SEC Info - USA Mutuals - ‘NSAR-B’ for 3/31/02

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USA Mutuals – ‘NSAR-B’ for 3/31/02

On: Thursday, 5/30/02, at 4:25pm ET · For: 3/31/02 · Accession #: 894189-2-616 · File #: 811-10319

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 5/30/02  1 800 Mutuals Advisor Series      NSAR-B      3/31/02    3:26K                                    Firstar Trust Co.

Annual Report by an Investment Company — Form N-SAR — ICA’40
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: NSAR-B      Annual Report by an Investment Company                27    113K 
 2: EX-99       Report of Independent Auditors                         1      6K 
 3: EX-99.k OMT FIN STAT  Previously Omitted Financial Statement       1      6K

‘NSAR-B’ — Annual Report by an Investment Company

SEC Info℠ rendering: Data from the Answer File, which may only contain updates to a prior Form N-SAR

Form N-SAR

Annual Report by an Open-End Investment Company

Report
Registrant: 1-800-Mutuals Advisor Series — List all N-SARs

Annual Report for the 2nd-half period ended at fiscal year end: 3/31/02

Were there any Answer File errors in the Filing? None FoundNone Found by SEC InfoNot Checked by the FilerOne or more Found by SEC Info
Was the Answer File completed by the Registrant? Yes

Is this an Amendment to a previous Report? No
Is this a change to a previous Report? No
Registrant
1. SEC CIK: 1137095
SEC File #: 811-10319

Telephone #: 800-688-8257
2. Address: 700 North Pearl Street, 12th Floor
Dallas, TX 75201
3. Is this the first Form N-SAR filed by the Registrant? No
4. Is this the final Form N-SAR filed by the Registrant? No
Funds/Series ↑Top of Form N-SAR
7. Is the Registrant a Funds/Series (multiple portfolios) company? Yes

The number of separate Funds/Series (portfolios) at period end: 5
The number of separate Funds/Series (portfolios) reported here: 5...

N-SAR S# Fund/Series — Filings for F/S#… ⇒ Symbols
↓Information Common to All
↓ Series 1: Generation Wave Aggressive Growth Fund — S#5504
↓ Series 3: Generation Wave Alternative Growth Fund — N-SARs
↓ Series 4: Generation Wave Balanced Growth Fund — N-SARs
↓ Series 5: Generation Wave Conservative Growth Fund — N-SARs
↓ Series 2: Generation Wave Growth Fund [ renamed
USA Mutuals Generation Wave Growth Fund ] — S#5503
Family of Investment Companies
19. Is the Registrant/Series part of a “family” of investment companies? No
Investment Company Type
27. Is the Registrant an “open-end” investment company? Yes, Open-End
Additional Disclosures
77. Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
↑Exhibits in this Filing — or separately and incorporated by reference)? Yes

EX-99.77B: Accountant’s Report re: Internal Controls? Yes

EX-99.77K: Letter re: a Change in Certified Public Accountant? Yes

EX-99.77Q1: Other Disclosure? Yes
Subsidiaries
78. Does the Registrant have any wholly-owned investment company
subsidiaries whose operating and financial data are consolidated with
that of the Registrant in this Report? No
All Series ↑List of 5 Funds/Series Reported Here

Information Common to All Funds/Series
All: Investment Adviser
8.1 Name: Mutuals.com, Inc.
Role: Adviser
SEC File #: 801-56944
Location: Dallas, TX
All: Administrator
10.1 Name: U.S. Bancorp Fund Services, LLC
SEC File #: 085-11357
Location: Milwaukee, WI
All: Principal Underwriter
11.1 Name: Quasar Distributors, LLC
SEC File #: 008-52323
Location: Milwaukee, WI
All: Shareholder Servicing/Transfer Agent
12.1 Name: U.S. Bancorp Fund Services, LLC
SEC File #: 085-11357
Location: Milwaukee, WI
All: Independent Public Accountant
13.1 Name: Ernst & Young LLP
Location: Milwaukee, WI
All: Affiliated Broker/Dealer
14.1 Name: Mutuals.com, Inc.
SEC File #: 008-47296
All: Custodian
15.1 Name: U.S. Bank, N.A.
Role: Custodian
Location: Cincinnati, OH

Type of custody: Section 17(f)(1) — Bank
18. Does the Registrant’s/Series’ Custodian(s) maintain some or all of the
Registrant’s/Series’ securities in a central depository or book-entry
system pursuant to Rule 17f-4? Yes
All: Portfolio Transactions with Entities Acting as Principals
22. The entities acting as principals with whom the Registrant did the
largest amount of portfolio transactions, based on total value of
principal, during the period:
22.1 Entity: Mutuals.com, Inc.
Registrant’s purchases ($000s): 88,516
Registrant’s sales ($000s): 16,259
23. Total purchase/sale transactions by the Registrant during the period:
Aggregate purchases ($000s): 88,516
Aggregate sales ($000s): 16,259
All: Considerations which Affected the Participation of Brokers or Dealers
26. Considerations which affected the participation of brokers or dealers or
other entities in commissions or other compensation paid on portfolio
transactions of the Registrant:

Consideration?
Sales of the Registrant’s/Series’ shares ............................... No
Receipt of investment research and statistical info .................... No
Receipt of quotations for portfolio valuations ......................... No
Ability to execute portfolio transactions to obtain the best price
and execution ........................................................ Yes
Receipt of telephone line and wire services ............................ No
Broker or Dealer which is an affiliated person ......................... Yes
An arrangement to return or credit part or all of commissions or
profits thereon...
To an Investment Adviser or Principal Underwriter, or to an
affiliated person of either ...................................... No
To the Registrant .................................................. No
Other .................................................................. No
All: Advisory Fee
54. Indicated below are whether services were supplied or paid for wholly or
in substantial part by Investment Adviser(s) or Administrator(s) in
connection with the advisory or administrative contract(s) but for which
the Adviser(s) or Administrator(s) are not reimbursed by the Registrant:

Provided to the Registrant?
Occupancy and office rental ............................................ Yes
Clerical and bookkeeping services ...................................... No
Accounting services .................................................... No
Services of independent auditors ....................................... No
Services of outside counsel ............................................ No
Registration and filing fees ........................................... No
Stationery, supplies and printing ...................................... No
Salaries & compensation of Registrant’s interested Directors ........... Yes
Salaries & compensation of Registrant’s disinterested Directors ........ No
Salaries & compensation of Registrant’s Officers who aren’t Directors .. Yes
Reports to current shareholders ........................................ No
Determination of offering and redemption prices ........................ No
Trading department ..................................................... Yes
Prospectus preparation and printing for current shareholders ........... No
Other .................................................................. Yes
All: Fidelity Bond in Effect at Fiscal Year End
80. Insurer: Gulf Insurance Group

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s): 525
81. Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities? No
82. Does the mandatory coverage of the fidelity bond have a deductible? Yes

The amount of the deductible ($000s): 10
83. Were any claims with respect to this Registrant/Series filed under the
bond during the period? No
84. Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not? No
85. Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else? Yes

Were any claims filed under such policy during the period with respect
to the Registrant/Series? No
Series 1 ↑Information Common to All Funds/Series ↑List of 5 Funds/Series
7. Name: Generation Wave Aggressive Growth Fund — S#5504

Is this the final Form N-SAR filed for this Fund/Series? No
S 1: Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers
24. At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? No
S 1: Sales and Repurchases
28. Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 2,076
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 549
2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 1,384
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 385
3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 334
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 425
4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 515
Reinvestment of dividends and distributions ................ 100
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 262
5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 710
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 36
6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 598
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 333

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 5,617
Reinvestment of dividends and distributions ................ 100
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 1,990

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0
S 1: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)
29. Was a front-end sales load deducted from any share sales during the
period? No
34. Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period? No
37. Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? Yes
38. Total amount of redemption fees other than deferred or contingent
deferred sales loads collected from redemptions and repurchases of the
Registrant’s/Series’ shares during the period ($000s): 8
39. Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? No
S 1: Payment Plan for the Distribution of Fund Shares
40. During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? No
S 1: Advisory Fee
45. Did the Registrant/Series have an advisory contract during the period? Yes
46. Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period? No
47. Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets? Yes
48. Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
Single-fee rate: 0.95%
Step-fee rates:
For 1st $000s: 0
Annual rate: 0.0%
49. Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income? No
50. Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets? No
51. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance? No
52. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants? No
53. Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws? Yes

Was the limitation that applied during the period based on...
Assets? Yes
Income? No
S 1: Miscellaneous Info
55. Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
Overdrafts? No
Bank loans? No
56. During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? Yes
57. Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No
S 1: Classification and Asset Allocation
58. Is the Registrant/Series a Separate Account of an insurance company? No
59. Is the Registrant/Series a management investment company? Yes
60. Was the Registrant/Series a diversified investment company at any time
during the period? No

Which best describes its primary investment objective:

Aggressive capital appreciation? Yes
67. Is the Registrant/Series a “balanced” Fund? No
68. Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No
Located primarily in countries other than the United States? No
69. Is the Registrant/Series an index Fund? No
S 1: Investment Practices
70. Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In
Writing or investing in repurchase agreements? Yes No
Writing or investing in options on equities? Yes No
Writing or investing in options on debt securities? Yes No
Writing or investing in options on stock indices? Yes No
Writing or investing in interest rate futures? Yes No
Writing or investing in stock index futures? Yes No
Writing or investing in options on futures? Yes No
Writing or investing in options on stock index futures? Yes No
Writing or investing in other commodity futures? Yes No
Investments in restricted securities? Yes No
Investments in shares of other investment companies? Yes to both
Investments in securities of foreign issuers? Yes No
Currency exchange transactions? Yes No
Loaning portfolio securities? Yes No
Borrowing of money? Yes No
Purchases/sales by certain exempted affiliated persons? Yes No
Margin purchases? Yes No
Short selling? Yes No
S 1: Portfolio Turnover
71. Portfolio turnover rate for the period:
Purchases ($000s): 27,305
Sales ($000s): 3,381

Monthly average Value of portfolio ($000s): 17,333

Percent turnover (lesser of Purchases or Sales, divided by Value): 20%
S 1: Financial Info — Income and Expenses
72. The number of months covered by the values in Items 72 and 73: 10

Income ($000s)
Net interest income .............................................. –
Net dividend income .............................................. 91
Account maintenance fees ......................................... –
Net other income ................................................. –

Expenses ($000s)
Advisory fees .................................................... 144
Administrator fees ............................................... 28
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. 49
Custodian fees ................................................... 4
Postage .......................................................... –
Printing expenses ................................................ 5
Directors’ fees .................................................. –
Registration fees ................................................ 17
Taxes ............................................................ –
Interest ......................................................... –
Bookkeeping fees paid to anyone performing this service .......... 27
Auditing fees .................................................... 11
Legal fees ....................................................... 4
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. –
Amortization of organization expenses ............................ 7
Shareholder meeting expenses ..................................... –
Other expenses ................................................... 1
Total expenses ................................................... 297

Expense reimbursements ($000s): 70

Net investment income ($000s): -136

Realized capital gains ($000s): 245
Realized capital losses ($000s): 152

Net unrealized appreciation during the period ($000s): 114
Net unrealized depreciation during the period ($000s): 0

Total income dividends for which the record date passed during the
period ($000s): 0

Total capital gains distributions for which the record date passed
during the period ($000s): 102
73. Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income: $0.0000

Distribution of capital gains: $0.0403
Other distributions: $0.0000
S 1: Financial Info — Condensed Balance Sheet Data
74. Assets ($000s)
Cash ............................................................. –
Repurchase agreements ............................................ –
Short-term debt securities, other than repurchase agreements ..... –
Long-term debt securities, including convertible debt ............ –
Preferred, conv. preferred and adjustable-rate preferred stock ... –
Common stock ..................................................... –
Options on equities .............................................. –
Options on all futures ........................................... –
Other investments ................................................ 25,794
Receivables from portfolio instruments sold ...................... –
Receivables from affiliated persons .............................. –
Other receivables ................................................ 18
All other assets ................................................. 6
Total assets ..................................................... 25,818

Liabilities ($000s)
Payables for portfolio instruments purchased ..................... –
Amounts owed to affiliated persons ............................... 41
Senior long-term debt ............................................ –
Other liabilities:
Reverse repurchase agreements .................................. –
Short sales .................................................... –
Written options ................................................ –
All other liabilities .......................................... 18

Equity ($000s)
Senior equity .................................................... –
Net assets of common shareholders ................................ 25,759

Number of shares outstanding (000s): 2,659

Net Asset Value (NAV) per share (to nearest cent): $9.69

Total number of shareholder accounts: 745

Total value of assets in segregated accounts ($000s): 0
75. Monthly average net assets during the period ($000s): 19,719
Series 2 ↑Information Common to All Funds/Series ↑List of 5 Funds/Series
7. Name: Generation Wave Growth Fund [ renamed
USA Mutuals Generation Wave Growth Fund ] — S#5503

Is this the final Form N-SAR filed for this Fund/Series? No
S 2: Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers
24. At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? No
S 2: Sales and Repurchases
28. Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 2,968
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 549
2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 2,683
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 371
3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 2,021
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 506
4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 1,939
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 802
5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 1,091
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 635
6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 787
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 1,082

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 11,489
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 3,945

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0
S 2: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)
29. Was a front-end sales load deducted from any share sales during the
period? No
34. Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period? No
37. Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? Yes
38. Total amount of redemption fees other than deferred or contingent
deferred sales loads collected from redemptions and repurchases of the
Registrant’s/Series’ shares during the period ($000s): 20
39. Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? No
S 2: Payment Plan for the Distribution of Fund Shares
40. During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? No
S 2: Advisory Fee
45. Did the Registrant/Series have an advisory contract during the period? Yes
46. Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period? No
47. Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets? Yes
48. Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
Single-fee rate: 0.95%
Step-fee rates:
For 1st $000s: 0
Annual rate: 0.0%
49. Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income? No
50. Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets? No
51. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance? No
52. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants? No
53. Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws? Yes

Was the limitation that applied during the period based on...
Assets? Yes
Income? No
S 2: Miscellaneous Info
55. Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
Overdrafts? No
Bank loans? No
56. During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? Yes
57. Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No
S 2: Classification and Asset Allocation
58. Is the Registrant/Series a Separate Account of an insurance company? No
59. Is the Registrant/Series a management investment company? Yes
60. Was the Registrant/Series a diversified investment company at any time
during the period? No

Was the Registrant/Series a diversified investment company at the end of
the period? No
61. The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity: $25,000
62. Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities? No
66. Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities? Yes
Capital appreciation? Yes
67. Is the Registrant/Series a “balanced” Fund? No
68. Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No
Located primarily in countries other than the United States? No
69. Is the Registrant/Series an index Fund? No
S 2: Investment Practices
70. Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In
Writing or investing in repurchase agreements? Yes No
Writing or investing in options on equities? Yes No
Writing or investing in options on debt securities? Yes No
Writing or investing in options on stock indices? Yes No
Writing or investing in interest rate futures? Yes No
Writing or investing in stock index futures? Yes No
Writing or investing in options on futures? Yes No
Writing or investing in options on stock index futures? Yes No
Writing or investing in other commodity futures? Yes No
Investments in restricted securities? Yes No
Investments in shares of other investment companies? Yes to both
Investments in securities of foreign issuers? Yes No
Currency exchange transactions? Yes No
Loaning portfolio securities? Yes No
Borrowing of money? Yes No
Purchases/sales by certain exempted affiliated persons? Yes No
Margin purchases? Yes No
Short selling? Yes No
S 2: Portfolio Turnover
71. Portfolio turnover rate for the period:
Purchases ($000s): 63,230
Sales ($000s): 10,475

Monthly average Value of portfolio ($000s): 37,524

Percent turnover (lesser of Purchases or Sales, divided by Value): 28%
S 2: Financial Info — Income and Expenses
72. The number of months covered by the values in Items 72 and 73: 10

Income ($000s)
Net interest income .............................................. –
Net dividend income .............................................. 285
Account maintenance fees ......................................... –
Net other income ................................................. –

Expenses ($000s)
Advisory fees .................................................... 311
Administrator fees ............................................... 57
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. 101
Custodian fees ................................................... 9
Postage .......................................................... –
Printing expenses ................................................ 7
Directors’ fees .................................................. –
Registration fees ................................................ 20
Taxes ............................................................ –
Interest ......................................................... –
Bookkeeping fees paid to anyone performing this service .......... 49
Auditing fees .................................................... 11
Legal fees ....................................................... 4
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. –
Amortization of organization expenses ............................ 7
Shareholder meeting expenses ..................................... –
Other expenses ................................................... 1
Total expenses ................................................... 577

Expense reimbursements ($000s): 85

Net investment income ($000s): -207

Realized capital gains ($000s): 445
Realized capital losses ($000s): 453

Net unrealized appreciation during the period ($000s): 198
Net unrealized depreciation during the period ($000s): 0

Total income dividends for which the record date passed during the
period ($000s): 0

Total capital gains distributions for which the record date passed
during the period ($000s): 0
73. Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income: $0.0000

Distribution of capital gains: $0.0000
Other distributions: $0.0000
S 2: Financial Info — Condensed Balance Sheet Data
74. Assets ($000s)
Cash ............................................................. –
Repurchase agreements ............................................ –
Short-term debt securities, other than repurchase agreements ..... –
Long-term debt securities, including convertible debt ............ –
Preferred, conv. preferred and adjustable-rate preferred stock ... –
Common stock ..................................................... –
Options on equities .............................................. –
Options on all futures ........................................... –
Other investments ................................................ 55,298
Receivables from portfolio instruments sold ...................... –
Receivables from affiliated persons .............................. –
Other receivables ................................................ 24
All other assets ................................................. 6
Total assets ..................................................... 55,328

Liabilities ($000s)
Payables for portfolio instruments purchased ..................... –
Amounts owed to affiliated persons ............................... 83
Senior long-term debt ............................................ –
Other liabilities:
Reverse repurchase agreements .................................. –
Short sales .................................................... –
Written options ................................................ –
All other liabilities .......................................... 64

Equity ($000s)
Senior equity .................................................... –
Net assets of common shareholders ................................ 55,181

Number of shares outstanding (000s): 5,635

Net Asset Value (NAV) per share (to nearest cent): $9.79

Total number of shareholder accounts: 1,131

Total value of assets in segregated accounts ($000s): 0
75. Monthly average net assets during the period ($000s): 42,728
Series 3 ↑Information Common to All Funds/Series ↑List of 5 Funds/Series
7. Name: Generation Wave Alternative Growth Fund — N-SARs

Is this the final Form N-SAR filed for this Fund/Series? No
S 3: Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers
24. At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? No
S 3: Sales and Repurchases
28. Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 1,231
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 384
2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 958
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 80
3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 140
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 224
4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 312
Reinvestment of dividends and distributions ................ 107
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 1,244
5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 1,270
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 400
6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 70
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 28

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 3,981
Reinvestment of dividends and distributions ................ 107
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 2,360

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0
S 3: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)
29. Was a front-end sales load deducted from any share sales during the
period? No
34. Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period? No
37. Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? Yes
38. Total amount of redemption fees other than deferred or contingent
deferred sales loads collected from redemptions and repurchases of the
Registrant’s/Series’ shares during the period ($000s): 5
39. Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? No
S 3: Payment Plan for the Distribution of Fund Shares
40. During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? No
S 3: Advisory Fee
45. Did the Registrant/Series have an advisory contract during the period? Yes
46. Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period? No
47. Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets? Yes
48. Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
Single-fee rate: 0.95%
Step-fee rates:
For 1st $000s: 0
Annual rate: 0.0%
49. Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income? No
50. Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets? No
51. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance? No
52. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants? No
53. Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws? Yes

Was the limitation that applied during the period based on...
Assets? Yes
Income? No
S 3: Miscellaneous Info
55. Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
Overdrafts? Yes
Bank loans? No
56. During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? Yes
57. Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No
S 3: Classification and Asset Allocation
58. Is the Registrant/Series a Separate Account of an insurance company? No
59. Is the Registrant/Series a management investment company? Yes
60. Was the Registrant/Series a diversified investment company at any time
during the period? No

Was the Registrant/Series a diversified investment company at the end of
the period? No
61. The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity: $25,000
62. Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities? No
66. Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities? Yes
Capital appreciation? Yes
67. Is the Registrant/Series a “balanced” Fund? No
68. Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No
Located primarily in countries other than the United States? No
69. Is the Registrant/Series an index Fund? No
S 3: Investment Practices
70. Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In
Writing or investing in repurchase agreements? Yes No
Writing or investing in options on equities? Yes No
Writing or investing in options on debt securities? Yes No
Writing or investing in options on stock indices? Yes No
Writing or investing in interest rate futures? Yes No
Writing or investing in stock index futures? Yes No
Writing or investing in options on futures? Yes No
Writing or investing in options on stock index futures? Yes No
Writing or investing in other commodity futures? Yes No
Investments in restricted securities? Yes No
Investments in shares of other investment companies? Yes to both
Investments in securities of foreign issuers? Yes No
Currency exchange transactions? Yes No
Loaning portfolio securities? Yes No
Borrowing of money? Yes No
Purchases/sales by certain exempted affiliated persons? Yes No
Margin purchases? Yes No
Short selling? Yes No
S 3: Portfolio Turnover
71. Portfolio turnover rate for the period:
Purchases ($000s): 20,528
Sales ($000s): 2,610

Monthly average Value of portfolio ($000s): 13,481

Percent turnover (lesser of Purchases or Sales, divided by Value): 19%
S 3: Financial Info — Income and Expenses
72. The number of months covered by the values in Items 72 and 73: 10

Income ($000s)
Net interest income .............................................. –
Net dividend income .............................................. 250
Account maintenance fees ......................................... –
Net other income ................................................. –

Expenses ($000s)
Advisory fees .................................................... 112
Administrator fees ............................................... 27
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. 40
Custodian fees ................................................... 4
Postage .......................................................... –
Printing expenses ................................................ 2
Directors’ fees .................................................. –
Registration fees ................................................ 16
Taxes ............................................................ –
Interest ......................................................... –
Bookkeeping fees paid to anyone performing this service .......... 26
Auditing fees .................................................... 11
Legal fees ....................................................... 4
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. –
Amortization of organization expenses ............................ 7
Shareholder meeting expenses ..................................... –
Other expenses ................................................... –
Total expenses ................................................... 249

Expense reimbursements ($000s): 73

Net investment income ($000s): 74

Realized capital gains ($000s): 187
Realized capital losses ($000s): 91

Net unrealized appreciation during the period ($000s): 278
Net unrealized depreciation during the period ($000s): 0

Total income dividends for which the record date passed during the
period ($000s): 104

Total capital gains distributions for which the record date passed
during the period ($000s): 3
73. Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income: $0.0535

Distribution of capital gains: $0.0015
Other distributions: $0.0000
S 3: Financial Info — Condensed Balance Sheet Data
74. Assets ($000s)
Cash ............................................................. –
Repurchase agreements ............................................ –
Short-term debt securities, other than repurchase agreements ..... –
Long-term debt securities, including convertible debt ............ –
Preferred, conv. preferred and adjustable-rate preferred stock ... –
Common stock ..................................................... –
Options on equities .............................................. –
Options on all futures ........................................... –
Other investments ................................................ 19,264
Receivables from portfolio instruments sold ...................... –
Receivables from affiliated persons .............................. –
Other receivables ................................................ 28
All other assets ................................................. 6
Total assets ..................................................... 19,298

Liabilities ($000s)
Payables for portfolio instruments purchased ..................... –
Amounts owed to affiliated persons ............................... 22
Senior long-term debt ............................................ –
Other liabilities:
Reverse repurchase agreements .................................. –
Short sales .................................................... –
Written options ................................................ –
All other liabilities .......................................... 15

Equity ($000s)
Senior equity .................................................... –
Net assets of common shareholders ................................ 19,261

Number of shares outstanding (000s): 1,954

Net Asset Value (NAV) per share (to nearest cent): $9.86

Total number of shareholder accounts: 321

Total value of assets in segregated accounts ($000s): 0
75. Monthly average net assets during the period ($000s): 15,303
Series 4 ↑Information Common to All Funds/Series ↑List of 5 Funds/Series
7. Name: Generation Wave Balanced Growth Fund — N-SARs

Is this the final Form N-SAR filed for this Fund/Series? No
S 4: Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers
24. At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? No
S 4: Sales and Repurchases
28. Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 201
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. –
2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 233
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 5
3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ –
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 138
4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 277
Reinvestment of dividends and distributions ................ 28
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 10
5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 18
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 129
6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ –
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 19

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 729
Reinvestment of dividends and distributions ................ 28
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 301

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0
S 4: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)
29. Was a front-end sales load deducted from any share sales during the
period? No
34. Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period? No
37. Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? Yes
38. Total amount of redemption fees other than deferred or contingent
deferred sales loads collected from redemptions and repurchases of the
Registrant’s/Series’ shares during the period ($000s): 1
39. Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? No
S 4: Payment Plan for the Distribution of Fund Shares
40. During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? No
S 4: Advisory Fee
45. Did the Registrant/Series have an advisory contract during the period? Yes
46. Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period? No
47. Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets? Yes
48. Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
Single-fee rate: 0.95%
Step-fee rates:
For 1st $000s: 0
Annual rate: 0.0%
49. Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income? No
50. Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets? No
51. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance? No
52. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants? No
53. Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws? Yes

Was the limitation that applied during the period based on...
Assets? Yes
Income? No
S 4: Miscellaneous Info
55. Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
Overdrafts? No
Bank loans? No
56. During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? Yes
57. Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No
S 4: Classification and Asset Allocation
58. Is the Registrant/Series a Separate Account of an insurance company? No
59. Is the Registrant/Series a management investment company? Yes
60. Was the Registrant/Series a diversified investment company at any time
during the period? No

Was the Registrant/Series a diversified investment company at the end of
the period? No
61. The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity: $25,000
62. Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities? No
66. Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities? Yes
Growth and income? Yes
67. Is the Registrant/Series a “balanced” Fund? Yes
68. Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No
Located primarily in countries other than the United States? No
69. Is the Registrant/Series an index Fund? No
S 4: Investment Practices
70. Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In
Writing or investing in repurchase agreements? Yes No
Writing or investing in options on equities? Yes No
Writing or investing in options on debt securities? Yes No
Writing or investing in options on stock indices? Yes No
Writing or investing in interest rate futures? Yes No
Writing or investing in stock index futures? Yes No
Writing or investing in options on futures? Yes No
Writing or investing in options on stock index futures? Yes No
Writing or investing in other commodity futures? Yes No
Investments in restricted securities? Yes No
Investments in shares of other investment companies? Yes to both
Investments in securities of foreign issuers? Yes No
Currency exchange transactions? Yes No
Loaning portfolio securities? Yes No
Borrowing of money? Yes No
Purchases/sales by certain exempted affiliated persons? Yes No
Margin purchases? Yes No
Short selling? Yes No
S 4: Portfolio Turnover
71. Portfolio turnover rate for the period:
Purchases ($000s): 2,626
Sales ($000s): 328

Monthly average Value of portfolio ($000s): 1,646

Percent turnover (lesser of Purchases or Sales, divided by Value): 20%
S 4: Financial Info — Income and Expenses
72. The number of months covered by the values in Items 72 and 73: 10

Income ($000s)
Net interest income .............................................. –
Net dividend income .............................................. 62
Account maintenance fees ......................................... –
Net other income ................................................. –

Expenses ($000s)
Advisory fees .................................................... 14
Administrator fees ............................................... 13
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. 11
Custodian fees ................................................... 1
Postage .......................................................... –
Printing expenses ................................................ –
Directors’ fees .................................................. –
Registration fees ................................................ 14
Taxes ............................................................ –
Interest ......................................................... –
Bookkeeping fees paid to anyone performing this service .......... 13
Auditing fees .................................................... 11
Legal fees ....................................................... 4
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. –
Amortization of organization expenses ............................ 7
Shareholder meeting expenses ..................................... –
Other expenses ................................................... –
Total expenses ................................................... 88

Expense reimbursements ($000s): 66

Net investment income ($000s): 40

Realized capital gains ($000s): 20
Realized capital losses ($000s): 9

Net unrealized appreciation during the period ($000s): 0
Net unrealized depreciation during the period ($000s): 8

Total income dividends for which the record date passed during the
period ($000s): 28

Dividends from net investment income: $0.1208

Distribution of capital gains: $0.0000
Other distributions: $0.0000
S 4: Financial Info — Condensed Balance Sheet Data
74. Assets ($000s)
Cash ............................................................. –
Repurchase agreements ............................................ –
Short-term debt securities, other than repurchase agreements ..... –
Long-term debt securities, including convertible debt ............ –
Preferred, conv. preferred and adjustable-rate preferred stock ... –
Common stock ..................................................... –
Options on equities .............................................. –
Options on all futures ........................................... –
Other investments ................................................ 2,439
Receivables from portfolio instruments sold ...................... –
Receivables from affiliated persons .............................. 15
Other receivables ................................................ 12
All other assets ................................................. 6
Total assets ..................................................... 2,472

Liabilities ($000s)
Payables for portfolio instruments purchased ..................... –
Amounts owed to affiliated persons ............................... 5
Senior long-term debt ............................................ –
Other liabilities:
Reverse repurchase agreements .................................. –
Short sales .................................................... –
Written options ................................................ –
All other liabilities .......................................... 13

Equity ($000s)
Senior equity .................................................... –
Net assets of common shareholders ................................ 2,454

Number of shares outstanding (000s): 245

Net Asset Value (NAV) per share (to nearest cent): $10.03

Total number of shareholder accounts: 64

Total value of assets in segregated accounts ($000s): 0
75. Monthly average net assets during the period ($000s): 1,937
Series 5 ↑Information Common to All Funds/Series ↑List of 5 Funds/Series
7. Name: Generation Wave Conservative Growth Fund — N-SARs

Is this the final Form N-SAR filed for this Fund/Series? No
S 5: Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers
24. At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? No
S 5: Sales and Repurchases
28. Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 67
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. –
2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 100
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 36
3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 13
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. –
4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ –
Reinvestment of dividends and distributions ................ 21
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 115
5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ –
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 17
6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ –
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. –

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 180
Reinvestment of dividends and distributions ................ 21
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 168

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0
S 5: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)
29. Was a front-end sales load deducted from any share sales during the
period? No
34. Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period? No
37. Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? Yes
38. Total amount of redemption fees other than deferred or contingent
deferred sales loads collected from redemptions and repurchases of the
Registrant’s/Series’ shares during the period ($000s): 0
39. Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? No
S 5: Payment Plan for the Distribution of Fund Shares
40. During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? No
S 5: Advisory Fee
45. Did the Registrant/Series have an advisory contract during the period? Yes
46. Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period? No
47. Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets? Yes
48. Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
Single-fee rate: 0.95%
Step-fee rates:
For 1st $000s: 0
Annual rate: 0.0%
49. Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income? No
50. Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets? No
51. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance? No
52. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants? No
53. Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws? Yes

Was the limitation that applied during the period based on...
Assets? Yes
Income? No
S 5: Miscellaneous Info
55. Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
Overdrafts? Yes
Bank loans? No
56. During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? Yes
57. Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No
S 5: Classification and Asset Allocation
58. Is the Registrant/Series a Separate Account of an insurance company? No
59. Is the Registrant/Series a management investment company? Yes
60. Was the Registrant/Series a diversified investment company at any time
during the period? No

Was the Registrant/Series a diversified investment company at the end of
the period? No
61. The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity: $25,000
62. Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities? No
66. Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities? Yes
Income? Yes
67. Is the Registrant/Series a “balanced” Fund? No
68. Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No
Located primarily in countries other than the United States? No
69. Is the Registrant/Series an index Fund? No
S 5: Investment Practices
70. Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In
Writing or investing in repurchase agreements? Yes No
Writing or investing in options on equities? Yes No
Writing or investing in options on debt securities? Yes No
Writing or investing in options on stock indices? Yes No
Writing or investing in interest rate futures? Yes No
Writing or investing in stock index futures? Yes No
Writing or investing in options on futures? Yes No
Writing or investing in options on stock index futures? Yes No
Writing or investing in other commodity futures? Yes No
Investments in restricted securities? Yes No
Investments in shares of other investment companies? Yes to both
Investments in securities of foreign issuers? Yes No
Currency exchange transactions? Yes No
Loaning portfolio securities? Yes No
Borrowing of money? Yes No
Purchases/sales by certain exempted affiliated persons? Yes No
Margin purchases? Yes No
Short selling? Yes No
S 5: Portfolio Turnover
71. Portfolio turnover rate for the period:
Purchases ($000s): 1,312
Sales ($000s): 260

Monthly average Value of portfolio ($000s): 774

Percent turnover (lesser of Purchases or Sales, divided by Value): 34%
S 5: Financial Info — Income and Expenses
72. The number of months covered by the values in Items 72 and 73: 10

Income ($000s)
Net interest income .............................................. –
Net dividend income .............................................. 37
Account maintenance fees ......................................... –
Net other income ................................................. –

Expenses ($000s)
Advisory fees .................................................... 7
Administrator fees ............................................... 12
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. 9
Custodian fees ................................................... –
Postage .......................................................... –
Printing expenses ................................................ –
Directors’ fees .................................................. –
Registration fees ................................................ 14
Taxes ............................................................ –
Interest ......................................................... –
Bookkeeping fees paid to anyone performing this service .......... 12
Auditing fees .................................................... 11
Legal fees ....................................................... 4
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. –
Amortization of organization expenses ............................ 7
Shareholder meeting expenses ..................................... –
Other expenses ................................................... –
Total expenses ................................................... 76

Expense reimbursements ($000s): 66

Net investment income ($000s): 27

Realized capital gains ($000s): 6
Realized capital losses ($000s): 5

Net unrealized appreciation during the period ($000s): 0
Net unrealized depreciation during the period ($000s): 13

Total income dividends for which the record date passed during the
period ($000s): 21

Total capital gains distributions for which the record date passed
during the period ($000s): 1
73. Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income: $0.1747

Distribution of capital gains: $0.0049
Other distributions: $0.0000
S 5: Financial Info — Condensed Balance Sheet Data
74. Assets ($000s)
Cash ............................................................. –
Repurchase agreements ............................................ –
Short-term debt securities, other than repurchase agreements ..... –
Long-term debt securities, including convertible debt ............ –
Preferred, conv. preferred and adjustable-rate preferred stock ... –
Common stock ..................................................... –
Options on equities .............................................. –
Options on all futures ........................................... –
Other investments ................................................ 1,044
Receivables from portfolio instruments sold ...................... –
Receivables from affiliated persons .............................. 19
Other receivables ................................................ 4
All other assets ................................................. 6
Total assets ..................................................... 1,073

Equity ($000s)
Senior equity .................................................... –
Net assets of common shareholders ................................ 1,055

Number of shares outstanding (000s): 106

Net Asset Value (NAV) per share (to nearest cent): $9.92

Total number of shareholder accounts: 16

Total value of assets in segregated accounts ($000s): 0
75. Monthly average net assets during the period ($000s): 902
Signature ↑Top of Form N-SAR
/s/ Joseph Neuberger
Name: Joseph Neuberger
Title: President

↑Top

Filing Submission 0000894189-02-000616 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

USA Mutuals – ‘NSAR-B’ for 3/31/02

On: Thursday, 5/30/02, at 4:25pm ET · For: 3/31/02 · Accession #: 894189-2-616 · File #: 811-10319

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Annual Report by an Investment Company — Form N-SAR — ICA’40Filing Table of Contents

‘NSAR-B’ — Annual Report by an Investment Company

Annual Report by an Investment Company — Form N-SAR — ICA’40
Filing Table of Contents