anges in Partners' Capital 4 Statement of Cash Flows 5 Notes to Financial Statements 6-9 EFTA00295615 Deloitte INDEPENDENT AUDITORS' REPORT Debate Er Touche LLP III S. Wacker Drive Chicago, IL 60606-4301 USA Tel: +1 312 486 1000 Fax: +I 312 486 1486 www.clekitte.com To the Partners of CCM Small Cap Va