SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 17565 / June 14, 2002

   Securities and Exchange Commission v. Roger A. Householder, Apex
   Capital Management Corporation, Apex Limited Partnership, Householder
   Accounting and Aapex Equity Advisors, Inc., (U.S.D.C. N.D. Illinois,
   Eastern Division, Civil Action No. 02-C-4128, filed June 10, 2002).

   The Securities and Exchange Commission announced that on June 11,
   2002, the Honorable Blanche M. Manning of the United States District
   Court in Chicago, Illinois entered orders freezing the assets of Roger
   A. Householder ("Householder"), a resident of Park Ridge, Illinois,
   Apex Capital Management Corporation, an investment advisory firm, and
   Apex Limited Partnership, an unregistered investment fund, enjoining
   these defendants from soliciting investors or receiving funds on
   behalf of Apex Capital and Apex L.P., and requiring these defendants
   to provide an accounting of investor funds. In addition, the Court
   entered a temporary restraining order against Householder enjoining
   him from further violations of the antifraud provisions of the federal
   securities laws.

   The Commission's complaint, filed on June 10, 2002, alleges that from
   at least 1991 through March of 2000, Householder acted as investment
   adviser for a number of his accounting clients through his accounting
   firm, Householder Accounting Services, Inc. ("Householder
   Accounting"), recommending that his clients allow him to manage their
   investments and that they purchase securities through him and his
   accounting firm. In making these recommendations, Householder made
   misrepresentations and omissions of material fact to his clients
   about, among other things, the existence of the entities whose
   securities his clients were purchasing and the use of their investment
   dollars, and then misappropriated his clients' assets, resulting in
   the loss of more than $2.3 million.

   The Commission's complaint also alleges that Householder committed
   fraud through Aapex Equity Advisors, Inc. ("Aapex Advisors"), an
   investment advisory firm run by Householder. Householder, acting
   through Aapex Advisors, conducted risky trading on behalf of a mutual
   fund that violated restrictions on its trading set forth in the fund's
   offering materials, resulting in the loss of all of the fund's assets.

   The Commission's complaint further alleges that Householder, Apex
   Capital Management Corporation ("Apex Capital"), an investment
   advisory firm that Householder formed and for which he served as
   Director of Operations, and Apex Limited Partnership recently sold
   more than $790,000 in Apex L.P. securities without disclosing
   Householder's disciplinary history. Specifically these defendants