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A N N U A L R E P O R T A U G U S T 3 1 , 2 0 0 8
33 Whitehall Street, 10th Floor New York, New York 10004 (800) 851-0511B
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Small Cap Bull 2.5X FundNASDAQ-100
»
Bull 1.25X Fund
(formerly OTC Plus Fund)
Dow 30
SM
Bull 1.25X Fund
(formerly Dow 30
SM
Plus Fund)
Small Cap Bear 2.5X Fund
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N T E R N A T I O N A L
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Emerging Markets Bull 2X Fund Emerging Markets Bear 2X FundDeveloped Markets Bull 2X Fund Developed Markets Bear 2X FundChina Bull 2X Fund China Bear 2X FundIndia Bull 2X Fund
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P E C I A L T Y
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Commodity Bull 2X Fund
(formerly Commodity Bull Fund)
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N C O M E
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10 Year Note Bull 2.5X Fund 10 Year Note Bear 2.5X FundDynamic HY Bond Fund HY Bear Fund
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Table of Contents
Letter to Shareholders . . . . . . . . . . . . . . . . . . . . 2Performance Summary . . . . . . . . . . . . . . . . . . . . 4Expense Example . . . . . . . . . . . . . . . . . . . . . . . . 20Allocation of Portfolio Holdings. . . . . . . . . . . . . . 22Schedule of Investments . . . . . . . . . . . . . . . . . . 23Financial Statements. . . . . . . . . . . . . . . . . . . . . . 41Financial Highlights. . . . . . . . . . . . . . . . . . . . . . . 59Notes to the Financial Statements . . . . . . . . . . . 61Report of Independent Registered PublicAccounting Firm . . . . . . . . . . . . . . . . . . . . . . . 76Additional Information. . . . . . . . . . . . . . . . . . . . . 77Information on Board of Trustees and Officers. . 81
 
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