2007/06/18

10d,Theta	10d,65%VAR	10d,95%VAR	10d,99%VAR

4.0%	0.2%	14.6%	44.3%

June 2007 Review

June 2007 Return: 4.9%

The market went down significantly in early June. Account positions
were shifted to protect from risks of further downfall. However, the market
stabilized after the initial downfall. Positions were then shifted back.

Such shift of positions costs ~2% of profit. Nevertheless, it reduced
risk exposure, which is also important.

2006/06/14

10d,Theta	10d,65%VAR	10d,95%VAR	10d,99%VAR

4.5%	0.9%	18.0%	49.2%

2007/06/12

10d,Theta	10d,65%VAR	10d,95%VAR	10d,99%VAR

5.6%	2.8%	22.1%	52.6%

2007/06/11

10d,Theta	10d,65%VAR	10d,95%VAR	10d,99%VAR

3.9%	1.9%	17.2%	44.0%

2007/06/08

10d,Theta	10d,65%VAR	10d,95%VAR	10d,99%VAR

5.0%	1.2%	28.7%	139.4%

2007/06/07

10d,Theta	10d,65%VAR	10d,95%VAR	10d,99%VAR

8.1%	0.0%	64.1%	183.6%

Prepare for downside risk

06/04/2007

10d,Theta	10d,65%VAR	10d,95%VAR	10d,99%VAR

3.3%	0.0%	16.9%	126.3%

06/01/2007

10d,Theta	10d,65%VAR	10d,95%VAR	10d,99%VAR

4.3%	0.0%	21.3%	111.1%