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          <TD class=3Dtopleft width=3D"22%"><A=20
            href=3D"http://www2.business.ku.edu/apm/amp_frontpage"><IMG =
height=3D85=20
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src=3D"http://www2.business.ku.edu/apm/newsletter/templates/apm_resources=
/apm_logo.gif"=20
            width=3D108 border=3D0></A></TD>
          <TD class=3Dtopright vAlign=3Dtop align=3Dleft width=3D"78%">
            <P><!-- InstanceBeginEditable name=3D"Date" --><SPAN =
class=3Dtitle1>APM=20
            Quarterly<BR>2nd Quarter=20
            2007</SPAN><!-- InstanceEndEditable --><BR><SPAN =
class=3Dheadingsub>a=20
            publication of Applied Portfolio Management, KU School of=20
            Business</SPAN></P></TD></TR></TBODY></TABLE></TD>
    <TD><IMG height=3D85 alt=3D""=20
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src=3D"http://www2.business.ku.edu/apm/newsletter/templates/spacer.gif"=20
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  <TR>
    <TD class=3Dleftpane vAlign=3Dtop align=3Dleft bgColor=3D#ffffff>
      <TABLE width=3D"100%" border=3D0>
        <TBODY>
        <TR>
          <TD class=3Dleftnewsheading>Inside This Issue:</TD></TR>
        <TR><!-- InstanceBeginEditable name=3D"Story List" -->
          <TD class=3Dleftsubheading>
            <UL>
              <LI><A=20
              =
href=3D"http://www2.business.ku.edu/apm/newsletter/q2-07/q2-07.htm#golf">=
Golf=20
              Tournament</A>=20
              <LI><A=20
              =
href=3D"http://www2.business.ku.edu/apm/newsletter/q2-07/q2-07.htm#nic">N=
IC,=20
              Inc. </A>
              <LI><A=20
              =
href=3D"http://www2.business.ku.edu/apm/newsletter/q2-07/q2-07.htm#cffn">=
Capitol=20
              Federal </A>
              <LI><A=20
              =
href=3D"http://www2.business.ku.edu/apm/newsletter/q2-07/q2-07.htm#conagr=
a">ConAgra</A>=20

              <LI><A=20
              =
href=3D"http://www2.business.ku.edu/apm/newsletter/q2-07/q2-07.htm#perfor=
mance">Portfolio=20
              Performance</A>=20
              <LI><A=20
              =
href=3D"http://www2.business.ku.edu/apm/newsletter/q2-07/q2-07.htm#speake=
rs">Q2=20
              Speakers</A>=20
              <LI><A=20
              =
href=3D"http://www2.business.ku.edu/apm/newsletter/q2-07/q2-07.htm#opp">G=
reat=20
              Opportunity</A>=20
              <LI><A=20
              =
href=3D"http://www2.business.ku.edu/apm/newsletter/q2-07/q2-07.htm#alums"=
>Alumni=20
              News</A>=20
              <LI><A=20
              =
href=3D"http://www2.business.ku.edu/apm/newsletter/q2-07/q2-07.htm#donors=
">Donors</A>=20
              </LI></UL></TD><!-- InstanceEndEditable --></TR>
        <TR>
          <TD class=3Dleftnewsheading>Links:</TD></TR>
        <TR>
          <TD class=3Dleftsubheading>
            <UL>
              <LI><A href=3D"http://www2.business.ku.edu/apm" =
target=3D_blank>APM=20
              Website</A>=20
              <LI><A=20
              =
href=3D"http://www2.business.ku.edu/apm/portfolio/portfoliotyped.shtml"=20
              target=3D_blank>APM Portfolio</A>=20
              <LI><A class=3Dleftsubheading =
href=3D"http://www.business.ku.edu/"=20
              target=3D_blank>KU Business</A>=20
              <LI><A href=3D"http://www.ku.edu/" target=3D_blank>KU Home =
</A>
              <LI><A href=3D"http://www.ku.edu/home/cshenoy" =
target=3D_blank>Prof.=20
              Shenoy's Homepage</A> </LI></UL></TD></TR></TBODY></TABLE>
    <TD vAlign=3Dtop align=3Dleft bgColor=3D#ffffff>
      <TABLE width=3D"100%" border=3D0>
        <TBODY>
        <TR>
          <TD vAlign=3Dtop align=3Dleft height=3D10><!-- =
InstanceBeginEditable name=3D"Beginning" -->
            <P class=3DmainHeading>Portfolio Performance Report<SPAN=20
            class=3Dstyle1><A=20
            =
href=3D"http://www2.business.ku.edu/apm/newsletter/q2-07/q2-07.htm#perfor=
mance">...more</A></SPAN></P><!-- InstanceEndEditable -->
            <TABLE class=3Dperformancefulltable cellSpacing=3D0 =
width=3D"100%"=20
            bgColor=3D#cccccc border=3D0><!--DWLayoutTable--><!-- =
InstanceBeginEditable name=3D"Performance Table" -->
              <TBODY>
              <TR>
                <TD class=3Dperformancetotal width=3D107>&nbsp;</TD>
                <TD class=3Dperformancetotal width=3D108>
                  <DIV align=3Dcenter><A=20
                  =
href=3D"http://www2.business.ku.edu/apm/newsletter/q2-07/q2-07.htm#Perfor=
mance"><STRONG>Total=20
                  Return YTD</STRONG></A></DIV></TD>
                <TD class=3Dperformancetotal width=3D106>
                  <DIV align=3Dcenter><A=20
                  =
href=3D"http://www2.business.ku.edu/apm/newsletter/q2-07/q2-07.htm#Perfor=
mance"><STRONG>2nd=20
                  Q Return</STRONG></A></DIV></TD>
                <TD class=3Dperformancetotal width=3D111>
                  <DIV align=3Dcenter><A=20
                  =
href=3D"http://www2.business.ku.edu/apm/newsletter/q2-07/q2-07.htm#Perfor=
mance"><STRONG>Latest=20
                  4 Quarters</STRONG></A></DIV></TD></TR>
              <TR class=3Dperformancetotal>
                <TD class=3Dperformancetotal><A=20
                  =
href=3D"http://www2.business.ku.edu/apm/newsletter/q2-07/q2-07.htm#Perfor=
mance"><STRONG>SP500</STRONG></A></TD>
                <TD class=3Dperformancetotal>
                  <DIV align=3Dcenter>6.0%</DIV></TD>
                <TD class=3Dperformancetotal>
                  <DIV align=3Dcenter>5.81%</DIV></TD>
                <TD class=3Dperformancetotal>
                  <DIV align=3Dcenter>18.36%</DIV></TD></TR>
              <TR class=3Dperformancetotal>
                <TD class=3Dperformancetotal><A=20
                  =
href=3D"http://www2.business.ku.edu/apm/newsletter/q2-07/q2-07.htm#Perfor=
mance"><STRONG>SP600</STRONG></A></TD>
                <TD class=3Dperformancetotal>
                  <DIV align=3Dcenter>8.07%</DIV></TD>
                <TD class=3Dperformancetotal>
                  <DIV align=3Dcenter>4.95%</DIV></TD>
                <TD class=3Dperformancetotal>
                  <DIV align=3Dcenter>14.99%</DIV></TD></TR>
              <TR class=3Dperformancetotal>
                <TD class=3Dperformancetotal><A=20
                  =
href=3D"http://www2.business.ku.edu/apm/newsletter/q2-07/q2-07.htm#Perfor=
mance"><STRONG>NASDAQ</STRONG></A></TD>
                <TD class=3Dperformancetotal>
                  <DIV align=3Dcenter>7.78%</DIV></TD>
                <TD class=3Dperformancetotal>
                  <DIV align=3Dcenter>7.50%</DIV></TD>
                <TD class=3Dperformancetotal>
                  <DIV align=3Dcenter>19.85%</DIV></TD></TR>
              <TR class=3Dperformancetotal>
                <TD class=3Dperformancetotal><A=20
                  =
href=3D"http://www2.business.ku.edu/apm/newsletter/q2-07/q2-07.htm#Perfor=
mance"><STRONG>APM</STRONG></A></TD>
                <TD class=3Dperformancetotal>
                  <DIV align=3Dcenter><STRONG>32.89%</STRONG></DIV></TD>
                <TD class=3Dperformancetotal>
                  <DIV align=3Dcenter><STRONG>19.32%</STRONG></DIV></TD>
                <TD class=3Dperformancetotal>
                  <DIV =
align=3Dcenter><STRONG>56.51%</STRONG></DIV></TD></TR><!-- =
InstanceEndEditable -->
              <TR>
                <TD height=3D3><IMG height=3D1 alt=3D""=20
                  =
src=3D"http://www2.business.ku.edu/apm/newsletter/templates/spacer.gif"=20
                  width=3D107></TD>
                <TD><IMG height=3D1 alt=3D""=20
                  =
src=3D"http://www2.business.ku.edu/apm/newsletter/templates/spacer.gif"=20
                  width=3D108></TD>
                <TD><IMG height=3D1 alt=3D""=20
                  =
src=3D"http://www2.business.ku.edu/apm/newsletter/templates/spacer.gif"=20
                  width=3D106></TD>
                <TD><IMG height=3D1 alt=3D""=20
                  =
src=3D"http://www2.business.ku.edu/apm/newsletter/templates/spacer.gif"=20
                  width=3D111></TD></TR></TBODY></TABLE><!-- =
InstanceBeginEditable name=3D"Main" -->
            <P class=3DmainHeading><A id=3Dgolf name=3Dgolf></A><SPAN =
class=3Dstyle6>3rd=20
            Annual APM Golf Tournament</SPAN></P>
            <P class=3Dauthor>By Group 1: Jonathon Horne, John Thompson, =
Matt=20
            Cook, Michael Brunnquell, and Ozzie Wong </P>
            <P class=3DmainParagraph>The 3rd Annual APM Golf Tournament =
will be=20
            held Friday, September 14, 2007 at 1 p.m. at Lawrence =
Country Club.=20
            Get your foursome together or just come, and we'll<IMG =
height=3D231=20
            =
src=3D"http://www2.business.ku.edu/apm/images/q2_2007/GolfCourse2006-0831=
.jpg"=20
            width=3D306 align=3Dright> pair you with a great group of =
APM friends=20
            and alums. We'll have food, drinks, awards, and a drawing =
for an=20
            autographed basketball at Lawrence Country Club immediately=20
            following golf. The cost per player is $100 or $375 per =
foursome.=20
            All proceeds go to match Kent McCarthy's $10M Challenge =
Grant for a=20
            new Business School Building. Let us know if you plan to =
attend at=20
            apm@ku.edu.</P>
            <P class=3DmainParagraph>Lawrence Country Club is a new =
venue for the=20
            tournament. They reopened this season after a complete =
renovation of=20
            the course. It's absolutely fantastic, but we'll have a =
limit on the=20
            number of players. Get your reservations in early so you =
don't miss=20
            out. It should be a fun time with a chance to reconnect and =
play at=20
            a great new course. </P>
            <P class=3DmainParagraph>Don't forget about the football =
game on=20
            Saturday. KU plays Toledo at 6 p.m. </P>
            <P class=3DmainParagraph>Registration forms and payment =
instructions=20
            are available on the APM website.<A=20
            =
href=3D"http://www2.business.ku.edu/apm/golf/golfannouncement.htm">=20
            Click here to download a form. </A></P>
            <P class=3DmainParagraph>We really appreciated the wonderful =
sponsors=20
            from last year. Last years sponsors were Todd Preheim, =
Campanile=20
            Capital, Scott Jones, Prairie Wind Capital, and Bob and Matt =
Taylor,=20
            ExecutiveAirshare. We'd love to have even more this year! =
All=20
            sponsorships are completely tax deductible. Would you like =
to be a=20
            sponsor? Register for the tournament and sign up to be a =
sponsor at=20
            our website or call 785-864-7519 for more information. </P>
            <P class=3DmainParagraph>More information is available at <A =

            href=3D"http://www2.business.ku.edu/apm/index4.html"=20
            target=3D_blank>www2.business.ku.edu/apm</A>.</P>
            <P class=3DmainParagraph>&nbsp;</P>
            <P class=3DmainParagraph>&nbsp;</P>
            <P class=3DmainParagraph>&nbsp;</P>
            <P class=3DmainParagraph>&nbsp;</P>
            <P class=3DmainHeadingpagebreak align=3Dleft><A id=3Dconagra =

            name=3Dconagra></A>APM Class Visits ConAgra </P>
            <P class=3Dauthor align=3Dleft>By Group 4: Brad Boeshaar, =
Michael Mount,=20
            and Brandon Buchanan</P>
            <P class=3DmainParagraph>On Friday, May 4, the APM class =
went to=20
            ConAgra in Omaha to learn about the company and their plan =
for=20
            transformation. <STRONG>Dana (Zachgo) Wright</STRONG> (APM =
F96)=20
            used<IMG height=3D283=20
            =
src=3D"http://www2.business.ku.edu/apm/images/q2_2007/conagra.jpg"=20
            width=3D218 align=3Dright> her contacts to allow us to =
receive this=20
            wonderful learning experience. We began our day with an =
overview of=20
            the company from <STRONG>Chris Klinefelter</STRONG>, the =
Vice=20
            President of Investor Relations. He gave us the agenda for =
the day=20
            and the broad stroke outline of the company. One of the =
highlights=20
            of the visit was the tasting room where we had lunch =
prepared by=20
            their gourmet chef and a few of his sous-chefs.</P>
            <P class=3DmainParagraph>After the feast, we were all too =
content to=20
            move which was good because we heard about the details of =
the=20
            transformation plans. <STRONG>Dean Hollis</STRONG>, the =
President=20
            and COO of Consumer Foods, explained their campaign to =
improve their=20
            strongest brands. By cutting down all the excess =
margin-burning fat=20
            from past companies, ConAgra is now able to focus their =
efforts to=20
            increase market power from a select few brands. An advantage =
for=20
            ConAgra is that they are not hurt by private label products. =
ConAgra=20
            not only specializes in the brands that everyone has heard =
of, but=20
            also manufactures private labels. By doing this, ConAgra is =
able to=20
            be a strong performer in individual markets. </P>
            <P class=3DmainParagraph><STRONG>Greg Heckman</STRONG>, =
President and=20
            COO of Consumer Products, and <STRONG>Jim Hardy</STRONG>, =
Executive=20
            Vice President of Product Supply, explained how ConAgra is =
able to=20
            capitalize on having many smaller companies under the =
umbrella of=20
            ConAgra. To wrap up the day, <STRONG>Greg Konsor</STRONG>, =
Senior=20
            Director and General Manager, took us on a tour of their =
trading=20
            floor. It is the second largest in the United States outside =
of=20
            CBOT.</P>
            <P class=3DmainHeadingBlue align=3Dleft><A =
name=3Dperformance></A>Q2=20
            Portfolio Performance </P>
            <P class=3Dauthor>by Matthew Cook </P>
            <P class=3DmainParagraph>The KU APM portfolio had a great =
2nd quarter=20
            of 2007, up 19.32% from April through June, up 32.89% =
year-to-date,=20
            and up 56.51% over the past twelve months. The class managed =

            portfolio closed at $1,522,790. The portfolio beat all three =
of the=20
            benchmarks against during the past quarter. The APM =
portfolio=20
            performance beat the S&amp;P 500 and the S&amp;P 600 by =
about 14%=20
            and NASDAQ by 12%. Over the past year the portfolio =
outperformed the=20
            same benchmarks by about 38%, 41%, and 37% respectively.</P>
            <P class=3DmainParagraph><IMG height=3D244=20
            =
src=3D"http://www2.business.ku.edu/apm/images/q2_2007/apm_performance.jpg=
"=20
            width=3D385 align=3Dmiddle></P>
            <P class=3DmainParagraph>The Second quarter performance was =
bolstered=20
            by strong performances by our holding in GPS pioneer Garmin, =
up 45%=20
            during the second quarter, Chinese biotech company Golden =
Meditech,=20
            up 39%, our investment in refiner Valero, up 16%, and =
men=92s clothing=20
            retailer Joseph A. Bank, up 18%. Second quarter under =
performers=20
            were vehicle diagnostics and workshop equipment company =
LaunchTech,=20
            down 31%, mutual fund Tortoise Capital Resources, down 4%, =
and=20
            electronic broker Interactive Brokers Group, that IPOed in =
May, down=20
            about 17%. Overall it was a great first half and the class =
continues=20
            to look for good ideas to add to the portfolio to produce a =
strong=20
            second half as well.</P>
            <P class=3DmainParagraph><IMG height=3D309=20
            =
src=3D"http://www2.business.ku.edu/apm/images/q2_2007/perfchart_q2_2007.j=
pg"=20
            width=3D469><BR><BR><A id=3Dnic name=3Dnic></A><SPAN =
class=3Dstyle8><IMG=20
            height=3D70=20
            =
src=3D"http://www2.business.ku.edu/apm/images/q2_2007/nic_logo.gif"=20
            width=3D192 align=3Dright>Steve Kozvan and Eric Bur Discuss =
NIC,=20
            Inc.</SPAN></P>
            <P class=3Dauthor align=3Dleft>By Group 3: Matt Brunner, =
Scott Ferguson,=20
            Trevor Nohe, and Dieter Schrader</P>
            <P class=3DmainParagraph>On April 2, <STRONG>Steve =
Kozvan</STRONG>,=20
            Investor Relations and <STRONG>Eric Bur</STRONG>, CFO from =
NIC, Inc.=20
            (Ticker: EGOV) came to class to explain the advantages of =
their=20
            business model. NIC outsources state government Web portals =
under=20
            traditional long-term contracts with 19 states. =
Headquartered in=20
            Kansas City for 15 years, NIC dominates the eGovernment =
portal=20
            market as no other company runs more than one state portal=20
            contract.</P>
            <P class=3DmainParagraph>NIC=92s business model is focused =
on collecting=20
            a fee from end users for certain transactions processed =
through the=20
            NIC's portals. NIC provides websites for services such as =
driver=92s=20
            license and vehicle tag renewal, income tax filings, and =
hunting and=20
            fishing licenses. It's a win-win for NIC and the state as =
they split=20
            the revenue generated by the fees. The states get their web =
portals=20
            for free, and NIC gets a steady stream of revenue. A =
start-up portal=20
            generates revenue of $0.50 per capita within 9 months of =
startup at=20
            40% margins. The average revenue per capita across all =
portals is=20
            $1.20. The recurring revenue stream grows at 10-15% annually =
and=20
            accounts for 95% of all revenue. Market opportunity is the =
remaining=20
            31 states with an incremental population of 229 million. NIC =
has=20
            renewed every contract extension and competitive rebid. </P>
            <P class=3DmainParagraph>APM has generated a 30% return =
since its=20
            initial purchase in 2005. Group 5 of the Spring 2005 made =
the=20
            initial recommendation.</P>
            <P class=3DmainHeadingBlue align=3Dleft>&nbsp;</P>
            <P class=3DmainHeadingBlue align=3Dleft>&nbsp;</P>
            <P class=3DmainHeadingpagebreak align=3Dleft><A id=3Dcffn=20
            name=3Dcffn></A><IMG height=3D79=20
            =
src=3D"http://www2.business.ku.edu/apm/images/q2_2007/cffn_logo.gif"=20
            width=3D280 align=3Dright>Capitol Federal CEO John Dicus =
Visits APM;=20
            Gives Valuable Insight</P>
            <P class=3Dauthor align=3Dleft>By Group 5: Joe Bell, Ian =
Lang, &amp;=20
            Devin Schuster </P>
            <P class=3DmainParagraph>On April 2, <STRONG>John =
Dicus</STRONG>, CEO=20
            of Capitol Federal, visited APM and gave the class clarified =
some=20
            different aspects of the company. He began his presentation =
by=20
            discussing the corporate structure of Capitol Federal. He =
explained=20
            that a mutual holding company owns 70% of Capitol Federal =
Financial,=20
            with the remaining 30% held by public shareholders. The =
unique=20
            aspect of the mutual holding company is that it will not =
collect=20
            dividends unless it is necessary to fund any expenses =
incurred by=20
            the holding company, such as audit fees. What all of this =
means is=20
            that in order to calculate any per share figures, the 70% of =
shares=20
            owned by the mutual holding company should be omitted.</P>
            <P class=3DmainParagraph>Mr. Dicus then discussed the fact =
that ratios=20
            on sites such as Yahoo Finance! and MSN Money do not =
accurately=20
            represent the company because they are reported using =
without=20
            adjusting for the mutual holding company. Because the =
adjustment=20
            dramatically alters the number of shares outstanding, the =
P/E ratio=20
            falls from 60 to near 10. Adjusted P/B is also much lower =
than=20
            comparable companies. It became clear that the company was a =
much=20
            more of attractive investment than the class initially =
thought.</P>
            <P><SPAN class=3DmainParagraph>Finally, Mr. Dicus explained =
that what=20
            separates Capitol Federal from many of its competitors is =
its=20
            stringent policy for accepting clients for loans. He said =
that=20
            Capitol Federal looks at the client as a whole instead of =
just=20
            considering his/her credit score. Many things must be taken =
into=20
            account to ensure the customer is able to take on the loan =
and make=20
            payments in a timely manner, he explained. Because of this, =
the=20
            company often has the lowest number of defaults in the =
banking=20
            industry. Credit risk is not an issue that Capitol Federal =
wants to=20
            be concerned with, which is obviously very beneficial during =
this=20
            difficult time of sub-prime lending. Overall, Dicus gave the =

            impression that he is very well suited for his role as CEO =
of a=20
            company as successful as Capitol Federal, and his visit =
certainly=20
            turned out to be a valuable learning experience for the APM=20
            class.</SPAN> </P>
            <P class=3DmainHeading><A name=3Dspeakers></A>Q2 APM =
Speakers </P>
            <P class=3DmainParagraph><IMG height=3D283=20
            =
src=3D"http://www2.business.ku.edu/apm/images/q2_2007/matlack.jpg"=20
            width=3D225 align=3Dright>A special thanks to all our =
speakers for Q2=20
            2007.</P>
            <P class=3DmainParagraph><STRONG>Terry Matlack </STRONG>and=20
            <STRONG>James Mick</STRONG> (APM F99)of Tortoise Capital =
Advisors=20
            visited on April 16. </P>
            <P class=3DmainParagraph><STRONG>Mark Fleischhauer</STRONG>, =
VP=20
            Jayhawk Capital, called in from Hong Kong on April 9. --- 6 =
a.m. his=20
            time! </P>
            <P class=3DmainParagraph><STRONG>Pat Dunkerly</STRONG>, PM, =
Scout Fund=20
            visited on March 26 with asst. PM <STRONG>Derek =
Smashey</STRONG>(APM=20
            F04) and analyst <STRONG>Tim Burger</STRONG>(APM S05) </P>
            <P class=3DmainParagraph>&nbsp;</P>
            <P class=3DmainHeading>&nbsp;</P>
            <P class=3DmainHeading><A name=3Dopp></A>Opportunity for the =
Right=20
            Person</P>
            <P><SPAN class=3DmainParagraph>Five Elms Capital =
(www.fiveelms.com), a=20
            Kansas City-based private equity<BR>firm founded by =
<STRONG>Fred=20
            Coulson </STRONG>(APM S97), is looking for Senior Associates =
and=20
            Analysts<BR>to join its growing team of investment =
professionals. If=20
            interested, please<BR>email Fred at=20
            fred.coulson@thlpv.com.</SPAN></P>
            <P class=3DmainHeadingBlue align=3Dleft><A =
name=3Dalums></A>Alumni News=20
            </P>
            <P class=3DmainParagraph><STRONG>Josh Selzer </STRONG>(APM =
F96) and=20
            Karin had their 5th child in April. Genevieve Grace Selzer =
and we=20
            are all doing well. The other Selzer's are Carter (8), Ava =
(7),=20
            Wilson (4), and Luke (2).</P>
            <P class=3DmainParagraph><STRONG>Marc Schmenner</STRONG> =
(APM F06)=20
            finished his internship at the M&amp;A Department of =
Lufthansa. He=20
            was part of the team that sold Lufthansa's stake in European =
Travel=20
            Agency Thomas Cook for =80800m to Karstadt-Quelle.</P>
            <P class=3DmainParagraph><STRONG>Trevor Nohe </STRONG>(APM =
S07)=20
            accepted a job as a Credit Analyst at LaSalle Bank in =
Chicago. </P>
            <P class=3DmainParagraph><STRONG>Patrick Nehls </STRONG>(APM =
S06)=20
            accepted a position with Ronin Capital in Chicago as an =
Options=20
            Trader.</P>
            <P class=3DmainParagraph><STRONG>Rex Reinhardt </STRONG>(APM =
S06) a=20
            position with ABMI as an analyst and business development=20
            partner.</P>
            <P class=3DmainParagraph><STRONG>Scott Jones </STRONG>(APM =
S95)and=20
            Susan Wofford were married on Jan 6, 2007 in a ceremony on =
the beach=20
            in Highland Beach, FL. </P>
            <P class=3DmainParagraph><STRONG>Justin Simpson =
</STRONG>(APM S03)=20
            worked in Merrill Lynch's Hong Kong office in Equity Capital =
Markets=20
            (ECM) for the past 3 years. He was responsible for the =
origination=20
            and execution of equity and equity-linked offerings. He =
recently=20
            changed groups and now works in the equity-linked group =
dealing with=20
            structured products and derivatives, including convertible=20
bonds.</P>
            <P class=3DmainParagraph><STRONG>Guanqun (Queena) =
Tao</STRONG> (APM=20
            F06) is a Financial Analyst at NovaStar Financial in Kansas =
City,=20
            MO. <BR></P>
            <P class=3DmainParagraph><STRONG>Alums send us your news!=20
</STRONG></P>
            <P class=3DmainParagraph>&nbsp;</P>
            <P class=3DmainParagraph><SPAN class=3DmainHeading><A=20
            name=3Ddonors></A>Thanks to all our Recent =
Donors!</SPAN></P>
            <TABLE cellSpacing=3D2 width=3D400 border=3D0>
              <TBODY>
              <TR class=3Dstyle1>
                <TD class=3Ddonor>David Reynoldson </TD>
                <TD class=3Ddonor>Josh Selzer </TD></TR>
              <TR class=3Dperformancetotal>
                <TD class=3Ddonor>Charles and Marie McCarthy</TD>
                <TD>Fred Coulson </TD></TR>
              <TR class=3Dperformancetotal>
                <TD>Kimberly and Gene Diederich</TD>
                <TD><SPAN class=3Ddonor>Teal Dakan</SPAN></TD></TR>
              <TR class=3Dperformancetotal>
                <TD><SPAN class=3Ddonor>Jim and Julie Colahan =
</SPAN></TD>
                <TD class=3Ddonor>Jon Blumb</TD></TR>
              <TR class=3Dperformancetotal>
                <TD><SPAN class=3Ddonor>Scott F. Jones </SPAN></TD>
                <TD class=3Ddonor>Todd and Colleen Preheim</TD></TR>
              <TR class=3Dperformancetotal>
                <TD><SPAN class=3Ddonor>Jim and Nancy =
MacMurray</SPAN></TD>
                <TD>Amos Smith </TD></TR>
              <TR class=3Dperformancetotal>
                <TD>Simon Michael </TD>
                <TD>John Katzer </TD></TR>
              <TR class=3Dperformancetotal>
                <TD>Bart Baldwin </TD>
                <TD>Hugh Gill </TD></TR>
              <TR class=3Dperformancetotal>
                <TD>William Hannen </TD>
                <TD>Sydney Pohl </TD></TR>
              <TR class=3Dperformancetotal>
                <TD>Greg Baugh </TD>
                <TD>Andrew Steinbach </TD></TR>
              <TR class=3Dperformancetotal>
                <TD>Matt Taylor </TD>
                <TD>Charles Heath </TD></TR>
              <TR class=3Dperformancetotal>
                <TD>Harry Falk </TD>
                <TD>Thad Bolline </TD></TR>
              <TR class=3Dperformancetotal>
                <TD>Jade Shopp </TD>
                <TD>Jeff Morrison</TD></TR>
              <TR class=3Dperformancetotal>
                <TD>Joan Huber </TD>
                <TD>Joseph Searle </TD></TR>
              <TR class=3Dperformancetotal>
                <TD>Tim Burger </TD>
                <TD>Brianna Kelly </TD></TR>
              <TR class=3Dperformancetotal>
                <TD>Jonathan Berkley </TD>
                <TD>Stephen Lane</TD></TR>
              <TR class=3Dperformancetotal>
                <TD>Jamie Melzer </TD>
                <TD>Jason Mitchell</TD></TR>
              <TR class=3Dperformancetotal>
                <TD>Megan Wood </TD>
                <TD>Gary Abernathy </TD></TR>
              <TR class=3Dperformancetotal>
                <TD>Al Simmons </TD>
                <TD>Michael Atkins </TD></TR>
              <TR class=3Dperformancetotal>
                <TD>Jennifer Short Drago </TD>
                <TD>Mike Michaelis </TD></TR>
              <TR class=3Dperformancetotal>
                <TD>Greg Greenberg </TD>
                <TD>Carol Hiesberger </TD></TR>
              <TR class=3Dperformancetotal>
                <TD>Francis Jones </TD>
                <TD>Simon J. Michael </TD></TR>
              <TR class=3Dperformancetotal>
                <TD>Jason Purinton </TD>
                <TD>Tom Ruff </TD></TR>
              <TR class=3Dperformancetotal>
                <TD>Mako Shimoda </TD>
                <TD>Bob Taylor </TD></TR></TBODY></TABLE>
            <P class=3DmainParagraph>Thank you for your continued =
support! Help=20
            build a new Business School! <A=20
            =
href=3D"http://www2.business.ku.edu/apm/newsletter/q1-07/q1-07.htm#gift">=
More=20
            information about the Challenge Grant for the new building =
is=20
            here</A>. </P>
            <P class=3DmainParagraph><A name=3Dcontribute></A>If you =
would like to=20
            donate, send your contributions to <BR><BR><SPAN=20
            class=3Dsmalltext>School of Business Endowment<BR>Applied =
Portfolio=20
            Management<BR>c/o Gregory J. Lamb <BR>KU School of =
Business<BR>1300=20
            Sunnyside Avenue<BR>Lawrence, Kansas 66045-7585</SPAN></P>
            <P class=3DmainParagraph>&nbsp;</P>
            <P=20
        class=3DmainParagraph><BR></P><!-- InstanceEndEditable =
--></TD></TR></TBODY></TABLE>
      <TABLE width=3D"100%" border=3D0>
        <TBODY>
        <TR>
          <TD class=3Dcopyright vAlign=3Dcenter align=3Dmiddle>Copyright =
2004,=20
            Applied Portfolio Management Program<BR>University of Kansas =
School=20
            of Business</TD></TR></TBODY></TABLE></TD>
    <TD class=3Drightpane vAlign=3Dtop align=3Dleft>
      <P>&nbsp;</P></TD>
    <TD><IMG height=3D167 alt=3D""=20
      =
src=3D"http://www2.business.ku.edu/apm/newsletter/templates/spacer.gif"=20
      width=3D1 border=3D0></TD></TR></TBODY></TABLE><!-- InstanceEnd =
--></BODY></HTML>

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------=_NextPart_000_0000_01C7EBBF.3B4A8990
Content-Type: text/css;
	charset="iso-8859-1"
Content-Transfer-Encoding: quoted-printable
Content-Location: http://www2.business.ku.edu/apm/css/apm_styles.css

.leftpane {
	BORDER-RIGHT: #666666 1px solid; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; =
FONT-SIZE: 10px; BACKGROUND-IMAGE: url(left_bgnd.jpg); PADDING-BOTTOM: =
0px; PADDING-TOP: 0px; BACKGROUND-REPEAT: repeat-x; FONT-FAMILY: Tahoma, =
Verdana, Arial
}
.toppane {
	BORDER-BOTTOM: #666666 1px solid; FONT-FAMILY: Verdana, Tahoma, Arial; =
BACKGROUND-COLOR: #990000
}
.headingsub {
	FONT-WEIGHT: bold; FONT-SIZE: 10px; COLOR: #cccccc; FONT-FAMILY: =
Verdana, Tahoma, Arial
}
.topright {
	BACKGROUND-POSITION: right top; BACKGROUND-IMAGE: =
url(topright_bgnd.jpg); BACKGROUND-REPEAT: repeat-y; BACKGROUND-COLOR: =
#990000
}
.topleft {
	BACKGROUND: url(topleft_watermark.jpg) #990000 fixed no-repeat right =
top
}
.title1 {
	FONT-WEIGHT: bold; FONT-SIZE: 24px; COLOR: #cccccc; FONT-FAMILY: =
Tahoma, Verdana, Arial
}
.rightpane {
	BACKGROUND-POSITION: left top; FONT-SIZE: 10px; BACKGROUND-IMAGE: =
url(rightpane.gif); BORDER-LEFT: #666666 1px solid; BACKGROUND-REPEAT: =
no-repeat; FONT-FAMILY: Tahoma, Verdana, Arial; BACKGROUND-COLOR: =
#cccccc
}
.leftnewsheading {
	PADDING-LEFT: 1px; FONT-SIZE: 12px; COLOR: #ffffff; FONT-FAMILY: =
Verdana, Tahoma, Arial; BACKGROUND-COLOR: #666666
}
.leftsubheading {
	PADDING-RIGHT: 0px; PADDING-LEFT: 2px; FONT-SIZE: 10px; PADDING-BOTTOM: =
0px; COLOR: #000000; PADDING-TOP: 0px; FONT-FAMILY: Tahoma, Verdana, =
Arial
}
.copyright {
	FONT-SIZE: 9px; COLOR: #666666; FONT-FAMILY: Tahoma, Verdana, Arial
}
A:link {
	COLOR: #666699; TEXT-DECORATION: none
}
A:hover {
	COLOR: #666699; TEXT-DECORATION: underline
}
A:visited {
	COLOR: #666699; TEXT-DECORATION: none
}
bodyHeading {
	FONT-SIZE: 14px; WORD-SPACING: 5px; FONT-FAMILY: Verdana, Tahoma, Arial
}
mainHeading {
	FONT-SIZE: 18px; FONT-FAMILY: Verdana, Tahoma, Arial
}
.mainHeading {
	FONT-SIZE: 18px; WORD-SPACING: 7px; COLOR: #333333; BORDER-BOTTOM: =
#999999 1px solid; FONT-FAMILY: Verdana, Tahoma, Arial; LETTER-SPACING: =
4px
}
.mainParagraph {
	PADDING-RIGHT: 3px; PADDING-LEFT: 3px; FONT-SIZE: 12px; PADDING-BOTTOM: =
1px; COLOR: #000000; TEXT-INDENT: 1em; PADDING-TOP: 1px; FONT-FAMILY: =
Tahoma, Verdana, Arial; TEXT-ALIGN: justify
}
.portperformtitle {
	FONT-WEIGHT: bold; FONT-SIZE: 14px; LEFT: 0px; COLOR: #333333; =
BORDER-BOTTOM: #666666 1px solid; FONT-FAMILY: Verdana, Tahoma, Arial
}
.performancetotal {
	BORDER-TOP: #666666 1px solid; FONT-SIZE: 11px; FONT-FAMILY: Tahoma, =
Verdana, Arial
}
.performancefulltable {
	BORDER-RIGHT: #666666 1px solid; BORDER-TOP: #666666 1px solid; =
BORDER-LEFT: #666666 1px solid; BORDER-BOTTOM: #666666 1px solid
}
.author {
	FONT-SIZE: 10pt; WORD-SPACING: 7px; COLOR: #333333; TEXT-INDENT: 3em; =
FONT-FAMILY: Verdana, Tahoma, Arial; LETTER-SPACING: 3px
}
.subtitle {
	FONT-WEIGHT: bold; FONT-SIZE: 11pt; COLOR: #666666; FONT-STYLE: normal; =
FONT-FAMILY: Verdana, Tahoma, Arial
}
.mainHeadingpagebreak {
	FONT-SIZE: 18px; PAGE-BREAK-BEFORE: always; WORD-SPACING: 7px; COLOR: =
#333333; BORDER-BOTTOM: #999999 1px solid; FONT-FAMILY: Verdana, Tahoma, =
Arial; LETTER-SPACING: 4px
}
.caption {
	FONT-WEIGHT: bold; FONT-SIZE: x-small; FONT-STYLE: normal; FONT-FAMILY: =
Verdana, Tahoma, Arial, sans-serif
}
.link {
	FONT-WEIGHT: bold; FONT-SIZE: small; COLOR: #0066ff; FONT-FAMILY: =
Verdana, Tahoma, sans-serif; TEXT-DECORATION: underline
}
.perfomancelink {
	BORDER-TOP: #666666 1px solid; FONT-WEIGHT: bolder; FONT-SIZE: 11px; =
COLOR: #0066cc; FONT-FAMILY: Tahoma, Verdana, Arial; TEXT-DECORATION: =
underline
}
.list {
	PADDING-RIGHT: 3px; PADDING-LEFT: 3px; FONT-WEIGHT: lighter; =
LIST-STYLE-POSITION: inside; FONT-SIZE: 12px; PADDING-BOTTOM: 1px; =
COLOR: #000066; TEXT-INDENT: 5em; PADDING-TOP: 1px; FONT-FAMILY: Tahoma, =
Verdana, Arial; LIST-STYLE-TYPE: disc; POSITION: relative; TOP: auto; =
TEXT-ALIGN: justify
}
.smallpurplelink {
	FONT-SIZE: 10px; COLOR: #666699; FONT-STYLE: normal; FONT-FAMILY: =
Verdana, Tahoma, Arial; TEXT-DECORATION: none
}
.smalltext {
	FONT-SIZE: 10px; FONT-STYLE: normal; FONT-FAMILY: Verdana, Tahoma, =
Arial
}
.smallpurplelink A:hover {
	TEXT-DECORATION: underline
}
A.smallpurplelink:hover {
	TEXT-DECORATION: underline
}
.mainHeadingBlue {
	FONT-SIZE: 18px; WORD-SPACING: 7px; COLOR: #000066; BORDER-BOTTOM: =
#999999 1px solid; FONT-FAMILY: Verdana, Tahoma, Arial; LETTER-SPACING: =
4px
}
.donor {
	BORDER-RIGHT: 0px; BORDER-TOP: #666666 0px; FONT-SIZE: 11px; =
BORDER-LEFT: 0px; BORDER-BOTTOM: 0px; FONT-FAMILY: Tahoma, Verdana, =
Arial
}
.golfheader {
	FONT-WEIGHT: bold; FONT-SIZE: x-large; TEXT-TRANSFORM: capitalize; =
COLOR: #000066; FONT-STYLE: normal; FONT-FAMILY: Verdana, Tahoma, Arial, =
sans-serif; TEXT-ALIGN: center; FONT-VARIANT: normal
}
.golfsubheader {
	FONT-WEIGHT: normal; FONT-SIZE: large; TEXT-TRANSFORM: capitalize; =
COLOR: #970f1d; FONT-STYLE: normal; FONT-FAMILY: Verdana, Tahoma, Arial, =
sans-serif; TEXT-ALIGN: center; FONT-VARIANT: normal
}
.golfmain {
	FONT-WEIGHT: bold; FONT-SIZE: 14px; WORD-SPACING: 7px; COLOR: #000066; =
BORDER-BOTTOM: #999999 thin; FONT-FAMILY: Verdana, Tahoma, Arial; =
LETTER-SPACING: 4px; TEXT-ALIGN: center
}
.researchlist {
	FONT-SIZE: small; COLOR: #000033; FONT-STYLE: normal; FONT-FAMILY: =
Verdana, Tahoma, Arial, sans-serif; HEIGHT: auto; TEXT-ALIGN: left
}

------=_NextPart_000_0000_01C7EBBF.3B4A8990--
