Exhibit (a)(1)-5

                       Merced Partners Limited Partnership
                        Statement of Financial Condition
                                November 30, 2003
                                   (Unaudited)

ASSETS

Cash and cash equivalents                                           $ 11,107,565
Accounts receivable                                                  351,698,520
Securities owned, at fair value                                      630,359,623
Other assets                                                             160,011
                                                                    ------------

      Total Assets                                                  $993,325,719
                                                                    ============

LIABILITIES AND PARTNERS' CAPITAL

Securities sold but not yet purchased, at fair value                $258,622,681
Accounts payable and other liabilities                                37,112,161
                                                                    ------------

      Total Liabilities                                             $295,734,842

Partners' capital                                                    697,590,877
                                                                    ------------

      Total Liabilities and Partners' Capital                       $993,325,719
                                                                    ============


                       Merced Partners Limited Partnership
                        Statement of Financial Condition
                               September 30, 2003
                                   (Unaudited)

ASSETS

Cash and cash equivalents                                           $114,527,361
Accounts receivable                                                  216,657,202
Securities owned, at fair value                                      571,882,832
Other assets                                                             207,785
                                                                    ------------

      Total Assets                                                  $903,275,180
                                                                    ============

LIABILITIES AND PARTNERS' CAPITAL

Securities sold but not yet purchased, at fair value                $241,770.330
Accounts payable and other liabilities                                21,258,338
                                                                    ------------

      Total Liabilities                                             $263,028,668

Partners' capital                                                    640,246,512
                                                                    ------------

      Total Liabilities and Partners' Capital                       $903,275,180
                                                                    ============


                       Merced Partners Limited Partnership
                        Statement of Financial Condition
                                  June 30, 2003
                                   (Unaudited)

ASSETS

Cash and cash equivalents                                           $ 55,427,432
Accounts receivable                                                  269,292,553
Securities owned, at fair value                                      577,417,239
Other assets                                                             229,455
                                                                    ------------

      Total Assets                                                  $902,366,679
                                                                    ============

LIABILITIES AND PARTNERS' CAPITAL

Securities sold but not yet purchased, at fair value                $270,916,146
Accounts payable and other liabilities                                18,719,435
                                                                    ------------

      Total Liabilities                                             $289,635,581

Partners' capital                                                    612,731,098
                                                                    ------------

      Total Liabilities and Partners' Capital                       $902,366,679
                                                                    ============


                       Merced Partners Limited Partnership
                        Statement of Financial Condition
                                 March 31, 2003
                                   (Unaudited)

ASSETS

Cash and cash equivalents                                           $ 53,043,357
Accounts receivable                                                  284,663,946
Securities owned, at fair value                                      509,134,707
Other assets                                                             155,551
                                                                    ------------

      Total Assets                                                  $846,997,561
                                                                    ============

LIABILITIES AND PARTNERS' CAPITAL

Securities sold but not yet purchased, at fair value                $266,092,990
Accounts payable and other liabilities                                 8,905,565
                                                                    ------------

      Total Liabilities                                             $274,998,555

Partners' Capital                                                    571,999,006
                                                                    ------------

      Total Liabilities and Partners' Capital                       $846,997,561
                                                                    ============


                       Merced Partners Limited Partnership
                        Statement of Financial Condition
                                December 31, 2002
                                   (Unaudited)

ASSETS

Cash and cash equivalents                                           $ 52,790,243
Accounts receivable                                                  239,444,183
Securities owned, at fair value                                      496,182,675
Other assets                                                             246,882
                                                                    ------------

      Total Assets                                                  $788,663,983
                                                                    ============

LIABILITIES AND PARTNERS' CAPITAL

Securities sold but not yet purchased, at fair value                $230,467,921
Accounts payable and other liabilities                                33,130,343
                                                                    ------------

      Total Liabilities                                             $263,598,264

Partners' capital                                                    525,065,719
                                                                    ------------

      Total Liabilities and Partners' Capital                       $788,663,983
                                                                    ============


                       Merced Partners Limited Partnership
                        Statement of Income and Expenses
                          Year Ended December 31, 2002
                                   (Unaudited)

Total gross trading revenue (loss)                                   $78,497,257
  less Operating expenses and fees                                     9,071,528
                                                                     -----------

Net profit                                                           $69,425,729
                                                                     ===========


                       Merced Partners Limited Partnership
                        Statement of Financial Condition
                                December 31, 2001
                                   (Unaudited)

ASSETS

Cash and cash equivalents                                           $ 43,260,433
Accounts receivable                                                  182,154,817
Securities owned, at fair value                                      323,758,809
Other assets                                                              89,177
                                                                    ------------

      Total Assets                                                  $549,263,236
                                                                    ============

LIABILITIES AND PARTNERS' CAPITAL

Securities sold but not yet purchased, at fair value                $174,715,251
Accounts payable and other liabilities                                11,925,975
                                                                    ------------

      Total Liabilities                                             $186,641,226

Partners' capital                                                    362,622,010
                                                                    ------------

      Total Liabilities and Partners' Capital                       $549,263,236
                                                                    ============


                       Merced Partners Limited Partnership
                        Statement of Income and Expenses
                          Year Ended December 31, 2001
                                   (Unaudited)

Total gross trading revenue (loss)                                   $53,854,169
less Operating expenses and fees                                       5,512,226
                                                                     -----------

Net profit                                                           $48,341,943
                                                                     ===========