30, 2009. The inputs or methodology used for valuing investments may not be an indication of the risk associated with investing in those investments. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Note 2 to the Financial Statements.

Description	Level 1		Level 2		Total
Investment Securities:
Common Stocks	$	16,322,640	$	—	$	16,322,640
Repurchase Agreements		—		1,385,673		1,385,673
Total Investment Securities		16,322,640		1,385,673		17,708,313
Other Financial Instruments*:
Swap Agreements		—		3,165,833		3,165,833
Total Other Financial Instruments		—		3,165,833		3,165,833
Total Investments	$	16,322,640	$	4,551,506	$	20,874,146

*  These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

See accompanying notes to the financial statements.

100 :: Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

EFO  Ultra MSCI EAFE

Shares			Value
		Common Stocks (a) — 54.6%
		Airlines — 0.0%
	111	Ryanair Holdings plc (ADR)*	$	2,909
		Automobiles — 3.3%
	1,410	Daimler AG		71,811
	4,516	Honda Motor Co., Ltd. (ADR)		139,951
	3,687	Toyota Motor Corp. (ADR)		289,577
				501,339
		Beverages — 0.4%
	162	Coca Cola Hellenic Bottling Co. S.A. (ADR)		3,543
	764	Diageo plc (ADR)		51,654
				55,197
		Biotechnology — 0.0%
	82	Crucell N.V. (ADR)*		1,769
		Capital Markets — 1.9%
	1,999	Credit Suisse Group AG (ADR)		104,768
	976	Deutsche Bank AG		71,346
	6,342	Nomura Holdings, Inc. (ADR)		45,535
	4,363	UBS AG*		68,455
				290,104
		Chemicals — 0.3%
	727	Syngenta AG (ADR)		38,902
		Commercial Banks — 8.3%
	4,080	Banco Bilbao Vizcaya Argentaria S.A. (ADR)		77,561
	8,825	Banco Santander S.A. (ADR)		152,672
	5,052	Barclays plc (ADR)		99,676
	4,238	HSBC Holdings plc (ADR)		250,084
	4,667	Lloyds Banking Group plc (ADR)*		25,202
	28,726	Mitsubishi UFJ Financial Group, Inc. (ADR)		157,706
	17,424	Mizuho Financial Group, Inc. (ADR)		64,295
	6,621	National Bank of Greece S.A. (ADR)*		39,991
	1,018	Royal Bank of Scotland Group plc (ADR)*		11,320
	3,571	Westpac Banking Corp. (ADR)		395,167
				1,273,674
		Communications Equipment — 2.1%
	3,215	Alcatel-Lucent (ADR)*		10,738
	7,063	Nokia Oyj (ADR)		93,655
	21,831	Telefonaktiebolaget LM Ericsson (ADR)		212,634
				317,027

Shares			Value
		Common Stocks (a) (continued)
		Computers & Peripherals — 0.0%
	146	Logitech International S.A. (Registered)*	$	2,413
		Construction Materials — 0.1%
	537	CRH plc (ADR)		13,855
	162	James Hardie Industries N.V. (ADR)*		5,989
				19,844
		Consumer Finance — 0.1%
	528	ORIX Corp. (ADR)		18,237
		Diversified Financial Services — 0.1%
	2,049	ING Groep N.V. (ADR)*		19,465
		Diversified Telecommunication Services — 2.4%
	760	BT Group plc (ADR)		17,602
	3,315	Deutsche Telekom AG (ADR)		49,228
	2,802	France Telecom S.A. (ADR)		73,777
	473	Hellenic Telecommunications Organization S.A. (ADR)		3,675
	2,597	Nippon Telegraph & Telephone Corp. (ADR)		55,783
	2,591	Portugal Telecom, SGPS, S.A. (ADR)		31,351
	982	Telecom Corp of New Zealand Ltd. (ADR)		8,750
	1,303	Telecom Italia S.p.A. (ADR)		20,900
	1,310	Telefonica S.A. (ADR)		113,485
				374,551
		Electrical Equipment — 0.4%
	3,591	ABB Ltd. (ADR)*		65,931
		Electronic Equipment, Instruments & Components — 0.7%
	990	Hitachi Ltd. (ADR)*		26,730
	555	Kyocera Corp. (ADR)		43,884
	1,444	Nidec Corp. (ADR)		31,436
				102,050
		Energy Equipment & Services — 0.1%
	406	Acergy S.A. (ADR)		5,964
	248	Cie Generale de Geophysique-Veritas (ADR)*		5,097
				11,061
		Food & Staples Retailing — 0.6%
	1,211	Delhaize Group S.A. (ADR)		92,218

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Schedule of Portfolio Investments :: 101

  Ultra MSCI EAFE  EFO

Shares			Value
		Common Stocks (a) (continued)
		Food Products — 1.1%
	620	Cadbury plc (ADR)	$	33,089
	2,270	Unilever N.V. (NY Shares)		69,939
	2,381	Unilever plc (ADR)		70,311
				173,339
		Health Care Equipment & Supplies — 0.1%
	216	Smith & Nephew plc (ADR)		10,325
		Health Care Providers & Services — 0.7%
	2,168	Fresenius Medical Care AG & Co. KGaA (ADR)		115,121
		Hotels, Restaurants & Leisure — 0.9%
	295	Carnival plc (ADR)*		9,930
	474	Intercontinental Hotels Group plc (ADR)		6,607
	28,362	Melco Crown Entertainment Ltd. (ADR)*		119,971
				136,508
		Household Durables — 0.9%
	357	Makita Corp. (ADR)		12,059
	5,119	Panasonic Corp. (ADR)		65,370
	2,467	Sony Corp. (ADR)		65,844
	1,573	Thomson S.A. (ADR)*		2,501
				145,774
		Industrial Conglomerates — 1.8%
	1,860	Koninklijke Philips Electronics N.V. (NY Shares)		51,076
	2,247	Siemens AG (ADR)		221,599
	515	Tomkins plc (ADR)		5,835
				278,510
		Insurance — 2.6%
	1,529	Aegon N.V. (NY Shares)*		11,070
	14,261	AXA S.A. (ADR)		353,102
	1,530	Prudential plc (ADR)		31,855
				396,027
		Life Sciences Tools & Services — 0.0%
	20	ICON plc (ADR)*		454
		Machinery — 1.3%
	34	CNH Global N.V.*		800
	4,494	Kubota Corp. (ADR)		197,466
				198,266

Shares			Value
		Common Stocks (a) (continued)
		Media — 0.5%
	328	British Sky Broadcasting Group plc (ADR)	$	11,487
	1,002	Pearson plc (ADR)		13,828
	322	Reed Elsevier N.V. (ADR)		7,525
	575	Reed Elsevier plc (ADR)		17,353
	463	WPP plc (ADR)		21,775
				71,968
		Metals & Mining — 4.1%
	1,379	Alumina Ltd. (ADR)*		7,722
	3,807	BHP Billiton Ltd. (ADR)		286,667
	2,606	BHP Billiton plc (ADR)		161,416
	804	Rio Tinto plc (ADR)		164,096
	301	Sims Metal Management Ltd. (ADR)		5,864
				625,765
		Multi-Utilities — 0.7%
	1,641	National Grid plc (ADR)		90,206
	693	Veolia Environnement (ADR)		23,534
				113,740
		Office Electronics — 0.8%
	3,414	Canon, Inc. (ADR)		130,483
		Oil, Gas & Consumable Fuels — 5.8%
	7,056	BP plc (ADR)		403,462
	2,569	ENI S.p.A. (ADR)		127,782
	2,574	Repsol YPF S.A. (ADR)		71,043
	61	Royal Dutch Shell plc, Class A (ADR)		3,645
	47	Royal Dutch Shell plc, Class B (ADR)		2,719
	2,577	Statoil ASA (ADR)		63,600
	3,678	Total S.A. (ADR)		228,735
				900,986
		Pharmaceuticals — 6.0%
	1,787	AstraZeneca plc (ADR)		80,111
	170	Elan Corp. plc (ADR)*		1,074
	3,192	GlaxoSmithKline plc (ADR)		132,372
	7,236	Novartis AG (ADR)		402,322
	1,266	Novo Nordisk A/S (ADR)		84,468
	5,692	Sanofi-Aventis S.A. (ADR)		216,068
	102	Shire plc (ADR)		6,005
				922,420
		Semiconductors & Semiconductor Equipment — 0.6%
	471	Advantest Corp. (ADR)		10,386
	62	Aixtron AG (ADR)		2,243

See accompanying notes to the financial statements.

102 :: Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

EFO  Ultra MSCI EAFE

Shares			Value
		Common Stocks (a) (continued)
	270	ARM Holdings plc (ADR)	$	2,084
	81	ASM International N.V. (NY Shares)*		1,847
	1,158	ASML Holding N.V. (NY Shares)		35,886
	1,349	Chartered Semiconductor Manufacturing Ltd. (ADR)*		25,739
	852	STMicroelectronics N.V. (NY Shares)		6,901
				85,086
		Software — 0.3%
	282	Konami Corp. (ADR)		4,656
	991	SAP AG (ADR)		47,439
				52,095
		Textiles, Apparel & Luxury Goods — 1.0%
	6,381	Luxottica Group S.p.A. (ADR)		158,950
	46	Wacoal Holdings Corp. (ADR)		2,648
				161,598
		Tobacco — 0.5%
	1,239	British American Tobacco plc (ADR)		75,914
		Trading Companies & Distributors — 2.9%
	1,707	Mitsui & Co., Ltd. (ADR)		450,136
		Wireless Telecommunication Services — 1.2%
	4,878	NTT DoCoMo, Inc. (ADR)		73,414
	5,182	Vodafone Group plc (ADR)		117,579
				190,993
		Total Common Stocks (Cost $8,347,343)		8,422,199
		Investment Companies (a) — 0.8%
		Mutual Funds — 0.8%
	1,324	iShares MSCI Austria Investable Market Index Fund		28,122
	9,410	iShares MSCI Singapore Index Fund		106,897
		Total Investment Companies (Cost $129,358)		135,019
No. of Rights
		Rights — 0.0%
	2,049	ING Groep N.V., expiring 12/11/09 at $7.06*^		4,183
		Total Rights (Cost $—)		4,183

Principal Amount			Value
		Repurchase Agreements (a) — 43.2%
$	185,395	Bank of America Corp., 0.15%, dated 11/30/09, due 12/01/09, total to be received $185,396 (b)	$	185,395
	370,790	Bank of America Corp., 0.16%, dated 11/30/09, due 12/01/09, total to be received $370,792 (c)		370,790
	1,112,371	Credit Suisse (USA) LLC, 0.06%, dated 11/24/09, due 12/01/09, total to be received $1,112,384 (d)		1,112,371
	222,936	Credit Suisse (USA) LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $222,937 (e)		222,936
	389,330	Credit Suisse (USA) LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $389,332 (f)		389,330
	741,581	ING Financial Markets LLC, 0.11%, dated 11/27/09, due 12/04/09, total to be received $741,597 (g)		741,581
	185,395	ING Financial Markets LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $185,396 (h)		185,395
	1,112,371	ING Financial Markets LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $1,112,376 (i)		1,112,371
	926,976	JPMorgan Chase & Co., 0.16%, dated 11/30/09, due 12/01/09, total to be received $926,980 (j)		926,976
	556,186	UBS Warburg LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $556,188 (k)		556,186
	855,850	UBS Warburg LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $855,854 (l)		855,850
		Total Repurchase Agreements (Cost $6,659,181)		6,659,181
		Total Investment Securities (Cost $15,135,882) — 98.6%		15,220,582
		Other assets less liabilities — 1.4%		208,362
		Net Assets — 100.0%	$	15,428,944

*  Non-income producing security.

^  Security fair valued in accordance with procedures adopted by the Board of Trustees. At November 30, 2009, the value of these securities amounted to $4,183 or 0.03% of net assets.

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Schedule of Portfolio Investments :: 103

  Ultra MSCI EAFE  EFO

(a)  A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of 11/30/09, the aggregate amount held in a segregated account was $4,774,984.

(b)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.75% to 3.75%, due 08/15/12 to 11/15/18, which had a total value of $189,103. The investment in the repurchase agreement was through participation in a pooled account.

(c)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 0.47% to 6.50%, due 03/15/23 to 09/15/50, which had a total value of $378,206. The investment in the repurchase agreement was through participation in a pooled account.

(d)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 4.50% to 6.00%, due 12/15/37 to 11/20/39; U.S. Treasury Notes, 2.13% to 6.50%, due 02/15/10 to 02/15/18, which had a total value of $1,134,622. The investment in the repurchase agreement was through participation in a pooled account.

(e)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.38% to 4.88%, due 04/30/11 to 11/30/14, which had a total value of $227,395. The investment in the repurchase agreement was through participation in a pooled account.

(f)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/14/09 to 02/24/10; Federal National Mortgage Association, 0%, due 04/28/10 to 05/26/10; Government National Mortgage Association, 4.50% to 8.00%, due 09/15/24 to 10/15/39; International Bank for Reconstruction and Development, 4.75% to 5.00%, due 04/01/16 to 02/15/35, which had a total value of $397,120. The investment in the repurchase agreement was through participation in a pooled account.

(g)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Farm Credit Bank, 3.88%, due 12/17/09; Federal Home Loan Bank, 0% to 6.38%, due 12/02/09 to 11/08/22; Federal Home Loan Mortgage Corp., 1.75% to 4.88%, due 02/09/10 to 06/15/12; Federal National Mortgage Association, 2.05% to 6.13%, due 03/15/12 to 06/19/28; U.S. Treasury Bonds, 3.50% to 9.13%, due 05/15/16 to 11/15/39; U.S. Treasury Notes, 0% to 6.50%, due 12/31/09 to 01/15/28, which had a total value of $756,414. The investment in the repurchase agreement was through participation in a pooled account.

(h)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bonds, 7.25% to 9.00%, due 08/15/17 to 08/15/22, which had a total value of $189,103. The investment in the repurchase agreement was through participation in a pooled account.

(i)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.38% to 5.75%, due 01/08/10 to 09/13/24; Federal Home Loan Mortgage Corp., 1.50% to 7.00%, due 03/15/10 to 07/15/32; Federal National Mortgage Association, 2.75% to 5.00%, due 04/11/11 to 03/15/16; U.S. Treasury Bonds, 0% to 9.00%, due 02/15/10 to 08/15/39; U.S. Treasury Notes, 1.75% to 3.63%, due 01/15/25 to 04/15/32, which had a total value of $1,134,620. The investment in the repurchase agreement was through participation in a pooled account.

(j)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.77% to 1.76%, due 12/30/09 to 11/05/12; Federal Home Loan Mortgage Corp., 0% to 6.88%, due 12/21/09 to 08/20/12; Federal National Mortgage Association, 0% to 7.13%, due 12/15/09 to 06/18/19; U.S. Treasury Notes, 3.25% to 4.50%, due 12/31/09 to 04/30/12, which had a total value of $945,518. The investment in the repurchase agreement was through participation in a pooled account.

(k)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bills, 0%, due 12/03/09 to 09/23/10, which had a total value of $567,311. The investment in the repurchase agreement was through participation in a pooled account.

(l)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/01/09 to 08/02/10; U.S. Treasury Bills, 0%, due 12/31/09 to 02/25/10, which had a total value of $872,968. The investment in the repurchase agreement was through participation in a pooled account.

ADR  American Depositary Receipt

As of November 30, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	303,208
Aggregate gross unrealized depreciation		(221,665	)
Net unrealized appreciation	$	81,543
Federal income tax cost of investments	$	15,139,039

See accompanying notes to the financial statements.

104 :: Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

EFO  Ultra MSCI EAFE

Swap Agreements ††

  Ultra MSCI EAFE had the following open swap agreements as of November 30, 2009:

	Notional Amount at Value		Unrealized Appreciation/ (Depreciation)
Equity Index Swap Agreement with Credit Suisse Securities (Europe) Limited, based on the MSCI EAFE Index®	$	4,845,446	$	646,059
Equity Index Swap Agreement with Deutsche Bank AG, based on the MSCI EAFE Index®		1,365,637		(34,309	)
Equity Index Swap Agreement with Societe Generale, based on the MSCI EAFE Index®		14,644,159		(379,025	)
Equity Index Swap Agreement with UBS AG, based on the MSCI EAFE Index®		1,481,727		(48,342	)
			$	184,383

††  In order to facilitate the daily valuation of these swap transactions as of close of business New York time, one or more financial products traded on a U.S. exchange are used as the reference entity as a surrogate for the respective underlying index for the purposes of both daily valuation calculation as well as final settlement of the swap.

Ultra MSCI EAFE invested, as a percentage of net assets, in the following countries as of November 30, 2009:

Australia	4.5	%
Belgium	0.6	%
Denmark	0.5	%
Finland	0.6	%
France	5.9	%
Germany	3.7	%
Greece	0.3	%
Hong Kong	0.8	%
Ireland	0.2	%
Italy	2.0	%
Japan	12.2	%
Netherlands	1.4	%
New Zealand	0.1	%
Norway	0.4	%
Portugal	0.2	%
Singapore	0.2	%
Spain	2.7	%
Sweden	1.4	%
Switzerland	4.5	%
United Kingdom	12.4	%
United States	0.8	%
Other1	44.6	%
	100.0	%

1  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Schedule of Portfolio Investments :: 105

  Ultra MSCI EAFE  EFO

Valuation Information

The following is a summary of the valuation inputs used to value the Fund's investments at November 30, 2009. The inputs or methodology used for valuing investments may not be an indication of the risk associated with investing in those investments. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Note 2 to the Financial Statements.

Description	Level 1		Level 2		Total
Investment Securities:
Common Stocks	$	8,422,199	$	—	$	8,422,199
Investment Companies		135,019		—		135,019
Rights/Warrants		—		4,183		4,183
Repurchase Agreements		—		6,659,181		6,659,181
Total Investment Securities		8,557,218		6,663,364		15,220,582
Other Financial Instruments*:
Swap Agreements		—		184,383		184,383
Total Other Financial Instruments		—		184,383		184,383
Total Investments	$	8,557,218	$	6,847,747	$	15,404,965

*  These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

See accompanying notes to the financial statements.

106 :: Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

EET  Ultra MSCI Emerging Markets

Shares			Value
		Common Stocks (a) — 62.3%
		Aerospace & Defense — 0.1%
	1,136	Empresa Brasileira de Aeronautica S.A. (ADR)*	$	23,095
		Airlines — 0.3%
	481	China Eastern Airlines Corp., Ltd. (ADR)*		18,172
	1,078	China Southern Airlines Co., Ltd. (ADR)*		18,035
	321	Gol Linhas Aereas Inteligentes S.A. (ADR)*		4,545
	2,608	Lan Airlines S.A. (ADR)		40,215
	471	Tam S.A. (ADR)*		8,257
				89,224
		Beverages — 1.2%
	281	Cia Cervecerias Unidas S.A. (ADR)		10,130
	1,605	Cia de Bebidas das Americas (ADR)		153,858
	433	Coca-Cola Femsa, S.A.B de C.V. (ADR)		24,737
	125	Embotelladora Andina S.A., Class A (ADR)		2,000
	223	Embotelladora Andina S.A., Class B (ADR)		4,190
	3,461	Fomento Economico Mexicano, S.A.B de C.V. (ADR)		157,510
	269	Vina Concha y Toro S.A. (ADR)		10,846
				363,271
		Biotechnology — 0.0%
	358	3SBio, Inc. (ADR)*		4,976
		Capital Markets — 0.0%
	65	Administradora de Fondos de Pensiones Provida S.A. (ADR)		2,753
		Chemicals — 0.4%
	704	Braskem S.A. (ADR)*		9,293
	1,079	Sinopec Shanghai Petrochemical Co., Ltd. (ADR)*		42,394
	1,727	Sociedad Quimica y Minera de Chile S.A. (ADR)		65,246
				116,933
		Commercial Banks — 7.2%
	13,223	Banco Bradesco S.A. (ADR)		280,195
	103	Banco de Chile (ADR)		5,341
	373	Banco Santander Chile (ADR)		22,678
	1,367	Bancolumbia S.A. (ADR)		58,644
	1,989	HDFC Bank Ltd. (ADR)		267,620
	7,853	ICICI Bank Ltd. (ADR)		292,132
	18,186	Itau Unibanco Holding S.A. (ADR)		404,639

Shares			Value
		Common Stocks (a) (continued)
	7,388	KB Financial Group, Inc. (ADR)*	$	372,060
	4,284	Shinhan Financial Group Co., Ltd. (ADR)*		338,093
	1,406	Woori Finance Holdings Co., Ltd. (ADR)*		52,008
				2,093,410
		Computers & Peripherals — 0.0%
	250	China Digital TV Holding Co., Ltd. (ADR)		1,508
		Construction & Engineering — 0.0%
	1,033	Empresas ICA, S.A.B de C.V. (ADR)*		10,010
		Construction Materials — 0.3%
	8,605	Cemex, S.A.B de C.V. (ADR)*		97,150
		Diversified Consumer Services — 0.2%
	697	New Oriental Education & Technology Group, Inc. (ADR)*		49,703
		Diversified Telecommunication Services — 4.9%
	565	Brasil Telecom S.A. (ADR)		16,967
	1,132	China Telecom Corp., Ltd. (ADR)		50,317
	10,464	China Unicom Hong Kong Ltd. (ADR)		140,741
	12,596	Chunghwa Telecom Co., Ltd. (ADR)		224,083
	12,872	KT Corp. (ADR)		213,804
	4,874	Magyar Telekom Telecommunications plc (ADR)		97,139
	533	Mahanagar Telephone Nigam Ltd. (ADR)		1,727
	8,781	P.T. Telekomunikasi Indonesia, Tbk. Co. (ADR)		335,171
	2,275	Rostelecom (ADR)		77,805
	151	Tata Communications Ltd. (ADR)		2,481
	3,427	Tele Norte Leste Participacoes S.A. (ADR)		74,571
	2,132	Telefonos de Mexico, S.A.B de C.V. (ADR)		38,269
	7,691	Vimpel-Communications (ADR)		146,821
				1,419,896
		Electric Utilities — 0.9%
	1,909	Centrais Eletricas Brasileiras S.A. (ADR)		32,778
	1,028	Centrais Eletricas Brasileiras S.A., Class B (ADR)		15,543
	2,806	Cia Energetica de Minas Gerais (ADR)		50,452
	814	Cia Paranaense de Energia (ADR)		16,435
	174	CPFL Energia S.A. (ADR)		9,989

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Schedule of Portfolio Investments :: 107

  Ultra MSCI Emerging Markets  EET

Shares			Value
		Common Stocks (a) (continued)
	2,034	Enersis S.A. (ADR)	$	39,032
	8,098	Korea Electric Power Corp. (ADR)*		111,105
				275,334
		Electrical Equipment — 0.5%
	3,978	JA Solar Holdings Co., Ltd. (ADR)*		15,474
	3,771	Suntech Power Holdings Co., Ltd. (ADR)*		56,377
	913	Trina Solar Ltd. (ADR)*		42,528
	2,797	Yingli Green Energy Holding Co., Ltd. (ADR)*		39,745
				154,124
		Electronic Equipment, Instruments & Components — 1.8%
	18,946	AU Optronics Corp. (ADR)		197,986
	22,373	LG Display Co., Ltd. (ADR)		313,222
				511,208
		Energy Equipment & Services — 0.0%
	145	WSP Holdings Ltd. (ADR)		438
		Food & Staples Retailing — 0.1%
	733	China Nepstar Chain Drugstore Ltd. (ADR)		5,571
	333	Cia Brasileira de Distribuicao Grupo Pao de Acucar, Class A (ADR)		21,295
				26,866
		Food Products — 0.4%
	955	BRF - Brasil Foods S.A. (ADR)*		46,318
	375	Gruma, S.A.B de C.V. (ADR)*		2,775
	94	Industrias Bachoco, S.A.B. de C.V. (ADR)		2,049
	3,608	Wimm-Bill-Dann Foods OJSC (ADR)*		71,799
				122,941
		Health Care Equipment & Supplies — 0.3%
	725	China Medical Technologies, Inc. (ADR)		9,577
	2,277	Mindray Medical International Ltd. (ADR)		68,948
				78,525
		Hotels, Restaurants & Leisure — 0.5%
	1,548	Ctrip.com International Ltd. (ADR)*		113,546
	547	Home Inns & Hotels Management, Inc. (ADR)*		19,216
				132,762

Shares			Value
		Common Stocks (a) (continued)
		Household Durables — 0.1%
	390	Desarrolladora Homex, S.A.B de C.V. (ADR)*	$	13,564
	281	Gafisa S.A. (ADR)		9,470
				23,034
		Independent Power Producers & Energy Traders — 0.2%
	871	Empresa Nacional de Electricidad S.A. (ADR)		42,130
	690	Huaneng Power International, Inc. (ADR)		17,347
				59,477
		Insurance — 4.4%
	16,619	China Life Insurance Co., Ltd. (ADR)		1,257,393
	391	CNinsure, Inc. (ADR)		8,215
				1,265,608
		Internet Software & Services — 0.2%
	69	Baidu, Inc. (ADR)*		29,928
	399	Netease.com, Inc. (ADR)*		15,258
				45,186
		IT Services — 1.1%
	5,208	Infosys Technologies Ltd. (ADR)		265,452
	216	Patni Computer Systems Ltd. (ADR)		4,141
	2,483	Wipro Ltd. (ADR)		49,660
	125	WNS Holdings Ltd. (ADR)*		1,902
				321,155
		Life Sciences Tools & Services — 0.1%
	1,644	WuXi PharmaTech Cayman, Inc. (ADR)*		28,655
		Machinery — 0.5%
	9,674	Tata Motors Ltd. (ADR)		138,532
		Media — 0.6%
	529	AirMedia Group, Inc. (ADR)*		3,682
	1,839	Focus Media Holding Ltd. (ADR)*		23,098
	5,765	Grupo Televisa S.A. (ADR)		118,586
	1,732	NET Servicos de Comunicacao S.A. (ADR)*		24,785
	1,088	VisionChina Media, Inc. (ADR)*		10,031
				180,182
		Metals & Mining — 14.6%
	7,235	Aluminum Corp. of China Ltd. (ADR)*		199,831
	16,249	AngloGold Ashanti Ltd. (ADR)		715,606

See accompanying notes to the financial statements.

108 :: Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

EET  Ultra MSCI Emerging Markets

Shares			Value
		Common Stocks (a) (continued)
	3,233	Cia de Minas Buenaventura S.A. (ADR)	$	129,805
	3,678	Cia Siderurgica Nacional S.A. (ADR)		126,119
	5,925	Gerdau S.A. (ADR)		95,392
	29,915	Gold Fields Ltd. (ADR)		442,144
	238	Grupo Simec, S.A.B de C.V. (ADR)*		1,873
	15,736	Harmony Gold Mining Co., Ltd. (ADR)		174,669
	32,689	Mechel OAO (ADR)		635,801
	6,991	POSCO (ADR)		833,327
	14,180	Sterlite Industries India Ltd. (ADR)		260,345
	23,828	Vale S.A. (ADR)		632,521
				4,247,433
		Oil, Gas & Consumable Fuels — 7.9%
	1,516	China Petroleum & Chemical Corp. (ADR)		126,859
	1,356	CNOOC Ltd. (ADR)		210,099
	2,118	Ecopetrol S.A. (ADR)		52,548
	1,912	PetroChina Co., Ltd. (ADR)		238,809
	17,119	Petroleo Brasileiro S.A. (ADR)		826,902
	19,685	Sasol Ltd. (ADR)		779,132
	675	Ultrapar Participacoes S.A. (ADR)		31,927
	1,768	Yanzhou Coal Mining Co., Ltd. (ADR)		35,519
				2,301,795
		Paper & Forest Products — 0.3%
	546	Fibria Celulose S.A. (ADR)*		9,566
	21,122	Sappi Ltd. (ADR)*		92,726
				102,292
		Pharmaceuticals — 1.9%
	6,991	Dr. Reddys Laboratories Ltd. (ADR)		169,532
	789	Simcere Pharmaceutical Group (ADR)*		6,264
	7,187	Teva Pharmaceutical Industries Ltd. (ADR)		379,402
				555,198
		Professional Services — 0.0%
	289	51job, Inc. (ADR)*		5,297
		Real Estate Management & Development — 0.1%
	1,049	E-House China Holdings Ltd. (ADR)*		20,403
		Road & Rail — 0.1%
	1,319	Guangshen Railway Co., Ltd. (ADR)		26,406

Shares			Value
		Common Stocks (a) (continued)
		Semiconductors & Semiconductor Equipment — 5.2%
	473	Actions Semiconductor Co., Ltd. (ADR)*	$	1,126
	20,829	Advanced Semiconductor Engineering, Inc. (ADR)		81,650
	2,540	Himax Technologies, Inc. (ADR)		6,629
	206	LDK Solar Co., Ltd. (ADR)*		1,607
	194	O2Micro International Ltd. (ADR)*		832
	226	Renesola Ltd. (ADR)*		906
	1,835	Semiconductor Manufacturing International Corp. (ADR)*		5,615
	14,829	Siliconware Precision Industries Co. (ADR)		99,651
	106,435	Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		1,105,860
	62,245	United Microelectronics Corp. (ADR)*		211,010
				1,514,886
		Software — 0.3%
	47	Changyou.com Ltd. (ADR)*		1,526
	597	Giant Interactive Group, Inc. (ADR)		4,197
	125	KongZhong Corp. (ADR)*		1,614
	91	Longtop Financial Technologies Ltd. (ADR)*		3,222
	1,739	NICE Systems Ltd. (ADR)*		52,709
	177	Perfect World Co., Ltd. (ADR)*		7,811
	214	Shanda Interactive Entertainment Ltd. (ADR)*		10,666
	93	VanceInfo Technologies, Inc. (ADR)*		1,627
				83,372
		Transportation Infrastructure — 0.1%
	132	Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (ADR)		1,612
	481	Grupo Aeroportuario del Pacifico, S.A.B. de C.V. (ADR)		13,602
	121	Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ADR)		5,894
				21,108
		Water Utilities — 0.1%
	418	Cia de Saneamento Basico do Estado de Sao Paulo (ADR)		15,290
		Wireless Telecommunication Services — 5.4%
	6,082	America Movil, S.A.B. de C.V. (ADR)		294,220
	6,803	China Mobile Ltd. (ADR)		318,857
	4,826	Mobile Telesystems OJSC (ADR)		241,686
	2,279	Partner Communications Co., Ltd. (ADR)		42,047

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Schedule of Portfolio Investments :: 109

  Ultra MSCI Emerging Markets  EET

Shares			Value
		Common Stocks (a) (continued)
	1,475	Philippine Long Distance Telephone Co. (ADR)	$	81,479
	799	PT Indosat Tbk. (ADR)		20,886
	16,110	SK Telecom Co., Ltd. (ADR)		266,943
	804	Tim Participacoes S.A. (ADR)		21,708
	15,072	Turkcell Iletisim Hizmet A.S. (ADR)		231,506
	2,041	Vivo Participacoes S.A. (ADR)		62,250
				1,581,582
		Total Common Stocks (Cost $18,029,287)		18,111,018
		Investment Companies (a) — 2.5%
		Mutual Funds — 2.5%
	45,898	iShares MSCI Malaysia Index Fund		498,452
	5,714	iShares MSCI Thailand Index Fund		231,360
		Total Investment Companies (Cost $734,170)		729,812
Principal Amount
		Repurchase Agreements (a) — 36.9%
$	299,141	Bank of America Corp., 0.15%, dated 11/30/09, due 12/01/09, total to be received $299,142 (b)		299,141
	598,283	Bank of America Corp., 0.16%, dated 11/30/09, due 12/01/09, total to be received $598,286 (c)		598,283
	1,794,848	Credit Suisse (USA) LLC, 0.06%, dated 11/24/09, due 12/01/09, total to be received $1,794,869 (d)		1,794,848
	359,715	Credit Suisse (USA) LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $359,716 (e)		359,715
	628,197	Credit Suisse (USA) LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $628,200 (f)		628,197
	1,196,565	ING Financial Markets LLC, 0.11%, dated 11/27/09, due 12/04/09, total to be received $1,196,591 (g)		1,196,565
	299,141	ING Financial Markets LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $299,142 (h)		299,141
	1,794,848	ING Financial Markets LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $1,794,856 (i)		1,794,848

Principal Amount			Value
		Repurchase Agreements (a) (continued)
$	1,495,707	JPMorgan Chase & Co., 0.16%, dated 11/30/09, due 12/01/09, total to be received $1,495,714 (j)	$	1,495,707
	897,424	UBS Warburg LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $897,428 (k)		897,424
	1,380,941	UBS Warburg LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $1,380,947 (l)		1,380,941
		Total Repurchase Agreements (Cost $10,744,810)		10,744,810
		Total Investment Securities (Cost $29,508,267) — 101.7%		29,585,640
		Liabilities in excess of other assets — (1.7%)		(506,053	)
		Net Assets — 100.0%	$	29,079,587

*  Non-income producing security.

(a)  A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of 11/30/09, the aggregate amount held in a segregated account was $8,659,358.

(b)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.75% to 3.75%, due 08/15/12 to 11/15/18, which had a total value of $305,124. The investment in the repurchase agreement was through participation in a pooled account.

(c)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 0.47% to 6.50%, due 03/15/23 to 09/15/50, which had a total value of $610,249. The investment in the repurchase agreement was through participation in a pooled account.

(d)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 4.50% to 6.00%, due 12/15/37 to 11/20/39; U.S. Treasury Notes, 2.13% to 6.50%, due 02/15/10 to 02/15/18, which had a total value of $1,830,751. The investment in the repurchase agreement was through participation in a pooled account.

(e)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.38% to 4.88%, due 04/30/11 to 11/30/14, which had a total value of $366,910. The investment in the repurchase agreement was through participation in a pooled account.

(f)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due

See accompanying notes to the financial statements.

110 :: Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

EET  Ultra MSCI Emerging Markets

12/14/09 to 02/24/10; Federal National Mortgage Association, 0%, due 04/28/10 to 05/26/10; Government National Mortgage Association, 4.50% to 8.00%, due 09/15/24 to 10/15/39; International Bank for Reconstruction and Development, 4.75% to 5.00%, due 04/01/16 to 02/15/35, which had a total value of $640,766. The investment in the repurchase agreement was through participation in a pooled account.

(g)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Farm Credit Bank, 3.88%, due 12/17/09; Federal Home Loan Bank, 0% to 6.38%, due 12/02/09 to 11/08/22; Federal Home Loan Mortgage Corp., 1.75% to 4.88%, due 02/09/10 to 06/15/12; Federal National Mortgage Association, 2.05% to 6.13%, due 03/15/12 to 06/19/28; U.S. Treasury Bonds, 3.50% to 9.13%, due 05/15/16 to 11/15/39; U.S. Treasury Notes, 0% to 6.50%, due 12/31/09 to 01/15/28, which had a total value of $1,220,499. The investment in the repurchase agreement was through participation in a pooled account.

(h)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bonds, 7.25% to 9.00%, due 08/15/17 to 08/15/22, which had a total value of $305,124. The investment in the repurchase agreement was through participation in a pooled account.

(i)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.38% to 5.75%, due 01/08/10 to 09/13/24; Federal Home Loan Mortgage Corp., 1.50% to 7.00%, due 03/15/10 to 07/15/32; Federal National Mortgage Association, 2.75% to 5.00%, due 04/11/11 to 03/15/16; U.S. Treasury Bonds, 0% to 9.00%, due 02/15/10 to 08/15/39; U.S. Treasury Notes, 1.75% to 3.63%, due 01/15/25 to 04/15/32, which had a total value of $1,830,747. The investment in the repurchase agreement was through participation in a pooled account.

(j)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.77% to 1.76%, due 12/30/09 to 11/05/12; Federal Home Loan Mortgage Corp., 0% to 6.88%, due 12/21/09 to 08/20/12; Federal National Mortgage Association, 0% to 7.13%, due 12/15/09 to 06/18/19; U.S. Treasury Notes, 3.25% to 4.50%, due 12/31/09 to 04/30/12, which had a total value of $1,525,625. The investment in the repurchase agreement was through participation in a pooled account.

(k)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bills, 0%, due 12/03/09 to 09/23/10, which had a total value of $915,375. The investment in the repurchase agreement was through participation in a pooled account.

(l)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/01/09 to 08/02/10; U.S. Treasury Bills, 0%, due 12/31/09 to 02/25/10, which had a total value of $1,408,562. The investment in the repurchase agreement was through participation in a pooled account.

ADR  American Depositary Receipt

As of November 30, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	395,728
Aggregate gross unrealized depreciation		(392,287	)
Net unrealized appreciation	$	3,441
Federal income tax cost of investments	$	29,582,199

Swap Agreements ††

Ultra MSCI Emerging Markets had the following open swap agreements as of November 30, 2009:

	Notional Amount at Value		Unrealized Appreciation/ (Depreciation)
Equity Index Swap Agreement with Credit Suisse (Europe) Limited, based on the MSCI Emerging Markets Index®	$	5,140,096	$	739,932
Equity Index Swap Agreement with Deutsche Bank AG, based on the MSCI Emerging Markets Index®		16,937,443		(668,567	)
Equity Index Swap Agreement with Societe Generale, based on the MSCI Emerging Markets Index®		14,626,445		(492,731	)
Equity Index Swap Agreement with UBS AG, based on the MSCI Emerging Markets Index®		2,651,568		(101,814	)
			$	(523,180	)

††  In order to facilitate the daily valuation of these swap transactions as of close of business New York time, one or more financial products traded on a U.S. exchange are used as the reference entity as a surrogate for the respective underlying index for the purposes of both daily valuation calculation as well as final settlement of the swap.

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Schedule of Portfolio Investments :: 111

  Ultra MSCI Emerging Markets  EET

Ultra MSCI Emerging Markets invested, as a percentage of net assets, in the following countries as of November 30, 2009:

Brazil	10.4	%
Cayman Islands	0.0	%
Chile	0.9	%
China	9.1	%
Colombia	0.4	%
Hong Kong	2.3	%
Hungary	0.3	%
India	5.0	%
Indonesia	1.2	%
Israel	1.6	%
Mexico	2.7	%
Peru	0.5	%
Philippines	0.3	%
Russia	4.0	%
South Africa	7.6	%
South Korea	8.6	%
Taiwan	6.6	%
Turkey	0.8	%
United States	2.5	%
Other1	35.2	%
	100.0	%

1  Includes any non-equity securities and net other assets (liabilities).

Valuation Information

The following is a summary of the valuation inputs used to value the Fund's investments at November 30, 2009. The inputs or methodology used for valuing investments may not be an indication of the risk associated with investing in those investments. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Note 2 to the Financial Statements.

Description	Level 1		Level 2			Total
Investment Securities:
Common Stocks	$	18,111,018	$	—		$	18,111,018
Investment Companies		729,812		—			729,812
Repurchase Agreements		—		10,744,810			10,744,810
Total Investment Securities		18,840,830		10,744,810			29,585,640
Other Financial Instruments*:
Swap Agreements		—		(523,180	)		(523,180	)
Total Other Financial Instruments		—		(523,180	)		(523,180	)
Total Investments	$	18,840,830	$	10,221,630		$	29,062,460

*  These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

See accompanying notes to the financial statements.

112 :: Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

XPP  Ultra FTSE/Xinhua China 25

Principal Amount			Value
		Repurchase Agreements (a) — 97.3%
$	816,847	Bank of America Corp., 0.15%, dated 11/30/09, due 12/01/09, total to be received $816,850 (b)	$	816,847
	1,633,694	Bank of America Corp., 0.16%, dated 11/30/09, due 12/01/09, total to be received $1,633,701 (c)		1,633,694
	4,901,081	Credit Suisse (USA) LLC, 0.06%, dated 11/24/09, due 12/01/09, total to be received $4,901,138 (d)		4,901,081
	982,252	Credit Suisse (USA) LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $982,256 (e)		982,252
	1,715,378	Credit Suisse (USA) LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $1,715,386 (f)		1,715,378
	3,267,387	ING Financial Markets LLC, 0.11%, dated 11/27/09, due 12/04/09, total to be received $3,267,457 (g)		3,267,387
	816,847	ING Financial Markets LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $816,850 (h)		816,847
	4,901,081	ING Financial Markets LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $4,901,103 (i)		4,901,081
	4,084,234	JPMorgan Chase & Co., 0.16%, dated 11/30/09, due 12/01/09, total to be received $4,084,252 (j)		4,084,234
	2,450,540	UBS Warburg LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $2,450,550 (k)		2,450,540
	3,770,846	UBS Warburg LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $3,770,863 (l)		3,770,846
		Total Investment Securities (Cost $29,340,187) † — 97.3%		29,340,187
		Other assets less liabilities — 2.7%		805,303
		Net Assets — 100.0%	$	30,145,490

(a)  All or a portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of 11/30/09, the aggregate amount held in a segregated account was $8,101,338.

(b)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.75% to 3.75%, due 08/15/12 to 11/15/18, which had a total value of $833,184. The investment in the repurchase agreement was through participation in a pooled account.

(c)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 0.47% to 6.50%, due 03/15/23 to 09/15/50, which had a total value of $1,666,368. The investment in the repurchase agreement was through participation in a pooled account.

(d)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 4.50% to 6.00%, due 12/15/37 to 11/20/39; U.S. Treasury Notes, 2.13% to 6.50%, due 02/15/10 to 02/15/18, which had a total value of $4,999,120. The investment in the repurchase agreement was through participation in a pooled account.

(e)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.38% to 4.88%, due 04/30/11 to 11/30/14, which had a total value of $1,001,898. The investment in the repurchase agreement was through participation in a pooled account.

(f)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/14/09 to 02/24/10; Federal National Mortgage Association, 0%, due 04/28/10 to 05/26/10; Government National Mortgage Association, 4.50% to 8.00%, due 09/15/24 to 10/15/39; International Bank for Reconstruction and Development, 4.75% to 5.00%, due 04/01/16 to 02/15/35, which had a total value of $1,749,699. The investment in the repurchase agreement was through participation in a pooled account.

(g)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Farm Credit Bank, 3.88%, due 12/17/09; Federal Home Loan Bank, 0% to 6.38%, due 12/02/09 to 11/08/22; Federal Home Loan Mortgage Corp., 1.75% to 4.88%, due 02/09/10 to 06/15/12; Federal National Mortgage Association, 2.05% to 6.13%, due 03/15/12 to 06/19/28; U.S. Treasury Bonds, 3.50% to 9.13%, due 05/15/16 to 11/15/39; U.S. Treasury Notes, 0% to 6.50%, due 12/31/09 to 01/15/28, which had a total value of $3,332,741. The investment in the repurchase agreement was through participation in a pooled account.

(h)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bonds, 7.25% to 9.00%, due 08/15/17 to 08/15/22, which had a total value of $833,185. The investment in the repurchase agreement was through participation in a pooled account.

(i)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.38% to 5.75%, due 01/08/10 to 09/13/24; Federal Home Loan Mortgage Corp., 1.50% to 7.00%, due 03/15/10 to 07/15/32; Federal National Mortgage Association, 2.75% to 5.00%, due 04/11/11 to 03/15/16;

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Schedule of Portfolio Investments :: 113

  Ultra FTSE/Xinhua China 25  XPP

U.S. Treasury Bonds, 0% to 9.00%, due 02/15/10 to 08/15/39; U.S. Treasury Notes, 1.75% to 3.63%, due 01/15/25 to 04/15/32, which had a total value of $4,999,108. The investment in the repurchase agreement was through participation in a pooled account.

(j)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.77% to 1.76%, due 12/30/09 to 11/05/12; Federal Home Loan Mortgage Corp., 0% to 6.88%, due 12/21/09 to 08/20/12; Federal National Mortgage Association, 0% to 7.13%, due 12/15/09 to 06/18/19; U.S. Treasury Notes, 3.25% to 4.50%, due 12/31/09 to 04/30/12, which had a total value of $4,165,928. The investment in the repurchase agreement was through participation in a pooled account.

(k)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bills, 0%, due 12/03/09 to 09/23/10, which had a total value of $2,499,558. The investment in the repurchase agreement was through participation in a pooled account.

(l)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/01/09 to 08/02/10; U.S. Treasury Bills, 0%, due 12/31/09 to 02/25/10, which had a total value of $3,846,268. The investment in the repurchase agreement was through participation in a pooled account.

†  Tax basis equals book cost.

Swap Agreements ††

Ultra FTSE/Xinhua China 25 had the following open swap agreements as of November 30, 2009:

	Notional Amount at Value		Unrealized Appreciation/ (Depreciation)
Equity Index Swap Agreement with Credit Suisse Securities (Europe) Limited, based on the FTSE/Xinhua China 25 Index®	$	12,882,116	$	958,668
Equity Index Swap Agreement with Deutsche Bank AG, based on the FTSE/Xinhua China 25 Index®		13,972,645		(1,061,602	)
Equity Index Swap Agreement with Goldman Sachs International, based on the FTSE/Xinhua China 25 Index®		7,531,712		(144,346	)
Equity Index Swap Agreement with Societe Generale, based on the FTSE/Xinhua China 25 Index®		19,740,097		(1,104,943	)
Equity Index Swap Agreement with UBS AG, based on the FTSE/Xinhua China 25 Index®		6,266,072		277,952
			$	(1,074,271	)

††  In order to facilitate the daily valuation of these swap transactions as of close of business New York time, one or more financial products traded on a U.S. exchange are used as the reference entity as a surrogate for the respective underlying index for the purposes of both daily valuation calculation as well as final settlement of the swap.

Valuation Information

The following is a summary of the valuation inputs used to value the Fund's investments at November 30, 2009. The inputs or methodology used for valuing investments may not be an indication of the risk associated with investing in those investments. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Note 2 to the Financial Statements.

Description	Level 1		Level 2			Total
Investment Securities:
Repurchase Agreements	$	—	$	29,340,187		$	29,340,187
Total Investment Securities		—		29,340,187			29,340,187
Other Financial Instruments*:
Swap Agreements		—		(1,074,271	)		(1,074,271	)
Total Other Financial Instruments		—		(1,074,271	)		(1,074,271	)
Total Investments	$	—	$	28,265,916		$	28,265,916

*  These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

See accompanying notes to the financial statements.

114 :: Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

EZJ  Ultra MSCI Japan

Principal Amount			Value
		Repurchase Agreements (a) — 100.4%
$	249,985	Bank of America Corp., 0.15%, dated 11/30/09, due 12/01/09, total to be received $249,986 (b)	$	249,985
	499,970	Bank of America Corp., 0.16%, dated 11/30/09, due 12/01/09, total to be received $499,972 (c)		499,970
	1,499,909	Credit Suisse (USA) LLC, 0.06%, dated 11/24/09, due 12/01/09, total to be received $1,499,926 (d)		1,499,909
	300,605	Credit Suisse (USA) LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $300,606 (e)		300,605
	524,968	Credit Suisse (USA) LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $524,970 (f)		524,968
	999,939	ING Financial Markets LLC, 0.11%, dated 11/27/09, due 12/04/09, total to be received $999,960 (g)		999,939
	249,985	ING Financial Markets LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $249,986 (h)		249,985
	1,499,909	ING Financial Markets LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $1,499,916 (i)		1,499,909
	1,249,924	JPMorgan Chase & Co., 0.16%, dated 11/30/09, due 12/01/09, total to be received $1,249,930 (j)		1,249,924
	749,954	UBS Warburg LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $749,957 (k)		749,954
	1,154,014	UBS Warburg LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $1,154,019 (l)		1,154,014
		Total Investment Securities (Cost $8,979,162) † — 100.4%		8,979,162
		Liabilities in excess of other assets — (0.4%)		(37,458	)
		Net Assets — 100.0%	$	8,941,704

(a)  All or a portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of 11/30/09, the aggregate amount held in a segregated account was $2,655,920.

(b)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.75% to 3.75%, due 08/15/12 to 11/15/18, which had a total value of $254,985. The investment in the repurchase agreement was through participation in a pooled account.

(c)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 0.47% to 6.50%, due 03/15/23 to 09/15/50, which had a total value of $509,969. The investment in the repurchase agreement was through participation in a pooled account.

(d)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 4.50% to 6.00%, due 12/15/37 to 11/20/39; U.S. Treasury Notes, 2.13% to 6.50%, due 02/15/10 to 02/15/18, which had a total value of $1,529,912. The investment in the repurchase agreement was through participation in a pooled account.

(e)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.38% to 4.88%, due 04/30/11 to 11/30/14, which had a total value of $306,617. The investment in the repurchase agreement was through participation in a pooled account.

(f)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/14/09 to 02/24/10; Federal National Mortgage Association, 0%, due 04/28/10 to 05/26/10; Government National Mortgage Association, 4.50% to 8.00%, due 09/15/24 to 10/15/39; International Bank for Reconstruction and Development, 4.75% to 5.00%, due 04/01/16 to 02/15/35, which had a total value of $535,471. The investment in the repurchase agreement was through participation in a pooled account.

(g)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Farm Credit Bank, 3.88%, due 12/17/09; Federal Home Loan Bank, 0% to 6.38%, due 12/02/09 to 11/08/22; Federal Home Loan Mortgage Corp., 1.75% to 4.88%, due 02/09/10 to 06/15/12; Federal National Mortgage Association, 2.05% to 6.13%, due 03/15/12 to 06/19/28; U.S. Treasury Bonds, 3.50% to 9.13%, due 05/15/16 to 11/15/39; U.S. Treasury Notes, 0% to 6.50%, due 12/31/09 to 01/15/28, which had a total value of $1,019,940. The investment in the repurchase agreement was through participation in a pooled account.

(h)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bonds, 7.25% to 9.00%, due 08/15/17 to 08/15/22, which had a total value of $254,985. The investment in the repurchase agreement was through participation in a pooled account.

(i)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.38% to 5.75%, due 01/08/10 to 09/13/24; Federal Home Loan Mortgage Corp., 1.50% to 7.00%, due 03/15/10 to 07/15/32; Federal National

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Schedule of Portfolio Investments :: 115

  Ultra MSCI Japan  EZJ

Mortgage Association, 2.75% to 5.00%, due 04/11/11 to 03/15/16; U.S. Treasury Bonds, 0% to 9.00%, due 02/15/10 to 08/15/39; U.S. Treasury Notes, 1.75% to 3.63%, due 01/15/25 to 04/15/32, which had a total value of $1,529,909. The investment in the repurchase agreement was through participation in a pooled account.

(j)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.77% to 1.76%, due 12/30/09 to 11/05/12; Federal Home Loan Mortgage Corp., 0% to 6.88%, due 12/21/09 to 08/20/12; Federal National Mortgage Association, 0% to 7.13%, due 12/15/09 to 06/18/19; U.S. Treasury Notes, 3.25% to 4.50%, due 12/31/09 to 04/30/12, which had a total value of $1,274,925. The investment in the repurchase agreement was through participation in a pooled account.

(k)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bills, 0%, due 12/03/09 to 09/23/10, which had a total value of $764,955. The investment in the repurchase agreement was through participation in a pooled account.

(l)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/01/09 to 08/02/10; U.S. Treasury Bills, 0%, due 12/31/09 to 02/25/10, which had a total value of $1,177,096. The investment in the repurchase agreement was through participation in a pooled account.

†  Tax basis equals book cost.

Swap Agreements ††

Ultra MSCI Japan had the following open swap agreements as of November 30, 2009:

	Notional Amount at Value		Unrealized Appreciation/ (Depreciation)
Equity Index Swap Agreement with Credit Suisse Securities (Europe) Limited, based on MSCI Japan Index®	$	12,099,529	$	94,681
Equity Index Swap Agreement with Deutsche Bank AG, based on MSCI Japan Index®		1,133,065		(19,059	)
Equity Index Swap Agreement with Societe Generale, based on MSCI Japan Index®		4,284,180		(105,507	)
Equity Index Swap Agreement with UBS AG, based on MSCI Japan Index®		452,782		(15,052	)
			$	(44,937	)

††  In order to facilitate the daily valuation of these swap transactions as of close of business New York time, one or more financial products traded on a U.S. exchange are used as the reference entity as a surrogate for the respective underlying index for the purposes of both daily valuation calculation as well as final settlement of the swap.

Valuation Information

The following is a summary of the valuation inputs used to value the Fund's investments at November 30, 2009. The inputs or methodology used for valuing investments may not be an indication of the risk associated with investing in those investments. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Note 2 to the Financial Statements.

Description	Level 1		Level 2			Total
Investment Securities:
Repurchase Agreements	$	—	$	8,979,162		$	8,979,162
Total Investment Securities		—		8,979,162			8,979,162
Other Financial Instruments*:
Swap Agreements		—		(44,937	)		(44,937	)
Total Other Financial Instruments		—		(44,937	)		(44,937	)
Total Investments	$	—	$	8,934,225		$	8,934,225

*  These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

See accompanying notes to the financial statements.

116 :: Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

PSQ  Short QQQ^®

Principal Amount			Value
		Repurchase Agreements (a) — 109.1%
$	5,358,504	Bank of America Corp., 0.15%, dated 11/30/09, due 12/01/09, total to be received $5,358,526 (b)	$	5,358,504
	10,717,007	Bank of America Corp., 0.16%, dated 11/30/09, due 12/01/09, total to be received $10,717,055 (c)		10,717,007
	32,151,022	Credit Suisse (USA) LLC, 0.06%, dated 11/24/09, due 12/01/09, total to be received $32,151,397 (d)		32,151,022
	6,443,563	Credit Suisse (USA) LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $6,443,590 (e)		6,443,563
	11,252,858	Credit Suisse (USA) LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $11,252,908 (f)		11,252,858
	21,434,014	ING Financial Markets LLC, 0.11%, dated 11/27/09, due 12/04/09, total to be received $21,434,472 (g)		21,434,014
	5,358,504	ING Financial Markets LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $5,358,526 (h)		5,358,504
	32,151,022	ING Financial Markets LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $32,151,165 (i)		32,151,022
	26,792,518	JPMorgan Chase & Co., 0.16%, dated 11/30/09, due 12/01/09, total to be received $26,792,637 (j)		26,792,518
	16,075,511	UBS Warburg LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $16,075,578 (k)		16,075,511
	24,736,694	UBS Warburg LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $24,736,804 (l)		24,736,694
		Total Investment Securities (Cost $192,471,217) † — 109.1%		192,471,217
		Liabilities in excess of other assets — (9.1%)		(16,093,095	)
		Net Assets — 100.0%	$	176,378,122

(a)  All or a portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of 11/30/09, the aggregate amount held in a segregated account was $37,621,044.

(b)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.75% to 3.75%, due 08/15/12 to 11/15/18, which had a total value of $5,465,675. The investment in the repurchase agreement was through participation in a pooled account.

(c)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 0.47% to 6.50%, due 03/15/23 to 09/15/50, which had a total value of $10,931,347. The investment in the repurchase agreement was through participation in a pooled account.

(d)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 4.50% to 6.00%, due 12/15/37 to 11/20/39; U.S. Treasury Notes, 2.13% to 6.50%, due 02/15/10 to 02/15/18, which had a total value of $32,794,156. The investment in the repurchase agreement was through participation in a pooled account.

(e)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.38% to 4.88%, due 04/30/11 to 11/30/14, which had a total value of $6,572,439. The investment in the repurchase agreement was through participation in a pooled account.

(f)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/14/09 to 02/24/10; Federal National Mortgage Association, 0%, due 04/28/10 to 05/26/10; Government National Mortgage Association, 4.50% to 8.00%, due 09/15/24 to 10/15/39; International Bank for Reconstruction and Development, 4.75% to 5.00%, due 04/01/16 to 02/15/35, which had a total value of $11,478,001. The investment in the repurchase agreement was through participation in a pooled account.

(g)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Farm Credit Bank, 3.88%, due 12/17/09; Federal Home Loan Bank, 0% to 6.38%, due 12/02/09 to 11/08/22; Federal Home Loan Mortgage Corp., 1.75% to 4.88%, due 02/09/10 to 06/15/12; Federal National Mortgage Association, 2.05% to 6.13%, due 03/15/12 to 06/19/28; U.S. Treasury Bonds, 3.50% to 9.13%, due 05/15/16 to 11/15/39; U.S. Treasury Notes, 0% to 6.50%, due 12/31/09 to 01/15/28, which had a total value of $21,862,738. The investment in the repurchase agreement was through participation in a pooled account.

(h)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bonds, 7.25% to 9.00%, due 08/15/17 to 08/15/22, which had a total value of $5,465,681. The investment in the repurchase agreement was through participation in a pooled account.

(i)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.38% to 5.75%, due 01/08/10 to 09/13/24; Federal Home Loan Mortgage Corp.,

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Schedule of Portfolio Investments :: 117

  Short QQQ^®  PSQ

1.50% to 7.00%, due 03/15/10 to 07/15/32; Federal National Mortgage Association, 2.75% to 5.00%, due 04/11/11 to 03/15/16; U.S. Treasury Bonds, 0% to 9.00%, due 02/15/10 to 08/15/39; U.S. Treasury Notes, 1.75% to 3.63%, due 01/15/25 to 04/15/32, which had a total value of $32,794,081. The investment in the repurchase agreement was through participation in a pooled account.

(j)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.77% to 1.76%, due 12/30/09 to 11/05/12; Federal Home Loan Mortgage Corp., 0% to 6.88%, due 12/21/09 to 08/20/12; Federal National Mortgage Association, 0% to 7.13%, due 12/15/09 to 06/18/19; U.S. Treasury Notes, 3.25% to 4.50%, due 12/31/09 to 04/30/12, which had a total value of $27,328,431. The investment in the repurchase agreement was through participation in a pooled account.

(k)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bills, 0%, due 12/03/09 to 09/23/10, which had a total value of $16,397,071. The investment in the repurchase agreement was through participation in a pooled account.

(l)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/01/09 to 08/02/10; U.S. Treasury Bills, 0%, due 12/31/09 to 02/25/10, which had a total value of $25,231,463. The investment in the repurchase agreement was through participation in a pooled account.

†  Tax basis equals book cost.

Futures Contracts Sold

Short QQQ® had the following open short futures contracts as of November 30, 2009:

	Number of Contracts		Expiration Date		Notional Amount at Value		Unrealized Depreciation
E-Mini NASDAQ-100 Futures Contracts		1,257		12/18/09	$	44,441,235	$	(482,896	)

Cash collateral in the amount of $4,460,488 was pledged to cover margin requirements for open futures contracts as of November 30, 2009.

Swap Agreements

Short QQQ^® had the following open swap agreements as of November 30, 2009:

	Notional Amount at Value			Unrealized Depreciation
Equity Index Swap Agreement with Credit Suisse Securities (Europe) Limited, based on the NASDAQ-100® Index  $		(7,117,173	)	$	(799,255	)
Equity Index Swap Agreement with Deutsche Bank AG, based on the NASDAQ-100® Index		(14,040,421	)		(502,884	)
Equity Index Swap Agreement with Goldman Sachs International, based on the NASDAQ-100® Index		(8,270,512	)		(714,160	)
Equity Index Swap Agreement with Societe Generale, based on the NASDAQ-100® Index		(58,710,553	)		(16,284,127	)
Equity Index Swap Agreement with UBS AG, based on the NASDAQ-100® Index		(43,810,373	)		(4,283,718	)
				$	(22,584,144	)

See accompanying notes to the financial statements.

118 :: Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

PSQ  Short QQQ^®

Valuation Information

The following is a summary of the valuation inputs used to value the Fund's investments at November 30, 2009. The inputs or methodology used for valuing investments may not be an indication of the risk associated with investing in those investments. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Note 2 to the Financial Statements.

Description	Level 1			Level 2			Total
Investment Securities:
Repurchase Agreements	$	—		$	192,471,217		$	192,471,217
Total Investment Securities		—			192,471,217			192,471,217
Other Financial Instruments*:
Futures Contracts		(482,896	)		—			(482,896	)
Swap Agreements		—			(22,584,144	)		(22,584,144	)
Total Other Financial Instruments		(482,896	)		(22,584,144	)		(23,067,040	)
Total Investments	$	(482,896	)	$	169,887,073		$	169,404,177

*  These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Schedule of Portfolio Investments :: 119

  Short Dow30^SM  DOG

Principal Amount			Value
		Repurchase Agreements (a) — 113.0%
$	8,112,720	Bank of America Corp., 0.15%, dated 11/30/09, due 12/01/09, total to be received $8,112,754 (b)	$	8,112,720
	16,225,440	Bank of America Corp., 0.16%, dated 11/30/09, due 12/01/09, total to be received $16,225,512 (c)		16,225,440
	48,676,319	Credit Suisse (USA) LLC, 0.06%, dated 11/24/09, due 12/01/09, total to be received $48,676,887 (d)		48,676,319
	9,755,488	Credit Suisse (USA) LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $9,755,529 (e)		9,755,488
	17,036,712	Credit Suisse (USA) LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $17,036,788 (f)		17,036,712
	32,450,879	ING Financial Markets LLC, 0.11%, dated 11/27/09, due 12/04/09, total to be received $32,451,573 (g)		32,450,879
	8,112,720	ING Financial Markets LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $8,112,754 (h)		8,112,720
	48,676,319	ING Financial Markets LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $48,676,535 (i)		48,676,319
	40,563,599	JPMorgan Chase & Co., 0.16%, dated 11/30/09, due 12/01/09, total to be received $40,563,779 (j)		40,563,599
	24,338,159	UBS Warburg LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $24,338,260 (k)		24,338,159
	37,451,106	UBS Warburg LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $37,451,272 (l)		37,451,106
		Total Investment Securities (Cost $291,399,461) † — 113.0%		291,399,461
		Liabilities in excess of other assets — (13.0%)		(33,432,546	)
		Net Assets — 100.0%	$	257,966,915

(a)  All or a portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of 11/30/09, the aggregate amount held in a segregated account was $58,882,467.

(b)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.75% to 3.75%, due 08/15/12 to 11/15/18, which had a total value of $8,274,976. The investment in the repurchase agreement was through participation in a pooled account.

(c)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 0.47% to 6.50%, due 03/15/23 to 09/15/50, which had a total value of $16,549,949. The investment in the repurchase agreement was through participation in a pooled account.

(d)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 4.50% to 6.00%, due 12/15/37 to 11/20/39; U.S. Treasury Notes, 2.13% to 6.50%, due 02/15/10 to 02/15/18, which had a total value of $49,650,017. The investment in the repurchase agreement was through participation in a pooled account.

(e)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.38% to 4.88%, due 04/30/11 to 11/30/14, which had a total value of $9,950,604. The investment in the repurchase agreement was through participation in a pooled account.

(f)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/14/09 to 02/24/10; Federal National Mortgage Association, 0%, due 04/28/10 to 05/26/10; Government National Mortgage Association, 4.50% to 8.00%, due 09/15/24 to 10/15/39; International Bank for Reconstruction and Development, 4.75% to 5.00%, due 04/01/16 to 02/15/35, which had a total value of $17,377,576. The investment in the repurchase agreement was through participation in a pooled account.

(g)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Farm Credit Bank, 3.88%, due 12/17/09; Federal Home Loan Bank, 0% to 6.38%, due 12/02/09 to 11/08/22; Federal Home Loan Mortgage Corp., 1.75% to 4.88%, due 02/09/10 to 06/15/12; Federal National Mortgage Association, 2.05% to 6.13%, due 03/15/12 to 06/19/28; U.S. Treasury Bonds, 3.50% to 9.13%, due 05/15/16 to 11/15/39; U.S. Treasury Notes, 0% to 6.50%, due 12/31/09 to 01/15/28, which had a total value of $33,099,963. The investment in the repurchase agreement was through participation in a pooled account.

(h)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bonds, 7.25% to 9.00%, due 08/15/17 to 08/15/22, which had a total value of $8,274,985. The investment in the repurchase agreement was through participation in a pooled account.

(i)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.38% to 5.75%, due 01/08/10 to 09/13/24; Federal Home Loan Mortgage Corp., 1.50% to 7.00%, due 03/15/10 to 07/15/32; Federal National

See accompanying notes to the financial statements.

120 :: Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

DOG  Short Dow30^SM

Mortgage Association, 2.75% to 5.00%, due 04/11/11 to 03/15/16; U.S. Treasury Bonds, 0% to 9.00%, due 02/15/10 to 08/15/39; U.S. Treasury Notes, 1.75% to 3.63%, due 01/15/25 to 04/15/32, which had a total value of $49,649,904. The investment in the repurchase agreement was through participation in a pooled account.

(j)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.77% to 1.76%, due 12/30/09 to 11/05/12; Federal Home Loan Mortgage Corp., 0% to 6.88%, due 12/21/09 to 08/20/12; Federal National Mortgage Association, 0% to 7.13%, due 12/15/09 to 06/18/19; U.S. Treasury Notes, 3.25% to 4.50%, due 12/31/09 to 04/30/12, which had a total value of $41,374,965. The investment in the repurchase agreement was through participation in a pooled account.

(k)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bills, 0%, due 12/03/09 to 09/23/10, which had a total value of $24,824,998. The investment in the repurchase agreement was through participation in a pooled account.

(l)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/01/09 to 08/02/10; U.S. Treasury Bills, 0%, due 12/31/09 to 02/25/10, which had a total value of $38,200,180. The investment in the repurchase agreement was through participation in a pooled account.

†  Tax basis equals book cost.

Futures Contracts Sold

Short Dow30^SM had the following open short futures contracts as of November 30, 2009:

	Number of Contracts		Expiration Date		Notional Amount at Value		Unrealized Depreciation
E-Mini Dow Jones Futures Contracts		1,220		12/18/09	$	63,055,700	$	(2,678,413	)

Cash collateral in the amount of $7,790,661 was pledged to cover margin requirements for open futures contracts as of November 30, 2009.

Swap Agreements

Short Dow30^SM had the following open swap agreements as of November 30, 2009:

	Notional Amount at Value			Unrealized Depreciation
Equity Index Swap Agreement with Credit Suisse Securities (Europe) Limited, based on Dow Jones Industrial AverageSM Index	$	(11,680,318	)	$	(899,070	)
Equity Index Swap Agreement with Deutsche Bank AG, based on Dow Jones Industrial AverageSM Index		(17,252,265	)		(1,096,605	)
Equity Index Swap Agreement with Societe Generale, based on Dow Jones Industrial AverageSM Index		(131,678,156	)		(33,092,692	)
Equity Index Swap Agreement with UBS AG, based on Dow Jones Industrial AverageSM Index		(34,317,251	)		(4,301,886	)
				$	(39,390,253	)

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Schedule of Portfolio Investments :: 121

  Short Dow30^SM  DOG

Valuation Information

The following is a summary of the valuation inputs used to value the Fund's investments at November 30, 2009. The inputs or methodology used for valuing investments may not be an indication of the risk associated with investing in those investments. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Note 2 to the Financial Statements.

Description	Level 1			Level 2			Total
Investment Securities:
Repurchase Agreements	$	—		$	291,399,461		$	291,399,461
Total Investment Securities		—			291,399,461			291,399,461
Other Financial Instruments*:
Futures Contracts		(2,678,413	)		—			(2,678,413	)
Swap Agreements		—			(39,390,253	)		(39,390,253	)
Total Other Financial Instruments		(2,678,413	)		(39,390,253	)		(42,068,666	)
Total Investments	$	(2,678,413	)	$	252,009,208		$	249,330,795

*  These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

See accompanying notes to the financial statements.

122 :: Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

SH  Short S&P500^®

Principal Amount			Value
		Repurchase Agreements (a) — 103.4%
$	49,138,485	Bank of America Corp., 0.15%, dated 11/30/09, due 12/01/09, total to be received $49,138,690 (b)	$	49,138,485
	98,276,970	Bank of America Corp., 0.16%, dated 11/30/09, due 12/01/09, total to be received $98,277,407 (c)		98,276,970
	294,830,910	Credit Suisse (USA) LLC, 0.06%, dated 11/24/09, due 12/01/09, total to be received $294,834,350 (d)		294,830,910
	59,088,680	Credit Suisse (USA) LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $59,088,926 (e)		59,088,680
	103,190,819	Credit Suisse (USA) LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $103,191,278 (f)		103,190,819
	196,553,940	ING Financial Markets LLC, 0.11%, dated 11/27/09, due 12/04/09, total to be received $196,558,144 (g)		196,553,940
	49,138,485	ING Financial Markets LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $49,138,690 (h)		49,138,485
	294,830,910	ING Financial Markets LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $294,832,220 (i)		294,830,910
	245,692,425	JPMorgan Chase & Co., 0.16%, dated 11/30/09, due 12/01/09, total to be received $245,693,517 (j)		245,692,425
	147,415,455	UBS Warburg LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $147,416,069 (k)		147,415,455
	226,840,157	UBS Warburg LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $226,841,165 (l)		226,840,157
		Total Investment Securities (Cost $1,764,997,236) † — 103.4%		1,764,997,236
		Liabilities in excess of other assets — (3.4%)		(58,577,942	)
		Net Assets — 100.0%	$	1,706,419,294

(a)  All or a portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of 11/30/09, the aggregate amount held in a segregated account was $297,752,468.

(b)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.75% to 3.75%, due 08/15/12 to 11/15/18, which had a total value of $50,121,262. The investment in the repurchase agreement was through participation in a pooled account.

(c)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 0.47% to 6.50%, due 03/15/23 to 09/15/50, which had a total value of $100,242,509. The investment in the repurchase agreement was through participation in a pooled account.

(d)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 4.50% to 6.00%, due 12/15/37 to 11/20/39; U.S. Treasury Notes, 2.13% to 6.50%, due 02/15/10 to 02/15/18, which had a total value of $300,728,566. The investment in the repurchase agreement was through participation in a pooled account.

(e)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.38% to 4.88%, due 04/30/11 to 11/30/14, which had a total value of $60,270,493. The investment in the repurchase agreement was through participation in a pooled account.

(f)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/14/09 to 02/24/10; Federal National Mortgage Association, 0%, due 04/28/10 to 05/26/10; Government National Mortgage Association, 4.50% to 8.00%, due 09/15/24 to 10/15/39; International Bank for Reconstruction and Development, 4.75% to 5.00%, due 04/01/16 to 02/15/35, which had a total value of $105,255,423. The investment in the repurchase agreement was through participation in a pooled account.

(g)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Farm Credit Bank, 3.88%, due 12/17/09; Federal Home Loan Bank, 0% to 6.38%, due 12/02/09 to 11/08/22; Federal Home Loan Mortgage Corp., 1.75% to 4.88%, due 02/09/10 to 06/15/12; Federal National Mortgage Association, 2.05% to 6.13%, due 03/15/12 to 06/19/28; U.S. Treasury Bonds, 3.50% to 9.13%, due 05/15/16 to 11/15/39; U.S. Treasury Notes, 0% to 6.50%, due 12/31/09 to 01/15/28, which had a total value of $200,485,420. The investment in the repurchase agreement was through participation in a pooled account.

(h)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bonds, 7.25% to 9.00%, due 08/15/17 to 08/15/22, which had a total value of $50,121,319. The investment in the repurchase agreement was through participation in a pooled account.

(i)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.38% to 5.75%, due 01/08/10 to 09/13/24; Federal Home Loan Mortgage Corp.,

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Schedule of Portfolio Investments :: 123

  Short S&P500^®  SH

1.50% to 7.00%, due 03/15/10 to 07/15/32; Federal National Mortgage Association, 2.75% to 5.00%, due 04/11/11 to 03/15/16; U.S. Treasury Bonds, 0% to 9.00%, due 02/15/10 to 08/15/39; U.S. Treasury Notes, 1.75% to 3.63%, due 01/15/25 to 04/15/32, which had a total value of $300,727,881. The investment in the repurchase agreement was through participation in a pooled account.

(j)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.77% to 1.76%, due 12/30/09 to 11/05/12; Federal Home Loan Mortgage Corp., 0% to 6.88%, due 12/21/09 to 08/20/12; Federal National Mortgage Association, 0% to 7.13%, due 12/15/09 to 06/18/19; U.S. Treasury Notes, 3.25% to 4.50%, due 12/31/09 to 04/30/12, which had a total value of $250,606,844. The investment in the repurchase agreement was through participation in a pooled account.

(k)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bills, 0%, due 12/03/09 to 09/23/10, which had a total value of $150,364,225. The investment in the repurchase agreement was through participation in a pooled account.

(l)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/01/09 to 08/02/10; U.S. Treasury Bills, 0%, due 12/31/09 to 02/25/10, which had a total value of $231,377,281. The investment in the repurchase agreement was through participation in a pooled account.

†  Tax basis equals book cost.

Futures Contracts Sold

Short S&P500^® had the following open short futures contracts as of November 30, 2009:

	Number of Contracts		Expiration Date		Notional Amount at Value		Unrealized Depreciation
E-Mini S&P 500 Futures Contracts		7,824		12/18/09	$	428,266,200	$	(11,615,559	)

Cash collateral in the amount of $43,226,478 was pledged to cover margin requirements for open futures contracts as of November 30, 2009.

Swap Agreements

Short S&P500^® had the following open swap agreements as of November 30, 2009:

	Notional Amount at Value			Unrealized Depreciation
Equity Index Swap Agreement with Credit Suisse Securities (Europe) Limited, based on the S&P 500® Index	$	(150,489,871	)	$	(6,062,000	)
Equity Index Swap Agreement with Deutsche Bank AG, based on the S&P 500® Index		(181,329,376	)		(5,754,593	)
Equity Index Swap Agreement with Goldman Sachs International, based on the S&P 500® Index		(179,489,544	)		(11,467,047	)
Equity Index Swap Agreement with Societe Generale, based on the S&P 500® Index		(379,812,007	)		(95,839,616	)
Equity Index Swap Agreement with UBS AG, based on the S&P 500® Index		(387,002,980	)		(41,552,536	)
				$	(160,675,792	)

See accompanying notes to the financial statements.

124 :: Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

SH  Short S&P500^®

Valuation Information

The following is a summary of the valuation inputs used to value the Fund's investments at November 30, 2009. The inputs or methodology used for valuing investments may not be an indication of the risk associated with investing in those investments. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Note 2 to the Financial Statements.

Description	Level 1			Level 2			Total
Investment Securities:
Repurchase Agreements	$	—		$	1,764,997,236		$	1,764,997,236
Total Investment Securities		—			1,764,997,236			1,764,997,236
Other Financial Instruments*:
Futures Contracts		(11,615,559	)		—			(11,615,559	)
Swap Agreements		—			(160,675,792	)		(160,675,792	)
Total Other Financial Instruments		(11,615,559	)		(160,675,792	)		(172,291,351	)
Total Investments	$	(11,615,559	)	$	1,604,321,444		$	1,592,705,885

*  These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Schedule of Portfolio Investments :: 125

  Short MidCap400  MYY

Principal Amount			Value
		Repurchase Agreements (a) — 114.1%
$	1,237,081	Bank of America Corp., 0.15%, dated 11/30/09, due 12/01/09, total to be received $1,237,086 (b)	$	1,237,081
	2,474,161	Bank of America Corp., 0.16%, dated 11/30/09, due 12/01/09, total to be received $2,474,172 (c)		2,474,161
	7,422,483	Credit Suisse (USA) LLC, 0.06%, dated 11/24/09, due 12/01/09, total to be received $7,422,570 (d)		7,422,483
	1,487,581	Credit Suisse (USA) LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $1,487,587 (e)		1,487,581
	2,597,869	Credit Suisse (USA) LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $2,597,881 (f)		2,597,869
	4,948,322	ING Financial Markets LLC, 0.11%, dated 11/27/09, due 12/04/09, total to be received $4,948,428 (g)		4,948,322
	1,237,081	ING Financial Markets LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $1,237,086 (h)		1,237,081
	7,422,483	ING Financial Markets LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $7,422,516 (i)		7,422,483
	6,185,403	JPMorgan Chase & Co., 0.16%, dated 11/30/09, due 12/01/09, total to be received $6,185,430 (j)		6,185,403
	3,711,242	UBS Warburg LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $3,711,257 (k)		3,711,242
	5,710,789	UBS Warburg LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $5,710,814 (l)		5,710,789
		Total Investment Securities (Cost $44,434,495) † — 114.1%		44,434,495
		Liabilities in excess of other assets — (14.1%)		(5,478,717	)
		Net Assets — 100.0%	$	38,955,778

(a)  All or a portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of 11/30/09, the aggregate amount held in a segregated account was $9,713,203.

(b)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.75% to 3.75%, due 08/15/12 to 11/15/18, which had a total value of $1,261,823. The investment in the repurchase agreement was through participation in a pooled account.

(c)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 0.47% to 6.50%, due 03/15/23 to 09/15/50, which had a total value of $2,523,644. The investment in the repurchase agreement was through participation in a pooled account.

(d)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 4.50% to 6.00%, due 12/15/37 to 11/20/39; U.S. Treasury Notes, 2.13% to 6.50%, due 02/15/10 to 02/15/18, which had a total value of $7,570,959. The investment in the repurchase agreement was through participation in a pooled account.

(e)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.38% to 4.88%, due 04/30/11 to 11/30/14, which had a total value of $1,517,334. The investment in the repurchase agreement was through participation in a pooled account.

(f)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/14/09 to 02/24/10; Federal National Mortgage Association, 0%, due 04/28/10 to 05/26/10; Government National Mortgage Association, 4.50% to 8.00%, due 09/15/24 to 10/15/39; International Bank for Reconstruction and Development, 4.75% to 5.00%, due 04/01/16 to 02/15/35, which had a total value of $2,649,846. The investment in the repurchase agreement was through participation in a pooled account.

(g)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Farm Credit Bank, 3.88%, due 12/17/09; Federal Home Loan Bank, 0% to 6.38%, due 12/02/09 to 11/08/22; Federal Home Loan Mortgage Corp., 1.75% to 4.88%, due 02/09/10 to 06/15/12; Federal National Mortgage Association, 2.05% to 6.13%, due 03/15/12 to 06/19/28; U.S. Treasury Bonds, 3.50% to 9.13%, due 05/15/16 to 11/15/39; U.S. Treasury Notes, 0% to 6.50%, due 12/31/09 to 01/15/28, which had a total value of $5,047,299. The investment in the repurchase agreement was through participation in a pooled account.

(h)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bonds, 7.25% to 9.00%, due 08/15/17 to 08/15/22, which had a total value of $1,261,824. The investment in the repurchase agreement was through participation in a pooled account.

(i)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.38% to 5.75%, due 01/08/10 to 09/13/24; Federal Home Loan Mortgage Corp.,

See accompanying notes to the financial statements.

126 :: Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

MYY  Short MidCap400

1.50% to 7.00%, due 03/15/10 to 07/15/32; Federal National Mortgage Association, 2.75% to 5.00%, due 04/11/11 to 03/15/16; U.S. Treasury Bonds, 0% to 9.00%, due 02/15/10 to 08/15/39; U.S. Treasury Notes, 1.75% to 3.63%, due 01/15/25 to 04/15/32, which had a total value of $7,570,942. The investment in the repurchase agreement was through participation in a pooled account.

(j)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.77% to 1.76%, due 12/30/09 to 11/05/12; Federal Home Loan Mortgage Corp., 0% to 6.88%, due 12/21/09 to 08/20/12; Federal National Mortgage Association, 0% to 7.13%, due 12/15/09 to 06/18/19; U.S. Treasury Notes, 3.25% to 4.50%, due 12/31/09 to 04/30/12, which had a total value of $6,309,125. The investment in the repurchase agreement was through participation in a pooled account.

(k)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bills, 0%, due 12/03/09 to 09/23/10, which had a total value of $3,785,478. The investment in the repurchase agreement was through participation in a pooled account.

(l)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/01/09 to 08/02/10; U.S. Treasury Bills, 0%, due 12/31/09 to 02/25/10, which had a total value of $5,825,013. The investment in the repurchase agreement was through participation in a pooled account.

†  Tax basis equals book cost.

Futures Contracts Sold

Short MidCap400 had the following open short futures contracts as of November 30, 2009:

	Number of Contracts		Expiration Date		Notional Amount at Value		Unrealized Appreciation
E-Mini S&P MidCap 400 Futures Contracts		91		12/18/09	$	6,228,040	$	94,516

Cash collateral in the amount of $638,300 was pledged to cover margin requirements for open futures contracts as of November 30, 2009.

Swap Agreements

Short MidCap400 had the following open swap agreements as of November 30, 2009:

	Notional Amount at Value			Unrealized Depreciation
Equity Index Swap Agreement with Credit Suisse Securities (Europe) Limited, based on the S&P MidCap 400TM Index	$	(1,098,541	)	$	(56,463	)
Equity Index Swap Agreement with Deutsche Bank AG, based on the S&P MidCap 400TM Index		(5,795,426	)		(157,765	)
Equity Index Swap Agreement with Societe Generale, based on the S&P MidCap 400TM Index		(20,388,217	)		(5,356,413	)
Equity Index Swap Agreement with UBS AG, based on the S&P MidCap 400TM Index		(5,452,123	)		(484,879	)
				$	(6,055,520	)

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Schedule of Portfolio Investments :: 127

  Short MidCap400  MYY

Valuation Information

The following is a summary of the valuation inputs used to value the Fund's investments at November 30, 2009. The inputs or methodology used for valuing investments may not be an indication of the risk associated with investing in those investments. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Note 2 to the Financial Statements.

Description	Level 1		Level 2			Total
Investment Securities:
Repurchase Agreements	$	—	$	44,434,495		$	44,434,495
Total Investment Securities		—		44,434,495			44,434,495
Other Financial Instruments*:
Futures Contracts		94,516		—			94,516
Swap Agreements		—		(6,055,520	)		(6,055,520	)
Total Other Financial Instruments		94,516		(6,055,520	)		(5,961,004	)
Total Investments	$	94,516	$	38,378,975		$	38,473,491

*  These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

See accompanying notes to the financial statements.

128 :: Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

SBB  Short SmallCap600

Principal Amount			Value
		Repurchase Agreements (a) — 105.4%
$	1,216,746	Bank of America Corp., 0.15%, dated 11/30/09, due 12/01/09, total to be received $1,216,751 (b)	$	1,216,746
	2,433,492	Bank of America Corp., 0.16%, dated 11/30/09, due 12/01/09, total to be received $2,433,503 (c)		2,433,492
	7,300,477	Credit Suisse (USA) LLC, 0.06%, dated 11/24/09, due 12/01/09, total to be received $7,300,562 (d)		7,300,477
	1,463,129	Credit Suisse (USA) LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $1,463,135 (e)		1,463,129
	2,555,167	Credit Suisse (USA) LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $2,555,178 (f)		2,555,167
	4,866,985	ING Financial Markets LLC, 0.11%, dated 11/27/09, due 12/04/09, total to be received $4,867,089 (g)		4,866,985
	1,216,746	ING Financial Markets LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $1,216,751 (h)		1,216,746
	7,300,477	ING Financial Markets LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $7,300,509 (i)		7,300,477
	6,083,731	JPMorgan Chase & Co., 0.16%, dated 11/30/09, due 12/01/09, total to be received $6,083,758 (j)		6,083,731
	3,650,239	UBS Warburg LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $3,650,254 (k)		3,650,239
	5,616,919	UBS Warburg LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $5,616,944 (l)		5,616,919
		Total Investment Securities (Cost $43,704,108) † — 105.4%		43,704,108
		Liabilities in excess of other assets — (5.4%)		(2,226,933	)
		Net Assets — 100.0%	$	41,477,175

(a)  All or a portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of 11/30/09, the aggregate amount held in a segregated account was $9,055,114.

(b)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.75% to 3.75%, due 08/15/12 to 11/15/18, which had a total value of $1,241,081. The investment in the repurchase agreement was through participation in a pooled account.

(c)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 0.47% to 6.50%, due 03/15/23 to 09/15/50, which had a total value of $2,482,162. The investment in the repurchase agreement was through participation in a pooled account.

(d)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 4.50% to 6.00%, due 12/15/37 to 11/20/39; U.S. Treasury Notes, 2.13% to 6.50%, due 02/15/10 to 02/15/18, which had a total value of $7,446,512. The investment in the repurchase agreement was through participation in a pooled account.

(e)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.38% to 4.88%, due 04/30/11 to 11/30/14, which had a total value of $1,492,393. The investment in the repurchase agreement was through participation in a pooled account.

(f)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/14/09 to 02/24/10; Federal National Mortgage Association, 0%, due 04/28/10 to 05/26/10; Government National Mortgage Association, 4.50% to 8.00%, due 09/15/24 to 10/15/39; International Bank for Reconstruction and Development, 4.75% to 5.00%, due 04/01/16 to 02/15/35, which had a total value of $2,606,290. The investment in the repurchase agreement was through participation in a pooled account.

(g)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Farm Credit Bank, 3.88%, due 12/17/09; Federal Home Loan Bank, 0% to 6.38%, due 12/02/09 to 11/08/22; Federal Home Loan Mortgage Corp., 1.75% to 4.88%, due 02/09/10 to 06/15/12; Federal National Mortgage Association, 2.05% to 6.13%, due 03/15/12 to 06/19/28; U.S. Treasury Bonds, 3.50% to 9.13%, due 05/15/16 to 11/15/39; U.S. Treasury Notes, 0% to 6.50%, due 12/31/09 to 01/15/28, which had a total value of $4,964,335. The investment in the repurchase agreement was through participation in a pooled account.

(h)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bonds, 7.25% to 9.00%, due 08/15/17 to 08/15/22, which had a total value of $1,241,083. The investment in the repurchase agreement was through participation in a pooled account.

(i)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.38% to 5.75%, due 01/08/10 to 09/13/24; Federal Home Loan Mortgage Corp.,

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Schedule of Portfolio Investments :: 129

  Short SmallCap600  SBB

1.50% to 7.00%, due 03/15/10 to 07/15/32; Federal National Mortgage Association, 2.75% to 5.00%, due 04/11/11 to 03/15/16; U.S. Treasury Bonds, 0% to 9.00%, due 02/15/10 to 08/15/39; U.S. Treasury Notes, 1.75% to 3.63%, due 01/15/25 to 04/15/32, which had a total value of $7,446,495. The investment in the repurchase agreement was through participation in a pooled account.

(j)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.77% to 1.76%, due 12/30/09 to 11/05/12; Federal Home Loan Mortgage Corp., 0% to 6.88%, due 12/21/09 to 08/20/12; Federal National Mortgage Association, 0% to 7.13%, due 12/15/09 to 06/18/19; U.S. Treasury Notes, 3.25% to 4.50%, due 12/31/09 to 04/30/12, which had a total value of $6,205,420. The investment in the repurchase agreement was through participation in a pooled account.

(k)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bills, 0%, due 12/03/09 to 09/23/10, which had a total value of $3,723,255. The investment in the repurchase agreement was through participation in a pooled account.

(l)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/01/09 to 08/02/10; U.S. Treasury Bills, 0%, due 12/31/09 to 02/25/10, which had a total value of $5,729,265. The investment in the repurchase agreement was through participation in a pooled account.

†  Tax basis equals book cost.

Swap Agreements

Short SmallCap600 had the following open swap agreements as of November 30, 2009:

	Notional Amount at Value			Unrealized Depreciation
Equity Index Swap Agreement with Credit Suisse Securities (Europe) Limited, based on the S&P SmallCap 600TM Index	$	(2,510,833	)	$	(686,942	)
Equity Index Swap Agreement with Deutsche Bank AG, based on the S&P SmallCap 600TM Index		(18,376,373	)		(20,346	)
Equity Index Swap Agreement with Societe Generale, based on the S&P SmallCap 600TM Index		(7,030,983	)		(1,358,577	)
Equity Index Swap Agreement with UBS AG, based on the S&P SmallCap 600TM Index		(13,586,057	)		(111,810	)
				$	(2,177,675	)

Valuation Information

The following is a summary of the valuation inputs used to value the Fund's investments at November 30, 2009. The inputs or methodology used for valuing investments may not be an indication of the risk associated with investing in those investments. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Note 2 to the Financial Statements.

Description	Level 1		Level 2			Total
Investment Securities:
Repurchase Agreements	$	—	$	43,704,108		$	43,704,108
Total Investment Securities		—		43,704,108			43,704,108
Other Financial Instruments*:
Swap Agreements		—		(2,177,675	)		(2,177,675	)
Total Other Financial Instruments		—		(2,177,675	)		(2,177,675	)
Total Investments	$	—	$	41,526,433		$	41,526,433

*  These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

See accompanying notes to the financial statements.

130 :: Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

RWM  Short Russell2000

Principal Amount			Value
		Repurchase Agreements (a) — 103.5%
$	5,698,547	Bank of America Corp., 0.15%, dated 11/30/09, due 12/01/09, total to be received $5,698,571 (b)	$	5,698,547
	11,397,093	Bank of America Corp., 0.16%, dated 11/30/09, due 12/01/09, total to be received $11,397,144 (c)		11,397,093
	34,191,280	Credit Suisse (USA) LLC, 0.06%, dated 11/24/09, due 12/01/09, total to be received $34,191,679 (d)		34,191,280
	6,852,462	Credit Suisse (USA) LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $6,852,491 (e)		6,852,462
	11,966,948	Credit Suisse (USA) LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $11,967,001 (f)		11,966,948
	22,794,187	ING Financial Markets LLC, 0.11%, dated 11/27/09, due 12/04/09, total to be received $22,794,675 (g)		22,794,187
	5,698,547	ING Financial Markets LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $5,698,571 (h)		5,698,547
	34,191,280	ING Financial Markets LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $34,191,432 (i)		34,191,280
	28,492,733	JPMorgan Chase & Co., 0.16%, dated 11/30/09, due 12/01/09, total to be received $28,492,860 (j)		28,492,733
	17,095,640	UBS Warburg LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $17,095,711 (k)		17,095,640
	26,306,451	UBS Warburg LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $26,306,568 (l)		26,306,451
		Total Investment Securities (Cost $204,685,168) † — 103.5%		204,685,168
		Liabilities in excess of other assets — (3.5%)		(6,876,445	)
		Net Assets — 100.0%	$	197,808,723

(a)  All or a portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of 11/30/09, the aggregate amount held in a segregated account was $34,968,520.

(b)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.75% to 3.75%, due 08/15/12 to 11/15/18, which had a total value of $5,812,519. The investment in the repurchase agreement was through participation in a pooled account.

(c)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 0.47% to 6.50%, due 03/15/23 to 09/15/50, which had a total value of $11,625,035. The investment in the repurchase agreement was through participation in a pooled account.

(d)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 4.50% to 6.00%, due 12/15/37 to 11/20/39; U.S. Treasury Notes, 2.13% to 6.50%, due 02/15/10 to 02/15/18, which had a total value of $34,875,226. The investment in the repurchase agreement was through participation in a pooled account.

(e)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.38% to 4.88%, due 04/30/11 to 11/30/14, which had a total value of $6,989,516. The investment in the repurchase agreement was through participation in a pooled account.

(f)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/14/09 to 02/24/10; Federal National Mortgage Association, 0%, due 04/28/10 to 05/26/10; Government National Mortgage Association, 4.50% to 8.00%, due 09/15/24 to 10/15/39; International Bank for Reconstruction and Development, 4.75% to 5.00%, due 04/01/16 to 02/15/35, which had a total value of $12,206,378. The investment in the repurchase agreement was through participation in a pooled account.

(g)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Farm Credit Bank, 3.88%, due 12/17/09; Federal Home Loan Bank, 0% to 6.38%, due 12/02/09 to 11/08/22; Federal Home Loan Mortgage Corp., 1.75% to 4.88%, due 02/09/10 to 06/15/12; Federal National Mortgage Association, 2.05% to 6.13%, due 03/15/12 to 06/19/28; U.S. Treasury Bonds, 3.50% to 9.13%, due 05/15/16 to 11/15/39; U.S. Treasury Notes, 0% to 6.50%, due 12/31/09 to 01/15/28, which had a total value of $23,250,117. The investment in the repurchase agreement was through participation in a pooled account.

(h)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bonds, 7.25% to 9.00%, due 08/15/17 to 08/15/22, which had a total value of $5,812,525. The investment in the repurchase agreement was through participation in a pooled account.

(i)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.38% to 5.75%, due 01/08/10 to 09/13/24; Federal Home Loan Mortgage Corp.,

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Schedule of Portfolio Investments :: 131

  Short Russell2000  RWM

1.50% to 7.00%, due 03/15/10 to 07/15/32; Federal National Mortgage Association, 2.75% to 5.00%, due 04/11/11 to 03/15/16; U.S. Treasury Bonds, 0% to 9.00%, due 02/15/10 to 08/15/39; U.S. Treasury Notes, 1.75% to 3.63%, due 01/15/25 to 04/15/32, which had a total value of $34,875,146. The investment in the repurchase agreement was through participation in a pooled account.

(j)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.77% to 1.76%, due 12/30/09 to 11/05/12; Federal Home Loan Mortgage Corp., 0% to 6.88%, due 12/21/09 to 08/20/12; Federal National Mortgage Association, 0% to 7.13%, due 12/15/09 to 06/18/19; U.S. Treasury Notes, 3.25% to 4.50%, due 12/31/09 to 04/30/12, which had a total value of $29,062,654. The investment in the repurchase agreement was through participation in a pooled account.

(k)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bills, 0%, due 12/03/09 to 09/23/10, which had a total value of $17,437,606. The investment in the repurchase agreement was through participation in a pooled account.

(l)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/01/09 to 08/02/10; U.S. Treasury Bills, 0%, due 12/31/09 to 02/25/10, which had a total value of $26,832,617. The investment in the repurchase agreement was through participation in a pooled account.

†  Tax basis equals book cost.

Futures Contracts Sold

Short Russell2000 had the following open short futures contracts as of November 30, 2009:

	Number of Contracts		Expiration Date		Notional Amount at Value		Unrealized Appreciation
E-Mini Russell 2000 Futures Contracts		810		12/18/09	$	46,899,000	$	712,148

Cash collateral in the amount of $3,449,146 was pledged to cover margin requirements for open futures contracts as of November 30, 2009.

Swap Agreements

Short Russell2000 had the following open swap agreements as of November 30, 2009:

	Notional Amount at Value			Unrealized Depreciation
Equity Index Swap Agreement with Credit Suisse Securities (Europe) Limited, based on the Russell 2000® Index	$	(66,312,737	)	$	(367,124	)
Equity Index Swap Agreement with Deutsche Bank AG, based on the Russell 2000® Index		(31,090,135	)		(461,025	)
Equity Index Swap Agreement with Societe Generale, based on the Russell 2000® Index		(31,247,062	)		(7,703,692	)
Equity Index Swap Agreement with UBS AG, based on the Russell 2000® Index		(22,258,216	)		(1,079,453	)
				$	(9,611,294	)

See accompanying notes to the financial statements.

132 :: Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

RWM  Short Russell2000

Valuation Information

The following is a summary of the valuation inputs used to value the Fund's investments at November 30, 2009. The inputs or methodology used for valuing investments may not be an indication of the risk associated with investing in those investments. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Note 2 to the Financial Statements.

Description	Level 1		Level 2			Total
Investment Securities:
Repurchase Agreements	$	—	$	204,685,168		$	204,685,168
Total Investment Securities		—		204,685,168			204,685,168
Other Financial Instruments*:
Futures Contracts		712,148		—			712,148
Swap Agreements		—		(9,611,294	)		(9,611,294	)
Total Other Financial Instruments		712,148		(9,611,294	)		(8,899,146	)
Total Investments	$	712,148	$	195,073,874		$	195,786,022

*  These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Schedule of Portfolio Investments :: 133

  UltraShort QQQ^®  QID

Principal Amount			Value
		Repurchase Agreements (a) — 127.5%
$	33,531,494	Bank of America Corp., 0.15%, dated 11/30/09, due 12/01/09, total to be received $33,531,634 (b)	$	33,531,494
	67,062,987	Bank of America Corp., 0.16%, dated 11/30/09, due 12/01/09, total to be received $67,063,285 (c)		67,062,987
	201,188,962	Credit Suisse (USA) LLC, 0.06%, dated 11/24/09, due 12/01/09, total to be received $201,191,309 (d)		201,188,962
	40,321,383	Credit Suisse (USA) LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $40,321,551 (e)		40,321,383
	70,416,137	Credit Suisse (USA) LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $70,416,450 (f)		70,416,137
	134,125,975	ING Financial Markets LLC, 0.11%, dated 11/27/09, due 12/04/09, total to be received $134,128,844 (g)		134,125,975
	33,531,494	ING Financial Markets LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $33,531,634 (h)		33,531,494
	201,188,962	ING Financial Markets LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $201,189,856 (i)		201,188,962
	167,657,468	JPMorgan Chase & Co., 0.16%, dated 11/30/09, due 12/01/09, total to be received $167,658,213 (j)		167,657,468
	100,594,481	UBS Warburg LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $100,594,900 (k)		100,594,481
	154,792,912	UBS Warburg LLC, 0.16%, dated 11/30/09, due 12/01/09, total to be received $154,793,600 (l)		154,792,912
		Total Investment Securities (Cost $1,204,412,255) † — 127.5%		1,204,412,255
		Liabilities in excess of other assets — (27.5%)		(259,454,722	)
		Net Assets — 100.0%	$	944,957,533

(a)  All or a portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of 11/30/09, the aggregate amount held in a segregated account was $476,641,156.

(b)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.75% to 3.75%, due 08/15/12 to 11/15/18, which had a total value of $34,202,129. The investment in the repurchase agreement was through participation in a pooled account.

(c)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 0.47% to 6.50%, due 03/15/23 to 09/15/50, which had a total value of $68,404,247. The investment in the repurchase agreement was through participation in a pooled account.

(d)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Government National Mortgage Association, 4.50% to 6.00%, due 12/15/37 to 11/20/39; U.S. Treasury Notes, 2.13% to 6.50%, due 02/15/10 to 02/15/18, which had a total value of $205,213,449. The investment in the repurchase agreement was through participation in a pooled account.

(e)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Notes, 1.38% to 4.88%, due 04/30/11 to 11/30/14, which had a total value of $41,127,838. The investment in the repurchase agreement was through participation in a pooled account.

(f)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/14/09 to 02/24/10; Federal National Mortgage Association, 0%, due 04/28/10 to 05/26/10; Government National Mortgage Association, 4.50% to 8.00%, due 09/15/24 to 10/15/39; International Bank for Reconstruction and Development, 4.75% to 5.00%, due 04/01/16 to 02/15/35, which had a total value of $71,824,997. The investment in the repurchase agreement was through participation in a pooled account.

(g)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Farm Credit Bank, 3.88%, due 12/17/09; Federal Home Loan Bank, 0% to 6.38%, due 12/02/09 to 11/08/22; Federal Home Loan Mortgage Corp., 1.75% to 4.88%, due 02/09/10 to 06/15/12; Federal National Mortgage Association, 2.05% to 6.13%, due 03/15/12 to 06/19/28; U.S. Treasury Bonds, 3.50% to 9.13%, due 05/15/16 to 11/15/39; U.S. Treasury Notes, 0% to 6.50%, due 12/31/09 to 01/15/28, which had a total value of $136,808,769. The investment in the repurchase agreement was through participation in a pooled account.

(h)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bonds, 7.25% to 9.00%, due 08/15/17 to 08/15/22, which had a total value of $34,202,168. The investment in the repurchase agreement was through participation in a pooled account.

(i)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.38% to 5.75%, due 01/08/10 to 09/13/24; Federal Home Loan Mortgage Corp., 1.50% to 7.00%, due 03/15/10 to 07/15/32; Federal National

See accompanying notes to the financial statements.

134 :: Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

QID  UltraShort QQQ^®

Mortgage Association, 2.75% to 5.00%, due 04/11/11 to 03/15/16; U.S. Treasury Bonds, 0% to 9.00%, due 02/15/10 to 08/15/39; U.S. Treasury Notes, 1.75% to 3.63%, due 01/15/25 to 04/15/32, which had a total value of $205,212,982. The investment in the repurchase agreement was through participation in a pooled account.

(j)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0.77% to 1.76%, due 12/30/09 to 11/05/12; Federal Home Loan Mortgage Corp., 0% to 6.88%, due 12/21/09 to 08/20/12; Federal National Mortgage Association, 0% to 7.13%, due 12/15/09 to 06/18/19; U.S. Treasury Notes, 3.25% to 4.50%, due 12/31/09 to 04/30/12, which had a total value of $171,011,007. The investment in the repurchase agreement was through participation in a pooled account.

(k)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: U.S. Treasury Bills, 0%, due 12/03/09 to 09/23/10, which had a total value of $102,606,685. The investment in the repurchase agreement was through participation in a pooled account.

(l)  Represents the Fund's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government and/or agency securities at the date of this schedule as follows: Federal Home Loan Bank, 0%, due 12/01/09 to 08/02/10; U.S. Treasury Bills, 0%, due 12/31/09 to 02/25/10, which had a total value of $157,888,989. The investment in the repurchase agreement was through participation in a pooled account.

†  Tax basis equals book cost.

Futures Contracts Sold

UltraShort QQQ^® had the following open short futures contracts as of November 30, 2009:

	Number of Contracts		Expiration Date		Notional Amount at Value		Unrealized Depreciation
E-Mini NASDAQ-100 Futures Contracts		6,038		12/18/09	$	213,473,490	$	(40,889	)

Cash collateral in the amount of $25,172,639 was pledged to cover margin requirements for open futures contracts as of November 30, 2009.

Swap Agreements

UltraShort QQQ^® had the following open swap agreements as of November 30, 2009:

	Notional Amount at Value			Unrealized Depreciation
Equity Index Swap Agreement with Credit Suisse Securities (Europe) Limited, based on the NASDAQ-100® Index	$	(116,160,073	)	$	(2,498,776	)
Equity Index Swap Agreement with Deutsche Bank AG, based on the NASDAQ-100® Index		(135,629,737	)		(4,413,543	)
Equity Index Swap Agreement with Goldman Sachs International, based on the NASDAQ-100® Index		(102,058,592	)		(17,704,584	)
Equity Index Swap Agreement with Societe Generale, based on the NASDAQ-100® Index		(665,189,227	)		(184,498,784	)
Equity Index Swap Agreement with UBS AG, based on the NASDAQ-100® Index		(657,371,788	)		(64,276,909	)
				$	(273,392,596	)

See accompanying notes to the financial statements.

November 30, 2009 (Unaudited) :: Schedule of Portfolio Investments :: 135

  UltraShort QQQ^®  QID

Valuation Information

The following is a summary of the valuation inputs used to value the Fund's investments at November 30, 2009. The inputs or methodology used for valuing investments may not be an indication of the risk associated with investing in those investments. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Note 2 to the Financial Statements.

Description	Level 1			Level 2			Total
Investment Securities:
Repurchase Agreements	$	—		$	1,204,412,255		$	1,204,412,255
Total Investment Securities		—			1,204,412,255			1,204,412,255
Other Financial Instruments*:
Futures Contracts		(40,889	)		—			(40,889	)
Swap Agreements		—			(273,392,596	)		(273,392,596	)
Total Other Financial Instruments		(40,889	)		(273,392,596	)		(273,433,485	)
Total Investments	$	(40,889	)	$	931,019,659		$	930,978,770

*  These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

See accompanying notes to the financial statements.

136 :: Schedule of Portfolio Investments :: November 30, 2009 (Unaudited)

DXD  UltraShort Dow30^SM

Principal Amount			Value
		Repurchase Agreements (a) — 121.8%
$	19,464,170	Bank of America Corp., 0.15%, dated 11/30/09, due 12/01/09, total to be received $19,464,251 (b)	$	19,464,170
	38,928,340	Bank of America Corp., 0.16%, dated 11/30/09, due 12/01/09, total to be received $38,928,513 (c)		38,928,340
	116,785,020	Credit Suisse (USA) LLC, 0.06%, dated 11/24/09, due 12/01/09, total to be received $116,786,382 (d)		116,785,020
	23,405,526	Credit Suisse (USA) LLC, 0.15%, dated 11/30/09, due 12/01/09, total to be received $23,405,624 (e)		23,405,526
	40,874,757	Cr