C Fund Activity through 5/30/08

5/27/08 sell 1560 ISH @ 23.62
5/27/08 sell 2200 NATL @ 20.71
5/27/08 buy 6000 RGEN @ 5.83

Alpha -1.85
Beta 1.10
R-sq 0.51

STOCKS $ 766,660.00
CASH $ 324,867.51
TOTAL $ 1,091,527.51

NAV $ 10.92

C Fund Activity through 5/23/08

No trades this week

Alpha - 8.49
Beta 1.18
R-sq 0.60

STOCKS $ 799,065.70
CASH $ 277,784.39
TOTAL $ 1,076,850.09

NAV $ 10.77

C Fund Activity through 5/16/08

5/12/08 sell 1250 CTV @ 51.23
5/12/08 sell 6000 CFW @ 7.06
5/12/08 buy 5600 QRCP @ 8.95


Alpha -12.16
Beta 1.15
R-sq 0.63

STOCKS $ 816,034.94
CASH $ 278,045.92
TOTAL $ 1,094,080.86

NAV $ 10.94

C Fund Activity through 5/09/08

5/05/08 sell 2800 AFFX @ 11.15
5/05/08 sell 1800 CTSH @ 33.32
5/05/08 sell 2000 NETL @ 33.83
5/05/08 sell 10000 DVAX @ 2.38
5/05/08 sell 4600 HTZ @ 13.14
5/06/08 sell 3800 CPII @ 11.71
5/05/08 buy 5000 SIL @ 9.91
5/05/08 buy 5000 HNR @ 9.91
5/05/08 buy 5000 SWIM @ 8.52
5/05/08 buy 6000 CFW @ 5.62


Alpha -15.83
Beta 0.99
R-sq 0.63

STOCKS $ 858,584.82
CASH $ 222,079.64
TOTAL $ 1,080,664.46

NAV $ 10.81

C Fund Activity through 5/02/08

4/28/08 sell 2100 NVDA @ $20.01
4/28/08 sell 4200 OPLK @ $10.02
4/28/08 buy 1400 CX @ $28.35


Alpha -21.83
Beta 0.90
R-sq 0.73


STOCKS $ 980,623.70
CASH $ 106,876.89
TOTAL $ 1,087,500.59

NAV $ 10.88