C Fund Activity through 07/25/08

7/21/08 sell 5000 SWIM @ 7.07
7/21/08 sell 1600 RYAAY @ 32.26
7/21/08 buy 3500 SIMO @ 13.57
7/21/08 buy 2500 PLLL @ 17.15
7/22/08 buy 700 PXP @ 62.47


STOCKS $ 899,843.55
CASH $ 57,914.21
TOTAL $ 957,757.76

NAV $ 9.58


alpha 1.93
beta 1.09
R-sq 0.68

C Fund Activity through 07/18/08

7/14/08 sell 2400 GKK @ 10.05
7/14/08 buy 2100 RRGB @ 24.17
7/14/08 buy 1100 TEX @ 44.50


STOCKS $ 864,169.51
CASH $ 105,451.94
TOTAL $ 969,621.45

NAV $ 9.70

alpha 3.44
beta 1.06
R-sq 0.67

C Fund Activity through 07/11/08

7/11/08 buy 700 QQQQ @ 44.05

STOCKS $ 779,405.09
CASH $ 178,824.98
TOTAL $ 958,230.07

NAV $ 9.58

alpha 4.16
beta 1.03
R-sq 0.63

C Fund Activity through 07/03/08

6/30/08 buy 500 CGX @ 49.38

STOCKS $763,250.03
CASH $ 210,040.23
TOTAL $ 973,290.26

NAV $ 9.73

alpha 6.85
beta 0.93
R-sq 0.56