System Z end Month 4: $9,061.78; differential steady at 10.5%

System Z has traded lightly the last few weeks. Since we last checked progress three weeks ago, the NASDAQ market is flat, System Z's account value is flat, and the differential has stayed at around 11%

System Z account value: $9061.78
commissions paid: $800
maximum commissions should be: $320
which means I overpaid at least: $480
minimum account value corrected for obscene commissions: $9541.78
account value if no commissions: $9861.78

System Z actual return since 4/7: -9.38%
System Z corrected return since 4/7: -4.59%
System Z no-commission return since 4/7: -1.38%

Nasdaq on 4/7: 2339.02
Nasdaq return since 4/7: -11.89%

Difference between no-commission return and NASDAQ return since 4/7: 10.51%

Refer to post from 4/19 for explanation of "corrected return". Returns for a larger fund would fall somewhere between the "corrected" return and the "no-commission" return.