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PADCO ADVISORS INC /MD NEW
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| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 12/31/2010 | ECOLAB INC. | ECL | 0 | -20,511 | 0 | -921,000 | |
| 09/30/2010 | ECOLAB INC. | ECL | 0 | -20,511 | 0 | -921,000 | |
| 06/30/2010 | ECOLAB INC. | ECL | 20,511 | -12,990 | 921,000 | -573,000 | $44.90 |
| 03/31/2010 | ECOLAB INC. | ECL | 25,931 | -7,570 | 1,140,000 | -354,000 | $43.96 |
| 12/31/2009 | ECOLAB INC. | ECL | 33,501 | 1,673 | 1,494,000 | 23,000 | $44.60 |
| 09/30/2009 | ECOLAB INC. | ECL | 31,828 | 12,053 | 1,471,000 | 700,000 | $46.22 |
| 06/30/2009 | ECOLAB INC. | ECL | 19,775 | -33,894 | 771,000 | -1,093,000 | $38.99 |
| 03/31/2009 | ECOLAB INC. | ECL | 53,669 | 30,245 | 1,864,000 | 1,041,000 | $34.73 |
| 12/31/2008 | ECOLAB INC. | ECL | 23,424 | 23,424 | 823,000 | 823,000 | $35.13 |
| 09/30/2008 | ECOLAB INC. | ECL | 25,151 | -72,293 | 1,220,000 | -2,969,000 | $48.51 |
| 06/30/2008 | ECOLAB INC. | ECL | 97,444 | 8,891 | 4,189,000 | 343,000 | $42.99 |
| 03/31/2008 | ECOLAB INC. | ECL | 88,553 | -1,861 | 3,846,000 | -784,000 | $43.43 |
| 12/31/2007 | ECOLAB INC. | ECL | 90,414 | 6,140 | 4,630,000 | 652,000 | $51.21 |
| 09/30/2007 | ECOLAB INC. | ECL | 84,274 | 23,292 | 3,978,000 | 1,374,000 | $47.20 |
| 06/30/2007 | ECOLAB INC. | ECL | 60,982 | 16,284 | 2,604,000 | 682,000 | $42.70 |
| 03/31/2007 | ECOLAB INC. | ECL | 44,698 | 23,334 | 1,922,000 | 956,000 | $43.00 |
| 12/31/2006 | ECOLAB INC. | ECL | 21,364 | -5,207 | 966,000 | -172,000 | $45.22 |
| 09/30/2006 | ECOLAB INC. | ECL | 26,571 | 26,571 | 1,138,000 | 1,138,000 | $42.83 |
| 06/30/2006 | ECOLAB INC. | ECL | 23,163 | -2,980 | 940,000 | -59,000 | $40.58 |
| 03/31/2006 | ECOLAB INC. | ECL | 26,143 | -8,094 | 999,000 | -243,000 | $38.21 |
| 12/31/2005 | ECOLAB INC. | ECL | 34,237 | 20,955 | 1,242,000 | 818,000 | $36.28 |
| 09/30/2005 | ECOLAB INC. | ECL | 13,282 | 2,308 | 424,000 | 69,000 | $31.92 |
| 06/30/2005 | ECOLAB INC. | ECL | 17,814 | -29,135 | 576,000 | -976,000 | $32.33 |
| 03/31/2005 | ECOLAB INC. | ECL | 53,614 | 776 | 1,772,000 | -84,000 | $33.05 |
| 12/31/2004 | ECOLAB INC. | ECL | 52,838 | 16,232 | 1,856,000 | 705,000 | $35.13 |
| 09/30/2004 | ECOLAB INC. | ECL | 36,606 | -3,084 | 1,151,000 | -107,000 | $31.44 |
| 06/30/2004 | ECOLAB INC. | ECL | 39,690 | 22,589 | 1,258,000 | 770,000 | $31.70 |
| 03/31/2004 | ECOLAB INC. | ECL | 17,101 | -152,448 | 488,000 | -4,153,000 | $28.54 |
| 12/31/2003 | ECOLAB INC. | ECL | 169,549 | 163,769 | 4,641,000 | 4,495,000 | $27.37 |
| 09/30/2003 | ECOLAB INC. | ECL | 5,780 | 1,310 | 146,000 | 32,000 | $25.26 |
| 06/30/2003 | ECOLAB INC. | ECL | 4,470 | 1,570 | 114,000 | -29,000 | $25.50 |
| 03/31/2003 | ECOLAB INC. | ECL | 2,900 | -7,916 | 143,000 | -392,000 | $49.31 |
| 12/31/2002 | ECOLAB INC. | ECL | 10,816 | 5,916 | 535,000 | 331,000 | $49.46 |
| 09/30/2002 | ECOLAB INC. | ECL | 4,900 | -1,770 | 204,000 | -104,000 | $41.63 |
| 06/30/2002 | ECOLAB INC. | ECL | 6,670 | -25,400 | 308,000 | -1,158,000 | $46.18 |
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