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      <TABLE height=3D"15%" cellSpacing=3D0 cellPadding=3D0 =
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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>4th Quarter=20
            2004</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
      width=3D1 border=3D0></TD></TR>
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    <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/q4-04/apm_qr-04.htm#bs=
chool">Help=20
              Build B-school</A>=20
              <LI><A=20
              =
href=3D"http://www2.business.ku.edu/apm/newsletter/q4-04/apm_qr-04.htm#ag=
e">A.=20
              G. Edwards &amp; APM</A>=20
              <LI><A=20
              =
href=3D"http://www2.business.ku.edu/apm/newsletter/q4-04/apm_qr-04.htm#fi=
nal">APM=20
              Final</A>=20
              <LI><A=20
              =
href=3D"http://www2.business.ku.edu/apm/newsletter/q4-04/apm_qr-04.htm#po=
rtperf">Portfolio=20
              Performance</A>=20
              <LI><A=20
              =
href=3D"http://www2.business.ku.edu/apm/newsletter/q4-04/apm_qr-04.htm#gr=
oup2">Profile=20
              Group 2</A>=20
              <LI><A=20
              =
href=3D"http://www2.business.ku.edu/apm/newsletter/q4-04/apm_qr-04.htm#gr=
oup3">Profile=20
              Group 3</A>=20
              <LI><A=20
              =
href=3D"http://www2.business.ku.edu/apm/newsletter/q4-04/apm_qr-04.htm#St=
ockupdate">Quick=20
              Stock Updates</A>=20
              <LI><A=20
              =
href=3D"http://www2.business.ku.edu/apm/newsletter/q4-04/apm_qr-04.htm#Br=
iefs">Alumni=20
              Briefs</A>=20
              <LI><A=20
              =
href=3D"http://www2.business.ku.edu/apm/newsletter/q4-04/apm_qr-04.htm#do=
nor">Donor=20
              Honor Roll </A></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><!-- InstanceBeginEditable =
name=3D"Beginning" -->
            <P class=3DmainHeading>Portfolio Performance Report</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><STRONG>2004 Total =
Return</STRONG></DIV></TD>
                <TD class=3Dperformancetotal width=3D106>
                  <DIV align=3Dcenter><STRONG>3rd Q =
Return</STRONG></DIV></TD>
                <TD class=3Dperformancetotal width=3D111>
                  <DIV align=3Dcenter><STRONG>4th Q Return =
</STRONG></DIV></TD></TR>
              <TR>
                <TD class=3Dperformancetotal><STRONG>SP500</STRONG></TD>
                <TD class=3Dperformancetotal>
                  <DIV align=3Dcenter>9.0%</DIV></TD>
                <TD class=3Dperformancetotal>
                  <DIV align=3Dcenter>-2.3%</DIV></TD>
                <TD class=3Dperformancetotal>
                  <DIV align=3Dcenter>8.7%</DIV></TD></TR>
              <TR>
                <TD class=3Dperformancetotal><STRONG>SP600</STRONG></TD>
                <TD class=3Dperformancetotal>
                  <DIV align=3Dcenter>21.6%</DIV></TD>
                <TD class=3Dperformancetotal>
                  <DIV align=3Dcenter>-1.6%</DIV></TD>
                <TD class=3Dperformancetotal>
                  <DIV align=3Dcenter>12.8%</DIV></TD></TR>
              <TR>
                <TD =
class=3Dperformancetotal><STRONG>NASDAQ</STRONG></TD>
                <TD class=3Dperformancetotal>
                  <DIV align=3Dcenter>8.6%</DIV></TD>
                <TD class=3Dperformancetotal>
                  <DIV align=3Dcenter>-7.4%</DIV></TD>
                <TD class=3Dperformancetotal>
                  <DIV align=3Dcenter>14.7%</DIV></TD></TR>
              <TR>
                <TD class=3Dperformancetotal><STRONG>APM</STRONG></TD>
                <TD class=3Dperformancetotal>
                  <DIV align=3Dcenter>17.8%</DIV></TD>
                <TD class=3Dperformancetotal>
                  <DIV align=3Dcenter>5.1%</DIV></TD>
                <TD class=3Dperformancetotal>
                  <DIV align=3Dcenter>6.7%</DIV></TD></TR>
              <TR>
                <TD =
class=3Dperformancetotal><STRONG>APM-adjusted</STRONG></TD>
                <TD class=3Dperformancetotal>
                  <DIV align=3Dcenter><STRONG>12.5%</STRONG></DIV></TD>
                <TD class=3Dperformancetotal>
                  <DIV align=3Dcenter><STRONG>5.1%</STRONG></DIV></TD>
                <TD class=3Dperformancetotal>
                  <DIV =
align=3Dcenter><STRONG>6.7%</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=3DmainHeadingBlue><A name=3Dbschool></A>APM and =
Friends Helping=20
            with New B-School Building</P>
            <P class=3DmainParagraph>The Applied Portfolio Management =
program is=20
            excited that we will be helping build support and funding =
for a new=20
            KU School of<IMG height=3D179=20
            =
src=3D"http://www2.business.ku.edu/apm/images/summerfield.jpg"=20
            width=3D258 align=3Dright> Business building. Kent has =
offered to match=20
            any donations to the APM portfolio made by alumni of the =
class on a=20
            two-for-one basis and by others on a one-to-one basis up to =
a=20
            cumulative total of $500,000. Kent=92s offer is to encourage =

            contributions into the APM fund to support our long-term =
objective=20
            of attracting sufficient funding to construct the new =
business=20
            school building. To date, more than $150,000 has been =
pledged to=20
            this effort by friends and alumni of APM. APM will invest =
those=20
            contributed funds until fundraising has been completed for =
the new=20
            building. Then, we will use those contributions as general =
support=20
            for the new facility.</P>
            <P class=3DmainParagraph>The Emprise Financial Corporation =
and=20
            Chairman Mike Michaelis have committed $125,000 over a =
five-year=20
            period for APM and the building project challenge issued by =
Kent.=20
            The students in this semester's APM class are excited and =
humbled by=20
            the challenge to make the best use of these funds that have =
been=20
            entrusted to them. I would like to thank Emprise, the =
Michaelis',=20
            and all of our contributors for their continued support. =
</P>
            <P class=3DmainParagraph>It's not too late to send in your =
donation.=20
            Please make your check payable to the KU Endowment =
Association and=20
            note APM in the memo line. If you would like to talk with =
someone=20
            about this opportunity or the plans for the building, please =
contact=20
            the Dean at (785) 864-7575 or bfuerst@ku.edu or Greg Lamb,=20
            development director, at (785) 832-7462 or =
glamb@kuendowment.org. We=20
            would be delighted to hear from you.</P>
            <P class=3DmainHeading>Save the date - September 16, 2005 =
APM Golf=20
            Tournament</P>
            <P class=3DmainParagraph>We're planning a fun weekend with a =
golf=20
            tournament in Lawrence and KU football. We hope to see lots =
of alums=20
            and friends of the class. You'll be receiving lots more =
information=20
            as the date gets closer. </P>
            <P class=3DmainHeading><A name=3Dage></A>A.G. Edwards &amp; =
APM </P>
            <P class=3Dauthor>by Group 4: Doug Briggs, Leo Tolkachev, =
Diana=20
            (Mei-Yin) Lu, Megan Parker</P>
            <P class=3DmainParagraph>If it weren=92t for A.G. Edwards =
and the very=20
            special people there, KU=92s APM class would be left out in =
the cold.=20
            <STRONG>Gene Diederich</STRONG><IMG height=3D142=20
            =
src=3D"http://www2.business.ku.edu/apm/images/genod_pic2-14-05.JPG"=20
            width=3D135 align=3Dright>, Midwest Regional Manager, =
<STRONG>Al=20
            Simmons</STRONG>, our AGE broker is the =93behind the =
scenes=94=20
            individual that manages trades for the APM Portfolio and =
provides=20
            lots of helpful advice. Gene Diederich graduated from the =
University=20
            of Kansas with a degree in Business Administration and =
Accounting.=20
            He also is a good friend and fraternity brother of Kent =
McCarthy,=20
            and went to work with Kent at KPMG in Kansas City in 1981. =
He later=20
            was recruited by Bob Stinson, the local A.G. Edwards =
manager, to his=20
            hometown of Salina where he began as a retail broker. In =
1999, Gene=20
            began managingthe Overland Park office, and became the =
Midwest=20
            Regional Manager in 2003.</P>
            <P class=3DmainParagraph>Al Simmons graduated with a =
mechanical=20
            engineering degree from KU in 1983. He went to work at Black =
&amp;=20
            Veatch in the area of business development. During this =
time, he and=20
            his wife lived in Kansas City, Washington DC, and Silicon =
Valley.=20
            When Gene Diederich moved to Kansas City, he recruited Al to =
join=20
            him at A.G. Edwards. </P>
            <P class=3DmainParagraph>As mentioned before, Gene and Kent =
have been=20
            long time friends and have always stayed in touch and shared =
ideas.=20
            For Gene, =93when [he] discovered [Kent] was going to teach =
a class,=20
            [he] knew it would be the best continuing education [he] =
could find=20
            as a broker. He also knew it would be a source of soundly =
researched=20
            ideas.=94 So he drove from Salina once a week to attend the =
first APM=20
            class Kent taught. Through the years both Gene and Al have =
attended=20
            the class off and on, sometimes making presentations to the =
class.=20
            They =93began providing brokerage services for the APM =
account as the=20
            program grew and unique trading issues from time to time =
came come=20
            up (short sales, margin, international securities, etc.).=94 =
In=20
            addition to executing the class=92s buy/sell orders and the =
occasional=20
            presentation to the class, Gene and Al have arranged tours =
at the=20
            A.G. Edwards headquarters in St. Louis for the last two =
years. </P>
            <P class=3DmainParagraph>This semester, the class made the =
trip on=20
            December 3 and it was a very exciting, interesting and =
helpful tour=20
            for the students.The<IMG height=3D102=20
            =
src=3D"http://www2.business.ku.edu/apm/images/agebuilding.jpg"=20
            width=3D174 align=3Dright> class rented a van from KU for =
the trip,=20
            which carried <STRONG>Joan Huber</STRONG>, our TA, and six =
students.=20
            Professor Shenoy and another three students arrived on their =
own.=20
            Everybody arrived at A.G. Edwards at 12:30 and had lunch in =
the=20
            cafeteria. The tour started at 1:30 with <STRONG>Darrell =
Collins=20
            </STRONG>serving as host. First, the students visited the AG =
Edwards=20
            TV studio. The video communications specialist, <STRONG>Tim=20
            O=92Brien</STRONG>, explained in clear and concise detail =
the nature=20
            of the equipment and the purpose of the studio. It is =
designed to=20
            connect branch offices all over the nation, and makes it =
possible=20
            for analysts to answer clients=92 questions without =
traveling to their=20
            locations.</P>
            <P class=3DmainParagraph>Second, the students visited the =
bond trading=20
            and Nasdaq trading sections. Jim Hodapp and Frank Childress, =
the=20
            vice presidents of each section, talked about their work and =
the=20
            trading procedures. It was interesting to see how the trades =
take=20
            place in the real world. Every trader has multiple monitors =
to keep=20
            an eye on all the information available.</P>
            <P class=3DmainParagraph>Next, there was a meeting with =
securities=20
            research analysts <STRONG>Scott Wren</STRONG> and =
<STRONG>Alex=20
            Hittle</STRONG>. Both of them spoke, starting with a =
macroeconomic=20
            picture and moving to a more specific industry breakdown. =
They have=20
            to project the economic environment 12 to 15 months ahead of =
time=20
            and make quantitative models to estimate stock price =
projections. In=20
            addition, they do worst and best case scenarios, assessing =
the=20
            possibility for bad and good things to happen to evaluate =
what the=20
            risks and the rewards of the investments might be.</P>
            <P class=3DmainParagraph>Students then meet with an =
investment banker,=20
            <STRONG>Adam Woodard</STRONG>, who also is a KU grad. Adam =
talked=20
            about the primary nature of the work he and his colleagues =
do, that=20
            being to create investment products for brokers to sell. =
Therefore,=20
            it=92s a very sell- and marketing- oriented job. Only people =
with=20
            specific backgrounds and skill-sets have a chance to become =
an=20
            investment banker.</P>
            <P class=3DmainParagraph>The last person students talked to =
was the=20
            employment manager, <STRONG>Bill Snyder</STRONG>. He talked =
about=20
            the job requirements and also the specific skills the =
company is=20
            interested in. For example, they would like to hire new =
employees=20
            with more accounting backgrounds, strong computer skills, =
and strong=20
            writing skills, etc. </P>
            <P class=3DmainParagraph>The site tour finished at 4:30, and =
the APM=20
            group went out for dinner at a restaurant called Blueberry =
Hill with=20
            APM alum <STRONG>Scott Jones</STRONG>. There the students =
reflected=20
            on the experiences they shared during the trip, and all =
agreed the=20
            trip was very beneficial and a great success. </P><SPAN=20
            class=3DmainHeading>Breaking News - Diederich =
Promoted</SPAN>=20
            <P class=3Dportperformtitle>Diederich named director of =
branches for=20
            A.G. Edwards </P>
            <P class=3DmainParagraph><STRONG>Gene Diederich</STRONG> =
will become=20
            director of branches for A.G. Edwards Inc. effective March =
1.</P>
            <P class=3DmainParagraph>Diederich, 45, has been with the =
company for=20
            21 years, most currently as the company's mid-central =
regional=20
            officer, overseeing 63 branch offices in Iowa, Kansas, =
Minnesota,=20
            Nebraska, North Dakota, Oklahoma, South Dakota and western =
Missouri.=20
            He will relocate to St. Louis from Overland Park, Kan.</P>
            <P class=3DmainParagraph>As director of branches, Diederich =
will=20
            oversee the firm's network of more than 700 branch offices =
and 6,900=20
            financial consultants nationwide and in Europe. He will also =
join=20
            the company's executive committee.</P>
            <P class=3DmainParagraph>Reported by the St. Louis Business =
Journal on=20
            February 2. </P>
            <P class=3DmainParagraph><BR><SPAN class=3DmainHeading><A=20
            name=3Dfinal></A>The APM =93Final=94</SPAN> </P>
            <P class=3Dauthor>by Group 1 : Michelle Neely, Gordon Wood, =
Mark=20
            Sedlak, Flori Rodrigues</P>
            <P class=3DmainParagraph>After four months of hard work, we =
ended the=20
            semester at the Fox &amp; the Hound Bar &amp; Grill where =
the class=20
            enjoyed dinner, drinks, and awards. Once the meal was<IMG =
height=3D146=20
            src=3D"http://www2.business.ku.edu/apm/images/f04_final.jpg" =
width=3D269=20
            align=3Dright> complete, awards portion of the evening =
followed in=20
            which those people and groups with =93notable=94 =
performances during the=20
            semester were recognized. The Magnetic Personality Award was =
given=20
            to both <STRONG>Jamie Wilson </STRONG>and <STRONG>Blake=20
            Adams</STRONG>. The Where in the World Award was given to=20
            <STRONG>Brad Thies</STRONG>. <STRONG>Leo Tolkachev =
</STRONG>was=20
            awarded with the Ming Award for looking smart. </P>
            <P class=3DmainParagraph>The Lost Shirts Award was given to =
Group 1=20
            for their suggestion of adding TSCO to the portfolio, =
because TSCO=20
            dropped from $36/share to $32/share shortly after their=20
            presentation. Group 1 was also awarded the Pump It Up Award =
for=20
            hyping TSCO. The Poker Face Award was given to =
<STRONG>Patrick=20
            Fox</STRONG> because he always forgot to put it on before =
class=20
            started and was picked on quite frequently. Group 2 was =
given the=20
            Dinosaur Award for starting the semester strong but fading =
out in=20
            the end. Group 3 was given the Hot Dog Award=85they were by =
far the=20
            outstanding performers of the semester. Group 4 was given =
the Soap=20
            Opera Award after changes were made to their group several =
times=20
            throughout the semester. <IMG height=3D161=20
            =
src=3D"http://www2.business.ku.edu/apm/images/f04_awards.jpg"=20
            width=3D191 align=3Dright><STRONG>Derrick Smashey =
</STRONG>was presented=20
            with the Asks the Best Question Award for asking the right =
questions=20
            but not always getting the answers he was searching for. The =
Geritol=20
            Award was given to <STRONG>Jason Riley</STRONG> for =
consistently=20
            being late to class. The Hugh Gill Award was given to =
<STRONG>Alex=20
            Kupfer </STRONG>for his slick personality and his slick =
hair.=20
            <STRONG>Diana Lu </STRONG>was given the Keep it Locked Up =
Award for=20
            the most =93Hold=94 votes, while the Money to Burn Award was =
given to=20
            <STRONG>Michelle Neely </STRONG>for voting to add the most =
new=20
            stocks to the portfolio. Finally, <STRONG>Megan Parker =
</STRONG>was=20
            awarded with the Out with the Old Award for voting most =
often to=20
            sell stocks in the portfolio. </P>
            <P><SPAN class=3DmainParagraph>We also wanted to give a big =
thanks to=20
            <STRONG>Joan Huber </STRONG>and <STRONG>David Brown =
</STRONG>for=20
            being the teaching assistants this semester. </SPAN><BR></P>
            <P class=3DmainHeading><A name=3Dportperf></A>APM Portfolio=20
            Performance</P>
            <P class=3Dauthor>by Group 3: Scott Renze, Andrew Moore, =
Derek=20
            Smashey, Jason Riley </P>
            <P class=3DmainParagraph>The APM portfolio ended Q4 at =
$750,128, up=20
            $53,253 over the last three months. This equates to a =
positive=20
            return of 6.7% compared to fourth quarter returns of between =
8.7%=20
            and 14.7% for the major market indices. Our 2004 annual =
return of=20
            11.1% slightly trailed the Value Line index, but beat the =
S&amp;P=20
            500 and NASDAQ indices.<IMG height=3D286=20
            =
src=3D"http://www2.business.ku.edu/apm/images/2004apmperformance.jpg"=20
            width=3D477 align=3Dright></P>
            <P class=3DmainParagraph>It once again was an active quarter =
with 23=20
            transactions compared to 12 in Q3. We closed our REIT short=20
            positions on October 28 to realize an overall return of 6.4% =
for the=20
            four-stock group. Other sales of note included unwinding our =
entire=20
            positions in H&amp;R Block (HRB) and Kroger (KR). We also =
pared down=20
            our share holdings of America Service Group (ASGR) by 81%,=20
            chinadotcom (CHINA) by 63%, and sohu.com (SOHU) by 57%.</P>
            <P class=3DmainParagraph>On the buy side, we added to our =
positions in=20
            Encore Acquisitions (EAC) and Novastar Financial (NFI) with =
an=20
            additional 100 shares each. We also significantly added to =
our=20
            position in China Green Holdings (904 on the Hong Kong =
exchange) by=20
            picking up an additional 75,000 shares in two separate =
transactions=20
            at an average price of $0.24.</P>
            <P class=3DmainParagraph>Several new additions were made to =
the=20
            portfolio this quarter. 100 shares of LKQ Corp (LKQX) were =
purchased=20
            on November 23 following a class vote. 100 shares of a third =
new=20
            holding, Elron Electronic Industries, were also added at the =

            suggestion of an APM alumnus.</P>
            <P><SPAN class=3DmainParagraph>Significant winners over the =
third=20
            quarter included a 51.7% increase in Spatialight Inc (HDTV), =
a 41.9%=20
            rise in Garmin (GRMN), and a 23.5% rise in Novastar =
Financial.=20
            (Unfortunately HDTV shares have since lost over 44% since =
the start=20
            of 2005.) Seven other holdings also experienced double-digit =
gains=20
            in the fourth quarter. Losers in the portfolio included LSB=20
            Industries (LXU) with a 14.3% drop, American Italian Pasta =
(PLB)=20
            with a 10.3% decline, and chinadotcom (CHINA) with a 7.4%=20
            decrease.</SPAN><BR></P>
            <P class=3DmainHeading><A name=3Dgroup2></A>Group 2 =
Profile</P>
            <P class=3Dauthor>Group 2: Brad Thies, Jamie Wilson, Blake =
Adams, Alex=20
            Kupfer, and Patrick Fox</P>
            <P><SPAN class=3DmainParagraph>Group 2 has four members. =
<STRONG>Brad=20
            Thies </STRONG>is finishing up his degree in Business and =
Accounting=20
            and will enter into the MAIS program at KU in the fall of =
2005.=20
            <STRONG>Blake Adams </STRONG>is in his final semester as an=20
            undergraduate in the Business program with a minor in =
Women=92s=20
            Studies. <STRONG>Jamie Wilson</STRONG>, <STRONG>Patrick Fox=20
            </STRONG>and <STRONG>Alex Kupfer </STRONG>are all looking to =
finish=20
            their degrees next May of 2005 in the Finance undergraduate=20
            program.</SPAN></P>
            <P class=3DmainParagraph>Going through the APM class all as=20
            undergraduates, our group had very limi<IMG height=3D151=20
            src=3D"http://www2.business.ku.edu/apm/images/f04_g2new.JPG" =
width=3D254=20
            align=3Dright>ted real world experience prior to class and =
we have all=20
            definitely seen our learning curve grow exponentially =
throughout=20
            each week of the semester. The first few weeks were spent =
with a few=20
            sleepless nights just trying to soak in this comprehensive =
class and=20
            it definitely shows later in the semester as we are much =
more=20
            confident and efficient with each new case that we present. =
After=20
            having the teaching assistants phone number on speed dial =
early on=20
            in the semester we have grown out of that habit of making =
that call=20
            for help by learning how to solve each cases obstacle our =
own=20
            creative way. After spending a lot of time working with each =
other=20
            we have grown to know everyone=92s strengths and weaknesses =
helping=20
            each other out along the way. Blake stated, =93a very =
valuable=20
            learning tool for me was pooling together all of our bits of =
insight=20
            and learning through group discussions by use of the =
Socratic=20
            method.=94</P>
            <P class=3DmainParagraph>The class brings in many =
professionals from a=20
            wide spectrum in the Finance profession to talk to the class =
which=20
            has opened up many avenues for our group members. Jamie has =
made=20
            countless trips to New York and Minneapolis during this =
semester in=20
            his job search in investment banking. =93Many speakers have =
been able=20
            to give me a better picture of the investment banking =
industry=20
            giving me more confidence in my interviews with different =
firms, as=20
            well as a few new contacts,=94 says Jamie. Recently he took =
a job with=20
            Piper Jaffray in Minneapolis, as he is very excited to get =
started=20
            in July of 2005. A few members of the group were also able =
to go out=20
            to lunch with a former APM student <STRONG>Matt =
Michaelis</STRONG>,=20
            currently the Vice President of Jeffrey Williams &amp; Co. =
in New=20
            York.</P>
            <P class=3DmainParagraph>Each group member started this =
class with=20
            very high expectations and we all feel that working together =
as a=20
            group and with the class teachers and guests that this class =
has=20
            exceeded our expectations. Each week was hard work but the =
hard work=20
            led to a continuous opportunity for each of us to gain a =
more=20
            understanding of the investment world. Patrick stated, =
=93Teachers and=20
            guests targeted us with a few uncomfortable questions in =
class that=20
            we sometimes struggled to find an answer but each question =
has=20
            always been a great learning experience for everyone.=94</P>
            <P class=3DmainParagraph>Overall, we discovered a risk =
reward when=20
            entering into this class. The risk is the time commitment =
and the=20
            fear of being put on the spot in front of class. The reward =
however=20
            overcame any risk that was associated with the class as we =
are all=20
            much more confident in ourselves when investing and have =
gained=20
            valuable relationships that may even help us out on Wall =
Street=20
            someday.<BR></P>
            <P class=3DmainHeading><A name=3Dgroup3></A>Group 3 =
Profile</P>
            <P><SPAN class=3Dauthor>Andrew (Andy) Moore</SPAN><BR><SPAN=20
            class=3DmainParagraph>A full-time MBA student in his third =
semester,=20
            Andy has changed directions from his undergraduate studies =
in=20
            computer science. He has been in networking engineering and =
software=20
            development over the last few years, but has always had an =
interest=20
            in investing and finance. This, Andy explains, is what led =
him to=20
            the KU MBA program.<SPAN class=3DmainHeading><IMG =
height=3D136=20
            =
src=3D"http://www2.business.ku.edu/apm/images/f04_g3crop.JPG"=20
            width=3D233 align=3Dright></SPAN></SPAN></P>
            <P class=3DmainParagraph>In his three semesters, he has =
taken nearly=20
            every finance course available, and the APM course was =
always a=20
            recommended option from other students. Andy commented, =93I =
have not=20
            been disappointed. The class has helped both my analysis and =
writing=20
            skills, and I plan to put them both to work in the future. I =

            encourage all MBA students interested in finance or the =
markets to=20
            give the APM class a try. It is a lot of work, but is =
certainly=20
            worth it.=94</P>
            <P><SPAN class=3Dauthor>Scott Renze</SPAN><BR><SPAN=20
            class=3DmainParagraph>An MBA candidate with a concentration =
in=20
            finance, Scott is on the investments and portfolio =
management track=20
            with a planned graduation in May 2005. He is currently =
employed at=20
            Burns &amp; McDonnell in Kansas City performing =
financial/technical=20
            modeling and resource planning for electric utilities =
nationwide. He=20
            plans to leverage his MBA and APM experience into a buy-side =
analyst=20
            role and eventually a portfolio management =
position.</SPAN></P>
            <P class=3DmainParagraph>Scott took this class with two =
goals in mind:=20
            to sharpen his skills in fundamental company analysis and =
test his=20
            resolve in making a career transition into the investments =
field. He=20
            has successfully achieved both. Scott commented, =93I =
learned a=20
            tremendous amount from the professors, the speakers, and my =
other=20
            team members. It was extremely interesting and valuable to =
be=20
            exposed to a range of investment strategies, from Jayhawk =
Capital=92s=20
            bottoms-up approach to the event-driven strategy of Todd =
Preheim and=20
            Scott Jones.=94</P>
            <P><SPAN class=3Dauthor>Jason Riley</SPAN><BR><SPAN=20
            class=3DmainParagraph>This was the capstone course for =
Jason=92s MBA.=20
            Entering the semester, he was leaning toward the commercial =
banking=20
            industry. However, after Scott Jones and Todd Preheim =
provided a=20
            more thorough understanding of the opportunities in the =
industry and=20
            four months of financial analysis and valuations, he changed =

            directions. He recently took a sell-side analyst role with=20
            Prudential Equity Group in Kansas City and will cover the =
airline=20
            industry. Jason explains, =93This is a great opportunity to =
get into=20
            the business. I am looking forward to building on what I =
have=20
            learned in the APM class. Hopefully, I can take advantage of =
a=20
            =91deep-cyclical=92 like LSB!=94</SPAN></P>
            <P><SPAN class=3Dauthor>Derek Smashey</SPAN><BR><SPAN=20
            class=3DmainParagraph>With career aspirations in portfolio =
management,=20
            Derek was looking to take as many investment courses as =
possible. He=20
            was also looking for a chance to apply his value-style of =
investing=20
            and to learn alternative investment strategies. Before =
taking the=20
            class, he sought the input of former students, and it became =
evident=20
            that APM offered this opportunity. Throughout the semester =
this=20
            assessment was certainly confirmed. More importantly, Derek =
says,=20
            =93The course has given me an excellent opportunity to apply =
the=20
            skills I already have and learn new insights into the =
investing=20
            process.=94<BR><BR>Finally, there were two things the all =
four team=20
            members felt were core to the APM experience:</SPAN></P>
            <P class=3DmainParagraph>=95 The guest speakers were =
excellent. Most=20
            were professional money managers offering insights on their=20
            investing thought processes and how the markets really work. =
Getting=20
            a few stock tips was a nice bonus too!</P>
            <P><SPAN class=3DmainParagraph>=95 The APM class is one of =
the few=20
            courses where students are required to work in teams for the =

            duration of the semester. This group adopted the =93Senior =
Analyst=94=20
            method for addressing company research with the leadership =
duties=20
            rotating each assignment. This method created an environment =
similar=20
            to many professional security analysis teams. Moreover, =
friendships=20
            were built along the way. </SPAN><BR></P>
            <P class=3DmainHeading><A name=3DStockupdate></A>Quick Stock =
Updates</P>
            <P class=3Dsubtitle><SPAN class=3DmainHeading>Placer Dome, =
Inc. (Ticker:=20
            PDG)<BR></SPAN><SPAN class=3Dauthor><SPAN =
class=3DmainParagraph><IMG=20
            height=3D36 =
src=3D"http://www2.business.ku.edu/apm/images/pdglogo.gif"=20
            width=3D310 align=3Dmiddle></SPAN></SPAN></P>
            <P class=3DmainParagraph><SPAN class=3Dauthor>by Group 1 : =
Michelle=20
            Neely, Gordon Wood, Mark Sedlak, Flori=20
            Rodrigues<BR></SPAN><BR>Placer Dome Inc. engages in the =
exploration=20
            for gold and the acquisition, development and operation of =
gold=20
            mineral properties. It operates primarily in Canada, the =
United=20
            States, Australia, Papua New Guinea, South Africa, Tanzania, =
and=20
            Chile. The company=92s core gold business is strengthened by =

            contributions from copper and silver assets. PDG=92s =
operating income=20
            from mining for the first nine months and the third quarter =
of 2004=20
            were $404 million and $109 million respectively, an increase =
of $126=20
            million and a decrease of $4 million over respective 2003 =
periods=20
            due to higher contributions from copper and lower third =
quarter=20
            contributions from gold. PDG=92s margins have been hurt by a =
weaker=20
            dollar and by increased fuel prices. Cash from operations =
for the=20
            first nine months and for the third quarter of 2004 were =
$332=20
            million and $91 million respectively. </P>
            <P class=3DmainParagraph>PDG has hedged about 9.75 million =
ounces of=20
            gold, roughly 16% of their reserves, so they are insulated =
from some=20
            of gold=92s short-term prices movements. As a long-term =
play, PDG will=20
            benefit from positive price movements of gold. Given the =
current=20
            global political instability and rising interest rates, gold =
should=20
            hold its value well going into the future. PDG will also =
benefit=20
            from the economic rebound in the prices of copper.</P>
            <P><SPAN class=3DmainParagraph>PDG=92s average P/E for the =
last 5 years=20
            is 26. Analyst EPS estimates for 2005 range from $0.51 to =
$0.91=20
            giving an estimated stock price range of $10.90 to $23.70 .=20
            Currently PDG=92s price of $18.86 falls right in the middle =
of this=20
            range. If its stock price pulls back to the lower end of the =
range,=20
            PDG would be a nice addition to the APM portfolio. =
</SPAN><BR></P>
            <P class=3Dsubtitle><SPAN class=3DmainHeading>Worldwide =
(Ticker:=20
            MFW)</SPAN> </P>
            <P class=3DmainParagraph><SPAN class=3Dauthor>By Group 4 : =
Doug Briggs,=20
            Leo Tolkachev, Diana (Mei-Yin) Lu, Megan=20
            Parker</SPAN><BR><BR>M&amp;F Worldwide is the largest =
producer of=20
            licorice extract in the world with a market share of over =
70%. MFW=20
            has a virtual monopoly in its market. It experiences almost =
no=20
            pressure from its competitors and has very high stable =
margins.</P>
            <P class=3DmainParagraph>Over 71% of its revenues come from =
sales to=20
            tobacco companies. Such heavy dependency on one type of =
client=20
            potentially can have a large impact on sales, as was =
experienced in=20
            MFW=92s 3rd quarter of 2004. That is when one of MFW=92s =
clients moved=20
            its tobacco operations to Asia due to a decline of tobacco =
sales in=20
            the United States. However, the company has actively adapted =
to=20
            these changes and has increased its production facilities in =
the=20
            Asia by forming joint ventures . </P>
            <P class=3DmainParagraph>The company has a great deal of =
cash, $ 5.30=20
            dollars for each share outstanding. The majority of the =
stock is=20
            owned by the employees, officers and directors of the board. =

<BR></P>
            <P><SPAN class=3DmainHeading><STRONG>Kroger</STRONG> =
(Ticker:=20
            KR)</SPAN><BR><SPAN class=3Dauthor>by Group 4 : Doug Briggs, =
Leo=20
            Tolkachev, Diana (Mei-Yin) Lu, Megan Parker</SPAN></P>
            <P class=3DmainParagraph>Founded in 1902, Kroger (KR) now is =
one of=20
            the largest grocery chains in the nation. It currently has =
over 2500=20
            stores in the Midwest, South and West regions of the =
country, with a=20
            presence in a total of 29 states. In addition, recently it =
opened=20
            its 500th<IMG height=3D86=20
            =
src=3D"http://www2.business.ku.edu/apm/images/krogerlogo.jpg"=20
            width=3D107 align=3Dright> supermarket fuel center. </P>
            <P class=3DmainParagraph>Kroger is positioned in a very =
competitive=20
            market. Along with traditional competitors like Safeway and=20
            Albertson=92s, it also faces increased competition from =
Wall-Mart and=20
            Target. As the company struggles to regain its market share, =
its=20
            primary objective is to lower the cost of its unionized =
labor=20
            contracts. Kroger=92s gross margin has been on a decline =
during last=20
            two years due to increased commodity prices and increased =
sales=20
            pressure from thesecompetitors. </P>
            <P><SPAN class=3DmainHeading><STRONG>China Green(Ticker: =
904.HK)=20
            </STRONG></SPAN><BR><SPAN class=3Dauthor>by Group 3: Andy =
Moore, Scott=20
            Renze, Jason Riley, Derek Smashey</SPAN></P>
            <P class=3DmainParagraph>The APM portfilio took a 75,000 =
share=20
            position in China Green Holdings this semester after a=20
            recommendation and presentation by Kent McCarthy. Traded on =
the Hong=20
            Kong exchange as 0904, China Green is primarily a fruit and=20
            vegetable producer that operates farmland in China and =
exports its=20
            produce across Asia. Eighty percent of its revenues are from =
higher=20
            margin sales to Japan. </P>
            <P><SPAN class=3DmainParagraph>After going public in January =
2004,=20
            China Green has seen tremendous growth. Fresh produce sales=20
            increased almost 50% in 2004, and expectations are that =
growth will=20
            continue. China Green had spectacular overall gross margins =
in=20
            2004=85almost 60%. Also, the company is cash flow positive, =
pays a=20
            small dividend, and is valued still at only about 5 times =
estimated=20
            2005 earnings. As a sign of institutional interest, =
additional=20
            capital was raised in December 2004 through a private =
placement,=20
            presumably to finance new projects. This is just the kind of =
stock=20
            we like to see in our portfolio! So stay tuned to see where =
China=20
            Green heads next.<BR></SPAN></P>
            <P><SPAN class=3DmainHeading>America Service Group Inc. =
(Ticker:=20
            ASGR)<BR></SPAN><SPAN class=3Dauthor>by Group 2 : Brad =
Thies, Jamie=20
            Wilson, Alex Kupfer, Blake Adams, Patrick =
Fox</SPAN><BR><BR><SPAN=20
            class=3DmainParagraph>America Service Group Inc., based in =
Brentwood,=20
            Tennessee, is the leading provider of correctional =
healthcare=20
            services in the United States. Through its subsidiaries, =
ASGR=20
            provides a wide range of healthcare and pharmacy programs to =
state,=20
            county and local government agencies for the medical care of =

            inmates. </SPAN></P>
            <P class=3DmainParagraph>Enjoying steady growth, on October =
first ASGR=20
            was trading at its all time high of $28.45 per share. Then,=20
            following the earnings release on October 25th and the =
report of a=20
            quarterly loss, the price dropped precipitously to $22.00 =
per share.=20
            <IMG height=3D47=20
            src=3D"http://www2.business.ku.edu/apm/images/asglogo.jpg" =
width=3D192=20
            align=3Dright>The primary cause for the loss was an =
unanticipated=20
            increase in hospitalization costs beginning in May. This was =
a=20
            result of the volume and acuity of services being provided, =
the=20
            number of HIV and mental health patients and the costs =
associated=20
            with current treatment guidelines. In the Q3 10-Q ASGR cites =
as=20
            factors that could effect future losses as unanticipated =
adverse=20
            changes in the healthcare cost structure, inmate population =
and the=20
            utilization of outside medical services in a contract. </P>
            <P class=3DmainParagraph>To cover estimated future losses =
and allocate=20
            corporate overhead under the Maryland DPS contract until its =

            expiration in June 2005, ASGR recorded in its Q3 10-Q a =
pre-tax=20
            contract charge of $6.8 million, effective June 1, 2004. =
Based upon=20
            the recent historical trends, management believes that =
expected=20
            hospitalization costs over the remaining term of the =
contract will=20
            cause continued incurred losses, suggesting a negative =
future=20
            outlook for this stock. Also, on November 1, 2004 ASGR had a =
3 for 2=20
            stock split. At the end of the year the portfolio holds 1200 =
shares=20
            of America Service Group Inc.<BR></P>
            <P class=3DmainHeading><A name=3DBriefs></A>Alumni =
Briefs</P>
            <P class=3DmainParagraph><STRONG>Matt Heckman</STRONG> (F02) =
passed=20
            CFA in December. Matt will be promoted to equity analyst at =
Waddell=20
            &amp; Reed, effective Mar 1. Industry to be announced. Matt =
also=20
            helped the class out by creating a better performance =
tracking=20
            template.</P>
            <P class=3DmainParagraph><STRONG>Jason Lehtinen =
</STRONG>(F03) was=20
            called to active duty for Army in Iraq. Jason wants to work =
on some=20
            investment ideas in his free time! </P>
            <P class=3DmainParagraph><STRONG>Todd Ludgate </STRONG>(F02) =
was=20
            promoted to <FONT face=3DArial size=3D2>portfolio manager of =
the $3.6 B=20
            domestic public fixed income fund</FONT><FONT face=3DArial =
size=3D2> for=20
            the State of Wisconsin Investment Board</FONT></P>
            <P class=3DmainParagraph><STRONG>Josh Selzer</STRONG> ( F96) =
and wife=20
            Karin welcomed their 3rd child, Luke Thomas on Nov 8.</P>
            <P class=3DmainParagraph><STRONG>Jon Blumb </STRONG>(F03) =
has=20
            exhibition of photographs on display at the Beach Museum of =
Art in=20
            Manhattan, KS through April 10. His work was also featured =
recently=20
            in the Lawrence Journal World.</P>
            <P class=3Dsubtitle>Be sure to send us your updates. We'll =
include=20
            them in the next newsletter.</P>
            <P class=3DmainHeading><A name=3Ddonor></A>Our Current =
Donors - Thanks=20
            to all of you! </P>
            <P class=3DmainParagraph>We wish to express our profound =
appreciation=20
            to all of those who responded to Kent's latest matching =
offer. </P>
            <TABLE cellSpacing=3D2 width=3D396 border=3D1>
              <TBODY>
              <TR class=3Dsmalltext>
                <TD width=3D191>Gary and Kellye Abernathy</TD>
                <TD class=3Dsmalltext width=3D189>Scott Jones</TD></TR>
              <TR class=3Dsmalltext>
                <TD>Michael Atkins</TD>
                <TD class=3Dsmalltext>John and Emilee Katzer</TD></TR>
              <TR class=3Dsmalltext>
                <TD>Bart Baldwin</TD>
                <TD class=3Dsmalltext>Stephen Lane</TD></TR>
              <TR class=3Dsmalltext>
                <TD>Jonathan Berkley</TD>
                <TD class=3Dsmalltext>Charles and Marie =
McCarthy</TD></TR>
              <TR class=3Dsmalltext>
                <TD>Jim and Julie Colahan</TD>
                <TD class=3Dsmalltext>Simon Michael</TD></TR>
              <TR class=3Dsmalltext>
                <TD>Fred Coulson</TD>
                <TD class=3Dsmalltext>Mike Michaelis</TD></TR>
              <TR class=3Dsmalltext>
                <TD>Margaret and Teal Dakan</TD>
                <TD class=3Dsmalltext>Colleen and Todd Preheim</TD></TR>
              <TR class=3Dsmalltext>
                <TD>Gene and Kimberly Diederich</TD>
                <TD class=3Dsmalltext>Jason Purinton</TD></TR>
              <TR class=3Dsmalltext>
                <TD>Jennifer Drago</TD>
                <TD class=3Dsmalltext>Dave Reynoldson</TD></TR>
              <TR class=3Dsmalltext>
                <TD>Hugh Gill</TD>
                <TD class=3Dsmalltext>Tom Ruff</TD></TR>
              <TR class=3Dsmalltext>
                <TD>Greg Greenberg</TD>
                <TD class=3Dsmalltext>Joseph Searle</TD></TR>
              <TR class=3Dsmalltext>
                <TD>Carol Hiesberger</TD>
                <TD class=3Dsmalltext>Mako Shimoda</TD></TR>
              <TR class=3Dsmalltext>
                <TD>Francis Jones</TD>
                <TD class=3Dsmalltext>Al Simmons</TD></TR>
              <TR class=3Dsmalltext>
                <TD>Andrew Steinbach</TD>
                <TD class=3Dsmalltext>Amos =
Smith</TD></TR></TBODY></TABLE>
            <P class=3DmainParagraph>And a most generous gift from =
<STRONG>Emprise=20
            Financial Corporation.</STRONG></P>
            <P><BR></P>
            <P class=3DmainParagraph>&nbsp;</P>
            <P=20
        class=3DmainParagraph><BR></P><!-- InstanceEndEditable =
--></TD></TR></TBODY></TABLE>
      <TABLE width=3D"100%" border=3D0>
        <TBODY>
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          <TD class=3Dcopyright vAlign=3Dcenter align=3Dmiddle>Copyright =
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            Applied Portfolio Management Program<BR>University of Kansas =
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------=_NextPart_000_00F0_01C7EBDB.C6777070
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_00F0_01C7EBDB.C6777070--
