The beginning balance of Short Portfolio 32F is ending balance of Short Portfolio 32E as of June 8, 2012.

The beginning balance of Short Portfolio 32E is ending balance of Short Portfolio 32D as of May 25, 2012.

The beginning balance of Short Portfolio 32D is ending balance of Short Portfolio 32C as of May 11, 2012.

The beginning balance of Short Portfolio 32C is ending balance of Short Portfolio 32B as of April 27, 2012.

The beginning balance of Short Portfolio 32B is ending balance of Short Portfolio 32A as of April 13, 2012.

The beginning balance of Short Portfolio 32A is 80% of the fund equity as of March 30, 2012.