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Run All Composites (C:\U7-16\CA_URS.TXT) (04/06/06)
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YTD Performance
-------------------------------------------------------------------
Composite          POS        Gain     MDD     IDX    Gain    MDD
                              (YTD)   (YTD)           (YTD)  (YTD)
-------------------------------------------------------------------
c_ulrnd1.txt,1      +0%        5.0%   -2.0%   SP500    4.9%   -3.0%
c_ulrnd2.txt,1     +33%        2.4%   -0.8%   SP500    4.9%   -3.0%
c_umrnd1.txt,1    +100%       -0.2%   -1.8%   SP500    4.9%   -3.0%
c_umrnd2.txt,1      +0%        1.2%    0.0%   SP500    4.9%   -3.0%
c_rutvol.txt,1    +100%       -0.7%   -5.9%     NDX    5.7%   -6.4%
c_u8ndx1.txt,1      +0%        1.4%   -4.6%     NDX    5.7%   -6.4%
c_u8ndx2.txt,1      +0%        1.2%    0.0%     NDX    5.7%   -6.4%
-------------------------------------------------------------------
AVERAGES           +33%        1.5%   -2.2%            5.2%   -4.5%
-------------------------------------------------------------------

2005 Performance
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Composite                     Gain     MDD     IDX    Gain    MDD
                              (YTD)   (YTD)           (YTD)  (YTD)
-------------------------------------------------------------------
c_ulrnd1.txt,1                 4.1%  -4.2%    SP500    3.0%   -7.2%
c_ulrnd2.txt,1                 0.7%  -2.2%    SP500    3.0%   -7.2%
c_umrnd1.txt,1                 3.7%  -2.3%    SP500    3.0%   -7.2%
c_umrnd2.txt,1                 3.4%   0.0%    SP500    3.0%   -7.2%
c_rutvol.txt,1                 1.2%  -3.9%      NDX    1.5%  -13.2%
c_u8ndx1.txt,1                -1.5%  -6.8%      NDX    1.5%  -13.2%
c_u8ndx2.txt,1                 0.3%  -3.3%      NDX    1.5%  -13.2%
-------------------------------------------------------------------
AVERAGES                       1.7%  -3.2%             2.4%   -9.8%
-------------------------------------------------------------------


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POS Column Notes
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(1) IF the END DATE is the last date in the database THEN...

    For NEXT-DAY systems the POS column indicates the position
    that should be taken TOMORROW.

    For SAME-DAY systems the POS column indicates the position
    that should have been taken TODAY.

(2) If the END DATE is before the last date in the database THEN...
    The POS column indicates the positions that were in effect that day.

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YTD Gain Notes
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(1) YTD gains will not match if END DATE is the last day in DB due to NEXT-DAY issues.

    For Example:. If the last day in the database is 01/29/04 and the END DATE is
    1/29/04, then the YTD Gain is using the SAME-DAY numbers of 1/29/04.

    However, if the last date in the database is 1/30/04 and the END DATE of the
    analysis is 1/29/04 then the YTD gain is using the NEXT-DAY values of 1/30/04.

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Misc Notes
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(1) Averages are weighted per the strategy weights specified in the CRADF.

(2) Strategy average MDD numbers are overstated since each strategy
    will likely suffer its maximum drawdown at different times.