C Fund Activity through 3/21/08

3/17/08 sell 10,000 SCLN @ 1.83
3/17/08 buy 4,600 HTZ @ 10.15
3/17/08 buy 2,200 NATL @ 21.97
3/18/08 sell 15,000 IMNY @ 2.61
3/20/08 sell 10,000 PTIX @ 4.43

3/20/08

Alpha -34.29%
Beta 0.67%
R-sq 0.66

STOCKS $800,962.10
CASH $192,415.47
TOTAL $993,377.57

NAV $ 9.93