6-05                                           103664
 6-06   POS     DATE    ENTRY   EXIT    DATE    RESULT
JYU     L        6-07   8395    8507     6-08   1350
BDU     L        6-07    115-28  115-07  6-17   -706.35
BPU     L        6-07   1.609   1.6104   6-11   37.5
SFU     L        6-07   6584    6618     6-08   375
GCQ     L        6-07   266.7    263.8   6-08   -340
PLN     L        6-07   363.8   368.5    6-11   185
KCU     L        6-07   116.9   104.5    6-25   -4700
LCQ     L        6-07   6367    6435     6-07   220
KCU     L        6-07   113.6   104.5    6-25   -3462.5
HGN     L        6-07   6300    6465     6-10   362.5
SUV     L        6-07   580     573      6-11   -128.4
CLN     L        6-07   1786    1813     6-10   220
HON     L        6-07   4238    4300     6-10   210.4
LCQ     S        6-07   6457    6440     6-17   20
DMU     S        6-08   5356    5356     6-14   -50
LHM     L        6-08   5157    5010     6-10   -640
PBN     L        6-08   5127    4717     6-11   -1690
SPM     L        6-08   1326.3  1310     6-15   -4125
 COU    S        6-08   1164    1127     6-09   320
CDU     L        6-08   6787    6812     6-10   200
SFU     S        6-08   6656    6626     6-09  325
LHN     L        6-09   5502    5135     6-16   -1510
SIN     L        6-09   503     510.5    6-10   325
JYU     S        6-09   8560    8490     6-10   825
BDU     L        6-10   115-03  115-07   6-17   125
BPU     L        6-11   1.6180 1.5896    6-16   -1825
HUN     L        6-11   5320    5360     6-15   118
SX      L-2      6-11   478.25   454 1/4 7-01   -2500
CZ      L        6-11   232.5   219.75   6-01   -687.5
SN      L-2      6-11   468.25  452      6-25   -1725
CDU     L        6-10   6842    6868     6-11   210
DMU     S        6-11   5430    5356     6-14   875
WU      L        6-14   274.5   264      6-25   -562.5
HON     S        6-14   4570    4505     6-17   223
SPU     L        6-15   1323.7  1339.7   6-16   3950
SPU     L        6-15   1316.8  1344.3   6-16   6825
LHQ     L        6-15    5307   5350     6-22   120
SFU      L       6-17   6509    6520     6-17   87.5
SN      L        6-18   474.25   452     6-25   -1162.5
LHV      L-5     6-10   5362    4405     6-30   -19350
LHQ     L        6-15   5307    4565      6-30  -3025
                                                -30680.85
                                                72,983.15
                                               


                               
                        

 
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HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERANT LIMITATIONS., SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTAION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT , THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITAIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSITE. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ADVERSLY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKET IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSLY AFFECT ACTUAL TRADING RESULTS..