Hedge Fund CW

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Date Close Adobe Close Compuware Close S%P 500 12/31/2004 62.74 6.41 1211.92 100 1/3/2005 61.69 6.42 1202.08 98.32643 1/4/2005 60.06 6.21 1188.05 95.7284 1/5/2005 59.73 6.04 1183.74 95.20242 1/6/2005 58.74 5.97 1187.89 93.62448 1/7/2005 58.78 5.84 1186.19 93.68824 1/10/2005 58.82 5.87 1190.25 93.75199 1/11/2005 58.12 5.69 1182.99 92.63628 1/12/2005 58.98 5.75 1187.7 94.00701 1/13/2005 58.22 5.69 1177.45 92.79566 1/14/2005 58.23 5.73 1184.52 92.8116 1/18/2005 58.38 5.78 1195.98 93.05069 1/19/2005 57.88 5.68 1184.63 92.25375 1/20/2005 58.07 5.8 1175.41 92.55658 1/21/2005 57.07 5.74 1167.87 90.9627 1/24/2005 55.39 5.7 1163.75 88.28499 1/25/2005 55.58 5.67 1168.41 88.58782 1/26/2005 56.01 6.94 1174.07 89.27319 1/27/2005 56.17 6.86 1174.55 89.52821 1/28/2005 55.48 6.75 1171.36 88.42843 1/31/2005 56.9 6.9 1181.27 90.69174 2/1/2005 57.9 6.87 1189.41 92.28562 2/2/2005 62.29 6.94 1193.19 99.28275 2/3/2005 63.42 7.01 1189.89 101.0838 2/4/2005 63.99 7.29 1203.03 101.9923 2/7/2005 63.52 7.18 1201.72 101.2432 2/8/2005 63.7 7.18 1202.3 101.5301 2/9/2005 62.59 6.89 1191.99 99.76092 2/10/2005 62.68 7.15 1197.01 99.90437 2/11/2005 63.7 7.25 1205.3 101.5301 2/14/2005 63.47 7.18 1206.14 101.1635 2/15/2005 64.91 7.26 1210.12 103.4587 2/16/2005 64.6 7.15 1210.34 102.9646 2/17/2005 63.07 7.06 1200.75 100.526 2/18/2005 62.83 7.02 1201.59 100.1434 2/22/2005 61.51 6.87 1184.16 98.03953 2/23/2005 61.75 6.88 1190.8 98.42206 2/24/2005 61.39 6.79 1200.2 97.84826 2/25/2005 61.43 6.69 1211.37 97.91202 2/28/2005 61.75 6.76 1203.6 98.42206 3/1/2005 62.34 6.92 1210.41 99.36245 3/2/2005 62.35 6.78 1210.08 99.37839 3/3/2005 62.35 7 1210.47 99.37839 3/4/2005 63.77 7.05 1222.12 101.6417

Transcript of Hedge Fund CW

Page 1: Hedge Fund CW

Date Close Adobe Close Compuware Close S%P 50012/31/2004 62.74 6.41 1211.92 100 100 100

1/3/2005 61.69 6.42 1202.08 98.32643 100.156 99.188071/4/2005 60.06 6.21 1188.05 95.7284 96.87988 98.03041/5/2005 59.73 6.04 1183.74 95.20242 94.22777 97.674761/6/2005 58.74 5.97 1187.89 93.62448 93.13573 98.01721/7/2005 58.78 5.84 1186.19 93.68824 91.10764 97.87692

1/10/2005 58.82 5.87 1190.25 93.75199 91.57566 98.211931/11/2005 58.12 5.69 1182.99 92.63628 88.76755 97.612881/12/2005 58.98 5.75 1187.7 94.00701 89.70359 98.001521/13/2005 58.22 5.69 1177.45 92.79566 88.76755 97.155751/14/2005 58.23 5.73 1184.52 92.8116 89.39158 97.739121/18/2005 58.38 5.78 1195.98 93.05069 90.17161 98.684731/19/2005 57.88 5.68 1184.63 92.25375 88.61154 97.74821/20/2005 58.07 5.8 1175.41 92.55658 90.48362 96.987421/21/2005 57.07 5.74 1167.87 90.9627 89.54758 96.365271/24/2005 55.39 5.7 1163.75 88.28499 88.92356 96.025321/25/2005 55.58 5.67 1168.41 88.58782 88.45554 96.409831/26/2005 56.01 6.94 1174.07 89.27319 108.2683 96.876861/27/2005 56.17 6.86 1174.55 89.52821 107.0203 96.916461/28/2005 55.48 6.75 1171.36 88.42843 105.3042 96.653241/31/2005 56.9 6.9 1181.27 90.69174 107.6443 97.47096

2/1/2005 57.9 6.87 1189.41 92.28562 107.1763 98.142622/2/2005 62.29 6.94 1193.19 99.28275 108.2683 98.454522/3/2005 63.42 7.01 1189.89 101.0838 109.3604 98.182222/4/2005 63.99 7.29 1203.03 101.9923 113.7285 99.266452/7/2005 63.52 7.18 1201.72 101.2432 112.0125 99.158362/8/2005 63.7 7.18 1202.3 101.5301 112.0125 99.206222/9/2005 62.59 6.89 1191.99 99.76092 107.4883 98.3555

2/10/2005 62.68 7.15 1197.01 99.90437 111.5445 98.769722/11/2005 63.7 7.25 1205.3 101.5301 113.1045 99.453762/14/2005 63.47 7.18 1206.14 101.1635 112.0125 99.523072/15/2005 64.91 7.26 1210.12 103.4587 113.2605 99.851482/16/2005 64.6 7.15 1210.34 102.9646 111.5445 99.869632/17/2005 63.07 7.06 1200.75 100.526 110.1404 99.078322/18/2005 62.83 7.02 1201.59 100.1434 109.5164 99.147632/22/2005 61.51 6.87 1184.16 98.03953 107.1763 97.709422/23/2005 61.75 6.88 1190.8 98.42206 107.3323 98.257312/24/2005 61.39 6.79 1200.2 97.84826 105.9282 99.032942/25/2005 61.43 6.69 1211.37 97.91202 104.3682 99.954622/28/2005 61.75 6.76 1203.6 98.42206 105.4602 99.31349

3/1/2005 62.34 6.92 1210.41 99.36245 107.9563 99.87543/2/2005 62.35 6.78 1210.08 99.37839 105.7722 99.848173/3/2005 62.35 7 1210.47 99.37839 109.2044 99.880363/4/2005 63.77 7.05 1222.12 101.6417 109.9844 100.84163/7/2005 65.07 7.1 1225.31 103.7137 110.7644 101.10493/8/2005 64.95 7.06 1219.43 103.5225 110.1404 100.61973/9/2005 64.51 7.15 1207.01 102.8212 111.5445 99.59486

3/10/2005 65.31 7.12 1209.25 104.0963 111.0764 99.77969

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3/11/2005 64.42 7.03 1200.08 102.6777 109.6724 99.023043/14/2005 65.34 7.29 1206.83 104.1441 113.7285 99.580013/15/2005 64.54 7.04 1197.75 102.869 109.8284 98.830783/16/2005 63.19 6.98 1188.07 100.7172 108.8924 98.032053/17/2005 63.89 7 1190.21 101.833 109.2044 98.208633/18/2005 67.81 7.08 1189.65 108.081 110.4524 98.162423/21/2005 66.7 6.97 1183.78 106.3118 108.7363 97.678063/22/2005 66.36 7.29 1171.71 105.7698 113.7285 96.682123/23/2005 66.27 7.44 1172.53 105.6264 116.0686 96.749793/24/2005 66.54 7.47 1171.42 106.0567 116.5367 96.65823/28/2005 67.11 7.49 1174.28 106.9653 116.8487 96.894183/29/2005 66.22 7.24 1165.36 105.5467 112.9485 96.158163/30/2005 67.73 7.3 1181.41 107.9535 113.8846 97.482513/31/2005 67.17 7.2 1180.59 107.0609 112.3245 97.41485

4/1/2005 66.76 7.07 1172.92 106.4074 110.2964 96.781974/4/2005 66.58 7.12 1176.12 106.1205 111.0764 97.046014/5/2005 66.85 6.92 1181.39 106.5508 107.9563 97.480864/6/2005 68.1 6.88 1184.07 108.5432 107.3323 97.701994/7/2005 68.39 6.96 1191.14 109.0054 108.5803 98.285374/8/2005 67.26 6.9 1181.2 107.2043 107.6443 97.46518

4/11/2005 66.8 6.87 1181.21 106.4712 107.1763 97.4664/12/2005 66.9 6.81 1187.76 106.6305 106.2402 98.006474/13/2005 65.07 6 1173.79 103.7137 93.60374 96.853754/14/2005 63.48 6.09 1162.05 101.1795 95.0078 95.885044/15/2005 60.66 6.13 1142.62 96.68473 95.63183 94.28184/18/2005 54.77 6.05 1145.98 87.29678 94.38378 94.559054/19/2005 58.1 6.24 1152.78 92.6044 97.34789 95.120144/20/2005 57.25 6.24 1137.5 91.2496 97.34789 93.859334/21/2005 59.54 6.44 1159.95 94.89959 100.468 95.711764/22/2005 60.29 6.32 1152.12 96.095 98.59594 95.065684/25/2005 60.04 6.19 1162.1 95.69653 96.56786 95.889174/26/2005 59.12 6.14 1151.83 94.23016 95.78783 95.041754/27/2005 58.45 6.06 1156.38 93.16226 94.53978 95.417194/28/2005 58.47 5.93 1143.22 93.19413 92.5117 94.331314/29/2005 59.47 5.95 1156.85 94.78801 92.82371 95.45597

5/2/2005 57.15 6.12 1162.16 91.09021 95.47582 95.894125/3/2005 57.29 6.09 1161.17 91.31336 95.0078 95.812435/4/2005 57.55 6.1 1175.65 91.72777 95.16381 97.007235/5/2005 56.92 6.05 1172.63 90.72362 94.38378 96.758045/6/2005 57.7 6.4 1171.35 91.96685 99.84399 96.652425/9/2005 58.67 6.27 1178.84 93.51291 97.81591 97.27045

5/10/2005 57.52 6.3 1166.22 91.67995 98.28393 96.229125/11/2005 57.93 6.26 1171.11 92.33344 97.65991 96.632625/12/2005 57.78 6.18 1159.36 92.09436 96.41186 95.663085/13/2005 58.1 6.11 1154.05 92.6044 95.31981 95.224935/16/2005 59.91 6.29 1165.69 95.48932 98.12793 96.185395/17/2005 59.78 6.55 1173.8 95.28212 102.1841 96.854585/18/2005 61.1 6.88 1185.56 97.38604 107.3323 97.824945/19/2005 62.12 6.84 1191.08 99.01179 106.7083 98.280415/20/2005 62.23 6.89 1189.28 99.18712 107.4883 98.131895/23/2005 62.72 7.01 1193.86 99.96812 109.3604 98.5098

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5/24/2005 32.42 6.75 1194.07 51.67357 105.3042 98.527135/25/2005 32.76 6.67 1190.01 52.21549 104.0562 98.192125/26/2005 33.1 6.7 1197.62 52.75741 104.5242 98.820055/27/2005 33.17 6.7 1198.78 52.86898 104.5242 98.915775/31/2005 33.12 6.86 1191.5 52.78929 107.0203 98.31507

6/1/2005 33.18 6.97 1202.22 52.88492 108.7363 99.199626/2/2005 33.09 6.99 1204.29 52.74147 109.0484 99.370426/3/2005 32.54 6.78 1196.02 51.86484 105.7722 98.688036/6/2005 32.45 6.66 1197.51 51.72139 103.9002 98.810986/7/2005 32.26 6.65 1197.26 51.41855 103.7441 98.790356/8/2005 32.26 6.61 1194.67 51.41855 103.1201 98.576646/9/2005 32.49 6.48 1200.93 51.78515 101.092 99.09317

6/10/2005 31.13 6.37 1198.11 49.61747 99.37598 98.860496/13/2005 31.65 6.63 1200.82 50.44629 103.4321 99.08416/14/2005 31.98 6.75 1203.91 50.97227 105.3042 99.339076/15/2005 32 6.88 1206.58 51.00414 107.3323 99.559386/16/2005 32.41 7.28 1210.96 51.65763 113.5725 99.920796/17/2005 31.34 7.28 1216.96 49.95218 113.5725 100.41596/20/2005 31.09 7.2 1216.1 49.55371 112.3245 100.34496/21/2005 30.79 7.27 1213.61 49.07555 113.4165 100.13946/22/2005 30.56 7.15 1213.88 48.70896 111.5445 100.16176/23/2005 30.05 6.98 1200.73 47.89608 108.8924 99.076676/24/2005 29.24 6.86 1191.57 46.60504 107.0203 98.320856/27/2005 28.84 6.71 1190.69 45.96748 104.6802 98.248236/28/2005 28.7 6.95 1201.57 45.74434 108.4243 99.145986/29/2005 29.1 7.17 1199.85 46.38189 111.8565 99.004066/30/2005 28.61 7.19 1191.33 45.60089 112.1685 98.30104

7/1/2005 28.45 7.2 1194.44 45.34587 112.3245 98.557667/5/2005 27.98 7.26 1204.99 44.59675 113.2605 99.428187/6/2005 26.92 7.22 1194.94 42.90724 112.6365 98.598927/7/2005 27.51 7.49 1197.87 43.84763 116.8487 98.840687/8/2005 27.93 7.64 1211.86 44.51705 119.1888 99.99505

7/11/2005 27.99 7.59 1219.44 44.61269 118.4087 100.62057/12/2005 28.45 7.49 1222.21 45.34587 116.8487 100.84917/13/2005 29.05 7.68 1223.29 46.3022 119.8128 100.93827/14/2005 29.13 7.79 1226.5 46.42971 121.5289 101.2037/15/2005 28.9 7.84 1227.92 46.06312 122.3089 101.32027/18/2005 28.84 7.87 1221.13 45.96748 122.7769 100.767/19/2005 29.31 7.85 1229.35 46.71661 122.4649 101.43827/20/2005 29.46 7.91 1235.2 46.95569 123.4009 101.92097/21/2005 29.53 7.67 1227.04 47.06726 119.6568 101.24767/22/2005 29.78 8.03 1233.68 47.46573 125.273 101.79557/25/2005 29.65 8.04 1229.03 47.25853 125.429 101.41187/26/2005 29.75 8.35 1231.16 47.41792 130.2652 101.58767/27/2005 29.82 8.4 1236.79 47.52949 131.0452 102.05217/28/2005 30.11 8.44 1243.72 47.99171 131.6693 102.62397/29/2005 29.64 8.43 1234.18 47.24259 131.5133 101.8368

8/1/2005 29.46 8.59 1235.35 46.95569 134.0094 101.93338/2/2005 28.62 8.71 1244.12 45.61683 135.8814 102.65698/3/2005 28.1 8.79 1245.04 44.78801 137.1295 102.73298/4/2005 27.03 8.72 1235.86 43.08256 136.0374 101.9754

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8/5/2005 27.1 8.49 1226.42 43.19413 132.4493 101.19648/8/2005 26.74 8.52 1223.13 42.62034 132.9173 100.9258/9/2005 26.57 8.47 1231.38 42.34938 132.1373 101.6057

8/10/2005 25.91 8.5 1229.13 41.29742 132.6053 101.42018/11/2005 26.69 8.56 1237.81 42.54064 133.5413 102.13638/12/2005 26.84 8.3 1230.39 42.77973 129.4852 101.5248/15/2005 26.85 8.33 1233.87 42.79566 129.9532 101.81128/16/2005 26.18 8.3 1219.34 41.72777 129.4852 100.61238/17/2005 26.83 8.32 1220.24 42.76379 129.7972 100.68658/18/2005 26.6 8.26 1219.02 42.39719 128.8612 100.58588/19/2005 26.16 8.3 1219.71 41.69589 129.4852 100.64288/22/2005 26.18 8.31 1221.73 41.72777 129.6412 100.80958/23/2005 27.05 8.35 1217.59 43.11444 130.2652 100.46798/24/2005 28.03 8.46 1209.59 44.67644 131.9813 99.807748/25/2005 27.59 8.81 1212.37 43.97514 137.4415 100.03718/26/2005 27.53 8.73 1205.1 43.8795 136.1934 99.437268/29/2005 27.3 8.72 1212.28 43.51291 136.0374 100.02978/30/2005 27.12 8.72 1208.41 43.22601 136.0374 99.710388/31/2005 27.04 9 1220.33 43.0985 140.4056 100.6939

9/1/2005 26.83 9.25 1221.59 42.76379 144.3058 100.79799/2/2005 26.64 9.27 1218.02 42.46095 144.6178 100.50339/6/2005 27.35 9.41 1233.39 43.5926 146.8019 101.77169/7/2005 27.19 9.47 1236.36 43.33758 147.7379 102.01669/8/2005 27.61 9.6 1231.67 44.00701 149.766 101.62969/9/2005 27.3 9.68 1241.48 43.51291 151.014 102.4391

9/12/2005 27.25 9.84 1240.56 43.43322 153.5101 102.36329/13/2005 26.82 9.76 1231.2 42.74785 152.2621 101.59099/14/2005 27.19 9.57 1227.16 43.33758 149.298 101.25759/15/2005 26.9 9.57 1227.73 42.87536 149.298 101.30459/16/2005 29.43 9.5 1237.91 46.90787 148.2059 102.14459/19/2005 28.72 9.33 1231.02 45.77622 145.5538 101.5769/20/2005 27.74 9.27 1221.34 44.21422 144.6178 100.77739/21/2005 27.87 9.15 1210.2 44.42142 142.7457 99.858089/22/2005 27.88 9.33 1214.62 44.43736 145.5538 100.22289/23/2005 28.08 9.4 1215.29 44.75614 146.6459 100.27819/26/2005 28.15 9.33 1215.63 44.86771 145.5538 100.30619/27/2005 28.4 9.48 1215.66 45.26618 147.8939 100.30869/28/2005 29.02 9.36 1216.89 46.25438 146.0218 100.41019/29/2005 29.76 9.43 1227.68 47.43385 147.1139 101.30049/30/2005 29.85 9.5 1228.81 47.5773 148.2059 101.393710/3/2005 30.6 9.48 1226.7 48.77271 147.8939 101.219610/4/2005 29.94 9.39 1214.47 47.72075 146.4899 100.210410/5/2005 29.28 9.03 1196.39 46.66879 140.8736 98.7185610/6/2005 28.94 8.81 1191.49 46.12687 137.4415 98.3142510/7/2005 29.15 8.26 1195.9 46.46159 128.8612 98.67813

10/10/2005 29.09 8.26 1187.33 46.36595 128.8612 97.9709910/11/2005 28.59 7.52 1184.87 45.56901 117.3167 97.76810/12/2005 28.29 7.73 1177.68 45.09085 120.5928 97.1747310/13/2005 28.3 7.76 1176.84 45.10679 121.0608 97.1054210/14/2005 29.94 7.94 1186.57 47.72075 123.869 97.9082810/17/2005 30.39 7.97 1190.1 48.438 124.337 98.19955

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10/18/2005 30.36 8 1178.14 48.39018 124.805 97.2126910/19/2005 30.96 8.06 1195.76 49.34651 125.741 98.6665810/20/2005 30.48 8.02 1177.8 48.58145 125.117 97.1846310/21/2005 31.21 7.89 1179.59 49.74498 123.0889 97.3323310/24/2005 32.35 7.94 1199.38 51.562 123.869 98.9652810/25/2005 31.99 8 1196.54 50.98821 124.805 98.7309410/26/2005 32.88 8.15 1191.38 52.40676 127.1451 98.3051710/27/2005 31.79 7.8 1178.9 50.66943 121.6849 97.275410/28/2005 32.31 7.85 1198.41 51.49825 122.4649 98.8852410/31/2005 32.25 8.09 1207.01 51.40261 126.209 99.59486

11/1/2005 32.8 7.9 1202.76 52.27925 123.2449 99.2441711/2/2005 32.87 7.98 1214.76 52.39082 124.493 100.234311/3/2005 32.68 8.18 1219.94 52.08798 127.6131 100.661811/4/2005 32.45 8.1 1220.14 51.72139 126.3651 100.678311/7/2005 32.49 8.32 1222.81 51.78515 129.7972 100.898611/8/2005 32.27 7.98 1218.59 51.43449 124.493 100.550411/9/2005 32.43 7.88 1220.65 51.68951 122.9329 100.7203

11/10/2005 32.66 8.04 1230.96 52.0561 125.429 101.571111/11/2005 32.91 8.13 1234.72 52.45457 126.8331 101.881311/14/2005 33.03 8.19 1233.76 52.64584 127.7691 101.802111/15/2005 32.85 8.15 1229.01 52.35894 127.1451 101.410211/16/2005 33.3 8.11 1231.21 53.07619 126.5211 101.591711/17/2005 33.8 8.36 1242.8 53.87313 130.4212 102.54811/18/2005 33.5 8.3 1248.27 53.39496 129.4852 102.999411/21/2005 33.33 8.33 1254.85 53.124 129.9532 103.542311/22/2005 33.46 8.8 1261.23 53.33121 137.2855 104.068811/23/2005 33.86 9.03 1265.61 53.96876 140.8736 104.430211/25/2005 33.91 8.9 1268.25 54.04845 138.8456 104.64811/28/2005 33.21 8.89 1257.46 52.93274 138.6895 103.757711/29/2005 32.4 9.01 1257.48 51.6417 140.5616 103.759311/30/2005 32.61 9.23 1249.48 51.97641 143.9938 103.0992

12/1/2005 33.88 9.25 1264.67 54.00064 144.3058 104.352612/2/2005 34.97 9.19 1265.08 55.73797 143.3697 104.386412/5/2005 35.25 9.15 1262.09 56.18425 142.7457 104.139712/6/2005 36.99 9.11 1263.7 58.9576 142.1217 104.272612/7/2005 36.47 9.03 1257.37 58.12879 140.8736 103.750212/8/2005 36.13 9.02 1255.84 57.58687 140.7176 103.62412/9/2005 35.6 9.18 1259.37 56.74211 143.2137 103.9153

12/12/2005 35.26 9.23 1260.43 56.20019 143.9938 104.002712/13/2005 34.54 9.19 1267.43 55.0526 143.3697 104.580312/14/2005 34.52 9.07 1272.74 55.02072 141.4977 105.018512/15/2005 34.93 9.02 1270.94 55.67421 140.7176 104.8712/16/2005 38.82 9.27 1267.32 61.8744 144.6178 104.571312/19/2005 38.45 9.26 1259.92 61.28467 144.4618 103.960712/20/2005 38.07 9.29 1259.62 60.67899 144.9298 103.935912/21/2005 37.45 9.28 1262.79 59.69079 144.7738 104.197512/22/2005 37.45 9.36 1268.12 59.69079 146.0218 104.637312/23/2005 37.11 9.38 1268.66 59.14887 146.3339 104.681812/27/2005 36.94 9.18 1256.54 58.87791 143.2137 103.681812/28/2005 36.87 9.11 1258.17 58.76634 142.1217 103.816312/29/2005 36.92 9.15 1254.42 58.84603 142.7457 103.5068

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12/30/2005 36.96 8.97 1248.29 58.90979 139.9376 103.0011/3/2006 38.52 9.32 1268.8 100 100 1001/4/2006 38.42 9.34 1273.46 100 100 1001/5/2006 38.07 9.43 1273.48 99.08902 100.9636 100.00161/6/2006 39 9.46 1285.45 101.5096 101.2848 100.94151/9/2006 38.38 9.29 1290.15 99.89589 99.46467 101.3106

1/10/2006 38.61 9.49 1289.69 100.4945 101.606 101.27451/11/2006 39.33 8.25 1294.18 102.3686 88.32976 101.62711/12/2006 39.48 7.95 1286.06 102.759 85.11777 100.98941/13/2006 38.84 7.99 1287.61 101.0932 85.54604 101.11111/17/2006 39.44 8.09 1283.03 102.6549 86.6167 100.75151/18/2006 39.73 8.2 1277.93 103.4097 87.79443 100.3511/19/2006 40.46 8.28 1285.04 105.3097 88.65096 100.90931/20/2006 38.43 8.26 1261.49 100.026 88.43683 99.060041/23/2006 37.79 8.37 1263.82 98.36023 89.61456 99.243011/24/2006 39.13 8.28 1266.86 101.848 88.65096 99.481731/25/2006 38.96 8.33 1264.68 101.4055 89.1863 99.310541/26/2006 38.77 8.43 1273.83 100.911 90.25696 100.02911/27/2006 40.08 8.24 1283.72 104.3207 88.2227 100.80571/30/2006 39.35 8.16 1285.19 102.4206 87.36617 100.92111/31/2006 39.73 8.25 1280.08 103.4097 88.32976 100.5198

2/1/2006 40.51 8.24 1282.46 105.4399 88.2227 100.70672/2/2006 39.39 8.25 1270.84 102.5247 88.32976 99.794262/3/2006 39.2 8.25 1264.03 102.0302 88.32976 99.25952/6/2006 39.52 8.26 1265.02 102.8631 88.43683 99.337242/7/2006 39.26 8.3 1254.78 102.1864 88.8651 98.533132/8/2006 38.8 8.28 1265.65 100.9891 88.65096 99.386712/9/2006 38.12 8.34 1263.78 99.21916 89.29336 99.23987

2/10/2006 38.69 8.31 1266.99 100.7028 88.97216 99.491942/13/2006 38.19 8.28 1262.86 99.40135 88.65096 99.167622/14/2006 38.13 8.37 1275.53 99.24518 89.61456 100.16252/15/2006 37.65 8.37 1280 97.99584 89.61456 100.51362/16/2006 38.58 8.4 1289.38 100.4164 89.93576 101.25012/17/2006 37.8 8.41 1287.24 98.38626 90.04283 101.08212/21/2006 38.1 8.35 1283.03 99.1671 89.40043 100.75152/22/2006 38.76 8.3 1292.67 100.885 88.8651 101.50852/23/2006 38.77 8.3 1287.79 100.911 88.8651 101.12532/24/2006 38.34 8.34 1289.43 99.79178 89.29336 101.25412/27/2006 39.19 8.3 1294.12 102.0042 88.8651 101.62242/28/2006 38.55 8.21 1280.66 100.3384 87.9015 100.5654

3/1/2006 39.04 8.39 1291.24 101.6137 89.82869 101.39623/2/2006 38.81 8.07 1289.14 101.0151 86.40257 101.23133/3/2006 39.05 8.02 1287.23 101.6398 85.86724 101.08133/6/2006 38.43 7.77 1278.26 100.026 83.19058 100.37693/7/2006 38.11 7.89 1275.88 99.19313 84.47537 100.193/8/2006 37.78 8 1278.47 98.3342 85.6531 100.39343/9/2006 37.44 7.97 1272.23 97.44925 85.33191 99.90341

3/10/2006 37.21 7.95 1281.42 96.8506 85.11777 100.62513/13/2006 37.14 7.91 1284.13 96.6684 84.68951 100.83793/14/2006 37.4 7.96 1297.48 97.34513 85.22484 101.88623/15/2006 37.08 8.05 1303.02 96.51223 86.18844 102.3212

Page 7: Hedge Fund CW

3/16/2006 35.93 7.99 1305.33 93.519 85.54604 102.50263/17/2006 35.98 8.33 1307.25 93.64914 89.1863 102.65343/20/2006 36.55 8.18 1305.08 95.13274 87.5803 102.4833/21/2006 36.35 8.22 1297.23 94.61218 88.00857 101.86663/22/2006 36.62 8.08 1305.04 95.31494 86.50964 102.47993/23/2006 36.33 8.16 1301.67 94.56012 87.36617 102.21523/24/2006 36.49 8.12 1302.95 94.97657 86.9379 102.31573/27/2006 35.79 7.96 1301.61 93.15461 85.22484 102.21053/28/2006 35.52 7.76 1293.23 92.45185 83.08351 101.55253/29/2006 35.95 7.86 1302.89 93.57106 84.15418 102.3113/30/2006 35.31 7.85 1300.25 91.90526 84.04711 102.10373/31/2006 34.95 7.83 1294.87 90.96825 83.83298 101.6812

4/3/2006 35.7 7.84 1297.81 92.92035 83.94004 101.91214/4/2006 36.21 7.8 1305.93 94.24779 83.51178 102.54974/5/2006 35.99 7.86 1311.56 93.67517 84.15418 102.99184/6/2006 36.1 7.76 1309.04 93.96148 83.08351 102.7944/7/2006 36.95 7.95 1295.5 96.17387 85.11777 101.7307

4/10/2006 37.5 7.9 1296.62 97.60541 84.58244 101.81874/11/2006 37.28 7.78 1286.57 97.0328 83.29764 101.02954/12/2006 36.97 7.76 1288.12 96.22592 83.08351 101.15124/13/2006 36.83 7.54 1289.12 95.86153 80.72805 101.22974/17/2006 36.89 7.62 1285.33 96.0177 81.58458 100.93214/18/2006 37.35 7.71 1307.28 97.21499 82.54818 102.65584/19/2006 37.57 7.65 1309.93 97.78761 81.90578 102.86394/20/2006 37.68 7.57 1311.46 98.07392 81.04925 102.9844/21/2006 37.46 7.59 1311.28 97.5013 81.26338 102.96994/24/2006 37.2 7.54 1308.11 96.82457 80.72805 102.72094/25/2006 37.66 7.66 1301.74 98.02186 82.01285 102.22074/26/2006 38.15 7.66 1305.41 99.29724 82.01285 102.50894/27/2006 39.45 7.7 1309.72 102.6809 82.44111 102.84744/28/2006 39.2 7.68 1310.61 102.0302 82.22698 102.9172

5/1/2006 38.17 7.55 1305.19 99.3493 80.83512 102.49165/2/2006 38.35 7.52 1313.21 99.8178 80.51392 103.12145/3/2006 35.06 7.51 1308.12 91.25455 80.40685 102.72175/4/2006 34.32 7.56 1312.25 89.32847 80.94218 103.0465/5/2006 34.18 7.59 1325.76 88.96408 81.26338 104.10695/8/2006 33.69 7.58 1324.66 87.6887 81.15632 104.02055/9/2006 33.24 7.45 1325.14 86.51744 79.76445 104.0582

5/10/2006 33.38 7.42 1322.85 86.88183 79.44325 103.87845/11/2006 32.63 7.36 1305.92 84.92972 78.80086 102.5495/12/2006 31.92 7.26 1291.24 83.08173 77.73019 101.39625/15/2006 32.19 7.34 1294.5 83.78449 78.58672 101.65225/16/2006 32.3 7.29 1292.08 84.0708 78.05139 101.46225/17/2006 31.2 7.25 1270.32 81.2077 77.62313 99.753435/18/2006 30.17 7.25 1261.81 78.52681 77.62313 99.085175/19/2006 30.31 7.3 1267.03 78.8912 78.15846 99.495085/22/2006 29.91 7.33 1262.07 77.85008 78.47966 99.105595/23/2006 29.02 7.29 1256.58 75.53358 78.05139 98.674485/24/2006 29.27 7.31 1258.57 76.18428 78.26552 98.830745/25/2006 29.14 7.32 1272.88 75.84591 78.37259 99.954455/26/2006 28.98 7.38 1280.16 75.42946 79.01499 100.5261

Page 8: Hedge Fund CW

5/30/2006 28.35 7.42 1259.87 73.78969 79.44325 98.932835/31/2006 28.63 7.36 1270.09 74.51848 78.80086 99.73537

6/1/2006 28.72 7.5 1285.71 74.75273 80.29979 100.96196/2/2006 29 7.4 1288.22 75.48152 79.22912 101.1596/5/2006 29.47 7.37 1265.29 76.70484 78.90792 99.358446/6/2006 29.84 7.18 1263.85 77.66788 76.87366 99.245366/7/2006 28.82 7.18 1256.15 75.01301 76.87366 98.640716/8/2006 27.85 7 1257.93 72.48829 74.94647 98.780496/9/2006 27.99 7.27 1252.3 72.85268 77.83726 98.33839

6/12/2006 28.84 7.02 1237.44 75.06507 75.1606 97.171496/13/2006 28.98 7.03 1223.69 75.42946 75.26767 96.091756/14/2006 28.57 7.01 1230.04 74.36231 75.05353 96.590396/15/2006 28.96 7.24 1256.16 75.37741 77.51606 98.64156/16/2006 29.12 7.07 1251.54 75.79386 75.69593 98.278716/19/2006 28.78 7 1240.13 74.9089 74.94647 97.382726/20/2006 29.53 6.93 1240.12 76.86101 74.197 97.381946/21/2006 29.88 7.11 1252.2 77.77199 76.1242 98.330536/22/2006 30.79 7.05 1245.6 80.14055 75.4818 97.812266/23/2006 30.6 6.9 1244.5 79.64602 73.8758 97.725886/26/2006 30.69 6.9 1250.56 79.88027 73.8758 98.201756/27/2006 29.94 6.65 1239.2 77.92816 71.19914 97.309696/28/2006 30.06 6.64 1246 78.2405 71.09208 97.843676/29/2006 30.4 6.73 1272.87 79.12546 72.05567 99.953676/30/2006 30.36 6.7 1270.2 79.02134 71.73448 99.744

7/3/2006 30.64 6.72 1280.19 79.75013 71.94861 100.52857/5/2006 29.86 6.69 1270.91 77.71994 71.62741 99.799767/6/2006 29.59 6.6 1274.08 77.01718 70.66381 100.04877/7/2006 29.42 6.51 1265.48 76.5747 69.70021 99.37336

7/10/2006 29.26 6.44 1267.34 76.15825 68.95075 99.519427/11/2006 29.55 6.4 1272.43 76.91307 68.52248 99.919127/12/2006 28.56 6.38 1258.6 74.33628 68.30835 98.83317/13/2006 28.1 6.34 1242.28 73.13899 67.88009 97.551557/14/2006 28.01 6.24 1236.2 72.90474 66.80942 97.074117/17/2006 27.59 6.16 1234.49 71.81156 65.95289 96.939837/18/2006 27.69 6.12 1236.86 72.07184 65.52463 97.125947/19/2006 28.41 6.24 1259.81 73.94586 66.80942 98.928127/20/2006 28.02 6.28 1249.13 72.93077 67.23769 98.089467/21/2006 27.65 6.76 1240.29 71.96773 72.37687 97.395297/24/2006 27.38 6.82 1260.91 71.26497 73.01927 99.01457/25/2006 27.22 6.86 1268.88 70.84852 73.44754 99.640357/26/2006 26.89 6.87 1268.4 69.98959 73.5546 99.602667/27/2006 26.47 6.74 1263.2 68.89641 72.16274 99.194327/28/2006 27.63 6.89 1278.55 71.91567 73.76874 100.39977/31/2006 28.51 6.99 1276.66 74.20614 74.8394 100.2513

8/1/2006 28.34 6.87 1270.92 73.76366 73.5546 99.800548/2/2006 32.28 6.87 1277.41 84.01874 73.5546 100.31028/3/2006 32.53 6.84 1280.27 84.66944 73.2334 100.53488/4/2006 31.72 6.87 1279.36 82.56117 73.5546 100.46338/7/2006 31.79 6.8 1275.77 82.74336 72.80514 100.18148/8/2006 31.95 6.59 1271.48 83.15981 70.55675 99.844528/9/2006 31.45 6.65 1265.95 81.85841 71.19914 99.41027

Page 9: Hedge Fund CW

8/10/2006 32.2 6.69 1271.81 83.81052 71.62741 99.870438/11/2006 31.85 6.64 1266.74 82.89953 71.09208 99.47238/14/2006 32.51 6.78 1268.21 84.61739 72.59101 99.587748/15/2006 33.95 6.9 1285.58 88.36543 73.8758 100.95178/16/2006 33.99 7.14 1295.43 88.46955 76.4454 101.72528/17/2006 34.01 7.21 1297.48 88.5216 77.19486 101.88628/18/2006 34.07 7.24 1302.3 88.67777 77.51606 102.26478/21/2006 33.18 7.23 1297.52 86.36127 77.40899 101.88938/22/2006 32.78 7.16 1298.82 85.32015 76.65953 101.99148/23/2006 32.41 7.5 1292.99 84.35711 80.29979 101.53368/24/2006 32.63 7.59 1296.06 84.92972 81.26338 101.77478/25/2006 32.53 7.57 1295.09 84.66944 81.04925 101.69858/28/2006 32.86 7.63 1301.78 85.52837 81.69165 102.22398/29/2006 31.86 7.59 1304.28 82.92556 81.26338 102.42028/30/2006 32.05 7.59 1305.37 83.42009 81.26338 102.50588/31/2006 32.44 7.6 1303.82 84.43519 81.37045 102.3841

9/1/2006 32.33 7.65 1311.01 84.14888 81.90578 102.94879/5/2006 32.67 7.68 1313.25 85.03384 82.22698 103.12469/6/2006 32.72 7.62 1300.26 85.16398 81.58458 102.10459/7/2006 31.5 7.5 1294.02 81.98855 80.29979 101.61459/8/2006 31.81 7.64 1298.92 82.79542 81.79872 101.9993

9/11/2006 31.84 7.72 1299.54 82.8735 82.65525 102.0489/12/2006 32.77 7.83 1313 85.29412 83.83298 103.10499/13/2006 33.53 7.9 1318.07 87.27225 84.58244 103.50319/14/2006 33.65 7.8 1316.28 87.58459 83.51178 103.36259/15/2006 37 7.85 1319.66 96.30401 84.04711 103.62799/18/2006 37.51 7.76 1321.18 97.63144 83.08351 103.74739/19/2006 37.34 7.65 1317.64 97.18896 81.90578 103.46939/20/2006 37.7 7.76 1325.18 98.12598 83.08351 104.06149/21/2006 37.4 7.6 1318.03 97.34513 81.37045 103.49999/22/2006 37.06 7.62 1314.78 96.46018 81.58458 103.24479/25/2006 38.19 7.67 1326.37 99.40135 82.11991 104.15489/26/2006 37.67 7.92 1336.35 98.04789 84.79657 104.93859/27/2006 38.06 7.84 1336.59 99.06299 83.94004 104.95749/28/2006 38.33 7.74 1338.88 99.76575 82.86938 105.13729/29/2006 37.46 7.79 1335.85 97.5013 83.40471 104.899310/2/2006 37 7.81 1331.32 96.30401 83.61884 104.543510/3/2006 36.75 7.87 1334.11 95.65331 84.26124 104.762610/4/2006 37.76 8.01 1350.2 98.28214 85.76017 106.026110/5/2006 38.18 7.98 1353.22 99.37533 85.43897 106.263310/6/2006 38.15 7.98 1349.59 99.29724 85.43897 105.978210/9/2006 37.39 7.93 1350.66 97.3191 84.90364 106.0622

10/10/2006 37.77 7.87 1353.42 98.30817 84.26124 106.27910/11/2006 37.12 7.84 1349.95 96.61635 83.94004 106.006510/12/2006 38.21 7.9 1362.83 99.45341 84.58244 107.017910/13/2006 39.07 7.7 1365.62 101.6918 82.44111 107.23710/16/2006 38.25 7.72 1369.06 99.55752 82.65525 107.507110/17/2006 38.12 7.7 1364.05 99.21916 82.44111 107.113710/18/2006 38.53 7.83 1365.8 100.2863 83.83298 107.251110/19/2006 38.49 7.7 1366.96 100.1822 82.44111 107.342210/20/2006 38.2 7.66 1368.6 99.42738 82.01285 107.471

Page 10: Hedge Fund CW

10/23/2006 38.58 7.71 1377.02 100.4164 82.54818 108.132210/24/2006 38.09 7.5 1377.38 99.14107 80.29979 108.160410/25/2006 38.94 7.44 1382.22 101.3535 79.65739 108.540510/26/2006 39.36 7.58 1389.08 102.4466 81.15632 109.079210/27/2006 38.57 7.61 1377.34 100.3904 81.47752 108.157310/30/2006 38.03 7.95 1377.93 98.9849 85.11777 108.203610/31/2006 38.25 8.04 1377.94 99.55752 86.08137 108.2044

11/1/2006 37.76 7.9 1367.81 98.28214 84.58244 107.408911/2/2006 37.66 7.97 1367.34 98.02186 85.33191 107.37211/3/2006 37.75 8.12 1364.3 98.25612 86.9379 107.133311/6/2006 38.54 8.17 1379.78 100.3123 87.47323 108.348911/7/2006 39.61 8.1 1382.84 103.0973 86.72377 108.589211/8/2006 39.81 8.28 1385.72 103.6179 88.65096 108.815411/9/2006 39.69 8.43 1378.33 103.3056 90.25696 108.235

11/10/2006 39.41 8.52 1380.9 102.5768 91.22056 108.436911/13/2006 40.09 8.6 1384.42 104.3467 92.07709 108.713311/14/2006 40.51 8.47 1393.22 105.4399 90.68522 109.404311/15/2006 41.39 8.6 1396.57 107.7303 92.07709 109.667411/16/2006 41.85 8.58 1399.76 108.9276 91.86296 109.917911/17/2006 41.45 8.63 1401.2 107.8865 92.39829 110.030911/20/2006 41.31 8.5 1400.5 107.5221 91.00642 109.97611/21/2006 42.55 8.57 1402.81 110.7496 91.75589 110.157411/22/2006 41.81 8.7 1406.09 108.8235 93.14775 110.414911/24/2006 41.54 8.61 1400.95 108.1208 92.18415 110.011311/27/2006 40.22 8.37 1381.96 104.6851 89.61456 108.520111/28/2006 39.91 8.26 1386.72 103.8782 88.43683 108.893911/29/2006 40 8.29 1399.48 104.1124 88.75803 109.895911/30/2006 40.16 8.39 1400.63 104.5289 89.82869 109.9862

12/1/2006 39.35 8.46 1396.71 102.4206 90.57816 109.678412/4/2006 39.29 8.55 1409.12 102.2644 91.54176 110.652912/5/2006 39.15 8.59 1414.76 101.9001 91.97002 111.095812/6/2006 38.54 8.42 1412.9 100.3123 90.14989 110.949712/7/2006 37.75 8.5 1407.29 98.25612 91.00642 110.509212/8/2006 38.88 8.49 1409.84 101.1973 90.89936 110.7094

12/11/2006 39.98 8.47 1413.04 104.0604 90.68522 110.960712/12/2006 39.97 8.45 1411.56 104.0344 90.47109 110.844512/13/2006 40.3 8.63 1413.21 104.8933 92.39829 110.97412/14/2006 40.81 8.71 1425.49 106.2207 93.25482 111.938312/15/2006 42.81 8.53 1427.09 111.4263 91.32762 112.06412/18/2006 41.29 8.38 1422.48 107.4701 89.72163 111.70212/19/2006 41.45 8.42 1425.55 107.8865 90.14989 111.943112/20/2006 41.87 8.56 1423.53 108.9797 91.64882 111.784412/21/2006 41.38 8.46 1418.3 107.7043 90.57816 111.373712/22/2006 40.75 8.45 1410.76 106.0645 90.47109 110.781612/26/2006 41.44 8.55 1416.9 107.8605 91.54176 111.263812/27/2006 41.79 8.59 1426.84 108.7715 91.97002 112.044412/28/2006 41.53 8.53 1424.73 108.0947 91.32762 111.878712/29/2006 41.12 8.33 1418.3 107.0276 89.1863 111.3737

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Page 12: Hedge Fund CW

Monthly Returns

Monthly Adobe Compuware S&P500 Adobe monthly returns12/31/2004 62.74 6.41 1211.92 -9.31%

1/31/2005 56.9 6.9 1181.27 8.52%2/28/2005 61.75 6.76 1203.6 8.68%3/28/2005 67.11 7.49 1174.28 -12.87%4/28/2005 58.47 5.93 1143.22 -43.27%5/28/2005 33.17 6.7 1198.78 -13.48%6/28/2005 28.7 6.95 1201.57 4.91%7/28/2005 30.11 8.44 1243.72 -8.57%8/28/2005 27.53 8.73 1205.1 5.41%9/28/2005 29.02 9.36 1216.89 11.34%

10/28/2005 32.31 7.85 1198.41 2.79%11/28/2005 33.21 8.89 1257.46 11.02%12/28/2005 36.87 9.11 1258.17 8.71%

1/28/2006 40.08 8.24 1283.72 -3.82%2/28/2006 38.55 8.21 1280.66 -7.86%3/28/2006 35.52 7.76 1293.23 10.36%4/28/2006 39.2 7.68 1310.61 -26.07%5/28/2006 28.98 7.38 1280.16 3.73%6/28/2006 30.06 6.64 1246 -8.08%7/28/2006 27.63 6.89 1278.55 18.93%8/28/2006 32.86 7.63 1301.78 16.65%9/28/2006 38.33 7.74 1338.88 0.63%

10/28/2006 38.57 7.61 1377.34 3.47%11/28/2006 39.91 8.26 1386.72 4.06%12/28/2006 41.53 8.53 1424.73

HF Index Monthly HF Index Quarterly12/31/2004 1.61% 12/31/2004 1.83%

1/31/2005 -0.34% 4/30/2005 1.83%2/28/2005 1.43% 8/30/2005 1.83%3/31/2005 -0.15% 12/30/2005 1.83%4/29/2005 -1.04% 4/30/2006 1.83%5/31/2005 0.15% 8/30/2006 1.83%6/30/2005 1.31% 12/30/2006 1.83%7/29/2005 1.92%8/31/2005 0.88%9/30/2005 1.63%

10/31/2005 -1.46%11/30/2005 1.48%12/30/2005 1.61%

1/31/2006 3.23%2/28/2006 0.34%3/31/2006 1.82%4/28/2006 2.22%5/31/2006 -1.30%6/30/2006 -0.11%7/31/2006 0.29%

Page 13: Hedge Fund CW

8/31/2006 0.85%9/29/2006 0.13%

10/31/2006 1.77%11/30/2006 2.07%12/29/2006 1.83%

Page 14: Hedge Fund CW

Compuware monthly returns S&P500 monthly returns7.64% -2.53%

-2.03% 1.89%10.80% -2.44%

-20.83% -2.65% Correlation of adobe and compuware12.98% 4.86%

3.73% 0.23%21.44% 3.51%

3.44% -3.11%7.22% 0.98%

-16.13% -1.52%13.25% 4.93%

2.47% 0.06%-9.55% 2.03%-0.36% -0.24%-5.48% 0.98%-1.03% 1.34%-3.91% -2.32%

-10.03% -2.67%3.77% 2.61%

10.74% 1.82%1.44% 2.85%

-1.68% 2.87%8.54% 0.68%3.27% 2.74%

Page 15: Hedge Fund CW

Quarterly ReturnsSkewnes Kurtosis

Adobe returns -1.382959 2.603087 Quarterly Adobe Compuware S&P500Compuware returns -0.399798 0.436503 12/31/2004 62.74 6.41 1211.92S&P500 returns -0.083676 -1.021684 4/30/2005 56.9 6.9 1181.27

8/30/2005 61.75 6.76 1203.6-0.4479351117205 12/30/2005 67.11 7.49 1174.28

4/30/2006 58.47 5.93 1143.228/30/2006 33.17 6.7 1198.78

12/30/2006 28.7 6.95 1201.57

12/1/2

004

2/1/2

005

4/1/2

005

6/1/2

005

8/1/2

005

10/1/2

005

12/1/2

005

2/1/2

006

4/1/2

006

6/1/2

006

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006

10/1/2

006

12/1/2

006

-4.00%

-3.00%

-2.00%

-1.00%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

hfS&P500

Date

% R

etur

n

Page 16: Hedge Fund CW

Adobe quarterly Compuware quarterly S&P500 quarterly returns-9.31% 7.64% -2.53%8.52% -2.03% 1.89%8.68% 10.80% -2.44%

-12.87% -20.83% -2.65%-43.27% 12.98% 4.86%-13.48% 3.73% 0.23%