[Plugin: Magic Fields 2] Problem with displaying a custom taxonomy

Excellent plugin – very powerful!
However, I have a problem displaying a custom taxonomy in WordPress.

If the custom taxonomy is called “applicationtype”, and I have created some categories within that taxonomy (application1, application2) then these urls will display all posts that have those categories checked
http://www.domain.com/applicationtype/application1
http://www.domain.com/applicationtype/application2

But I get a page not found when I go to this url
http://www.domain.com/applicationtype
I figured that would default to showing a list like this
application1 (2 posts)
application2 (3 posts)

Am I missing something?

http://wordpress.org/extend/plugins/magic-fields-2/