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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000950136-04-000251.txt : 20040203
<SEC-HEADER>0000950136-04-000251.hdr.sgml : 20040203
<ACCEPTANCE-DATETIME>20040203145930
ACCESSION NUMBER:		0000950136-04-000251
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20040203
EFFECTIVENESS DATE:		20040203

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MIDCAP SPDR TRUST SERIES 1
		CENTRAL INDEX KEY:			0000936958
		IRS NUMBER:				137077797
		STATE OF INCORPORATION:			NY

	FILING VALUES:
		FORM TYPE:		497
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	033-89088
		FILM NUMBER:		04562562

	BUSINESS ADDRESS:	
		STREET 1:		86 TRINITY PL
		STREET 2:		PDR SERVICES CORP C/O AMEX INC
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10006

	MAIL ADDRESS:	
		STREET 1:		101 BARCLAY ST
		STREET 2:		17 W FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10286
</SEC-HEADER>
<DOCUMENT>
<TYPE>497
<SEQUENCE>1
<FILENAME>file001.htm
<DESCRIPTION>DEFINITIVE MATERIALS
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: right; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Filed
Pursuant to Rule 497(b)<br>Registration File No.
33-89088</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Prospectus</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:14pt;  width: 389pt; text-align: center; font-style: normal; line-height: 16pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">STANDARD
&amp; POOR'S MIDCAP 400<br>DEPOSITARY
RECEIPTS<font style="font-size: 13pt;">&trade;</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:14pt;  width: 389pt; text-align: center; font-style: normal; line-height: 16pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">("MIDCAP
SPDRs")<font style="font-size: 13pt;">&trade;</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:14pt;  width: 389pt; text-align: center; font-style: normal; line-height: 16pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">MidCap
SPDR Trust, Series 1<br>
<font style="font-size: 12pt;">(A Unit
Investment Trust)</font>
</p>
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<td><img src="spacer.gif" width="1" height="1"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="1" width="190"></td>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="125"></td>
<td><img src="spacer.gif" height="1" width="190"></td>
<td><img src="spacer.gif" height="1" width="380"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 0pt;"> </td>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 20pt; padding-top: 8px; font-style: normal;">&bull;</td>
<td style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; padding-top: 6pt; padding-bottom: 6pt;  font-style: normal;">MidCap
SPDR Trust is an exchange traded fund designed to generally correspond
to the price and yield performance of the S&amp;P MidCap 400
Index&trade;.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 0pt;"> </td>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 20pt; padding-top: 8px; font-style: normal;">&bull;</td>
<td style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; padding-top: 6pt; padding-bottom: 6pt;  font-style: normal;">MidCap SPDR Trust holds all of the S&amp;P
MidCap 400 Index stocks.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 0pt;"> </td>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 20pt; padding-top: 8px; font-style: normal;">&bull;</td>
<td style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; padding-top: 6pt; padding-bottom: 6pt;  font-style: normal;">Each MidCap SPDR represents an
undivided ownership interest in the MidCap SPDR Trust.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 0pt;"> </td>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 20pt; padding-top: 8px; font-style: normal;">&bull;</td>
<td style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; padding-top: 6pt; padding-bottom: 6pt;  font-style: normal;">The
MidCap SPDR Trust issues and redeems MidCap SPDRs only in multiples of
25,000 MidCap SPDRs in exchange for S&amp;P MidCap 400 Index stocks and
cash.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 0pt;"> </td>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 20pt; padding-top: 8px; font-style: normal;">&bull;</td>
<td style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; padding-top: 6pt; padding-bottom: 6pt;  font-style: normal;">Individual MidCap SPDRs trade on the American Stock
Exchange like any other equity security.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 0pt;"> </td>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 20pt; padding-top: 8px; font-style: normal;">&bull;</td>
<td style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; padding-top: 6pt; padding-bottom: 6pt;  font-style: normal;">Minimum trading unit:
1 MidCap
SPDR.</td>
</tr>
</table>
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<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="1" width="190"></td>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="125"></td>
<td><img src="spacer.gif" height="1" width="190"></td>
<td><img src="spacer.gif" height="1" width="380"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">SPONSOR: PDR
SERVICES LLC<br>
<font style="font-weight: normal; font-style: italic">(Solely Owned by American Stock Exchange
LLC)</font>
</p>
<div align="center" style="width:  505;">
<img src="html_92905logo.jpg" style="margin-top: 6pt;" align="middle"></div>
<!--0-->
<table border="0" cellpadding="0" cellspacing="0" width="505">
<tr>
<td><img src="spacer.gif" width="1" height="2"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="1" width="190"></td>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="125"></td>
<td><img src="spacer.gif" height="1" width="190"></td>
<td><img src="spacer.gif" height="1" width="380"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:9pt;  width: 389pt; text-align: left; font-style: normal; line-height: 11pt; padding-top:3pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">THE
SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED OR DISAPPROVED
THESE SECURITIES NOR PASSED UPON THE ADEQUACY OF THIS PROSPECTUS. ANY
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</p>
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<tr>
<td><img src="spacer.gif" width="1" height="1"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="1" width="190"></td>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="125"></td>
<td><img src="spacer.gif" height="1" width="190"></td>
<td><img src="spacer.gif" height="1" width="380"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">Prospectus Dated January
28, 2004</p>
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<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
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<td><img src="spacer.gif" height="1" width="190"></td>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="125"></td>
<td><img src="spacer.gif" height="1" width="190"></td>
<td><img src="spacer.gif" height="1" width="380"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:8pt;  width: 389pt; text-align: center; font-style: normal; line-height: 10pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">COPYRIGHT&reg; 2004 by PDR
Services LLC</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: center; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">STANDARD &amp;
POOR'S MIDCAP 400 DEPOSITARY RECEIPTS<br> ("MIDCAP
SPDRS")<sup>(TM)</sup>
<br> MIDCAP SPDR TRUST, SERIES
1</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">&nbsp;&nbsp;&nbsp;&nbsp;</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px; width: 505.44px; padding-left: 0pt;" align="left">
<table cellpadding="0" cellspacing="0" border="0" width="534" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="374"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="center" valign="bottom" colspan="7"><b>TABLE
OF
CONTENTS</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 3pt" align="left" valign="bottom" colspan="3"><b>Summary</b></td>
<td style="padding-top: 3pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 3pt" align="right" valign="bottom" colspan="3">1</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Essential
Information as of September 30,
2003</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">1</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Highlights</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">3</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Risk
Factors</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">11</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Report of Independent
Auditors</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">15</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Statement of Assets and
Liabilities</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">16</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Statements of
Operations</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">17</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Statements of Changes in Net
Assets</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">18</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Financial
Highlights</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">19</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Notes to Financial
Statements</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">20</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Schedule of
Investments</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">25</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>The
Trust</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">29</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Creation of Creation
Units</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">29</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Procedures for Creation of Creation
Units</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">31</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Placement of Creation Orders Using
MidCap SPDR Clearing Process</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">32</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Placement of
Creation Orders Outside MidCap SPDR Clearing
Process</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">32</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Securities Depository;
Book-Entry-Only
System</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">33</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Redemption of MidCap
SPDRs</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">35</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Procedures for Redemption of
Creation Units</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">35</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Placement of Redemption
Orders Using MidCap SPDR Clearing
Process</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">38</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Placement of Redemption Orders
Outside MidCap SPDR Clearing
Process</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">38</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>The
Portfolio</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">39</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"></td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="center" valign="bottom" colspan="7"><b>TABLE
OF CONTENTS
cont'd</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 3pt" align="left" valign="bottom" colspan="3">Portfolio
Securities Conform to the S&amp;P MidCap 400
Index</td>
<td style="padding-top: 3pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 3pt" align="right" valign="bottom" colspan="3">39</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Adjustments to the Portfolio
Deposit</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">42</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>The S&amp;P MidCap 400
Index</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">44</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>License
Agreement</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">46</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Exchange
Listing</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">47</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Tax Status of the
Trust</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">47</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Income Tax Consequences
to Beneficial Owners</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">48</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">ERISA
Considerations</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">50</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Continuous
Offering of MidCap
SPDRs</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">51</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Dividend Reinvestment
Service</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">52</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Expenses of the
Trust</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">53</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Trustee Fee
Scale</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">55</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Valuation</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">55</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Administration
of the Trust</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">56</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Distributions to
Beneficial Owners</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">56</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Statements to
Beneficial Owners; Annual
Reports</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">58</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Rights of Beneficial
Owners</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">58</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Amendments to the Trust
Agreement</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">58</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Termination of the Trust
Agreement</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">59</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Sponsor</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">60</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Trustee</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">62</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Depository</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">63</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Legal
Opinion</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">63</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Independent
Accountants and Financial
Statements</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">63</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Code of
Ethics</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">63</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Information and
Comparisons Relating to Trust, Secondary Market Trading, Net Asset
Size, Performance and Tax
Treatment</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">65</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Glossary</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">70</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">"S&amp;P<sup>&reg;</sup>",
"S&amp;P MidCap 400 Index",
"Standard &amp; Poor's MidCap 400
Index", "Standard &amp; Poor's MidCap
400 Depositary Receipts" and "MidCap
SPDRs" are trademarks of The McGraw-Hill Companies, Inc.
PDR Services LLC and American Stock Exchange LLC are permitted to use
these trademarks pursuant to a "License
Agreement" with Standard &amp; Poor's, a division of
The McGraw-Hill Companies, Inc. The Trust is not, however, sponsored by
or affiliated with Standard &amp; Poor's or The McGraw-Hill
Companies, Inc.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">i</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">SUMMARY</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">Essential
Information as of September 30,
2003*</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px; width: 505.44px; padding-left: 0pt;" align="left">
<table cellpadding="0" cellspacing="0" border="0" width="534" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="156"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="234"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt" align="left" valign="top" colspan="3">Glossary:</td>
<td style="padding-top: 12pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt" align="left" valign="bottom" colspan="3">All
defined terms used in this Prospectus and page numbers on which their
definitions appear are listed in the Glossary on page
70.</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt" align="left" valign="top" colspan="3">Total Trust
Assets:</td>
<td style="padding-top: 12pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt" align="left" valign="bottom" colspan="3">$5,295,098,774</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt" align="left" valign="top" colspan="3">Net Trust
Assets:</td>
<td style="padding-top: 12pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt" align="left" valign="bottom" colspan="3">$5,278,961,955</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 12pt" align="left" valign="top" colspan="3">Number of
MidCap SPDRs:</td>
<td style="padding-top: 12pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt" align="left" valign="bottom" colspan="3">56,461,936</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 12pt" align="left" valign="top" colspan="3">Fractional
Undivided Interest in the Trust Represented by each MidCap
SPDR:</td>
<td style="padding-top: 12pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt" align="left" valign="bottom" colspan="3">1/56,461,936th</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt" align="left" valign="top" colspan="3">Dividend Record
Dates:</td>
<td style="padding-top: 12pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt" align="left" valign="bottom" colspan="3">Quarterly, on the second (2nd) Business Day after the
third Friday in each of March, June, September and
December.</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt" align="left" valign="top" colspan="3">Dividend Payment Dates:</td>
<td style="padding-top: 12pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt" align="left" valign="bottom" colspan="3">Quarterly,
on the last Business Day of April, July, October and
January.</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt" align="left" valign="top" colspan="3">Trustee's Annual Fee:</td>
<td style="padding-top: 12pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt" align="left" valign="bottom" colspan="3">From
14/100 of one percent to 10/100 of one percent, based on the NAV of the
Trust, as the same may be reduced by certain amounts, plus the
Transaction Fee.**</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 12pt" align="left" valign="top" colspan="3">Estimated Ordinary
Operating Expenses of the
Trust:</td>
<td style="padding-top: 12pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt" align="left" valign="bottom" colspan="3">25/100 of one
percent.**</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 12pt" align="left" valign="top" colspan="3">Net Asset Value per MidCap SPDR
(based on the value of the Portfolio Securities, other net assets of
the Trust and number of MidCap SPDRs
outstanding):</td>
<td style="padding-top: 12pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt" align="left" valign="bottom" colspan="3">$93.50</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">1</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px; width: 505.44px; padding-left: 0pt;" align="left">
<table cellpadding="0" cellspacing="0" border="0" width="534" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="156"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="234"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt" align="left" valign="top" colspan="3">Evaluation Time:</td>
<td style="padding-top: 12pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt" align="left" valign="top" colspan="3">Closing time
of the regular trading session on the New York Stock Exchange, Inc.
(ordinarily 4:00 p.m. New York
time).</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt" align="left" valign="top" colspan="3">Licensor:</td>
<td style="padding-top: 12pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt" align="left" valign="top" colspan="3">Standard &amp;
Poor's, a division of The McGraw-Hill Companies,
Inc.</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 12pt" align="left" valign="top" colspan="3">Mandatory Termination Date:</td>
<td style="padding-top: 12pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt" align="left" valign="top" colspan="3">The
Trust is scheduled to terminate no later than April 27, 2120, but may
terminate earlier under certain
circumstances.</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt" align="left" valign="top" colspan="3">Discretionary
Termination:</td>
<td style="padding-top: 12pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt" align="left" valign="top" colspan="3">Trust may be terminated if the value of the
securities held by the Trust is less than $100,000,000, as such amount
shall be adjusted for inflation. The Trust may also be terminated under
other circumstances.</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt" align="left" valign="top" colspan="3">Fiscal Year
End:</td>
<td style="padding-top: 12pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt" align="left" valign="top" colspan="3">September 30</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt" align="left" valign="top" colspan="3">Market
Symbol:</td>
<td style="padding-top: 12pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt" align="left" valign="top" colspan="3">MidCap SPDRs trade on the American Stock Exchange under
the symbol
"MDY"</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt" align="left" valign="top" colspan="3">CUSIP:</td>
<td style="padding-top: 12pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt" align="left" valign="top" colspan="3">595635103</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
<!--0-->
<table border="0" cellpadding="0" cellspacing="0" width="505">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="1" width="0"></td>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="427"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  width: 23pt; padding-left: 0pt; text-align: left">&nbsp;&nbsp;*</td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;width: 505pt">The
Trust Agreement became effective, the initial deposit was made and the
Trust commenced operation on April 27, 1995.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  width: 23pt; padding-left: 0pt; text-align: left">**</td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;width: 505pt">Ordinary operating expenses are currently being
accrued at an annual rate of .25%. Last year's operating
expenses were .25%. Future accruals will depend primarily on the
level of the Trust's net assets and the level of Trust expenses.
There is no guarantee that the Trust's ordinary operating
expenses will not exceed .25% of the Trust's daily NAV and
such rate may be changed without notice. Until further notice, the
Sponsor has undertaken that the ordinary operating expenses of the
Trust as calculated by the Trustee will not be permitted to exceed an
amount which is .30% of the daily NAV of the Trust. Thereafter,
such amount may be changed and may exceed .30%. There is no
guarantee that the Trust's ordinary operating expenses will not
exceed such .30% rate.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">2</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">HIGHLIGHTS</p>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:bold;color:#000000;font-size: 10pt; padding-top: 12pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20pt">&bull;&nbsp;</td>
<td style="font-family:serif;font-weight:bold;color:#000000;font-size: 10pt; padding-top: 12pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 485pt">MidCap
SPDRs are Ownership Interests in the MidCap SPDR Trust</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The
MidCap SPDR Trust, Series 1
("Trust") is a unit investment
trust that issues securities called Standard &amp; Poor's MidCap
400 Depositary Receipts or "MidCap SPDRs".
The Trust is organized under New York law and is governed by a trust
agreement between The Bank of New York
("Trustee") and PDR Services
LLC ("Sponsor"), dated and
executed as of April 27, 1995 ("Trust
Agreement"). MidCap SPDRs represent an undivided
ownership interest in a portfolio of all of the common stocks of the
Standard &amp; Poor's MidCap 400 Index&reg;
("S&amp;P MidCap 400
Index").</p>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:bold;color:#000000;font-size: 10pt; padding-top: 12pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20pt">&bull;&nbsp;</td>
<td style="font-family:serif;font-weight:bold;color:#000000;font-size: 10pt; padding-top: 12pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 485pt">MidCap
SPDRs Should Closely Track the Value of the Stocks Included in the
S&amp;P MidCap 400 Index</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">MidCap SPDRs intend to provide
investment results that, before expenses, generally correspond to
the price and yield performance of the S&amp;P MidCap 400 Index.
Current information regarding the value of the S&amp;P MidCap 400 Index
is available from market information services. Standard &amp;
Poor's, a division of The McGraw-Hill Companies, Inc.
("S&amp;P") obtains
information for inclusion in, or for use in the calculation of, the
S&amp;P MidCap 400 Index from sources S&amp;P considers reliable. None
of S&amp;P, the Sponsor, the Trust or the Exchange accepts
responsibility for or guarantees the accuracy and/or completeness of
the S&amp;P MidCap 400 Index or any data included in the S&amp;P MidCap
400 Index.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trust holds the Portfolio and cash and is not
actively "managed" by traditional methods,
which typically involve effecting changes in the Portfolio on the basis
of judgments made relating to economic, financial and market
considerations. To maintain the correspondence between the composition
and weightings of stocks held by the Trust
("Portfolio Securities" or,
collectively, "Portfolio") and
component stocks of the S&amp;P MidCap 400 Index
("Index Securities"), the
Trustee adjusts the Portfolio from time to time to conform to periodic
changes in the identity and/or relative weightings of Index Securities.
The Trustee aggregates certain of these adjustments and makes changes
to the Portfolio at least monthly or more frequently in the case of
significant changes to the S&amp;P MidCap 400 Index. Any change in the
identity or weighting of an Index Security will result in a
corresponding adjustment to the prescribed Portfolio Deposit effective
on any day that the New York Stock Exchange is open for business
("Business Day") following the
day on which the change to the S&amp;P MidCap 400 Index takes effect
after the close of the market. The value of MidCap SPDRs fluctuates in
relation to changes in the value of the Portfolio. The market price of
each individual MidCap SPDR may not be identical to the net asset value
("NAV") of such MidCap SPDR
but, historically, these two valuations have been very
close.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">3</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:bold;color:#000000;font-size: 10pt; padding-top: 12pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20pt">&bull;&nbsp;</td>
<td style="font-family:serif;font-weight:bold;color:#000000;font-size: 10pt; padding-top: 12pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 485pt">MidCap SPDRs
Trade on the American Stock Exchange</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">MidCap SPDRs are listed
for trading on the American Stock Exchange
("Exchange"). MidCap SPDRs are
bought and sold in the secondary market like ordinary shares of stock
at any time during the trading day. MidCap SPDRs are traded on the
Exchange in 100 MidCap SPDR round lots, but can be traded in odd lots
of as little as one MidCap SPDR. The Exchange may halt trading of
MidCap SPDRs under certain
circumstances.</p>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:bold;color:#000000;font-size: 10pt; padding-top: 12pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20pt">&bull;&nbsp;</td>
<td style="font-family:serif;font-weight:bold;color:#000000;font-size: 10pt; padding-top: 12pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 485pt">Brokerage Commissions
on MidCap SPDRs</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Secondary market purchases and sales of MidCap
SPDRs are subject to ordinary brokerage commissions and
charges.</p>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:bold;color:#000000;font-size: 10pt; padding-top: 12pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20pt">&bull;&nbsp;</td>
<td style="font-family:serif;font-weight:bold;color:#000000;font-size: 10pt; padding-top: 12pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 485pt">The Trust Issues and Redeems
MidCap SPDRs in Multiples of 25,000 MidCap SPDRs Called
"Creation Units"</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trust issues and
redeems MidCap SPDRs only in specified large lots of 25,000 MidCap
SPDRs or multiples thereof referred to as "Creation
Units." Creation Units are issued by the Trust to
anyone who, after placing a creation order with ALPS Distributors, Inc.
("Distributor"), deposits with
the Trustee, a specified portfolio of Index Securities and a cash
payment generally equal to dividends (net of expenses) accumulated up
to the time of deposit.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Fractional Creation Units may be created
or redeemed only in limited
circumstances.
* Creation Units are redeemable in kind only and are not redeemable for
cash. Upon receipt of one or more Creation Units, the Trust delivers to
the redeeming holder a portfolio of Index Securities (based on NAV of
the Trust), together with a cash payment. Each redemption has to be
accompanied by a Cash Redemption Payment that on any given Business Day
is an amount identical to the Cash Component of a Portfolio Deposit. If
the Trustee determines that one or more Index Securities are likely to
be unavailable, or available in insufficient quantity, for delivery
upon creation of Creation Units, the Trustee may permit the cash
equivalent value of one or more of these Index Securities to be
included in the Portfolio Deposit as a part of the Cash Component in
lieu thereof. If a creator is restricted by regulation or otherwise
from investing or engaging in a transaction in one or more Index
Securities, the Trustee may permit the cash equivalent value of such
Index Securities to be included in the Portfolio Deposit based on the
market value of such Index Securities as of the Evaluation Time on the
date such creation order is deemed received by the Distributor as part
of the Cash Component in lieu of the inclusion of such Index Securities
in the stock portion of the Portfolio </p>
<table cellpadding="0" cellspacing="0" border="0" width="60">
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="60"></td>
</tr>
<tr>
<td bgcolor="#ffffff"><img src="spacer.gif" height="8" width="60"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 23pt; padding-left: 0pt; text-align: left">*</td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;width: 505pt">See,
however, the discussion of termination of the Trust in this Summary and
"Dividend Reinvestment Service," for a
description of the circumstances in which MidCap SPDRs may be redeemed
or created by the Trustee in less than a Creation Unit size aggregation
of 25,000 MidCap SPDRs.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">4</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
Deposit. If the Trustee determines that one or
more Index Securities are likely to be unavailable or available in
insufficient quantity for delivery by the Trust upon the redemption of
Creation Units, the Trustee may deliver the cash equivalent value of
one or more of these Index Securities, based on their market value as
of the Evaluation Time on the date the redemption order is deemed
received by the Trustee, as part of the Cash Redemption Payment in lieu
thereof.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creation Orders Must be Placed with
the Distributor</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">All orders to create Creation Units must be
placed with the Distributor. To be eligible to place these orders, an
entity or person must be (a) a "Participating
Party," or (b) a DTC Participant, and in each case
must have executed an agreement with the Distributor and the Trustee
("Participant Agreement"). The
term "Participating Party" means a
broker-dealer or other participant in the MidCap SPDR Clearing Process,
through the Continuous Net Settlement
("CNS") System of the National
Securities Clearing Corporation
("NSCC"), a clearing agency
registered with the Securities and Exchange Commission
("SEC"). Payment for orders is
made by deposits with the Trustee of a portfolio of securities,
substantially similar in composition and weighting to Index Securities,
and a cash payment in an amount equal to the Dividend Equivalent
Payment, plus or minus the Balancing Amount.
"Dividend Equivalent Payment"
is an amount equal, on a per Creation Unit basis, to the dividends on
the Portfolio (with ex-dividend dates within the accumulation period),
net of expenses and accrued liabilities for such period (including,
without limitation, (i) taxes or other governmental charges against the
Trust not previously deducted, if any, and (ii) accrued fees of the
Trustee and other expenses of the Trust (including legal and auditing
expenses) and other expenses not previously deducted), calculated as if
all of the Portfolio Securities had been held for the entire
accumulation period for such distribution. The Dividend Equivalent
Payment and the Balancing Amount collectively are referred to as
"Cash Component" and the
deposit of a portfolio of securities and the Cash Component
collectively are referred to as a "Portfolio
Deposit." Persons placing creation orders with the
Distributor must deposit Portfolio Deposits either (i) through the CNS
clearing process of NSCC, as such processes have been enhanced to
effect creations and redemptions of Creation Units, such processes
referred to herein as the "MidCap SPDR Clearing
Process," or (ii) with the Trustee outside the
MidCap SPDR Clearing Process (<font style="font-weight: normal; font-style: italic">i.e.</font> through the facilities of
DTC). The Distributor acts as underwriter of MidCap SPDRs on an agency
basis. The Distributor maintains records of the orders placed with it
and the confirmations of acceptance and furnishes to those placing such
orders confirmations of acceptance of the orders. The Distributor also
is responsible for delivering a prospectus to persons creating MidCap
SPDRs. The Distributor also maintains a record of the delivery
instructions in response to orders and may provide certain other
administrative </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">5</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
services, such as those related to state
securities law compliance. The Distributor is a corporation organized
under the laws of the State of Colorado and is located at 1625
Broadway, Suite 2200, Denver, CO 80202, toll free number:
1-800-843-2639. The Distributor is a registered broker-dealer and a
member of the National Association of Securities Dealers, Inc. PDR
Services LLC, as Sponsor of the Trust, pays the Distributor for its
services a flat annual fee. The Sponsor will not seek reimbursement for
such payment from the Trust without obtaining prior exemptive relief
from the SEC.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses of the Trust</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The expenses of the Trust are accrued daily and reflected in the NAV
of the Trust. The Trust currently is accruing ordinary operating
expenses at an annual rate of 0.25%:</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<b>Shareholder
Fees:
*</b><font style="letter-spacing: 192pt;">&nbsp;&nbsp;</font>None*</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(fees paid directly from your
investment)</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estimated Trust Annual Ordinary
Operating
Expenses:</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px; width: 505.44px; padding-left: 20pt;" align="left">
<table cellpadding="0" cellspacing="0" border="0" width="374" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="337"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="left" valign="bottom" colspan="3">Current
Trust Annual Ordinary<br> Operating Expenses</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">As a % of
Trust Net Assets</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Trustee's
Fee</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.10</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">S&amp;P License
Fee</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.03</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Registration
Fees</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.00</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Marketing
Expenses</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.11</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Other Operating
Expenses</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.01</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Total:</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.25</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Future
accruals will depend primarily on the level of the Trust's net
assets and the level of expenses. There is no guarantee that the
Trust's ordinary operating expenses will not exceed .25%
of the Trust's daily NAV.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trustee has voluntarily
agreed to reduce its Trustee's fee. The amount of the reduction
will be equal to the Federal Funds Rate, as published in the Wall
Street Journal, multiplied by each day's daily cash balance in
the Trust's cash account, reduced by the amount of reserves for
that account required by the Federal Reserve Board of Governors. The
Trustee reserves the right to discontinue this voluntary fee reduction
in the future.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bar Chart and Table</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The bar chart below and the table on the next page entitled
"Average Annual Total Returns (for periods ending December
31, 2003)" ("Table")
</p>
<table cellpadding="0" cellspacing="0" border="0" width="60">
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="60"></td>
</tr>
<tr>
<td bgcolor="#ffffff"><img src="spacer.gif" height="8" width="60"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 23pt; padding-left: 0pt; text-align: left">*</td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;width: 505pt">Investors
do not pay shareholder fees directly from their investment, but
purchases and redemptions of Creation Units are subject to Transaction
Fees (described below in "A Transaction Fee is Payable For
Each Creation and For Each Redemption of Creation Units"),
and purchases and sales of MidCap SPDRs in the secondary market are
subject to ordinary brokerage commissions and charges (described above
in "Brokerage Commissions on MidCap
SPDRs").</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">6</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
provide some indication of the risks of
investing in the Trust by showing the variability of the Trust's
returns based on net assets and comparing the Trust's performance
to the performance of the S&amp;P MidCap 400 Index. Past performance
(both before and after tax) is not necessarily an indication of how the
Trust will perform in the future.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The after-tax returns
presented in the Table are calculated using the highest historical
individual federal marginal income tax rates and do not reflect the
impact of state and local taxes. Your actual after-tax returns will
depend on your specific tax situation and may differ from those shown
below. After-tax returns are not relevant to investors who hold MidCap
SPDRs through tax-deferred arrangements, such as 401(k) plans or
individual retirement accounts. The total returns in the bar chart
below, as well as the total and after-tax returns presented in the
Table, do not reflect Transaction Fees payable by those persons
purchasing and redeeming Creation Units, nor do they reflect brokerage
commissions incurred by those persons purchasing and selling MidCap
SPDRs in the secondary market (see footnotes (3) and (4) to the
Table).</p>
<div align="center" style="width:  505;">
<img src="html_92905barchart1.jpg" style="margin-top: 6pt;" align="middle"></div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">This
bar chart shows the performance of the Trust for each full calendar
year since its inception on April 27, 1995. During the period shown
above (January 1, 1996 through December 31, 2003), the highest
quarterly return for the Trust was 28.06% for the quarter ended
12/31/1998, and the lowest was &ndash;16.62% for the
quarter ended 9/30/2001.</p>
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<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 23pt; padding-left: 0pt; text-align: left">(1)</td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;width: 505pt">Total return figures are
calculated assuming the reinvested price for the 12/19/03 income
distribution is the 12/31/03 NAV. The actual reinvestment price is the
1/31/04 NAV, which was not available at the time of the above
calculations. Actual performance calculations may or may not differ
based on this assumption.</td>
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<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">7</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">Average Annual Total Returns (for periods
ending December 31,
2003)</p>
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<table cellpadding="0" cellspacing="0" border="0" width="534" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="218"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3"></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">Past<br>One
Year</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">Past<br>Five
Years</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">Since<br>Inception<sup>(5)</sup></td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">MidCap
SPDR Trust, Series 1 Return Before
Taxes<sup>(1)(2)(3)(4)</sup></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">35.17</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8.82</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14.88</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Return
After Taxes on
Distributions<sup>(1)(2)(3)(4)</sup></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">34.74</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8.25</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14.07</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Return
After Taxes on Distributions and Redemption of Creation
Units<sup>(1)(2)(3)(4)</sup></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">22.83</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7.27</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12.79</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">S&amp;P
MidCap 400
Index<sup>(6)</sup></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">35.62</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9.21</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15.42</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
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<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
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<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="427"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
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<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 23pt; padding-left: 0pt; text-align: left">(1)</td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;width: 505pt">Total
return figures are calculated assuming the reinvested price for the
12/19/03 income distribution is the 12/31/03 NAV. The actual
reinvestment price is the 1/31/04 NAV, which was not available at the
time of the above calculations. Actual performance calculations may or
may not differ based on this assumption.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 23pt; padding-left: 0pt; text-align: left">(2)</td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;width: 505pt">Includes all applicable ordinary operating expenses
set forth above in the section of
"Highlights" entitled "Expenses
of the Trust".</td>
</tr>
</table>
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<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 23pt; padding-left: 0pt; text-align: left">(3)</td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;width: 505pt">Does not
include the Transaction Fee which is payable to the Trustee only by
persons purchasing and redeeming Creation Units as discussed below in
the section of "Highlights" entitled
"A Transaction Fee is Payable For Each Creation and For
Each Redemption of Creation Units". If these amounts were
reflected, returns would be less than those shown.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 23pt; padding-left: 0pt; text-align: left">(4)</td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;width: 505pt">Does not include brokerage commissions and charges
incurred only by persons who make purchases and sales of MidCap SPDRs
in the secondary market as discussed above in the section of
"Highlights" entitled "Brokerage
Commissions on MidCap SPDRs". If these amounts were
reflected, returns would be less than those shown.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 23pt; padding-left: 0pt; text-align: left">(5)</td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;width: 505pt">Investment operation commenced on April 27,
1995.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 23pt; padding-left: 0pt; text-align: left">(6)</td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;width: 505pt">Does not reflect deductions for
taxes, operating expenses, Transaction Fees, brokerage commissions, or
fees of any kind.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">8</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">MIDCAP SPDR TRUST, SERIES 1</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: center; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">GROWTH
OF $10,000 INVESTMENT<br>SINCE
INCEPTION<sup>(1)</sup>
</p>
<div align="center" style="width:  505;">
<img src="html_92905linechart.jpg" style="margin-top: 12pt;" align="middle"></div>
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<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="427"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 23pt; padding-left: 0pt; text-align: left">(1)</td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;width: 505pt">Past
performance is not necessarily an indication of how the Trust will
perform in the future.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 23pt; padding-left: 0pt; text-align: left">(2)</td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;width: 505pt">Effective
as of September  30, 1997 the Trust's fiscal year end
changed from December  31 to September  30.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:bold;color:#000000;font-size: 10pt; padding-top: 12pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20pt">&bull;&nbsp;</td>
<td style="font-family:serif;font-weight:bold;color:#000000;font-size: 10pt; padding-top: 12pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 485pt">A Transaction Fee is Payable for Each
Creation and for Each Redemption of MidCap SPDRs</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The
transaction fee payable to the Trustee in connection with each creation
and redemption of Creation Units made through the MidCap SPDR Clearing
Process ("Transaction Fee") is
non-refundable, regardless of the NAV of the Trust. This Transaction
Fee is $3,000 per Participating Party per day, regardless of the number
of Creation Units created or redeemed on such day. The $3,000 charge is
subject to a limit not to exceed 20/100 of one percent (20 basis
points) of the value of one Creation Unit at the time of creation
("20 Basis Point Limit").</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">For creations and redemptions outside the MidCap SPDR Clearing
Process, an additional amount not to exceed three (3) times the
Transaction Fee applicable for one Creation Unit is charged per
Creation Unit per day. Under the current schedule, therefore, the total
fee charged in connection with creation or redemption outside the
MidCap SPDR Clearing Process would be $3,000 (the Transaction Fee for
the creation or redemption of one Creation Unit) plus an additional
amount up to $9,000 (3 times $3,000), for a total not to exceed
$12,000. Creators and redeemers restricted from engaging in
transactions in one or more Index Securities may pay the Trustee the
Transaction Fee and may pay an additional amount per Creation Unit not
to exceed three (3) times the Transaction Fee applicable for one
Creation Unit.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">9</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MidCap SPDRs are Held
in Book Entry Form Only</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Depository Trust Company
("DTC") or its nominee is the
record or registered owner of all outstanding MidCap SPDRs. Beneficial
ownership of MidCap SPDRs is shown on the records of DTC or its
participants. Individual certificates are not issued for MidCap SPDRs.
See "The Trust&mdash;Depository; Book-Entry-Only
System."</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MidCap SPDRs Make
Periodic Dividend Payments</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">MidCap SPDR holders receive on the
last Business Day of April, July, October and January an amount
corresponding to the amount of any cash dividends declared on Portfolio
Securities during the applicable period, net of fees and expenses
associated with operation of the Trust and taxes, if applicable.
Because of such fees and expenses, the dividend yield for MidCap SPDRs
is ordinarily less than that of the S&amp;P MidCap 400 Index. Investors
should consult their tax advisors regarding consequences associated
with Trust dividends, as well as those associated with MidCap SPDR
sales or redemptions.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Quarterly distributions based on the
amount of dividends payable with respect to Portfolio Securities and
other income received by the Trust, net of fees and expenses, and taxes
if applicable, are made via DTC and its participants to Beneficial
Owners on each Dividend Payment Date. Any capital gain income
recognized by the Trust in any taxable year that is not previously
treated as distributed during the year ordinarily is to be distributed
at least annually in January of the following taxable year. The Trust
may make additional distributions shortly after the end of the year in
order to satisfy certain distribution requirements imposed by the
Internal Revenue Code of 1986, as amended
("Code"). Although all
distributions are currently made quarterly, the Trustee may vary the
periodicity with which distributions are made. Those Beneficial Owners
interested in reinvesting their quarterly distributions may participate
through DTC Participants in the DTC Dividend Reinvestment Service
("Service") available through
certain brokers. See "The Trust&mdash;Depository;
Book-Entry-Only
System."</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust
Intends to Qualify as a Regulated Investment Company</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">For the
fiscal year ended September 30, 2003, the Trust believes that it
qualified for tax treatment as a "regulated investment
company" under Subchapter M of the Code. The Trust intends
to continue to so qualify and to distribute annually its entire
investment company taxable income and net capital gain. Distributions
that are taxable as ordinary income to Beneficial Owners generally are
expected to constitute qualified dividend income eligible (i)
for the new maximum 15% tax rate for non-corporate taxpayers
through 2008 and (ii)  for federal income tax purposes for the
dividends-received deduction available to many corporations to the
extent of qualified dividend income received by the Trust. The
Trust's regular quarterly distributions are </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">10</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
based on the dividend performance of the
Portfolio during such quarterly distribution period rather than the
actual taxable income of the Trust. As a result, a portion of the
distributions of the Trust may be treated as a return of capital or a
capital gain dividend for federal income tax purposes or the Trust may
be required to make additional distributions to maintain its status as
a regulated investment company or to avoid imposition of income or
excise taxes on undistributed
income.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination of the Trust</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trust has a specified lifetime term. The Trust is scheduled to
terminate on the first to occur of (a) April 27, 2120 or (b) the date
20 years after the death of the last survivor of eleven persons named
in the Trust Agreement, the oldest of whom was born in 1990 and the
youngest of whom was born in 1993. Upon termination, the Trust may be
liquidated and pro rata shares of the assets of the Trust, net of
certain fees and expenses, distributed to holders of MidCap
SPDRs.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of MidCap SPDRs by
Registered Investment Companies</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Purchases of MidCap SPDRs by
registered investment companies are subject to restrictions set forth
in Section 12(d)(1) of the Investment Company Act of 1940. The Trust
has applied for an SEC order that would permit registered investment
companies to invest in MidCap SPDRs beyond these limits, subject to
certain conditions and terms. One such condition stated in the
application is that registered investment companies relying on the
order must enter into a written agreement with the Trust. The Sponsor
will notify investors if, and when, the requested order is granted.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trust itself is also subject to the restrictions of Section
12(d)(1). This means that (a) the Trust cannot invest in any registered
investment company, to the extent that the Trust would own more than
3% of that regulated investment company's outstanding
share position, (b) the Trust cannot invest more than 5% of its
total assets in the securities of any one registered investment
company, and (c) the Trust cannot invest more than 10% of its
total assets in the securities of registered investment companies in
the aggregate.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Risk Factors</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Investors can lose money by
investing in MidCap SPDRs. Investors should carefully consider the risk
factors described below together with all of the other information
included in this Prospectus before deciding to invest in MidCap
SPDRs.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<b>Investment in the Trust involves the risks inherent in
an investment in any equity security.</b>&nbsp;&nbsp;&nbsp;&nbsp;An investment in the
Trust is subject to the risks of any investment in a broadly based
portfolio of common stocks, including the risk that the general level
of stock prices may decline, thereby adversely affecting </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">11</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
the value of such investment. The value of
Portfolio Securities may fluctuate in accordance with changes in the
financial condition of the issuers of Portfolio Securities
(particularly those that are heavily weighted in the S&amp;P MidCap 400
Index), the value of common stocks generally and other factors. The
identity and weighting of Index Securities and the Portfolio Securities
also change from time to time.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The financial condition of the
issuers may become impaired or the general condition of the stock
market may deteriorate (either of which may cause a decrease in the
value of the Portfolio and thus in the value of MidCap SPDRs). Common
stocks are susceptible to general stock market fluctuations and to
volatile increases and decreases in value as market confidence in and
perceptions of their issuers change. These investor perceptions are
based on various and unpredictable factors including expectations
regarding government, economic, monetary and fiscal policies, inflation
and interest rates, economic expansion or contraction, and global or
regional political, economic and banking crises.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Holders of
common stocks of any given issuer incur more risk than holders of
preferred stocks and debt obligations of the issuer because the rights
of common stockholders, as owners of the issuer, generally are inferior
to the rights of creditors of, or holders of debt obligations or
preferred stocks issued by, such issuer. Further, unlike debt
securities that typically have a stated principal amount payable at
maturity, or preferred stocks that typically have a liquidation
preference and may have stated optional or mandatory redemption
provisions, common stocks have neither a fixed principal amount nor a
maturity. Common stock values are subject to market fluctuations as
long as the common stock remains outstanding. The value of the
Portfolio may be expected to fluctuate over the entire life of the
Trust.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">There can be no assurance that the issuers of Portfolio
Securities will pay dividends. Distributions generally depend upon the
declaration of dividends by the issuers of Portfolio Securities and the
declaration of such dividends generally depends upon various factors,
including the financial condition of the issuers and general economic
conditions.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<b>The Trust is not actively managed.</b>&nbsp;&nbsp;&nbsp;&nbsp;The
Trust is not actively "managed" by
traditional methods, and therefore the adverse financial condition of
an issuer will not result in the elimination of its stocks from the
Portfolio unless the stocks of such issuer are removed from the S&amp;P
MidCap 400 Index.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<b>A liquid trading market for certain
portfolio securities may not exist.</b> Although most of the Portfolio
Securities are listed on a national securities exchange, the principal
trading market for some may be in the over-the-counter market. The
existence of a liquid trading market for certain Portfolio Securities
may depend on whether dealers will make a market in such stocks. There
can be no assurance that a market will be made for any of Portfolio
Securities, that any market will be maintained or that any such market
will be </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">12</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
or remain liquid. The price at which
Portfolio Securities may be sold and the value of the Portfolio will be
adversely affected if trading markets for Portfolio Securities are
limited or absent.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<b>The Trust may not always be able exactly
to replicate the performance of the S&amp;P MidCap 400
Index.&nbsp;&nbsp;&nbsp;&nbsp;</b>The Trust is not able to replicate exactly the
performance of the S&amp;P MidCap 400 Index because the total return
generated by the Portfolio is reduced by Trust expenses and transaction
costs incurred in adjusting the actual balance of the Portfolio. It is
also possible that, for a short period, the Trust may not fully
replicate the performance of the S&amp;P MidCap 400 Index due to the
temporary unavailability of certain Index Securities in the secondary
market or due to other extraordinary circumstances.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<b>Investment in the Trust may have adverse tax
consequences.</b>&nbsp;&nbsp;&nbsp;&nbsp;Investors in the Trust should also be aware that
there are tax consequences associated with the ownership of MidCap
SPDRs resulting from the distribution of Trust dividends and sales of
MidCap SPDRs as well as under certain circumstances the sales of stocks
held by the Trust in connection with redemptions.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<b>NAV may not
always correspond to market price.</b>&nbsp;&nbsp;&nbsp;&nbsp;The NAV of MidCap SPDRs in
Creation Unit size aggregations and, proportionately, the NAV per
MidCap SPDR, changes as fluctuations occur in the market value of
Portfolio Securities. Investors should be aware that the aggregate
public trading market price of 25,000 MidCap SPDRs may be different
from the NAV of a Creation Unit (<font style="font-weight: normal; font-style: italic">i.e.</font>, 25,000 MidCap SPDRs may
trade at a premium over, or at a discount to, the NAV of a Creation
Unit) and similarly the public trading market price per MidCap SPDR may
be different from the NAV of a Creation Unit on a per MidCap SPDR
basis. This price difference may be due, in large part, to the fact
that supply and demand forces at work in the secondary trading market
for MidCap SPDRs is closely related to, but not identical to, the same
forces influencing the prices of Index Securities trading individually
or in the aggregate at any point in time. Investors also should note
that the size of the Trust in terms of total assets held may change
substantially over time and from time to time as Creation Units are
created and redeemed.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<b>The exchange may halt trading in MidCap
SPDRs.&nbsp;&nbsp;&nbsp;&nbsp;</b>MidCap SPDRs are listed for trading on the Exchange
under the market symbol MDY. Trading in MidCap SPDRs may be halted due
to market conditions or, in light of Exchange rules and procedures, for
reasons that, in the view of the Exchange, make trading in MidCap SPDRs
inadvisable. In addition, trading is subject to trading halts caused by
extraordinary market volatility pursuant to Exchange
"circuit breaker" rules that require trading
to be halted for a specified period based on a specified market
decline. There can be no assurance that the requirements of the
Exchange necessary to maintain the listing of MidCap SPDRs will
continue to be met or will remain unchanged. The Trust will be
terminated if MidCap SPDRs are delisted from the Exchange.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">13</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<b>MidCap SPDRs are subject to market
risks.</b>&nbsp;&nbsp;&nbsp;&nbsp;MidCap SPDRs are subject to the risks other than those
inherent in an investment in equity securities, discussed above, in
that the selection of the stocks included in the Portfolio, the
expenses associated with the Trust, or other factors distinguishing an
ownership interest in a trust from the direct ownership of a portfolio
of stocks may affect trading in MidCap SPDRs.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<b>The regular
settlement period for creation units may be reduced.</b>&nbsp;&nbsp;&nbsp;&nbsp;Except as
otherwise specifically noted, the time frames for delivery of stocks,
cash, or MidCap SPDRs in connection with creation and redemption
activity within the MidCap SPDR Clearing Process are based on
NSCC's current "regular way" settlement
period of three (3) days during which NSCC is open for business (each
such day an "NSCC Business Day"). NSCC may,
in the future, reduce such "regular way"
settlement period, in which case there may be a corresponding reduction
in settlement periods applicable to MidCap SPDR creations and
redemptions.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<b>Clearing and settlement of creation units may be
delayed or fail.&nbsp;&nbsp;&nbsp;&nbsp;</b>The Trustee delivers a portfolio of stocks
for each Creation Unit delivered for redemption substantially identical
in weighting and composition to the stock portion of a Portfolio
Deposit as in effect on the date the request for redemption is deemed
received by the Trustee. If redemption is processed through the MidCap
SPDR Clearing Process, the stocks that are not delivered are covered by
NSCC's guarantee of the completion of such delivery. Any stocks
not received on settlement date are marked-to-market until delivery is
completed. The Trust, to the extent it has not already done so, remains
obligated to deliver the stocks to NSCC, and the market risk of any
increase in the value of the stocks until delivery is made by the Trust
to NSCC could adversely affect the NAV of the Trust. Investors should
note that the stocks to be delivered to a redeemer submitting a
redemption request outside of the MidCap SPDR Clearing Process that are
not delivered to such redeemer are not covered by NSCC's
guarantee of completion of delivery.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">14</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">REPORT OF INDEPENDENT
AUDITORS</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">To the Trustee and the Unitholders of MidCap SPDR
Trust, Series 1:</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">In our opinion, the accompanying statement of
assets and liabilities, including the schedule of investments, and the
related statements of operations and of changes in net assets and the
financial highlights present fairly, in all material respects, the
financial position of MidCap SPDR Trust, Series 1 (the
"Trust") at September 30, 2003, the results
of its operations and the changes in its net assets for each of the
three years in the period then ended, and the financial highlights for
each of the five years in the period then ended, in conformity with
accounting principles generally accepted in the United States of
America. These financial statements and financial highlights (hereafter
referred to as "financial statements") are
the responsibility of the Trust's management; our responsibility
is to express an opinion on these financial statements based on our
audits. We conducted our audits of these financial statements in
accordance with auditing standards generally accepted in the United
States of America, which require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant
estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audits, which included
confirmation of securities at September 30, 2003 by correspondence with
the custodian and broker, provide a reasonable basis for our
opinion.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">PricewaterhouseCoopers LLP<br> New York, New
York<br> &nbsp;&nbsp;&nbsp;&nbsp;<br>December 12,
2003</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">15</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">MidCap SPDR Trust, Series
1<br> Statement of Assets and Liabilities<br> September 30,
2003</p>
<!--0--><table border="0" cellpadding="0" cellspacing="0" width="505">
<tr>
<td><img src="spacer.gif" width="1" height="1"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1.5"><img src="spacer.gif" height="1.5" width="505"></td>
<td><img src="spacer.gif" height="1.5" width="0"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1.5"></td>
</tr>
</table>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px; width: 505.44px; padding-left: 0pt;" align="left">
<table cellpadding="0" cellspacing="0" border="0" width="534" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="312"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Assets:</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Investments
in securities, at value (cost
$5,905,359,912)</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,279,986,686</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Cash</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11,196,148</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Dividends
receivable</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,045,039</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Receivable for
securities sold</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">847,866</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Receivable from
redemption</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">23,035</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Total
Assets</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,295,098,774</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Liabilities:</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Payable
for securities
purchased</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">716,402</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Distribution
payable</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11,585,343</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Payable to
sponsor</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,271,786</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Accrued Trustee
fees</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">468,251</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Other accrued
expenses</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">95,037</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Total
Liabilities</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">16,136,819</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Net
Assets</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,278,961,955</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Net
Assets Represented
By:</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Interest of
Unitholders (56,461,936 units of fractional undivided interest (MidCap
SPDRs) outstanding; unlimited units
authorized)</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Cost to investors of
outstanding
units</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,525,088,099</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Undistributed net
investment income</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,995,660</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Accumulated net
realized losses on
investments</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(623,748,578</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Unrealized
depreciation on
investments</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(625,373,226</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Net
assets</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,278,961,955</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Net
asset value per MidCap SPDR ($5,278,961,955/56,461,936 MidCap
SPDRs)</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">93.50</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: center; font-style: normal; line-height: 22pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The
accompanying notes are an integral part of these financial
statements.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">16</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">MidCap SPDR Trust, Series 1<br>
Statements of
Operations</p>
<!--0--><table border="0" cellpadding="0" cellspacing="0" width="505">
<tr>
<td><img src="spacer.gif" width="1" height="1"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1.5"><img src="spacer.gif" height="1.5" width="505"></td>
<td><img src="spacer.gif" height="1.5" width="0"></td>
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<tr>
<td><img src="spacer.gif" height="8" width="1.5"></td>
</tr>
</table>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px; width: 505.44px; padding-left: 0pt;" align="left">
<table cellpadding="0" cellspacing="0" border="0" width="534" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="187"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3"></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">For
the Year<br> Ended<br> September 30,<br> 2003</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">For the
Year<br> Ended<br> September 30,<br> 2002(a)</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">For the
Year<br> Ended<br> September 30,<br>
2001</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Investment
Income</b></td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 30pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Dividend
income</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">59,331,794</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">61,546,707</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">38,932,541</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Expenses</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 30pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Trustee
fees and
expenses</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,245,862</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,104,160</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,573,086</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 30pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Printing
and distribution expenses
</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,456,210</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,289,457</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,028,449</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 30pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Audit
fees</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">73,050</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">58,800</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">55,200</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 30pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Legal
fees</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">49,391</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">22,533</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">41,137</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 30pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">License
fees</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,546,799</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,895,620</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,204,940</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 30pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Total
expenses</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12,371,312</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14,370,570</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9,902,812</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 30pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Less:
expenses assumed by the Sponsor and the Trustee<br> (see Note
3)</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(120,350</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(164,484</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(343,664</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 30pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Net
expenses</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12,250,962</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14,206,086</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9,559,148</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Net
investment
income</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">47,080,832</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">47,340,621</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">29,373,393</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Realized
and unrealized gains (losses) on
investments</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 30pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Net
realized
losses</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(165,400,188</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(145,119,328</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(160,292,538</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 30pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Net
realized gains from in-kind
redemptions</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">30,754,605</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">241,012,342</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">362,543,701</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 30pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Net
increase (decrease) in unrealized appreciation (depreciation) of
investments</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,235,084,359</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(831,875,344</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(1,062,847,655</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 30pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Net
realized and unrealized gains (losses) on
investments</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,100,438,776</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(735,982,330</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(860,596,492</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Net
increase (decrease)<br> in net assets resulting<br> from
operations</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,147,519,608</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">
														(688,641,709</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">
														(831,223,099</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
<!--0-->
<table border="0" cellpadding="0" cellspacing="0" width="505">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="427"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 23pt; padding-left: 0pt; text-align: left">(a)</td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;width: 505pt">See
Note 7</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: center; font-style: normal; line-height: 22pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The accompanying notes are an integral
part of these financial statements.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">17</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">MidCap SPDR Trust, Series 1<br>
Statements of Changes in Net Assets</p>
<!--0--><table border="0" cellpadding="0" cellspacing="0" width="505">
<tr>
<td><img src="spacer.gif" width="1" height="1"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1.5"><img src="spacer.gif" height="1.5" width="505"></td>
<td><img src="spacer.gif" height="1.5" width="0"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1.5"></td>
</tr>
</table>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px; width: 505.44px; padding-left: 0pt;" align="left">
<table cellpadding="0" cellspacing="0" border="0" width="534" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="187"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3"></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">For
the Year<br> Ended<br> September 30,<br> 2003</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">For the
Year<br> Ended<br> September 30,<br> 2002(a)</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">For the
Year<br> Ended<br> September 30,<br> 2001</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Increase (decrease) in net assets
from:</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Operations:</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 30pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Net
investment
income</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">47,080,832</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">47,340,621</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">29,373,393</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 30pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Net
realized gains (losses) on investments and in-kind
redemptions</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(134,645,583</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">95,893,014</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">202,251,163</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 30pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Net
increase (decrease) in unrealized appreciation (depreciation) on
investments</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,235,084,359</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(831,875,344</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(1,062,847,655</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 30pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Net
increase (decrease) in net assets resulting from
operations</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,147,519,608</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(688,641,709</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(831,223,099</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 30pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Dividends
and Distributions to Unitholders
from:</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 30pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Net investment
income</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(47,468,808</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(47,963,865</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(31,014,357</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 30pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Net
realized
gains</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 30pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Total
dividends and distributions
</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(47,468,808</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(47,963,865</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(31,014,357</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Unitholder
Transactions:</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 30pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Proceeds
from subscriptions of MidCap SPDR
units</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">859,675,707</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,612,115,520</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,552,958,639</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 30pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Reinvestment
of dividends and distributions
</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">451,164</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">415,262</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">401,937</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 30pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Less:
Redemptions of MidCap SPDR units
</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(2,089,706,871</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(1,434,058,022</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(1,774,165,755</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 30pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Increase
(decrease) in net assets due to unitholder
transactions</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(1,229,580,000</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,178,472,760</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,779,194,821</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 30pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Total
increase
(decrease)</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(129,529,200</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,441,867,186</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">916,957,365</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Net
Assets:</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 30pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Beginning of
year</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,408,491,155</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,966,623,969</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,049,666,604</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 30pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">End
of year (including undistributed net investment income of $2,995,660,
$3,046,955 and $1,774,579,
respectively)</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,278,961,955</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,408,491,155</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,966,623,969</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
<!--0-->
<table border="0" cellpadding="0" cellspacing="0" width="505">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="427"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 23pt; padding-left: 0pt; text-align: left">(a)</td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;width: 505pt">See
Note 7</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: center; font-style: normal; line-height: 22pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The accompanying notes are an integral
part of these financial statements.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">18</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">MidCap SPDR Trust, Series 1<br>
Financial Highlights<br> Selected data for a MidCap
SPDR</p>
<!--0--><table border="0" cellpadding="0" cellspacing="0" width="505">
<tr>
<td><img src="spacer.gif" width="1" height="1"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1.5"><img src="spacer.gif" height="1.5" width="505"></td>
<td><img src="spacer.gif" height="1.5" width="0"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1.5"></td>
</tr>
</table>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px; width: 505.44px; padding-left: 0pt;" align="left">
<table cellpadding="0" cellspacing="0" border="0" width="534" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="127"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3"></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">For
the Year<br> Ended<br> September 30,<br> 2003</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">For the
Year<br> Ended<br> September 30,<br> 2002</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">For the Year<br>
Ended<br> September 30,<br> 2001</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">For the
Year<br>Ended<br>September 30,<br>2000</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">For the
Year<br>Ended<br>September
30,<br>1999</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Net Asset
Value,<br> Beginning of
Year</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">74.67</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">79.21</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">98.86</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">71.70</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">59.20</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Investment
Operations:</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 30pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Net
investment
income</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.82</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.70</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.67</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.75</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.73</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 30pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Net
realized and unrealized gains<br> (losses) on
investments</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">18.82</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(4.52</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(19.61</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">29.18</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13.95</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 30pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Total
from Investment
Operations</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">19.64</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(3.82</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(18.94</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">29.93</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14.68</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Less
Distributions
from:</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 30pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Net
investment
income</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(0.81</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(0.72</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(0.71</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(0.77</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(0.68</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 30pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Net
realized
gains</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.00</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.00</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.00</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(2.00</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(1.50</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 30pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Total
Distributions</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(0.81</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(0.72</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(0.71</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(2.77</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(2.18</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Net
Asset Value,<br> End of
Year</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">93.50</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">74.67</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">79.21</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">98.86</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">71.70</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Total
Investment
Return</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">26.41</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(4.94</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(19.26</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">42.55</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">24.72</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"><b>Ratios
and Supplemental
Data</b></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 30pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Net
assets,<br> end of year
(000's)</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,278,962</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,408,491</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,966,624</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,049,667</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,740,124</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 30pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Ratio
of expenses to average net
assets</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.25</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.25</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.26</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.28</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.26</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 30pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Ratio of net investment
income to average net
assets</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.96</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.81</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.75</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.85</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.97</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 30pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Portfolio turnover
rate(2)</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13.02</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">21.43</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">33.22</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">29.95</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">43.42</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
<!--0-->
<table border="0" cellpadding="0" cellspacing="0" width="505">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="427"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 23pt; padding-left: 0pt; text-align: left">(1)</td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;width: 505pt">Net
of expenses reimbursed or assumed by the Sponsor and the Trustee.
Before expenses reimbursed by the Sponsor and the Trustee, the net
investment income and expenses to average net assets ratios would have
been 0.96% and 0.25% for the year ended September 30,
2003, 0.82% and 0.25% for the year ended September 30,
2002, 0.76% and 0.25% for the year ended September 30,
2001, 0.87% and 0.25% for the year ended September 30,
2000 and 0.97% and 0.26% for the year ended September 30,
1999.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 23pt; padding-left: 0pt; text-align: left">(2)</td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;width: 505pt">Portfolio turnover rate
excludes securities received or delivered from processing creations or
redemptions of MidCap SPDRs.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: center; font-style: normal; line-height: 22pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The accompanying
notes are an integral part of these financial
statements.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">19</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">MidCap
SPDR Trust, Series 1<br> Notes to Financial Statements<br> September
30,
2003<br>
</p>
<!--0--><table border="0" cellpadding="0" cellspacing="0" width="505">
<tr>
<td><img src="spacer.gif" width="1" height="1"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="2"><img src="spacer.gif" height="2" width="505"></td>
<td><img src="spacer.gif" height="2" width="0"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="2"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">NOTE
1&mdash;ORGANIZATION</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">MidCap SPDR Trust, Series 1 (the
"Trust") is a unit investment trust created
under the laws of the State of New York and registered under the
Investment Company Act of 1940. The Trust was created to provide
investors with the opportunity to purchase a security representing a
proportionate undivided interest in a portfolio of securities
consisting of substantially all of the common stocks, in substantially
the same weighting, which comprise the Standard &amp; Poor's
MidCap 400 Composite Price Index (the "S&amp;P MidCap
Index"). Each unit of fractional undivided interest in the
Trust is referred to as a Standard &amp; Poor's Depository
Receipt ("MidCap SPDR"). The Trust commenced
operations on April 27, 1995 upon the initial issuance of 375,000
MidCap SPDRs (equivalent to 15 "Creation
Units"&mdash;see Note 4) in exchange for a portfolio of
securities assembled to reflect the intended portfolio composition of
the Trust.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">NOTE 2&mdash;SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The financial statements of the Trust are prepared in
accordance with accounting principles generally accepted in the United
States of America.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The preparation of financial statements in
accordance with accounting principles generally accepted in the United
States of America requires management to make estimates and assumptions
that affect the reported amounts and disclosures in the financial
statements. Actual results could differ from these estimates. The
following is a summary of significant accounting policies followed by
the Trust.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Security Valuation&mdash;Portfolio securities are
valued based on the closing sale price on the exchange, which is deemed
to be the principal market for the security. If no closing sale price
is available, then the security is valued at the mean between the
closing bid and offer prices on the exchange, which is deemed to be the
principal market for the security. Portfolio securities traded on
NASDAQ are valued at the NASDAQ official closing price on the day of
valuation. If there are no closing bid and offer prices available,
valuation will be determined by the Trustee in good faith based on
available information.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Investment Transactions&mdash;Investment
transactions are recorded on the trade date. Realized gains and losses
from the sale or disposition of securities are recorded on a specific
identification basis. Dividend income is recorded on the ex-dividend
date.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Distributions to Unitholders&mdash;The Trust intends to
declare and distribute dividends from net investment income quarterly.
The Trust will distribute net realized capital gains, if any, at least
annually.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">20</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">MidCap
SPDR Trust, Series 1<br> Notes to Financial Statements<br> September
30,
2003<br>
</p>
<!--0--><table border="0" cellpadding="0" cellspacing="0" width="505">
<tr>
<td><img src="spacer.gif" width="1" height="1"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="2"><img src="spacer.gif" height="2" width="505"></td>
<td><img src="spacer.gif" height="2" width="0"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="2"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Federal Income Tax&mdash;The Trust has
qualified and intends to continue to qualify for and elect treatment as
a "regulated investment company" under
Subchapter M of the Internal Revenue Code of 1986, as amended. By so
qualifying and electing, the Trust is not subject to federal income
taxes to the extent it distributes its taxable income, including any
net realized capital gains, for each fiscal year. In addition, by
distributing during each calendar year substantially all of its net
investment income and capital gains, if any, the Trust is not subject
to federal excise tax.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">NOTE 3&mdash;TRANSACTIONS WITH THE
TRUSTEE AND SPONSOR</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">In accordance with the Trust Agreement, The
Bank of New York (the "Trustee") maintains
the Trust's accounting records, acts as custodian and transfer
agent to the Trust, and provides administrative services, including
filing of all required regulatory reports. The Trustee is also
responsible for determining the composition of the portfolio of
securities, which must be delivered in exchange for the issuance of
Creation Units of the Trust, and for adjusting the composition of the
Trust's portfolio from time to time to conform to changes in the
composition and/or weighting structure of the S&amp;P MidCap Index. For
these services, the Trustee receives a fee at the following annual
rates:</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px; width: 505.44px; padding-left: 0pt;" align="left">
<table cellpadding="0" cellspacing="0" border="0" width="534" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="281"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="214"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="left" valign="bottom" colspan="3">Net assset value of the
Trust</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="left" valign="bottom" colspan="3">Fee as a percentage of<br>net asset value of
the Trust</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">$0-$500,000,000*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">14/100 of
1% per annum</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">$500,000,001-$1,000,000,000*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">12/100 of 1% per
annum</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">$1,000,000,001 and above*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">10/100 of
1% per
annum</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
<!--0-->
<table border="0" cellpadding="0" cellspacing="0" width="505">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="427"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  width: 23pt; padding-left: 0pt; text-align: left">*</td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;width: 505pt">The fee
indicated applies to that portion of the net asset value of the Trust,
which falls in the size category indicated.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trustee
voluntarily agreed to reduce its fee by $120,350 for the year ended
September 30, 2003. The amount of the reduction equals the Federal
Funds Rate, as published in the Wall Street Journal multiplied by each
day's daily cash balance in the Trust's cash account,
reduced by the amount of reserves for that account required by the
Federal Reserve Board of Governors. The Trustee reserves the right to
discontinue this voluntary fee reduction in the future.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">PDR
Services Corporation (the "Sponsor", a
wholly-owned subsidiary of the American Stock Exchange, Inc.) agreed to
reimburse the Trust for, or assume, the ordinary operating expenses of
the Trust, which exceeded 30/100 </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">21</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">MidCap
SPDR Trust, Series 1<br> Notes to Financial Statements<br> September
30,
2003<br>
</p>
<!--0--><table border="0" cellpadding="0" cellspacing="0" width="505">
<tr>
<td><img src="spacer.gif" width="1" height="1"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="2"><img src="spacer.gif" height="2" width="505"></td>
<td><img src="spacer.gif" height="2" width="0"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="2"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
of 1% per annum of the daily net asset
value of the Trust as calculated by the Trustee. There were no expenses
assumed by the Sponsor for the years ended September 30, 2003, 2002 and
2001.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Sponsor retains the ability to be repaid by the Trust
for expenses so reimbursed or assumed to the extent that expenses fall
below the expense limitation described above on any given day during
the year.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">NOTE 4&mdash;TRUST TRANSACTIONS IN MIDCAP SPDRs</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<b>Transactions in MidCap SPDRs were as follows</b>:</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px; width: 505.44px; padding-left: 0pt;" align="left">
<table cellpadding="0" cellspacing="0" border="0" width="534" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3"></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3"><font style="font-size: 7pt;">Year
Ended<br>September 30, 2003</font></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3"><font style="font-size: 7pt;">Year
Ended<br>September 30, 2002</font></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3"><font style="font-size: 7pt;">Year
Ended<br>September 30, 2001</font></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3"></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3"><font style="font-size: 7pt;">MidCap<br>SPDRs</font></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3"><font style="font-size: 7pt;">Amount</font></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3"><font style="font-size: 7pt;">MidCap<br>SPDRs</font></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3"><font style="font-size: 7pt;">Amount</font></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3"><font style="font-size: 7pt;">MidCap<br>SPDRs</font></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">MidCap SPDRs
sold</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,050,000</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">859,675,707</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">39,000,000</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,612,115,520</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">38,425,000</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Dividend reinvestment MidCap SPDRs
issued</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,557</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">451,164</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,704</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">415,262</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,235</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">MidCap SPDRs
redeemed</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(26,025,000</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(2,089,706,871</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(16,650,000</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(1,434,058,022</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(19,200,000</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Net
increase (decrease) </td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(15,969,443</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">
														(1,229,580,000</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">22,354,704</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,178,472,760</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">19,229,235</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Except
under the Trust's dividend reinvestment plan, MidCap SPDRs are
issued and redeemed by the Trust only in Creation Unit size
aggregations of 25,000 MidCap SPDRs. Such transactions are only
permitted on an in-kind basis, with a separate cash payment, which is
equivalent to the undistributed net investment income per MidCap SPDR
and a balancing cash component to equate the transaction to the net
asset value per unit of the Trust on the transaction date. Transaction
fees, in the amount of the lesser of 20/100 of 1% of current
market value of 1 Creation Unit or $3,000, are charged to those persons
creating or redeeming Creation Units. Transaction fees are received by
the Trustee directly from the authorized participants and used to
offset the expense of processing orders. During the year ended
September 30, 2003, the Trustee earned $156,000 in transaction fees.
The Trustee, in its sole discretion, may voluntarily reduce or waive
its fee, or modify its transaction fee schedule, subject to certain
limitations. There were no reductions or waivers for the year ended
September 30, 2003.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">22</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">MidCap
SPDR Trust, Series 1<br> Notes to Financial Statements<br> September
30,
2003<br>
</p>
<!--0--><table border="0" cellpadding="0" cellspacing="0" width="505">
<tr>
<td><img src="spacer.gif" width="1" height="1"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="2"><img src="spacer.gif" height="2" width="505"></td>
<td><img src="spacer.gif" height="2" width="0"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="2"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">At September 30, 2003, the Trustee and its
affiliates held 4,090,826 MidCap SPDRs, or 7.2% of fractional
undivided interest in the Trust.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">NOTE 5&mdash;INVESTMENT
TRANSACTIONS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">For the year ended September 30, 2003 the Trust
had purchases and sales of investment securities of $639,225,405 and
$639,108,296, respectively.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">NOTE 6&mdash;FEDERAL INCOME TAX
STATUS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The following details the tax basis distributions and
components of distributable earnings as of September 30, 2003. The tax
basis components of distributable earnings differ from the amounts
reflected in the Statement of Assets and Liabilities by temporary
book/tax differences primarily arising from wash sales, post-October
losses, and distributions payable.</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px; width: 505.44px; padding-left: 0pt;" align="left">
<table cellpadding="0" cellspacing="0" border="0" width="534" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="343"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Cost of investments for federal income tax
purposes</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,923,540,339</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Gross
unrealized appreciation</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">474,660,255</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Gross
unrealized depreciation</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(1,118,213,908</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Net unrealized
depreciation</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">
														(643,553,653</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Distributable earnings, ordinary
income</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14,581,004</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Capital loss carryforwards
expiring:</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">9/30/08</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">
														(11,118,835</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">9/30/09</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(168,998,054</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">9/30/10</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(152,712,102</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">9/30/11</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(109,442,118</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3"></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">
														(442,271,109</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">To
the extent that capital losses are used to offset future capital gains,
it is probable that gains so offset will not be distributed to
shareholders.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">At September 30, 2003 the Trust deferred
$163,297,042 of capital losses arising subsequent to October 31, 2002.
For tax purposes, such losses will be reflected in the year ending
September 30, 2004.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The tax composition of dividends paid during
the years ending September  30, 2003 and September 30, 2002 were
from ordinary income.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">As of September 30, 2003, the Trust had
permanent book/tax differences attributable to in-kind redemptions,
non-deductible expenses, and prior year wash sales. To reflect
reclassifications arising from these differences, undistributed net
investment income was increased by $336,681, accumulated net
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">23</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">MidCap
SPDR Trust, Series 1<br> Notes to Financial Statements<br> September
30,
2003<br>
</p>
<!--0--><table border="0" cellpadding="0" cellspacing="0" width="505">
<tr>
<td><img src="spacer.gif" width="1" height="1"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="2"><img src="spacer.gif" height="2" width="505"></td>
<td><img src="spacer.gif" height="2" width="0"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="2"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
realized loss on investments was decreased by
$30,754,605, and additional paid in capital was increased by
$30,417,924.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">NOTE 7&mdash;RECLASSIFICATION</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Certain
prior year amounts have been reclassified to conform to current year
classification. Accordingly, net realized losses on investments and net
increase (decrease) in unrealized appreciation (depreciation) of
investments included in the statement of operations for the year ended
September 30, 2002 were decreased and increased by $61,390,495,
respectively. The net realized gains (losses) on investments and
in-kind redemptions and net increase (decrease) in unrealized
appreciation (depreciation) of investments included in the statement of
changes in net assets for the year ended September 30, 2002 were
increased by the same amount. This reclassification had no impact on
net assets or the net increase (decrease) in net assets resulting from
operations.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">24</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">MidCap SPDR Trust, Series 1<br>Schedule of Investments<br>September 30, 2003<br>
</p>
<!--0--><table border="0" cellpadding="0" cellspacing="0" width="505">
<tr>
<td><img src="spacer.gif" width="1" height="1"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="2"><img src="spacer.gif" height="2" width="505"></td>
<td><img src="spacer.gif" height="2" width="0"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="2"></td>
</tr>
</table>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px; width: 505.44px; padding-left: 0pt;" align="left">
<table cellpadding="0" cellspacing="0" border="0" width="534" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="120"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="left" valign="bottom" colspan="3">Common
Stock</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">Shares</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">Value</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">3Com
Corp.
*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,273,182</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13,411,773.80</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">99 (Cents)
Only
Stores*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">440,180</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14,235,421.20</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">A.G.
Edwards</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">490,854</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">18,853,702.14</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Abercrombie
&amp; Fitch
Co.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">602,672</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">16,700,041.12</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Activision,
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">543,816</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,498,601.20</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Acxiom
Corp.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">526,833</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,302,888.08</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Adtran
Inc.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">238,299</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14,579,132.82</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Advanced
Fibre
Communications*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">528,801</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11,088,956.97</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">AdvancePCS*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">568,047</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">25,885,901.79</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Advent
Software,
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">200,445</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,225,160.05</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Affiliated
Computer*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">820,064</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">39,928,916.16</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">AGCO
Corp.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">464,325</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7,958,530.50</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">AGL
Resources</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">393,382</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11,081,570.94</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Airgas
Inc.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">452,893</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,061,495.40</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Alaska Air
Group*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">164,472</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,575,611.04</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Albemarle
Corp.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">254,534</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,986,958.30</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Alexander
&amp;
Baldwin</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">255,841</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7,184,015.28</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Allete,
Inc.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">533,549</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14,608,571.62</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Alliant
Energy</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">681,401</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14,990,822.00</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Allmerica
Financial*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">327,390</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7,795,155.90</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">AMB
Property
Corp.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">504,112</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15,531,690.72</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">American
Eagle
Outfitters*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">438,671</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,518,651.06</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">American
Financial
Group</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">429,919</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9,350,738.25</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">AmeriCredit
Corp.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">964,649</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9,935,884.70</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">AmerUs
Group
Co.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">241,289</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,203,826.00</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Ametek,
Inc.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">204,296</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,756,126.56</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Apogent
Technologies*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">567,622</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11,840,594.92</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Applebee's
Intl*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">342,399</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,778,720.52</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Apria
Healthcare
Group*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">337,701</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9,246,253.38</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Aquila,
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,204,453</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,071,051.14</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Arch
Coal</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">324,363</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7,204,102.23</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Arrow
Electronics*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">622,335</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11,444,740.65</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Arvinmeritor
Inc.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">422,758</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7,529,319.98</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Ascential
Software
Corp.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">358,764</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,647,896.92</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Associated
Banc-Corp.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">453,989</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">17,160,784.20</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Astoria
Financial</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">496,485</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15,341,386.50</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Atmel
Corp.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,893,736</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11,603,881.36</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Avnet,
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">737,613</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12,185,366.76</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Avocent
Corp.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">286,143</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,667,271.47</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Bandag,
Inc.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">119,623</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,034,883.79</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Bank of
Hawaii
Corp.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">362,169</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12,161,635.02</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Banknorth
Group
Inc.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">994,883</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">28,075,598.26</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Banta
Corp.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">157,038</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,653,368.00</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Barnes
&amp;
Noble*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">399,299</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,146,187.59</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Barr
Laboratories*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">412,234</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">28,118,481.14</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Beckman
Coulter
Inc.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">376,268</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">17,135,244.72</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Belo
Corp.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">701,128</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">17,002,354.00</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">BISYS
Group*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">739,626</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9,726,081.90</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">BJ's
Wholesale
Club*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">427,914</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,288,694.18</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Black
Hills</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">198,185</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,115,989.10</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Blyth
Inc.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">283,605</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7,651,662.90</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Bob Evans
Farms</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">213,925</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,713,936.75</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Borders
Group</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">477,225</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9,029,097.00</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Borg
Warner
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">166,762</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11,314,801.70</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Bowater
Inc.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">341,819</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14,376,907.14</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Brinker
International*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">599,367</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">19,994,883.12</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Brown
&amp; Brown
Inc.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">421,989</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12,988,821.42</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">C.H.
Robinson
Worldwide</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">522,166</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">19,429,796.86</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Cabot
Corp.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">380,922</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,860,086.22</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Cabot
Micro-Electronics*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">151,803</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,426,584.53</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Cadence
Design
Systems*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,675,759</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">22,455,170.60</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Callaway
Golf Co.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">466,313</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,654,286.51</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Career
Education*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">612,030</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">27,724,959.00</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Carlisle
Companies</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">189,347</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,259,316.14</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">CarMax
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">638,644</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">20,858,113.04</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Carpenter
Technology</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">137,963</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,957,926.72</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Catalina
Marketing*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">329,761</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,009,069.59</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">CBRL
Group</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">300,491</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,661,420.68</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">CDW
Corporation</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">510,697</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">29,487,644.78</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Ceridian
Corp.
(New)*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">914,378</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">17,025,718.36</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Certegy,
Inc.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">408,719</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13,123,967.09</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Charles
River
Labs*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">281,489</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,638,897.41</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Checkfree
Corp*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">489,058</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9,781,160.00</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Cheesecake
Factory*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">317,617</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11,488,206.89</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Chico's
FAS*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">533,307</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">16,340,526.48</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">ChoicePoint
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">530,670</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">17,777,445.00</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Church
&amp;
Dwight</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">248,686</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,701,523.14</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Cincinnati
Bell
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,507,259</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7,671,948.31</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">City
National
Corp.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">299,258</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15,250,187.68</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Claire's
Stores</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">301,741</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,096,253.86</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">CNF
Inc.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">306,290</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9,816,594.50</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Coach,
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">560,609</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">30,609,251.40</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Colonial
BancGroup</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">767,304</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11,079,869.76</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Commerce
Bancorp</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">462,295</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">22,148,553.45</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">CommScope,
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">365,536</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,408,364.16</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Community
Health
Systems*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">608,026</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13,194,164.20</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Compass
Bancshares</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">775,748</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">26,825,365.84</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Constellation
Brands*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">644,649</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">19,655,348.01</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Cooper
Cameron
Corp.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">338,067</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15,622,076.07</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Copart
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">554,209</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,985,457.20</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Corinthian
Colleges*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">270,354</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15,453,434.64</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Covance
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">380,007</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,504,556.66</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Coventry
Health Care
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">369,583</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">19,491,807.42</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Credence
Systems*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">389,515</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,479,422.50</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Cree
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">452,418</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,378,781.36</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Crompton
Corporation</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">686,427</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,988,140.87</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">CSG
Systems
International*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">322,891</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,769,100.07</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Cullen
Frost
Bankers*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">317,697</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11,827,859.31</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Cypress
Semiconductor*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">730,336</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12,912,340.48</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Cytec
Industries*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">240,998</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,796,427.00</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Cytyc
Corp.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">676,957</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,181,433.28</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">D.R.
Horton</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">959,573</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">31,378,037.10</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Dean
Foods
(New)</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">955,526</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">29,649,971.78</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Dentsply
International*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">487,560</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">21,862,190.40</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">DeVRY
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">431,806</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,216,529.96</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Dial
Corporation</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">592,113</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12,754,114.02</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Diebold,
Inc.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">447,565</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">22,669,167.25</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Dollar
Tree
Stores*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">705,898</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">23,647,583.00</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Donaldson
Co.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">267,767</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14,432,641.30</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">DPL
Incorporated</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">780,828</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13,391,200.20</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">DST
Systems
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">713,989</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">26,845,986.40</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
<table cellpadding="0" cellspacing="0" border="0" width="60">
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="60"></td>
</tr>
<tr>
<td bgcolor="#ffffff"><img src="spacer.gif" height="8" width="60"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt; padding-left: 0pt; text-align: left"></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;width: 505pt">(*)
Denotes non-income producing security.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">The accompanying notes are an integral part of these financial statements.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">25</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">MidCap SPDR Trust, Series 1<br>Schedule of Investments<b> (Continued)</b>
<br>September 30, 2003<br>
</p>
<!--0--><table border="0" cellpadding="0" cellspacing="0" width="505">
<tr>
<td><img src="spacer.gif" width="1" height="1"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="2"><img src="spacer.gif" height="2" width="505"></td>
<td><img src="spacer.gif" height="2" width="0"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="2"></td>
</tr>
</table>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px; width: 505.44px; padding-left: 0pt;" align="left">
<table cellpadding="0" cellspacing="0" border="0" width="534" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="120"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="left" valign="bottom" colspan="3">Common
Stock</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">Shares</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">Value</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Dun &amp;
Bradstreet*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">455,647</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">18,927,576.38</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Duquesne
Light Holdings
Inc.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">463,280</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7,153,043.20</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Dycom
Industries*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">295,496</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,025,163.44</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">E*Trade
Group
*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,236,362</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">20,708,712.12</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Eaton
Vance</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">426,817</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14,289,833.16</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Education
Management*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">220,190</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12,698,357.30</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Edwards
Lifesciences
Corp.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">382,235</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,350,923.80</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">EGL
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">291,380</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,297,288.40</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Emmis
Communications*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">335,572</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,771,842.96</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Energizer
Holdings
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">521,794</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">19,186,365.38</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Energy
East</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">899,914</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">20,185,071.02</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">ENSCO
Int'l</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">924,821</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">24,803,699.22</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Entercom
Communications*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">316,906</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14,203,726.92</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Equitable
Resources</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">384,216</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15,791,277.60</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Everest
Re
Group</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">342,312</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">25,728,169.92</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Expeditors
Int'l</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">646,066</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">22,231,131.06</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Extended
Stay
America*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">585,825</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,746,367.25</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Fair,
Isaac
Corporation</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">297,489</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">17,539,951.44</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Fairchild
Semiconductor*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">724,157</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12,006,523.06</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Fastenal</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">468,355</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">17,703,819.00</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Federal
Signal</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">296,091</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,411,755.90</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Ferro
Corp.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">251,670</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,375,671.20</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Fidelity
Nat'l
Fin'l</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">831,242</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">24,987,134.52</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">First
Amer'n
Corp.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">478,926</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11,925,257.40</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">First
Health
Group*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">585,608</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15,313,649.20</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">FirstMerit
Corp.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">521,522</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12,902,454.28</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Flowserve
Corporation*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">341,001</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,922,320.30</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">FMC
Corp.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">217,826</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,489,215.20</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">FMC
Technologies*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">407,055</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,719,118.10</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Forest
Oil*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">328,480</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7,867,096.00</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Furniture
Brands
International*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">344,146</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,293,918.60</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Gallagher
(Arthur
J.)</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">559,110</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15,811,630.80</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Gartner,
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">479,645</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,223,334.05</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">GATX
Corp.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">302,979</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,408,005.85</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Gentex
Corp*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">471,567</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">16,429,394.28</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Gilead
Sciences*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,242,871</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">69,513,775.03</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Glatfelter</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">270,038</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,181,047.64</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Graco
Inc.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">282,703</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,615,497.65</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Granite
Construction</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">256,359</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,788,786.12</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Grant
Prideco*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">749,411</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7,636,498.09</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Great
Plains Energy
Inc.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">427,096</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12,949,550.72</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Greater
Bay
Bancorp</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">321,251</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,682,020.80</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Greenpoint
Financial
Corp.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">847,657</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">25,311,038.02</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">GTECH
Holdings
Corp.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">358,089</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15,344,113.65</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Hanover
Compressor*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">449,613</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,451,168.70</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Harris
Corp.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">409,240</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14,646,699.60</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Harsco
Corp.&nbsp;&nbsp;&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">251,273</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9,666,472.31</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Harte-Hanks,
Inc.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">547,839</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,102,151.16</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Hawaiian
Electric
Industries</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">231,294</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,068,227.82</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">HCC
Insurance
Holdings</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">393,190</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11,433,965.20</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Health
Net,
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">717,225</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">22,714,515.75</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Helmerich
&amp;
Payne</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">309,199</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,082,461.86</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Henry
(Jack) &amp;
Assoc.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">542,399</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9,432,318.61</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Hibernia
Corp. (CL
A)</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">963,330</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">19,517,065.80</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Hillenbrand
Industries</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">381,449</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">21,521,352.58</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">HON
Industries</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">357,261</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13,204,366.56</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Horace
Mann
Educators</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">263,701</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,826,301.51</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Hormel
Foods
Corp.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">853,926</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">19,623,219.48</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Hospitality
Properties
Trust</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">386,320</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13,552,105.60</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Hovnanian
Enterprises
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">184,829</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11,897,442.73</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Hubbell
Inc. (Class
B)</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">366,781</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13,383,838.69</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Hunt(J.B.)
Transport Serv
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">488,459</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12,709,703.18</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">ICN
Pharmaceuticals,
Inc.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">512,814</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,799,888.24</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">IDACORP
Inc. Hldg.
Co.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">235,769</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,012,109.50</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">IDEC
Pharmaceuticals
Corp.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">959,511</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">31,807,789.65</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Imation
Corp.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">219,311</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7,160,504.15</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">IMC
Global
Inc.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">710,652</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,555,279.32</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Independence
Community
Bank</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">337,486</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11,788,385.98</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">IndyMac
Bancorp</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">342,665</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7,939,548.05</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Integrated
Circuit Systems
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">429,566</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12,904,162.64</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Integrated
Device
Technology*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">642,630</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7,981,464.60</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">International
Speedway</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">328,499</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14,417,821.11</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Internet
Security
Systems*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">307,064</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,838,300.00</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Intersil
Corp.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">853,183</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">20,305,755.40</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Interstate
Bakeries</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">276,563</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,148,445.00</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Intl
Rectifier*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">396,075</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14,829,048.00</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Investment
Technology Group
(New)*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">291,801</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,596,743.18</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Investors
Financial
Services</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">402,109</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12,626,222.60</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">IVAX
Corp.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,207,732</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">23,671,547.20</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Jacobs
Engineering
Group*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">342,257</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15,435,790.70</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">JetBlue
Airways
Corp.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">397,226</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">24,298,314.42</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Keane
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">393,581</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,029,965.18</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Kelly
Services</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">219,738</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,480,265.72</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">KEMET
Corp.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">533,189</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,792,827.86</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Kennametal
Inc.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">218,437</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,169,543.80</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Korn/Ferry
International*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">232,128</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,915,056.00</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Krispy
Kreme
Doughnuts*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">359,409</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13,837,246.50</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">L-3
Communications
Holdings*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">594,985</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">25,733,101.25</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">LaBranche
&amp; Co.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">367,615</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,367,179.00</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Lam
Research*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">782,790</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">17,338,798.50</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Lancaster
Colony</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">221,248</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,799,032.96</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Lattice
Semconductor*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">694,425</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,937,361.75</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Lear
Corporation*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">414,624</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">21,825,807.36</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Lee
Enterprises</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">275,195</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,641,790.65</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Legato
Systems
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">727,042</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,150,140.82</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Legg
Mason</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">405,723</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">29,293,200.60</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Lennar
Corp</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">454,578</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">35,361,622.62</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Leucadia
National
Corp.&nbsp;&nbsp;&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">368,111</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13,933,001.35</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Liberty
Property
Trust</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">489,200</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">18,090,616.00</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">LifePoint
Hospitals*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">239,500</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,759,975.00</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Lincare
Holdings*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">607,729</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">22,273,267.85</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Longs
Drug
Stores</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">230,600</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,641,978.00</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Longview
Fibre</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">315,271</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,080,197.67</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">LTX
Corp.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">305,808</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,443,398.08</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Lubrizol
Corp.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">317,895</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,315,692.75</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Lyondell
Chemical
Co.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">999,131</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12,768,894.18</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">M&amp;T
Bank
Corp.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">738,332</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">64,456,383.60</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Mack-Cali
Realty</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">358,622</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14,057,982.40</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Macromedia
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">386,401</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9,559,560.74</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
<table cellpadding="0" cellspacing="0" border="0" width="60">
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="60"></td>
</tr>
<tr>
<td bgcolor="#ffffff"><img src="spacer.gif" height="8" width="60"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt; padding-left: 0pt; text-align: left"></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;width: 505pt">(*)
Denotes non-income producing security.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">The accompanying notes are an integral part of these financial statements.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">26</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">MidCap SPDR Trust, Series 1<br>Schedule of Investments<b> (Continued)</b>
<br>September 30, 2003<br>
</p>
<!--0--><table border="0" cellpadding="0" cellspacing="0" width="505">
<tr>
<td><img src="spacer.gif" width="1" height="1"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="2"><img src="spacer.gif" height="2" width="505"></td>
<td><img src="spacer.gif" height="2" width="0"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="2"></td>
</tr>
</table>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px; width: 505.44px; padding-left: 0pt;" align="left">
<table cellpadding="0" cellspacing="0" border="0" width="534" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="120"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="left" valign="bottom" colspan="3">Common
Stock</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">Shares</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">Value</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Macrovision
Corporation*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">300,857</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,556,828.79</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Mandalay
Resort
Group</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">366,304</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14,509,301.44</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Manpower
Inc.&nbsp;&nbsp;&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">479,769</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">17,799,429.90</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Martin
Marietta</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">301,957</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11,006,332.65</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">McData
Corp.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">706,648</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,458,576.56</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">MDU
Resources</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">465,886</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15,737,629.08</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Media
General</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">144,387</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,822,045.70</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Mentor
Graphics
*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">424,961</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7,449,566.33</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Mercantile
Bankshares</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">490,464</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">19,618,560.00</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Michaels
Stores</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">411,152</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">16,758,555.52</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Micrel
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">570,042</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,948,811.98</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Microchip
Technology</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,264,688</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">30,276,630.72</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Millennium
Pharmaceuticals*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,843,754</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">28,375,374.06</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Miller
(Herman)</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">449,688</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,239,395.76</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Minerals
Technologies</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">124,166</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,320,049.40</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Modine
Mfg.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">210,869</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,018,682.20</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Mohawk
Industries*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">409,413</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">29,199,335.16</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">MPS
Group,
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">629,341</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,664,069.00</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Murphy
Oil</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">566,891</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">33,304,846.25</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Mylan
Laboratories</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,104,276</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">42,680,267.40</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">National
Commerce
Financial</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,262,695</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">31,415,851.60</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">National
Fuel
Gas</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">502,026</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11,471,294.10</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">National
Instruments</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">318,670</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12,826,467.50</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">National-Oilwell
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">524,363</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9,511,944.82</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Neiman-Marcus
Group
'A'*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">293,689</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12,246,831.30</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Network
Associates,
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">990,076</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13,623,445.76</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Neuberger
Berman
Inc.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">432,345</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">18,102,285.15</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">New Plan
Excel Realty
Trust</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">601,434</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14,013,412.20</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">New York
Community
Bancorp</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">854,168</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">26,914,833.68</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Newport
Corporation*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">239,172</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,372,325.20</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Noble
Energy,
Inc.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">348,602</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13,351,456.60</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Nordson
Corporation</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">208,207</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,390,479.23</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Northeast
Utilities</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">824,452</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14,774,179.84</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">NSTAR</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">327,347</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15,548,982.50</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">OGE
Energy
Corp.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">526,263</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11,888,281.17</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Ohio
Casualty*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">375,842</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,449,709.00</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Old
Republic
International</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">745,704</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">24,675,345.36</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Olin
Corp.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">360,367</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,701,005.94</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Omnicare,
Inc.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">625,486</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">22,555,025.16</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">ONEOK
Inc.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">463,689</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9,352,607.13</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">O'Reilly
Automotive*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">332,912</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12,241,174.24</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Outback
Steakhouse</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">462,437</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">17,512,489.19</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Overseas
Shipholding
Group</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">214,458</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,543,739.30</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Overture
Services*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">395,573</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,415,437.09</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Oxford
Health
Plans*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">512,076</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">21,153,859.56</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">PacifiCare
Health Sys
B*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">231,825</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11,313,060.00</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Packaging
Corp. of
America*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">643,609</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12,498,886.78</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Park
Place
Entertainment*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,863,944</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">16,794,135.44</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Patterson
Dental*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">420,752</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">24,226,900.16</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Patterson
UTI-Energy*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">499,376</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13,518,108.32</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Payless
ShoeSource*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">420,077</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,435,796.38</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Peabody
Energy</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">334,428</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,491,006.36</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Pentair
Inc.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">304,693</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12,148,109.91</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Pepco
Holdings,
Inc.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,054,928</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">18,229,155.84</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">PepsiAmericas,
Inc.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">889,298</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12,885,928.02</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Perrigo
Co.&nbsp;&nbsp;&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">432,160</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,501,396.80</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">PETsMART
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">873,478</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">19,827,950.60</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Pharmaceutical
Resources*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">208,678</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14,236,013.16</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Phila
Suburban</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">430,859</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,375,084.72</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Pier
1
Imports</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">553,274</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,644,991.76</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Pioneer
Natural
Resources*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">727,364</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">18,518,687.44</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Plantronics
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">270,658</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,460,606.46</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Plexus
Corp*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">262,333</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,076,654.82</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">PMI
Group</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">548,489</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">18,511,503.75</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">PNM
Resources,
Inc.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">248,376</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,964,463.04</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Pogo
Producing</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">392,131</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">17,755,691.68</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Polycom
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">610,248</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,136,219.28</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Potlatch
Corp.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">177,136</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,264,481.92</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Powerwave
Technologies*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">389,242</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,576,782.04</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Precision
Castparts</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">326,535</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11,461,378.50</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Price
Communications*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">334,614</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,149,213.60</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Pride
International*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">834,033</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14,136,859.35</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Protective
Life
Corp.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">425,370</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12,697,294.50</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Protein
Design
Labs*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">578,112</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,012,632.32</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Provident
Financial Group
Inc.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">301,203</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,421,635.88</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Puget
Energy, Inc. (Hldg.
Co.)</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">580,408</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13,018,551.44</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Quanta
Services*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">719,850</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,953,159.50</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Quantum
Corp.-DSSG
Stock*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,092,534</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,365,004.72</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Questar
Corp.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">511,471</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15,758,421.51</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Radian
Group</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">577,567</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">25,643,974.80</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Rayonier
Inc.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">258,718</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,503,950.80</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Reader's
Digest
Association</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">610,694</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,543,609.06</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Rent-A-Center,
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">506,947</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">16,374,388.10</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Republic
Services</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">991,604</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">22,449,914.56</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Retek
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">332,949</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,247,405.75</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Reynolds
&amp;
Reynolds</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">420,040</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11,572,102.00</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">RF
Micro Devices,
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,137,699</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,569,223.71</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Rollins,
Inc.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">278,488</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,968,225.92</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Roslyn
Bancorp</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">468,046</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,989,720.08</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Ross
Stores</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">472,638</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">21,911,497.68</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">RPM
International
Inc.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">713,494</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9,318,231.64</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">RSA
Security
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">362,485</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,176,285.80</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Ruby
Tuesday,
Inc.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">395,072</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9,525,185.92</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Ruddick
Corp.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">285,148</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,431,199.92</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">SAKS
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">881,550</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,164,271.50</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">SanDisk
Corporation*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">480,281</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">30,613,110.94</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">SCANA
Corp .</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">684,676</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">23,450,153.00</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Schein
(Henry)
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">268,337</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15,214,707.90</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Scholastic
Corp.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">242,367</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,977,745.93</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">SEI
Investments</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">647,644</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">21,048,430.00</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Semtech
Corp*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">452,874</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,360,054.04</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Sensient
Technologies</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">289,518</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,079,878.00</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Sepracor
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">522,877</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14,400,032.58</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Sequa
Corp.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">64,425</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,758,034.25</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">SICOR
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">734,297</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14,157,246.16</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Sierra
Pacific
(New)*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">723,273</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,507,874.05</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Silicon
Laboratories
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">304,099</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13,669,250.05</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Silicon
Valley
Bancshares*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">213,035</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,886,157.05</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Six
Flags
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">571,681</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,007,042.06</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Smith
International*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">617,773</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">22,227,472.54</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Smithfield
Foods*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">673,430</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12,929,856.00</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Smucker
(J.M.)
(New)</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">308,351</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13,000,078.16</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
<table cellpadding="0" cellspacing="0" border="0" width="60">
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="60"></td>
</tr>
<tr>
<td bgcolor="#ffffff"><img src="spacer.gif" height="8" width="60"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt; padding-left: 0pt; text-align: left"></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;width: 505pt">(*)
Denotes non-income producing security.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">The accompanying notes are an integral part of these financial statements.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">27</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">MidCap SPDR Trust, Series 1<br>Schedule of Investments<b> (Continued)</b>
<br>September 30, 2003<br>
</p>
<!--0--><table border="0" cellpadding="0" cellspacing="0" width="505">
<tr>
<td><img src="spacer.gif" width="1" height="1"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="2"><img src="spacer.gif" height="2" width="505"></td>
<td><img src="spacer.gif" height="2" width="0"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="2"></td>
</tr>
</table>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px; width: 505.44px; padding-left: 0pt;" align="left">
<table cellpadding="0" cellspacing="0" border="0" width="534" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="120"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="left" valign="bottom" colspan="3">Common
Stock</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">Shares</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">Value</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Sonoco
Products</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">597,769</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13,121,029.55</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Sotheby's
Holdings*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">380,013</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,111,740.66</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Sovereign
Bancorp</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,803,002</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">33,445,687.10</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">SPX
Corp.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">472,781</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">21,407,523.68</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">StanCorp
Financial
Group</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">179,778</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,328,246.10</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Stericycle
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">259,015</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12,217,737.55</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">STERIS
Corp.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">427,778</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9,847,449.56</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Storage
Technology*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">676,166</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">16,322,647.24</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Superior
Industries</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">164,620</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,675,341.00</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Swift
Transportation*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">514,967</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11,684,601.23</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Sybase
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">585,013</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9,951,071.13</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Sylvan
Learning
Systems*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">266,015</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7,256,889.20</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Synopsys
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">958,708</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">29,499,445.16</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">TCF
Financial</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">441,320</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">21,161,294.00</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Tech
Data
Corp.
*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">349,709</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,788,522.65</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Tecumseh
Products
Co.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">114,064</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,255,727.84</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Teleflex</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">244,167</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,604,172.81</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Telephone
&amp; Data
Systems</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">354,085</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">20,019,965.90</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">The
Brink's
Company</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">334,880</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,813,516.80</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">The
MONY
Group</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">289,871</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9,435,301.05</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Tidewater
Inc.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">373,909</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,581,624.70</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Timberland
Co
Cl'A'*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">219,664</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9,370,866.24</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Titan
Corp.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">495,736</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,331,138.24</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Toll
Brothers*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">450,968</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13,718,446.56</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Tootsie
Roll</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">319,764</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9,912,684.00</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Transaction
Systems*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">219,961</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,653,552.21</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Triad
Hospitals*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">464,492</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14,064,817.76</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Trinity
Industries</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">285,389</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7,377,305.65</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">TriQuint
Semiconductor*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">828,140</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,637,584.00</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Tyson
Foods</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,163,103</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">30,564,645.39</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Unifi,
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">332,311</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,595,092.80</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">United
Dominion Rlty
Tr</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">741,043</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13,568,497.33</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">United
Rentals*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">474,972</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7,642,299.48</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Unitrin,
Inc.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">416,858</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12,697,494.68</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Universal
Corp.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">153,287</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,457,981.31</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Univl
Health Svs Cl
'B'*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">357,564</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">17,681,539.80</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Valassis
Communication*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">321,133</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,477,911.20</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Valero
Energy</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">706,041</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">27,020,189.07</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Valspar
Corp</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">311,564</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14,534,460.60</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Varco
Int'l*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">601,509</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,171,517.19</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Varian
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">209,958</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,575,884.56</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Varian
Medical
Systems*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">421,432</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">24,223,911.36</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Vectren
Corporation</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">460,593</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,879,206.66</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Vertex
Pharmaceuticals*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">475,201</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,844,972.30</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Viad
Corp.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">545,443</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13,025,178.84</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Vishay
Intertechnology*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">985,415</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">17,264,470.80</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">VISX
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">296,351</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,645,486.55</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">W. R.
Berkley
Corp.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">513,191</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">17,581,923.66</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Waddell
&amp; Reed Financial
Investment</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">510,908</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12,042,101.56</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Washington
Federal
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">430,283</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,847,434.43</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Washington
Post</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">58,831</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">39,122,615.00</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Wausau-Mosinee
Paper
Corp.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">318,205</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,885,283.05</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Weatherford
International
Ltd.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">810,401</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">30,616,949.78</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Webster
Financial
Corp.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">281,885</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11,241,573.80</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Werner
Enterprises</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">394,570</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9,039,598.70</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Westamerica
Bancorp</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">201,875</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,973,343.75</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Westar
Energy,
Inc</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">445,826</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,225,489.70</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Western Gas
Resources</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">204,802</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7,782,476.00</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Westwood
One, Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">624,466</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">18,852,628.54</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">WGL
Holdings,
Inc.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">299,989</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,273,696.62</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Whole
Foods
Market*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">366,929</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">20,247,142.22</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Williams-Sonoma
Inc.*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">717,752</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">19,364,948.96</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Wilmington
Trust
Corp.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">406,789</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12,512,829.64</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Wind
River
Systems*</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">492,698</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,803,451.62</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Wisconsin
Energy</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">723,069</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">22,104,219.33</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">WPS
Resources</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">200,544</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,262,412.80</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">XTO
Energy
Inc.</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,134,141</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">23,805,619.59</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">York
International</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">245,268</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,483,820.12</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Totals</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">201,647,753</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">$</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,279,986,685.77</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
<table cellpadding="0" cellspacing="0" border="0" width="60">
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="60"></td>
</tr>
<tr>
<td bgcolor="#ffffff"><img src="spacer.gif" height="8" width="60"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt; padding-left: 0pt; text-align: left"></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;width: 505pt">(*)
Denotes non-income producing security.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">The accompanying notes are an integral part of these financial statements.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">28</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">THE TRUST</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The
Trust, an exchange traded fund or "ETF", is a
registered investment company which both (a) continuously issues and
redeems "in-kind" its shares, known as MidCap
SPDRs, only in large lot sizes called Creation Units at their
once-daily NAV and (b) lists MidCap SPDRs individually for trading on
the Exchange at prices established throughout the trading day, like any
other listed equity security trading in the secondary market on the
Exchange.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Creation of Creation Units</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Portfolio Deposits
may be made through the MidCap SPDR Clearing Process or outside the
MidCap SPDR Clearing Process only by a person who executed a
Participant Agreement with the Distributor and the Trustee. The
Distributor shall reject any order that is not submitted in proper
form. A creation order is deemed received by the Distributor on the
date on which it is placed ("Transmittal
Date") if (a) such order is received by the Distributor
not later than the Closing Time on such Transmittal Date and (b) all
other procedures set forth in the Participant Agreement are properly
followed. The Transaction Fee is charged at the time of creation of a
Creation Unit, and an additional amount not to exceed three (3) times
the Transaction Fee applicable for one Creation Unit is charged for
creations outside the MidCap SPDR Clearing Process, in part due to the
increased expense associated with settlement.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trustee, at
the direction of the Sponsor, may
increase
*, reduce or waive the Transaction Fee (and/or the additional amounts
charged in connection with creations and/or redemptions outside the
MidCap SPDR Clearing Process) for certain lot-size creations and/or
redemptions of Creation Units. The Sponsor has the right to vary the
lot-size of Creation Units subject to such an increase, a reduction or
waiver. The existence of any such variation shall be disclosed in the
current MidCap SPDR Prospectus.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trustee makes available to
NSCC
** before the commencement of trading on each Business Day a list of the
names and required number of shares of each Index Security in the
current Portfolio Deposit as well as the </p>
<table cellpadding="0" cellspacing="0" border="0" width="60">
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="60"></td>
</tr>
<tr>
<td bgcolor="#ffffff"><img src="spacer.gif" height="8" width="60"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  width: 23pt; padding-left: 0pt; text-align: left">* </td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;width: 505pt">Such
increase is subject to the 20 Basis Point Limit.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  width: 23pt; padding-left: 0pt; text-align: left">**</td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;width: 505pt">As
of December 31, 2003, the Depository Trust and Clearing Corporation
("DTCC") owned 100% of the issued and
outstanding shares of common stock of NSCC. Also, as of such date, the
National Association of Securities Dealers, Inc., the parent company of
the Exchange, owned 3.6929% of the issued and outstanding shares
of common stock of DTCC ("DTCC Shares"), the
Exchange owned 0.0016% of DTCC Shares, the American Stock
Exchange Clearing Corporation LLC, a wholly-owned subsidiary of the
Exchange, owned 3.6929% of DTCC Shares and the Trustee owned
6.62% of DTCC Shares.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">29</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
amount of the Dividend Equivalent Payment for
the previous Business Day. The identity and weightings of the Index
Securities to be delivered as part of a Portfolio Deposit are
determined daily, reflect the relative weighting of the current S&amp;P
MidCap 400 Index and, together with the Cash Component, have a value
equal to the NAV of the Trust on a per Creation Unit basis at the close
of business on the day of the creation request. The identity of each
Index Security required for a Portfolio Deposit, as in effect on
September 30, 2003, is set forth in the above Schedule of Investments.
The Sponsor makes available (a) on each Business Day, the Dividend
Equivalent Payment effective through and including the previous
Business Day, per outstanding MidCap SPDR, and (b) every 15 seconds
throughout the day at the Exchange a number representing, on a per
MidCap SPDR basis, the sum of the Dividend Equivalent Payment effective
through and including the previous Business Day, plus the current value
of the stock portion of a Portfolio Deposit) as in effect on such day
(which value occasionally includes a cash in lieu amount to compensate
for the omission of a particular Index Security from such Portfolio
Deposit. This information is calculated based upon the best information
available to the Sponsor and may be calculated by other persons
designated to do so by the Sponsor. The inability of the Sponsor to
provide such information will not in itself result in a halt to the
trading of MidCap SPDRs on the Exchange.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Upon receipt of one or
more Portfolio Deposits, following placement with the Distributor of an
order to create MidCap SPDRs, the Trustee (a) delivers one or more
Creation Units to DTC, (b) removes the MidCap SPDR position from its
account at DTC and allocates it to the account of the DTC Participant
acting on behalf of the investor creating Creation Unit(s), (c)
increases the aggregate value of the Portfolio, and (d) decreases the
fractional undivided interest in the Trust represented by each MidCap
SPDR.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Under certain circumstances (a) a portion of the stock
portion of a Portfolio Deposit may consist of contracts to purchase
certain Index Securities or (b) a portion of the Cash Component may
consist of cash in an amount required to enable the Trustee to purchase
such Index Securities. If there is a failure to deliver Index
Securities that are the subject of such contracts to purchase, the
Trustee will acquire such Index Securities in a timely manner. To the
extent the price of any such Index Security increases or decreases
between the time of creation and the time of its purchase and delivery,
MidCap SPDRs will represent fewer or more shares of such Index
Security. Therefore, price fluctuations during the period from the time
the cash is received by the Trustee to the time the requisite Index
Securities are purchased and delivered will affect the value of all
MidCap SPDRs.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">30</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Procedures For Creation of Creation
Units</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">All creation orders must be placed in Creation Units and
must be received by the Distributor by no later than the closing time
of the regular trading session on the New York Stock Exchange, Inc.
("Closing Time") (ordinarily 4:00 p.m. New
York time), in each case on the date such order is placed in order for
creation to be effected based on the NAV of the Trust as determined on
such date. Orders must be transmitted by telephone or other
transmission method acceptable to the Distributor and Trustee, pursuant
to procedures set forth in the Participant Agreement and described in
this Prospectus. Severe economic or market disruptions or changes, or
telephone or other communication failure, may impede the ability to
reach the Distributor, the Trustee, a Participating Party or a DTC
Participant.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">MidCap SPDRs may be created in advance of receipt
by the Trustee of all or a portion of the Portfolio Deposit. In these
circumstances, the initial deposit has a value greater than the NAV of
the MidCap SPDRs on the date the order is placed provided in proper
form, because in addition to available Index Securities, cash
collateral must be deposited with the Trustee in an amount equal to the
sum of (a) the Cash Component, plus (b) 115% of the market value
of the undelivered Index Securities ("Additional Cash
Deposit"). The Trustee holds such Additional Cash Deposit
as collateral in an account separate and apart from the Trust. The
order is deemed received on the Business Day on which the order is
placed if the order is placed in proper form before the Closing Time,
on such date and federal funds in the appropriate amount are deposited
with the Trustee by 11:00 a.m., New York time, the next Business
Day.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">If the order is not placed in proper form by the Closing
Time or federal funds in the appropriate amount are not received by
11:00 a.m., the next Business Day, the order may be deemed to be
rejected and the investor shall be liable to the Trust for any losses,
resulting therefrom. An additional amount of cash must be deposited
with the Trustee, pending delivery of the missing Index Securities to
the extent necessary to maintain the Additional Cash Deposit with the
Trustee in an amount at least equal to 115% of the daily
mark-to-market value of the missing Index Securities. If missing Index
Securities are not received by 1:00 p.m., New York time, on the third
Business Day following the day on which the purchase order is deemed
received and if a mark-to-market payment is not made within one
Business Day following notification by the Distributor that such a
payment is required, the Trustee may use the Additional Cash Deposit to
purchase the missing Index Securities. The Trustee will return any
unused portion of the Additional Cash Deposit once all of the missing
Index Securities have been properly received or purchased by the
Trustee and deposited into the Trust.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">In addition, a transaction
fee of $4,000 is charged in all cases. The delivery of Creation Units
so created will occur no later than the third Business Day
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">31</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
following the day on which the purchase order
is deemed received. The Participant Agreement for any Participating
Party intending to follow these procedures will contain terms and
conditions permitting the Trustee to buy the missing portion(s) of the
Portfolio Deposit at any time and will subject the Participating Party
to liability for any shortfall between the cost to the Trust of
purchasing such stocks and the value of such collateral. The
Participating Party is liable to the Trust for the costs incurred by
the Trust in connection with any such purchases. The Trust will have no
liability for any such shortfall.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">All questions as to the number
of shares of each Index Security, the amount of the Cash Component and
the validity, form, eligibility (including time of receipt) and
acceptance for deposit of any Index Securities to be delivered are
determined by the Trustee. The Trustee may reject a creation order if
(a) the depositor or group of depositors, upon obtaining the MidCap
SPDRs ordered, would own 80% or more of the current outstanding
MidCap SPDRs; (b) the Portfolio Deposit is not in proper form; (c)
acceptance of the Portfolio Deposit would have certain adverse tax
consequences; (d) the acceptance of the Portfolio Deposit would, in the
opinion of counsel, be unlawful; (e) the acceptance of the Portfolio
Deposit would otherwise have an adverse effect on the Trust or the
rights of Beneficial Owners; or (f) circumstances outside the control
of the Trustee make it for all practical purposes impossible to process
creations of MidCap SPDRs. The Trustee and the Sponsor are under no
duty to give notification of any defects or irregularities in the
delivery of Portfolio Deposits or any component thereof and neither of
them shall incur any liability for the failure to give any such
notification.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Placement of Creation Orders Using MidCap SPDR
Clearing Process</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Creation Units created through the MidCap SPDR
Clearing Process must be delivered through a Participating Party that
has executed a Participant Agreement. The Participant Agreement
authorizes the Trustee to transmit to the Participating Party such
trade instructions as are necessary to effect the creation order.
Pursuant to the trade instructions from the Trustee to NSCC, the
Participating Party agrees to transfer the requisite Index Securities
(or contracts to purchase such Index Securities that are expected to be
delivered through the MidCap SPDR Clearing Process in a
"regular way" manner by the third NSCC
Business Day) and the Cash Component to the Trustee, together with such
additional information as may be required by the
Trustee.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Placement of Creation Orders Outside MidCap SPDR
Clearing Process</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Creation Units created outside the MidCap SPDR
Clearing Process must be delivered through a DTC Participant that has
executed a Participant Agreement and has stated in its order that it is
not using the MidCap SPDR Clearing Process and that creation will
instead be effected through a transfer of stocks and cash. The
requisite number of Index Securities must be delivered </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">32</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
through DTC to the account of the Trustee by
no later than 11:00 a.m. of the next Business Day immediately following
the Transmittal Date. The Trustee, through the Federal Reserve Bank
wire transfer system, must receive the Cash Component no later than
1:00 p.m. on the next Business Day immediately following the
Transmittal Date. If the Trustee does not receive both the requisite
Index Securities and the Cash Component in a timely fashion, the order
will be cancelled. Upon written notice to the Distributor, the
cancelled order may be resubmitted the following Business Day using a
Portfolio Deposit as newly constituted to reflect the current NAV of
the Trust. The delivery of MidCap SPDRs so created will occur no later
than the third (3rd) Business Day, following the day on which the
creation order is deemed received by the Distributor.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Securities Depository; Book-Entry-Only System</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">DTC acts as
securities depository for MidCap SPDRs. MidCap SPDRs are represented by
a single global security, registered in the name of Cede &amp; Co., as
nominee for DTC and deposited with, or on behalf of, DTC.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">DTC is
a limited-purpose trust company organized under the laws of the State
of New York, a member of the Federal Reserve System, a
"clearing corporation" within the meaning of
the New York Uniform Commercial Code, and a "clearing
agency" registered pursuant to the provisions of Section
17A of the Securities Exchange Act of 1934. DTC holds securities of its
participants ("DTC Participants") and to
facilitate the clearance and settlement of securities transactions
among the DTC Participants through electronic book-entry changes in
their accounts, thereby eliminating the need for physical movement of
securities certificates. DTC Participants include securities brokers
and dealers, banks, trust companies, clearing corporations, and certain
other organizations, some of whom (and/or their representatives) own
DTC.
* Access to the DTC system also is available to others, such as banks,
brokers, dealers and trust companies that clear through or maintain a
custodial relationship with a DTC Participant, either directly or
indirectly ("Indirect
Participants").</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Upon the settlement date of any
creation, transfer or redemption of MidCap SPDRs, DTC credits or
debits, on its book-entry registration and transfer system, the amount
of MidCap SPDRs so created, transferred or redeemed to the accounts of
the appropriate DTC Participants. The accounts to be credited and
charged are designated by the Trustee to NSCC, in the case of a
creation or redemption through the MidCap SPDR Clearing Process, or by
the Trustee and the DTC Participant, in the case of a creation or
redemption outside of the MidCap SPDR Clearing Process. Beneficial
ownership of </p>
<table cellpadding="0" cellspacing="0" border="0" width="60">
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="60"></td>
</tr>
<tr>
<td bgcolor="#ffffff"><img src="spacer.gif" height="8" width="60"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  width: 23pt; padding-left: 0pt; text-align: left">* </td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;width: 505pt">As of
December 31, 2003, DTCC owned 100% of the issued and outstanding
shares of the common stock of DTC.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">33</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
MidCap SPDRs is limited to DTC Participants,
Indirect Participants and persons holding interests through DTC
Participants and Indirect Participants. Ownership of beneficial
interests in MidCap SPDRs (owners of such beneficial interests are
referred to herein as "Beneficial Owners") is
shown on, and the transfer of ownership is effected only through,
records maintained by DTC (with respect to DTC Participants) and on the
records of DTC Participants (with respect to Indirect Participants and
Beneficial Owners that are not DTC Participants). Beneficial Owners are
expected to receive from or through the DTC Participant a written
confirmation relating to their purchase of MidCap SPDRs. The laws of
some jurisdictions may require that certain purchasers of securities
take physical delivery of such securities in definitive form. Such laws
may impair the ability of certain investors to acquire beneficial
interests in MidCap SPDRs.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">As long as Cede &amp; Co., as nominee
of DTC, is the registered owner of MidCap SPDRs, references to the
registered or record owner of MidCap SPDRs shall mean Cede &amp; Co.
and shall not mean the Beneficial Owners of MidCap SPDRs. Beneficial
Owners of MidCap SPDRs are not entitled to have MidCap SPDRs registered
in their names, will not receive or be entitled to receive physical
delivery of certificates in definitive form and will not be considered
the record or registered holders thereof under the Trust Agreement.
Accordingly, each Beneficial Owner must rely on the procedures of DTC,
the DTC Participant and any Indirect Participant through which such
Beneficial Owner holds its interests, to exercise any rights under the
Trust Agreement.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trustee recognizes DTC or its nominee as the
owner of all MidCap SPDRs for all purposes except as expressly set
forth in the Trust Agreement. Pursuant to the agreement between the
Trustee and DTC ("Depository Agreement"), DTC
is required to make available to the Trustee upon request and for a fee
to be charged to the Trust a listing of the MidCap SPDR holdings of
each DTC Participant. The Trustee inquires of each such DTC Participant
as to the number of Beneficial Owners holding MidCap SPDRs, directly or
indirectly, through the DTC Participant. The Trustee provides each such
DTC Participant with copies of such notice, statement or other
communication, in the form, number and at the place as the DTC
Participant may reasonably request, in order that said notice,
statement or communication may be transmitted by the DTC Participant,
directly or indirectly, to the Beneficial Owners. In addition, the
Trust pays to each such DTC Participant a fair and reasonable amount as
reimbursement for the expense attendant to such transmittal, all
subject to applicable statutory and regulatory requirements.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Distributions are made to DTC or its nominee, Cede &amp; Co. DTC or
Cede &amp; Co., upon receipt of any payment of distributions in respect
of MidCap SPDRs, is required immediately to credit DTC
Participants' accounts with payments in amounts proportionate to
their respective beneficial interests in MidCap SPDRs, as shown on the
records of DTC or its nominee. Payments by </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">34</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
DTC Participants to Indirect Participants and
Beneficial Owners of MidCap SPDRs held through such DTC Participants
will be governed by standing instructions and customary practices, as
is now the case with securities held for the accounts of customers in
bearer form or registered in a "street name,"
and will be the responsibility of such DTC Participants. Neither the
Trustee nor the Sponsor has or will have any responsibility or
liability for any aspects of the records relating to or notices to
Beneficial Owners, or payments made on account of beneficial ownership
interests in MidCap SPDRs, or for maintaining, supervising or reviewing
any records relating to such beneficial ownership interests or for any
other aspect of the relationship between DTC and the DTC Participants
or the relationship between such DTC Participants and the Indirect
Participants and Beneficial Owners owning through such DTC
Participants.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">DTC may discontinue providing its service with
respect to MidCap SPDRs at any time by giving notice to the Trustee and
the Sponsor and discharging its responsibilities with respect thereto
under applicable law. Under such circumstances, the Trustee and the
Sponsor shall take action either to find a replacement for DTC to
perform its functions at a comparable cost or, if such a replacement is
unavailable, to terminate the Trust.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">REDEMPTION OF MIDCAP
SPDRS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">MidCap SPDRs are redeemable only in Creation Units.
Creation Units are redeemable in kind only and are not redeemable for
cash except as described under
"Summary&mdash;Highlights&mdash;Termination of the
Trust."</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Procedures For Redemption of Creation
Units</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Redemption orders must be placed with a Participating
Party (for redemptions through the MidCap SPDR Clearing Process) or DTC
Participant (for redemptions outside the MidCap SPDR Clearing Process),
as applicable, in the form required by such Participating Party or DTC
Participant. A particular broker may not have executed a Participant
Agreement, and redemption orders may have to be placed by the broker
through a Participating Party or a DTC Participant who has executed a
Participant Agreement. At any given time, there may be only a limited
number of broker-dealers that have executed a Participant Agreement.
Redeemers should afford sufficient time to permit (a) proper submission
of the order by a Participating Party or DTC Participant to the Trustee
and (b) the receipt of the MidCap SPDRs to be redeemed and any Excess
Cash Amounts by the Trustee in a timely manner. Orders for redemption
effected outside the MidCap SPDR Clearing Process are likely to require
transmittal by the DTC Participant earlier on the Transmittal Date than
orders effected using the MidCap SPDR Clearing Process. These deadlines
vary by institution. Persons redeeming outside the MidCap SPDR Clearing
Process are required to transfer MidCap SPDRs through DTC and the
Excess Cash amounts, if any, through the Federal Reserve Bank wire
transfer system in a timely manner.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">35</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Requests for redemption may be made on any
Business Day to the Trustee and not to the Distributor. In the case of
redemptions made through the MidCap SPDR Clearing Process, the
Transaction Fee is deducted from the amount delivered to the redeemer.
In the case of redemptions outside the MidCap SPDR Clearing Process,
the Transaction Fee plus an additional amount not to exceed three (3)
times the Transaction Fee applicable for one Creation Unit per Creation
Unit redeemed, and such amount is deducted from the amount delivered to
the redeemer.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trustee transfers to the redeeming Beneficial
Owner via DTC and the relevant DTC Participant(s) a portfolio of stocks
for each Creation Unit delivered, generally identical in weighting and
composition to the stock portion of a Portfolio Deposit as in effect
(a) on the date a request for redemption is deemed received by the
Trustee or (b) in the case of the termination of the Trust, on the date
that notice of the termination of the Trust is given. The Trustee also
transfers via the relevant DTC Participant(s) to the redeeming
Beneficial Owner a "Cash Redemption Payment,"
which on any given Business Day is an amount identical to the amount of
the Cash Component and is equal to a proportional amount of the
following: dividends on the Portfolio Securities for the period through
the date of redemption, net of expenses and liabilities for such period
including, without limitation, (i) taxes or other governmental charges
against the Trust not previously deducted if any, and (ii) accrued fees
of the Trustee and other expenses of the Trust, as if the Portfolio
Securities had been held for the entire accumulation period for such
distribution, plus or minus the Balancing Amount. The redeeming
Beneficial Owner must deliver to the Trustee any amount by which the
amount payable to the Trust by such Beneficial Owner exceeds the amount
of the Cash Redemption Payment ("Excess Cash
Amounts"). For redemptions through the MidCap SPDR
Clearing Process, the Trustee effects a transfer of the Cash Redemption
Payment and stocks to the redeeming Beneficial Owner by the third (3rd)
NSCC Business Day following the date on which request for redemption is
deemed received. For redemptions outside the MidCap SPDR Clearing
Process, the Trustee transfers the Cash Redemption Payment and the
stocks to the redeeming Beneficial Owner by the third (3rd) Business
Day following the date on which the request for redemption is deemed
received. The Trustee will cancel all MidCap SPDRs delivered upon
redemption.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">If the Trustee determines that an Index Security is
likely to be unavailable or available in insufficient quantity for
delivery by the Trust upon redemption, the Trustee may elect to deliver
the cash equivalent value of any such Index Securities, based on its
market value as of the Evaluation Time on the date such redemption is
deemed received by the Trustee as a part of the Cash Redemption Payment
in lieu thereof.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">If a redeemer is restricted by regulation or
otherwise from investing or engaging in a transaction in one or more
Index Securities, the Trustee may elect to deliver the cash equivalent
value based on the market value of any </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">36</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
such Index Securities as of the Evaluation
Time on the date of the redemption as a part of the Cash Redemption
Payment in lieu thereof. In such case, the investor will pay the
Trustee the standard Transaction Fee, and may pay an additional amount
equal to the actual amounts incurred in connection with such
transaction(s) but in any case not to exceed three (3) times the
Transaction Fee applicable for one Creation Unit.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trustee,
upon the request of a redeeming investor, may elect to redeem Creation
Units in whole or in part by providing such redeemer with a portfolio
of stocks differing in exact composition from Index Securities but not
differing in NAV from the then-current Portfolio Deposit. Such a
redemption is likely to be made only if it were determined that it
would be appropriate in order to maintain the Trust's
correspondence to the composition and weighting of the S&amp;P MidCap
400 Index.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trustee may sell Portfolio Securities to obtain
sufficient cash proceeds to deliver to the redeeming Beneficial Owner.
To the extent cash proceeds are received by the Trustee in excess of
the required amount, such cash proceeds shall be held by the Trustee
and applied in accordance with the guidelines applicable to
Misweighting.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">All redemption orders must be transmitted to the
Trustee by telephone or other transmission method acceptable to the
Trustee so as to be received by the Trustee not later than the Closing
Time on the Transmittal Date, pursuant to procedures set forth in the
Participant Agreement. Severe economic or market disruption or changes,
or telephone or other communication failure, may impede the ability to
reach the Trustee, a Participating Party, or a DTC Participant.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The calculation of the value of the stocks and the Cash Redemption
Payment to be delivered to the redeeming Beneficial Owner is made by
the Trustee according to the procedures set forth under
"Valuation" and is computed as of the
Evaluation Time on the Business Day on which a redemption order is
deemed received by the Trustee. Therefore, if a redemption order in
proper form is submitted to the Trustee by a DTC Participant not later
than the Closing Time on the Transmittal Date, and the requisite MidCap
SPDRs are delivered to the Trustee prior to DTC Cut-Off Time on such
Transmittal Date, then the value of the stocks and the Cash Redemption
Payment to be delivered to the Beneficial Owner is determined by the
Trustee as of the Evaluation Time on such Transmittal Date. If,
however, a redemption order is submitted not later than the Closing
Time on a Transmittal Date but either (a) the requisite MidCap SPDRs
are not delivered by DTC Cut-Off Time on the next Business Day
immediately following such Transmittal Date or (b) the redemption order
is not submitted in proper form, then the redemption order is not
deemed received as of such Transmittal Date. In such case, the value of
the stocks and the Cash Redemption Payment to be delivered to the
Beneficial Owner is computed as of the Evaluation Time on </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">37</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
the Business Day that such order is deemed
received by the Trustee, <font style="font-weight: normal; font-style: italic">i.e.</font>, the Business Day on which the
MidCap SPDRs are delivered through DTC to the Trustee by DTC Cut-Off
Time on such Business Day pursuant to a properly submitted redemption
order.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trustee may suspend the right of redemption, or
postpone the date of payment of the NAV for more than five (5) Business
Days following the date on which the request for redemption is deemed
received by the Trustee (a) for any period during which the New York
Stock Exchange is closed, (b) for any period during which an emergency
exists as a result of which disposal or evaluation of the Securities is
not reasonably practicable, (c) or for such other period as the SEC may
by order permit for the protection of Beneficial Owners. Neither the
Sponsor nor the Trustee is liable to any person or in any way for any
loss or damages that may result from any such suspension or
postponement.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Placement of Redemption Orders Using MidCap SPDR
Clearing Process</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">A redemption order made through the MidCap
SPDR Clearing Process is deemed received on the Transmittal Date if (a)
such order is received by the Trustee not later than the Closing Time
on such Transmittal Date and (b) all other procedures set forth in the
Participant Agreement are properly followed. The order is effected
based on the NAV of the Trust as determined as of the Evaluation Time
on the Transmittal Date. A redemption order made through the MidCap
SPDR Clearing Process and received by the Trustee after the Closing
Time will be deemed received on the next Business Day immediately
following the Transmittal Date. The Participant Agreement authorizes
the Trustee to transmit to NSCC on behalf of the Participating Party
such trade instructions as are necessary to effect the Participating
Party's redemption order. Pursuant to such trade instructions
from the Trustee to NSCC, the Trustee transfers the requisite stocks
(or contracts to purchase such stocks which are expected to be
delivered in a "regular way" manner) by the
third (3rd) NSCC Business Day following the date on which the request
for redemption is deemed received, and the Cash Redemption Payment.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Placement of Redemption Orders Outside MidCap SPDR Clearing
Process</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">A DTC Participant who wishes to place an order for
redemption of MidCap SPDRs to be effected outside the MidCap SPDR
Clearing Process need not be a Participating Party, but its order must
state that the DTC Participant is not using the MidCap SPDR Clearing
Process and that redemption will instead be effected through transfer
of MidCap SPDRs directly through DTC. An order is deemed received by
the Trustee on the Transmittal Date if (a) such order is received by
the Trustee not later than the Closing Time on such Transmittal Date,
(b) such order is preceded or accompanied by the requisite number of
MidCap SPDRs specified in such order, which delivery </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">38</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
must be made through DTC to the Trustee no
later than 11:00 a.m. on the next Business Day immediately following
such Transmittal Date ("DTC Cut-Off Time")
and (c) all other procedures set forth in the Participant Agreement are
properly followed. Any Excess Cash Amounts owed by the Beneficial Owner
must be delivered no later than 2:00 p.m. on the next Business Day
immediately following the Transmittal Date.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trustee
initiates procedures to transfer the requisite stocks (or contracts to
purchase such stocks that are expected to be delivered within three
Business Days and the Cash Redemption Payment to the redeeming
Beneficial Owner by the third Business Day following the Transmittal
Date.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">THE PORTFOLIO</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Because the objective of the Trust
is to provide investment results that, before expenses, generally
correspond to the price and yield performance of the S&amp;P MidCap 400
Index, the Portfolio at any time will consist of as many of Index
Securities as is practicable. It is anticipated that cash or cash items
(other than dividends held for distribution) normally would not be a
substantial part of the Trust's net assets. Although the Trust
may at any time fail to own certain of Index Securities, the Trust will
be substantially invested in Index Securities and the Sponsor believes
that such investment should result in a close correspondence between
the investment performance of the S&amp;P MidCap 400 Index and that
derived from ownership of MidCap SPDRs.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Portfolio Securities
Conform to the S&amp;P MidCap 400 Index</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The S&amp;P MidCap 400
Index is a capitalization-weighted index of 400 securities calculated
under the auspices of the S&amp;P Committee of S&amp;P. At any moment
in time, the value of the S&amp;P MidCap 400 Index equals the aggregate
market value of the total shares outstanding in each of the component
400 Index Securities, evaluated at their respective last sale prices on
the NYSE, AMEX, or NASDAQ, divided by a scaling factor
("divisor") which yields a resulting index
value in the reported magnitude.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Periodically (typically,
several times per quarter), S&amp;P may determine that total shares
outstanding have changed in one or more component Index Securities due
to secondary offerings, repurchases, conversions or other corporate
actions. Additionally, the S&amp;P Committee may periodically
(ordinarily, several times per quarter) replace one or more component
securities in the S&amp;P MidCap 400 Index due to mergers,
acquisitions, bankruptcies or other market conditions, or if the
issuers of such component securities fail to meet the criteria for
inclusion in the S&amp;P MidCap 400 Index. In 2003 there were 34
company changes to the MidCap 400 Index. Ordinarily, whenever there is
a change in shares outstanding or a change in a component security of
the S&amp;P MidCap 400 Index, S&amp;P adjusts the divisor to ensure
that there is no discontinuity in the value of the S&amp;P MidCap 400
Index.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">39</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trust is not managed and therefore
the adverse financial condition of an issuer does not require the sale
of stocks from the Portfolio. The Trustee on a non-discretionary basis
adjusts the composition of the Portfolio to conform to changes in the
composition and/or weighting structure of Index Securities. To the
extent that the method of determining the S&amp;P MidCap 400 Index is
changed by S&amp;P in a manner that would affect the adjustments
provided for herein, the Trustee and the Sponsor have the right to
amend the Trust Agreement, without the consent of DTC or the Beneficial
Owners, to conform the adjustments to such changes and to maintain the
objective of tracking the S&amp;P MidCap 400 Index.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trustee
aggregates certain of these adjustments and makes conforming changes to
the Portfolio at least monthly. The Trustee directs its stock
transactions only to brokers or dealers, which may include affiliates
of the Trustee from whom it expects to obtain the most favorable prices
or execution of orders. Adjustments are made more frequently in the
case of significant changes to the S&amp;P MidCap 400 Index.
Specifically, the Trustee is required to adjust the composition of the
Portfolio whenever there is a change in the identity of any Index
Security (<font style="font-weight: normal; font-style: italic">i.e.</font>, a substitution of one security for another)
within three (3) Business Days before or after the day on which the
change is scheduled to take effect. If the transaction costs incurred
by the Trust in adjusting the Portfolio would exceed the expected
variation between the composition of the Portfolio and the S&amp;P
MidCap 400 Index ("Misweighting"), it may not
be efficient identically to replicate the share composition of the
S&amp;P MidCap 400 Index. Minor Misweighting generally is permitted
within the guidelines set forth below. The Trustee is required to
adjust the composition of the Portfolio at any time that the weighting
of any stock in the Portfolio varies in excess of one hundred and fifty
percent (150%) of a specified percentage, which percentage
varies from 25/100 of 1% to 2/100 of 1%, depending on the
NAV of the Trust (in each case, "Misweighting
Amount"), from the weighting of the Index Security in the
S&amp;P MidCap 400 Index.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trustee examines each stock in the
Portfolio on each Business Day, comparing its weighting to the
weighting of the corresponding Index Security, based on prices at the
close of the market on the preceding Business Day (a
"Weighting Analysis"). If there is a
Misweighting in any stock in the Portfolio in excess of one hundred and
fifty percent (150%) of the applicable Misweighting Amount, the
Trustee calculates an adjustment to the Portfolio in order to bring the
Misweighting within the Misweighting Amount, based on prices at the
close of the market on the day on which such Misweighting occurs. Also,
on a monthly basis, the Trustee performs a Weighting Analysis for each
stock in the Portfolio, and in any case where there exists a
Misweighting exceeding one hundred percent (100%) of the
applicable Misweighting Amount, the Trustee calculates an adjustment to
the Portfolio in order to bring the Misweighting within the applicable
Misweighting Amount, based on prices at the close of the market on the
day on which such Misweighting occurs. In the </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">40</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
case of any adjustment to the Portfolio
because of a Misweighting, the purchase or sale of stock necessitated
by the adjustment is made within three (3) Business Days of the day on
which such Misweighting is determined. In addition to the foregoing
adjustments, the Trustee may make additional periodic adjustments to
Portfolio Securities that may be misweighted by an amount within the
applicable Misweighting Amount.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The foregoing guidelines with
respect to Misweighting also apply to any Index Security that (a) is
likely to be unavailable for delivery or available in insufficient
quantity for delivery or (b) cannot be delivered to the Trustee due to
restrictions prohibiting a creator from engaging in a transaction
involving such Index Security. Upon receipt of an order for a Creation
Unit that involves such an Index Security, the Trustee determines
whether the substitution of cash for the stock would cause a
Misweighting in the Portfolio. If a Misweighting results, the Trustee
will purchase the required number of shares of the Index Security on
the opening of the market on the following Business Day. If a
Misweighting does not result and the Trustee does not hold cash in
excess of the permitted amounts, the Trustee may hold the cash or, if
such excess would result, make the required adjustments to the
Portfolio.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">As a result of the purchase and sale of stock in
accordance with these requirements, or the creation of Creation Units,
the Trust may hold some amount of residual cash (other than cash held
temporarily due to timing differences between the sale and purchase of
stock or cash delivered in lieu of Index Securities or undistributed
income or undistributed capital gains). This amount may not exceed for
more than five (5) consecutive Business Days 5/10th of 1 percent of the
value of the Portfolio. If the Trustee has made all required
adjustments and is left with cash in excess of 5/10th of 1 percent of
the value of the Portfolio, the Trustee will use such cash to purchase
additional Index Securities that are under-weighted in the Portfolio as
compared to their relative weightings in the S&amp;P MidCap 400 Index,
although the Misweighting of such Index Securities may not be in excess
of the applicable Misweighting Amount.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">All portfolio adjustments
are made as described herein unless such adjustments would cause the
Trust to lose its status as a "regulated investment
company" under Subchapter M of the Code. Additionally, the
Trustee is required to adjust the composition of the Portfolio at any
time to insure the continued qualification of the Trust as a regulated
investment company.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trustee relies on industry sources for
information as to the composition and weightings of Index Securities.
If the Trustee becomes incapable of obtaining or processing such
information or NSCC is unable to receive such information from the
Trustee on any Business Day, the Trustee shall use the composition and
weightings of Index Securities for the most recently effective
Portfolio Deposit for the purposes of all adjustments and
determinations (including, without limitation, determination of the
stock portion of the </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">41</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
Portfolio Deposit) until the earlier of (a)
such time as current information with respect to Index Securities is
available or (b) three (3) consecutive Business Days have elapsed. If
such current information is not available and three (3) consecutive
Business Days have elapsed, the composition and weightings of Portfolio
Securities (as opposed to Index Securities) shall be used for the
purposes of all adjustments and determinations (including, without
limitation, determination of the stock portion of the Portfolio
Deposit) until current information with respect to Index Securities is
available.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">If the Trust is terminated, the Trustee shall use the
composition and weightings of Portfolio Securities as of such notice
date for the purpose and determination of all redemptions or other
required uses of the basket.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">From time to time S&amp;P may
adjust the composition of the S&amp;P MidCap 400 Index because of a
merger or acquisition involving one or more Index Securities. In such
cases, the Trust, as shareholder of an issuer that is the object of
such merger or acquisition activity, may receive various offers from
would-be acquirors of the issuer. The Trustee is not permitted to
accept any such offers until such time as it has been determined that
the stocks of the issuer will be removed from the S&amp;P MidCap 400
Index. As stocks of an issuer are often removed from the S&amp;P MidCap
400 Index only after the consummation of a merger or acquisition of
such issuer, in selling the securities of such issuer the Trust may
receive, to the extent that market prices do not provide a more
attractive alternative, whatever consideration is being offered to the
shareholders of such issuer that have not tendered their shares prior
to such time. Any cash received in such transactions is reinvested in
Index Securities in accordance with the criteria set forth above. Any
stocks received as a part of the consideration that are not Index
Securities are sold as soon as practicable and the cash proceeds of
such sale are reinvested in accordance with the criteria set forth
above.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Adjustments to the Portfolio Deposit</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">On each
Business Day (each such day an "Adjustment
Day"), the number of shares and identity of each Index
Security in a Portfolio Deposit are adjusted in accordance with the
following procedure. At the close of the market, the Trustee calculates
the NAV of the Trust. The NAV is divided by the number of outstanding
MidCap SPDRs multiplied by 25,000 MidCap SPDRs in one Creation Unit,
resulting in an NAV per Creation Unit ("NAV
Amount"). The Trustee then calculates the number of shares
(without rounding) of each of the component stocks of the S&amp;P
MidCap 400 Index in a Portfolio Deposit for the following Business Day
("Request Day"), so that (a) the market value
at the close of the market on the Adjustment Day of the stocks to be
included in the Portfolio Deposit on Request Day, together with the
Dividend Equivalent Payment effective for requests to create or redeem
on Adjustment Day, equals the NAV Amount and (b) the identity and
weighting of each of the stocks in a Portfolio Deposit mirrors
proportionately the identity </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">42</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
and weightings of the stocks in the S&amp;P
MidCap 400 Index, each as in effect on the Request Day. For each stock,
the number resulting from such calculation is rounded to the nearest
whole share, with a fraction of 0.50 being rounded up. The identities
and weightings of the stocks so calculated constitute the stock portion
of the Portfolio Deposit effective on Request Day and thereafter until
the next subsequent Adjustment Day, as well as Portfolio Securities to
be delivered by the Trustee in the event of request for redemption on
the Request Day and thereafter until the following Adjustment Day.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">In addition to the foregoing adjustments, if a corporate action such
as a stock split, stock dividend or reverse split with respect to any
Index Security that does not result in an adjustment to the S&amp;P
MidCap 400 Index divisor, the Portfolio Deposit shall be adjusted to
take into account the corporate action in each case rounded to the
nearest whole share.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">On the Request Day and on each day that a
request for the creation or redemption is deemed received, the Trustee
calculates the market value of the stock portion of the Portfolio
Deposit as in effect on the Request Day as of the close of the market
and adds to that amount the Dividend Equivalent Payment effective for
requests to create or redeem on Request Day (such market value and
Dividend Equivalent Payment are collectively referred to herein as
"Portfolio Deposit Amount"). The Trustee then
calculates the NAV Amount, based on the close of the market on Request
Day. The difference between the NAV Amount so calculated and the
Portfolio Deposit Amount is the "Balancing
Amount". The Balancing Amount serves the function of
compensating for any differences between the value of the Portfolio
Deposit Amount and the NAV Amount at the close of trading on Request
Day due to, for example (a) differences in the market value of the
securities in the Portfolio Deposit and the market value of the
Securities on Request Day and (b) any variances from the proper
composition of the Portfolio Deposit.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">On any Adjustment Day on
which (a) no change in the identity and/or share weighting of any Index
Security is scheduled to take effect that would cause the S&amp;P
MidCap 400 Index divisor to be adjusted after the close of the market
on that Business Day
*, and (b) no stock split, stock dividend or reverse stock split with
respect to any Index Security has been declared to take effect on the
corresponding Request Day, the Trustee may forego making any adjustment
to the stock portion of the Portfolio Deposit and to use the
composition and weightings of Index Securities for the most recently
effective Portfolio Deposit for the Request Day following such
Adjustment Day. In addition, the Trustee may calculate the adjustment
to the number of shares and identity of Index Securities in a Portfolio
Deposit as described above except </p>
<table cellpadding="0" cellspacing="0" border="0" width="60">
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="60"></td>
</tr>
<tr>
<td bgcolor="#ffffff"><img src="spacer.gif" height="8" width="60"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  width: 23pt; padding-left: 0pt; text-align: left">*
</td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;width: 505pt">S&amp;P publicly announces changes in the identity and/or
weighting of Index Securities up to five Business Days in advance of
the actual change. The announcements are made after the close of
trading on such day.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">43</p>
<br>
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<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
that such calculation would be employed two
(2) Business Days rather than one (1) Business Day before the Request
Day.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Dividend Equivalent Payment and the Balancing Amount in
effect at the close of business on the Request Date are collectively
referred to as the Cash Component or the Cash Redemption Payment. If
the Balancing Amount is a positive number (<font style="font-weight: normal; font-style: italic">i.e.</font>, if the NAV
Amount exceeds the Portfolio Deposit Amount) then, with respect to
creation, the Balancing Amount increases the Cash Component of the then
effective Portfolio Deposit transferred to the Trustee by the creator.
With respect to redemptions, the Balancing Amount is added to the cash
transferred to the redeemer by the Trustee. If the Balancing Amount is
a negative number (<font style="font-weight: normal; font-style: italic">i.e.</font>, if the NAV Amount is less than the
Portfolio Deposit Amount) then, with respect to creation, this amount
decreases the Cash Component of the then effective Portfolio Deposit to
be transferred to the Trustee by the creator or, if such cash portion
is less than the Balancing Amount, the difference must be paid by the
Trustee to the creator. With respect to redemptions, the Balancing
Amount is deducted from the cash transferred to the redeemer or, if
such cash is less than the Balancing Amount, the difference must be
paid by the redeemer to the Trustee.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">If the Trustee has included
the cash equivalent value of one or more Index Securities in the
Portfolio Deposit because the Trustee has determined that such Index
Securities are likely to be unavailable or available in insufficient
quantity for delivery, or if a creator or redeemer is restricted from
investing or engaging in transactions in one or more of such Index
Securities, the Portfolio Deposit so constituted shall determine the
Index Securities to be delivered in connection with the creation of
MidCap SPDRs in Creation Unit size aggregations and upon the redemption
of MidCap SPDRs until the time the stock portion of the Portfolio
Deposit is subsequently adjusted.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">THE S&amp;P MIDCAP 400
INDEX</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The S&amp;P MidCap 400 Index is composed of 400 selected
stocks, all of which are listed on the AMEX, the NYSE or NASDAQ, and
spans a broad range of major industry groups. The 400 stocks comprising
the S&amp;P MidCap 400 Index represented, as of December 31, 2003,
approximately 7% of the market value of all domestic stocks. As
of December 31, 2003, the five largest industry segments comprising the
S&amp;P MidCap 400 Index were: regional banks 6.79%,
semiconductors 3.74%, electric utilities 3.37%,
pharmaceuticals 2.82% and diversified commercial services
2.79%. Current information regarding the market value of the
S&amp;P MidCap 400 Index is available from market information services.
The S&amp;P MidCap 400 Index is determined, comprised and calculated
without regard to the Trust.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">S&amp;P is not responsible for and
does not participate in the creation or sale of MidCap SPDRs or in the
determination of the timing, pricing, or quantities and proportions of
purchases or sales of Index Securities or Portfolio Securities. The
information in this Prospectus concerning S&amp;P and the S&amp;P
MidCap </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">44</p>
<br>
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<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
400 Index has been obtained from sources
that the Sponsor believes to be reliable, but the Sponsor takes no
responsibility for the accuracy of such information.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The
following table shows the actual performance of the S&amp;P MidCap 400
Index for the years 1991 through 2003. Stock prices fluctuated widely
during this period and were higher at the end than at the beginning.
The results shown should not be considered representative of the income
yield or capital gain or loss that may be generated by the S&amp;P
MidCap 400 Index in the future. The results should not be considered
representative of the performance of the
Trust.</p>
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<table cellpadding="0" cellspacing="0" border="0" width="534" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="left" valign="bottom" colspan="3">Year</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">Calendar<br>
Year-End Index<br> Value*<br> December 31, 1990 = 100</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">Change
in<br> Index for<br> Calendar Year</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">Calendar<br>
Year-End<br>
Yield**</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">1990</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">100.00</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;
</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3.16</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">1991</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">146.59</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">+46.59</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2.03</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">1992</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">160.56</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">+9.53</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.96</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">1993</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">179.33</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">+11.72</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.85</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">1994</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">169.44</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&ndash;5.54</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2.10</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">1995</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">217.84</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">+28.56</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.65</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">1996</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">255.58</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">+17.32</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.62</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">1997</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">333.37</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">+30.44</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.38</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">1998</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">392.31</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">+17.68</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.22</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">1999</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">444.67</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">+13.35</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.07</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">2000</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">516.76</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">+16.21</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.99</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">2001</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">508.31</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&ndash;1.64</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.05</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">2002</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">429.79</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&ndash;15.45</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.21</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">2003</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">576.01</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">34.02</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.08</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
<!--0-->
<table border="0" cellpadding="0" cellspacing="0" width="505">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="427"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  width: 23pt; padding-left: 0pt; text-align: left">*
</td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;width: 505pt">Source: S&amp;P. Year-end index values shown do not reflect
reinvestment of dividends nor costs, such as brokerage charges and
transaction costs.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  width: 23pt; padding-left: 0pt; text-align: left">**</td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;width: 505pt">Source: S&amp;P. Yields
are obtained by dividing the aggregate cash dividends by the aggregate
market value of the stocks in the S&amp;P MidCap 400
Index.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">45</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">LICENSE AGREEMENT</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The License Agreement grants the Sponsor a license to use the
S&amp;P MidCap 400 Index as a basis for determining the composition of
the Portfolio and to use certain trade names and trademarks of S&amp;P
in connection with the Portfolio. The License Agreement may be amended
without the consent of any of the Beneficial Owners of MidCap SPDRs.
Currently, the License Agreement is scheduled to terminate on April 27,
2020 but its term may be extended beyond such date without the consent
of any of the Beneficial Owners of MidCap SPDRs.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">None of the
Trust, the Trustee, the Distributor, DTC or any Beneficial Owner of
MidCap SPDRs is entitled to any rights whatsoever under the foregoing
licensing arrangements or to use the trademarks "S&amp;P
MidCap 400", "S&amp;P",
"Standard &amp; Poor's" or
"Standard &amp; Poor's MidCap 400" or
to use the S&amp;P MidCap 400 Index except as specifically described
herein or as may be specified in the Trust Agreement.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trust
is not sponsored, endorsed, sold or promoted by S&amp;P, and S&amp;P
makes no representation or warranty, express or implied, to the Trust,
the Trustee, the Distributor, DTC or Beneficial Owners of MidCap SPDRs
regarding the advisability of investing in Index Securities or unit
investment trusts generally or in the Trust particularly or the ability
of the S&amp;P MidCap 400 Index to track general stock market
performance. S&amp;P's only relationship to the Trust is the
licensing of certain trademarks and trade names of S&amp;P and of the
S&amp;P MidCap 400 Index which is determined, comprised and calculated
by S&amp;P without regard to the Trust or the Beneficial Owners of
MidCap SPDRs. S&amp;P has no obligation to take the needs of the Trust
or the Beneficial Owners of MidCap SPDRs into consideration in
determining, comprising or calculating the S&amp;P MidCap 400 Index.
S&amp;P is not responsible for and has not participated in any
determination or calculation made with respect to issuance or
redemption of MidCap SPDRs. S&amp;P has no obligation or liability in
connection with the administration, marketing or trading of MidCap
SPDRs.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">STANDARD &amp; POOR'S DOES NOT GUARANTEE THE
ACCURACY AND/OR THE COMPLETENESS OF THE S&amp;P MIDCAP 400 INDEX OR ANY
DATA INCLUDED THEREIN. STANDARD &amp; POOR'S MAKES NO WARRANTY,
EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE SPONSOR, THE
TRUST, BENEFICIAL OWNERS OF MIDCAP SPDRS OR ANY OTHER PERSON OR ENTITY
FROM THE USE OF THE S&amp;P MIDCAP 400 INDEX OR ANY DATA INCLUDED
THEREIN IN CONNECTION WITH THE USE LICENSED UNDER THE LICENSE
AGREEMENT, OR FOR ANY OTHER USE. STANDARD &amp; POOR'S MAKES NO
EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL SUCH
WARRANTIES, INCLUDING WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A
PARTICULAR PURPOSE, WITH RESPECT TO THE S&amp;P MIDCAP </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">46</p>
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400 INDEX OR ANY DATA INCLUDED THEREIN.
WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL STANDARD &amp;
POOR'S HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT OR
CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE
POSSIBILITY OF SUCH DAMAGES.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">EXCHANGE LISTING</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">MidCap
SPDRs are listed on the Exchange. The Trust is not required to pay a
listing fee to the Exchange. Transactions involving MidCap SPDRs in the
public trading market are subject to customary brokerage charges and
commissions.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Sponsor's aim in designing MidCap SPDRs
was to provide investors with a security whose initial market value
would approximate one-fifth (1/5th) the value of the S&amp;P MidCap 400
Index. Of course, the market value of a MidCap SPDR is affected by a
variety of factors, including capital gains distributions made, and
expenses incurred, by the Trust, and therefore, over time, a MidCap
SPDR may no longer approximate 1/5th the value of the MidCap 400 Index.
The market price of a MidCap SPDR should reflect its share of the
dividends accumulated on Portfolio Securities and may be affected by
supply and demand, market volatility, sentiment and other factors.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">There can be no assurance that MidCap SPDRs will always be listed on
the Exchange. The Trust will be terminated if MidCap SPDRs are
delisted. The Exchange will consider the suspension of trading in or
removal from listing of MidCap SPDRs if: (a) the Trust has more than 60
days remaining until termination and there are fewer than 50 record
and/or beneficial holders of MidCap SPDRs for 30 or more consecutive
trading days; (b) the S&amp;P MidCap 400 Index is no longer calculated
or available; or (c) such other event occurs or condition exists which,
in the opinion of the Exchange, makes further dealings on the Exchange
inadvisable.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">TAX STATUS OF THE TRUST</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">For the fiscal
year ended September 30, 2003, the Trust believes that it qualified for
tax treatment as a "regulated investment
company" under Subchapter M of the Code. The Trust intends
to continue to so qualify. To qualify as a regulated investment
company, the Trust must, among other things, (a) derive in each taxable
year at least 90% of its gross income from dividends, interest,
gains from the sale or other disposition of stock, securities or
foreign currencies, or certain other sources, (b) meet certain
diversification tests, and (c) distribute in each year at least
90% of its investment company taxable income. If the Trust
qualifies as a regulated investment company, subject to certain
conditions and requirements, the Trust will not be subject to federal
income tax to the extent its income is distributed in a timely manner.
Any </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">47</p>
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undistributed income may be subject to tax,
including a four percent (4%) excise tax imposed by section 4982
of the Code on certain undistributed income of a regulated investment
company that does not distribute to shareholders in a timely manner at
least ninety-eight percent (98%) of its taxable income
(including capital gains).</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Income Tax Consequences to
Beneficial Owners</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Dividends paid by the Trust from its
investment company taxable income (which includes dividends, interest
and the excess of net short-term capital gains over net long-term
capital losses) are generally taxable to Beneficial Owners as ordinary
income. However, to the extent that such dividends are designated by
the Trust as attributable to the receipt by the Trust of qualified
dividend income, such dividends will be eligible for the 15%
maximum tax rate applicable to non-corporate taxpayers through 2008. A
dividend paid in January is considered for federal income tax purposes
to have been paid by the Trust and received by Beneficial Owners on the
preceding December 31 if the dividend was declared in the preceding
October, November or December to Beneficial Owners of record as shown
on the records of DTC and the DTC Participants on a date in one of
those months.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Distributions paid by the Trust from the excess of
net long-term capital gains over net short-term capital losses are
considered "capital gains dividends"
regardless of the length of time an investor has owned MidCap SPDRs.
Any loss on the sale or exchange of a share held for six months or less
may be treated as a long-term capital loss to the extent of any capital
gain dividends received by the Beneficial Owner. For corporate
investors, dividends from net investment income (but not return of
capital distributions or capital gain dividends) generally qualify for
the corporate dividends-received deduction to the extent of qualifying
dividend income received by the Trust, subject to the limitations
contained in the Code. Investors should note that the regular quarterly
dividends paid by the Trust are not based on the Trust's
investment company taxable income and net capital gain, but rather are
based on the dividends paid with respect to Portfolio Securities. As a
result, a portion of the distributions of the Trust may be treated as a
return of capital or a capital gain dividend for federal income tax
purposes or the Trust may make additional distributions in excess of
the yield performance of Portfolio Securities in order to distribute
all of its investment company taxable income and net capital gain.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Distributions in excess of the Trust's current or accumulated
earnings and profits (as specially computed) generally are treated as a
return of capital for federal income tax purposes and reduce a
Beneficial Owner's tax basis in MidCap SPDRs. Return of capital
distributions may result, for example, if a portion of the dividends
declared represents cash amounts deposited in connection with Portfolio
Deposits rather than dividends actually received by the Trust. Under
certain circumstances, a significant portion of the Trust's
regular quarterly dividends could be treated as return of capital
distributions. </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">48</p>
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Such circumstances may be more likely to
occur in periods during which the number of outstanding MidCap SPDRs
fluctuates significantly. Beneficial Owners receive notification from
the Trustee through the DTC Participants annually as to the tax status
of the Trust's distributions. A distribution paid shortly after a
purchase or creation of MidCap SPDRs may be taxable even though in
effect it may represent a return of capital.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Distributions
reinvested in additional MidCap SPDRs through the means of the Service
are nevertheless taxable dividends to Beneficial Owners acquiring such
additional MidCap SPDRs to the same extent as if such dividends were
received in cash.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The sale of MidCap SPDRs by a Beneficial Owner
is a taxable event, and may result in a gain or loss, which generally
should be a capital gain or loss for Beneficial Owners that are not
dealers in securities.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Dividend distributions, capital gains
distributions, and capital gains from sales or redemptions may also be
subject to state, local and foreign taxes.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Under the Code, an
in-kind redemption of MidCap SPDRs does not result in the recognition
of taxable gain or loss by the Trust but generally constitutes a
taxable event for the redeeming shareholder. Upon redemption, a
Beneficial Owner generally recognizes gain or loss measured by the
difference on the date of redemption between the aggregate value of the
cash and stocks received and its tax basis in the MidCap SPDRs
redeemed. Stocks received upon redemption (which will be comprised of
the stock portion of the Portfolio Deposit in effect on the date of
redemption) generally have an initial tax basis equal to their
respective market values on the date of redemption. The Internal
Revenue Service ("IRS") may assert that any
resulting loss may not be deducted by a Beneficial Owner on the basis
that there has been no material change in such Beneficial Owner's
economic position or that the transaction has no significant economic
or business utility apart from the anticipated tax consequences.
Beneficial Owners of MidCap SPDRs in Creation Unit size aggregations
should consult their own tax advisors as to the consequences to them of
the redemption of MidCap SPDRs.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Deposits of a Portfolio Deposit
with the Trustee in exchange for Creation Units do not result in the
recognition of taxable gain or loss by the Trust but generally
constitute a taxable event to the investor under the Code, and an
investor generally recognizes gain or loss with respect to each stock
deposited equal to the difference between the amount realized in
respect of the stock and the investor's tax basis therein. The
amount realized with respect to a stock deposited should be determined
by allocating the value on the date of deposit of the MidCap SPDRs
received (less any cash paid to the Trust, or plus any cash received
from the Trust, in connection with the deposit) among the stocks
deposited on the basis of their respective fair market values at that
time. The IRS may assert that any resulting losses may not be deducted
by an investor on the basis that there has been no material change in
the investor's economic </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">49</p>
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<page>
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position or that the transaction has no
significant economic or business utility or purpose apart from the
anticipated tax consequences. Investors should consult their own tax
advisors as to the tax consequences to them of a deposit to the
Trust.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trustee has the right to reject the order to create
Creation Units transmitted to it by the Distributor if the investor or
group of investors, upon obtaining the MidCap SPDRs ordered, would own
eighty percent (80%) or more of the outstanding MidCap SPDRs,
and if pursuant to section 351 of the Code such a circumstance would
result in the Trust having a basis in the stocks deposited different
from the market value of such stocks on the date of deposit. The
Trustee has the right to require information regarding MidCap SPDR
ownership pursuant to the Participant Agreement and from DTC and to
rely thereon to the extent necessary to make the foregoing
determination as a condition to the acceptance of a Portfolio
Deposit.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Ordinary income dividends received via DTC by Beneficial
Owners who are non-resident aliens are subject to a thirty percent
(30%) United States withholding tax unless a reduced rate of
withholding or a withholding exemption is provided under applicable tax
treaties. Non-resident holders of MidCap SPDRs are urged to consult
their own tax advisors concerning the applicability of United States
withholding tax.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Backup withholding at a rate equal to the
fourth lowest income tax rate applicable to individuals (which, under
current law, is 28%) applies to dividends, capital gain
distributions, redemptions and sales of MidCap SPDRs unless (a) the
Beneficial Owner is a corporation or comes within certain other exempt
categories and, when required, demonstrates this fact, or (b) provides
a taxpayer identification number, certifies as to no loss of exemption
from backup withholding, and otherwise complies with applicable
requirements of the backup withholding rules. The amount of any backup
withholding from a payment to a Beneficial Owner is allowed as a credit
against the holder's U.S. federal income tax liability and may
entitle such holder to a refund from the IRS, if the required
information is furnished to the IRS.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The tax discussion set
forth above is included for general information only. Prospective
investors should consult their own tax advisors concerning the federal,
state, local and foreign tax consequences to them of an investment in
the Trust, including the effect of possible legislative changes.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">ERISA Considerations</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">In considering the advisability of an
investment in MidCap SPDRs, fiduciaries of pension, profit sharing or
other tax-qualified retirement plans (including Keogh Plans) and
welfare plans (collectively, "Plans") subject
to the fiduciary responsibility requirements of the Employee Retirement
Income Security Act of 1974, as amended
("ERISA"), should consider whether an
investment in MidCap SPDRs is permitted by the documents and
instruments </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">50</p>
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governing the Plan and whether the investment
satisfies the exclusive benefit, prudence and diversification
requirements of ERISA. Individual retirement account
("IRA") investors should consider that an IRA
may make only such investments as are authorized by its governing
instruments.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The fiduciary standards and prohibited transaction
rules of ERISA and the Code will not apply to transactions involving
the Trust's assets while MidCap SPDRs are held by a Plan or IRA.
Unlike many other investment vehicles offered to Plans and IRAs, the
Trust's assets will not be treated as "plan
assets" of the Plans or IRAs which acquire or purchase
MidCap SPDRs. Although ERISA imposes certain duties on Plan fiduciaries
and ERISA and/or Section 4975 of the Code prohibit certain transactions
involving "plan assets" between Plans or IRAs
and their fiduciaries or certain related persons, those rules will not
apply to transactions involving the Trust's assets because MidCap
SPDRs represent an interest in the Trust, and the Trust is registered
as an investment company under the Investment Company Act of 1940.
ERISA, the Code and U.S. Department of Labor regulations contain
unconditional language exempting the assets of registered investment
companies from treatment as "plan assets" in
applying the fiduciary and prohibited transaction provisions of ERISA
and the Code.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Employee benefit plans that are governmental plans
(as defined in Section 3(32) of ERISA), certain church plans (as
defined in Section 3(33) of ERISA) and foreign plans (as described in
Section 4(b)(4) of ERISA) are not subject to the requirements of ERISA
or Section 4975 of the Code. The fiduciaries of governmental plans
should, however, consider the impact of their respective state pension
codes on investments in MidCap SPDRs and the considerations discussed
above, to the extent applicable.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">CONTINUOUS OFFERING OF MIDCAP
SPDRs</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Creation Units are offered continuously to the public by
the Trust through the Distributor. Persons making Portfolio Deposits
and creating Creation Units will receive no fees, commissions or other
form of compensation or inducement of any kind from the Sponsor or the
Distributor, and no such person has any obligation or responsibility to
the Sponsor or Distributor to effect any sale or resale of MidCap
SPDRs.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Because new MidCap SPDRs can be created and issued on an
ongoing basis, at any point during the life of the Trust a
"distribution", as such term is used in the
Securities Act of 1933 ("1933 Act") may be
occurring. Broker-dealers and other persons are cautioned that some of
their activities may result in their being deemed participants in a
distribution in a manner which could render them statutory underwriters
and subject them to the prospectus-delivery and liability provisions of
the 1933 Act. For example, a broker-dealer firm or its client may be
deemed a statutory underwriter if it takes Creation Units after placing
a creation order with the Distributor, breaks them down </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">51</p>
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into the constituent MidCap SPDRs and sells
the MidCap SPDRs directly to its customers; or if it chooses to couple
the creation of a supply of new MidCap SPDRs with an active selling
effort involving solicitation of secondary market demand for MidCap
SPDRs. A determination of whether one is an underwriter must take into
account all the facts and circumstances pertaining to the activities of
the broker-dealer or its client in the particular case, and the
examples mentioned above should not be considered a complete
description of all the activities that could lead to categorization as
an underwriter.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Dealers who are not
"underwriters" but are participating in a
distribution (as contrasted to ordinary secondary trading
transactions), and thus dealing with MidCap SPDRs that are part of an
"unsold allotment" within the meaning of
Section 4(3)(C) of the 1933 Act, would be unable to take advantage of
the prospectus-delivery exemption provided by Section 4(3) of the 1933
Act.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Sponsor intends to qualify MidCap SPDRs in states
selected by the Sponsor and through broker-dealers who are members of
the National Association of Securities Dealers, Inc. Investors
intending to create or redeem Creation Units in transactions not
involving a broker-dealer registered in such investor's state of
domicile or residence should consult their legal advisor regarding
applicable broker-dealer or securities regulatory requirements under
the state securities laws prior to such creation or redemption.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">DIVIDEND REINVESTMENT SERVICE</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trust has made the
Service available for use by Beneficial Owners through DTC Participants
for reinvestment of their cash proceeds. Some DTC Participants may not
elect to utilize the Service; therefore, an interested MidCap SPDR
investor may wish to contact such investor's broker to ascertain
the availability of the Service through such broker. Each broker may
require investors to adhere to specific procedures and timetables in
order to participate in the Service and such investors should ascertain
from their broker such necessary details.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Distributions
reinvested in additional MidCap SPDRs through the Service are
nevertheless taxable dividends to Beneficial Owners to the same extent
as if received in cash.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trustee generally uses the cash
proceeds of dividends received from all Beneficial Owners participating
in reinvestment through the Service to obtain Index Securities
necessary to create the requisite number of MidCap SPDRs at the close
of business on each MidCap SPDR distribution date. Any cash balance
remaining after the requisite number of MidCap SPDRs has been created
is distributed, on a pro rata basis, to all Beneficial Owners who
participated in the Service. Brokerage commissions, if any, incurred in
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">52</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
obtaining Index Securities necessary to
create additional MidCap SPDRs with the cash from the distributions is
an expense of the
Trust.*</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">EXPENSES OF THE TRUST</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Ordinary operating expenses of
the Trust currently are being accrued at an annual rate of
0.25%. Future accruals will depend primarily on the level of the
Trust's net assets and the level of Trust expenses. There is no
guarantee that the Trust's ordinary operating expenses will not
exceed 0.25% of the Trust's daily NAV and the rate may be
changed without notice.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Until further notice, the Sponsor has
undertaken that it will not permit, the ordinary operating expenses of
the Trust as calculated by the Trustee to exceed an amount that is
30/100 of 1% per annum of the daily NAV of the Trust. To the
extent the ordinary operating expenses of the Trust do exceed such
30/100 of 1% amount, the Sponsor will reimburse the Trust for,
or assume the excess. The Sponsor retains the ability to be repaid by
the Trust for expenses so reimbursed or assumed to the extent that
subsequently during the fiscal year expenses fall below the 30/100 of
1% per annum level on any given day. For purposes of this
undertaking, ordinary operating expenses of the Trust do not include
taxes, brokerage commissions and any extraordinary non-recurring
expenses, including the cost of any litigation to which the Trust or
the Trustee may be a party. The Sponsor may discontinue this
undertaking or renew it for a specified period of time, or may choose
to reimburse or assume certain Trust expenses in later periods to keep
Trust expenses at a level it believes to be attractive to investors. In
any event, on any day and during any period over the life of the Trust,
total fees and expenses of the Trust may exceed 30/100 of 1% per
annum.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Subject to any applicable cap, the Sponsor may charge the
Trust a special fee for certain services the Sponsor may provide to the
Trust which would otherwise be provided by the Trustee in an amount not
to exceed the actual cost of providing such services. The Sponsor or
the Trustee from time to time may voluntarily assume some expenses or
reimburse the Trust so that total expenses of the Trust are reduced.
Neither the Sponsor nor the Trustee is obligated to do so and either
one or both parties may discontinue such voluntary assumption of
expenses or reimbursement at any time without notice.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The
following charges are or may be accrued and paid by the Trust: (a) the
Trustee's fee; (b) fees payable to transfer agents for the
provision of transfer </p>
<table cellpadding="0" cellspacing="0" border="0" width="60">
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="60"></td>
</tr>
<tr>
<td bgcolor="#ffffff"><img src="spacer.gif" height="8" width="60"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  width: 23pt; padding-left: 0pt; text-align: left">* </td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;width: 505pt">It is
difficult to estimate the annual dollar amount of brokerage commissions
that might be incurred in connection with the Dividend Reinvestment
Service during any fiscal year. The Trustee estimates that during
fiscal year 2003, the approximate amount of annual brokerage
commissions incurred in implementing the Service was less than $0.001
per MidCap SPDR.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">53</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
agency services; (c) fees of the Trustee for
extraordinary services performed under the Trust Agreement; (d) various
governmental charges; (e) any taxes, fees and charges payable by the
Trustee with respect to MidCap SPDRs (whether in Creation Units or
otherwise); (f) expenses and costs of any action taken by the Trustee
or the Sponsor to protect the Trust and the rights and interests of
Beneficial Owners of MidCap SPDRs (whether in Creation Units or
otherwise); (g) indemnification of the Trustee or the Sponsor for any
losses, liabilities or expenses incurred by it in the administration of
the Trust; (h) expenses incurred in contacting Beneficial Owners of
MidCap SPDRs during the life of the Trust and upon termination of the
Trust; and (i) other out-of-pocket expenses of the Trust incurred
pursuant to actions permitted or required under the Trust
Agreement.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">In addition, the following expenses are or may be
charged to the Trust: (a) reimbursement to the Sponsor of amounts paid
by it to S&amp;P in respect of annual licensing fees pursuant to the
License Agreement, (b) federal and state annual registration fees for
the issuance of MidCap SPDRs, and (c) expenses of the Sponsor relating
to the printing and distribution of marketing materials describing
MidCap SPDRs and the Trust (including, but not limited to, associated
legal, consulting, advertising and marketing costs and other
out-of-pocket expenses such as printing). Pursuant to the provisions of
an exemptive order, the expenses set forth in this paragraph may be
charged to the Trust by the Trustee in an amount equal to the actual
costs incurred, but in no case shall such charges exceed 30/100 of
1% (0.30%) per annum of the daily NAV of the Trust.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">If the income received by the Trust in the form of dividends and
other distributions on Portfolio Securities is insufficient to cover
Trust expenses, the Trustee may make advances to the Trust to cover
such expenses. Otherwise the Trustee may sell Portfolio Securities in
an amount sufficient to pay such expenses. The Trustee may reimburse
itself in the amount of any such advance, together with interest
thereon at a percentage rate equal to the then current overnight
federal funds rate, by deducting such amounts from (a) dividend
payments or other income of the Trust when such payments or other
income is received, (b) the amounts earned or benefits derived by the
Trustee on cash held by the Trustee for the benefit of the Trust, and
(c) the sale of Portfolio Securities. Notwithstanding the foregoing, if
any advance remains outstanding for more than forty-five (45) Business
Days, the Trustee may sell Portfolio Securities to reimburse itself for
such advance and any accrued interest thereon. These advances will be
secured by a lien on the assets of the Trust in favor of the Trustee.
The expenses of the Trust are reflected in the NAV of the Trust.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">For services performed under the Trust Agreement, the Trustee is
paid a fee at an annual rate of 10/100 of 1% to 14/100 of
1% of the NAV of the Trust, as shown below, such percentage
amount to vary depending on the NAV of the Trust. The compensation is
computed on each Business Day on the basis of the </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">54</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
NAV of the Trust on such day, and the amount
thereof is accrued daily and paid monthly. During the first two years
of the operation of the Trust, the Trustee's fee was 12/100 of
1% per annum, regardless of the NAV of the Trust. The Trustee,
in its discretion, may also waive all or a portion of such fee.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">Trustee Fee
Scale</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px; width: 505.44px; padding-left: 0pt;" align="left">
<table cellpadding="0" cellspacing="0" border="0" width="534" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="281"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="156"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="left" valign="bottom" colspan="3">Net
Asset Value<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of the Trust&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">Fee
as a Percentage of Net<br>Asset Value of the
Trust</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">0-$500,000,000</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3">14/100
of 1% per
annum*</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">$500,000,001-$1,000,000,000</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3">12/100 of
1% per annum*</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">$1,000,000,001-and
above</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3">10/100 of 1% per
annum*</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
<!--0-->
<table border="0" cellpadding="0" cellspacing="0" width="505">
<tr>
<td><img src="spacer.gif" width="1" height="6"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="427"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  width: 23pt; padding-left: 0pt; text-align: left">*</td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;width: 505pt">The fee
indicated applies to that portion of the NAV of the Trust which falls
in the size category indicated.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">As of September 30, 2003
and as of December 31, 2003, the NAV of the Trust was $5,278,961,955
and $6,426,966,107, respectively. No representation is made as to the
actual NAV of the Trust on any future date, as it is subject to change
at any time due to fluctuations in the market value of the Portfolio,
or to creations or redemptions made in the future.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">VALUATION</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The NAV of the Trust is computed as of the
Evaluation Time shown under "Summary&mdash;Essential
Information" on each Business Day. The NAV of the Trust on
a per MidCap SPDR basis is determined by subtracting all liabilities
including accrued expenses and dividends payable) from the total value
of the Portfolio and other assets and dividing the result by the total
number of outstanding MidCap SPDRs.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The value of the Portfolio
is determined by the Trustee in good faith in the following manner. If
Portfolio Securities are listed on one or more national securities
exchanges or on the National Market System maintained by the NASDAQ
Stock Market, such evaluation is generally based on the closing sale
price on that day or, in the case of the NASDAQ, at the official
closing price on that day (unless the Trustee deems such price
inappropriate as a basis for evaluation) on the exchange which is
deemed to be the principal market thereof (the New York or American
Stock Exchange if the stocks are listed thereon) or, if there is no
such appropriate closing price or NASDAQ official closing price on such
exchange or system, at the last closing sale price (unless the Trustee
deems such price inappropriate as a basis for evaluation). If the
stocks are not so listed or, if so listed and the principal market
therefor is other than on such exchange or system or there is no such
closing price available, such evaluation shall generally be made by the
Trustee in good faith based on the closing price on the
over-the-counter market (unless the Trustee deems such price
inappropriate as a basis for evaluation) or if there is no such
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">55</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
appropriate closing price, (a) on current
bid prices, (b) if bid prices are not available, on the basis of
current bid prices for comparable stocks, (c) by the Trustee's
appraising the value of the stocks in good faith on the bid side of the
market, or (d) by any combination thereof.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">ADMINISTRATION OF
THE TRUST</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Distributions to Beneficial Owners</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The
regular quarterly ex-dividend date for MidCap SPDRs is the third Friday
in each of March, June, September and December, unless such day is not
a Business Day, in which case the ex-dividend date is the immediately
preceding Business Day ("Ex-Dividend Date").
Beneficial Owners reflected on the records of DTC and the DTC
Participants on the second Business Day following the Ex-Dividend Date
("Record Date") are entitled to receive an
amount representing dividends accumulated on Portfolio Securities
through the quarterly dividend period which ends on the Business Day
preceding such Ex-Dividend Date (including stocks with ex-dividend
dates falling within such quarterly dividend period), net of fees and
expenses, accrued daily for such period. For the purposes of all
dividend distributions, dividends per MidCap SPDR are calculated at
least to the nearest 1/100th of $0.01. The payment of dividends is made
on the last Business Day in the calendar month following each
Ex-Dividend Date ("Dividend Payment Date").
Dividend payments are made through DTC and the DTC Participants to
Beneficial Owners then of record with funds received from the
Trustee.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Dividends payable to the Trust in respect of Portfolio
Securities are credited by the Trustee to a non-interest bearing
account as of the date on which the Trust receives such dividends.
Other moneys received by the Trustee in respect of the Portfolio,
including but not limited to the Cash Component, the Cash Redemption
Payment, all moneys realized by the Trustee from the sale of options,
warrants or other similar rights received or distributed in respect of
Portfolio Securities as dividends or distributions and capital gains
resulting from the sale of Portfolio Securities are credited by the
Trustee to a non-interest bearing account. All funds collected or
received are held by the Trustee without interest until distributed in
accordance with the provisions of the Trust Agreement. To the extent
the amounts credited to the account generate interest income or an
equivalent benefit to the Trustee, such interest income or benefit is
used to reduce the Trustee's annual fee.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Any additional
distributions the Trust may need to make so as to continue to qualify
as a "regulated investment company" would
consist of (a) an increase in the distribution scheduled for January to
include any amount by which estimated Trust investment company taxable
income and net capital gains for a year exceeds the amount of Trust
taxable income previously distributed with respect to such year or, if
greater, the minimum amount </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">56</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
required to avoid imposition of such excise
tax, and (b) a distribution soon after actual annual investment company
taxable income and net capital gains of the Trust have been computed,
of the amount, if any, by which such actual income exceeds the
distributions already made. The NAV of the Trust is reduced in direct
proportion to the amount of such additional distributions. The
magnitude of the additional distributions, if any, depends upon a
number of factors, including the level of redemption activity
experienced by the Trust. Because substantially all proceeds from the
sale of stocks in connection with adjustments to the Portfolio are used
to purchase shares of Index Securities, the Trust may have no cash or
insufficient cash with which to pay such additional distributions. In
that case, the Trustee has to sell shares of Portfolio Securities
sufficient to produce the cash required to make such additional
distributions. In selecting the stocks to be sold to produce cash for
such distributions, the Trustee chooses among stocks that are
over-weighted in the Portfolio relative to their weightings in the
S&amp;P MidCap 400 Index first and then from among all other stocks in
such a manner to maintain the weightings of Portfolio Securities within
the applicable Misweighting Amount.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trustee may declare
special dividends if such action is necessary or advisable to preserve
the status of the Trust as a regulated investment company or to avoid
imposition of income or excise taxes on undistributed income, and to
vary the frequency with which periodic distributions are made
(<font style="font-weight: normal; font-style: italic">e.g.,</font> from quarterly to monthly) if it is determined by the
Sponsor and the Trustee that such a variance would be advisable to
facilitate compliance with the rules and regulations applicable to
regulated investment companies or would otherwise be advantageous to
the Trust. In addition, the Trustee may change the regular Ex-Dividend
Date for MidCap SPDRs to another date within the month or quarter if it
is determined by the Sponsor and the Trustee, that such a change would
be advantageous to the Trust. Notice of any such variance or change
shall be provided to Beneficial Owners via DTC and the DTC
Participants.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">As soon as practicable after notice of termination
of the Trust, the Trustee will distribute via DTC and the DTC
Participants to each Beneficial Owner redeeming Creation Units before
the termination date specified in such notice a portion of Portfolio
Securities and cash as described above. Otherwise, the Trustee will
distribute to each Beneficial Owner (whether in Creation Unit size
aggregations or otherwise), as soon as practicable after termination of
the Trust, such Beneficial Owner's pro rata share of the NAV of
the Trust.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">All distributions are made by the Trustee through DTC
and the DTC Participants to Beneficial Owners as recorded on the
book-entry system of DTC and the DTC Participants.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The
settlement date for the creation of MidCap SPDRs or the purchase of
MidCap SPDRs in the secondary market must occur on or before the Record
Date in order for such creator or purchaser to receive a distribution
on the next Dividend Payment Date. If the settlement date for such
creation or a </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">57</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
secondary market purchase occurs after the
Record Date, the distribution will be made to the prior securityholder
or Beneficial Owner as of such Record Date.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Any Beneficial Owner
interested in acquiring additional MidCap SPDRs with proceeds received
from distributions described above may elect dividend reinvestment
through DTC Participants by means of the Service, if such service is
available through the Beneficial Owner's broker.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Statements to Beneficial Owners; Annual Reports</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">With each
distribution, the Trustee furnishes for distribution to Beneficial
Owners a statement setting forth the amount being distributed expressed
as a dollar amount per MidCap SPDR.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Promptly after the end of
each fiscal year, the Trustee furnishes to the DTC Participants for
distribution to each person who was a Beneficial Owner of MidCap SPDRs
at the end of such fiscal year, an annual report of the Trust
containing financial statements audited by independent accountants of
nationally recognized standing and such other information as may be
required by applicable laws, rules and regulations.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Rights of
Beneficial Owners</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Beneficial Owners may sell MidCap SPDRs in
the secondary market, but must accumulate enough MidCap SPDRs to
constitute a full Creation Unit in order to redeem through the Trust.
The death or incapacity of any Beneficial Owner does not operate to
terminate the Trust nor entitle such Beneficial Owner's legal
representatives or heirs to claim an accounting or to take any action
or proceeding in any court for a partition or winding up of the
Trust.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Beneficial Owners shall not (a) have the right to vote
concerning the Trust, except with respect to termination and as
otherwise expressly set forth in the Trust Agreement, (b) in any manner
control the operation and management of the Trust, or (c) be liable to
any other person by reason of any action taken by the Sponsor or the
Trustee. The Trustee has the right to vote all of the voting stocks in
the Trust. The Trustee votes the voting stocks of each issuer in the
same proportionate relationship as all other shares of each such issuer
are voted to the extent permissible and, if not permitted, abstains
from voting.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Amendments to the Trust Agreement</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The
Trust Agreement may be amended from time to time by the Trustee and the
Sponsor without the consent of any Beneficial Owners (a) to cure any
ambiguity or to correct or supplement any provision that may be
defective or inconsistent or to make such other provisions as will not
adversely affect the interests of Beneficial Owners; (b) to change any
provision as may be required </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">58</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
by the SEC; (c) to add or change any
provision as may be necessary or advisable for the continuing
qualification of the Trust as a "regulated investment
company" under the Code; (d) to add or change any
provision as may be necessary or advisable if NSCC or DTC is unable or
unwilling to continue to perform its functions; and (e) to add or
change any provision to conform the adjustments to the Portfolio and
the Portfolio Deposit to changes, if any, made by S&amp;P in its method
of determining the S&amp;P MidCap 400 Index. The Trust Agreement may
also be amended by the Sponsor and the Trustee with the consent of the
Beneficial Owners of 51% of the outstanding MidCap SPDRs to add
provisions to, or change or eliminate any of the provisions of, the
Trust Agreement or to modify the rights of Beneficial Owners; although,
the Trust Agreement may not be amended without the consent of the
Beneficial Owners of all outstanding MidCap SPDRs if such amendment
would (a) permit the acquisition of any securities other than those
acquired in accordance with the terms and conditions of the Trust
Agreement; (b) reduce the interest of any Beneficial Owner in the
Trust; or (c) reduce the percentage of Beneficial Owners required to
consent to any such amendment.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Promptly after the execution of
an amendment, the Trustee receives from DTC, pursuant to the terms of
the Depository Agreement, a list of all DTC Participants holding MidCap
SPDRs. The Trustee inquires of each such DTC Participant as to the
number of Beneficial Owners for whom such DTC Participant holds MidCap
SPDRs, and provides each such DTC Participant with sufficient copies of
a written notice of the substance of such amendment for transmittal by
each such DTC Participant to Beneficial Owners.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Termination of
the Trust Agreement</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trust Agreement provides that the
Sponsor has the discretionary right to direct the Trustee to terminate
the Trust if at any time the NAV of the Trust is less than
$100,000,000, as such dollar amount shall be adjusted for inflation in
accordance with the CPI-U. This adjustment is to take effect at the end
of the fourth year following the Initial Date of Deposit and at the end
of each year thereafter and to be made so as to reflect the percentage
increase in consumer prices as set forth in the CPI-U for the
twelve-month period ending in the last month of the preceding fiscal
year.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trust may be terminated (a) by the agreement of the
Beneficial Owners of 66 2/3% of outstanding
MidCap SPDRs; (b) if DTC is unable or unwilling to continue to perform
its functions as set forth under the Trust Agreement and a comparable
replacement is unavailable; (c) if NSCC no longer provides clearance
services with respect to MidCap SPDRs, or if the Trustee is no longer a
participant in NSCC; (d) if S&amp;P ceases publishing the S&amp;P
MidCap 400 Index; (e) if the License Agreement is terminated; or (f) if
MidCap SPDRs are delisted from the Exchange. The Trust will also
terminate by its terms on the Termination Date.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">59</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trust will terminate if either the
Sponsor or the Trustee resigns or is removed and a successor is not
appointed. The dissolution of the Sponsor or its ceasing to exist as a
legal entity for any cause whatsoever, however, will not cause the
termination of the Trust Agreement or the Trust unless the Trustee
deems termination to be in the best interests of Beneficial Owners.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Prior written notice of the termination of the Trust must be given
at least twenty (20) days before termination of the Trust to all
Beneficial Owners. The notice must set forth the date on which the
Trust will be terminated, the period during which the assets of the
Trust will be liquidated, the date on which Beneficial Owners of MidCap
SPDRs (whether in Creation Unit size aggregations or otherwise) will
receive in cash the NAV of the MidCap SPDRs held, and the date upon
which the books of the Trust shall be closed. The notice shall further
state that, as of the date thereof and thereafter, neither requests to
create additional Creation Units nor Portfolio Deposits will be
accepted, that no additional MidCap SPDRs will be created for the
purpose of reinvesting dividend distributions, and that, as of the date
thereof and thereafter, the portfolio of stocks delivered upon
redemption shall be identical in composition and weighting to Portfolio
Securities as of such date rather than the stock portion of the
Portfolio Deposit as in effect on the date request for redemption is
deemed received. Beneficial Owners of Creation Units may, in advance of
the Termination Date, redeem in kind directly from the Trust.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Within a reasonable period after the Termination Date, the Trustee
shall, subject to any applicable provisions of law, use its best
efforts to sell all of the Portfolio Securities not already distributed
to redeeming Beneficial Owners of Creation Units. The Trustee shall not
be liable for or responsible in any way for depreciation or loss
incurred because of any such sale. The Trustee may suspend such sales
upon the occurrence of unusual or unforeseen circumstances, including
but not limited to a suspension in trading of a stock, the closing or
restriction of trading on a stock exchange, the outbreak of hostilities
or the collapse of the economy. The Trustee shall deduct from the
proceeds of sale its fees and all other expenses and transmit the
remaining amount to DTC for distribution, together with a final
statement setting forth the computation of the gross amount
distributed. MidCap SPDRs not redeemed before termination of the Trust
will be redeemed in cash at NAV based on the proceeds of the sale of
Portfolio Securities, with no minimum aggregation of MidCap SPDRs
required.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">SPONSOR</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Sponsor is a Delaware limited
liability company incorporated on April 6, 1998 with offices c/o the
Exchange, 86 Trinity Place, New York, New York 10006. The
Sponsor's Internal Revenue Service Employer Identification Number
is 52-2127241. The Exchange is the sole member of the Sponsor and the
Exchange is a "control person" of the Sponsor
as such term is defined in the Securities Act of 1933.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">60</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Sponsor, at its own expense, may from
time to time provide additional promotional incentives to brokers who
sell MidCap SPDRs to the public. In certain instances, these incentives
may be provided only to those brokers who meet certain threshold
requirements for participation in a given incentive program, such as
selling a significant number of MidCap SPDRs within a specified
period.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">If at any time the Sponsor fails to undertake or perform
or becomes incapable of undertaking or performing any of the duties
required under the Trust Agreement, or resigns, or becomes bankrupt or
its affairs are taken over by public authorities, the Trustee may
appoint a successor Sponsor, agree to act as Sponsor itself, or may
terminate the Trust Agreement and liquidate the Trust. Notice of the
resignation or removal of the Sponsor and the appointment of a
successor shall be mailed by the Trustee to DTC and the DTC
Participants for distribution to Beneficial Owners. Upon a successor
Sponsor's execution of a written acceptance of appointment as
Sponsor of the Trust, the successor Sponsor becomes vested with all of
the rights, powers, duties and obligations of the original Sponsor. Any
successor Sponsor may be compensated at rates deemed by the Trustee to
be reasonable.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Sponsor may resign by executing and
delivering to the Trustee an instrument of resignation. Such
resignation shall become effective upon the appointment of a successor
Sponsor and the acceptance of appointment by the successor Sponsor,
unless the Trustee either agrees to act as Sponsor or terminates the
Trust Agreement and liquidates the Trust. The dissolution of the
Sponsor or its ceasing to exist as a legal entity for any cause
whatsoever will not cause the termination of the Trust Agreement or the
Trust unless the Trustee deems termination to be in the best interests
of the Beneficial Owners of MidCap SPDRs.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trust Agreement
provides that the Sponsor is not liable to the Trustee, the Trust or to
the Beneficial Owners of MidCap SPDRs for taking any action, or for
refraining from taking any action, made in good faith or for errors in
judgment, but is liable only for its own gross negligence, bad faith,
willful misconduct or willful malfeasance in the performance of its
duties or its reckless disregard of its obligations and duties under
the Trust Agreement. The Sponsor is not liable or responsible in any
way for depreciation or loss incurred by the Trust because of the sale
of any Portfolio Securities. The Trust Agreement further provides that
the Sponsor and its directors, subsidiaries, shareholders, officers,
employees, and affiliates under common control with the Sponsor shall
be indemnified from the assets of the Trust and held harmless against
any loss, liability or expense incurred without gross negligence, bad
faith, willful misconduct or willful malfeasance on the part of any
such party in the performance of its duties or reckless disregard of
its obligations and duties under the Trust Agreement, including the
payment of the costs and expenses of defending against any claim or
liability.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">61</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">TRUSTEE</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trustee is a
corporation organized under the laws of New York with the powers of a
trust company under the New York Banking law with a trust office at 101
Barclay Street, New York, New York 10286. The Trustee's Internal
Revenue Service Employer Identification Number is 135-160382. The
Trustee is subject to supervision and examination by the Federal
Reserve Bank of New York, the Federal Deposit Insurance Corporation and
the New York State Banking Department.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Information regarding
Cash Redemption Payment amounts, number of outstanding MidCap SPDRs and
Transaction Fees may be obtained from the Trustee at the toll-free
number: 1-800-THE-AMEX. Complete copies of the Trust Agreement and a
list of the parties that have executed a Participant Agreement may be
obtained from the Trustee's principal office.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trustee
may resign and be discharged of the Trust created by the Trust
Agreement by executing a notice of resignation in writing and filing
such notice with the Sponsor and mailing a copy of the notice of
resignation to all DTC Participants reflected on the records of DTC as
owning MidCap SPDRs for distribution to Beneficial Owners as provided
above not less than sixty (60) days before the date such resignation is
to take effect. Such resignation becomes effective upon the appointment
of and the acceptance of the Trust by a successor Trustee. The Sponsor,
upon receiving notice of such resignation, is obligated to use its best
efforts to appoint a successor Trustee promptly. If no successor is
appointed within sixty (60) days after the date such notice of
resignation is given, the Trust shall terminate.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">If the Trustee
becomes incapable of acting as such or is adjudged bankrupt or is taken
over by any public authority, the Sponsor may discharge the Trustee and
appoint a successor Trustee as provided in the Trust Agreement. The
Sponsor shall mail notice of such discharge and appointment via the DTC
Participants to Beneficial Owners. Upon a successor Trustee's
execution of a written acceptance of an appointment as Trustee for the
Trust, the successor Trustee becomes vested with all the rights,
powers, duties and obligations of the original Trustee. A successor
Trustee must be (a) a trust company, corporation or national banking
association organized, doing business under the laws of the United
States or any state thereof; (b) authorized under such laws to exercise
corporate trust powers; and (c) at all times have an aggregate capital,
surplus and undivided profit of not less than $50,000,000.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Beneficial Owners of 51% of the then outstanding MidCap SPDRs
may at any time remove the Trustee by written instrument(s) delivered
to the Trustee and the Sponsor. The Sponsor shall thereupon use its
best efforts to appoint a successor Trustee as described above.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trust Agreement limits Trustee's liabilities. It provides,
among other things, that the Trustee is not liable for (a) any action
taken in reasonable </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">62</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
reliance on properly executed documents or
for the disposition of monies or stocks or for the evaluations required
to be made thereunder, except by reason of its own gross negligence,
bad faith, willful malfeasance, willful misconduct, or reckless
disregard of its duties and obligations; (b) depreciation or loss
incurred by reason of the sale by the Trustee of any Portfolio
Securities; (c) any action the Trustee takes where the Sponsor fails to
act; and (d) any taxes or other governmental charges imposed upon or in
respect of Portfolio Securities or upon the interest thereon or upon it
as Trustee or upon or in respect of the Trust which the Trustee may be
required to pay under any present or future law of the United States of
America or of any other taxing authority having jurisdiction.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trustee and its directors, subsidiaries, shareholders, officers,
employees, and affiliates under common control with the Trustee will be
indemnified from the assets of the Trust and held harmless against any
loss, liability or expense incurred without gross negligence, bad
faith, willful misconduct, willful malfeasance on the part of such
party or reckless disregard of its duties and obligations, arising out
of, or in connection with its acceptance or administration of the
Trust, including the costs and expenses (including counsel fees) of
defending against any claim or liability.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">DEPOSITORY</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">DTC is a limited purpose trust company and member of the Federal
Reserve System.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">LEGAL OPINION</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The legality of the
MidCap SPDRs offered hereby has been passed upon by Carter Ledyard
&amp; Milburn LLP, New York, New York, as counsel for the Sponsor.
Winston &amp; Strawn acts as counsel for the Trustee.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">INDEPENDENT ACCOUNTANTS AND FINANCIAL STATEMENTS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The
financial statements as of September 30, 2003 included in this
Prospectus have been so included in reliance upon the report of
PricewaterhouseCoopers LLP, independent accountants, given on the
authority of said firm as experts in auditing and accounting.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">CODE OF ETHICS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trust and the Sponsor have adopted a
code of ethics regarding personal securities transactions by employees.
Subject to certain conditions and standards, the code permits employees
to invest in MidCap SPDRs for their own accounts. The code is designed
to prevent fraud, deception and misconduct against the Trust and to
provide reasonable standards of conduct. The code is on file with the
SEC and you may obtain a copy by visiting the SEC </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">63</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
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at the address listed on the back cover of
this prospectus. The code is also available on the EDGAR Database on
the SEC's Internet site at http://www.sec.gov. A copy may be
obtained, after paying a duplicating fee, by electronic request at
publicinfo@sec.gov, or by writing the SEC at the address listed
on the back cover of this
prospectus.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">64</p>
<br>
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<br>






<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">INFORMATION AND
COMPARISONS RELATING TO TRUST, SECONDARY MARKET TRADING, NET ASSET
SIZE, PERFORMANCE AND TAX TREATMENT</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Information regarding
various aspects of the Trust, including the net asset size thereof, as
well as the secondary market trading, the performance and the tax
treatment of MidCap SPDRs, may be included from time to time in
advertisements, sales literature and other communications, and in
reports to current or prospective Beneficial Owners. Any such
performance-related information will reflect only past performance of
MidCap SPDRs, and no guarantees can be made of future results.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Specifically, information may be provided to investors regarding the
ability to engage in short sales of MidCap SPDRs, including reference
to the exemption from the "tick test"
provision of the SEC short sale rule (Rule 10a-1 under the Securities
Exchange Act of 1934), to permit short sales on
"minus" or
"zero-minus" ticks. Selling short refers to
the sale of securities which the seller does not own, but which the
seller arranges to borrow before effecting the sale. Institutional
investors may be advised that lending their MidCap SPDRs to short
sellers may generate stock loan credits that may supplement the return
they can earn from an investment in MidCap SPDRs. These stock loan
credits may provide a useful source of additional income for certain
institutional investors who can arrange to lend MidCap SPDRs. Potential
short sellers may be advised that a short rebate (functionally
equivalent to partial use of proceeds of the short sale) may reduce
their cost of selling short.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">In addition, information may be
provided to prospective or current investors comparing and contrasting
the tax efficiencies of conventional mutual funds with MidCap SPDRs.
Both conventional mutual funds and the Trust may be required to
recognize capital gains incurred as a result of adjustments to the
composition of the S&amp;P 400 Index and therefore to their respective
portfolios. From a tax perspective, however, a significant difference
between a conventional mutual fund and the Trust is the process by
which their shares are redeemed. In cases where a conventional mutual
fund experiences redemptions in excess of subscriptions
("net redemptions") and has insufficient cash
available to fund such net redemptions, such fund may have to sell
stocks held in its portfolio to raise and pay cash to redeeming
shareholders. A mutual fund will generally experience a taxable gain or
loss when it sells such portfolio stocks in order to pay cash to
redeeming fund shareholders. In contrast, the redemption mechanism for
MidCap SPDRs does not involve selling the portfolio stocks. Instead,
the Trust delivers the actual portfolio of stocks in an in-kind
exchange to any person redeeming MidCap SPDRs shares in Creation Unit
size aggregations. While this in-kind exchange is a taxable transaction
to the redeeming entity (usually a broker/dealer) making the exchange,
it generally does not constitute a taxable transaction at the Trust
level and, consequently, there is no realization of taxable gain or
loss by the Trust with respect to such in-kind exchanges. In a period
of market appreciation of the </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">65</p>
<br>
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<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
S&amp;P 400 Index and, consequently,
appreciation of the portfolio stocks held in the Trust, this in-kind
redemption mechanism has the effect of eliminating the recognition and
distribution of those net unrealized gains at the Trust level. Although
the same result would obtain for conventional mutual funds utilizing an
in-kind redemption mechanism, the opportunities to redeem fund shares
by delivering portfolio stocks in-kind are limited in most mutual
funds.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Investors may be informed that, while no unequivocal
statement can be made as to the net tax impact on a conventional mutual
fund resulting from the purchases and sales of its portfolio stocks
over a period of time, conventional funds that have accumulated
substantial unrealized capital gains, if they experience net
redemptions and do not have sufficient available cash, may be required
to make taxable capital gains distributions that are generated by
changes in such fund's portfolio. In contrast, the in-kind
redemption mechanism of MidCap SPDRs may make them more tax efficient
investments under most circumstances than comparable conventional
mutual fund shares. As discussed above, this in-kind redemption feature
tends to lower the amount of annual net capital gains distributions to
MidCap SPDRs holders as compared to their conventional mutual fund
counterparts. Since shareholders are generally required to pay income
tax on capital gains distributions, the smaller the amount of such
distributions, the less taxes that are payable currently. To the extent
that the Trust is not required to recognize capital gains, the MidCap
SPDRs holder is able, in effect, to defer tax on such gains until he
sells or otherwise disposes of his shares, or the Trust terminates. If
such holder retains his shares until his death, under current law the
tax basis of such shares would be adjusted to their then fair market
value.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">One important difference between MidCap SPDRs and
conventional mutual fund shares is that MidCap SPDRs are available for
purchase or sale on an intraday basis on the American Stock Exchange.
An investor who buys shares in a conventional mutual fund will buy or
sell shares at a price at or related to the closing NAV per share, as
determined by the fund. In contrast, MidCap SPDRs are not offered for
purchase or redeemed for cash at a fixed relationship to closing NAV.
The tables below illustrate the distribution relationship of MidCap
SPDRs closing prices to NAV for the period 5/4/95 (the first trading
date of the MidCap SPDR Trust) through 12/31/03, the distribution
relationships of high, low and closing prices over the same period, and
distribution of bid/asked spreads for 2003. This table should help
investors evaluate some of the advantages and disadvantages of MidCap
SPDRs relative to funds sold and redeemed at prices related to closing
NAV. Specifically, the table illustrates in an approximate way the
risks of buying or selling MidCap SPDRs at prices less favorable than
closing NAV and, correspondingly, the opportunities to buy or sell at
prices more favorable than closing NAV.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The investor may wish to
evaluate the opportunity to buy or sell on an intraday basis versus the
assurance of a transaction at or related to closing NAV. To assist
investors in making this comparison, the table illustrates the
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">66</p>
<br>
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<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
distribution of percentage ranges between the
high and the low price each day and between each extreme daily value
and the closing NAV for all trading days from 5/4/95 through 12/31/03.
The investor may wish to compare these ranges with the average
bid/asked spread on MidCap SPDRs and add any commissions charged by a
broker. The trading ranges for this period will not necessarily be
typical of trading ranges in future years and the bid/asked spread on
MidCap SPDRs may vary materially over time and may be significantly
greater at times in the future. There is some evidence, for example,
that the bid/asked spread will widen in markets that are more volatile
and narrow when markets are less volatile. Consequently, the investor
should expect wider bid/asked spreads to be associated with wider daily
spread ranges.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Daily Percentage Price Ranges: Average
and Frequency Distribution for<br> MidCap SPDR Trust and S&amp;P
MidCap 400 Index:<br> Highs and Lows vs. Close*<br>
<font style="font-weight: normal; font-style: italic">(from
Inception of trading through 12/31/2003)</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">S&amp;P
MIDCAP 400
INDEX</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px; width: 505.44px; padding-left: 0pt;" align="left">
<table cellpadding="0" cellspacing="0" border="0" width="534" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="78"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3"></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="7">Daily
% Price Range</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="7">Intraday High Value<br>Above
Closing Value</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="7">Intraday Low Value<br>Below Closing
Value</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">Range</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">Frequency</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">%
of Total</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">Frequency</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">% of
Total</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">Frequency</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">% of
Total</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">0&mdash;0.25%</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.41</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">941</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">43.13</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">663</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">30.38</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">0.25&mdash;0.5%</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">164</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7.52</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">343</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15.72</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">381</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">17.46</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">0.5&mdash;1.0%</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">671</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">30.75</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">384</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">17.60</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">536</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">24.56</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">1.0&mdash;1.5%</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">558</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">25.57</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">218</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9.99</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">297</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13.61</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">1.5&mdash;2.0%</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">373</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">17.09</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">153</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7.01</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">147</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6.74</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">2.0&mdash;2.5%</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">181</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8.30</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">66</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3.02</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">74</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3.39</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">2.5&mdash;3.0%</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">103</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4.72</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">37</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.70</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">40</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.83</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">3.0&mdash;3.5%</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">56</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2.57</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">23</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.05</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">22</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.01</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">&gt;
3.5%</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">67</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3.07</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">17</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.78</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">22</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.01</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">Total</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,182</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">100.00</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,182</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">100.00</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,182</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">100.00</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: center; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Average
Daily Range: 1.4015%</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">MIDCAP SPDR
TRUST</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px; width: 505.44px; padding-left: 0pt;" align="left">
<table cellpadding="0" cellspacing="0" border="0" width="534" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="78"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3"></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="7">Daily
% Price Range</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="7">Intraday High Value<br>Above
Closing Value</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="7">Intraday Low Value<br>Below Closing
Value</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">Range</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">Frequency</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">%
of Total</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">Frequency</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">% of
Total</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">Frequency</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">% of Total</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0&mdash;0.25%</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">21</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.96</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">680</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">31.16</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">579</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">26.54</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">0.25&mdash;0.5%</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">80</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3.67</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">338</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">17.78</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">382</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">17.51</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">0.5&mdash;1.0%</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">553</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">25.34</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">501</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">22.96</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">577</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">26.44</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">1.0&mdash;1.5%</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">587</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">26.90</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">263</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12.05</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">313</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14.34</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">1.5&mdash;2.0%</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">438</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">20.07</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">191</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8.75</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">170</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7.79</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">2.0&mdash;2.5%</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">227</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10.40</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">70</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3.21</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">73</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3.35</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">2.5&mdash;3.0%</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">131</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6.00</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">49</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2.25</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">42</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.92</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">3.0&mdash;3.5%</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">68</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3.12</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">23</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.05</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">27</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.24</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">&gt;
3.5%</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">77</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3.53</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">17</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.78</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">19</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.87</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="right" valign="bottom" colspan="3">Total</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,182</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">100.00</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,182</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">100.00</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,182</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">100.00</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: center; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Average
Daily Range: 1.5533%</p>
<!--0--><table border="0" cellpadding="0" cellspacing="0" width="505">
<tr>
<td><img src="spacer.gif" width="1" height="1"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="427"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  width: 23pt; padding-left: 0pt; text-align: left">*</td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;width: 505pt">Source: Bloomberg</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">67</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">MIDCAP SPDR BID/ASKED SPREAD DISTRIBUTION
(2003
ONLY)</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px; width: 505.44px; padding-left: 0pt;" align="left">
<table cellpadding="0" cellspacing="0" border="0" width="172" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="78"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">Range
($)</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">% of
Total</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">0.01&mdash;0.05</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7.11</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">0.06&mdash;0.10</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11.95</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">0.10&mdash;0.15</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">19.56</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">0.15&mdash;0.20</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">22.90</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">0.20&mdash;0.25</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15.97</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">0.25&mdash;0.50</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">22.37</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&gt;&nbsp;.0.50</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.16</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Total</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">100.00</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The
price range of shares for 2003 was from $70.10 to $106.67;
consequently, $0.25 was from 0.3566% to 0.2344% of the
share price.</p>
<!--0--><table border="0" cellpadding="0" cellspacing="0" width="505">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="427"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  width: 23pt; padding-left: 0pt; text-align: left">*</td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;width: 505pt">Source: American Stock
Exchange LLC</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Information relating to the relative price
performance of MidCap SPDRs may be compared against a wide variety of
investment categories and asset classes, including common stocks, small
capitalization stocks, long and intermediate term corporate and
government bonds, Treasury bills, the rate of inflation in the United
States (based on the Consumer Price Index
("CPI") and combinations of various capital
markets. Historical returns of these and other capital markets in the
United States may be provided by independent statistical studies and
sources, such as those provided by Ibbotson Associates of Chicago,
Illinois. The performance of these capital markets is based on the
returns of different indices. Information may be presented using the
performance of these and other capital markets to demonstrate general
investment strategies. So, for example, performance of MidCap SPDRs may
be compared to the performance of selected asset classes such as
short-term U.S. Treasury bills, long-term U.S. Treasury bonds,
long-term corporate bonds, mid-capitalization stocks, foreign stocks
and small capitalization stocks and may also be measured against the
rate of inflation as set forth in well-known indices (such as the CPI).
Performance comparisons may also include the value of a hypothetical
investment in any of these capital markets. Performance of MidCap SPDRs
may also be compared to that of other indices or compilations that may
be developed and made available to the investing public in the future.
Of course, such comparisons will only reflect past performance of
MidCap SPDRs and the investment categories, indices or compilations
chosen and no guarantees can be made of future results regarding the
performance of either MidCap SPDRs or the asset classes chosen for such
comparisons.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">68</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">Frequency Distribution of Discounts and
Premiums<br> for The MidCap SPDR Trust:<br> Closing Amex Price Vs.
Net Asset Value (NAV) as of
12/31/03</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px; width: 505.44px; padding-left: 0pt;" align="left">
<table cellpadding="0" cellspacing="0" border="0" width="534" bgcolor="#ffffff">
<tr>
<td style="border-bottom: 1px solid #000000 ;" colspan="40"><img src="spacer.gif" height="3" width="593"></td>
</tr>
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="7">Range</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">Calendar<br>
Quarter<br> ending<br> 3/31/2003</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">Calendar<br> Quarter<br>
ending<br> 6/30/2003</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">Calendar<br> Quarter<br> ending<br>
9/30/2003</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">Calendar<br> Quarter<br> ending<br>
12/31/2003</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">Calendar<br> Year<br>
2003</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">From<br>5/4/1995<br> through<br>
12/31/2003</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3" rowspan="2">&gt;
200<br> Basis
Points</td>
<td style="border-bottom: 1px double #000000 " rowspan="2"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3">Days</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3">%</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.0</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3" rowspan="2">150&mdash;200<br>
Basis
Points</td>
<td style="border-bottom: 1px double #000000 " rowspan="2"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3">Days</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3">%</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.0</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3" rowspan="2">100&mdash;150<br>
Basis
Points</td>
<td style="border-bottom: 1px double #000000 " rowspan="2"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3">Days</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3">%</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.3</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3" rowspan="2">50&mdash;100<br>
Basis
Points</td>
<td style="border-bottom: 1px double #000000 " rowspan="2"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3">Days</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">114</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3">%</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.6</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.4</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.2</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3" rowspan="2">25&mdash;50<br>
Basis
Points</td>
<td style="border-bottom: 1px double #000000 " rowspan="2"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3">Days</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">315</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3">%</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6.6</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.6</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6.3</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9.4</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6.0</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14.4</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3" rowspan="2">0&mdash;25<br>
Basis
Points</td>
<td style="border-bottom: 1px double #000000 " rowspan="2"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3">Days</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">24</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">25</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">28</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">23</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">100</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">716</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3">%</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">39.3</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">39.7</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">43.8</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">35.9</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">39.7</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">32.8</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3" rowspan="2">Total
Days<br> at
Premium</td>
<td style="border-bottom: 1px double #000000 " rowspan="2"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3">Days</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">29</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">26</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">32</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">29</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">116</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1153</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3">%</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">47.5</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">41.3</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">50.0</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">45.3</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">46.0</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">52.8</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3" rowspan="2">Closing
Price<br>Equal to
NAV</td>
<td style="border-bottom: 1px double #000000 " rowspan="2"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3">Days</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">27</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3">%</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.6</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4.8</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7.8</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3.1</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4.4</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.2</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3" rowspan="2">Total
Days<br> at
Discount</td>
<td style="border-bottom: 1px double #000000 " rowspan="2"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3">Days</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">31</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">34</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">27</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">33</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">125</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1002</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3">%</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">50.8</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">54.0</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">42.2</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">51.6</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">49.6</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">45.9</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3" rowspan="2">0&mdash;&nbsp;&ndash;25<br>
Basis
Points</td>
<td style="border-bottom: 1px double #000000 " rowspan="2"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3">Days</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">23</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">30</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">22</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">30</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">105</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">676</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3">%</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">37.7</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">47.6</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">34.4</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">46.9</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">41.7</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">31.0</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3" rowspan="2">&ndash;25&mdash;
&ndash;50<br> Basis
Points</td>
<td style="border-bottom: 1px double #000000 " rowspan="2"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3">Days</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">18</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">230</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3">%</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11.5</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6.3</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6.3</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4.7</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7.1</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10.5</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3" rowspan="2">&ndash;50&mdash;
&ndash;100<br> Basis
Points</td>
<td style="border-bottom: 1px double #000000 " rowspan="2"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3">Days</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">82</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3">%</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.6</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.6</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.8</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3.8</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3" rowspan="2">&ndash;100&mdash;
&ndash;150<br> Basis
Points</td>
<td style="border-bottom: 1px double #000000 " rowspan="2"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3">Days</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3">%</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px double #000000 "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.5</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #000000 ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3" rowspan="2">&ndash;150&mdash;
&ndash;200<br> Basis
Points</td>
<td style="padding-top: 0pt " rowspan="2"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3">Days</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3">%</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.1</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3" rowspan="2">&lt;&ndash;200<br>
Basis
Points</td>
<td style="padding-top: 0pt " rowspan="2"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3">Days</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="center" valign="bottom" colspan="3">%</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.0</font></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
<tr>
<td style="border-bottom: 1px solid #000000 ;" colspan="40"><img src="spacer.gif" height="3" width="593"></td>
</tr>
</table>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: center; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Close
was within 0.50% of NAV better than 90% of the time from
5/4/95<br> (the first day of trading on the Exchange) through
12/31/03.</p>
<!--0--><table border="0" cellpadding="0" cellspacing="0" width="505">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="427"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="505">
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  width: 0pt; padding-left: 0pt; text-align: left"></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;width: 505pt">Source: American Stock Exchange
LLC</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">69</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
GLOSSARY</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">&nbsp;&nbsp;&nbsp;&nbsp;</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px; width: 505.44px; padding-left: 0pt;" align="left">
<table cellpadding="0" cellspacing="0" border="0" width="203" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="354"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>
<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3"></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">Page</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"20
Basis Point
Limit"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"Additional
Cash
Deposit"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">31</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"Adjustment
Day"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">42</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"Balancing
Amount"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">43</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"Beneficial
Owners"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">34</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"Business
Day"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"Cash
Component"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"Cash
Redemption
Payment"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">36</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"Closing
Time"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">31</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"Code"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"Creation
Units"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"Depository
Agreement"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">34</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"Distributor"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"Dividend
Equivalent
Payment"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"Dividend
Payment
Date"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">56</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"DTC"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"DTC
Cut-Off
Time"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">39</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"DTC
Participants"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">33</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"Evaluation
Time"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"Ex-Dividend
Date"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">56</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"Excess
Cash
Amounts"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">36</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"Exchange"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"Index
Securities"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"Indirect
Participants"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">33</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"License
Agreement"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">i</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"MidCap
SPDRs"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"MidCap
SPDR Clearing
Process"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"Misweighting"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">40</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"Misweighting
Amount"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">40</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"NAV"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"NAV
Amount"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">42</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"NSCC"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"NSCC
Business
Day"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"Participant
Agreement"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"Participating
Party"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"Portfolio"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"Portfolio
Deposit"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"Portfolio
Deposit
Amount"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">43</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"Portfolio
Securities"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"Record
Date"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">56</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"Request
Day"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">42</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"S&amp;P"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"S&amp;P
MidCap 400
Index"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"SEC"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"Service"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"Sponsor"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"Transaction
Fee"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"Transmittal
Date"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">29</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"Trust"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"Trust
Agreement"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"Trustee"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">"Weighting
Analysis"</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">40</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 389pt;">70</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:16pt;  width: 389pt; text-align: left; font-style: normal; line-height: 18pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">STANDARD
&amp; POOR'S MIDCAP 400<br>DEPOSITARY RECEIPTS (MIDCAP
SPDRs)<br> MIDCAP SPDR TRUST, SERIES 1</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:14pt;  width: 389pt; text-align: left; font-style: normal; line-height: 16pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">SPONSOR:<br> PDR SERVICES
LLC</p>
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<td bgcolor="#000000"><img src="spacer.gif" height="2"><img src="spacer.gif" height="2" width="505"></td>
<td><img src="spacer.gif" height="2" width="0"></td>
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<td><img src="spacer.gif" height="8" width="2"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">This Prospectus does not
include all of the information with respect to the MidCap SPDR Trust
set forth in its Registration Statement filed with the SEC in
Washington, D.C. under
the:</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 18pt; background-color: #ffffff">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Act of 1933 (File No.
33-89088) and</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 18pt; background-color: #ffffff">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Company SEC
Act of 1940 (File No. 811-8972).</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<b>To obtain copies from the
SEC at prescribed rates&mdash;<br> Write:</b>&nbsp;&nbsp;&nbsp;&nbsp;Public Reference
Section of the SEC<br> 450 Fifth Street, N.W., Washington, D.C.
20549-6009<br>
<b>CALL:</b>&nbsp;&nbsp;&nbsp;&nbsp;1-800-SEC-0330<br>
<b>VISIT:</b>&nbsp;&nbsp;&nbsp;&nbsp;http://www.sec.gov</p>
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<td><img src="spacer.gif" width="1" height="12"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="2"><img src="spacer.gif" height="2" width="505"></td>
<td><img src="spacer.gif" height="2" width="0"></td>
</tr>
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<td><img src="spacer.gif" height="8" width="2"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:11.5pt;  width: 389pt; text-align: left; font-style: normal; line-height: 13.5pt; padding-top:12pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">No
person is authorized to give any information or make any representation
about the MidCap SPDR Trust not contained in this Prospectus, and you
should not rely on any other information. Read and keep both parts of
this Prospectus for future reference.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:11.5pt;  width: 389pt; text-align: left; font-style: normal; line-height: 13.5pt; padding-top:12pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">PDR
Services LLC has filed a registration statement on Form S-6 and Form
N-8B-2 with the SEC covering MidCap SPDRs. While this prospectus is a
part of the registration statement on Form S-6, it does not contain all
the exhibits filed as part of the registration statement on Form S-6.
You should consider reviewing the full text of those
exhibits.</p>
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<td><img src="spacer.gif" width="1" height="12"></td>
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<td bgcolor="#000000"><img src="spacer.gif" height="2"><img src="spacer.gif" height="2" width="505"></td>
<td><img src="spacer.gif" height="2" width="0"></td>
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<td><img src="spacer.gif" height="8" width="2"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 389pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">Prospectus
dated January 28, 2004</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
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